AMAG Pharmaceuticals 1st-qtr loss shrinks, revenue down
CAMBRIDGE, Mass.—Biotechnology company AMAG Pharmaceuticals Inc. said Friday that its first-quarter loss narrowed, beating Wall Street's expectations.
The company reported a loss of $9.3 million, or 55 cents per share, compared with a loss of $10.2 million, or 72 cents per share, in the year-ago period.
Analysts polled by Thomson Financial, on average, estimated a loss of 62 cents per share on sales of $590,000.
Revenue fell 33 percent to $612,000 from $913,000 in the first quarter of 2007.
Results were boosted by $3.3 million in interest income. The 2007 quarter included a $4 million litigation settlement charge.
Total costs and expenses rose 46 percent to $13.3 million in the quarter, due to increased selling, general and administrative costs related to the pending U.S. launch of ferumoxytol in the first quarter of 2009.
A new drug application for ferumoxytol is currently under review with the Food and Drug Administration for the treatment of iron deficiency anemia in chronic kidney disease patients.
