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Global Blood (GBT) Q3 Loss Wider Than Expected, Sales Miss
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Global Blood Therapeutics Inc. incurred a loss of 97 cents per share in third-quarter 2020, which was narrower than a loss of $1.07 in the year-ago quarter. However, the reported number was wider than the Zacks Consensus Estimate of a loss of 72 cents.
The company’s sales of $36.9 million, driven by Oxbryta, missed the Zacks Consensus Estimate of $45 million. The company did not generate product sales in the year-ago quarter.
Shares of the company have decreased 24.1% year to date compared with the industry’s decline of 0.3%.
Quarter in Details
Oxbryta net sales were $36.9 million in the third quarter of 2020. The company recorded more than 1,000 new prescriptions of Oxbryta in the quarter, despite an increase in COVID-19 cases in the United States during the third quarter.
Research and development expenses in the third quarter were $40.2 million, up from $39.1 million in the year-ago quarter, primarily attributable to increased external costs related to Global Blood’s inclacumab program and preclinical research activities related to the collaboration with Syros Pharmaceuticals, Inc.
Selling, general and administrative expenses were $54.5 million, up from $29.7 million in the year-ago quarter. The year-over-year increase in SG&A expenses was primarily attributable to higher employee-related costs, including non-cash stock compensation expenses; increased professional and consulting services associated with the build-out of the company’s commercial operations; and the launch of Oxbryta.
Pipeline Update
Global Blood announced an exclusive agreement with Biopharma-Middle East and Africa (Biopharma-MEA) to distribute Oxbryta in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, collectively known as the Gulf Cooperation Council (GCC) region.
Zacks Rank and Stocks to Consider
Global Blood currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Emergent BioSolutions Inc. (EBS - Free Report) , Alimera Sciences Inc. (ALIM - Free Report) and Bellus Health, Inc. . While Emergent sports a Zacks Rank #1 (Strong Buy), Alimera and Bellus Health carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Emergent’s earnings estimates have increased from $6.17 to $8.42 for 2021 over the past 90 days. Shares of the company have increased 79.8% year to date.
Alimera’sloss per share estimates have narrowed from $1.31 to 96 cents for 2020 in the past 60 days. Shares of the company have decreased 47% year to date.
Bellus’loss per share estimates have narrowed from 71 cents to 62 cents for 2020 and from
88 cents to 79 cents in the past 90 days. Shares of the company have decreased 66.9% year to date.
Global Blood Therapeutics, Inc. Price, Consensus and EPS Surprise
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Global Blood (GBT) Q3 Loss Wider Than Expected, Sales Miss
Global Blood Therapeutics Inc. incurred a loss of 97 cents per share in third-quarter 2020, which was narrower than a loss of $1.07 in the year-ago quarter. However, the reported number was wider than the Zacks Consensus Estimate of a loss of 72 cents.
The company’s sales of $36.9 million, driven by Oxbryta, missed the Zacks Consensus Estimate of $45 million. The company did not generate product sales in the year-ago quarter.
Shares of the company have decreased 24.1% year to date compared with the industry’s decline of 0.3%.
Quarter in Details
Oxbryta net sales were $36.9 million in the third quarter of 2020. The company recorded more than 1,000 new prescriptions of Oxbryta in the quarter, despite an increase in COVID-19 cases in the United States during the third quarter.
Research and development expenses in the third quarter were $40.2 million, up from $39.1 million in the year-ago quarter, primarily attributable to increased external costs related to Global Blood’s inclacumab program and preclinical research activities related to the collaboration with Syros Pharmaceuticals, Inc.
Selling, general and administrative expenses were $54.5 million, up from $29.7 million in the year-ago quarter. The year-over-year increase in SG&A expenses was primarily attributable to higher employee-related costs, including non-cash stock compensation expenses; increased professional and consulting services associated with the build-out of the company’s commercial operations; and the launch of Oxbryta.
Pipeline Update
Global Blood announced an exclusive agreement with Biopharma-Middle East and Africa (Biopharma-MEA) to distribute Oxbryta in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, collectively known as the Gulf Cooperation Council (GCC) region.
Zacks Rank and Stocks to Consider
Global Blood currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Emergent BioSolutions Inc. (EBS - Free Report) , Alimera Sciences Inc. (ALIM - Free Report) and Bellus Health, Inc. . While Emergent sports a Zacks Rank #1 (Strong Buy), Alimera and Bellus Health carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Emergent’s earnings estimates have increased from $6.17 to $8.42 for 2021 over the past 90 days. Shares of the company have increased 79.8% year to date.
Alimera’sloss per share estimates have narrowed from $1.31 to 96 cents for 2020 in the past 60 days. Shares of the company have decreased 47% year to date.
Bellus’loss per share estimates have narrowed from 71 cents to 62 cents for 2020 and from
88 cents to 79 cents in the past 90 days. Shares of the company have decreased 66.9% year to date.
Global Blood Therapeutics, Inc. Price, Consensus and EPS Surprise
Global Blood Therapeutics, Inc. price-consensus-eps-surprise-chart | Global Blood Therapeutics, Inc. Quote
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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