CV's fourth-quarter 2005 loss deepens 38%

CV Therapeutics, a US drugmaker focused on cardiovascular disease, says that, for the three months ended December 31, 2005, it saw a net loss of $74.1 million, or $1.65 per share, a 37.7% decline on the like, year-ago period. However, the firm's performance was worse for the year as a whole, with a 47.1% decline on 2004 and a net loss of $228.0 million, or $5.66 per share.

Part of the reason for the firm's performance was that fourth-qaurter 2005 operating expenses rose 24.8% to $75.5 million, though at the end of last year, the company had cash, cash equivalents and marketable securities of approximately $460.2 million, up 13.7%.

The firm says that the rise in costs of operation were due to higher selling, general and administrative expenses from the deployment of a domestic cardiovascular specialty sales force and other product support and awareness programs to co-promote Aceon (perindopril erbumine), a heart attack and hypertension drug with Solvay Pharmceuticals.