Spectrum Pharma (SPPI) Easily Tops Q1 Views

Spectrum Pharma (NASDAQ: SPPI) reported Q1 EPS of ($0.14), $0.18 better than the analyst estimate of ($0.32). Revenue for the quarter came in at $43.9 million versus the consensus estimate of $28.83 million.

Spectrum recorded non-GAAP net income of $0.3 million, or $0.01 per basic share and less than $0.01 per diluted share in the three-month period ended March 31, 2016.

“We are pleased to report strong revenues in the first quarter and solid progress in our product pipeline,” said Rajesh C. Shrotriya, MD, Chairman and Chief Executive Officer of Spectrum Pharmaceuticals. “Spectrum now has six FDA approved drugs on the market, revenues from which continues to help fuel our pipeline. We initiated a Phase 3 trial for our lead pipeline drug SPI-2012 and now have approximately 60 U.S. sites open for enrollment. SPI-2012 has shown strong clinical data in Phase 2 studies and targets a multi-billion dollar market. We also initiated a Phase 2 trial for our breast cancer drug poziotinib, which we believe has the potential to be best in-class among small molecule HER2-directed therapies. Additionally, we expect a response from the FDA on the NDA for apaziquone later this year. We remain focused on these three programs, each of which we believe has the potential to transform the Company.”

For earnings history and earnings-related data on Spectrum Pharma (SPPI) click here.

You May Also Be Interested In

• LeonaBio (LONA) Price Target Cut to $17 by Citizens Amid Pipeline Development
• Keefe, Bruyette & Woods Starts Columbia Financial Inc (CLBK) at Outperform
• Morgan Stanley Starts Target Hospitality (TH) at Overweight