Eagle Pharmaceuticals In-Licenses US Rights For Emergency Hospital Product, Q2 Earnings Beat Consensus

  • Eagle Pharmaceuticals Inc EGRX has entered into a licensing agreement with AOP Orphan Pharmaceuticals GmbH for the commercial rights to its product, Landiolol, in the U.S. 
  • Landiolol, a hospital emergency use product, is approved in Europe to treat non-compensatory sinus tachycardia and tachycardic supraventricular arrhythmias. 
  • Eagle will support the submission of marketing to the FDA seeking approval for Landiolol for the short-term reduction of ventricular rate in patients with supraventricular tachycardia, including atrial fibrillation and atrial flutter.
  • Landiolol is a short-acting, ultra-high selective beta-1 adrenoceptor blocker developed by AOP Orphan. 
  • Under the agreement terms, Eagle will make an upfront payment of $5 million, followed by additional payments upon regulatory approval(s) and based upon commercial sales. 
  • EGRX has reported Q2 revenue of $48.1 million, +14.8%, beating the consensus of $45.86 million.
  • The increase primarily reflects higher product sales of Belrapzo and Ryanodex, partially offset by lower product sales of Bendeka.
  • Q2 adjusted EPS of $0.95 surpassed the consensus of $0.80.
  • As of June 30, 2021, Eagle held $108.7 million in cash and cash equivalents plus $52.7 million in net accounts receivable. The Company had $30 million in outstanding debt.
  • Eagle expects approximately $20 million - $25 million from combined royalty and milestone revenue next year for Treakisym (bendamustine) if Treakisym RI formulation is approved.
  • Price Action: EGRX shares are up 4.54% at $47.85 during the market session on the last check Monday.

Posted In: BriefsBiotechEarningsLong IdeasNewsGuidanceHealth CareContractsSmall CapMoversTrading IdeasGeneral

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