Array BioPharma Reports Profit In Q3 - Quick Facts

(RTTNews) - Array BioPharma Inc. (ARRY) reported net income for the third quarter of $58.3 million, or $0.37 per share, compared to a net loss of $24.9 million, or $0.20 per share, for the same period in fiscal 2014. As part of the Novartis transaction, Array received an $85 million cash payment and extinguished net liabilities of $21.6 million which resulted in an increase in working capital of $106.6 million.

On average, six analysts polled by Thomson Reuters expected the company to report a loss per share of $0.01 for the quarter. Analysts' estimates typically exclude special items.

Revenue for the third quarter of fiscal 2015 was $6.6 million, compared to $7.8 million for the same period last year. Analysts expected revenue of $6.00 million for the quarter.

Ron Squarer, CEO of Array, said, "With the close of the Novartis-GSK transaction, Array now owns both binimetinib and encorafenib, two innovative oncology products in Phase 3, with plans for regulatory submissions for each product in 2016. These transformative transactions have accelerated our path to commercialization and provide us with the opportunity to develop two potentially broadly active products in a number of indications."