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Lexicon Pharma Q3 revenue declines on lower milestone payments

By Reuters News


Overview

  • Cardiometabolic drugmaker's Q3 total revenue fell yr/yr, driven by lower milestone and licensing revenue; but net product revenue increased

  • Q3 net loss widened from prior year as expenses outpaced revenue

  • Company completed enrollment in SONATA-HCM Phase 3 trial, with results expected Q1 2027


Outlook

  • Company expects SONATA-HCM topline data in Q1 2027

  • Lexicon anticipates ZYNQUISTA NDA resubmission in Q1 2027

  • Company says current financial position supports advancement of key strategic priorities


Result Drivers

  • MILESTONE REVENUE - Q3 revenue was mainly from a $10 mln milestone payment under the Novo license agreement and INPEFA sales

  • R&D EXPENSES - Lower R&D costs due to completion of PROGRESS Phase 2b trial, partly offset by higher SONATA-HCM Phase 3 costs

  • SG&A INCREASE - Higher selling, general and administrative costs driven by employee benefits and pre-commercialization spending


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Product Revenue

$1.18 mln

Q3 Loss Per Share

$0.03

Q3 Net Loss

$14.005 mln

Q3 Loss Per Basic Share

$0.03

Q3 Operating Expenses

$25.75 mln

Q3 Operating Income

-$14.50 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the biotechnology & medical research peer group is "buy"

  • Wall Street's median 12-month price target for Lexicon Pharmaceuticals, Inc. is $4.55, about 207.4% above its November 4 closing price of $1.48


Reuters Recommended Reads

  • Nov 4 - Novo Nordisk Q3 adjusted profit, sales jump on GLP-1 demand; raises outlook

  • Nov 3 - Pfizer Q3 revenue beats estimates on new launches; raises guidance

  • Nov 3 - Amgen Q3 revenue beats expectations on higher volumes


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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