Affymax Inc. (AFFY) reported that net loss for the fourth quarter of 2012 was $68.3 million or $1.85 per share compared to a net loss of $29.4 million or $0.82 per share in the fourth quarter of 2011.
On February 23, 2013, Affymax and its partner, Takeda Pharmaceutical Company Limited announced a nationwide voluntary recall of OMONTYS as a result of postmarketing reports regarding safety concerns, including anaphylaxis, which can be life-threatening or fatal.. As of the result of the recall, Affymax re-evaluated a number of estimates made as of period-end and recorded financial statement adjustments to reflect changes in those estimates as to the recoverability of inventory and deposits made to contract manufacturing organizations, or CMOs, potential losses on firm purchase commitments and changes in the short-term and long-term classification of certain liabilities. In the aggregate, Affymax recorded $45.0 million in impairment due to inventory and firm purchase commitments in the fourth-quarter ended December 31, 2012, with no comparable charge in the prior year.
Total revenue for the quarter rose to $14.80 million from $3.68 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.61 per share on revenues of $14.81 million for the quarter. Analysts' estimates typically exclude special items.
by RTT Staff Writer
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