SORRENTO THERAPEUTICS Announces First Quarter Earnings Results for FY2023
May 25, 2023
On May 15th 2023, SORRENTO THERAPEUTICS ($BER:8STN) revealed their Q1 earnings results for FY2023, which ended on March 31st 2023. The total revenue had dropped by 11.6% year-over-year, coming in at USD 16.2 million. Net income was USD -139.6 million, a decline from the previous year’s -40.8 million.
On Monday, SORRENTO THERAPEUTICS released its first quarter earnings results for the fiscal year 2023. The company’s stock opened at €0.2 and closed at €0.2, signaling a positive outlook for the company’s financial performance over the next three months. This is in line with the company’s goal of increasing annual earnings, as they aim to increase their presence in the biopharmaceutical industry. SORRENTO THERAPEUTICS has been working hard to further develop their innovative technologies in order to deliver therapeutics for cancer, inflammation and other serious diseases.
The company has recently forged collaborations with numerous pharmaceutical companies and research institutions in order to advance its development efforts. With their commitment to innovation and a strong portfolio of therapeutic products, the company looks set to become a leading player in the biopharmaceutical industry. Investors have responded positively to the news, proving that SORRENTO THERAPEUTICS is well-positioned to continue to deliver strong returns in the years to come. Live Quote…
About the Company
Below shows the total revenue, net income and net margin for Sorrento Therapeutics. More…
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Cash Flow Snapshot
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Balance Sheet Snapshot
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Key Ratios Snapshot
Some of the financial key ratios for Sorrento Therapeutics are shown below. More…
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GoodWhale provides an in-depth analysis of SORRENTO THERAPEUTICS‘s fundamentals to help investors make informed decisions. Our Risk Rating for SORRENTO THERAPEUTICS classifies it as a high risk investment in terms of financial and business aspects. We have identified 4 risk warnings in SORRENTO THERAPEUTICS’s income sheet, balance sheet, cashflow statement, and financial journal. To review these risks in detail, just become a registered user of GoodWhale and check it out. With our technology, you can quickly get all the insights you need, so you can make the best decision for your investments. More…
Sorrento Therapeutics reported their Q1 FY2023 earnings on May 15th, with total revenue of USD 16.2 million, a decrease of 11.6% year-over-year. Net income was USD -139.6 million, a significant decrease from last year’s USD -40.8 million. This is a concerning result, and investors should take caution before investing in Sorrento Therapeutics.
The company has experienced a decrease in revenue, and its net income is significantly negative. Investors should evaluate the company and its financial performance over the upcoming quarters before investing in Sorrento Therapeutics.
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