Array BioPharma Gains as Loss Narrower Than Expected

Cancer drugmaker Array BioPharma Inc. (ARRY - Get Report)  rose 11% on strong revenue growth and after its loss for its fiscal second quarter was narrower than  expectations.

 

The company -- with several drugs in its development pipeline -- posted a loss for the period ended Dec. 31, of 5 cents a share. The loss was narrower than the Zacks Consensus Estimate of 16 cents and its loss the same quarter the previous year of 17 cents.

 

Quarterly revenue shot up to $82.5 million, compared with about $42 million the same quarter a year prior.
Thanks largely to research and development expenses, total costs also were up in the quarter, to around $93 million, pulling losses from operations down to around $10.8 million for the year, according to the company.

 

A boost came from net sales of its melanoma drug combination Braftovi and Mektovi that hit $22.7 million for the quarter, far outpacing the prior quarter that saw $14 million in sales. 

 

Array specializes in developing and bringing to market so-called targeted small molecule drugs for patients with cancer and other diseases, and currently has several drugs in scores of clinical trials, including one in advanced trials for colorectal cancer. The company also has partnerships with AstraZeneca, Genentech, Seattle Genetics and others.
https://www.thestreet.com/markets/array-biopharma-surges-on-narrower-than-expected-loss-14856220