PTC Therapeutics beats by $0.24, rev inline with preannouncment; reaffirms FY17 revs guidance; acquires Emflaza from Marathon for the treatment of Duchenne Muscular Dystrophy in U.S. :
- Reports Q4 (Dec) loss of $0.78 per share, $0.24 better than the Capital IQ Consensus of ($1.02); revenues rose 98.4% year/year to $25.2 mln vs the $24.69 mln Capital IQ Consensus.
- Co reaffirms guidance for FY17, sees FY17 revs of $105-125 mln vs. $126.03 mln Capital IQ Consensus, assuming current exchange rates, representing continued strong growth year-over-year of its sustainable DMD business. This is driven by both increased penetration into the over 25 countries where Translarna is currently available as well as continued geographic expansion into new territories. PTC is reviewing its guidance for 2017 operating expenses and ending cash in light of PTC's planned acquisition of Emflaza (deflazacort).
- Co entered into an asset purchase agreement with Marathon Pharmaceuticals, LLC, under which PTC plans to acquire all rights to Emflaza, subject to satisfaction of customary closing conditions. Under the terms of the agreement, PTC will make an upfront payment of $140 million to Marathon, comprising of a combination of cash and stock. Following completion of a transition period, Marathon is entitled to receive payments from PTC based on annual net sales of Emflaza beginning in 2018, which PTC expects will range as a percentage of net sales between the low to mid-20s on a blended average basis. In addition, Marathon has the opportunity to receive a single $50 million sales-based milestone. Translarna net product sales were $25.1 million (preannounced on January 9) for the fourth quarter of 2016, representing 98% growth versus $12.7 million in the fourth quarter of 2015
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