Pharmacyclics Earnings: Here’s Why Investors Don’t Like These Results
Pharmacyclics Inc. (NASDAQ:PCYC) delivered a profit 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 0.39%.
Pharmacyclics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 45.1% to $0.56 in the quarter versus EPS of $0.78 in the year-earlier quarter.
Revenue: Decreased 25.6% to $57.96 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pharmacyclics Inc. reported adjusted EPS income of $0.56 per share. By that measure, the company beat the mean analyst estimate of $0.29. It beat the average revenue estimate of $45.74 million.
Quoting Management: “Ibrutinib has demonstrated great clinical progress during this past year. Today we have a very solid development program in place with 5 Phase III trials initiated and several more trials to be started this year. We were honored to announce this past Tuesday that ibrutinib received Breakthrough Designation in two B-cell malignancies. We look forward to working with the FDA to bring this therapy to market in a timely manner,” said Bob Duggan, CEO and Chairman of the Board. “Looking ahead, our goals for this year are star high as we are continuing to unfold our clinical program. With our partner Janssen, we are committed to a shared vision of patient friendly, body harmonious solutions intended to improve the quality of life, increase duration of life and resolve serious medical health care needs for patients.”
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