APVO - Aptevo climbs as 2021 revenue more than doubles

The shares of clinical-stage biotech, Aptevo Therapeutics (NASDAQ:APVO +24.2%) have reached over a two-after recording the biggest intraday gain since November as the investors react to the company’s better-than-expected financials for 2021. Revenue for the period rose ~185% YoY to $12.3M thanks to royalty revenue received from Pfizer (PFE) for global net sales of Ruxience, a biosimilar to the blood cancer therapy, Rituxan. However, the company’s net loss also jumped ~60% YoY, driven by an over six-fold rise in other expenses from continuing operations that reached $8.0M. Meanwhile, posting a ~13% rise from the prior year-end, the cash and equivalents approached $45.0M, which, according to Chief Executive Marvin L. White, would be adequate to fund operations for at least the next 12 months. "2021 was an eventful year for Aptevo Therapeutics. A year of progress against a backdrop of macro challenges at both the industry and global levels,” he added. The

For further details see:

Aptevo climbs as 2021 revenue more than doubles