Lexicon reports Q1 EPS (20c), consensus (20c)

Reports Q1 revenue $1.13M, consensus $1.4M.”We have made tremendous progress as a company in the first quarter of 2024, both in our commercial launch and in our deep and innovative research and development pipeline,” said Lonnel Coats, Lexicon’s chief executive officer. “Lexicon has never been stronger, and the company’s future has never been brighter.” “We continue to make progress on the INPEFA heart failure launch, with the expansion of market access we expect to begin around the middle of this year enabling an inflection in the second half of the year,” said Jeffrey Wade, Lexicon’s president and chief financial officer. “The first quarter also saw significant strides in our product pipeline. We are advancing a potential near-term, substantial market opportunity with a planned mid-year resubmission of our New Drug Application for ZYNQUISTA as an adjunct to insulin in people with type 1 diabetes and chronic kidney disease . We commenced the start-up of our Phase 3 study of sotagliflozin in hypertrophic cardiomyopathy an area of high unmet need with very few treatment options, with enrollment expected to begin around the middle of the year. And enrollment remains on track in PROGRESS, a Phase 2b study of LX9211 in diabetic peripheral neuropathic pain with the potential for LX9211 become the first new, non-opioid drug approved for neuropathic pain in over two decades.” “Finally, our Genome5000(TM) gene knockout drug discovery engine continues to produce with the selection of our LX9851 development candidate for obesity and weight management, now entering IND-enabling studies. We are well capitalized with our recent successful financing, and we are committed to remaining financially disciplined as we make targeted investments to execute on these opportunities for growth and expansion in 2024 and beyond.”