Protein Design Labs
said its fourth-quarter loss was in line with analyst estimates, but the company now expects the red ink to continue into 2002.
The biotechnology company posted a loss of $5.3 million, or 6 cents a share, in the fourth quarter, compared with a loss of $100,000 a year ago. Wall Street had been expecting a loss of 6 cents, according to Thomson Financial/First Call.
Revenue for the quarter fell to $15 million from $17.6 million in the same quarter last year.
For 2002, the company lowered its forecast, saying it expects a loss of $15 million to $23 million, or 17 cents to 26 cents a share. Wall Street had been expecting a profit of 4 cents a share, according to Thomson Financial/First Call.
Protein Design attributed the widening losses to increased costs tied to expansion of clinical trials and manufacturing infrastructure, as well as a $10 million drop in interest income. The company expects total 2002 revenue to decrease by 10% to 15%, due mostly to the lower interest rate.
Shares of Protein Design were recently down 10.8% to $14.16 on the news after closing at $15.87 Thursday.