Post by icemandios on Nov 4, 2021 12:37:29 GMT
Antares Pharma Reports Third Quarter 2021 Financial and Operating Results
Increased Revenue 20% Year-Over-Year to $48.2 Million
Net Income of $5.4 Million, or $0.03 Per Basic and Diluted Earnings Per Share
EWING, N.J., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ: ATRS) (the “Company”), a specialty pharmaceutical company, today reported financial and operating results for the third quarter ended September 30, 2021 with record revenue of $48.2 million and net income of $5.4 million, or $0.03 per basic and diluted earnings per share.
Robert F. Apple, President and Chief Executive Officer of Antares Pharma, commented, “Our third quarter financial and operating results are illustrative of the strong execution that we continue to deliver across our diversified business. While XYOSTED and Teva’s generic EpiPen remain the chief drivers of the 20% revenue growth this quarter, we also advanced our corporate development initiatives and internal R&D programs that we believe will be drivers of our future growth trajectory.
The recent signing of the license agreement for TLANDO, a twice daily oral formulation of testosterone tentatively approved by the FDA will expand our commercial portfolio and leverage our proven commercial organization that has strong physician relationships and clinical acumen in the large and growing testosterone replacement therapy market. We anticipate launching this exciting new oral product in the second quarter of 2022. Additionally, the initiation of the Phase I study for ATRS-1902 for adrenal crisis rescue should also further highlight our commitment to the endocrinology therapeutic area and enhances our proprietary pipeline.”
“With these accomplishments, we have updated our full year 2021 revenue guidance range to $180-190 million, representing 20-27% year-over-year growth. As we look ahead, our balance sheet continues to strengthen with our cash generation and provides a stronger foundation for additional growth opportunities. Furthermore, we expect our partners to continue to advance their development programs that will further enhance our overall future growth,” concluded Mr. Apple.
Third Quarter 2021 and Recent Highlights
XYOSTED ® total prescriptions in the third quarter 2021 increased 40% year-over-year, according to IQVIA.
Teva’s generic EpiPen prescriptions in the third quarter 2021 increased 91% year-over-year, contributing to a 97% increase in EpiPen royalty revenue
Entered into an exclusive U.S. license agreement for TLANDO ® (testosterone undecanoate), a twice daily oral formulation of testosterone
Initiated the Phase I study for ATRS-1902 for adrenal crisis rescue
Replaced $20.0 million Hercules Capital term loan with a Wells Fargo credit facility and reduced associated interest expense by approximately $1.2 million annually
Appointed seasoned healthcare executive Carmen Volkart to the Board of Directors
Financial Tables
Increased Revenue 20% Year-Over-Year to $48.2 Million
Net Income of $5.4 Million, or $0.03 Per Basic and Diluted Earnings Per Share
EWING, N.J., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ: ATRS) (the “Company”), a specialty pharmaceutical company, today reported financial and operating results for the third quarter ended September 30, 2021 with record revenue of $48.2 million and net income of $5.4 million, or $0.03 per basic and diluted earnings per share.
Robert F. Apple, President and Chief Executive Officer of Antares Pharma, commented, “Our third quarter financial and operating results are illustrative of the strong execution that we continue to deliver across our diversified business. While XYOSTED and Teva’s generic EpiPen remain the chief drivers of the 20% revenue growth this quarter, we also advanced our corporate development initiatives and internal R&D programs that we believe will be drivers of our future growth trajectory.
The recent signing of the license agreement for TLANDO, a twice daily oral formulation of testosterone tentatively approved by the FDA will expand our commercial portfolio and leverage our proven commercial organization that has strong physician relationships and clinical acumen in the large and growing testosterone replacement therapy market. We anticipate launching this exciting new oral product in the second quarter of 2022. Additionally, the initiation of the Phase I study for ATRS-1902 for adrenal crisis rescue should also further highlight our commitment to the endocrinology therapeutic area and enhances our proprietary pipeline.”
“With these accomplishments, we have updated our full year 2021 revenue guidance range to $180-190 million, representing 20-27% year-over-year growth. As we look ahead, our balance sheet continues to strengthen with our cash generation and provides a stronger foundation for additional growth opportunities. Furthermore, we expect our partners to continue to advance their development programs that will further enhance our overall future growth,” concluded Mr. Apple.
Third Quarter 2021 and Recent Highlights
XYOSTED ® total prescriptions in the third quarter 2021 increased 40% year-over-year, according to IQVIA.
Teva’s generic EpiPen prescriptions in the third quarter 2021 increased 91% year-over-year, contributing to a 97% increase in EpiPen royalty revenue
Entered into an exclusive U.S. license agreement for TLANDO ® (testosterone undecanoate), a twice daily oral formulation of testosterone
Initiated the Phase I study for ATRS-1902 for adrenal crisis rescue
Replaced $20.0 million Hercules Capital term loan with a Wells Fargo credit facility and reduced associated interest expense by approximately $1.2 million annually
Appointed seasoned healthcare executive Carmen Volkart to the Board of Directors
Financial Tables
