United Therapeutics (UTHR) shares tumbled Wednesday after the company widely missed June-quarter earnings expectations.
The biotech company earned an adjusted $5.85 per share, up 12% year over year but below expectations for $6.48 a share, according to FactSet. Sales also climbed 20% to $714.9 million, topping the Street call for $692 million.
United Therapeutics' bread-and-butter drug is Tyvaso, a treatment for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial disease. The former is a type of high blood pressure in the lungs. The latter is a serious lung disease. But sales of nebulized Tyvaso missed forecasts, though revenue from the bigger dry-powder inhaler formulation, or DPI, topped expectations.
"Although top-line performance exceeded expectations, we anticipate that some investors will focus on the elevated (research and development) spend, and the fact that nebulized Tyvaso revenues seem slightly lower in the second quarter vs. the first quarter than expected while Tyvaso DPI continues its robust uptake," Leerink Partners analyst Roanna Ruiz said in a report.
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