A month has gone by since the last earnings report for Array BioPharma (ARRY). Shares have added about 27.1% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Array BioPharma due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Array BioPharma Beats on Q3 Earnings & SalesArray BioPharma reported a loss of 17 cents per share for the third quarter of fiscal 2019, which was narrower than the Zacks Consensus Estimate of loss of 21 cents. However, loss widened 54.4% from the year-ago figure due to higher operating expenses.Total revenues in the quarter fell 2.5% year over year to $64.7 million primarily due to significant decline in collaboration and license revenues, partially offset by contribution from product revenues. However, revenues beat the Zacks Consensus Estimate of $51.5 million. The company did not have any marketed product in the year-ago period and hence did not record any product revenues.Quarter in DetailNet product sales, completely from Braftovi-Mektovi combination therapy, in the reported quarter increased 54.6% sequentially to $35.1 million. The combination regimen continues its strong launch uptake into its third commercial quarter. Collaboration and license revenues plunged 53.2% year over year to $19.5 million. The decline was primarily due to the recognition of Vitrakvi milestones in the prior quarterReimbursement revenues were $9.2 million in the third quarter of fiscal 2019 compared with $24.8 million in the year-ago quarter. The company records amounts paid by Novartis related to development and commercialization of Braftovi and Mektovi for asset transfer agreements as reimbursement revenues. The significant decrease in reimbursement revenues was due to lower activity in the clinical studies transitioned from Novartis.The company recorded product royalties of $0.9 million during the quarter. There were no such revenues in the year-ago quarter. The company is eligible to earn royalties on sales of Braftovi and Mektovi regimen in Europe and Japan from its commercial partners Pierre Fabre and Ono, respectively.Selling, general and administrative (SG&A) expenses surged 111.9% to $35.5 million due to higher costs to support commercial activities of Braftovi-Mektovi combination therapy.Research and development (R&D) expenses decreased 8.1% to $65.5 million, mainly due to lower expenses related to the company’s proprietary clinical studies including the BEACON CRC study.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in fresh estimates. The consensus estimate has shifted 28.98% due to these changes.VGM ScoresCurrently, Array BioPharma has a poor Growth Score of F, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of F on the value side, putting it in the lowest quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Array BioPharma has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Array BioPharma Inc. (ARRY): Free Stock Analysis Report To read this article on Zacks.com click here.