Momenta Pharmaceuticals, Inc. (MNTA) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $41.54 million, or $ 0.60 a share in the quarter, against a net loss of $29.16 million, or $0.43 a share in the last year period.
Revenue during the quarter surged 52.70 percent to $34.20 million from $22.39 million in the previous year period.
Operating loss for the quarter was $10.35 million, compared with an operating loss of $29.55 million in the previous year period.
"In 2016, Momenta reported significant advances across our portfolio. In early January 2017, we announced a significant research collaboration and license agreement with CSL for M230, our SIF3 novel therapeutic product candidate, and potential future Fc multimer programs. We also announced an agreement with Shire for the early return of full rights to the M923 program, our biosimilar HUMIRA candidate. We were also pleased by the District Court's decision to invalidate the four method of use patents litigated by Teva to block Sandoz's potential launch of our Glatopa 40 mg product," said Craig A. Wheeler, president and chief executive officer of Momenta Pharmaceuticals. "We are fully committed to work with Sandoz and Pfizer to resolve the recently announced warning letter. With the potential for the approval and launch of Glatopa 40 mg and with multiple data readouts expected across our biosimilar and novel programs this year, we believe 2017 could be a transformative year for Momenta."
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