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. BDSI
• Eli Lilly And Co 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 EXAS
• Loxo Oncology Inc LOXO
• Regeneron Pharmaceuticals Inc REGN
• Veracyte Inc VCYT

Down In The Dumps

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

• AVEO Pharmaceuticals, Inc. 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 CORT
• Neon Therapeutics Inc NTGN
• Pulmatrix Inc PULM
• Xeris Pharmaceuticals Inc 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 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 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 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. MRK Q4 EPS $1.04, Inline, Sales $10.998B Beat $10.96B Estimate

Related Links:

After Axsome's Triple-Digit Gains, Is There Room For Further Upside?

A Wild 24 Hours For Co-Diagnostics