Amag Pharmaceuticals Inc., of Waltham, Mass., reported revenue of $68.7 million in the first quarter, including $44.4 million from its iron deficiency treatment, Feraheme (ferumoxytol), and revenue of $21.8 million from preterm birth treatment Makena (hydroxyprogesterone caproate). The company lost $19.6 million and ended the quarter with $124.7 million in cash and investments. Amag is reducing its workforce by 30% and has withdrawn its 2020 financial guidance due to the COVID-19 pandemic. Shares of Amag (NASDAQ:AMAG) fell 99 cents, or 10.8%, to close May 11 at $8.23.
Intercept Pharmaceuticals Inc., of New York, reported $72.7 million in first-quarter sales of Ocaliva (obeticholic acid) for the treatment of primary biliary cholangitis. The company lost $90.3 million and ended the quarter with $554 million in cash and investments. Shares of Intercept (NASDAQ:ICPT) closed May 11 at $90.44, up $2.64.