Santarus Reports 3Q Loss On Sales Drop, Costs
From Associated Press (November 9, 2010)
SAN DIEGO -- Drug developer Santarus Inc. reported a third-quarter loss Monday on lower revenue because of generic Zegerid competition and higher costs.
It also forecast 2010 revenue below analysts’ expectations and its stock fell sharply in after-hours trading.
The company lost $25.7 million, or 44 cents per share, compared with profit of $5.3 million, or 9 cents per share, during the same period a year prior. Revenue fell to $18.1 million from $39.5 million.
Analysts polled by Thomson Financial expected a loss of 21 cents per share on $22.3 million in revenue.
During the quarter, the company said generic Zegerid cut into revenue. Meanwhile, the company also had restructuring and other costs. Total costs and expenses rose 30 percent to $43.9 million.
Looking ahead, the company expects full-year 2010 revenue between $115 million and $118 million. Analysts had been expected $125.9 million.
Its shares fell 39 cents, or 11.8 percent, to $2.91 in after-hours trading. They closed the regular session down 4 cents at $3.30.
Posted: November 2010