Microsoft CEO Steve Ballmer, left, and Qualcomm CEO Paul Jacobs talk about various Windows based products that utilize Qualcomm technology during Jacobs' keynote address at the Consumer Electronics Show, Monday, Jan. 7, 2013, in Las Vegas. (AP Photo/Julie Jacobson)
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Microsoft CEO Steve Ballmer, left, and Qualcomm CEO Paul Jacobs talk about various Windows based products that utilize Qualcomm technology during Jacobs' keynote address at the Consumer Electronics Show, Monday, Jan. 7, 2013, in Las Vegas. (AP Photo/Julie Jacobson)
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Microsoft CEO Steve Ballmer, left, and Qualcomm CEO Paul Jacobs speak during Jacobs' keynote address at the Consumer Electronics Show, Monday, Jan. 7, 2013, in Las Vegas. (AP Photo/Julie Jacobson)
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File - This Monday, June 18, 2012, file photo, shows a profile view of the new Microsoft Surface, a tablet computer in Los Angeles. Tablets are at the top of many wish lists this holiday season. The choice used to be pretty limited, with the iPad dominating over the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft have dived in with their own tablets, providing more choice. (AP Photo/Damian Dovarganes)
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FILE - In this Monday, Monday, Oct. 29, 2012, file photo, Hugo Barra, Android at Google Director of Product Management, holds up the Nexus 10 tablet at a Google announcement in San Francisco. Tablets are at the top of many wish lists this holiday season. The choice used to be pretty limited, with the iPad dominating over the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft have dived in with their own tablets, providing more choice. (AP Photo/Jeff Chiu)
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This undated image provided by Barnes & Noble shows one of the two new Nook tablets the company will be releasing in the fall of 2012. Tablets are at the top of many wish lists this holiday season. The choice used to be pretty limited, with the iPad dominating over the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft have dived in with their own tablets, providing more choice. (AP Photo/Barnes & Noble)
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This undated image provided by Samsung Electronics America Inc. shows the Samsung Galaxy Note 10.1. Tablets are at the top of many wish lists this holiday season. The choice used to be pretty limited, with the iPad dominating over the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft have dived in with their own tablets, providing more choice. (AP Photo/Samsung Electronics America Inc.)
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FILE - In this March 7, 2012, file photo, a new Apple iPad is on display during an Apple event in San Francisco. Tablets are at the top of many wish lists this holiday season. The choice used to be pretty limited, with the iPad dominating over the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft have dived in with their own tablets, providing more choice. (AP Photo/Paul Sakuma, File)
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FILE - In this Tuesday, Aug. 21, 2012, file photo, the Apple logo is shown on a stock ticker at the Nasdaq MarketSite, in New York. Apple is entering the home stretch of what will likely be its best holiday season yet as shoppers snap up iPhones and iPads in record numbers in December 2012. Yet the world's most valuable company has lost its luster among investors, causing Apple's stock price to plunge by more than 20 percent from a peak reached less than three months ago when the latest iPhone went on sale. (AP Photo/Mark Lennihan)
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FILE -In this Friday, Nov. 2, 2012, file photo, a customer, Song Tae-min reacts after buying a new iPad Mini in Seoul, South Korea. The tablet computer is without a doubt the gift of the year. just like it was last year. But if you resisted the urge in 2011, now is the time to give in. This season's tablets are better all around. Intense competition has kept prices very low, making tablets incredible values compared to smartphones and PCs (AP Photo/Ahn Young-joon)
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Google's Cheryl Pon shows off apps on the new Google Nexus 7 tablet at the Google I/O conference in San Francisco, Wednesday, June 27, 2012. The tablet computer is without a doubt the gift of the year. Just like it was last year. But if you resisted the urge in 2011, now is the time to give in. This season's tablets are better all around. Intense competition has kept prices very low, making tablets incredible values compared to smartphones and PCs. (AP Photo/Paul Sakuma)
Neurocrine 4Q profit jumps due to collaboration
SAN DIEGO (
AP) —
Neurocrine Biosciences Inc.'s fourth-quarter earnings swelled, as the drug developer brought in more revenue from its collaboration on elagolix, an experimental treatment for endometriosis pain.
The San Diego company, which has no products on the market, earned $9.5 million, or 14 cents per share, in the three months that ended Dec. 31. That compares to net income of $1.3 million, or 2 cents per share, in the final quarter of 2011.
Revenue nearly doubled to $21.9 million.
Analysts expected, on average, a loss of 8 cents per share on $9.1 million in revenue.
Aside from endometriosis, Neurocrine also is developing potential treatments for uterine fibroids, stress-related disorders, pain, diabetes and insomnia.
Elagolix is the most advanced product in its pipeline of drugs under development. Abbott Laboratories spinoff AbbVie Inc. is conducting a late-stage study of the drug as a possible endometriosis treatment, and it also is being studied in a mid-stage trial as a uterine fibroids treatment.
Neurocrine said research and development costs climbed 14 percent in the quarter to $9.1 million, and general and administrative expenses rose as well.
For the full year, Neurocrine earned $5 million, or 8 cents per share, on revenue of $53.1 million.
Looking ahead, the company expects a loss of between 75 cents and 83 cents per share in 2013. Analysts forecast, on average, a loss of 63 cents per share.
Company shares climbed more than 6 percent, or 66 cents, to $10.89 Friday in midday trading, while the Nasdaq exchange rose less than 1 percent.
Tags:
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