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The Daily Biotech Pulse: Merck Earnings, Positive Relaunch Of Titan's Opioid Disorder Treatment Implant

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The Daily Biotech Pulse: Merck Earnings, Positive Relaunch Of  Titan's Opioid Disorder Treatment Implant

Here's a roundup of top developments in the biotech space over the last 24 hours.

Scaling The Peaks

(Biotech stocks hitting 52-week highs on Jan. 31)

  • BioDelivery Sciences International, Inc. (NASDAQ: BDSI)
  • Eli Lilly And Co (NYSE: LLY)(announced FDA approval for a new indication of its Alimyta in combination with Keytruda for first-line treatment of patients with metastatic non-squamous non-small cell lung cancer with no EGFR or ALK genomic tumor aberrations)
  • EXACT Sciences Corporation (NASDAQ: EXAS)
  • Loxo Oncology Inc (NASDAQ: LOXO)
  • Regeneron Pharmaceuticals Inc (NASDAQ: REGN)
  • Veracyte Inc (NASDAQ: VCYT)

Down In The Dumps

(Biotech stocks hitting 52-week lows on Jan. 31)

  • AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO)( announced that it will not submit a NDA for tivozanib with the preliminary overall survival results from the Phase 3 TIVO-3 trial)
  • Corcept Therapeutics Incorporated (NASDAQ: CORT)
  • Neon Therapeutics Inc (NASDAQ: NTGN)
  • Pulmatrix Inc (NASDAQ: PULM)
  • Xeris Pharmaceuticals Inc (NASDAQ: XERS)

Stock In Focus

Corcept Forecast Q4 Revenue Shortfall

Corcept released preliminary Q4 results, expecting revenues of $66.8 million, up 25 percent year-over-year. Revenues for the full year is expected to climb 58 percent to $251.2 million. Analysts, on average, expect Q4 revenues of $70.42 million and FY18 revenues of $254.84 million. The company guided FY19 revenues to $285 million to $315 million, also below the consensus estimate of $320.19 million.

The stock slid 3.40 percent to $10.80 in after-hours trading.

Inspire Medical's Sleep Apnea Treatment Device Gets Additional Positive Coverage

Inspire Medical Systems Inc (NYSE: INSP) said the Blue Cross Blue Shield of North Carolina, or BCBSNC, has issued a positive coverage policy of Inspire therapy – the third coverage issued by a Blue Cross Blue Shield Association, or BCBSA. The BCBSNC is the largest insurer in North Carolina, covering about 3.9 million members.

Inspire Therapy, a FDA-approved implantable upper airway stimulation device, is a treatment option for obstructive sleep apnea.

The stock rose 2 percent to $54.70 in after-hours trading.

Edward Lifesciences Reports Mixed Q4 Results, Q1 Guidance

Edwards Lifesciences Corp (NYSE: EW) reported Q4 adjusted EPS of $1.17, up 25 percent year-over-year, and sales rose 10 percent to $978 million. The earnings were in line and sales exceeded estimates. The company maintained its FY19 sales guidance as well as adjusted EPS of $5.05-$5.30, in line with the $5.21 consensus estimate. The company guided Q1 adjusted EPS of $1.15-$1.25 on sales of $950 million to $1.01 billion. The Q1 EPS guidance trailed expectations.

The stock fell 1.33 percent to $168.16 in after-hours trading.

Titan Pharma Reports Positive Sales Offtake of Implant to Treat Opioid Use Disorder

Titan Pharmaceuticals, Inc. common stock (NASDAQ: TTNP) issued an update on the U.S. commercial launch of Probuphine implant, its 6-month treatment for opioid use disorder. Among the preparatory steps, the company said it has completed its planned transition from Braeburn Pharma, recruited personnel for marketing in all geographies, hired a PR firm for rebranding the implant, re-engaged with healthcare officials who has previously treated patients with Probuphine, among other things.

These accomplishments, according to the company, has led to a double-digit increase in total product shipments since mid-June 2018, the period when it assumed responsibility of Probuphine sales.

The stock soared 44.72 percent to $1.78 in after-hours trading.

On The Radar

Earnings

Merck & Co., Inc. (NYSE: MRK) Q4 EPS $1.04, Inline, Sales $10.998B Beat $10.96B Estimate

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