May 7, 2020 / 10:11 PM / a month ago

BRIEF-Verastem Oncology Reports First Quarter 2020 Financial Results

May 7 (Reuters) - Verastem Inc:

* VERASTEM ONCOLOGY REPORTS FIRST QUARTER 2020 FINANCIAL RESULTS AND HIGHLIGHTS RECENT COMPANY PROGRESS

* Q1 ADJUSTED NON-GAAP LOSS PER SHARE $0.20

* Q1 LOSS PER SHARE $0.35

* Q1 EARNINGS PER SHARE ESTIMATE $-0.22 — REFINITIV IBES DATA

* NET PRODUCT REVENUE FOR THREE MONTHS ENDING MARCH 31, 2020 WAS $5.0 MILLION, COMPARED TO $1.7 MILLION FOR THREE MONTHS ENDING MARCH 31, 2019

* EXPECTS TO REDUCE ITS OPERATING EXPENSES BY APPROXIMATELY 40% FOR 2020 COMPARED TO 2019

* COMPANY EXPECTS ITS RESEARCH AND DEVELOPMENT AND SG&A EXPENSES FOR FULL YEAR 2020 TO BE IN RANGE OF $70 MILLION TO $85 MILLION

* COMPANY IS GUIDING THAT 2020 COPIKTRA REVENUES MAY BE APPROXIMATELY $16 MILLION Source text for Eikon: Further company coverage:

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