Celltech Reduces Loss To L5.4 Million
UK biotechnology company Celltech reduced its loss for the financial year ended September 30, 1995, from L6.9 million ($10.6 million) to L5.4 million, which the firm said was within the budget expectations for the group. The loss per share was 8.5 pence, down from 11 pence.
The company said that this was achieved despite a significant increase in R&D investment to L17.1 million. A year ago investment in R&D amounted to L16.3 million. The increase, it noted, was a result of higher milestone revenues, amounting to L7.4 million, compared with L5.5 million a year ago.
Total turnover for the group amounted to L17.1 million, with L16.7 million coming from Celltech Biologics. The remainder was generated by Celltech Therapeutics. Celltech Biologics contributed L2.2 million to operating profit, while Therapeutics made a loss of L9.3 million.
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