Human Genome Sciences Inc. (HGSI), Thursday reported a narrower net loss for the second quarter, helped essentially by double-digit revenue growth.
The Rockville, Maryland-based company reported a net loss of $56.9 million or $0.30 per share for the second quarter, compared to a net loss of $65.4 million or $0.48 per share in the prior year quarter. On average, 12 analysts polled by Thomson Reuters expected the company to report a loss of $0.27 per share for the second quarter. Analysts' estimates typically exclude special items.
Second quarter revenues increased 45% to $38.8 million from $26.7 million in the same quarter last year. Twelve analysts had a consensus revenue estimate of $40.62 million for the second quarter.
Revenues primarily included $19.1 million recognized from payments received under the Zalbin agreement with Novartis, $13.1 million recognized from sales and deliveries of raxibacumab to the U.S. Strategic National Stockpile, and $4.8 million from manufacturing and development services other than raxibacumab and Benlysta.
Total costs and expenses for the second quarter increased to $85.8 million from $80.1 million in the prior year quarter.
As of June 30, 2010, cash and investments totaled $1.07 billion, of which $981.8 million unrestricted and available for operations.
For the first-half of 2010, Human Genome posted a net loss of $104.7 million or $0.56 per share, compared to net income of $64.4 million or $0.47 per share in the previous year period.
Revenues for the period dropped to $85.3 million from $204.0 million in the prior year period.
Last month, the FDA in a preliminary written feedback, expressed concerns regarding Human Genome's application to market 900-mcg Zalbin dosed every two weeks, for the treatment of chronic hepatitis C.
Zalbin, known as Joulferon in Europe, is a genetic fusion of human albumin and interferon alfa created using proprietary HGS albumin-fusion technology.
The U.S. health regulator expressed concerns regarding the risk benefit assessment of 900-mcg Zalbin dosed every two weeks. Following the regulatory agency's preliminary written feedback review of bimonthly Zalbin dose, Human Genome concluded that licensure of this dosing regimen is unlikely.
In April, Novartis (NVS), which jointly develops Zalbin, withdrew its marketing authorization application for this dosing regimen from the European Medicines Agency. Novartis decision followed indications that regulatory authorities would request additional new data, which it may not be able to provide in the timeframe allowed in the European Centralized Procedure.
During the quarter, Human Genome also submitted a biologics license application to the FDA for Benlysta, or belimumab for lupus treatment. Benlysta is developed by Human Genome Sciences and GlaxoSmithKline Plc (GSK).
Human Genome's add-on treatment of Mapatumumab for advanced multiple myeloma failed in a mid-stage study as it showed no difference in disease response or progression-free survival compared to a placebo.
Human Genome closed Thursday's regular trading at $25.12, up 98 cents or 4.06%, on a volume of 3.86 million shares. In after-hours, the share lost 12 cents.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.