MedImmune has 4th straight year in the red Loss in 4th quarter grows to $8.6 million

February 06, 1996|By FROM STAFF REPORTS

MedImmune Inc., the Gaithersburg biotechnology company developing vaccines for infectious diseases and transplant medicine, reported its fourth annual loss in as many years yesterday.

The company said it posted a net loss of $22.7 million, or $1.41 per share, on revenues of $27.4 million in the fiscal year ended Dec. 31. This compares with a net loss of $18.8 million, or $1.29 per share, on revenues of $18.9 million, in 1994.

MedImmune said it lost $8.6 million, or 49 cents a share, on revenues of $7 million, in the fourth quarter of 1995, compared with a loss of $6 million, or 41 cents per share, on revenues of $7.4 million in the same quarter of 1994.

The 1995 annual loss included $5.3 million attributed to several one-time charges, the company said.

Those included a $2 million payment to BioTransplant Inc. of Massachusetts, with which MedImmune formed a strategic alliance to develop transplant drugs; a $2.7 million charge for a change to an agreement with Connaught laboratories to market MedImmune's CytoGam vaccine; and $600,000 to settle a lawsuit.

Company executives were said to be out of town and unavailable for comment yesterday.

In a press release, the company downplayed its losses and focused instead on improved sales for its CytoGam vaccine, which was developed to protect against infection after kidney transplants.

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