Array Biopharma (ARRY) Misses Q4 EPS by 1c, Revenues Miss

Array Biopharma (NASDAQ: ARRY) reported Q4 EPS of ($0.25), $0.01 worse than the analyst estimate of ($0.24). Revenue for the quarter came in at $35.44 million versus the consensus estimate of $38.73 million.

"We were thrilled to launch BRAFTOVI™ + MEKTOVI® for patients with BRAF-mutant melanoma in the U.S. after receiving FDA approval for the combination in June. Since then, we have seen a very positive reception from melanoma healthcare providers. With the announcement of a median overall survival of 33.6 months from the Phase 3 COLUMBUS trial at ASCO, and an attractive tolerability profile, our commercial team is well-positioned for success," said Ron Squarer, Chief Executive Officer. "We were also very pleased to announce an observed overall survival of 62% at one year in patients with BRAF-mutant metastatic colorectal cancer in updated safety lead-in results from the Phase 3 BEACON CRC trial. At the time of analysis, the overall survival data were fully mature through 12.6 months and the median overall survival had not yet been reached. FDA Breakthrough Therapy Designation was based on the BEACON CRC safety lead-in data, which further demonstrates the opportunity for encorafenib and binimetinib to benefit patients with limited treatment options."

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