Show Hide image

Human Genome Sciences' revenues rise in third quarter

Firm reports over $50m revenues.

Human Genome Sciences (HGS) has reported revenues of $50.78m for the third quarter ended 30 September 2010, compared to $18.83m for the same period in 2009.

HGS has posted a net loss of $40.86m for the third quarter 2010, or $0.22 loss per diluted share, compared to net loss of $49m, or $0.32 loss per diluted share, for the comparable period in 2009.

For the nine months ended 30 September 2010, HGS has posted a revenue of $136.09m, compared to $222.79m for the year ago period.

For the nine months ended 30 September 2010, HGS has posted a net loss of $145.6m, or $0.78 loss per diluted share, compared to net income of $15.4m, or $0.11 per diluted share, for the year ago period.

HGS executive vice president and chief financial officer David Southwell said that HGS has continued to invest in building the commercial infrastructure and expertise required to support the launch of Benlysta.

"With approximately $1bn of cash and equivalents, HGS is well-positioned financially to support the launch and growth of Benlysta and to fund our research and development program," Southwell said.

Getty Images.
Show Hide image

Is anyone prepared to solve the NHS funding crisis?

As long as the political taboo on raising taxes endures, the service will be in financial peril. 

It has long been clear that the NHS is in financial ill-health. But today's figures, conveniently delayed until after the Conservative conference, are still stunningly bad. The service ran a deficit of £930m between April and June (greater than the £820m recorded for the whole of the 2014/15 financial year) and is on course for a shortfall of at least £2bn this year - its worst position for a generation. 

Though often described as having been shielded from austerity, owing to its ring-fenced budget, the NHS is enduring the toughest spending settlement in its history. Since 1950, health spending has grown at an average annual rate of 4 per cent, but over the last parliament it rose by just 0.5 per cent. An ageing population, rising treatment costs and the social care crisis all mean that the NHS has to run merely to stand still. The Tories have pledged to provide £10bn more for the service but this still leaves £20bn of efficiency savings required. 

Speculation is now turning to whether George Osborne will provide an emergency injection of funds in the Autumn Statement on 25 November. But the long-term question is whether anyone is prepared to offer a sustainable solution to the crisis. Health experts argue that only a rise in general taxation (income tax, VAT, national insurance), patient charges or a hypothecated "health tax" will secure the future of a universal, high-quality service. But the political taboo against increasing taxes on all but the richest means no politician has ventured into this territory. Shadow health secretary Heidi Alexander has today called for the government to "find money urgently to get through the coming winter months". But the bigger question is whether, under Jeremy Corbyn, Labour is prepared to go beyond sticking-plaster solutions. 

George Eaton is political editor of the New Statesman.