AMAG Pharmaceuticals (AMAG)

[surf1944]

7:43AM AMAG Pharma beats by $0.20, beats on revs (AMAG) 13.75 : Reports Q3 (Sep) loss of $0.78 per share, $0.20 better than the Capital IQ Consensus Estimate of ($0.98); revenues rose 4.1% year/year to $17.6 mln vs the $16.09 mln consensus. Additionally, Dr. Pereira has resigned from his position as president, CEO and a director of the co, effective immediately. He will remain a key strategic advisor to the co on certain matters. Co promoted Frank Thomas, the co's CFO, to the position ofCOO and appointed him as the interim president and CEO. The co has concurrently launched a search for a permanent chief executive officer. Co also implemented , a broad restructuring plan to align operating expenses with near-term revenue projections for Feraheme Injection for Intravenous use. The plan, including an approximate 25% reduction in positions, is expected to decrease the co's operating expenses, excluding cost of goods sold, by $20-25 mln in 2012 as compared to 2011. Finally, co's Board is committed to the evaluation of all strategic options to enhance stockholder value, while management focuses on strategies to increase Feraheme revenues.