OSI Pharma Revenue Triples

The company's second-quarter loss is narrower than expected.
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OSI Pharmaceuticals

(OSIP)

posted a second-quarter loss that was narrower than analysts were expecting, and revenue tripled thanks largely to an agreement covering the lung cancer drug Tarceva.

The company reported a quarterly loss of $24.5 million, or 48 cents a share, compared with a loss of $47.3 million, or $1.19 a share, a year earlier.

Excluding certain charges, the Melville, N.Y., biotech lost $19.6 million, or 38 cents a share. Analysts were expecting the company to be 40 cents a share in the red.

OSI recorded revenue of $34.6 million, compared with $11.2 million in the prior year, mostly from revenue related to co-promotion arrangements with

Genentech

(DNA)

and

Roche

for Tarceva. Analysts were calling for sales of $33.5 million.

Shares of OSI were down $1.05, or 2.4%, to $42.93 in after-hours trading Wednesday.