Human Genome Outlines BENLYSTA Updated Projections (HGSI)

Human Genome Sciences Inc. (NASDAQ: HGSI) is out with an update on lupus drug BENLYSTA.  The company showed commericalization details, and it also announced a downsizing and gave guidance for 2011 and 2012.  The company projected BENLYSTA’s gross sales at about $29.1 million in the fourth quarter, and after adjustments of $3.4 million, the BENLYSTA sales in the fourth quarter totaled $25.7 million. 

The company has announced that it will shed about 150 positions and that it is implementing plans to reduce the company’s spending structure in a manner which will reflect its current program and business requirements.  Of the position under review, these come from administrative to manufacturing and even to Research & Development.

Human Genome also expects that cash and short-term investments at year-end 2011 will come to roughly $875 to $885 million versus $933.4 million a year ago.  The R&D expense will come to about $195 to $205 million in 2011 and should range $150 to $180 million in 2012.
Shares are up almost 2% at $7.86 in the pre-market.