PRINCETON, N.J. (AP) – Clinical-stage drugmaker Pharmasset Inc. reported a wider fiscal second-quarter loss Monday on higher research and development costs.
The company lost $19.9 million, or 55 cents per share, in the quarter ended March 31, compared with a loss of $16.1 million, or 54 cents per share, during the same quarter a year prior. Revenue fell to $247,000 from $251,000.
Analysts polled by FactSet projected a loss of 66 cents per share and revenue of $260,000.
Costs and expenses jumped 32 percent to $20.8 million, mainly on research and development costs. Pharmasset is developing potential hepatitis C treatments.
Date: April 25, 2011
Source: Associated Press