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.