November 2, 2017 / 10:15 AM / a year ago

Insys Therapeutics posts net loss in third quarter

Nov 2 (Reuters) - Insys Therapeutics on Thursday reported a net loss for the third quarter, compared to a year-ago profit, amid an investigation of the U.S. drugmaker's founder on charges of bribery.

The company reported a net loss of $166.3 million or $2.30 per share in the quarter ended Sept. 30, compared to a net income of $2.9 million or 4 cents per share, a year earlier.

Insys recorded a $150 million charge in the latest quarter related to an ongoing federal investigation into its opioid painkiller, Subsys.

Net revenue fell to $30.7 million from $57.8 million.

Insys's billionaire founder John Kapoor was arrested on charges that he participated in a scheme to bribe doctors to prescribe Subsys. Kapoor, also Insys's majority shareholder, resigned from the company's board on Sunday. (Reporting by Manas Mishra in Bengaluru; Editing by Sai Sachin Ravikumar)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below