Innogenetics sees 9.1M euro loss in 2006

Belgian biopharmaceutical firm Innogenetics says that its operating loss for the full year 2006 was 9.1 million euros ($12.0 million), a turnaround from the 700,000 euro profit it recorded in 2005. The firm said that this was a result of both increased R&D expenditure, which grew 8.1% to 29.8 million euros, as well as to costs associated with its successful patent infringement battle against US health care major Abbott Laboratories (Marketletter January 1 & 8).

Innogenetics also reported that its revenues for the year increased 10.7% to 51.6 million euros, driven by a 13.2% expansion of product turnover to 47.9 million euros. However, the firm added that higher sales and marketing expenditure resulted in operating costs of 31.8 million euros which, in turn, caused its operating loss to reach 25.7 million euros, an increase of 28.5%.

Innogenetics said that, having concluded its legal dispute, it expects to achieve double-digit growth, in terms of both total revenue and the sale of diagnostic products, in 2007. It added that it would be bringing its 4-MAT microarray platform to market, which will provide a boost for its hepatitis C virus genotyping and oncology franchises.