GTC Reports $3.5M Profit, Revenue Boost For Q3
Framingham-based GTC Biotherepeutics Inc. said it made a profit of $3.5 million in the third quarter on revenue of $9.2 million.
In the same period a year ago, the company lost $5.1 million on revenue of $749,000.
The company spent half as much on sales efforts during the quarter than it did the prior year.
The revenue boost is the result of regaining commercialization rights in July to its flagship product, ATryn, from Dutch biotech firm Lundbeck and terminating its collaboration with that company. By doing so, the company recognized $8.7 million in non-cash revenue that was previously reported as deferred revenue.
For the nine months ended Sept. 30, GTC lost $4.5 million.
Earlier this month LFB Biotechnologies of France offered to buy GTC for $17 million in stock. LFB already owns a substantial amount of GTC stock and has been pumping money into the struggling company for years.
GTC makes protein-based drugs developed in the milk of genetically modified goats and rabbits.
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