SAN DIEGO, Calif. (AP) – Zogenix Inc. reported a greater-than-expected second quarter loss, as increased research and development costs outweighed higher sales of its injectable migraine drug.
The company’s quarterly loss was largely unchanged at $22 million, or 59 cents per share, compared with $22.1 million, or $16 per share, in the second quarter of 2010. The company’s outstanding shares have increased to 37,320 from 1,383 at the end of the prior-year period.
Analysts polled by FactSet expected a loss of 54 cents per share on revenue of $11.3 million.
The company posted revenue of $10.4 million, up 47 percent from $7.1 million, helped by $8.8 million in sales of its drug Sumavel DosePro, an injectable treatment for severe migraine. Research and development costs grew 27 percent to $10.1 million from $8 million.
Date: November 10, 2011
Source: Associated Press
