kareem
07-08-2003, Thu 6:01 PM
Adolor Results -2: 2Q Revenue Falls 51% To $5.1M >ADLR
EXTON, Pa. (Dow Jones)--Adolor Corp.'s (ADLR) second-quarter loss widened on a 51% decline in revenue, but came in ahead of Wall Street expectations thanks to reduced expenses.
The biopharmaceutical company reported a second-quarter loss of $11.5 million, or 36 cents a share, compared with a loss of $8.7 million, or 28 cents a share in 2002. Revenue from contract, grant, license and milestone payments declined to $5.1 million from $10.5 million a year ago.
Wall Street expected the company to post a loss of 42 cents a share on revenue of $5.3 million, according to Thomson First Call.
In a press release Thursday, Adolor attributed some of the revenue decline to a $3.4 million payment in the year-ago quarter. The payment was reimbursement for expenses incurred in the first quarter of 2002, in accordance with retroactive provisions of a collaboration agreement with Glaxo Group Ltd.
Adolor agreed in April 2002 to collaborate with Glaxo to develop and commercialize alvimopan, a substance designed to selectively block the constipating effects of surgery and opium-based painkillers.
Second-quarter operating expense decreased to $17.3 million from $20.3 million last year, due to decreased costs for alvimopan testing. Also, the year-ago quarter included financial advisory and legal fees in connection with the execution of the Glaxo pact.
Adolor had about $126.2 million in cash, cash equivalents and short-term investments as of June 30, down from about $154 million at Dec. 31.
2nd Quar June 30:
2003 2002
Revenue $5,119,839 $10,458,217
Net income (11,491,436) (8,726,408)
Avg shrs (diluted) 31,591,557 31,196,620
Shr earns
Net income (.36) (.28)
Figures in parentheses are losses
Company Web site: http://www.adolor.com
EXTON, Pa. (Dow Jones)--Adolor Corp.'s (ADLR) second-quarter loss widened on a 51% decline in revenue, but came in ahead of Wall Street expectations thanks to reduced expenses.
The biopharmaceutical company reported a second-quarter loss of $11.5 million, or 36 cents a share, compared with a loss of $8.7 million, or 28 cents a share in 2002. Revenue from contract, grant, license and milestone payments declined to $5.1 million from $10.5 million a year ago.
Wall Street expected the company to post a loss of 42 cents a share on revenue of $5.3 million, according to Thomson First Call.
In a press release Thursday, Adolor attributed some of the revenue decline to a $3.4 million payment in the year-ago quarter. The payment was reimbursement for expenses incurred in the first quarter of 2002, in accordance with retroactive provisions of a collaboration agreement with Glaxo Group Ltd.
Adolor agreed in April 2002 to collaborate with Glaxo to develop and commercialize alvimopan, a substance designed to selectively block the constipating effects of surgery and opium-based painkillers.
Second-quarter operating expense decreased to $17.3 million from $20.3 million last year, due to decreased costs for alvimopan testing. Also, the year-ago quarter included financial advisory and legal fees in connection with the execution of the Glaxo pact.
Adolor had about $126.2 million in cash, cash equivalents and short-term investments as of June 30, down from about $154 million at Dec. 31.
2nd Quar June 30:
2003 2002
Revenue $5,119,839 $10,458,217
Net income (11,491,436) (8,726,408)
Avg shrs (diluted) 31,591,557 31,196,620
Shr earns
Net income (.36) (.28)
Figures in parentheses are losses
Company Web site: http://www.adolor.com