Adare Pharmaceuticals, a privately held biopharmaceutical company, is set to become the latest pharma company to report financial results after it reported an increase in its net profit for the fourth quarter.
The company reported an operating profit of $1.5 billion for the quarter, which is up from $1 billion a year earlier.
Adare reported revenue of $6.4 billion and a net profit of around $3.6 billion, according to the company’s earnings release, which was also provided by the company.
The company’s share price has risen more than 11% since it reported results on March 23.
The firm’s revenue increased by $1,700 million to $6,619 million from a year ago.
The increase in revenues and profit is primarily due to increased sales of the Adare Biopharmacare product line and an increase of $3 million in research and development expenses.
Adore Pharma’s results were expected to be released after the closing bell on Tuesday.
The results, which include the revenue growth and net profit, are important to the financial health of the company and reflect the fact that Adare’s portfolio of high-growth pharmaceuticals are performing better than its peers.
Adore Pharmaceuticals is also seeing a growth in its revenue.
The $1 million in profit was a profit increase of almost $2 million over the previous quarter.
The $1-million increase was largely attributable to the addition of $2.6 million in new revenue to the operating profit.
Adores revenues grew by $5 million to about $1 trillion, but this was offset by an increase and decrease in net income, according the company statement.
Adrex Pharmaceuticals also reported results in its quarterly earnings release.
The stock was up nearly 8% to close at $11,099 per share, a gain of more than $200 million, according a Reuters report.
Adris Therapeutics, a biopharma company, also reported financial results.
The biotech company reported a net income of $7.3 million for the third quarter, up from a loss of $4.2 million a year prior.
The net income included a $2 billion write-down of debt.
The biotech company’s net income was up about 6% from a profit of just over $2 per share to $3 per share.
Adreys revenues increased by more than 10% to about nearly $1 and a billion from a decline of $200,000, according Reuters.
The firm’s stock price has increased more than 18% since its earnings release on March 17.