UPDATE 1-Abgenix 4th-quarter net loss narrows
Tue Feb 22, 2005 04:34 PM ET
(Adds details)
NEW YORK, Feb 22 (Reuters) - Abgenix Inc. (ABGX.O: Quote, Profile, Research) , which develops antibody therapies used to fight diseases, on Tuesday reported a narrower fourth-quarter net loss compared with a year ago, when it took a large charge related to an investment.
The biotechnology company said revenue actually fell slightly to $5.9 million from $6.4 million a year earlier. Abgenix derives most of its revenue through payments from licensing deals and collaborations with other drugmakers.
Fremont, California-based Abgenix posted a net loss of $42.9 million, or 48 cents a share, compared with a loss of $53 million, or 60 cents a share, in the same period a year ago.
Analysts on average expected a loss of 49 cents a share, according to Reuters Estimates.
The company said its fourth-quarter 2003 loss included a $7.9 million impairment charge related to an investment. |
