Post by icemandios on May 6, 2021 12:47:27 GMT
Antares Pharma Reports First Quarter 2021 Financial and Operating Results
Increased Revenue 27% Year-Over-Year to $42.1 Million
Increased Net Income to $3.8 Million, or $0.02 Per Basic and Diluted Earnings Per Share
EWING, N.J., May 06, 2021 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ: ATRS) (“the Company”), a specialty pharmaceutical company, today reported financial and operating results for the quarter ended March 31, 2021 with record first quarter revenue of $42.1 million and net income of $3.8 million, or $0.02 per basic and diluted earnings per share.
Robert F. Apple, President and Chief Executive Officer of Antares Pharma, commented, “Our strong first quarter results with a 27% year-over-year revenue increase continue to highlight the growth opportunities and initiatives we have across our diversified business. With XYOSTED total prescription growth of 50% year-over-year, we expect to continue to build positive momentum throughout the year as patient visits to physician offices increase and our sales representatives garner more in-office physician details, and as vaccines are administered and the pandemic slows. Furthermore, our commercial organization implemented an enhanced targeting strategy that reinforces the expansion opportunities for XYOSTED and the relaunch of NOCDURNA. We are also very pleased with the 48% year-over-year increase in prescriptions from our partner Teva’s generic EpiPen and look forward to the potential approval of their generic teriparatide in the U.S. Overall, as we concurrently advance our robust development pipeline with an expanded leadership team, we believe we have a diverse product portfolio that will support our full year 2021 revenue guidance as well as future growth.”
First Quarter 2021 and Recent Highlights
XYOSTED ® revenue in the first quarter 2021 increased 60% year-over-year to $14.4 million with total prescriptions increasing 50% year-over-year, according to IQVIA
Teva’s generic EpiPen prescriptions in the first quarter 2021 increased 48% year-over-year, contributing to a 40% increase in EpiPen product and royalty revenue
Appointed Dr. Peter Richardson as Executive Vice President, Research and Development and Chief Medical Officer to continue to advance our proprietary pipeline
Appointed Joseph Renda as Senior Vice President of Commercial, who will be responsible for sales, marketing and data analytics
First Quarter 2021 Financial Results
Total revenue generated from product sales, license and development activities and royalties was $42.1 million for the three months ended March 31, 2021, a 27% increase compared to $33.1 million in the same period in 2020.
Sales of our proprietary products XYOSTED ® , OTREXUP ® and NOCDURNA ® generated revenue of $18.7 million for the three months ended March 31, 2021, as compared to $12.6 million for the three months ended March 31, 2020. The 49% increase in proprietary product sales was principally attributable to continued growth in prescriptions and sales of XYOSTED ® .
Partnered product sales were $10.4 million for the three months ended March 31, 2021, as compared to $14.5 million for the three months ended March 31, 2020. The net decrease in sales of partnered products is attributable to a decrease in sales of sumatriptan to Teva and Makena ® auto injectors to AMAG, offset by an increase in sales to Teva of generic EpiPen auto-injectors.
Development and licensing revenue was $5.0 million for the three months ended March 31, 2021, as compared to $1.8 million for the comparable period in 2020. The increase in development revenue was primarily from incremental development and maintenance of Teva’s partnered products and the Idorsia selatogrel rescue pen development program.
Royalty revenue was $8.0 million for the three months ended March 31, 2021, as compared to $4.2 million for the same period in 2020. The increase in royalty revenue was primarily attributable to an increase in royalties from Teva on their net sales of generic EpiPen.
Research and development expenses were $2.6 million for the three months ended March 31, 2021, as compared to $3.0 million for the comparable period in 2020. The decrease in research and development costs was due to the timing of clinical studies for our internal pipeline products.
Selling, general and administrative expenses were $17.6 million for the three months ended March 31, 2021, as compared to $16.4 million for the comparable periods in 2020. The increase in selling, general and administrative expenses was primarily due to an increase in sales and marketing costs for our proprietary products and increases in compensation and professional services.
Net income was $3.8 million, or $0.02 per basic and diluted share for the first quarter 2021, as compared to a net loss of $2.4 million, or $0.01 per basic and diluted loss per share in the same period in 2020.
As of March 31, 2021, cash and cash equivalents were $55.7 million compared to $53.1 million as of December 31, 2020. The Company generated cash from operation of $2.0 million for the three months ended March 31, 2021.
Full-Year 2021 Financial Guidance
The Company today reaffirmed full-year 2021 revenue guidance in the range of $175-200 million, which represents a 17% to 34% year-over-year growth rate and assumes no significant disruptions to supply or operations due to the ongoing COVID-19 pandemic and a range of revenue scenarios for the potential approval and launch of generic Forteo ® by our partner Teva in the U.S.
Webcast and Conference Call Information
The Antares management team will provide a Company update and review the first quarter 2021 financial results via conference call and webcast today, May 6, 2021, at 8:30am ET (Eastern Time). The webcast of the conference call will include a slide presentation, which can be accessed in the investor relations section of the Company’s website ( www.antarespharma.com ) under “Webcasts & Presentations”. Alternatively, callers may participate in the audio portion of the conference call by dialing (800) 367-2403 for domestic callers and (334) 777-6978 for international callers. Callers should reference the Antares Pharma conference call or conference ID number 1237332.
About Antares Pharma
Antares Pharma, Inc. is a specialty pharmaceutical company focused primarily on the development and commercialization of pharmaceutical products and technologies that address unmet needs in targeted therapeutic areas such as urology and endocrinology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates in various stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd. (Idorsia). Antares Pharma’s FDA-approved products include XYOSTED ® (testosterone enanthate) injection, OTREXUP ® (methotrexate) injection for subcutaneous use and Sumatriptan Injection USP, which is distributed by Teva. The Company also markets NOCDURNA ® (desmopressin acetate) in the U.S., which was licensed from Ferring Pharmaceuticals.
Increased Revenue 27% Year-Over-Year to $42.1 Million
Increased Net Income to $3.8 Million, or $0.02 Per Basic and Diluted Earnings Per Share
EWING, N.J., May 06, 2021 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ: ATRS) (“the Company”), a specialty pharmaceutical company, today reported financial and operating results for the quarter ended March 31, 2021 with record first quarter revenue of $42.1 million and net income of $3.8 million, or $0.02 per basic and diluted earnings per share.
Robert F. Apple, President and Chief Executive Officer of Antares Pharma, commented, “Our strong first quarter results with a 27% year-over-year revenue increase continue to highlight the growth opportunities and initiatives we have across our diversified business. With XYOSTED total prescription growth of 50% year-over-year, we expect to continue to build positive momentum throughout the year as patient visits to physician offices increase and our sales representatives garner more in-office physician details, and as vaccines are administered and the pandemic slows. Furthermore, our commercial organization implemented an enhanced targeting strategy that reinforces the expansion opportunities for XYOSTED and the relaunch of NOCDURNA. We are also very pleased with the 48% year-over-year increase in prescriptions from our partner Teva’s generic EpiPen and look forward to the potential approval of their generic teriparatide in the U.S. Overall, as we concurrently advance our robust development pipeline with an expanded leadership team, we believe we have a diverse product portfolio that will support our full year 2021 revenue guidance as well as future growth.”
First Quarter 2021 and Recent Highlights
XYOSTED ® revenue in the first quarter 2021 increased 60% year-over-year to $14.4 million with total prescriptions increasing 50% year-over-year, according to IQVIA
Teva’s generic EpiPen prescriptions in the first quarter 2021 increased 48% year-over-year, contributing to a 40% increase in EpiPen product and royalty revenue
Appointed Dr. Peter Richardson as Executive Vice President, Research and Development and Chief Medical Officer to continue to advance our proprietary pipeline
Appointed Joseph Renda as Senior Vice President of Commercial, who will be responsible for sales, marketing and data analytics
First Quarter 2021 Financial Results
Total revenue generated from product sales, license and development activities and royalties was $42.1 million for the three months ended March 31, 2021, a 27% increase compared to $33.1 million in the same period in 2020.
Sales of our proprietary products XYOSTED ® , OTREXUP ® and NOCDURNA ® generated revenue of $18.7 million for the three months ended March 31, 2021, as compared to $12.6 million for the three months ended March 31, 2020. The 49% increase in proprietary product sales was principally attributable to continued growth in prescriptions and sales of XYOSTED ® .
Partnered product sales were $10.4 million for the three months ended March 31, 2021, as compared to $14.5 million for the three months ended March 31, 2020. The net decrease in sales of partnered products is attributable to a decrease in sales of sumatriptan to Teva and Makena ® auto injectors to AMAG, offset by an increase in sales to Teva of generic EpiPen auto-injectors.
Development and licensing revenue was $5.0 million for the three months ended March 31, 2021, as compared to $1.8 million for the comparable period in 2020. The increase in development revenue was primarily from incremental development and maintenance of Teva’s partnered products and the Idorsia selatogrel rescue pen development program.
Royalty revenue was $8.0 million for the three months ended March 31, 2021, as compared to $4.2 million for the same period in 2020. The increase in royalty revenue was primarily attributable to an increase in royalties from Teva on their net sales of generic EpiPen.
Research and development expenses were $2.6 million for the three months ended March 31, 2021, as compared to $3.0 million for the comparable period in 2020. The decrease in research and development costs was due to the timing of clinical studies for our internal pipeline products.
Selling, general and administrative expenses were $17.6 million for the three months ended March 31, 2021, as compared to $16.4 million for the comparable periods in 2020. The increase in selling, general and administrative expenses was primarily due to an increase in sales and marketing costs for our proprietary products and increases in compensation and professional services.
Net income was $3.8 million, or $0.02 per basic and diluted share for the first quarter 2021, as compared to a net loss of $2.4 million, or $0.01 per basic and diluted loss per share in the same period in 2020.
As of March 31, 2021, cash and cash equivalents were $55.7 million compared to $53.1 million as of December 31, 2020. The Company generated cash from operation of $2.0 million for the three months ended March 31, 2021.
Full-Year 2021 Financial Guidance
The Company today reaffirmed full-year 2021 revenue guidance in the range of $175-200 million, which represents a 17% to 34% year-over-year growth rate and assumes no significant disruptions to supply or operations due to the ongoing COVID-19 pandemic and a range of revenue scenarios for the potential approval and launch of generic Forteo ® by our partner Teva in the U.S.
Webcast and Conference Call Information
The Antares management team will provide a Company update and review the first quarter 2021 financial results via conference call and webcast today, May 6, 2021, at 8:30am ET (Eastern Time). The webcast of the conference call will include a slide presentation, which can be accessed in the investor relations section of the Company’s website ( www.antarespharma.com ) under “Webcasts & Presentations”. Alternatively, callers may participate in the audio portion of the conference call by dialing (800) 367-2403 for domestic callers and (334) 777-6978 for international callers. Callers should reference the Antares Pharma conference call or conference ID number 1237332.
About Antares Pharma
Antares Pharma, Inc. is a specialty pharmaceutical company focused primarily on the development and commercialization of pharmaceutical products and technologies that address unmet needs in targeted therapeutic areas such as urology and endocrinology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates in various stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd. (Idorsia). Antares Pharma’s FDA-approved products include XYOSTED ® (testosterone enanthate) injection, OTREXUP ® (methotrexate) injection for subcutaneous use and Sumatriptan Injection USP, which is distributed by Teva. The Company also markets NOCDURNA ® (desmopressin acetate) in the U.S., which was licensed from Ferring Pharmaceuticals.