GSK takeover target Human Genome sees 4th-qtr loss narrow
Human Genome Sciences (Nasdaq: HGSI), the subject of a $2.59 billion hostile takeover bid from the UK’s GlaxoSmithKline (LSE: GSK; The Pharma Letter April 20), late yesterday posted fourth quarter fiscal 2011/12 financial results, showing that its loss for the period had narrowed to $93.5 million, or $0.47 per share, compared with a net loss of $131.0 million ($0.69 per share) for the like year-earlier quarter.
HGS reported revenues for the quarter ended March 31, 2012 of $47.1 million, compared with revenues of $26.6 million for the same period in 2011. Revenues included: $31.2 million recognized from sales of the recently-approved lupus drug Benlysta (belimumab), which along with other developmental drugs is licensed to GSK; $6.1 million recognized from sales and deliveries of raxibacumab to the US Strategic National Stockpile; and $9.1 million recognized from manufacturing and development services other than raxibacumab.
Benlysta sales continue to progress
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