Boston, MA 03/13/2014 (wallstreetpr) – Synageva Biopharma Corp (NASDAQ:GEVA) saw its fourth quarter loss narrow, coming in at $1 per share which was essentially wider than last year loss of 62 cents but smaller than consensus estimates of $1.02. Synageva is a biopharmaceutical company involved in the development of therapeutic products for rare disorders.
Synageva Financial Results
Synageva saw its fourth quarter revenue slump by a high of 28.8% when compared to revenues of the same quarter the prior year, coming in at $3.5 million as a result. The fourth quarter revenue on the other hand beat consensus estimates of $2 million.
Full Year Results
Synageva full year was mired by a high net loss of $95.5 million compared to a net loss of $42.9 million reported in 2012. Full year revenue came in at $13.4 million inclusive of $7 million of Fuzeon royalties from Roche and $6.3 million from collaborations.
Zogenix total costs and expenses that included research and development expenses, sales, general administrative expenses, and amortization came in at $109.3 million. This was an increase compared to a low of the same, of $58 million reported in 2012. The company’s research and development expenses were up by 95% compared to that of the same quarter in 2012, coming in at $25.2 million. Selling, General and administrative expenses for the quarter were also up by 39.7% coming in at $8.9 million.
Synageva 2014 Guidance
Synageva projects a net loss of between $190 million and $205 million for the current fiscal year. The net loss will essentially be as a result of the company’s investments aimed at supporting the global clinical development as well as pre-clinical pipeline programs.
Synageva lead candidate drug Sebelipase is currently in a Phase III study being developed for the treatment of a condition in children known as, Lysosomal Acid Lipase deficiency. The company expects top line results for the drug to be out in the third quarter of the current fiscal year.
Synageva is also planning to file a biologic License Application for Sebelipase Alfa to the FDA and Marketing Authorization to the European Medicines Agency.
