By Sarina Isaacs
Shares of ARS Pharmaceuticals were sharply higher after the biopharmaceutical company posted earnings and revenue that came in well above Wall Street views.
The stock was up 22% at $14.22 in early trading. That puts it at a gain of more than 60% over the past 12 months.
The San Diego-based biopharmaceutical company, whose main product is an emergency nasal spray for severe allergic reactions, on Thursday reported a profit of $49.9 million, or 48 cents a share.
Analysts were anticipating a loss of 24 cents per share, and a year earlier the company said it lost $7.2 million.
Revenue for the quarter came to $86.6 million, surpassing analyst expectations for $5.7 million.
ARS said its neffy nasal-spray product brought in $7.3 million in net revenue from its late-September launch through the end of the year.
The company added that, with $314 million in cash, cash equivalents and short-term investments as of Dec. 31, it continues to expect its financial position to support its operating plans for at least the next three years.
Write to Sarina Isaacs at sarina.isaacw@wsj.com
(END) Dow Jones Newswires
March 20, 2025 10:03 ET (14:03 GMT)
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