Array Biopharma beats analyst expectations despite Q2 loss

BOULDER — Array Biopharma Inc. (Nasdaq: ARRY) posted a second-quarter loss of 5 cents per share, which still managed to beat analyst expectations by 10 cents per share.

The Boulder-based company had a net loss that was significantly less than it was the same period the year prior. Array had a net loss of about $11.4 million for the second quarter of 2019, but a $34 million loss in the second quarter of 2018.

The company grew its revenue by more than 95 percent year-over-year to $82.5 million, which beat analyst expectations by $30 million. Array’s revenue for the same period of 2018 was $42.2 million.

The net product sales for Braftovi and Mektovi, two drugs produced by Array, was $22.7 million in the second quarter of 2019, compared to $14 million in the first quarter of 2019.

On Jan. 8, 2018, Braftovi + Mektovi was approved for manufacturing and marketing in Japan. The drug combination has launched in Germany, Austria, the Netherlands and the United Kingdom.

Array’s stock price is currently $20.69 per share, up from when it closed Monday at $18.89 per share.

BOULDER — Array Biopharma Inc. (Nasdaq: ARRY) posted a second-quarter loss of 5 cents per share, which still managed to beat analyst expectations by 10 cents per share.

The Boulder-based company had a net loss that was significantly less than it was the same period the year prior. Array had a net loss of about $11.4 million for the second quarter of 2019, but a $34 million loss in the second quarter of 2018.

The company grew its revenue by more than 95 percent year-over-year to $82.5 million, which beat analyst expectations by $30 million. Array’s revenue for the same period of 2018 was $42.2 million.

The net product sales for Braftovi and Mektovi, two drugs produced by Array, was $22.7 million in the second quarter of 2019, compared to $14 million in the first quarter of 2019.

On Jan. 8, 2018, Braftovi + Mektovi was approved for manufacturing and marketing in Japan. The drug combination has launched in Germany, Austria, the Netherlands and the United Kingdom.

Array’s stock price is currently $20.69 per share, up from when it closed Monday at $18.89 per share.