Abeona Therapeutics Q3 profit beats expectations on treatment network expansion

Overview

• US rare disease biopharma's Q3 net loss and loss per share both beat analyst expectations

• Q3 ZEVASKYN revenue rose 18% sequentially to $13.5 mln as treatment network expanded

• Company acquired ABO-801 and raised $30 mln in PIPE financing to expand pipeline

Outlook

• Company did not provide specific financial guidance for the current or coming quarters in the press release

Result Drivers

• TREATMENT NETWORK EXPANSION - Co said growth in ZEVASKYN revenue was supported by expansion of its qualified treatment center network and increased number of centers with treatment experience

• PATIENT ACCESS - Activation of new centers in Florida and Ohio expanded geographic access for eligible pediatric and adult RDEB patients

• REVENUE RECOGNITION ISSUE - Revenue was not recognized for one treatment in Q3 due to a batch not meeting release criteria

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Abeona Therapeutics Inc is $17.00, about 307.7% above its November 6 closing price of $4.17

Reuters Recommended Reads

• Nov 6 - Aligos Therapeutics Q3 net loss narrows on lower R&D costs

• Nov 6 - Soligenix Q3 net loss narrows on lower R&D costs

• Nov 6 - Minerva Neurosciences posts Q3 profit on non-cash warrant gain

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(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.)