Assessing 4 Small- to Mid-Cap Biotech Firms After Impressive Results
Highlighting some more biotech names that delivered solid progress in the third quarter.
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It has been a busy week or two for third quarter results around myriad small- and mid-cap biopharma and biotech firms.
Continuing with a theme I highlighted in my column on Wednesday, on Friday I'm looking at several more firms that improved the investment cases around their stocks by delivering more than solid results in the quarter just passed.
Let’s start with mid-cap biotech concern Krystal Biotech (KRYS). I gave Krystal a few positive mentions on these pages in October. The company posted Q3 results on November 3. Krystal absolutely crushed bottom-line expectations. The company’s franchise drug Vyjuvek continues to gain traction. Revenues rose nearly 17% on a year-over-year basis to nearly $98 million, some $4 million north of the consensus.
Vyjuvek just launched in Germany in the third quarter and is rolling out in Japan and France this quarter. It also got a label expansion in the U.S. in late September. Krystal has a rock-solid balance sheet and is starting to get more mentions aa a potential buyout candidate.
Liquidia Corporation (LQDA) reported third quarter results on the same day as Krystal Biotech. After largely resolving a long running litigation battle with United Therapeutics (UTHR) , Liquidia’s inhaled dry powder formulation of treprostinil called Yutrepia, is showing impressive early sales traction.
Yutrepia is approved to treat pulmonary arterial hypertension or PAH, as well as pulmonary hypertension, associated with interstitial lung disease, or PH-ILD. It competes primarily with Tyvaso from United Therapeutics (UTHR) . Yutrepia delivered just over $54 million in sales in Q3, better than expectations. This helped Liquidia to dramatically reduce its quarterly net loss compared to the same period a year ago. The company should become nicely profitable in FY2026 as sales soar to a projected $330 million. Finally, Liquidia is advancing a candidate in its pipeline that could eventually prove superior to both Yutrepia and Tyvaso.
Harmony Biosciences (HRMY) reported its Q3 numbers a day after Krystal Biotech and Liquidia Corporation. Harmony delivered a profit of $1.22 a share, more than 20 cents a share north of analyst expectations. Sales rose nearly 29% year over year to just north of $239 million, more than $15 million above the consensus. Management boosted FY2025 sales guidance slightly.
I end with long-time market and portfolio laggard, Iovance Biotherapeutics, Inc. (IOVA), whose stock rose just over 25% in trading on Thursday after posting third quarter results and providing a business update. Q3 results were mixed, but sales powered by the firm’s franchise therapy Amtagvi grew just over 15% from the same period a year ago. Management also reaffirmed FY2025 revenue guidance of between $250 million and $300 million. Leadership is still targeting $1 billion in peak potential sales from Amtagvi. Iovance is also building out its treatment center network as well as consolidating all manufacturing by the first half of 2026. These efforts should pay dividends in the coming year.
At the time of publication, Jensen was long IOVA, LQDA, KRYS and HRMY.
