Business Corpus: Tesaro Dives After First-Quarter Sales Lag On Wider-Than-Expected LossesTesaro on Thursday reported a loss of $2.98 per share on $49.7 million in revenue for its first quarter. The post Tesaro Dives After First-Quarter Sales Lag On Wider-Than-Expected Losses appeared first on Investor's Business Daily.

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Tesaro (TSRO) stock crumbled late Thursday after it reported wider-than-expected losses on first-quarter sales that also missed Wall Street's views.

But 2018 revenue guidance was strong and topped the consensus by more than $21 million at the midpoint.

In after-hours trading on the stock market today, Tesaro plunged 5.5%, near 45.70, after losing 5.1% at the closing bell, to 48.36. Biotech stocks ended the regular session down 1.8%.

For the first quarter, Tesaro reported $49.7 million in sales, shooting up from $3.07 million in the year-ago period. But that missed the consensus of analysts polled by Zacks Investment Research for $57 million.

Higher Sales

During the quarter, Tesaro's PARP inhibitor Zejula brought in $48.9 million in sales. That grew from $2.1 million in the year-earlier period. Zejula rivals other PARP inhibitors from AstraZeneca (AZN) and Clovis Oncology (CLVS). These drugs treat ovarian cancer.

A loss of $2.98 per share grew from a year-earlier loss of $2.55 per share. That was wider than the consensus projection for a per-share loss of $2.76.

Still, guidance was strong. Tesaro expects total sales of $310 million to $345 million this year.

The midpoint of $327.5 million easily beat analysts' consensus of $306 million. Of that, Tesaro expects $255 million to $275 million in sales of Zejula.

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The post Tesaro Dives After First-Quarter Sales Lag On Wider-Than-Expected Losses appeared first on Investor's Business Daily.