Arbutus Biopharma matches earnings, tops revenue estimates
Biotech firm Arbutus Biopharma reported in-line earnings and revenue above Wall Street forecasts for the quarter. Shares were indicated higher in after-hours trading.
Arbutus Biopharma on Tuesday reported earnings that matched analyst expectations while revenue exceeded estimates for the quarter.
The biotechnology company posted a net loss of $14.2 million, or 13 cents per share, in line with the average estimate of analysts surveyed by Refinitiv. Revenue totaled $1.8 million, surpassing the $1.3 million forecast.
Shares of Arbutus were indicated up about 2% in after-hours trading following the results. The company, which focuses on developing treatments for hepatitis B and other diseases, provided no updated guidance in its release.
Arbutus has faced volatility in recent months amid clinical trial updates and regulatory developments. The firm’s lead candidate, AB-729, remains in mid-stage trials for hepatitis B, a market analysts estimate at over $2 billion annually.
The company’s cash and cash equivalents stood at $125.6 million as of March 31, providing a runway for ongoing research and development activities.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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