Categories Earnings, Health Care
Earnings: Array BioPharma delivers strong Q2 results, investors cheer
Array BioPharma (ARRY) reported 44% jump in second-quarter revenue to $82.5 million, driven by higher product sales and recognition of $40 million of milestone revenue from Loxo Oncology. The top line came in well above street projection of $49.02 million.
Net loss was cut down to 5 cents per share from 17 cents per share last year. Analysts were expecting a loss of 16 cents per share.
ARRY shares popped 3.2% during pre-market trading post the earnings announcement. The stock has gained 35% in the trailing 12 months.
CEO Ron Squarer said, “We continue to be pleased with demand following the US launch of BRAFTOVI + MEKTOVI for patients with BRAF-mutant metastatic melanoma, which delivered $22.7 million in net product sales during the second commercial quarter.”
BRAFTOVI + MEKTOVI net product sales soared 62% in the US compared to the prior sequential quarter. The combination has also been launched in Germany, Austria, the Netherlands, and the United Kingdom
The Boulder, Colorado-based biotechnology firm has partnered with Bristol-Myers Squibb (BMY), Merck (MRK) and Pfizer (PFE) to study numerous cancer drug combinations.
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