Keryx Biopharmaceuticals, Inc. (KERX) saw its loss narrow to $23.02 million, or $0.21 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $40.96 million, or $0.39 a share.
Revenue during the quarter surged 73.17 percent to $11.82 million from $6.82 million in the previous year period. Gross margin for the quarter contracted 1650 basis points over the previous year period to 57.17 percent.
Operating loss for the quarter was $23.11 million, compared with an operating loss of $23.40 million in the previous year period.
"In the first quarter, prescription growth continued across the dialysis patient population, with strong demand from both new patients and patients who have switched from another phosphate binder," said Greg Madison, president and chief executive officer of Keryx. "We believe with more physicians gaining clinical experience, strong brand awareness, and broad patient access, we will bring this medicine to many more people with hyperphosphatemia on dialysis."
Debt moves up
Keryx Biopharmaceuticals, Inc. has witnessed an increase in total debt over the last one year. It stood at $125 million as on Mar. 31, 2017, up 17.35 percent or $18.48 million from $106.52 million on Mar. 31, 2016. Short-term debt stood at $125 million as on Mar. 31, 2017. Total debt was 97.89 percent of total assets as on Mar. 31, 2017, compared with 46.41 percent on Mar. 31, 2016.
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