Nektar Q3 Loss Narrower Than Expected, Pipeline Development in Focus

Zacks11-09

Nektar Therapeutics NKTR incurred a loss per share of 18 cents in the third quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 23 cents. In the year-ago quarter, the company ...

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The reported figure beat the Zacks Consensus Estimate of $16 million.See the ZacksEarnings Calendar to stay ahead of market-making news.Non-cash royalty revenues were $15.7 million, down around 13% from the year-ago quarter. However, the reported figure beat the Zacks Consensus Estimate of $13.9 million as well as our model estimate of $10.3 million.In November, Nektar signed a definitive agreement with Ampersand Capital Partners to sell its commercial PEGylation Reagent manufacturing business in Huntsville, AL, for $90 million. The sale includes $70 million in cash and $20 million in equity in the new portfolio company. 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The reported figure beat the Zacks Consensus Estimate of $16 million.\nSee the Zacks Earnings Calendar to stay ahead of market-making news. \nNKTR’s Q3 Results in Detail\nIn the third quarter, product sales increased around 38% year over year to $8 million. Product sales beat the Zacks Consensus Estimate of $4.8 million as well as our model estimate of $5 million.\nNon-cash royalty revenues were $15.7 million, down around 13% from the year-ago quarter. However, the reported figure beat the Zacks Consensus Estimate of $13.9 million as well as our model estimate of $10.3 million.\nShares of Nektar have skyrocketed 142.5% year to date against the industry’s decline of 3.4%.\nImage Source: Zacks Investment Research\nResearch and development (R&D) expenses were $35 million, up 44% year over year, primarily due to higher development expenses for rezpegaldesleukin (rezpeg), NKTR-0165 and NKTR-255.\nGeneral and administrative (G&A) expenses declined 10% year over year to $19 million, primarily due to decreases in employee costs.\nNKTR’s Key Pipeline Updates\nNektar’s lead pipeline candidate, rezpeg, is being developed as a self-administered injection for several autoimmune and inflammatory diseases. NKTR regained full rights to rezpeg from Eli Lily LLY in April 2023 and took charge of its clinical development. Rezpeg was earlier developed in collaboration with Lilly for several autoimmune indications. Rezpeg is now a wholly owned asset of Nektar and the company owes no royalty payments to LLY.\nA phase IIb study is ongoing in patients with moderate-to-severe atopic dermatitis, also called eczema. Initial data from this study is expected in the first half of 2025. Another phase IIb study is investigating rezpeg for treating patients with severe-to-very severe alopecia areata. Top-line data from this study is expected in the second half of 2025.\nMoreover, Nektar has two TNFR2 antibody and bispecific programs, NKTR-0165 and NKTR-0166, in its pre-clinical pipeline. One of the two candidates is expected to enter clinical development in 2025.\nIn November, Nektar signed a definitive agreement with Ampersand Capital Partners to sell its commercial PEGylation Reagent manufacturing business in Huntsville, AL, for $90 million. The sale includes $70 million in cash and $20 million in equity in the new portfolio company. The Huntsville facility will operate independently as an Ampersand portfolio company, with Ampersand providing additional growth capital. Nektar and the new company will also establish supply agreements for PEG reagents for Nektar’s pipeline development programs. The transaction, subject to fulfillment of certain customary closing conditions, is expected to be finalized in December, with Nektar retaining rights to royalties and milestone payments on existing PEGylated product licenses, as well as a seat on the board of directors of the new entity.\nNKTR’s Financial Guidance for 2024\nNectar expects its revenues for the full year to be in the range of $90-$95 million, which includes $60-65 million in non-cash royalties and $30-$35 million in product sales.\nR&D cost for 2024 is expected between $120 million and $130 million, while G&A expenses are anticipated to be in the $75-$80 million range.\nNektar also expects to end 2024 with approximately $265 million in cash and investments, which is likely to fund operations into the fourth quarter of 2026.\n\nNektar Therapeutics Price and Consensus\n\nNektar Therapeutics price-consensus-chart | Nektar Therapeutics Quote\n\nNKTR’s Zacks Rank & Stocks to Consider\nNektar currently carries a Zacks Rank #3 (Hold).\nSome better-ranked pharma stocks are Allogene Therapeutics ALLO and Novartis NVS, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nAllogene Therapeutics’ loss estimates have remained constant at $1.41 per share for 2024 over the past 60 days, while that for 2025 has narrowed from $1.46 to $1.45 per share. ALLO’s shares have lost 0.6% year to date.\nAllogene Therapeutics’ earnings beat estimates in three of the trailing four quarters and matched once, delivering an average surprise of 11.82%.\nNovartis’ earnings estimates have risen from $7.50 to $7.56 per share for 2024 over the past 60 days, while that for 2025 has increased from $8.30 to $8.33. NVS’ shares have risen 6.1% year to date.\nNovartis’ earnings beat estimates in three of the trailing four quarters and missed the same in one, delivering an average surprise of 2.22%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nNovartis AG (NVS) : Free Stock Analysis Report\nEli Lilly and Company (LLY) : Free Stock Analysis Report\nNektar Therapeutics (NKTR) : Free Stock Analysis Report\nAllogene Therapeutics, Inc. (ALLO) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482439537"}