Veloxis Pharmaceuticals A/S announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported revenue – net of USD 10,592,000 compared to USD 5,924,000 in the same period of 2016. Operating profit was USD 212,000 compared to operating loss of USD 4,174,000 in the same period of 2016. Loss before tax was USD 1,316,000 compared to USD 4,792,000 in the same period of 2016. Net profit for the period was USD 1,527,000 compared to net loss of USD 4,174,000 in the same period of 2016.

Product revenue for first nine months of 2018 was USD 27.8 million, an increase of 101% compared to the same period last year. The company's net loss was USD 4.1 million for the first nine months of 2018 compared to a net loss of USD 8.4 million for the same period in 2017. The prior year included up-front revenues of USD 8.3 million with zero comparable revenue for the first nine months of 2018. Operating loss was USD 4,675,000 compared to USD 6,674,000 in the same period of 2016. Loss before tax was USD 9,080,000 compared to USD 8,116,000 in the same period of 2016.

The company maintains its 2018 outlook of revenues to be in the range of USD 36 million to USD 42 million, and operating loss before accounting for stock compensation in the range of USD 2 million to USD 6 million.