Tesaro (TSRO) reported earnings on Tue 27 Feb 18 (a/h)

** charts before earnings **

 

** charts after earnings **

 

Tesaro misses by $0.97, misses on revs; guides FY18 revs below consensus 

• Reports Q4 (Dec) loss of $3.35 per share, $0.97 worse than the Capital IQ Consensus of ($2.38); revenues rose 876.0% year/year to $48.02 mln vs the $53.17 mln Capital IQ Consensus.
• Upcoming milestones:
  • Ovarian Cancer Franchise:
    • Report TOPACIO platinum-resistant ovarian cancer data in 1H 2018
    • Report QUADRA data in 1H 2018 and submit sNDA in 2H 2018
  • Breast Cancer:
    • Report TOPACIO triple negative breast cancer data in 1H 2018
  • Lung Cancer:
    • Report initial data from lung cancer cohort of the GARNET trial of TSR-042 in NSCLC in 1H 2018
    • Initial data from Phase 2 JASPER study of niraparib in combination with an anti-PD-1 inhibitor to be available in 2H 2018
  • Immuno-oncology Portfolio:
    • Report initial data for the AMBER trial of TSR-022 in combination with TSR-042 in 2H 2018 and define development strategy
• Co issues downside guidance for FY18, sees FY18 revs of $310-345 mln vs. $375.76 mln Capital IQ Consensus Estimate.
• In addition, TESARO anticipates its cash and cash equivalents balance to decline by $150 million during the first quarter. Quarterly declines in cash and cash equivalents are expected to moderate over the course of 2018, and in the fourth quarter of 2018, the decline in cash and cash equivalents balance is expected to be approximately $75 million. The Company plans to draw $200 million in 2018 from its available term loan facility. TESARO anticipates year-end 2018 cash and cash equivalents to be approximately $400 million.