Endo International (ENDP) Long Soon with caution anticipation

2019年11月16日

Endo International
(ENDP)
NASDAQ:ENDP

S1 : 2,790
S2 : 4,450
R1: 6.49
R2: 9.43
TP1: 23,54

Shares of BioDelivery Sciences International, Inc. BDSI increased 2.6% on Nov 13 after it released better-than-expected third-quarter 2019 results on Tuesday. The company recorded adjusted earnings of 3 cents per share for third-quarter 2019, which beat Zacks Consensus Estimate of loss of a cent. In the year-ago quarter, the company had incurred an adjusted loss of 10 cents per share.

Revenues totaled $30.3 million, up 114% from the year-ago period and 2% sequentially. The uptick was mainly driven by higher sales of Belbuca and the addition of Symproic tablets to its portfolio. The company added Symproic to its portfolio by acquiring U.S. commercial rights to the drug from Japanese pharma company, Shionogi.

Sales also outpaced the Zacks Consensus Estimate of $29 million.

So far this year, shares of BioDelivery have surged 62.2% compared with the industry’s 1.4% growth.


Quarter in Detail

BioDelivery’s marketed portfolio includes three drugs — Belbuca for chronic pain, Bunavail for treating opioid dependence and Symproic for opioid-induced constipation. Net product sales grew 115% year over year to $29.6 million.

Belbuca, generated revenues of $26.5 million in the quarter, up 10% sequentially. On a year-over-year basis, the top line soared 115%. Sales of the drug have witnessed a strong uptrend since 2018. Notably, the company re-acquired worldwide rights to the drug in early 2017 from Endo International ENDP.

BioDelivery recorded Belbuca prescriptions of more than 89,600 for the quarter. This was the highest ever for any three-month period. Additionally, the drug achieved record year-over-year prescription volume growth of more than 45,000 during the quarter.

Symproic sales in the third quarter were$2.2 million. The third quarter was the first full quarter of commercialization following the acquisition of the product. Total Symproic prescriptions during the quarter were 15,686, which reached an all-time high and represented more than 39% growth from the prior-year period.

Sales of Bunavail, indicated for the treatment of opioid dependence, were $0.9 million in the third quarter, reflecting a decline of 35.7% year over year.

2019 Guidance

BioDelivery raised its 2019 guidance for total revenues to $105-$110 million from $101-$105 million predicted earlier. This upside can be attributed to the strong demand for Belbuca and positive indicators of growth for Symproic. The Zacks Consensus Estimate for sales stands at $108.61 million.

2020 Guidance

The company provided full-year 2020 Belbuca net sales expectations of $150-$160 million and total company net sales expectations of $165-$175 million. The Zacks Consensus Estimate stands at $151.23 million.