Array BioPharma posts $58.3M quarterly profit

BOULDER — Array BioPharma Inc. on Monday reported income of $58.3 million for the third-quarter of its fiscal year 2015, which ended March 31, a turnaround from a loss of $24.9 million during the same period a year ago.

The Boulder-based biotech reported revenue of $6.6 million for the quarter, compared with $7.8 million for the same period last year. Price per share was 37 cents during the quarter, compared with a loss of 20 cents per share for the same period a year ago.

Array now owns both binimetinib and encorafenib, drugs designed to treat cancer, after closing deals with Novaratis and GlaxoSmithKline. It has plans for regulatory submissions for each product in 2016. Array is in discussions to identify a partner for global development and European commercialization of binimetinib and encorafenib, according to the statement.

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“These transformative transactions have accelerated our path to commercialization and provide us with the opportunity to develop two potentially broadly active products in a number of indications,” Ron Squarer, chief executive of Array, said in a prepared statement.

As part of the Novartis transaction, Array received an $85 million cash payment and extinguished net liabilities of $21.6 million.

For the nine months that ended March 31, revenue was $39.6 million compared with $36.1 million for the same period in fiscal 2014. Net income for the nine months was $22.1 million, or 16 cents per share compared with a net loss of $57 million, or 47 cents per share in the comparable prior year period.