Momenta Pharmaceuticals Earnings: Here’s Why Investors are Happy Now
Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) 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 up 0.9%.
Momenta Pharmaceuticals Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.35 in the quarter versus EPS of $-0.02 in the year-earlier quarter.
Revenue: Decreased 56.89% to $12.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Momenta Pharmaceuticals Inc. reported adjusted EPS loss of $-0.35 per share. By that measure, the company beat the mean analyst estimate of $-0.42. It beat the average revenue estimate of $10.41 million.
Quoting Management: “In 2012, we made significant advances across our development programs,” said Craig Wheeler, president and chief executive officer of Momenta Pharmaceuticals. “We have invested in our capabilities to develop multiple biosimilars, advanced an innovative sialylation technology that could have broad applicability and initiated clinical studies of our novel drug M402 for metastatic pancreatic cancer. The advancement of M356, our generic version of Copaxone(NYSE:R), is a key priority and the FDA’s review of the ANDA is moving forward. We remain confident that the data submitted as part of the ANDA support approval under the 505(j) pathway as an interchangeable generic Copaxone.”
Key Stats (on next page)…