Emmaus Life Sciences Inc (OTCQX:EMMA) reported a year-over-year rise in third-quarter revenue driven by increased sales of its sickle cell therapy Endari in the Middle East North Africa (MENA) region and the United States.
The commercial-stage biopharma company reported revenue for the three months ended September 30, 2023, of $5 million, compared to $4.9 million in the year-ago quarter.
Revenue for the nine months ending in September was $22.5 million, up from $12.5 million in 2022.
It also swung to a profit during the quarter, reporting a net income of $0.1 million from a net loss of $0.4 million in 3Q 2022.
This was in part attributed to decreased operating expenses, specifically reduced general and administrative expenses, which were $4.8 million in 3Q, down from $5.1 million for the same three-month period in 2022.
"We experienced lower net revenues in the third quarter compared to the second quarter due to a shortage of finished inventory of Endari, which has been remedied, and we expect our sales to recover in this quarter,” Emmaus co-president and board chairman Willis Lee Even commented.
“Even so, we were able to generate modest net income as we curtailed spending on activities unrelated to Endari sales.”
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on X, formerly known as Twitter, @emilyjjarvie