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Keryx (KERX) Loss Wider Than Expected in Q2, Sales Miss

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Keryx Biopharmaceuticals Inc. (KERX - Free Report) is a Boston-based biopharmaceutical company working in the field of renal diseases.

Apart from license fees, Keryx’s top line comprises revenues generated by its only marketed product Auryxia (ferric citrate). Auryxia is approved in the United States since 2014 to treat patients with chronic kidney disease (CKD) on dialysis. In Sep 2015, Keryx gained EU approval for Fexeric (EU trade name for Auryxia) for the control of elevated serum phosphorus levels, or hyperphosphatemia, in adult patients with CKD, including dialysis and non-dialysis dependent CKD. In November 2017, the FDA granted an approval for an additional indication of Auryxia to treat adults with iron deficiency anemia (“IDA”) and chronic kidney disease, not on dialysis. The approval is boosting sales of the company, given that the IDA market holds great potential.

Keryx’s earnings track record has been disappointing so far. Over the four trailing quarters, the company has posted an average negative earnings surprise of 20.09%.

Currently, Keryx has a Zacks Rank #4 (Sell), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Keryx’s second-quarter 2018 loss was wider-than-expected. The company posted a loss of 18 cents per share wider than consensus estimate of a loss of 14 cents.

Revenues: Revenues marginally missed expectations. Keryx posted revenues of $25.7 million, below the consensus estimate of $26.6 million.

Key Stats: Auryxia net U.S product sales came in at $24.1 million, up from $14.1 million in the year ago quarter. The increase was due to an increase in demand.

Share Price Impact: The shares were inactive in pre-market trading.

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