Array BioPharma shares spike following 2Q earnings report

BOULDER — Shares of Array BioPharma Inc. (Nasdaq: ARRY) had surged nearly 12 percent by mid-afternoon trading Thursday after the release of the company’s fiscal year-end earnings report.

The gains came despite a net loss for the year ending June 30 of $92.8 million as the Boulder-based firm continues with Phase 3 trials for multiple cancer drugs and prepares for commercialization.

Array’s net loss equated to 65 cents per share and compared with a net income of $9.4 million, or 7 cents per share, for the previous fiscal year, which was bolstered by a one-time $80 million payment from Novartis related to Array’s binimetinib and encorafenib programs.

Revenue for the 2016 fiscal year climbed to $137.9 million, up from $51.9 million the previous year, also due largely to reimbursement revenue from Novartis.

Array in June submitted a New Drug Application to the U.S. Food and Drug Administration seeking approval for the use of binimetinib in the treatment of NRAS-mutant melanoma. The drug is also being examined in a pair of other Phase 3 trials in combination with other drugs to treat BRAF melanoma and colorectal cancer.

Array’s share price has climbed steadily since February, and was at $4.58 by mid-afternoon Thursday, up 48 cents from Wednesday’s close.

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