Apotex reports $38M net loss in first quarter after going public in June
TORONTO – Apotex Health Corp. reported a net loss of $38.3 million for its first quarter, following a significant revenue decline from the same period in the previous year. The pharmaceutical company posted a diluted loss per share of 19 cents, compared to $1.88 a year ago. Apotex's revenue totaled $848 million during the quarter, down year-over-year from $1.14 billion.
The company, which transitioned from private to public status on June 16, raised nearly $1.5 billion through its IPO. CEO Jeff Watson stated that the funds raised from the IPO can be utilized to reduce debt and enhance Apotex's financial flexibility.
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