8:05AM Array Biopharma beats by $0.03, beats on revs (ARRY) 4.52 : Reports Q2 (Dec) loss of ($0.13) per share, $0.03 better than the Capital IQ Consensus Estimate of ($0.16); revenues fell 23.4% year/year to $14.1 mln vs the $13.49 mln consensus.
The decrease was due to license revenue included in the prior period that did not recur. This was partially offset by recent collaborations with Loxo Oncology and Oncothyreon, as well as a Phase 3 milestone payment from AstraZeneca earned during the current quarter. Cost of partnered programs increased to $13.1 million, compared to $7.9 million in the same period last year. Research and development expense declined to $9.5 million, compared to $13.9 million in the same prior year period.
"Currently, there are no effective specific treatment options to alter the course of this rare degenerative genetic disease," said Calum A. MacRae, MBCHB, Ph.D. Clinical Director of Genomic Medicine Program and Associate Physician at Brigham and Women's Hospital, Division of Cardiovascular Medicine and Associate Professor of Medicine at Harvard Medical School. "Based on existing data, I am excited by the potential ARRY-797 holds for these patients."
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