reported a narrower first-quarter loss, aided by a large charge taken in the year-ago quarter. On a pro forma basis, the biotech missed Wall Street expectations on light revenue.
The Cambridge, Mass.-based biotech firm reported a first-quarter net loss of $137.9 million, or 47 cents per share, compared to a net loss of $303.9 million, or $1.20 per share, in the year-ago quarter. Included in the year-ago quarter was a $242 million merger-related writeoff.
On a pro forma basis, Millennium lost $100 million, or 34 cents per share, in the first quarter. Analysts were looking for the company to lose 30 cents per share.
Total revenue in the quarter came in at $81.7 million, below expectations. Revenue from the blood-thinning drug Integrilin totaled $50.9 million, based on worldwide sales of $89 million, which are shared with
. This was in line with Wall Street's expectations.
But revenue derived from Millennium partners came up short at $30.8 million. The company also spent $126.8 million on research and development, more than expected.