Eagle Pharmaceuticals Reports Fourth Quarter and Full Year 2020 Results and Provides Pipeline Review
Eagle Pharmaceuticals, Inc. (Nasdaq: EGRX) (“Eagle” or the “Company”) today announced financial results for the three and twelve months ended December 31, 2020, and reviewed key pipeline programs.
Business and Recent Highlights:
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Posted strong year-over-year adjusted non-GAAP earnings growth of
36% ; - Received a complete response letter (“CRL”) from U.S. Food and Drug Administration (“FDA”) for its Abbreviated New Drug Application (“ANDA”) for vasopressin. Eagle had a post-CRL meeting with FDA late last week and believes it has clear agreement on how to proceed. As previously disclosed, FDA restated that it has prioritized Eagle’s ANDA, and it is also flagged as a COVID priority. Eagle plans to re-submit its ANDA by mid-year. The patent trial against Endo Par Innovation Company, LLC was postponed and is now scheduled to begin on July 7, 2021; the Company believes it will have 180 days of exclusivity.
- Added four experienced pharmaceutical industry executives to clinical, formulations and commercial leadership teams as follows: Judith (“Judi”) Ng-Cashin, M.D., is EVP and Chief Medical Officer; John Kimmet, is EVP, Oncology and Acute Care Marketing; Valentin R. Curt, M.D., is SVP, Clinical Drug Development; and Gaozhong Zhu, Ph.D., is SVP, Pharmaceutical Development, and
- Continued productive engagement with FDA for EA-114, the Company’s fulvestrant product candidate. The Company now has agreement for the clinical design and study endpoints, and following additional formulation work, intends to begin a clinical trial in patients.
Financial Highlights
Fourth Quarter 2020
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Total revenue for Q4 2020 was
$49.9 million , compared to$48.3 million in Q4 2019, primarily reflecting increased product sales of Ryanodex and Belrapzo. -
Q4 2020 net income was
$8.1 million , or$0.62 per basic and$0.60 per diluted share, compared to net income of$1.0 million , or$0.07 per basic and diluted share in Q4 2019. -
Q4 2020 adjusted non-GAAP net income was
$12.8 million , or$0.98 per basic and$0.96 per diluted share, compared to adjusted non-GAAP net income of$6.7 million , or$0.49 per basic and$0.48 per diluted share, in Q4 2019. -
Cash and cash equivalents were
$103.2 million , net accounts receivable was$51.1 million , and debt was$34 million as of December 31, 2020.
Full Year 2020
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Total revenue for the 12 months ended December 31, 2020 was
$187.8 million , compared to$195.9 million in 2019. 2020 included a$5.0 million milestone from SymBio for regulatory approval of Treakisym ready-to-dilute (250 ml) liquid bendamustine formulation. -
2020 net income was
$12.0 million , or$0.89 per basic and$0.87 per diluted share, compared to net income of$14.3 million , or$1.04 per basic and$1.01 per diluted share in 2019. -
2020 adjusted non-GAAP net income was
$48.7 million , or$3.62 per basic and$3.54 per diluted share, compared to adjusted non-GAAP net income of$36.9 million , or$2.68 per basic and$2.61 per diluted share in 2019. -
From August 2016 through December 31, 2020, Eagle has repurchased
$206.9 million of its common stock.
“2020 proved to be a strong earnings year for Eagle, with
“Looking ahead, we have our exclusive Pemfexy launch in February 2022 and SymBio sales ramping in Japan. At the same time, we will continue pursuing both organic and inorganic opportunities that will deliver growth for many years to come,” concluded Tarriff.
Fourth Quarter 2020 Financial Results
Total revenue for the three months ended December 31, 2020 was
Q4 2020 BELRAPZO product sales were
Q4 2020 RYANODEX product sales were
Royalty revenue was
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Three Months Ended December 31, |
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2020 |
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Eagle Pharmaceuticals, Inc.
NASDAQ:EGRXEGRX RankingsEGRX Latest NewsEGRX Stock Data
58.83M
10.39M
12.02%
87.17%
9.33%
Pharmaceutical Preparation Manufacturing
Manufacturing
United States of America
WOODCLIFF LAKE
About EGRXspecialty pharmaceutical company
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