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Aratana Therapeutics Q4 net loss $8.6 million or $0.18 diluted loss per share

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Aratana Therapeutics
Aratana Therapeutics   For the year ended December 31, 2018 net loss was $14.7 million

Aratana Therapeutics announced its fourth quarter and full year 2018 financial results and recent business highlights.

"Our primary focus for 2019 is to increase our net product revenues and advance our development programs," stated Craig Tooman, President and Chief Executive Officer of Aratana Therapeutics.

"Our greatest opportunity to grow revenues is to continue to educate our customers about the benefits of our scientifically differentiated therapeutics."

The fourth quarter of 2018 net loss was $8.6 million or $0.18 diluted loss per share compared to a net loss of $15.6 million or $0.37 diluted loss per share for the corresponding quarter ended December 31, 2017.

For the year ended December 31, 2018, Aratana reported a net loss of $14.7 million or $0.32 diluted loss per share compared to a net loss of $47.5 million or $1.17 diluted loss per share in 2017.

Aratana reported $4.9 million in net revenues for the fourth quarter 2018 compared to $10.5 million in net revenues in the fourth quarter of 2017.

The fourth quarter of 2017 included $6.0 million in sales of GALLIPRANT finished goods to Elanco Animal Health, Inc.

Aratana Therapeutics recorded $35.4 million in net revenues for the full year 2018 compared to $25.6 million in net revenues for the full year 2017.

Aratana Therapeutics's full year 2018 revenues include $7.5 million in NOCITA net product sales and $4.6 million in ENTYCE net product sales.

Aratana also reported $23.3 million in GALLIPRANT licensing and collaboration revenues, which included a $15.0 million milestone payment for achieving a sales threshold of at least $35 million in U.S. net sales of GALLIPRANT by Elanco in 2018.

In 2017, Aratana Therapeutics recognized $5.9 million in licensing and collaboration revenues and $19.7 million in products sales, which included $15.5 million in product sales of GALLIPRANT finished goods to Elanco, $2.8 million in NOCITA net product sales and $1.3 million in ENTYCE net product sales.

The cost of product sales totaled $2.8 million in the fourth quarter of 2018 in comparison to $5.9 million in the corresponding period in 2017.

Aratana Therapeutics's cost of product sales for the full year 2018 totaled $6.8 million, which included inventory valuation adjustments of approximately $2.7 million.

In 2017, Aratana reported $16.4 million in cost of product sales, which largely consisted of cost of finished goods of GALLIPRANT sold to Elanco.

The decrease year-over-year is primarily due to Elanco's assumption of manufacturing responsibility for GALLIPRANT in the third quarter of 2017.

Research and development expenses totaled $1.6 million in the fourth quarter ended December 31, 2018 compared to $3.6 million for the quarter ended December 31, 2017.

For the full year 2018, research and development expenses totaled $6.9 million compared to $15.1 million in 2017.

The decrease in research and development expenses in 2018 was due primarily to fewer on-going pivotal studies and pre-launch manufacturing activities compared to the corresponding period in 2017.

However, Aratana anticipates research and development expenses may increase slightly in 2019 as pipeline programs progress.

Selling, general and administrative expenses totaled $7.4 million for the fourth quarter ended December 31, 2018 compared to $7.6 million for the same period in 2017.

For the full year 2018, selling, general and administrative expenses were $28.8 million versus $28.9 million for 2017.

Aratana expects selling, general and administrative expenses for 2019 to remain relatively consistent compared to 2018, as Aratana Therapeutics continues to focus on supporting further adoption and awareness of its marketed therapeutics.


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