Enanta Pharmaceuticals Reports Fiscal Third Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Enanta Pharmaceuticals Reports Fiscal Third Quarter 2024 Financial Results
Enanta Pharmaceuticals, Inc. (NASDAQ: ENTA), a clinical-stage biotechnology company focusing on virology and immunology, announced its financial results for the fiscal third quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q3 FY2024 | Q3 FY2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Revenue | $18.0 million | $18.9 million | -4.76% | $17.18 million |
| Earnings Per Share (EPS) | -$1.07 | -$1.86 | +42.47% | -$1.45 |
Interpretation : Enanta's revenue for Q3 FY2024 slightly declined by 4.76% year-over-year, but exceeded the Wall Street consensus estimate. The company reported an improved EPS, narrowing its net loss by 42.47% compared to Q3 FY2023.
Revenue Performance by Segment
| Segment | Q3 FY2024 | Previous Guidance | Realization |
|---|---|---|---|
| HCV Royalty Revenue | $18.0 million | Not Provided | Not Provided |
Interpretation : Enanta's revenue is currently derived entirely from royalties on AbbVie’s hepatitis C virus (HCV) regimen MAVYRET®/MAVIRET®. The earnings are consistent with the previous quarter but have shown a marginal decrease year-over-year.
Operational Data
| Operational Metric | Q3 FY2024 | Q3 FY2023 |
|---|---|---|
| R&D Expenses | $28.7 million | $43.0 million |
| General & Administrative Expenses | $13.4 million | $12.6 million |
Interpretation : R&D expenses decreased significantly by 33.26% due to reduced spending on the COVID-19 program, partially offset by higher costs in immunology research. General and administrative expenses increased slightly, primarily driven by legal costs associated with a patent lawsuit against Pfizer.
Comments from Company's Officers
Dr. Jay R. Luly, President and CEO, emphasized the importance of completing the enrollment for the RSVPEDs study and highlighted that Enanta is on track to report topline data for both the RSVPEDs and EDP-323 Phase 2a studies in late 2024. These milestones are crucial for advancing Enanta’s clinical RSV portfolio, aimed at addressing the unmet needs in high-risk populations.
Dividends or Share Repurchase Program
No new dividends or share repurchase programs were announced in this period.
Forward Guidance
Enanta did not provide specific forward financial guidance but indicated that its existing cash and marketable securities, along with expected future royalties, would support operational needs through Q3 FY2027.
Stock Price Movement
Post-earnings release, Enanta's stock fell by 7.34%, reflecting investor reaction to the financial results and ongoing operational developments.
Enanta plans to issue its full year and fiscal fourth-quarter financial results press release on November 25, 2024.
For more information, investors are encouraged to visit Enanta's official website .
(The data and interpretation provided above are based on information from the fiscal third-quarter earnings release and other relevant company materials.)
The report has been organized into a more readable format, and unnecessary columns have been removed.
