Momenta (MNTA) Q3 Loss Narrower Than Expected, Sales Up
Zacks Investment Research | Nov 02, 2016 09:16PM ET
Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) reported a loss of 26 cents per share in the third quarter of 2016, narrower than both the Zacks Consensus Estimate of a loss of 29 cents and the year-ago loss of 44 cents.
Moreover, revenues in the quarter surged 110.9% to $29.1 million and beat the Zacks Consensus Estimate of $26.6 million.
Quarter in Detail
Momenta’s top line comprised product revenues of $23.3 million earned from Novartis AG (NYSE:NVS) Sandoz’s sales of Glatopa, a generic version of Copaxone (20 mg).
Note that Sandoz’s abbreviated New Drug Application (ANDA) for the 40-mg thrice-weekly formulation of Copaxone is currently under FDA review. A tentative approval is expected in the upcoming months.
Collaborative research and development revenues came in at $5.8 million, up 13.7% primarily driven by revenues recognized from the amortization of an upfront payment under the collaboration agreement with Mylan N.V. (NASDAQ:MYL) .
While research and development expenses were down 0.3% to $31.6 million, general and administrative expenses increased 26.4% to $15.6 million.
Outlook
Momenta expects operating expenses (excluding stock-based compensation and net of collaborative revenues) in the range of $40–$45 million for the fourth quarter of 2016.
Collaboration revenues, under its agreement with Mylan are anticipated to be $1.8 million per quarter.
Pipeline Update
Momenta continues to progress with its pipeline candidates. Under its collaboration with Mylan, the company initiated a phase I study on M834, a biosimilar version of Orencia (abatacept). Top-line data from the study are expected by the end of 2017.
In the third quarter, Momenta regained global development and commercialization rights to M923, a biosimilar version of Humira (adalimumab). M923 is currently being evaluated in a phase III study. Top-line results from the study should be out by late 2016, with the first regulatory submission for marketing approval planned for mid 2017.
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