Earnings: Array BioPharma reports upbeat Q3 results

Array BioPharma (NASDAQ: ARRY) reported a narrower-than-expected loss in the third quarter of 2019, sending its shares up 0.5% during pre-market trading on Tuesday. The company reported a loss of 17 cents per share, compared to 21 cents expected by Wall Street.

Revenues for the quarter fell to $64.7 million, primarily due to the recognition of the Vitrakvi milestones in the prior quarter. But the top line was still higher than the street view of $51.5 million.

ARRY shares have gained 55% so far this year and 65% in the year-to-date period.

CEO Ron Squarer said, “U.S. demand for BRAFTOVI + MEKTOVI for patients with BRAF-mutant metastatic melanoma continues to be strong with over $35 million in net product sales during the third commercial quarter.”

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Net Product Sales for BRAFTOVI + MEKTOVI for the third quarter of fiscal 2019 were $35.1 million, compared to $22.7 million for the second quarter of fiscal 2019.

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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