Nektar posts first quarterly profit

Nektar Therapeutics Inc., developer of Exubera inhaled insulin, reported its first-ever quarterly profit on a gain from the termination of an accord with Pfizer Inc.

Fourth-quarter net income of $39 million, or 42 cents a share, compared with a loss of $38.9 million, or 43 cents, a year earlier, the San Carlos, Calif.-based company said. The quarter was the first profitable one for the company since it went public in 1994, according to Bloomberg data.

Nektar said this month that it had cut 150 jobs, about one-fifth of its workforce, to focus more on drug development.

Operating costs decreased 74% to $28.4 million in the quarter. The company posted a one-time gain of $79.2 million that included the termination of its collaboration with Pfizer to market Exubera, which reduced other expenses. In October, Pfizer said it would quit selling the drug and give the rights back to Nektar.

Nektar shares dropped 26 cents, or 3.9%, to $6.46.