MGI's 4th-qtr 2006 net loss narrows to $19.6M

MGI Pharma, a US biopharmaceutical company focused in oncology and acute care, says that its total revenue, for the fourth quarter of 2006 were $80.4 million versus $81.1 million for the like period in 2005, but despite this, net loss improved to $19.6 million, or $0.25 per diluted share, from $169.6 million and $2.19 per diluted share.

During the period, the Minneapolis-headquartered firm's product sales totaled $77.6 million vs $79.8 million in the fourth quarter of 2005. However, total sales for full-year 2006 reached $336.8 million from $274.0 million in 2005, as a result of the commercial launch of its anticancer agent Dacogen (decitabine) for injection, as well as the incorporation of full-year of sales of Gliadel Wafer (polifeprosan 20 with carmustine implant).

Dacogen earned $19.0 million in fourth-quarter 2006, its second full quarter of commercial availability, and netted MGI $36.1 million to the end of December 2006 following its approval by the US Food and Drug Administration on May 2.