Ophthotech Corp (NASDAQ:OPHT) Releases Q3 Earnings Report, Provides R&D Updates

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Ophthotech Corp (NASDAQ:OPHT) has recently unveiled its latest earnings report.

Q3 Financial Highlights

The company had a net revenue of $1.67 million, down year-over-year from $3.45 million.

Its total operating expenses had come in at $62.88 million, up year-over-year from $50.89 million. This includes research and development (R&D) expenses of $50.85 million, up year-over-year from $40.48 million; and general and administrative (G&A) expenses of $12.02 million, up year-over-year from $10.41 million. As a result, Ophthotech had an operating loss of $61.20 million, up year-over-year from $47.44 million.

The company had a net loss of $60.89 million, up year-over-year from $39.57 million. This indicates a basic and diluted earnings per share (EPS) of $(1.71), which is comparable to the $(1.14) seen during the same quarter in 2015.

Year-to-Date (YTD) Financial Highlights

YTD, Ophthotech has a net revenue of $45.59 million, down year-over-year from $46.72 million.

Its operating expenses have amounted to $174.10 million, up year-over-year from $129.05 million. This includes R&D expenses of $136.89 million, up year-over-year from $97.10 million; and G&A expenses of $37.21 million; up year-over-year from $31.96 million. Consequently, the company’s operating loss has come in at $128.51 million, up year-over-year from $82.33 million.

Ophthotech has a net loss of $127.14 million, up year-over-year from $70.07 million. This means that it has a basic and diluted EPS of $(3.59), which is comparable to the $(2.03) seen during the same quarter last year.

Other Updates

This quarter, the company is expected to reveal the initial results from two Phase 3 clinical trials evaluating Fovista (pegpleranib) as a combination treatment with Lucentis (ranibizumab) for wet age-related macular degeneration (AMD) patients.

“This is an exciting time for Ophthotech as we prepare for data from two trials of Fovista in combination with Lucentis for the treatment of wet AMD,” reiterated David Guyer, M.D., Ophthotech Chairman and CEO.

Ophthotech has closed at $4.86 on Thursday, down by 1.42%.

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