Pharmasset 1Q loss widens on revenue dip, costs
Thursday May 15, 5:59 pm ET
Pharmasset's 1st-quarter loss widens on a dip in partnership revenue and higher costs
PRINCETON, N.J. (AP) -- Pharmasset Inc., a clinical-stage pharmaceutical company, said Thursday its first-quarter loss widened on a dip in collaborative payments and higher costs for its hepatitis B program.
The company lost $12.1 million, or 57 cents per share, compared with a loss of $1.7 million, or 16 cents per share, during the same period a year prior. Revenue plunged to $464,292 from about $5.5 million.
Analysts polled by Thomson Financial expected a loss of 44 cents per share on revenue of $3.3 million.
Revenue fell on lower payments from the company's partnership with Roche on hepatitis drug treatments.
Meanwhile, costs and expenses jumped to $12.8 million from $7.3 million. The increase was primarily due to expenses for the hepatitis B drug candidate clevudine.
Shares of Pharmasset fell 21 cents to $16.19 in after-hours trading after rising 61 cents, or 3.9 percent, to close at $16.40 during the regular trading session.
surf's up......crikey
