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Human Genome posts loss
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July 28, 2000: 10:03 a.m. ET
But biotechnology company exceeds Wall Street's forecasts in 2Q
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NEW YORK (CNNfn) - Human Genome Sciences Inc., a biotech company spending heavily to develop drugs based on discoveries gleaned from mapping the human genome, reported a narrower-than-expected loss in the second quarter Friday.
The Rockville, Md.-based company lost $9 million, or 16 cents per diluted share, during the quarter compared with a loss of $2.2 million, or 5 cents per share, in the 1999 period.
Analysts polled by earnings tracker First Call had projected a loss of 18 cents per share for the latest quarter.
Revenues slipped 15 percent to $12.6 million. Most of the company's revenue is generated from research and development collaborations with other drug companies.
 The company spent $21.7 million on research and development, an increase of nearly 50 percent.
"Our strategic focus has been, and will continue to be, the discovery and development of novel drugs that treat and cure a variety of diseases," Chairman and CEO William A. Haseltine said. "We are proud that HGS is the first company to have four genomics-derived drugs in human clinical trials."
In early Friday trading, Human Genome Sciences (HGSI: Research, Estimates) shares slipped 3-1/2 to 134-1/2. The tumultuous stock has risen from a year-ago low of about 19 to as high as nearly 233 earlier this year before settling back sharply.
For the first half of the year, Human Genome's net losses grew to $77.9 million, or $1.47 per diluted share, compared with a loss of $14.5 million, or 32 cents per share, a year earlier. The latest results include a one-time charge of $50.8 million, or 96 cents per share, associated with the conversion to equity of $318.3 million worth of convertible subordinated notes during the first quarter.
First-half revenues slipped to $13.3 million, from $16.2 million. 
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Human Genome Sciences
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