CAMBRIDGE, Mass. (AP) — Momenta Pharmaceuticals Inc. on Tuesday reported fourth-quarter net income of $41.5 million, after reporting a loss in the same period a year earlier.
The Cambridge, Massachusetts-based company said it had net income of 60 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 23 cents per share.
The biotechnology company posted revenue of $34.2 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $30.5 million.
For the year, the company reported that its loss narrowed to $21 million, or 31 cents per share. Revenue was reported as $109.6 million.
Momenta shares have climbed 26 percent since the beginning of the year. The stock has risen 92 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MNTA at https://www.zacks.com/ap/MNTA
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