Inovio's (INO) Q3 Loss In Line, Sales Lag, VGX-3100 In Focus
Zacks Investment Research | Nov 12, 2019 10:03PM ET
Inovio Pharmaceuticals, Inc.’s (NASDAQ:INO) adjusted loss of 27 cents per share in third-quarter 2019 was in line with the Zacks Consensus Estimate.
Adjusted loss in the quarter excludes the impact of change in fair value of derivative liability and loss on investments in affiliated entities. However, including this impact, Inovio’s loss of 25 cents in the third quarter narrowed from the prior-year loss of 27 cents.
Revenues in the reported quarter were $0.9 million, down from the year-earlier quarter’s $2 million. This year-over-year decrease was primarily due to lower reimbursement from AstraZeneca (NYSE:AZN) in relation to drug manufacturing activities. Sales also missed the Zacks Consensus Estimate of $3 million.
Shares of Inovio fell 2.5% in after-hours trading following the company’s earnings release on Nov 12. In fact, the stock has declined 39% so far this year versus the Zacks Investment Research
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