Canadian pharmaceutical company Apotex Health Corp. (TSE: APTX) has reported a net loss in its first quarterly financial results since going public in June of this year.
Apotex announced a net loss of -$38.3 million as its revenue declined sharply from a year earlier.
The pharmaceutical company that specializes in making generic drugs said the latest loss compared to a profit of $362.7 million a year ago.
Apotex reported a loss per share of -$0.19 for the quarter ended June 30, compared with earnings per share of $1.88 the previous year.
Apotex also reported revenue of $848 million for what was the year’s second quarter, down 25% year-over-year from $1.14 billion.
The disappointing financial results come after Apotex went public on the Toronto Stock Exchange on June 16, raising nearly $1.50 billion for the company.
Apotex, which had been a private company for 52 years, was the largest and most significant initial public offering (IPO) in Canada in several years.
APTX stock has gained 28% since its June IPO to trade at $37.05 per share.
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