Human Genome's profit falls 5 cents a share in second quarter, down from 13 cents


August 06, 1998|By Mark Guidera | Mark Guidera,SUN STAFF

Human Genome Sciences Inc. reported yesterday net income of $1.2 million, or 5 cents per share, for its second quarter.

Earnings in the period, which ended June 30, were sharply lower than the $2.9 million, or 13 cents per share, in the second quarter of 1997.

The Rockville-based genomics company, which is developing two experimental drugs, said second-quarter revenue fell to $13.9 million from $14.8 million in revenue in the 1997 quarter.

In the first six months of the year, Human Genome said, it had a net loss of $8.5 million, or 38 cents a share, compared with a net loss of $9.2 million, or 44 cents a share the year before.

The company attributed part of this year's loss to a $400,000 loss related to Human Genome's equity stake in recently formed Vascular Genetics Inc., a private venture which hopes to develop gene therapies for heart disease.

Human Genome said it had revenue of $15.9 million in the first six months, down from $16.1 million in the corresponding period of 1997.

The company's revenue comes largely from licensing deals and research agreements with a number of pharmaceutical companies.

Pub Date: 8/06/98

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