SAN DIEGO (AP) -- Neurocrine Biosciences Inc. on Wednesday posted a third-quarter loss of $3 million as payments for drug development declined dramatically.
On a per-share basis, the loss came to 5 cents in the three months through Sept. 30, compared with a profit of $31.4 million, or 56 cents per share, in the prior year period. During the third quarter of 2011 Neurocrine received a $30 million payment from Abbott Laboratories for development work on Elagolix, an experimental treatment for endometriosis. Without that payment, the company's revenue fell 77 percent, to $9.4 million from $41.6 million.
Analysts polled by FactSet expected a loss of 5 cents per share on revenue of $10.2 million.
The company's research and development expenses rose 24 percent to $9.9 million as the company moved into mid-stage testing of its experimental treatment for tardive dyskinesia, which causes involuntary movements and spasms. Initial data from the company's trial is expected in the second quarter of 2013.
The San Diego company's shares fell 23 cents, or 3 percent, to close at $7.33 Wednesday before results were released.