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PRINCETON, N.J. (AP) -- Pharmasset Inc., a clinical-stage pharmaceutical company, said Monday its net loss narrowed during 2007 as costs and expenses rose, but revenue climbed on hefty milestone payments from Swiss drug maker Roche. For the year ended Sept. 30, the company reported a net loss of $6.8 million, or 46 cents per share, compared with $12.4 million, or $1.19 per share, the prior year. Total costs and expenses for the year rose to $29.5 million from $18.4 million, due partly to an increase in late-stage clinical trial expenses for clevudine for the treatment of chronic hepatitis B virus. Revenue rose about fourfold to $22 million from $5.4 million in fiscal 2007, primarily due to milestone payments from Roche totaling $20 million during the year. The companies partner in a hepatitis C virus agreement, which Pharmasset previously recorded as deferred revenue. Analysts polled by Thomson Financial expected a loss of 55 cents per share, on revenue of $19.1 million, on average. Shares of Pharmasset ended flat at $13.50.
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