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SAN FRANCISCO - Nektar Therapeutics (NASDAQ:NKTR) reported better-than-expected fourth quarter earnings, sending shares up 2.5% in after-hours trading on Tuesday.
The biopharmaceutical company posted adjusted earnings per share of $0.03 for the quarter ended December 31, 2024, beating analyst estimates of -$0.16. Revenue came in at $29.2 million, slightly below the consensus estimate of $29.81 million but up 22% YoY from $23.9 million in Q4 2023.
Nektar’s fourth quarter net income was $7.3 million, compared to a net loss of $42.1 million in the same period last year. The company attributed the improved results partly to a $40.4 million gain from the sale of its Huntsville manufacturing facility.
"The significant progress we made last year in advancing our immunology pipeline positions us for two value-creating data milestones in 2025," said Howard W. Robin, President and CEO of Nektar. "We are on track to report topline data for rezpegaldesleukin in the second quarter and in the fourth quarter of this year."
For the full year 2024, Nektar reported a net loss of $119.0 million, or -$0.58 per share, compared to a net loss of $276.1 million, or -$1.45 per share, in 2023. Annual revenue increased to $98.4 million from $90.1 million the previous year.
The company ended 2024 with $269.1 million in cash and investments, which it expects will fund operations into the fourth quarter of 2026.
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