TESARO (TSRO) Posts Smaller Q2 Loss on Higher Revs

TESARO (NASDAQ: TSRO) reported Q2 EPS of ($1.25), $0.46 better than the analyst estimate of ($1.71). Revenue for the quarter came in at $36.56 million versus the consensus estimate of $4.98 million.

As of June 30, 2016, TESARO had approximately $320 million in cash and cash equivalents. This cash and cash equivalents total excludes the $409 million in net proceeds resulting from a follow-on offering of 5.3 million shares of common stock that was completed in July 2016.

“The second quarter of 2016 was an exciting time for TESARO, marked by the availability of positive clinical results from our NOVA trial of niraparib. These results are the first and only Phase 3 data for a PARP inhibitor in a population of patients with platinum-sensitive, recurrent ovarian cancer,” said Lonnie Moulder, CEO of TESARO. “Looking ahead, we intend to leverage these landmark data to enhance our ongoing ovarian cancer trials and expand the overall development strategy for niraparib. We are globalizing our mission of delivering transformative cancer therapies to patients, and are now expanding our commercial footprint in Europe to support planned launches of oral rolapitant and niraparib next year. Finally, our immuno-oncology portfolio continues to rapidly advance, and our antibody candidates targeting TIM-3 and PD-1 are now in Phase 1 studies.”

For earnings history and earnings-related data on TESARO (TSRO) click here.

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