Shares of Human Genome Sciences (NASDAQ: HGSI) easily shrugged off losses in the biotech industry today after it and co-developer GlaxoSmithKline (NYSE: GSK) announced that the FDA approved BENLYSTA for the treatment of lupus.� Benlysta is expected to be available to physicians and patients before the end of March 2011, and industry analysts are throwing out high figures,� anticipating sales of the drug at $3 billion by 2015. Human Genome stock gained nearly 13% on the day toward market close.
The company reported fourth-quarter results with revenues of $21.3 million as compared with revenues of $53.0 million for the same period in 2009. The company�s net loss for the quarter increased to $(87.6 million), or ($0.46) per share, as compared with a net loss of $(9.7 million), or ($0.06) per share, for the fourth quarter of 2009. The increase in net loss was primarily due to the decrease described above in raxibacumab revenue, decreased ZALBIN revenue and increased expenses related to the potential launch of BENLYSTA.
For the full year, the company reported revenues of $157.4 million as compared with revenues of $275.7 million for 2009. The revenues for 2010 include $82.8 million from the ZALBIN agreement with Novartis (NYSE: NVS), including recognition of all remaining deferred revenue for payments previously received under the agreement; $47.2 million from the sale and delivery of raxibacumab to the U.S. Strategic National Stockpile; and $21.3 million from manufacturing and development services other than raxibacumab. The decrease in revenues for 2010 primarily reflected the higher level of raxibacumab revenue recognized in 2009, $180.2 million, partially offset by recognition of revenue from the ZALBIN agreement in 2010. The company reported a net loss of $(233.2 million), or ($1.24) per share, as compared with net income of $(5.7 million) ($0.04) per share for 2009.
Human Genome Sciences stock is currently trading at $28.92, gaining 12.62% from the previous close. Human Genome Sciences shares touched the high of $29.22 and lowest price in today�s session is $27.71.
The company stock has traded in the range of $20.56 and $34.49 during the past 52 weeks. The company�s market cap is $5.49 billion.
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