Biotechnology company ZymoGenetics Inc. said Thursday it cut its third-quarter loss by more than half, as sales of its drug Recothrom improved and research and development costs decreased.
ZymoGenetics said it lost $11.4 million, or 17 cents per share, compared with $28.8 million, or 42 cents per share, one year earlier. Revenue more than doubled to $27.5 million from $11.9 million. Sales of Recothrom, which is used to control bleeding during surgical procedures, climbed to $8.5 million from $1.8 million.
According to a Thomson Reuters survey, analysts expected a loss of 20 cents per share and $31.5 million in total revenue.
ZymoGenetics said collaboration and license revenue increased to $18.5 million from $8.5 million. Research and development spending fell to $21.3 million, down from $30.2 million a year ago.
In aftermarket trading, ZymoGenetics shares slid 12 cents, or 2.3 percent, to $5.01 from $5.13. The stock has traded between $2.06 and $6.71 over the last year.