Akcea Therapeutics (AKCA) Tops Q3 EPS by 13c

Akcea Therapeutics (NASDAQ: AKCA) reported Q3 EPS of ($0.34), $0.13 better than the analyst estimate of ($0.47). Revenue for the quarter came in at $21 million versus the consensus estimate of $22.54 million.

“With the launch of WAYLIVRA in the E.U., steady progress on the launch of TEGSEDI, data coming from our innovative pipeline and the imminent initiation of multiple Phase 3 programs, we have a solid foundation in place for clinical and commercial success. Furthermore, we are building on that success by potentially expanding our pipeline through the acquisition of new assets from Ionis as well as evaluating medicines to license from third parties,” said Damien McDevitt, interim chief executive officer of Akcea. “Through our collaborations with Pfizer, Novartis and PTC Therapeutics and our own commercial and development efforts, we remain focused on bringing life-changing therapies to patients with serious and rare diseases globally. I am proud to be leading this experienced and passionate team as we build for the future.”

“We generated $12 million in product sales from TEGSEDI and WAYLIVRA in the third quarter as we continue to expand the number of countries where our products are commercially available,” said Mike MacLean, chief financial officer of Akcea. “With the launch of WAYLIVRA in Germany and the ongoing launch of TEGSEDI, we are now a multi-product commercial company. We are excited to continue these commercial and development efforts and to explore bringing further economic opportunities to the company. We ended the quarter with $253 million in cash and short-term investments. Upon closing of the Pfizer license agreement in Q4, we anticipate that we will have significant funds available to support our strategic initiatives.”

As of September 30, 2019, Akcea had cash, cash equivalents and short-term investments of $253 million compared to $253 million at December 31, 2018. With this substantial liquidity, the Company believes it is well positioned to continue to execute on its strategy and broaden its pipeline.

For earnings history and earnings-related data on Akcea Therapeutics (AKCA) click here.

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