ARIAD Pharmaceuticals, Inc. (ARIA) saw its loss narrow to $27.83 million, or $0.14 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $55.45 million, or $0.29 a share. On the other hand, adjusted net loss for the quarter narrowed to $22.54 million, or $0.12 a share from a loss of $45.52 million or $0.24 a share, a year ago.
Revenue during the quarter surged 58.29 percent to $46.02 million from $29.07 million in the previous year period.
Operating loss for the quarter was $24.99 million, compared with an operating loss of $56.38 million in the previous year period.
"During the third quarter, ARIAD achieved several important milestones that further our commitment as a small, research-based biotechnology company to patients with rare cancers, including those with no other targeted treatment options available," said Paris Panayiotopoulos, president and chief executive officer of ARIAD. "Iclusig was approved in Japan and we received priority review from the FDA for brigatinib in crizotinib-treated ALK+ non-small cell lung cancer. We are continuing to invest heavily in R&D and to progress in enrolling in the OPTIC, OPTIC-2L and ALTA-1L trials for Iclusig and brigatinib, as well as our clinical trial for AP32788, a novel kinase inhibitor for a rare form of lung cancer involving mutations in the EGFR and HER2 genes, and for which there are currently no approved targeted treatments."
For financial year 2016, ARIAD Pharmaceuticals, Inc. projects revenue to be in the range of $170 million to $180 million.
Operating cash flow remains almost stable
ARIAD Pharmaceuticals, Inc. has spent $121.44 million cash to meet operating activities during the nine month period as against cash outgo of $120.66 million in the last year period.
Cash flow from investing activities was $103.58 million for the nine month period as against cash outgo of $4.45 million in the last year period.
Cash flow from financing activities was $92.05 million for the nine month period, up 68.05 percent or $37.28 million, when compared with the last year period.
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