SOUTH SAN FRANCISCO, Calif. (AP) _ Portola Pharmaceuticals Inc. (PTLA) on Tuesday reported a loss of $49.6 million in its third quarter.
On a per-share basis, the South San Francisco, California-based company said it had a loss of 68 cents. Losses, adjusted for stock option expense, were 53 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 82 cents per share.
The biopharmaceutical company posted revenue of $36.8 million in the period.
Portola Pharmaceuticals shares have risen 56% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $30.49, a rise of 56% in the last 12 months.