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Array BioPharma Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 3, 2012 11:20AM

Array BioPharma Inc. (ARRY) filed Quarterly Report for the period ended 2012-03-31. Array Biopharma has a market cap of $294.8 million; its shares were traded at around $3.495 with and P/S ratio of 4.1. Array Biopharma had an annual average earning growth of 22.1% over the past 10 years.



Highlight of Business Operations:

In both fiscal 2011 and 2012, we recognized $2.5 million and $7.5 million of license fee revenue under this agreement for the three- and nine- months ended March 31, respectively. We recognized $938 thousand and $2.8 million in revenue related to the milestone payments during the three and nine months ended March 31, 2012, respectively. We recognized $2.7 million and $3.3 million in revenue related to the milestone payments during the three and nine months ended March 31, 2011, respectively.

We recognized $943 thousand and $3.7 million in revenue related to the license fee and milestone payments during the three and nine months ended March 31, 2012, respectively, and $3.7 million and $11.0 million for the three and nine months ended March 31, 2011, respectively.

We recognized $6.7 million in license and milestone revenue and $2.1 million in collaboration revenue from the partnership with Genentech during the quarter ended March 31, 2012. We recognized $24.8 million in license and milestone revenue and $7.1 million in collaboration revenue related to the partnership with Genentech during the nine month period ended March 31, 2012.

We recognized $69 thousand in license and milestone revenue and $2.5 million in collaboration revenue from the partnership with Genentech during the three months ended March 31, 2011. We recognized $1.2 million in license and milestone revenue and $9.1 million in collaboration revenue related to the partnership with Genentech during the nine month period ended March 31, 2011.

License revenue increased $2.4 million, or 23%, for the current quarter compared to the same period last year. During the current quarter and year to date, we recognized $5.2 million and $20.3 million, respectively, under the August 2011 Chk-1 license agreement with Genentech. These increases were partially offset by less revenue recognized under the Celgene collaboration due to our revised estimate of the remaining performance period effective October 1, 2011 as discussed in Note 4 – Deferred Revenue to the accompanying Condensed Financial Statements.

Read the The complete Report



Stocks Discussed: ARRY,
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