Aralez Pharma shares plummet as losses widen

(Before It's News)

Aralez Pharmaceuticals Inc (NASDAQ:ARLZ) saw its share price plummet by almost 20% on Monday after it told investors that losses widened significantly in 2016.

For the 12 months to December 31 2016, the specialty pharma posted a net loss of US$103mln, a sharp increase on the US$37.8mln loss it reported a year earlier.

That figure was weighed down by soaring costs, which almost trebled to US$156.9mln in the period (2015: US$58.9mln).

The Canada-based company posted revenue for the year came of US$54.3mln (2015: US$21.4mln).

Aralez does expect things to pick up in 2017 though and said it was forecasting net revenues of between US$80mln and US$100mln, while it expects to report an underlying loss of between US$10mln and US$25mln.

Shares opened 19% down on Monday at US$2.84.

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