Array Biopharma Inc (NASDAQ: ARRY) is having a relatively strong start to the trading session in the pre-market hours this morning, and for good reason. The company not only reported its earnings for the second quarter, it also reported clinical data that seems to be overwhelmingly positive. Today, we’ll talk about the earnings, the data, what we’re seeing from the stock, and what we’ll be watching for with regard to ARRY ahead.
ARRY Reports Smaller Than Expected Loss
As mentioned above, Array Biopharma is having a relatively strong start to the trading session this morning. One of the reasons that we’re seeing gains out of the stock has to do with earnings. Here’s what we saw from the Q2 report:
- Earnings Per Share – In terms of earnings per share, ARRY definitely did not disappoint. During the second quarter, it was expected that the company would generate a loss in the amount of $0.23 per share. However, the company actually reported a loss in the amount of $0.17 per share, blowing away expectations.
- Revenue – In terms of revenue, the company hit the nail on the head. During the quarter, analysts expected that the company would generate revenue in the amount of $24.8 million. However, the company actually reported revenue for the period in the amount of $42.2 million. Once again beating expectations.
ARRY Reports Strong Clinical Data
As if better than expected earnings wasn’t enough to create excitement among investors, the company released strong clinical data. In cooperation with Pierre Fabre, Array Biopharma issued a press release surrounding their pivotal Phase 3 COLUMBUS trial in patients with BRAF-mutant melanoma.
According to the release, treatment with the combination of encorafienib 450 mg daily and binimetinib 45 mg twice daily, reduced the risk of death when compared to vemurafenib 960 mg daily. In the release, ARRY announced that median OS came in at 33.6 months for patients treated with COMBO450 in comparison to 16.9 months for patients treated with vemurafenib as a monotherapy. In a statement, Victor Sandor, M.D., CMO at ARRY, had the following to offer:
We are excited to report these overall survival results from the COLUMBUS trial… This encouraging overall survival finding further validates previously reported median progression-free survival and overall response rate results, and taken together with the attractive tolerability profile, these data suggest that the combination of encorafenib with binimetinib has the potential to become a promising new treatment option for these patients.
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