Human Genome Sciences Inc. Earnings: Loss Narrows
Helped by revenue growth, Human Genome Sciences, Inc. (NASDAQ:HGSI) narrowed its loss in the first quarter. Human Genome Sciences is a commercially focused biopharmaceutical company.
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Human Genome Sciences Earnings Cheat Sheet for the First Quarter
Results: Loss narrowed to $93.5 million (loss of 47 cents per diluted share) from $131 million (loss of 69 cents per share) in the same quarter a year earlier.
Revenue: Rose 77.4% to $47.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Human Genome Sciences, Inc. fell short of the mean estimate of a loss of 40 cents per share. Analysts were expecting revenue of $46.3 million.
Quoting Management: “We continue to see quarter-to-quarter progress in BENLYSTA sales,” said H. Thomas Watkins, President and Chief Executive Officer. “A growing body of evidence from our market research indicates that BENLYSTA is making a difference for patients with systemic lupus – and that rheumatologists who have the most experience with BENLYSTA are the ones who are most impressed with its efficacy. As lupus-treating physicians gain experience with BENLYSTA, we believe their use of BENLYSTA will expand to greater numbers of patients.”
The company’s revenue has now risen for two quarters in a row. In the fourth quarter of the last fiscal year, revenue increased more than twofold to $45.5 million from the year-earlier quarter.
Looking Forward: The average estimate for the second quarter is down from a loss of 37 cents per share ninety days ago to a loss of 39 cents, indicating that analysts are increasingly pessimistic about the company’s next quarter performance. For the fiscal year, the average estimate has moved from a loss of $1.31 a share to a loss of $1.46 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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