Savient Pharmaceuticals down after swinging to Q3 loss
Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) shares are slightly down after the biopharmaceutical company swung to a third-quarter loss of $14.6 million, or $0.28 per share, below analyst estimates of $0.27 per share and compared with $61.9 million, or $0.05 per share, a year earlier.
“The financial results were in line with our internal expectations,” CEO Christopher Clement said in a statement. “In addition, we recently achieved another important milestone with the completion of our Phase 3 clinical trials for Puricase, our unique treatment option for patients who suffer from treatment-failure gout.”
The firm’s revenue for the three months ended Sept. 30 totaled $2.6 million, above Wall Street projections of $2.3 million and down 84% from $15.9 million a year earlier.
The firm’s results were hurt by generic drug competition, which caused plunging sales of Oxandrin, its treatment for weight gain following involuntary weight loss.
In pre-market trading, SVNT shares are down 1.87%, or $0.27, at $14.15. Over the last 52 weeks, shares have ranged from $7.18 to $15.75.
