uploads/2018/12/Spectrum-net-loss-1.png

Spectrum Pharmaceuticals: Earnings Trends and Recent Developments

By

Updated

Earnings trends

In the first nine months of 2018, Spectrum Pharmaceuticals (SPPI) reported a net income and diluted EPS of -$70.8 million and -$0.69, respectively—compared to -$62.7 million and -$0.78 in the same period the previous year.

In the third quarter, the company reported a net income and diluted EPS of -$68.7 million and -$0.66, respectively—compared to -$18.3 million and -$0.22 during the same period the previous year.

Article continues below advertisement

In the third quarter, Spectrum Pharmaceuticals’ peers in the biopharmaceuticals market, AMAG Pharmaceuticals (AMAG), Ionis Pharmaceuticals (IONS), and ACADIA Pharmaceuticals (ACAD) reported a net income of $30.84, -$4.6 million, and -$62.14 million, respectively—compared to -$152.06, -$1.0 million, and -$65.25 million during the same period the previous year.

Recent developments

In December, Spectrum Pharmaceuticals presented the data from the phase 3 RECOVER trial. The company conducted the phase 3 RECOVER trial to evaluate the safety and efficacy of Rolontis for treating severe neutropenia in breast cancer patients who underwent chemotherapy. The phase 3 RECOVER trial confirmed the safety and efficacy of the drug in reducing the duration of severe neutropenia in individuals with breast cancer who underwent chemotherapy.

In December, Spectrum Pharmaceuticals announced positive data from the phase 2 trial. The phase 2 trial evaluated oral leucovorin as an adjunct to Folotyn for treating oral mucositis. In the phase 2 trial, leucovorin and Folotyn lowered oral mucositis significantly compared to historical statistics associated with Folotyn therapy.

The success in the clinical trial will likely help Spectrum Pharmaceuticals with supporting data for regulatory filings to different authorities across the world, which should strengthen the company’s product portfolio for commercialization.

Advertisement

More From Market Realist