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Momenta reported a loss of $0.56 per share in the third quarter of 2014, wider than the year-ago loss of $0.50 per share as well as the Zacks Consensus Estimate was a loss of $0.44. Revenues were down 13.2% from the year-ago period to $9.3 million. We remain concerned about the company's dependence on Enoxaparin for growth. Moreover, the company faced a setback regarding the lawsuit against Teva for its generic (once-daily) version of Teva's Copaxone, as the Supreme Court has sent the case back to the Court of Appeals for the Federal Circuit (CAFC) for review. Therefore, a final decision in the case will be delayed. We prefer remaining on the sidelines and initiate our coverage on Momenta with a Neutral recommendation.
Overview:
Cambridge, MA-based Momenta Pharmaceuticals, Inc. is a biotechnology company focused on designing products on the basis of a complex systems analysis platform, analyzing data to assess the biological function of these products and developing manufacturing processes for their production.
The company operates in three areas Complex Generics, Biosimilars and Novel Drugs.
Momenta's only approved product, Enoxaparin Sodium Injection (generic version of Sanofi's Lovenox), was developed in collaboration with Sandoz and received approval in Jul 2010. Meanwhile, the company is collaborating with Sandoz to develop M356 (generic version of Teva's Copaxone). The company is also looking forward to develop and commercialize two biosimilars, M923 (biosimilar version of AbbVie's Humira) and M834, for autoimmune and inflammatory diseases, under a global collaboration and license agreement with Baxter International. However, Momenta's proprietary candidate necuparanib, which is being evaluated as a first-line treatment of metastatic pancreatic cancer in combination with Abraxane and Gemzar, is the most advanced candidate in the company's pipeline.
Momenta generated revenues of $35.5 million in fiscal 2013 (ended Dec 2013), down 44.5% from the year-ago period.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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