Published on 1 Mar 2024 on Zacks via Yahoo Finance

Prothena (PRTA) Q4 Earnings Miss Estimates on Higher R&D Expense

Prothena Corporation PRTA reported fourth-quarter 2023 loss of $1.26 per share, wider than the Zacks Consensus Estimate of a loss of $1.23. The loss in the reported quarter compares unfavorably to earnings of 12 cents per share in the year-ago quarter, wherein the company recorded higher revenues and lower expenses.

Total revenues were $0.3 million in the fourth quarter, which missed the Zacks Consensus Estimate of $1 million. The revenues generated were only collaboration revenues from Bristol-Myers Squibb BMY. In the year-ago quarter, the company recorded total revenues of $49.9 million, of which collaboration revenues from BMY were $9.9 million and milestone payment from Novo Nordisk NVO related to the continued advancement of NNC6019 (formerly PRX004) in a phase II study for the treatment of ATTR cardiomyopathy was $40.0 million.