MGI Pharma narrows 4th-quarter loss |
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Wed, 07 Feb 2007 23:56
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MINNEAPOLIS (AFX) - Cancer drug developer MGI Pharma Inc. reported a narrower fourth-quarter loss on Wednesday despite declining sales of its Aloxi anti-nausea drug.Quarterly losses totaled $19.3 million, or 25 cents per share, down sharply from $169.6 million, or $2.19 per share, during the prior-year period. Excluding restructuring charges and other items, adjusted losses totaled 11 cents per share, compared with 12 cents last year.Revenue slid nearly 1 percent to $80.4 million from $81.1 million in the year-ago quarter.Analysts expected a loss of 11 cents per share on higher sales of $82.6 million, according to a poll by Thomson Financial.Sales of MGI's Aloxi injection, which helps prevent nausea and vomiting after chemotheraphy, fell 26 percent to $49.6 million due to a reduction in specialty distributor inventory as a generic version was introduced and selling prices declined.Selling, general and administrative expenses increased to $43 million from $36.5 million a year earlier, due to the commercial launch of Dacogen and increased investment in medical and scientific affairs to support of Aloxi. But this increase was relatively offset by a decline in research and development expenses and employee headcount.For the year, losses narrowed to $40.2 million, or 51 cents per share, from $132.4 million, or $1.81 per share, in 2005. Revenue grew 23 percent to $342.8 million from $279.4 million.Shares fell 57 cents, or 2.9 percent, to $19.40 during aftermarket electronic trading, having closed down 26 cents at $19.97 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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