Momenta's earnings should improve on generic Copaxone and biosimilar launches.
Momenta Pharmaceuticals' second-quarter results mostly tracked our expectations, and we are reiterating our fair value estimate and no-moat rating. The company narrowed its non-GAAP operating expense guidance range to $210 million-$230 million; we continue to forecast roughly $220 million during 2017. The Food and Drug Administration remediation of the partnered Pfizer fill/finish facility continues to hinder Momenta's generic 40-milligram Copaxone approval timeline, but we still expect the comp...Momenta Pharmaceuticals is a biotechnology company focused on the discovery and development of biologic therapies for the treatment of rare immune-mediated diseases. The company's programs include: M281, which is a fully-human anti-neonatal Fc receptor (FcRn), aglycosylated immunoglobulin G (IgG1), monoclonal antibody, designed to reduce circulating human immunoglobulin G (IgG) antibodies by completely blocking endogenous IgG recycling via FcRn; M230, which is a recombinant trivalent human IgG1 Fc multimer; and M254, which is a hyper-sialylated immunoglobulin designed as a high potency alternative to IVIg, a therapeutic drug product that contains pooled, IgG antibodies purified from blood plasma.
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