Corbus Pharmaceuticals Holdings, Inc. :CRBP-US: Earnings Analysis: Q2, 2017 By the Numbers : August 24, 2017

Corbus Pharmaceuticals Holdings, Inc. reports financial results for the quarter ended June 30, 2017.

We analyze the earnings along side the following peers of Corbus Pharmaceuticals Holdings, Inc. – Viking Therapeutics, Inc., Fate Therapeutics, Inc., Fortress Biotech, Inc. and Fennec Pharmaceuticals Inc. (VKTX-US, FATE-US, FBIO-US and FENCF-US) that have also reported for this period.

Highlights

  • Summary numbers: Revenues of USD 0.35 million, Net Earnings of USD -7.30 million.
  • Year-on-year change in operating cash flow of -126.18% is about the same as the change in earnings, likely no significant movement in accruals or reserves.
  • Narrowing of operating margins contributed to decline in earnings.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income growth:

2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30
Relevant Numbers (Quarterly)
Revenues (mil) 0.35 1.29 0.38 0.74 0.4
Revenue Growth (%YOY) -11.7 226.2 3.12 335.64 249.01
Earnings (mil) -7.3 -7.47 -7.57 -5.35 -4.19
Earnings Growth (%YOY) -74.18 -158.12 -202.98 -137.22 -63.49
Net Margin (%) -2083.72 -577.06 -2015.14 -720.05 -1056.33
EPS -0.15 -0.16 -0.17 -0.12 -0.11
Return on Equity (%) -17.98 -28.44 -68.1 -34.53 -34.83
Return on Assets (%) -61.34 -87.19 -160.88 -100.92 -101.18

Access our Ratings and Scores for Corbus Pharmaceuticals Holdings, Inc.

Market Share Versus Profits

Revenues History
Earnings History

CRBP-US‘s change in revenue this period compared to the same period last year of -11.70% is almost the same as its change in earnings, and is about average among the announced results thus far in its peer group, suggesting that CRBP-US is holding onto its market share. Also, for comparison purposes, revenues changed by -72.93% and earnings by 2.26% compared to the immediate last period.

Revenues Growth Versus Earnings Growth

Quadrant label definitions. Hover to know more

Leader, Earnings Focus, Laggard, Revenues Focus

Cash Versus Earnings – Sustainable Performance?

It is important to examine a company�s cash versus earnings numbers to gauge whether its performance is sustainable.

CRBP-US‘s change in operating cash flow of -126.18% compared to the same period last year is about the same as its change in earnings this period. Additionally, this change in operating cash flow is about average among its peer group. This suggests that the company did not use accruals or reserves to manage earnings this period, and that, all else being equal, the earnings number is sustainable.

Operating Cash Flow Growth Versus Earnings Growth

Quadrant label definitions. Hover to know more

Cash Flow based Earnings, Likely Non-cash Earnings, Low Cash Flow Base, Likely Undeclared Earnings

Margins

The company’s decline in earnings has been influenced by the following factors: (1) Decline in operating margins (EBIT margins) from -1,056.90% to -2,082.20% and (2) one-time items that contributed to a decrease in pretax margins from -1,056.33% to -2,083.72%

EBIT Margin Versus PreTax Margin

Quadrant label definitions. Hover to know more

Operation driven Earnings, One-time Favorables, Low Earnings Base, One-time Unfavorables
EBIT Margin History
PreTax Margin History

Access our Ratings and Scores for Corbus Pharmaceuticals Holdings, Inc.

Company Profile

Corbus Pharmaceuticals Holdings, Inc. engages in the development and commercialization of novel therapeutics to treat rare or uncommon chronic and serious inflammatory and fibrotic diseases with clear unmet medical needs. Its produc, JBT-101 is a novel synthetic oral endocannabinoid-mimetic drug that is intended to resolve chronic inflammation and halt fibrotic processes without causing immunosuppression. The company was founded in December 2013 and is headquartered in Norwood, MA.

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