AMAG Pharmaceuticals, Inc. (AMAG - Free Report) incurred an adjusted (excluding one-time expenses) loss of 39 cents per share in the first quarter of 2020, narrower than the year-ago reported loss of $3.32. The Zacks Consensus Estimate was of earnings of 1 cent.
Including the one-time expenses, AMAG posted a loss of 72 cents per share in the first quarter, narrower than the year ago quarter’s loss of $3.54.
Quarterly revenues of $68.7 million fell 9.4% from $75.8 million a year ago. However, the top line beat the Zacks Consensus Estimate of $65 million.
Shares of AMAG have plunged 32.3% in the year so far versus the industry’s increase of 9.1%.
Quarter in Detail
Makena subcutaneous auto-injector recorded sales of $21.8 million, plunging 30.3% year over year.
Feraheme sales were $44.4 million in the first quarter, rising 11% year over year. Intrarosa generated sales worth $3.2 million in the reported quarter compared with $4.4 million in the prior year.
Per the press release, due to the COVID-19 pandemic effect and the planned divestiture of Intrarosa and Vyleesi, AMAG implemented a company-wide restructuring that will reduce the current workforce by approximately 30%. As a result, the company is also withdrawing its 2020 financial guidance.
In April 2020, AMAG announced that its board of directors appointed Scott Myers as the president and chief executive officer (CEO) as well as a board member, effective immediately.
We remind investors that in October 2019, AMAG announced that the FDA’s Bone, Reproductive and Urologic Drugs Advisory Committee analyzed data from the PROLONG study on Makena. The drug is approved to reduce preterm birth among pregnant women, who have had a prior spontaneous preterm delivery. Nine of 16 advisory committee members voted to push the FDA authorities for pursuing the withdrawal of Makena from the market while the rest voted in favor of keeping the product in the market under an accelerated approval and also requested a new confirmatory trial on the same.
Following AMAG’s request to the FDA for a meeting to discuss the future of Makena, the regulatory body indicated that it was premature to hold a conference at this time as the matter is still under review. AMAG remains committed to working with the agency to find the path that could allow eligible pregnant women a continued access to Makena.
AMAG Pharmaceuticals Inc Price, Consensus and EPS Surprise
Zacks Rank & Stocks to Consider
AMAG currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the healthcare sector include Moleculin Biotech Inc (MBRX - Free Report) , Celsion Corporation (CLSN - Free Report) and Abeona Therapeutics Inc (ABEO - Free Report) , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Moleculin Biotech’s loss per share estimates have narrowed 11.1% for 2020 and 10.4% for 2021 over the past 60 days.
Celsion’s loss per share estimates have narrowed 11.3% for 2020 and 15.2% for 2021 over the past 60 days.
Abeona Therapeutics’ loss per share estimates have narrowed 16.9% for 2020 and 20.9% for 2021 over the past 60 days.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.1% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>