What happened
The second quarter of biotech Karyopharm Therapeutics (KPTI -2.75%) was a good one, at least as far as its headline figures were concerned. On the back of revenue and earnings beats, investors bid up the company's share price on the day...but only marginally, as the stock notched a less than 1% gain.
So what
Karyopharm, best known for its multiple myeloma treatment Xpovio, unveiled its quarterly figures early that morning.
These showed that the biotech took in nearly $39.7 million in revenue, bolstered by substantial gains in both product sales and licensing/other revenue. On the downside, the company's net loss didn't narrow by much, coming in at more than $49 million ($0.62) versus $53.6 million in the same quarter of 2021.
Nevertheless, analysts following the stock were collectively modeling slightly under $36 million for revenue. They made a rather good stab at net loss, though, as their average forecast was for a shortfall of $0.63 per share.
Of the all-important Xpovio, Karyopharm quoted its CEO Richard Paulson as saying that "Despite headwinds caused by COVID-19 at the beginning of the year and increased competition for later lines of multiple myeloma treatment, we continue to see increased use of Xpovio in earlier lines with growth in the community setting."
Now what
Karyopharm updated its guidance for the entirety of 2022; it now feels it will book total revenue of $155 million to $165 million, on the back of Xpovio net product revenue of $120 million to $130 million. The latter range has been trimmed from the former $135 million to $145 million, which is likely a major reason investors didn't react more positively to the company's results.
The company did not proffer any net profit guidance.
