Momenta Pharmaceuticals (NASDAQ:MNTA) shifted sharply into reverse in early trading after its fourth quarter loss came in much worse than expected.
The biotechnology company specializing in the detailed structural analysis of complex drugs unveiled a fourth quarter loss per share of 43 cents, versus market expectations of a loss of just four cents.
Total revenues in the fourth quarter Totalled $22.4mln, including $15.6mln in product revenues from Sandoz's sales of Glatopa, Momenta's multiple sclerosis treatment. Analysts that follow the stock had expected revenue of $30.42mln.
The shares shed 8.3% at $10.55.
“The year 2015 proved to be pivotal in our company’s growth and development. Glatopa, our second complex generic to receive FDA [Food and Drug Administration] marketing approval, is the first and only substitutable generic product for multiple sclerosis on the market today. Glatopa’s approval provided further validation of the strength of our proprietary analytic platform and physicochemical and biologic characterization capabilities, and has set the stage for our biosimilar and novel drug programs,” said Craig Wheeler, president and chief executive officer of Momenta Pharmaceuticals.
“In addition, Glatopa’s approval allowed us to complete a successful financing that significantly strengthened our balance sheet and helped us secure a strong biosimilars collaboration partner in Mylan. We believe we are now well-positioned to execute on our biosimilar and novel drug programs in 2016 and to continue to build our business for long-term growth and sustainability,” he added.
