UPDATE 1-Human Genome loss narrows; drug shows positive results
(Recasts, adds details and stock movement)
Feb 27 (Reuters) - Human Genome Sciences Inc. (HGSI.O) on Tuesday posted a smaller fourth-quarter loss and said a mid-stage trial of its antiviral drug showed positive results in patients with hepatitis C.
The biotechnology company reported a loss of $66.9 million, or 50 cents a share, including stock-based compensation and other charges. The loss was $69.5 million, or 53 cents a share, a year ago.
The loss in the 2006 quarter included 4 cents a share of stock-based compensation and 10 cents a share on facilities consolidation program.
Analysts on average were expecting a loss of 44 cents a share, excluding exceptional items but including stock-based compensation, according to Reuters Estimates.
Revenue for the quarter was $10 million, compared with $9.3 million in the year ago period. Analysts on average expected $7.5 million.
In 2007, the company expects revenue to increase by about 50 percent, from the $25.8 million it reported in 2006. Analysts on average are expecting $37.6 million for 2007.
Human Genome said the mid-stage results showed that the drug, Albuferon, along with ribavirin may offer comparable or improved efficacy versus Roche Holding AG's (ROG.VX) Pegasys.
The company started late-stage trials of Albuferon, being developed with Novartis AG (NOVN.VX).
Shares of the company rose about 2 percent at $11.16 in late electronic trade after closing at $10.96 on the Nasdaq. (Reporting by Shivani Singh in Bangalore)
