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Idenix loss widens on lower research and development payback

By Associated Press
April 29, 2008 | Comments (0)

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Biopharmaceutical company Idenix Pharmaceuticals Inc. said Tuesday its first-quarter loss widened because of a decrease in reimbursements for research and development costs and a lack of milestone payments received in the quarter.

Shares of Cambridge, Mass.-based Idenix fell 58 cents, or 8 percent, to $6.67 in afternoon trading.

The company's loss ballooned to $20.5 million, or 36 cents per share, from a loss $11.6 million, or 21 cents per share, a year ago. Revenue fell 91.8 percent to $2 million from $24.8 million last year.

Analysts surveyed by Thomson Financial expected a loss of 25 cents per share, with revenue of $7.7 million.

Idenix said that revenue was hurt by a $12 million decrease in a research and development reimbursement from Swiss pharmaceutical company Novartis, which has worldwide commercialization rights to the two companies' hepatitis B treatment Tyzeka. In addition, the company did not record any milestone payments in the quarter.

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