Boulder-based Array BioPharma reported losses of 11 cents per share for the third quarter of fiscal year 2018, but still beat Wall Street earnings and revenue expectations. Analysts predicted losses of 22 cents.
The company posted a quarterly net loss of about $22.9 million compared to a net loss of $35.3 million during the same period last year.
Revenue for the third quarter of fiscal 2018 was $66.4 million, compared to $42.2 million for the prior quarter.
"The increase was primarily due to an upfront license fee from ASLAN Pharmaceuticals as well as higher Novartis reimbursement revenue," according to an Array news release.
"Preparations for the anticipated U.S. launch of encorafenib and binimetinib in BRAF-mutant melanoma are well underway," Array CEO Ron Squarer said in a statement. "We are pleased to have our entire commercial leadership and infrastructure in place and are poised for an exciting 2018, as we look ahead to commercialization and additional data updates from our encorafenib and binimetinib clinical trials."