Thursday, Abraxis BioScience, Inc. (ABII), a biotechnology company, reported a wider loss for third quarter, hurt by higher expenses which more than offset the increase in revenue.
Abraxis' third quarter net loss widened to $37.7 million or $0.94 per share from $15.1 million or $0.38 per share in the same quarter last year.
For the current quarter, adjusted net loss for common shareholders was $24.2 million, or $0.60 per share, compared to a profit of $10.5 million or $0.26 per share in the prior year quarter. Total revenue for the quarter went up to $96.6 million from $93.4 million in the comparable quarter last year.
The Los Angeles, California-based company's total operating expense for the quarter was $117.90 million, up from $96.12 million in the prior year quarter mainly driven by the increase in research and development expenses.
Abraxis' reported research and development expenses of $51.03 million, compared to $21.0 million in the same quarter last year, primarily due to additional spending on Phase III clinical trials for non-small cell lung cancer, pancreatic cancer and melanoma and partially attributable to investments in early stage discovery and other research and development projects.
Gross Profit for the quarter declined to $76.91 million from $82.25 million and loss from operations increased to $40.99 million from $13.87 million in the year ago period.
For the nine months, net loss narrowed to $84.06 million or $2.10 per share from $94.89 million or $2.37 per share last year. Adjusted net loss was $39.94 million or $1.00 per share, compared to a profit of $28.66 million or $0.71 per share in the prior year. Year-to-date revenue went up to $254.33 million from $253.14 million last year.
ABII last tarded at $33.15, down $0.35 or 1.04% on a volume of 0.03 million shares and in after hours its trading up $0.29 or 0.87% at $33.43 on the Nasdaq.
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