Citius Pharmaceuticals Inc. on Tuesday reported adjusted earnings per share of 12 cents for the quarter ended March 31, missing the average analyst estimate of 49 cents by 37 cents, according to Refinitiv data.
The company’s revenue totaled $14.2 million in the period, falling below the $16.1 million consensus forecast. The results were released after markets closed on Monday.
Citius attributed the shortfall to lower-than-expected sales of its lead product, CITI-007, a topical treatment for acute radiation dermatitis. The company noted that demand for the product remained below projections during the quarter.
Chief Executive Officer Myron Holubiak said in a statement that while the company continues to focus on commercial execution, the revenue decline reflects ongoing market challenges for CITI-007. He added that Citius is evaluating strategies to improve adoption and address the current shortfalls.
The earnings miss follows a broader trend of biotech companies facing revenue and profit pressures amid competitive market conditions and slower-than-expected product uptake.
Shares of Citius Pharmaceuticals were down 5% in after-hours trading following the release of the results.
