ZymoGenetics shrinks 3Q loss as revenue rises

ZymoGenetics reports smaller loss on greater Recothrom revenue and lower research spending

• On 7:28 pm EST, Thursday November 5, 2009

SEATTLE (AP) -- 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.