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Investing.com -- Shares in BioArctic AB (ST:BIOAb) rose more than 4% on Wednesday after the company posted stronger-than-expected first-quarter profits, supported by a $100 million upfront payment from Bristol Myers (NYSE:BMY) Squibb tied to a collaboration announced in late 2024.
Revenue for the quarter totaled SEK 1,290 million, in line with forecasts from RBC Capital Markets.
The results were driven primarily by the Bristol Myers Squibb deal and milestone income from Leqembi, the Alzheimer’s treatment developed with Eisai.
Royalties from Leqembi amounted to SEK 96 million, below RBC’s estimate of SEK 106 million.
In addition, the quarter included a €10 million sales-based milestone payment from Eisai.
Another €20 million milestone is expected in the second quarter following the treatment’s approval in the European Union.
Operating profit reached SEK 1.08 billion, topping RBC’s forecast of SEK 1.04 billion. BioArctic said it expects to be profitable from this year onward.
The company also reported a strong balance sheet, which it plans to use to support continued development of its research programs, including its Brain Transport Technology.