Advertisement
UK markets open in 3 hours 9 minutes

  • NIKKEI 225

    37,063.97
    -1,015.73 (-2.67%)
     

  • HANG SENG

    16,168.00
    -217.87 (-1.33%)
     

  • CRUDE OIL

    84.54
    +1.81 (+2.19%)
     

  • GOLD FUTURES

    2,403.20
    +5.20 (+0.22%)
     

  • DOW

    37,775.38
    +22.07 (+0.06%)
     

  • Bitcoin GBP

    49,700.96
    -240.20 (-0.48%)
     

  • CMC Crypto 200

    1,277.72
    +392.18 (+42.66%)
     

  • NASDAQ Composite

    15,601.50
    -81.87 (-0.52%)
     

  • UK FTSE All Share

    4,290.02
    +17.00 (+0.40%)
     
Money:

Best mortgage deals of the week

As possibility of multiple interest rate cuts dwindle here's what banks and building societies are offering

AMAG Q2 Loss Widens, Sales Lag Estimates, 2019 Guidance Cut

Zacks Equity Research

AMAG Pharmaceuticals, Inc. AMAG incurred a loss of $1.28 per share in the second quarter of 2019, much wider than the Zacks Consensus Estimate of a loss of 66 cents as well as the year-ago quarterly loss of 75 cents.

Moreover, quarterly revenues came in at $78.1 million, down approximately 46.5% from $146.2 million a year ago. The top line also missed the Zacks Consensus Estimate of $92 million.

Shares of AMAG have plunged 41.8% year to date, underperforming the industry’s decrease of 2.5%.

Quarter in Detail

Makena sales of $30.9 million slumped 70.6% year over year due to high generic competition to the Makena IM product and IM supply constraints. On account of the ongoing supply issues and increased generic competition, AMAG made a mutual decision with Prasco to exit the generic IM market on Aug 6, 2019. However, the company is encouraged by strong underlying demand for the subcutaneous auto-injector, the market share of which grew to 63% in the second quarter. AMAG though continues to firmly believe in the clinical utility of Makena.

ADVERTISEMENT

Combined sales of Feraheme and MuGard amounted to $42.1 million, up almost 11.4% year over year. Intrarosa generated sales of $4.9 million compared with $3.2 million in the year-ago quarter.

Operating expenses including the cost of product sales were $193.9 million, up 85.7% from the year-earlier quarter. This included a $4.8-million write-down value of Makena IM inventory.

2019 Outlook

Due to the supply disruption of the Makena IM product and the subsequent termination of the distribution/supply agreement with Prasco, AMAG lowered its financial guidance for 2019. The company now expects full-year revenues of $325-$355 million compared with the previous estimate of $365-$415 million. The Zacks Consensus Estimate for 2019 revenues stands at $369.54 million.

AMAG also removed its expectations of milestone payments related to ciraparantag from its 2019 financial outlook as the company was informed by a development partner of its intention to terminate the existing collaboration agreement.

Other Updates

Further, in January 2019, AMAG acquired the Connecticut-based privately held Perosphere Pharmaceuticals Inc., which will add the latter’s investigational candidate ciraparantag to its portfolio. This move will also strengthen the company’s expertise in hematology pipeline. AMAG plans to initiate a phase IIIa study on ciraparantag in the fourth quarter of 2019.

The company has another candidate in its portfolio, AMAG-423, which is currently under development for the treatment of severe preeclampsia in pregnant women.

In June, AMAG announced that the FDA has approved Vyleesi (bremelanotide injection) to treat the acquired, generalized hypoactive sexual desire disorder (HSDD) in premenopausal women. The drug will be launched next month.

AMAG Pharmaceuticals, Inc. Price, Consensus and EPS Surprise

AMAG Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
AMAG Pharmaceuticals, Inc. Price, Consensus and EPS Surprise

AMAG Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | AMAG Pharmaceuticals, Inc. Quote

Zacks Rank & Stocks to Consider

AMAG currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the healthcare sector are BeiGene, Ltd. BGNE, Compugen Ltd. CGEN and Guardant Health, Inc. GH, all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

BeiGene’s loss per share estimates have been narrowed 2.7% for 2019 and 2.2% for 2020 over the past 60 days.

Compugen’s loss per share estimates have been narrowed 16.7% for 2019 and 16.3% for 2020 over the past 60 days. The stock has soared 50.7% so far this year.

Guardant Health’s loss per share estimates have been narrowed 1.4% for 2019 and 0.9% for 2020 over the past 60 days. The stock has skyrocketed 191.8% year to date.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 7 stocks to watch. The report is only available for a limited time.

See 7 breakthrough stocks now>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
AMAG Pharmaceuticals, Inc. (AMAG) : Free Stock Analysis Report
 
Compugen Ltd. (CGEN) : Free Stock Analysis Report
 
BeiGene, Ltd. (BGNE) : Free Stock Analysis Report
 
Guardant Health, Inc. (GH) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.