Sepracor Loss Narrows

Revenue is higher as it waits for Lunesta to start paying off.
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first-quarter loss narrowed 55% from a year ago, easily beating analysts' expectations on higher-than-expected revenue.

The company lost $22.6 million, or 22 cents a share, in the quarter, compared with a loss of $50.4 million, or 59 cents a share, a year ago. Analysts had been forecasting a loss of $59.6 million in the most recent quarter.

Sepracor's research expense was lower at $28.6 million in the 2005 quarter compared with $37.3 million a year ago. It also booked $5.2 million in interest income in the latest quarter compared with $1.3 million in the year-ago quarter.

Revenue in the quarter was $119 million, up 20% from a year ago and about $9 million better than estimates.

The company began the full-scale commercial launch of its Lunesta prescription sleep aid on April 4.