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CV Therapeutics 1Q loss narrows on higher Ranexa sales

By Associated Press
April 25, 2008 | Comments (0)

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CV Therapeutics Inc. said Friday its first-quarter loss narrowed, helped by fewer costs and expenses and increased sales of its chronic angina drug Ranexa.

The biopharmaceutical company reported a loss of $31.9 million, or 53 cents per share, compared with a loss of $55.1 million, or 93 cents per share, in the prior year.

Analysts polled by Thomson Financial predicted a loss of 50 cents per share.

Total costs and expenses declined to $53.1 million from $71.2 million.

Revenue for the period ended March 31 rose 49 percent to $22.8 million from $15.3 million but missed Wall Street's estimate of $24.9 million.

Ranexa sales surged to $22 million from $12 million, while collaborative research revenue fell to $766,000 from $3.3 million.

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