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Immunomedics Inc.’s (IMMU - Snapshot Report) fourth quarter fiscal 2011 (ended June 30) earnings of $0.03 surpassed the year-ago earnings of $0.01. The Zacks Consensus Estimate hinted at a loss of $0.06. Earnings in the quarter were boosted by higher revenues.
Revenues in the final quarter of fiscal 2011 came in at $11.1 million compared to the year-ago figure of $6.1 million. Revenues blew past the Zacks Consensus Estimate of $3 million.
The year-over-year jump was primarily attributable to the receipt of a $10.0 million milestone payment from partner Nycomed for the development of veltuzumab in the rheumatoid arthritis indication. Immunomedics received $5 million from Nycomed in the year-ago quarter.
Revenues from product sales at Immunomedics climbed approximately 81% to $0.9 million in the final quarter of fiscal 2011. Revenues from research and development accounted for the balance.
The rise in revenues was partially mitigated by higher research and development (R&D) expenses. The increase in R&D expenses in the final quarter of fiscal 2011 was attributable to lower expense reimbursements under the partnership with Nycomed coupled with increased clinical trial expenses.
For fiscal 2011, Immunomedics suffered a loss of $0.20 per share as opposed to the earnings of $0.49 in fiscal 2010. The Zacks Consensus loss estimate for fiscal 2011 was $0.28. The loss suffered by the company in fiscal 2011 was attributable to a massive fall in revenues.
Revenues in fiscal 2011 plummeted 76% to $14.7 million. The decline was attributable to the absence of upfront license fee revenues from Immunomedics’ agreements with UCB (UCBJF) and Nycomed. Fiscal 2010 revenues included $31.1 million and $14.5 million as upfront payments from UCB and Nycomed respectively. The Zacks Consensus Estimate for fiscal 2011 was $7 million.
Moreover, increased R&D expenses also contributed to the loss suffered by Immunomedics in fiscal 2011.
We currently have a Neutral recommendation on Immunomedics. The stock carries a Zacks #3 Rank (Neutral rating) in the short-run.
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