Global Blood Therapeutics, Inc. ( GBT Quick Quote GBT - Free Report) incurred a loss of $1.36 per share in fourth-quarter 2021, wider than the Zacks Consensus Estimate of a loss of $1.14. In the year-ago quarter, the company had reported a loss of $1.00 per share.
The company’s revenues of $56.1 million, comprising solely of Oxbryta (voxelotor) sales, were almost in line with the Zacks Consensus Estimate of $56 million. Global Blood had generated $41.3 million in product sales in the year-ago quarter.
Shares of Global Blood have plunged 33.7% in the past year compared with the
industry’s decline of 38%. Image Source: Zacks Investment Research Full-Year Results
For full-year 2021, Global Blood generated total revenues of $194.7 million compared with $123.8 million recorded in 2020.
For 2021, the company reported a loss of $4.81 per share compared with net loss of $4.04 per share in 2020.
Quarter in Details
Oxbryta sales increased 8% sequentially in the fourth quarter, owing to higher demand from existing and new patients. The company recorded around 800 new prescriptions of Oxbryta in the fourth quarter despite the ongoing COVID-19 pandemic.
Research and development expenses in the reported quarter were $59 million, up 43.5% year over year, primarily attributable to higher external costs related to the company’s preclinical programs and ongoing studies on inclacumab.
Selling, general and administrative expenses were $78.9 million in the reported quarter, up 34.6% year over year due to higher employee-related costs, and increased professional and consulting services’ cost.
As of Dec 31, 2021, Global Blood had cash, cash equivalents and marketable securities worth $734.8 million compared with $416.8 million as of Sep 30, 2021.
Earlier this month, the European Commission granted marketing authorization to Oxbryta as a monotherapy or in combination with hydroxycarbamide (hydroxyurea) for treating hemolytic anemia caused due to sickle cell disease (“SCD”) in adult and pediatric patients aged 12 years and above. The nod in EU is likely to boost Oxbryta sales in 2022 and beyond.
Oxbryta is approved by the FDA as an oral, once-daily treatment for SCD in patients aged 12 years or above.
In December 2021, the FDA
granted accelerated approval to Global Blood’s supplemental new drug application seeking approval for Oxbryta to treat SCD in children aged four to less than 12 years.
The regulatory body also approved a new drug application for Oxbryta tablets for oral suspension
a new dispersible, once-daily tablet dosage for patients aged four to less than 12 years, as well as for older patients who have difficulty swallowing whole tablets. — Zacks Rank & Stocks to Consider
Global Blood currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the biotech sector include
Axsome Therapeutics, Inc. ( AXSM Quick Quote AXSM - Free Report) , Dynavax Technologies Corporation ( DVAX Quick Quote DVAX - Free Report) and Kaleido Biosciences, Inc. , all carrying a Zacks Rank #2 (Buy) at present. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
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Earnings of Kaleido Biosciences have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion.