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THE WOODLANDS, Texas - Lexicon Pharmaceuticals , Inc. (NASDAQ:LXRX) reported better-than-expected fourth quarter results, driven by strong revenue growth and narrower losses. The company’s shares rose 2.8% in after-hours trading following the announcement.
The biopharmaceutical firm posted adjusted earnings per share of -$0.09 for the fourth quarter, beating analyst estimates of -$0.12. Revenue surged to $26.55 million, significantly exceeding the consensus forecast of $7.16 million and up from $0.7 million in the same quarter last year.
Lexicon’s revenue boost was largely attributed to increased sales of INPEFA and a $25 million upfront payment received from a licensing agreement with Viatris for INPEFA in October 2024.
"In 2024, Lexicon made progress on our Lead to Succeed strategy, resulting in a complete repositioning of the company to focus on advancing our R&D pipeline," said Mike Exton, Ph.D., Lexicon’s chief executive officer and director.
The company reported progress on three key programs, including positive topline results from the PROGRESS Phase 2b study of pilavapadin for diabetic peripheral neuropathic pain. Lexicon plans to initiate Phase 3 trials for pilavapadin in 2025.
Research and development expenses increased to $26.7 million in Q4, up from $14.8 million YoY, reflecting investments in clinical trials. Selling, general, and administrative expenses slightly decreased to $32.3 million from $32.6 million in the same period last year.
As of December 31, 2024, Lexicon had $238 million in cash and short-term investments, compared to $170 million at the end of 2023.
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