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Pharmacyclics Reports Greater 4Q Research Costs

From Associated Press (September 12, 2011)


SUNNYVALE, Calif. -- Drug developer Pharmacyclics Inc. reported a larger fiscal fourth-quarter loss as it spent on studies for a drug intended to treat leukemia and lymphoma.

The company said it lost $11 million, or 18 cents per share, in the three months ended June 30. A year earlier it took a loss of $6.8 million, or 13 cents per share. Excluding one-time items, Pharmacyclics said it lost 15 cents per share in the most recent quarter. Revenue declined to $1.4 million from $2.5 million

Analysts expected an adjusted loss for the latest quarter of 13 cents per share and $2.8 million in revenue, according to FactSet.

Research and development costs climbed to $9.9 million from $6.7 million in the fourth quarter. The company is conducting several studies of its drug candidate PCI 32765 as a treatment for cancers including chronic lymphocytic leukemia, mantle cell lymphoma, and diffuse large B-cell lymphoma. It is running several mid-stage studies and plans to start a late-stage trial during the current fiscal year.

For its full-year fiscal 2011, Pharmacyclics said it lost $35.2 million, or 59 cents per share. In fiscal 2010, the company took a loss of $15 million, or 31 cents per share. Its revenue declined to $8.2 million from $9.3 million.

Shares of Pharmacyclics declined 31 cents, or 2.8 percent, to $10.98 on Monday. The stock was unchanged in aftermarket trading following the release of the company's earnings report.

Posted: September 2011