Antares Pharma Inc (NASDAQ:ATRS) on Tuesday reported second-quarter earnings that missed estimates, although revenue was higher than expected as the market appears focused on its development deal with Pfizer (NYSE:PFE), which caused its shares to rally strongly in the previous session and extend those gains in premarket action.
Antares said earnings per share came in a penny worse than expected, at a loss of US$0.03 per share, from the average expectation of a US$0.02 loss. Earnings per share in the same period last year was a loss of US$0.02.
Revenue hit US$14.2mln, higher than the expected consensus of US$13.25mln and the US$13.42mln reported in the same period a year ago.
Shares had rallied on Monday by 11.2% to finish at US$2.89. They went up to US$2.90 before falling 4.2% to US$2.77 in premarket trade.
Read: Antares Pharma shares rally sparked by deal with Pfizer
Antares CEO Robert Apple said the launch of automatic injection products, including the development program with Pfizer, "should continue to drive additional increases in revenue going forward."
He added that Antares is "transitioning away from development revenue toward product revenue with a 51% increase recorded in the second quarter versus the same period last year."
Antares will receive royalties on net sales of the combined product in its development deal with Pfizer.
Antares is a specialty pharmaceuticals company using auto-injection technology.