Infinity Pharma (INFI) Posts Surprise Q3 Profit

Infinity Pharma (NASDAQ: INFI) reported Q3 EPS of $0.85, $1.48 better than the analyst estimate of ($0.63). Revenue for the quarter came in at $90.7 million versus the consensus estimate of $24.85 million.

Revenue included a $75.2 million license fee associated with the $130 million milestone payment from AbbVie for the completion of patient enrollment in DYNAMO and $15.5 million in research and development (R&D) services. R&D services revenue for the third quarter of 2015 was composed of $9.8 million associated with the $130 million milestone payment and $5.7 million associated with the $275 million upfront payment from AbbVie received in September 2014. Revenue during the third quarter of 2014 was composed of $159.1 million license fee and $1.5 million in R&D services, both of which related to the $275 million upfront milestone from AbbVie. Infinity will recognize the remainder of the $130 million milestone payment and $275 million upfront payment over the period in which R&D services will be provided.

Guidance:

Infinity Pharma sees FY2015 revenue of $100-120 million, versus the consensus of $126.95 million.

For earnings history and earnings-related data on Infinity Pharma (INFI) click here.

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