Post by icemandios on Aug 5, 2021 12:36:30 GMT
Antares Pharma Reports Second Quarter 2021 Financial and Operating Results
Increased Revenue 39% Year-Over-Year to $45.0 Million
Doubled Net Income to $4.4 Million, or $0.03 Per Basic and Diluted Earnings Per Share
EWING, N.J., Aug. 05, 2021 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ: ATRS) (“the Company”), a specialty pharmaceutical company, today reported financial and operating results for the second quarter ended June 30, 2021 with record revenue of $45.0 million and net income of $4.4 million, or $0.03 per basic and diluted earnings per share.
Robert F. Apple, President and Chief Executive Officer of Antares Pharma, commented, “We believe our strong second quarter performance highlights the growth opportunities that prevail across our diversified business. XYOSTED and Teva’s generic EpiPen continue to be the primary drivers of our 39% year-over-year revenue increase and we continue to expect our full year revenue guidance to be in the range of $175-200 million. As we look ahead, we expect the advancement of our proprietary pipeline as well as our partner’s programs to support our future growth. With the unveiling of ATRS-1902 as hydrocortisone with a new autoinjector platform for adrenal crisis rescue, we are eager to initiate the PK study following the FDA’s recent acceptance of our IND submission. With our Quickshot autoinjector, we are also excited for our partner Idorsia’s initiation of their global Phase 3 study for selatogrel as a heart attack rescue pen as well as the potential NDA filing of Pfizer’s undisclosed rescue pen in the second half of 2021. Overall, we believe the diversification of our business remains foundational to our ongoing success.”
Second Quarter 2021 and Recent Highlights
XYOSTED ® total prescriptions in the second quarter 2021 increased 50% year-over-year and 15% sequentially from first quarter 2021, according to IQVIA.
Teva’s generic EpiPen prescriptions increased 153% year-over-year, contributing to a 47% increase in EpiPen product and royalty revenue
Submitted the IND and received FDA acceptance for ATRS-1902 for adrenal crisis rescue
Partner Idorsia Ltd initiating global Phase 3 study with selatogrel for acute myocardial infarction
Completed $15.0 million principal pre-payment of Hercules term loan and reduced associated interest expense by $1.2 million annually
Second Quarter 2021 Financial Results
Total revenue generated from product sales, license and development activities and royalties was $45.0 million for the three months ended June 30, 2021, a 39% increase compared to $32.4 million in the same period in 2020. For the six months ended June 30, 2021, total revenue was $87.1 million, a 33% increase from $65.5 million for the comparable period in 2020.
Product sales were $27.9 million for the three months ended June 30, 2021, a 13% increase compared to $24.7 million for the same period in 2020. For the six months ended June 30, 2021, product sales were $57.0 million, a 10% increase from $51.8 million in the comparable period in 2020.
Sales of our proprietary products XYOSTED ® , OTREXUP ® and NOCDURNA ® generated revenue of $19.0 million and $37.7 million for the three and six months ended June 30, 2021, respectively, as compared to $14.8 million and $27.4 million for the three and six months ended June 30, 2020, respectively. The 28% and 37% increase in proprietary product sales for the three and six months ended June 30, 2021, respectively, compared to the same periods in 2020 were principally attributable to continued growth in prescriptions and sales of XYOSTED ® .
Partnered product sales were $9.0 million and $19.4 million for the three and six months ended June 30, 2021, respectively, as compared to $9.8 million and $24.4 million for the three and six months ended June 30, 2020, respectively. The net decrease in sales of partnered products for the second quarter and six months ended June 30, 2021 as compared to the same periods in 2020 is primarily attributable to a decrease in sales of sumatriptan to Teva and Makena ® autoinjectors to AMAG.
Licensing and development revenue was $7.2 million and $12.2 million for the three and six month ended June 30, 2021, respectively, as compared to $2.7 million and $4.4 million for the comparable periods in 2020, respectively. The increase in licensing and development revenue for the three and six months ended June 30, 2021 was primarily a result of incremental development and maintenance activities with Teva and our other ongoing partnered development projects.
Royalty revenue was $9.9 million for the three months ended June 30, 2021 compared to $5.0 million for the same period in 2020. For the six months ended June 30, 2021, royalty revenue was $17.9 million, as compared to $9.3 million for the same period in 2020. The net increase in royalty revenue in the three and six months ended June 30, 2021 was attributable to an increase in royalties from Teva on their net sales of generic EpiPen ® .
Research and development expenses were $4.0 million and $6.7 million for the three and six months ended June 30, 2021, respectively, as compared to $2.4 million and $5.4 million for the comparable periods in 2020, respectively. The increase in research and development costs incurred in 2021 as compared to 2020 was attributable to our ongoing internal development programs.
Selling, general and administrative expenses were $17.7 million and $35.3 million for the three and six months ended June 30, 2021, respectively, as compared to $14.4 million and $30.9 million for the comparable periods in 2020, respectively. The net increase in selling, general and administrative expenses for the three and six months ended June 30, 2021 was primarily due to an increase in sales and marketing expenses that had declined during the pandemic and incremental costs associated with NOCDURNA ® . General and administrative expenses increased due to increases in compensation and professional services.
Net income was $4.4 million, or $0.03 per basic and diluted earnings per share for the second quarter 2021, compared to $2.2 million, or $0.01 per basic and diluted earnings per share in the same period in 2020. Net income was $8.2 million, or $0.05 per basic and diluted earnings per share for the six months ended June 30, 2021 compared to a net loss of $0.2 million, or $0.00 loss per basic and diluted earnings per share in the comparable period of 2020.
As of June 30, 2021, cash and cash equivalents were $45.1 million compared to $53.1 million as of December 31, 2020. In June 2021, Antares made a $15.0 million principal prepayment and reduced our loan balance with Hercules Capital to $25.0 million. The Company generated cash from operations of $8.4 million for the six months ended June 30, 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.
Webcast and Conference Call Information
The Antares management team will provide a Company update and review the second quarter and year-to-date financial results via conference call and webcast today, August 5, 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 3020992.
About Antares Pharma
Antares Pharma, Inc. is a specialty pharmaceutical company focused primarily on the development and commercialization of self-administered injectable pharmaceutical products using advanced drug delivery auto injector technology. 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 39% Year-Over-Year to $45.0 Million
Doubled Net Income to $4.4 Million, or $0.03 Per Basic and Diluted Earnings Per Share
EWING, N.J., Aug. 05, 2021 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ: ATRS) (“the Company”), a specialty pharmaceutical company, today reported financial and operating results for the second quarter ended June 30, 2021 with record revenue of $45.0 million and net income of $4.4 million, or $0.03 per basic and diluted earnings per share.
Robert F. Apple, President and Chief Executive Officer of Antares Pharma, commented, “We believe our strong second quarter performance highlights the growth opportunities that prevail across our diversified business. XYOSTED and Teva’s generic EpiPen continue to be the primary drivers of our 39% year-over-year revenue increase and we continue to expect our full year revenue guidance to be in the range of $175-200 million. As we look ahead, we expect the advancement of our proprietary pipeline as well as our partner’s programs to support our future growth. With the unveiling of ATRS-1902 as hydrocortisone with a new autoinjector platform for adrenal crisis rescue, we are eager to initiate the PK study following the FDA’s recent acceptance of our IND submission. With our Quickshot autoinjector, we are also excited for our partner Idorsia’s initiation of their global Phase 3 study for selatogrel as a heart attack rescue pen as well as the potential NDA filing of Pfizer’s undisclosed rescue pen in the second half of 2021. Overall, we believe the diversification of our business remains foundational to our ongoing success.”
Second Quarter 2021 and Recent Highlights
XYOSTED ® total prescriptions in the second quarter 2021 increased 50% year-over-year and 15% sequentially from first quarter 2021, according to IQVIA.
Teva’s generic EpiPen prescriptions increased 153% year-over-year, contributing to a 47% increase in EpiPen product and royalty revenue
Submitted the IND and received FDA acceptance for ATRS-1902 for adrenal crisis rescue
Partner Idorsia Ltd initiating global Phase 3 study with selatogrel for acute myocardial infarction
Completed $15.0 million principal pre-payment of Hercules term loan and reduced associated interest expense by $1.2 million annually
Second Quarter 2021 Financial Results
Total revenue generated from product sales, license and development activities and royalties was $45.0 million for the three months ended June 30, 2021, a 39% increase compared to $32.4 million in the same period in 2020. For the six months ended June 30, 2021, total revenue was $87.1 million, a 33% increase from $65.5 million for the comparable period in 2020.
Product sales were $27.9 million for the three months ended June 30, 2021, a 13% increase compared to $24.7 million for the same period in 2020. For the six months ended June 30, 2021, product sales were $57.0 million, a 10% increase from $51.8 million in the comparable period in 2020.
Sales of our proprietary products XYOSTED ® , OTREXUP ® and NOCDURNA ® generated revenue of $19.0 million and $37.7 million for the three and six months ended June 30, 2021, respectively, as compared to $14.8 million and $27.4 million for the three and six months ended June 30, 2020, respectively. The 28% and 37% increase in proprietary product sales for the three and six months ended June 30, 2021, respectively, compared to the same periods in 2020 were principally attributable to continued growth in prescriptions and sales of XYOSTED ® .
Partnered product sales were $9.0 million and $19.4 million for the three and six months ended June 30, 2021, respectively, as compared to $9.8 million and $24.4 million for the three and six months ended June 30, 2020, respectively. The net decrease in sales of partnered products for the second quarter and six months ended June 30, 2021 as compared to the same periods in 2020 is primarily attributable to a decrease in sales of sumatriptan to Teva and Makena ® autoinjectors to AMAG.
Licensing and development revenue was $7.2 million and $12.2 million for the three and six month ended June 30, 2021, respectively, as compared to $2.7 million and $4.4 million for the comparable periods in 2020, respectively. The increase in licensing and development revenue for the three and six months ended June 30, 2021 was primarily a result of incremental development and maintenance activities with Teva and our other ongoing partnered development projects.
Royalty revenue was $9.9 million for the three months ended June 30, 2021 compared to $5.0 million for the same period in 2020. For the six months ended June 30, 2021, royalty revenue was $17.9 million, as compared to $9.3 million for the same period in 2020. The net increase in royalty revenue in the three and six months ended June 30, 2021 was attributable to an increase in royalties from Teva on their net sales of generic EpiPen ® .
Research and development expenses were $4.0 million and $6.7 million for the three and six months ended June 30, 2021, respectively, as compared to $2.4 million and $5.4 million for the comparable periods in 2020, respectively. The increase in research and development costs incurred in 2021 as compared to 2020 was attributable to our ongoing internal development programs.
Selling, general and administrative expenses were $17.7 million and $35.3 million for the three and six months ended June 30, 2021, respectively, as compared to $14.4 million and $30.9 million for the comparable periods in 2020, respectively. The net increase in selling, general and administrative expenses for the three and six months ended June 30, 2021 was primarily due to an increase in sales and marketing expenses that had declined during the pandemic and incremental costs associated with NOCDURNA ® . General and administrative expenses increased due to increases in compensation and professional services.
Net income was $4.4 million, or $0.03 per basic and diluted earnings per share for the second quarter 2021, compared to $2.2 million, or $0.01 per basic and diluted earnings per share in the same period in 2020. Net income was $8.2 million, or $0.05 per basic and diluted earnings per share for the six months ended June 30, 2021 compared to a net loss of $0.2 million, or $0.00 loss per basic and diluted earnings per share in the comparable period of 2020.
As of June 30, 2021, cash and cash equivalents were $45.1 million compared to $53.1 million as of December 31, 2020. In June 2021, Antares made a $15.0 million principal prepayment and reduced our loan balance with Hercules Capital to $25.0 million. The Company generated cash from operations of $8.4 million for the six months ended June 30, 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.
Webcast and Conference Call Information
The Antares management team will provide a Company update and review the second quarter and year-to-date financial results via conference call and webcast today, August 5, 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 3020992.
About Antares Pharma
Antares Pharma, Inc. is a specialty pharmaceutical company focused primarily on the development and commercialization of self-administered injectable pharmaceutical products using advanced drug delivery auto injector technology. 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.