SAN FRANCISCO (AP) -- Drugmaker Medivation said Thursday that its loss narrowed in the second quarter due to milestone payments from collaborations with Astellas Pharma and Pfizer Inc.
The company posted a net loss of $5.5 million, or 15 cents per share, compared with a net loss of $9.5 million, or 27 cents per share, in the same period last year. Revenue more than doubled to $42.9 million.
Analysts polled by FactSet expected earnings of 22 cents per share on revenue of $46.6 million.
Medivation received $35.6 million from the termination of an agreement with Pfizer to develop an experimental drug for Alzheimer's. It also became entitled to a $10 million milestone payment from Astellas Pharma of Japan in July, after submitting a U.S. regulatory application for the drug enzalutamide for prostate cancer patients who have already tried chemotherapy. Medivation said the drug could launch later this year, since it is being reviewed under the Food and Drug Administration's priority review program.
The company said it expects operating expenses for the year between $183 million and $198 million.
Medivation shares rose $1.02 to close at $98.42.