BioDelivery Sciences Reports Mixed Q2 Earnings, Sees FY21 Belbuca Sales At Lower End Of Guidance Range

BioDelivery Sciences Reports Mixed Q2 Earnings, Sees FY21 Belbuca Sales At Lower End Of Guidance Range
  • BioDelivery Sciences International Inc BDSI has reported Q2 sales of $41.4 million, + 13.3% Y/Y, missing the consensus of $42.4 million. 
  • Sales growth was driven by all-time high Belbuca sales of $36.5 million, +13% Y/Y, and Symproic sales of $4 million, up 18% Y/Y.
  • Belbuca prescriptions were approximately 119,000, representing a prescription volume growth of 11% Y/Y.
  • Symproic prescriptions increased 3% to approximately 18,000.
  • The gross margin of 89.7% improved from 85.1% reported a year ago. EBITDA margin increased from 14% to 32%.
  • Adjusted EPS of $0.12 came in above the estimate of $0.05 and higher than $0.10 a year ago.
  • BioDelivery also agreed to acquire the U.S. and Canadian rights to migraine treatment, Elyxyb (celecoxib oral solution) from Dr. Reddy's Laboratories Ltd RDY.
  • BioDelivery will pay $6 million upfront, plus an additional $9 million on August 3, 2022. BDSI will make tiered quarterly earn-out payments on potential net sales ranging from the high single digits to the low double digits. 
  • Cash and cash equivalents held were approximately $119.9 million.
  • Outlook: BDSI reiterated its full-year 2021 financial guidance, with sales of $170 million - $180 million, including Belbuca sales of $155 million - $165 million. 
  • However, due to a slower than anticipated rebound in the chronic pain selling environment associated with the COVID-19 pandemic, the Company expects Belbuca sales to be at the lower end of its prior guidance range. 
  • Additionally, EBITDA remains on track to be in the $40 million - $50 million.
  • Price Action: BDSI shares are down 3.13% at $3.78 during the market session on the last check Wednesday.

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