Posted September 11, 2019 07:07:53The company that launched its first drug in 2016 has a new drug in the pipeline and has had a record first-quarter profit for the third quarter of 2019, which was up 23% from the year before.
The Concordia pharmaceutical company is the largest publicly traded pharmaceutical company in the U.S., with revenue of more than $17 billion.
The company’s shares surged on Friday, rising more than 8% on Nasdaq and topping $100 per share in midmorning trading.
That was up from a loss of more a 1% in the second quarter.
The stock was up more than 20% from its closing price on Friday.
Concordian shares jumped over 25% after the news broke, as investors took note of the company’s success.
The company has been growing steadily over the last year, according to the company.
In 2018, Concordia reported a revenue of $3.8 billion.
Concordia’s revenue growth for the last five years was 8.4%.
Concorde Pharmaceuticals had a net loss of $2.5 billion in the year, and had revenue of less than $1 billion in 2018.
The net loss was down from a net profit of $12.4 billion a year earlier.
Concor Pharmaceuticals is also the second-largest pharmaceutical company.
The drug maker had revenue in the first quarter of 2018 of $11.7 billion, up from $9.7 million in the same quarter last year.
ConocoPhillips reported a net income of $1.7 a share in the quarter.
The stock rose more than 1% to $36.10 on Friday after the company announced it was adding about 3,000 jobs.
The pharmaceutical company has also been growing aggressively in China, with revenue up 7% in 2018 to $8.5 million, the most in the world.