Last week, Array BioPharma Inc. (
ARRY) reported a fourth-quarter net loss of 55 cents per share which was in line with the Zacks Consensus Estimate. The company had a loss of 68 cents in the year-ago quarter. Net loss for fiscal 2009 was $2.67 per share, compared with $2.04 last year.
Quarterly revenue came in at $5.5 million, representing a 10% decline from the comparable quarter in 2008. Sales for the full year fell by 13% to $25 million.
The narrower quarterly loss was primarily attributable to lower spending on research and development. The company spent $21.3 million towards research and development for the quarter for the clinical advancement of its wholly owned drugs versus $28.4 million in year-ago quarter.
Last January, Array had announced a restructuring plan of scaling down its research and development costs and accelerating partnership initiatives to ensure sustainable growth under current market conditions.
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