Verastem (NASDAQ: VSTM) reported Q3 EPS of ($0.35), $0.11 better than the analyst estimate of ($0.46). Revenue for the quarter came in at $9.03 million versus the consensus estimate of $8.95 million.

“In the third quarter, we achieved $9.0 million in revenue, including $4.0 million in net product revenue from COPIKTRA, a 33% increase over the prior quarter, and we remain on track to achieve the revenue that we have guided for this year. We continue to make progress with COPIKTRA sales as the intent to prescribe and new prescriber base grows week over week due to solid progress across our commercial efforts, including physician education and contracting. We also believe in the long-term potential for our current COPIKTRA indications,” said Brian Stuglik, Chief Executive Officer of Verastem Oncology. “We are deeply committed to our long-term strategy to achieve sustainable growth and progress our mission on behalf of patients. In order to achieve these ambitious goals and provide us with greater financial flexibility going forward, we are streamlining our organization and reducing operating expenses, which will result in approximately $25 million in annualized cost savings next year.”

Financial Guidance for Fiscal 2019

Verastem Oncology is reiterating its full-year 2019 guidance and expects net product revenue for COPIKTRA to be in the range of $12-14 million. This guidance is based on product revenue to date, current run rates and near-term expectations.

For earnings history and earnings-related data on Verastem (VSTM) click here.