Noven Pharmaceuticals has $45.4M loss
Posted on Thu, Mar. 27, 2008
BY JOHN DORSCHNER
Noven Pharmaceuticals (NOVN), the Kendall drug maker, reported Thursday a loss of $45.4 million for 2007, largely because of a $100 million charge connected with the purchase of JDS Pharmaceuticals.
The company announced two weeks ago that it had to delay its financial reporting because of certain issues raised by regulators, but the results released Thursday were the same as the preliminary unaudited figures the company had reported.
For the fourth quarter, the company reported revenue of $23.2 million, up from $17.2 million for the same period in 2006. Net income was $1 million, down from $7.1 million in 2006.
For the year, revenue was $83.2 million, up from $60.7 million in 2006. Earnings per share fell from 66 cents in 2006 to a loss of $1.84 in 2007.
Noven purchased JDS in August to expand its reach beyond its specialty, which is delivering drugs through skin patches, but shareholders have not embraced the change. The stock, which had been trading at about $25 before the purchase, fell to $8.71 earlier this month when it was announced its financial reporting would be delayed.
By midafternoon Thursday, Noven was trading at $9.61, down $1.79 or 15.9 percent for the day.
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