Enanta Pharmaceuticals (NASDAQ:ENTA) cut by JMP Securities analyst Liisa Bayko to market perform from market outperform after the company turned in weaker-than-expected fiscal Q4 results.
Net income for the quarter ended Sept. 30, 2019 of $9.2M, or $0.44 per share, fell from $27.4M, or $1.30 per share, in the year-ago quarter.
Per-share figure compares with the average analyst estimate of $0.56.
Q4 revenue of $51.3M, missing the $56.0M consensus estimate, declined from $67.2M in the year-ago quarter, as a decrease in royalty revenue was driven by lower HCV product sales as reported by AbbVie (NYSE:ABBV).
Q4 R&D expenses increased to $38.7M from $26.9M a year ago.
Enanta sees fiscal year 2020 R&D expense of $155M-$175M and general and administrative expense of $27M-$33M.
Previously: Enanta Pharma EPS misses by $0.12, misses on revenue (Nov. 21)
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