Array BioPharma sees '09 revenue below Street view
(Reuters) - Array BioPharma Inc (ARRY.O) on Tuesday forecast first-quarter and fiscal 2009 revenue below analysts' estimates, a day after it posted wider quarterly loss, sending its shares down as much as 11 percent.
The company, which also forecast higher research and development expenses for the year, sees 2009 revenue of $25 million. Analysts were expecting $39.6 million, according to Reuters Estimates.
In a conference call with analysts, Array said it expects research and development expenses to rise by 26 percent to $110 million in 2009 due to external costs of running proof-of-concept trials on at least four clinical compounds.
The company expects first-quarter revenue of $6 million, below the market estimate of $8.0 million.
Array BioPharma also said it sees research spending at $27 million to $28 million each quarter, through the year 2009.
On Monday, the company, which focuses on treating cancer and inflammatory disease, posted a net loss of $32.4 million, or 68 cents a share, compared with a loss of $17.3 million, or 39 cents a share, a year ago.
Revenue fell 24 percent to $6.1 million.
Analysts on average expected a loss of 64 cents a share, before special items, on revenue of $7.2 million.
Research and development spending for the fourth quarter jumped 76 percent to $28.4 million.
Shares of the Boulder, Colorado-based company were trading down $1.01 at $7.78 on Nasdaq. They touched a low of $7.78 earlier in the session.
(Reporting by Vidya L Nathan in Bangalore; Editing by Amitha Rajan)
