Seattle Genetics Inc. of Bothell lost nearly $15 million, or 22 cents a share, in the fourth quarter of 2007, up from a $10 million loss in the year-ago period. For all of 2007, the biotechnology company lost $49 million. Revenue for the year more than doubled, to $22 million, from 2006 to 2007, however. Most of that came from a collaboration agreement Seattle Genetics has with biotech giant Genentech.
787 delays affect supplier’s earnings
Spirit AeroSystems said it’s still working with the Boeing Co. to assess how 787 delays could affect the supplier’s cash flows. The company said Thursday that delays on the 787 contributed to its lower-than-expected earnings last year. Spirit said its predictions for this year include the assumption that it will deliver 45 units to Boeing for the 787. At its factory in Wichita, Kan., Spirit is working on its 17th Dreamliner fuselage barrel.
Washington Post names publisher
The Washington Post has named Katharine Weymouth, 41, as its new publisher, restoring a member of the Graham family to the position after a 7-year hiatus. Weymouth has been vice president of advertising at the paper since 2005 and is the granddaughter of Katharine Graham. The newspaper’s parent, The Washington Post Co., owns The Herald and other area publications.
Merck settles fraud case with agencies
In one of the biggest U.S. health care fraud settlements ever, Merck &Co. will pay $671 million to settle claims it overcharged the government for four popular drugs and bribed doctors to prescribe its drugs, federal prosecutors said. Washington state will receive about $7.4 million. The alleged overcharges, dating back to the mid-1990s, involved Medicaid programs in nearly every state, as well as federal health insurance programs.
Housing slump hits large home builder
D.R. Horton Inc., the nation’s largest home builder, said it swung to a loss in the last three months of 2007, hurt by hefty charges to write down inventory and declining land values. Horton’s losses in the quarter that ended Dec. 31 totaled $128.8 million, compared with a profit of $109.7 million a year earlier. Revenue plunged to $1.71 billion from $2.8 billion.
PepsiCo sees profit fall from prior year
PepsiCo Inc., the world’s second-largest soft drink maker, said its fourth-quarter profit fell 31 percent from a year earlier, when results were boosted by a tax benefit. Without the benefit, earnings rose 8 percent. The company, which also owns the Frito-Lay snack business, said it expects earnings and revenue growth this year. Its shares rose 5.5 percent. Net income dropped to $1.26 billion in the last three months of 2007 from $1.83 billion a year ago.
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