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ROCKVILLE, Md. - Human Genome Sciences Inc. said Thursday it booked a smaller loss in the third quarter because research and development spending dropped sharply.
Human Genome Sciences finished testing a lupus drug candidate called Benlysta earlier this year, and it reported positive results from a late-stage clinical trial in July. Human Genome Sciences and its partner GlaxoSmithKline PLC plan to begin filing for regulatory approval of Benlysta during before the end of 2009.
In the third quarter, the company lost $49 million, or 32 cents per share, compared with losses of $74.2 million, or 55 cents per share a year ago. Its research and development costs dropped to $34.8 million from $54.3 million.
According to a Thomson Reuters estimate, analysts expected a loss of 31 cents per share.
Human Genome Sciences has no products on the market, but gets money through collaborations with other companies. The company gained $8.7 million in manufacturing and development services revenue in the third quarter, which pushed total revenue up 61 percent, to $18.8 million from $11.7 million. However, research and development revenue slipped to $10.2 million from $11.7 million.
Analysts expected total revenue of $24.2 million, on average.
The manufacturing payment was made by Novartis AG, Human Genome Sciences' partner on the experimental hepatitis C drug Zalbin. Earlier this month, Human Genome Science said clinical testing of Zalbin has been completed. As a result, Novartis will pay the company $75 million during the fourth quarter, and the companies will file for U.S. and European regulatory approval
Shares of Human Genome Sciences rose 23 cents to $20.20 in aftermarket trading. The stock jumped 10.9 percent during the day.
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