Acceleron Pharma (XLRN) Tops Q1 EPS by 40c

Acceleron Pharma (NASDAQ: XLRN) reported Q1 EPS of $0.14, $0.40 better than the analyst estimate of ($0.26). Revenue for the quarter came in at $18.2 million versus the consensus estimate of $8.7 million.

Cash, cash equivalents and investments as of March 31, 2016 were $278.7 million. Net cash provided by operating activities in first quarter 2016 was $0.9 million. As of December 31, 2015 the Company had cash, cash equivalents and investments of $136.0 million. We believe that our existing cash, cash equivalents and investments, including the net proceeds of $140.3 million from our January 2016 common stock offering and the receipt of the $15.0 million Celgene milestone, will be sufficient to fund our projected operating requirements into the second half of 2019.

“In the first quarter, we continued to build momentum across our entire clinical pipeline, including the start of patient recruitment into our Phase 3 trials of luspatercept in MDS and beta-thalassemia with our partner Celgene,” said John Knopf, Ph.D., Chief Executive Officer of Acceleron. “Receipt of the $15 million luspatercept milestone payment and the $140.3 million in net proceeds from our equity follow-on offering in January secured our ability to accelerate the pace of development of our wholly owned programs. To that end, we made significant progress toward the planned Phase 2 trial initiation of ACE-083 in facioscapulohumeral muscular dystrophy in the second half of 2016 and advancing our preclinical work in the area of fibrosis as well as the generation of new product candidates with our IntelliTrap™ platform.”

For earnings history and earnings-related data on Acceleron Pharma (XLRN) click here.

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