Human Genome Sciences Reports Full Quarter Benlysta Sales

Rockville-based Human Genome Sciences, Inc. (Nasdaq: HGSI) which launched Benlysta -- the first Lupus Drug in 56 years -- reported full quarter sales of it first consumer product.

The biotechnology company that partnered with GlaxoSmithKline PLC (NYSE: GSK) for Benlysta development said U.S. gross sales of the drug amounted to $21.3 million; net sales of the product were $18.8 million. That compares with $7.8 million of Benlysta sales in second quarter of 2011 although product delivery was not at full strength.

For the third quarter ended September 30, 2011, Human Genome Sciences reported revenues of $34.0 million versus $50.8 million in the same period last year. The remaining revenue was due to the delivery sale of the raxibacumab experimental Anthrax drug to the U.S. Strategic National Stockpile.

Despite Benlysta revenues Human Genome Sciences posted an increased net loss for the third quarter of 2011 to $88.4 million or $-0.45 per share. The third quarter 2010 net loss was $40.9 million or $-0.22 per share. The Maryland biotech said the increased loss was due to higher selling, general and administrative expenses and higher commercial collaboration expenses for the commercialization of Benlysta. The absence of license revenue from Novartis AG (NYSE: NVS) for the Zalbin Chronic Hepatitis C drug also impacted reveune.

As of September 30, 2011, Human Genome Sciences had total cash and investments of $619.7 million versus $933.4 million as of December 31, 2010.

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