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Deciphera's (DCPH) Q3 Loss Narrows, Qinlock Drives Revenues
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Deciphera Pharmaceuticals, Inc. (DCPH - Free Report) reported a third-quarter 2022 loss of 55 cents per share, narrower than the Zacks Consensus Estimate of a loss of 57 cents. In the year-ago quarter, DCPH had reported a loss of $1.37.
Total net revenues were $36 million in the quarter, surpassing the Zacks Consensus Estimate of $33 million. Revenues rose 55.1% year over year.
Shares of Deciphera have rallied 68.2% in the year so far against the industry’s decline of 22.3%.
Image Source: Zacks Investment Research
In May 2020, the FDA approved Deciphera’s sole marketed drug Qinlock (ripretinib) to treat adult patients with advanced gastrointestinal stromal tumors (GIST), who received prior treatment with three or more kinase inhibitors, including Novartis’ Gleevec (imatinib).
Quarter in Detail
Apart from Qinlock, there is no marketable drug in Deciphera’s portfolio. Total revenues comprised net product revenues and collaboration revenues. Net product revenues from Qinlock sales were $32.3 million, up 49% year over year. Qinlock generated $24.5 million of sales in the United States and $7.8 million of sales in the ex-U.S. markets.
Collaboration revenues in the reported quarter were $3.7 million compared with $1.5 million recorded in the year-ago quarter.
Research and development expenses were $47.5 million, down 28.5% year over year owing to lower costs related to clinical studies on Qinlock.
Selling, general and administrative expenses were $30 million, down 15.5% year over year owing to lower professional and consultant fees.
Deciphera had cash, cash equivalents and investments worth $371.6 million as of Sep 30, 2022, compared with $393.1 million as of Jun 30, 2022. DCPH expects its current cash balance to fund its operating and capital expenditures into 2025.
Other Updates
Last November, the European Commission approved Qinlock for treating adult patients with advanced GIST, who already received treatment with three or more kinase inhibitors, including Novartis’ Gleevec. The nod in Europe is already generating incremental sales and should boost sales in the future quarters.
Deciphera is evaluating vimseltinib in the phase III MOTION study to treat patients with tenosynovial giant-cell tumors, who are not amenable to surgery. Enrollment in the study is currently ongoing.
This apart, DCPH treated the first patient in three-phase Ib studies, evaluating DCC-3116 in combination with the FDA-approved MEK inhibitors, namely trametinib, binimetinib and sotorasib, an FDA-approved KRASG12C inhibitor to treat patients with advanced or metastatic solid.
Deciphera Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Loss per share estimates for Akero Therapeutics have narrowed 6.9% for 2022 and 4.8% for 2023 in the past 60 days.
Earnings of Akero Therapeutics surpassed estimates in three of the trailing four quarters and missed the mark on the remaining occasion. AKRO delivered an earnings surprise of 7.66%, on average.
Loss per share estimates for Amarin narrowed 21% for 2022 and 50% for 2023 in the past 60 days.
Earnings of Amarin surpassed estimates in two of the trailing four quarters and missed the same on the other two occasions. AMRN witnessed a negative earnings surprise of 14.29%, on average.
Loss per share estimates for Atea Pharmaceuticals narrowed 10.9% for 2022 and 9.5% for 2023 in the past 60 days.
Earnings of Atea Pharmaceuticals surpassed estimates in three of the trailing four quarters and missed the mark on the remaining occasion. AVIR witnessed a negative earnings surprise of 58.74%, on average.
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Deciphera's (DCPH) Q3 Loss Narrows, Qinlock Drives Revenues
Deciphera Pharmaceuticals, Inc. (DCPH - Free Report) reported a third-quarter 2022 loss of 55 cents per share, narrower than the Zacks Consensus Estimate of a loss of 57 cents. In the year-ago quarter, DCPH had reported a loss of $1.37.
Total net revenues were $36 million in the quarter, surpassing the Zacks Consensus Estimate of $33 million. Revenues rose 55.1% year over year.
Shares of Deciphera have rallied 68.2% in the year so far against the industry’s decline of 22.3%.
Image Source: Zacks Investment Research
In May 2020, the FDA approved Deciphera’s sole marketed drug Qinlock (ripretinib) to treat adult patients with advanced gastrointestinal stromal tumors (GIST), who received prior treatment with three or more kinase inhibitors, including Novartis’ Gleevec (imatinib).
Quarter in Detail
Apart from Qinlock, there is no marketable drug in Deciphera’s portfolio. Total revenues comprised net product revenues and collaboration revenues. Net product revenues from Qinlock sales were $32.3 million, up 49% year over year. Qinlock generated $24.5 million of sales in the United States and $7.8 million of sales in the ex-U.S. markets.
Collaboration revenues in the reported quarter were $3.7 million compared with $1.5 million recorded in the year-ago quarter.
Research and development expenses were $47.5 million, down 28.5% year over year owing to lower costs related to clinical studies on Qinlock.
Selling, general and administrative expenses were $30 million, down 15.5% year over year owing to lower professional and consultant fees.
Deciphera had cash, cash equivalents and investments worth $371.6 million as of Sep 30, 2022, compared with $393.1 million as of Jun 30, 2022. DCPH expects its current cash balance to fund its operating and capital expenditures into 2025.
Other Updates
Last November, the European Commission approved Qinlock for treating adult patients with advanced GIST, who already received treatment with three or more kinase inhibitors, including Novartis’ Gleevec. The nod in Europe is already generating incremental sales and should boost sales in the future quarters.
Deciphera is evaluating vimseltinib in the phase III MOTION study to treat patients with tenosynovial giant-cell tumors, who are not amenable to surgery. Enrollment in the study is currently ongoing.
This apart, DCPH treated the first patient in three-phase Ib studies, evaluating DCC-3116 in combination with the FDA-approved MEK inhibitors, namely trametinib, binimetinib and sotorasib, an FDA-approved KRASG12C inhibitor to treat patients with advanced or metastatic solid.
Deciphera Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Deciphera Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Deciphera Pharmaceuticals, Inc. Quote
Zacks Rank & Other Stocks to Consider
Deciphera currently carries a Zacks Rank #2 (Buy). Other stocks worth considering in the biotech sector are Akero Therapeutics, Inc. (AKRO - Free Report) , Amarin Corp. plc (AMRN - Free Report) and Atea Pharmaceuticals, Inc. (AVIR - Free Report) , all sporting the same Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Loss per share estimates for Akero Therapeutics have narrowed 6.9% for 2022 and 4.8% for 2023 in the past 60 days.
Earnings of Akero Therapeutics surpassed estimates in three of the trailing four quarters and missed the mark on the remaining occasion. AKRO delivered an earnings surprise of 7.66%, on average.
Loss per share estimates for Amarin narrowed 21% for 2022 and 50% for 2023 in the past 60 days.
Earnings of Amarin surpassed estimates in two of the trailing four quarters and missed the same on the other two occasions. AMRN witnessed a negative earnings surprise of 14.29%, on average.
Loss per share estimates for Atea Pharmaceuticals narrowed 10.9% for 2022 and 9.5% for 2023 in the past 60 days.
Earnings of Atea Pharmaceuticals surpassed estimates in three of the trailing four quarters and missed the mark on the remaining occasion. AVIR witnessed a negative earnings surprise of 58.74%, on average.