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SpringWorks' Q3 Loss Narrower Than Expected, Revenues Miss Mark
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SpringWorks Therapeutics, Inc. (SWTX - Free Report) incurred a loss of 72 cents per share in the third quarter of 2024, which was narrower than the Zacks Consensus Estimate of a loss of 76 cents. The company had reported a loss of $1.27 per share in the year-ago quarter.
In the third quarter, total revenues were $49.3 million, which missed the Zacks Consensus Estimate of $54 million. Total revenues comprised net product sales of Ogsiveo (nirogacestat), SpringWorks’ only marketed drug. The company did not generate any revenues in the year-ago quarter.
The FDA approved Ogsiveo for treating adult patients with progressing desmoid tumors who require systemic treatment in November 2023.
Following the FDA nod, Ogsiveo became the first approved product in the company’s portfolio and the first approved drug for treating desmoid tumors, a rare, aggressive tumor of the soft tissues.
Shares of SpringWorks have plunged 9.3% so far this year compared with the industry’s decline of 0.9%.
Image Source: Zacks Investment Research
Stay up-to-date with all quarterly releases:See Zacks Earnings Calendar.
More on SWTX's Q3 Results
Net product revenues from Ogsiveo increased almost 23% on a sequential basis in the third quarter, driven by a strong commercial launch and high demand for the drug.
Management remains focused on making Ogsiveo the standard of care systemic therapy for patients with desmoid tumors.
Research and development expenses totaled $42.3 million in the third quarter, up 12.8% from the year-ago quarter’s level, owing to higher costs related to drug manufacturing and increased expenses related to ongoing clinical studies and consulting costs.
Selling, general and administrative expenses totaled $61.6 million, up around 32.5% year over year due to higher costs to support the launch of mirdametinib in the United States, upon potential approval.
As of Sept 30, 2024, SpringWorks had cash, cash equivalents and marketable securities worth $498.1 million compared with $521.9 million as of June 30, 2024. Management expects this cash balance to fund the company through profitability, which is expected in the first half of 2026.
SWTX's Pipeline Update
The marketing authorization application for Ogsiveo for treating adult patients with desmoid tumors is currently under review with the European Medicines Agency (“EMA”). A potential approval in the EU is expected in 2025.
Several additional studies on Ogsiveo, targeting different cancer indications, are currently ongoing.
Initial data from a phase II study evaluating nirogacestat as a monotherapy in patients with recurrent ovarian granulosa cell tumors is expected in the first half of 2025.
In August 2024, the FDA accepted SWTX’s new drug application (“NDA”) seeking approval for its investigational MEK inhibitor, mirdametinib for the treatment of neurofibromatosis type 1- associated plexiform neurofibromas (NF1-PN), in pediatric and adult patients.
With the FDA granting a priority review to the NDA, a decision from the regulatory body is expected on Feb. 28, 2025.
A marketing authorization application for mirdametinib for the treatment of adults and children with NF1-PN has also been validated by the European Medicines Agency.
SpringWorks is evaluating its investigational, oral, selective pan-TEAD inhibitor, SW-682, in a phase Ia study for treating patients with Hippo-mutant solid tumors.
SpringWorks Therapeutics Price, Consensus and EPS Surprise
In the past 60 days, estimates for Immunocore’s 2024 loss per share have narrowed from $1.67 to 96 cents. Loss per share estimates for 2025 have narrowed from $2.35 to $1.70 during the same time. Year to date, shares of IMCR have declined 50.6%.
IMCR’s earnings beat estimates in two of the trailing four quarters while missing the same on the remaining two occasions, the average surprise being 25.57%.
In the past 60 days, estimates for ANI Pharmaceuticals’ 2024 earnings per share have moved up from $4.59 to $4.71. Earnings per share estimates for 2025 have improved from $4.82 to $5.65 during the same time. Year to date, shares of ANIP have increased 10.6%.
ANIP’s earnings beat estimates in each of the trailing four quarters, the average surprise being 20.27%.
In the past 60 days, estimates for Castle Biosciences’ 2024 loss per share have narrowed from 58 cents to 8 cents. Loss per share estimates for 2025 have narrowed from $2.13 to $1.88 during the same time. Year to date, shares of CSTL have surged 51.9%.
CSTL’s earnings beat estimates in each of the trailing four quarters, the average surprise being 172.72%.
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SpringWorks' Q3 Loss Narrower Than Expected, Revenues Miss Mark
SpringWorks Therapeutics, Inc. (SWTX - Free Report) incurred a loss of 72 cents per share in the third quarter of 2024, which was narrower than the Zacks Consensus Estimate of a loss of 76 cents. The company had reported a loss of $1.27 per share in the year-ago quarter.
In the third quarter, total revenues were $49.3 million, which missed the Zacks Consensus Estimate of $54 million. Total revenues comprised net product sales of Ogsiveo (nirogacestat), SpringWorks’ only marketed drug. The company did not generate any revenues in the year-ago quarter.
The FDA approved Ogsiveo for treating adult patients with progressing desmoid tumors who require systemic treatment in November 2023.
Following the FDA nod, Ogsiveo became the first approved product in the company’s portfolio and the first approved drug for treating desmoid tumors, a rare, aggressive tumor of the soft tissues.
Shares of SpringWorks have plunged 9.3% so far this year compared with the industry’s decline of 0.9%.
Image Source: Zacks Investment Research
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
More on SWTX's Q3 Results
Net product revenues from Ogsiveo increased almost 23% on a sequential basis in the third quarter, driven by a strong commercial launch and high demand for the drug.
Management remains focused on making Ogsiveo the standard of care systemic therapy for patients with desmoid tumors.
Research and development expenses totaled $42.3 million in the third quarter, up 12.8% from the year-ago quarter’s level, owing to higher costs related to drug manufacturing and increased expenses related to ongoing clinical studies and consulting costs.
Selling, general and administrative expenses totaled $61.6 million, up around 32.5% year over year due to higher costs to support the launch of mirdametinib in the United States, upon potential approval.
As of Sept 30, 2024, SpringWorks had cash, cash equivalents and marketable securities worth $498.1 million compared with $521.9 million as of June 30, 2024. Management expects this cash balance to fund the company through profitability, which is expected in the first half of 2026.
SWTX's Pipeline Update
The marketing authorization application for Ogsiveo for treating adult patients with desmoid tumors is currently under review with the European Medicines Agency (“EMA”). A potential approval in the EU is expected in 2025.
Several additional studies on Ogsiveo, targeting different cancer indications, are currently ongoing.
Initial data from a phase II study evaluating nirogacestat as a monotherapy in patients with recurrent ovarian granulosa cell tumors is expected in the first half of 2025.
In August 2024, the FDA accepted SWTX’s new drug application (“NDA”) seeking approval for its investigational MEK inhibitor, mirdametinib for the treatment of neurofibromatosis type 1- associated plexiform neurofibromas (NF1-PN), in pediatric and adult patients.
With the FDA granting a priority review to the NDA, a decision from the regulatory body is expected on Feb. 28, 2025.
A marketing authorization application for mirdametinib for the treatment of adults and children with NF1-PN has also been validated by the European Medicines Agency.
SpringWorks is evaluating its investigational, oral, selective pan-TEAD inhibitor, SW-682, in a phase Ia study for treating patients with Hippo-mutant solid tumors.
SpringWorks Therapeutics Price, Consensus and EPS Surprise
SpringWorks Therapeutics price-consensus-eps-surprise-chart | SpringWorks Therapeutics Quote
SWTX's Zacks Rank & Key Picks
SpringWorks currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the biotech sector are Immunocore Holdings plc (IMCR - Free Report) , ANI Pharmaceuticals, Inc. (ANIP - Free Report) and Castle Biosciences, Inc. (CSTL - Free Report) , each carrying a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Immunocore’s 2024 loss per share have narrowed from $1.67 to 96 cents. Loss per share estimates for 2025 have narrowed from $2.35 to $1.70 during the same time. Year to date, shares of IMCR have declined 50.6%.
IMCR’s earnings beat estimates in two of the trailing four quarters while missing the same on the remaining two occasions, the average surprise being 25.57%.
In the past 60 days, estimates for ANI Pharmaceuticals’ 2024 earnings per share have moved up from $4.59 to $4.71. Earnings per share estimates for 2025 have improved from $4.82 to $5.65 during the same time. Year to date, shares of ANIP have increased 10.6%.
ANIP’s earnings beat estimates in each of the trailing four quarters, the average surprise being 20.27%.
In the past 60 days, estimates for Castle Biosciences’ 2024 loss per share have narrowed from 58 cents to 8 cents. Loss per share estimates for 2025 have narrowed from $2.13 to $1.88 during the same time. Year to date, shares of CSTL have surged 51.9%.
CSTL’s earnings beat estimates in each of the trailing four quarters, the average surprise being 172.72%.