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Nov. 1, 2017, 8:30 a.m. EDT

Momenta shares plunge 14% on Q3 profit, revenue misses

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By Emma Court

Momenta Pharmaceuticals Inc. /zigman2/quotes/200094979/composite MNTA +1.82% shares plunged 14.2% in premarket trade Wednesday after the company reported third-quarter profit and revenue misses. The company reported a loss of $33.2 million, or a loss of 44 cents per share, after a loss of $17.5 million, or a loss of 26 cents per share in the year-earlier period. The FactSet earnings-per-share consensus was a loss of 41 cents. Revenue declined to $24 million from $29 million, compared with the FactSet consensus of $31 million. The latest results include $12.4 million, or 53%, less in revenue from Sandoz's /zigman2/quotes/203243705/composite NVS -0.60% sales of the multiple sclerosis drug Glatopa, "primarily due to higher sales deductions for Medicaid rebates, inventory price adjustments relating to Mylan's entry into the Copaxone market" and $0.2 million in Glatopa-related legal expenses, the company said. Momenta and Sandoz have a partnership for Glatopa, which Sandoz markets. Momenta also said it believes the 40 mg dose of Glatopa, its generic of Teva's /zigman2/quotes/205657894/composite TEVA -1.89% popular multiple sclerosis drug Copaxone, should be approved and launched late this year or in early 2018. The Food and Drug Administration approving the drug "is dependent on the satisfactory resolution of the compliance observations stated in the FDA warning letter issued in February 2017 to Pfizer, the contracted fill/finish manufacturing partner for Glatopa," Momenta said. Mylan /zigman2/quotes/209413137/composite MYL -0.40% beat Momenta to launching the 40 mg dose level, which is much more widely used than the lower dose, in early October. Momenta shares have dropped nearly 15% to $14.10 over the last three months, compared with a 4% rise in the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.06% .

/zigman2/quotes/200094979/composite
US : U.S.: Nasdaq
$ 32.99
+0.59 +1.82%
Volume: 869,317
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.88 billion
Rev. per Employee
$577,015
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/zigman2/quotes/203243705/composite
US : U.S.: NYSE
$ 82.91
-0.50 -0.60%
Volume: 1.29M
Aug. 7, 2020 4:00p
P/E Ratio
26.38
Dividend Yield
2.42%
Market Cap
$182.38 billion
Rev. per Employee
$415,614
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/zigman2/quotes/205657894/composite
US : U.S.: NYSE
$ 11.92
-0.23 -1.89%
Volume: 6.19M
Aug. 7, 2020 4:00p
P/E Ratio
3,612
Dividend Yield
N/A
Market Cap
$13.59 billion
Rev. per Employee
$441,818
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/zigman2/quotes/209413137/composite
US : U.S.: Nasdaq
$ 16.36
-0.07 -0.40%
Volume: 3.87M
Aug. 7, 2020 4:00p
P/E Ratio
31.00
Dividend Yield
N/A
Market Cap
$8.45 billion
Rev. per Employee
$326,506
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/zigman2/quotes/210599714/realtime
US : S&P US
3,351.28
+2.12 +0.06%
Volume: 2.28B
Aug. 7, 2020 5:10p
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