Shares of Amylyx Pharmaceuticals (NASDAQ: AMLX) were up in pre-market trading at the time of publishing on Friday as the biopharmaceutical company reported earnings of $0.02 per share in Q1 versus a loss of $0.93 per share in the same period last year while analysts were expecting the company to report a loss of $0.24 per share.
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Amylyx finally posted revenues of $71.4 million in the first quarter versus generating no sales in the same period last year as a result of commercial launches of RELYVRIO in the U.S. and ALBRIOZA in Canada.
The company also continues to engage with ” the European Medicines Agency as it reviews our Marketing Authorisation Application for AMX0035 and continues to expect a decision later this year.”
Justin Klee, co-CEO of Amylyx, added, “…we are excited to announce our plans to initiate a new Phase 3 study of AMX0035 in progressive supranuclear palsy later this year, supported by findings from our PEGASUS Phase 2 study in Alzheimer’s disease as well as a number of preclinical studies which indicate the potential for AMX0035 to lower levels of tau, a biomarker often seen in people with neurodegenerative diseases, including PSP.”
Analysts are bullish about AMLX stock with a Strong Buy consensus rating based on five Buys and one Hold.
