Array BioPharma Earnings: Here’s Why Investors are Not Excited Now
Array BioPharma, Inc. (NASDAQ:ARRY) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 5%.
Array BioPharma, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.06 in the quarter versus EPS of $-0.09 in the year-earlier quarter.
Revenue: Rose 22.94% to $25.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Array BioPharma, Inc. reported adjusted EPS loss of $0.06 per share. By that measure, the company beat the mean analyst estimate of $-0.13. It beat the average revenue estimate of $16.13 million.
Quoting Management: Ron Squarer, Chief Executive Officer of Array, noted, “Array has made important progress over the past year generating data with ARRY-520 and ARRY-614 to inform pivotal trial decisions by the end of calendar 2013. In July, we shared positive results from our Phase 2 study of ARRY-502 which demonstrated its potential to become the first new oral medication for asthma since Singulair was approved 15 years ago. In addition, we are encouraged that both MEK162 and selumetinib are advancing in pivotal studies using fast-to-patient approaches. Finally, we entered into strategic collaborations with Celgene, Clovis Oncology, Loxo Oncology and Global Blood Therapeutics to fund our world-class research capability, and with Oncothyreon to advance our oral selective HER2 inhibitor, ARRY-380, into multiple clinical proof-of-concept studies.”
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