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.
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: the Company’s ability to achieve
the 2021 full-year revenue guidance; the uncertainty regarding the
ongoing COVID-19 pandemic, including new strains of the virus, and
the mitigation measures and other restrictions implemented in
response to the same and the impact on demand for our products, new
patients and prescriptions, future revenue, product supply,
clinical trials, and our overall business, operating results and
financial condition; commercial success
of XYOSTED® and
future revenue from the same; market acceptance of
Teva’s generic epinephrine auto-injector product and future revenue
from the same; future prescriptions and sales of
OTREXUP®; successful
commercialization of NOCDURNA® in
the U.S. and market acceptance and future revenue from the
same; whether the FDA will withdraw marketing
approval for AMAG Pharmaceuticals’
Makena® subcutaneous auto
injector following the FDA letter seeking withdrawal, whether AMAG
will be granted an appeal hearing and if granted, whether
Makena® will be successful
and future prescriptions, market acceptance and
revenue from the same; Teva’s ability to successfully commercialize
VIBEX® Sumatriptan Injection USP
and the amount of revenue from the same; Teva’s ability to
successfully commercialize generic teriparatide in Europe, Canada
and Israel and future revenue from the same, successful development
including the timing and results of the 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; FDA approval of Teva’s pending ANDAs for
both generic Forteo® and
Byetta® and future revenue from
the same; the timing and results of the Company’s or its partners’
research projects or clinical trials of product candidates in
development including the Company’s endocrinology
and urology assets in development as well as
Pfizer’s undisclosed development product; 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.
Contact:Tram BuiVice President,
Corporate Communications and Investor
Relations609-359-3016tbui@antarespharma.com
TABLES FOLLOW
ANTARES PHARMA,
INC.Table 1 - CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS(amounts in thousands except per share
amounts)(unaudited)
|
|
Three Months Ended |
|
|
|
|
|
|
|
March 31, |
|
|
Increase |
|
|
|
2021 |
|
|
2020 |
|
|
(Decrease) |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product sales |
|
$ |
29,135 |
|
|
$ |
27,097 |
|
|
8% |
|
Development and licensing revenue |
|
|
4,984 |
|
|
|
1,755 |
|
|
184% |
|
Royalties |
|
|
7,964 |
|
|
|
4,227 |
|
|
88% |
|
Total revenue |
|
|
42,083 |
|
|
|
33,079 |
|
|
27% |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of product sales |
|
|
12,498 |
|
|
|
14,014 |
|
|
(11)% |
|
Cost of development revenue |
|
|
3,947 |
|
|
|
1,033 |
|
|
282% |
|
Research and development |
|
|
2,640 |
|
|
|
2,981 |
|
|
(11)% |
|
Selling, general and administrative |
|
|
17,607 |
|
|
|
16,422 |
|
|
7% |
|
Total operating expenses |
|
|
36,692 |
|
|
|
34,450 |
|
|
7% |
|
Operating income (loss) |
|
|
5,391 |
|
|
|
(1,371 |
) |
|
** |
|
Other expense |
|
|
(1,008 |
) |
|
|
(985 |
) |
|
2% |
|
Net income (loss) before income
taxes |
|
|
4,383 |
|
|
|
(2,356 |
) |
|
** |
|
Income tax expense |
|
|
(590 |
) |
|
|
— |
|
|
** |
|
Net income (loss) |
|
$ |
3,793 |
|
|
$ |
(2,356 |
) |
|
** |
|
Net income (loss) per common
share, basic |
|
$ |
0.02 |
|
|
$ |
(0.01 |
) |
|
|
|
|
Net income (loss) per common
share, diluted |
|
$ |
0.02 |
|
|
$ |
(0.01 |
) |
|
|
|
|
Basic weighted average common
shares outstanding |
|
|
167,822 |
|
|
|
165,429 |
|
|
|
|
|
Diluted weighted average common
shares outstanding |
|
|
174,908 |
|
|
|
165,429 |
|
|
|
|
|
ANTARES PHARMA,
INC.Table 2 – CONSOLIDATED REVENUE
DETAILS(amounts in
thousands)(unaudited)
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
Proprietary product sales: |
|
|
|
|
|
|
|
|
|
XYOSTED® |
|
$ |
14,389 |
|
|
$ |
9,003 |
|
|
OTREXUP® |
|
|
3,567 |
|
|
|
3,563 |
|
|
NOCDURNA® |
|
|
776 |
|
|
|
— |
|
|
Total proprietary product
sales |
|
|
18,732 |
|
|
|
12,566 |
|
|
Partnered product sales |
|
|
10,403 |
|
|
|
14,531 |
|
|
Total product sales |
|
|
29,135 |
|
|
|
27,097 |
|
|
Development and licensing
revenue |
|
|
4,984 |
|
|
|
1,755 |
|
|
Royalties |
|
|
7,964 |
|
|
|
4,227 |
|
|
Total revenue |
|
$ |
42,083 |
|
|
$ |
33,079 |
|
|
ANTARES PHARMA,
INC.Table 3 – CONSOLIDATED CONDENSED BALANCE
SHEETS(amounts in
thousands)(unaudited)
|
|
March 31, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
55,652 |
|
|
$ |
53,137 |
|
Accounts receivable |
|
|
42,940 |
|
|
|
42,221 |
|
Inventories |
|
|
19,614 |
|
|
|
18,216 |
|
Contract assets |
|
|
10,960 |
|
|
|
8,140 |
|
Prepaids and other current
assets |
|
|
4,352 |
|
|
|
4,877 |
|
Property and equipment, net |
|
|
24,276 |
|
|
|
24,020 |
|
Deferred tax assets |
|
|
46,392 |
|
|
|
46,982 |
|
Other assets |
|
|
14,271 |
|
|
|
14,938 |
|
Total Assets |
|
$ |
218,457 |
|
|
$ |
212,531 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses |
|
$ |
44,314 |
|
|
$ |
43,032 |
|
Long-term debt |
|
|
41,025 |
|
|
|
40,899 |
|
Other liabilities |
|
|
6,893 |
|
|
|
9,485 |
|
Stockholders’ equity |
|
|
126,225 |
|
|
|
119,115 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
218,457 |
|
|
$ |
212,531 |
|
|
|
|
|
|
|
|
|
|
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