Human Genome lost $5.2 million in third quarter

November 09, 1996|BY A SUN STAFF WRITER

Human Genome Sciences Inc. of Rockville reported yesterday a loss of $5.2 million for the third quarter, compared with a loss of $9.8 million in the same period a year ago.

The biotechnology company, which has no products on the market, posted profits for the first two quarters of the year because of several large payments from companies that will use Human Genome Sciences genomic database.

The company said it had revenues of $6.5 million in the third quarter, compared with no revenue in the same period last year. Revenues for the third quarter were boosted by a $5.5 million payment from Merck KGaA of Germany.

Chief Financial Officer Steven C. Mayer said the third-quarter loss, equal to 28 cents a share, was more usual for the company than the profits of the first six months.

For the nine-month period, Human Genome had net income of $1.7 million, or 9 cents a share, on revenues of $33.4 million. In the same period last year, it reported a $20.8 million loss on revenues of $5 million.

The company is attempting to develop products on the basis of its research to uncover the human genome. It has established collaborations with several European and U.S. companies.

Pub Date: 11/09/96

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