Antares Pharma Announces Full-Year 2020 Net Revenue Guidance Range of $135 to $155 Million
January 27 2020 - 7:00AM
Antares Pharma, Inc. (NASDAQ: ATRS) (The Company) today announced
2020 full-year net revenue guidance of $135 to $155 million, which
includes a range of potential revenue scenarios for AMAG’s
Makena. In addition, the Company also announced that
full-year 2019 revenue is expected to be at the upper end or exceed
our revenue guidance of $115 to $120 million.
Robert F. Apple, President and Chief Executive
Officer of the Company, stated, “We are extremely pleased with the
significant commercial progress we made last year driven primarily
by increased prescriptions for XYOSTED along with strong and
growing demand for Teva’s generic epipen. As a result, we
believe 2019 full-year reported revenue will be at the upper end or
exceed our guidance range of $115 to $120 million.” He
continued, “As we look ahead to 2020, we expect continued strong
prescription growth for XYOSTED with managed care contracts in
place covering in excess of 70 percent of all commercial
lives. In addition, we anticipate supplying Teva with
additional generic epipen devices this year as Teva continues to
grow share in the epipen market with recent weekly prescription
share as high as 45 percent. Finally, we anticipate increased
contributions from development revenue resulting from the Pfizer
and Idorsia collaborations. Therefore, we believe 2020
full-year revenue will be in a range of $135 to $155 million, which
potentially represents more than a 20 percent increase in top-line
growth at the mid-point of the range.”
About Antares Pharma
Antares Pharma, Inc. is a combination drug
device company focused primarily on the development and
commercialization of self-administered parenteral 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,
Inc. (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd.
(Idorsia). Antares Pharma’s proprietary products include
XYOSTED® (testosterone enanthate) injection, OTREXUP®
(methotrexate) injection for subcutaneous use and Sumatriptan
Injection USP, which is distributed by Teva.
SAFE HARBOR STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are subject to certain risks
and uncertainties that can cause actual results to differ
materially from those described. Factors that may cause such
differences include, but are not limited to: achievement of the
Company’s 2020 and 2019 revenue guidance; market acceptance,
adequate reimbursement coverage and commercial success of XYOSTED®
and future revenue from the same; successful development including
the timing and results of the clinical bridging and Phase 3
clinical trial of the drug device combination product for
Selatogrel with Idorsia Pharmaceuticals and FDA and global
regulatory approvals and future revenue from the same; market
acceptance of Teva’s generic epinephrine auto-injector product and
future revenue from the same; our expectations regarding whether
the FDA will pursue withdrawal of approval for AMAG Pharmaceuticals
Inc.’s Makena® subcutaneous auto injector following the recent FDA
advisory committee meeting and future prescriptions, market
acceptance and revenue from Makena® subcutaneous auto injector;
Teva’s ability to successfully commercialize VIBEX® Sumatriptan
Injection USP and the amount of revenue from the same; continued
growth of prescriptions and sales of OTREXUP®; the timing and
results of the Company’s or its partners’ research projects or
clinical trials of product candidates in development; actions
by the FDA or other regulatory agencies with respect to the
Company’s products or product candidates of its partners; continued
growth in product, development, licensing and royalty revenue; the
Company’s ability to meet loan extension and interest only payment
milestones and the ability to repay the debt obligation to Hercules
Capital; the Company’s ability to obtain financial and other
resources for its research, development, clinical, and commercial
activities and other statements regarding matters that are not
historical facts, and involve predictions. These statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results, performance, achievements or prospects to be
materially different from any future results, performance,
achievements or prospects expressed in or implied by such
forward-looking statements. In some cases you can identify
forward-looking statements by terminology such as ''may'',
''will'', ''should'', ''would'', ''expect'', ''intend'', ''plan'',
''anticipate'', ''believe'', ''estimate'', ''predict'',
''potential'', ''seem'', ''seek'', ''future'', ''continue'', or
''appear'' or the negative of these terms or similar expressions,
although not all forward-looking statements contain these
identifying words. Additional information concerning these and
other factors that may cause actual results to differ materially
from those anticipated in the forward-looking statements is
contained in the "Risk Factors" section of the Company's Annual
Report on Form 10-K, and in the Company's other periodic reports
and filings with the Securities and Exchange Commission. The
Company cautions investors not to place undue reliance on the
forward-looking statements contained in this press release. All
forward-looking statements are based on information currently
available to the Company on the date hereof, and the Company
undertakes no obligation to revise or update these forward-looking
statements to reflect events or circumstances after the date of
this press release, except as required by law.
Investor Contacts:
Jack HowarthVice President, Corporate
Affairs(609) 359-3016jhowarth@antarespharma.com
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