Enanta Pharmaceuticals Inc (NASDAQ:ENTA) recently reported financial results for its fiscal first quarter that ended on December 31, 2017. The report says that its total revenue for the last quarter was $38.1 million whereas the net income for the quarter was $11.7 million or $0.59 per diluted common share. Cash and marketable securities made a complete total of $297.5 million at December 31, 2017, and include the milestone payment of $15.0 million.
Enanta Pharmaceuticals is a research and development-focused biotechnology company. It is dedicated to creating small molecule drugs for liver diseases and viral infections. The company expects that its cash equivalents, current cash, and marketable securities will be adequate to fulfill the anticipated cash requirements of its existing business and development programs for the foreseeable future.
While speaking after the announcement, President, and CEO of Enanta, Jay R. Luly said that they are pleased that the Company has now initiated recruitment in its Phase 2 “ARGON-1” study in NASH and has now three ongoing clinical programs in PBC, NASH and RSV. Luly said that they are looking forward to advancing these programs all through the year while continuing to deepen their pipeline by selecting a development candidate for HBV as well as discovering follow-on compounds.
Overview Of Fiscal First Quarter Financial Result
he fiscal reports say that the total revenue for the three months ending on December 31, 2017, was #38.1 million as compared to $10.4 million for three months that ended on December 31, 2016. The company made a milestone payment of $15.0 million to get a reimbursement approval of MAVIRET in Japan due to which there was an increase in the revenue for the first quarter.
The royalties that Enanta earned on AbbVie’s global net sales of hepatitis C virus (HCV) regimens also contributed to the increase in the royalties earned by the company. The net sales of HCV increased due to the launch of MAVIRET in major markets in the second half of last year.