SAN DIEGO (AP) – Biotechnology company Halozyme Therapeutics Inc. said that it trimmed its fourth-quarter loss with help from a large payment from its partner Baxter International and Swiss drug maker Roche.
Halozyme said it lost $12.7 million, or 14 cents per share, compared with a loss of $16.8 million, or 21 cents per share, in the same quarter a year before. Revenue more than doubled to $6.4 million from $3.1 million.
The latest quarter’s results included $5.8 million in revenue from Baxter and Roche, mainly for a milestone payment from Roche for clinical trials of cancer drug Herceptin SC. A small portion came from Baxter following the approval of the hydration drug Hylenex, which Baxter licensed from Halozyme.
According to Thomson Reuters, analysts expected a loss of 16 cents per share and $3.8 million in revenue.
Halozyme gets most of its revenue from collaborations. It amortizes payments from partners and recognizes them over time. The most recent quarter also included $313,000 in research and development reimbursements from Baxter and Roche, along with $302,000 in product sales.
In the year-ago quarter, the company posted $2.8 million in collaborative revenue, including $1.2 million from Baxter.
The company also reduced its research and development spending by $1.9 million in the latest quarter. Its selling, general, and administrative costs grew by about $930,000.
For the year, Halozyme’s loss grew to $58.4 million, or 67 cents per share, from $48.7 million, or 61 cents per share. Revenue rose 56 percent to $13.7 million from $8.8 million.