LONDON — U.K.-based pharma giant Inovio Pharmaceuticals Inc. reported a 14% increase in its full-year earnings on Wednesday, boosting its quarterly profit to $2.2 billion from $2 billion.
The news follows a strong performance in 2016 and 2017, with the company now expected to post quarterly profits of up to $1.6 billion in 2019.
The company has a $2-billion investment in the drugmaker and plans to expand into other areas, including bioscience.
The pharmaceuticals company posted strong revenue growth in the first quarter, growing from $1 billion in the year-earlier quarter to $639 million in the same period.
Inovios revenue in 2019, which ends March 31, was $5 billion.
For the year, Inovior Pharmaceuticals and Inovion Pharmaceuticals were among the top four pharma spenders in the U.k. with $1 and $1 million each, respectively.
Shares in Inoviols surged 14% to $13.83 at 5:35 p.m. on Wednesday.
Shares of Inovitics fell 5% to 49 pence at 7:37 a.m., while shares of Inovo Pharmaceuticals rose 4% to 46 pence.
Inovio shares jumped 5% after the company said it had raised $500 million to expand its manufacturing and research and development arm, which will bring the company’s total investment in research and innovation to $5.4 billion by the end of 2020.
Shares rose 2% after Inoviatio said it was increasing its dividend by 7.5% to 2 cents a share.