Verastem Q2 revenue jumps on new product sales and milestone
Verastem Q2 revenue jumps on new product sales and milestone
Overview
U.S. cancer drug maker's Q2 revenue rose sharply yr/yr on new product sales and milestone payment
Company posted a Q2 net loss, with non-GAAP adjusted net loss improving from prior year
Verastem entered $75 mln royalty financing, extending cash runway into H2 2027
Outlook
Company expects updated VS-7375 clinical data in October 2026
Verastem expects to complete enrollment in three Phase 2 trials by end-2026
Company expects cash runway to extend into second half of 2027
Result Drivers
NEW PRODUCT SALES - AVMAPKI FAKZYNJA CO-PACK revenue growth driven by new patient starts and increased refills, per CEO Dan Paterson
MILESTONE PAYMENT - $15 mln revenue from COPIKTRA sales milestone contributed to total revenue
HIGHER R&D AND COMMERCIAL COSTS - Operating expenses rose due to increased research and development and commercial operations spending
Company press release: ID:nBwhKMr5a
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Net Loss |
| $34.67 mln |
|
Q2 Income from Operations |
| -$32.71 mln |
|
Q2 Operating Expenses |
| $72.79 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "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 Verastem Inc is $15.50, about 164.1% above its August 5 closing price of $5.87
Reuters Recommended Reads
Aug 5 - Coherus Oncology Q2 revenue rises 40% on higher LOQTORZI volume, but slightly falls below estimates
Aug 6 - Regenxbio Q2 revenue surges on AbbVie milestone payment
Aug 5 - Biopharma firm Xencor's Q2 revenue beats on royalty revenue, milestone payments
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.)