Biopharmaceutical company Nektar Therapeutics (Nasdaq:NKTR) stated on Tuesday that its net income was USD60.9m (USD0.39 basic income per share) for the third quarter ended 30 September 2017.

This marks an improvement in earnings when compared with net loss of USD43.2m (USD0.32 basic loss per share) in the third quarter of 2016.

Revenues of USD152.9m was collected in the third quarter of 2017, up over revenues of USD36.3m in the third quarter of 2016. Revenue in 2017 included recognition of USD127.6m of the USD150.0m upfront payment from the company's collaboration with Eli Lilly & Company for the development and commercialsation of NKTR-358.

Research and development (R&D) expense of USD65.7m was recorded in the third quarter of 2017, a rise from R&D expense of USD52.0m in the third quarter of 2016.

The company said the R&D expense was higher in the third quarter of 2017 because of expenses for its pipeline programmes, including Phase 3 clinical studies for NKTR-181, Phase 1/2 clinical studies of NKTR-214 and NKTR-358 and IND-enabling activities for NKTR-262 and NKTR-255.