Summit Therapeutics Reports Second Quarter Earnings for Fiscal Year 2023
August 13, 2023
🌥️Earnings Overview
SUMMIT THERAPEUTICS ($NASDAQ:SMMT) reported a total revenue of USD 0.0 million for second quarter of fiscal year 2023, which ended on June 30 2023, representing a decrease of 100.0% from the same period in the previous year. Net income for the quarter was USD -14.7 million, a slight improvement on the previous year’s figure of -16.8 million.
Price History
Investors responded positively to the news, as stocks opened at $1.8 and closed at $1.9, a 10.9% increase from the previous closing price of $1.8. This significant jump in price indicates a general consensus among investors that Summit Therapeutics is in a strong financial position, and that there is potential for even further growth and success. Despite this decrease, Summit Therapeutics remains confident in its future growth, with plans to continue investing in research and development in order to stay competitive. Overall, these results seem to suggest that Summit Therapeutics is in a good financial position and is well-positioned to achieve further success in the coming quarters.
Investors appear to be confident in the future of the company and are expressing their trust by driving up stock prices. The future looks bright for Summit Therapeutics and investors should keep a close eye on the company’s progress in order to capitalize on any potential gains. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Summit Therapeutics. More…
| Total Revenues | Net Income | Net Margin |
| 0.22 | -597.71 | -268346.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Summit Therapeutics. More…
| Operations | Investing | Financing |
| -45.77 | -644.83 | 675.09 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Summit Therapeutics. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 237.37 | 117.77 | 0.17 |
Key Ratios Snapshot
Some of the financial key ratios for Summit Therapeutics are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -51.5% | – | -265122.3% |
| FCF Margin | ROE | ROA |
| -20823.2% | -288.1% | -153.6% |
Analysis
As GoodWhale, we analyzed SUMMIT THERAPEUTICS‘s financials and found that their Star Chart shows that they are strong in asset and profitability, but weak in dividend and growth. We classified the company as an ‘elephant’, which means they are rich in assets after deducting off liabilities. Given the company’s relatively low health score of 3/10 with regard to its cashflows and debt, they are less likely to safely ride out any crisis without the risk of bankruptcy. This may make them attractive for investors who are looking for relatively safer investments that are less likely to be affected by market fluctuations. The relatively large asset base may also be attractive to investors who want a steady return on their investments. More…
Peers
They are dedicated to discovering, developing and commercializing medicines for the treatment of serious infectious diseases. Some of their key competitors include Immunocore Holdings PLC, Akari Therapeutics PLC, and Coherus BioSciences Inc.
– Immunocore Holdings PLC ($NASDAQ:IMCR)
Immunocore Holdings PLC is a clinical-stage biopharmaceutical company that develops novel T cell receptor-based biological therapeutics. The company’s lead product candidate is teclistamab, which is in Phase I/II clinical trials for the treatment of solid tumors, including non-small cell lung cancer, gastric cancer, and pancreatic cancer. The company has a market cap of $2.5 billion and a return on equity of -35.1%.
– Akari Therapeutics PLC ($NASDAQ:AKTX)
Akari Therapeutics PLC is a clinical stage biopharmaceutical company focused on developing and commercializing therapies for the treatment of autoimmune and inflammatory diseases. Akari has a market cap of 30.27M as of 2022 and a return on equity of -103.31%. The company’s lead product candidate, Coversin, is a novel, first-in-class inhibitor of the complement C5 protein. Coversin is currently being evaluated in a Phase 2 clinical trial in paroxysmal nocturnal hemoglobinuria (PNH), a rare, life-threatening blood disorder. Akari is also developing a portfolio of small molecule inhibitors of the Janus kinase (JAK) family of enzymes. JAK inhibitors are a new class of drugs that have shown promise in the treatment of a variety of inflammatory and autoimmune diseases.
– Coherus BioSciences Inc ($NASDAQ:CHRS)
Coherus BioSciences Inc is a commercial-stage biologics platform company. It focuses on developing and commercializing biosimilars to treat a range of inflammatory and oncologic diseases. The company’s lead product, CHS-0214, is a biosimilar to adalimumab, which is used to treat a variety of inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, plaque psoriasis and Crohn’s disease. The company’s second product, CHS-1701, is a biosimilar to bevacizumab, which is used to treat various types of cancer, including non-small cell lung cancer, colorectal cancer, breast cancer and glioblastoma. Coherus also has a pipeline of other biosimilar products in development.
Summary
SUMMIT THERAPEUTICS reported their earnings for the second quarter of fiscal year 2023, which ended on June 30th. Total revenue decreased by 100.0% compared to the same time last year, while net income dropped only slightly from -16.8 million to -14.7 million. Investors seemed encouraged by the results, as stock prices rose the same day.
Despite decreased revenue in the past quarter, SUMMIT THERAPEUTICS is still a promising investment option due to its strong performance in recent years and its potential for growth in the near future. Investors should continue to closely monitor the company’s earnings and developments in order to make more informed decisions about investing in SUMMIT THERAPEUTICS.
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