Array posts $147M loss for fiscal year; launches two-drug combination

BOULDER — Array BioPharma Inc. (Nasdaq: ARRY) on Tuesday reported a loss of $147.3 million for its fiscal year that ended June 30.

The loss of 74 cents per share was more that a loss of $116.8 million, or 72 cents per share, in fiscal 2017. The increase in loss primarily was because of  increased research and development expense to advance programs and costs to establish the commercial infrastructure in preparation of the launch of two drugs, Braftovi and Mektovi.

Revenue was $173.8 million for the fiscal year compared with $150.9 million in fiscal 2017. This increase was primarily driven by higher license and milestone revenue earned in 2018 from Asahi Kasei Pharmaceutical, ASLAN Pharmaceuticals, Loxo Oncology, Mirati and Ono Pharmaceutical Co. Ltd.

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On June 27, the U.S. Food and Drug Administration  approved Braftovi capsules in combination with Mektovi tablets for the treatment of patients with unresectable or metastatic melanoma, a form of skin cancer.  The two drugs were available for sale July 2, and patients began receiving the combination therapy that same week.

For the fourth quarter, revenue was $35.4 million, compared with $66.4 million for the prior quarter. The decrease was primarily due to a one-time upfront license fee from ASLAN Pharmaceuticals received during the prior quarter as well as lower Novartis reimbursable activities.

Array Biopharma reported a fourth-quarter loss of $52.4 million, or 25 cents per share, compared with $22.9 million, or 11 cents per share, in the prior quarter.