Momenta Pharmaceuticals Inc (MNTA) saw its loss widen to $31.76 million, or $0.46 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $24.01 million, or $0.35 a share. Revenue during the quarter surged 34.08 percent to $26.61 million from $19.85 million in the previous year period.
Operating loss for the quarter was $32.59 million, compared with an operating loss of $24.55 million in the previous year period.
“We continue to demonstrate the value of our Glatopa business both with increased revenues year-over-year for the 20 mg product and the potential of the 40 mg product to be launched this year,” said Craig A. Wheeler, president and chief executive officer of Momenta Pharmaceuticals. “Our biosimilar and novel autoimmune programs also showed strong momentum. We expect to submit our biosimilar HUMIRA candidate for marketing approval mid-year followed by Phase 1 top-line data for our biosimilar ORENCIA candidate, in collaboration with Mylan. For our novel autoimmune programs, data from the M281 Phase 1 study is expected in the second half of the year and we expect our lead program with CSL, M230, to enter the clinic this year.”
Working capital increases marginally
Momenta Pharmaceuticals Inc has recorded an increase in the working capital over the last year. It stood at $345.81 million as at Mar. 31, 2017, up 3.21 percent or $10.74 million from $335.06 million on Mar. 31, 2016. Current ratio was at 4.02 as on Mar. 31, 2017, down from 10.09 on Mar. 31, 2016. Days sales outstanding went down to 78 days for the quarter compared with 94 days for the same period last year.
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