Point Biopharma reports Q4 EPS $1.53 vs. (16c) last year

Reports Q4 revenue $226.6M vs, $0 last year. "POINT continued to make significant progress in 2022, enabled by our company’s deep expertise in radioligands and our vertically integrated, highly differentiated radioligand platform," said Joe McCann, Ph.D., Chief Executive Officer of POINT Biopharma. "For PNT2002, POINT’s lutetium-177-labelled PSMA-targeted program, we both completed enrollment of the randomization phase of our phase 3 trial and also entered into a strategic collaboration for its commercialization with Lantheus, a leader in PSMA PET imaging. I am proud of our agreement with Lantheus as it positions PNT2002 and PNT2003 for maximum commercial success and validates the value of our radioligand platform. In December 2022, we received $260 million in upfront payments from Lantheus and have the potential to receive an additional $1.8 billion in future milestone payments as well as meaningful double-digit royalties. These upfront payments, together with net proceeds of $130 million from our successful follow-on financing in September 2022, strengthen our balance sheet, starting 2023 with over $540 million in cash, cash equivalents and investments. We are in the fortunate position to be able to expand our pipeline, and to strengthen our manufacturing and supply chain capabilities. We also made meaningful progress in 2022 pushing forward our pipeline of next generation radioligand therapies," Dr. McCann continued. "PNT2004, our pan-cancer FAP-alpha-targeted program, entered its first in-human phase 1 clinical trial. We advanced PNT2001, our next-generation actinium-225 PSMA-targeted program, to enable the initiation of our phase 1 study later this year. Finally, on radioligand manufacturing and supply, a core competency of POINT, we made significant headway on the construction of our n.c.a. lutetium-177 production line, which we expect to come online by the end of this year. Thank you to the patients, health care professionals, partners, and investors who have all contributed to our continued success. We remain laser-focused on delivering the next generation of radioligands."