Affymax, Inc. (AFFY) Tops Q3 EPS by 4c; Boosts Q4 Expectations

Affymax, Inc. (NASDAQ: AFFY) reported Q3 EPS of ($0.28), $0.04 better than the analyst estimate of ($0.32). Revenue for the quarter came in at $13.2 million versus the consensus estimate of $16.17 million.

Affymax is updating its financial guidance for 2011. With respect to income, Affymax expects total 2011 payments from Takeda to be in the range of $25 million to $30 million, which is at or above the high end of the previously issued range of $20 million to $25 million.

With respect to total operating expenses Affymax expects to incur $95 million to $100 million in operating expenses during 2011, excluding stock-based compensation. This is lower than the previously issued guidance of $105 million to $110 million in operating expenses during 2011, excluding stock-based compensation.

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