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MARKETS LIVE BLOG:

STOCKS EXTEND GAINS AS RESULTS SEASON KICKS INTO HIGH GEAR

Tech-focused investors prepare for fresh wave of earnings highlighted by struggling Tesla

BioDelivery (BDSI) Q1 Earnings and Sales Beat Estimates

Zacks Equity Research
Updated

BioDelivery Sciences International, Inc. BDSI reported a loss of 18 cents per share for first-quarter 2018, which was narrower than the Zacks Consensus Estimate of a loss of 23 cents. However, in the year-ago quarter the company had recorded earnings of 87 cents per share.

BioDelivery’s shares have underperformed the industry this year so far. The stock has declined 40.7% during the period compared with an 11.4% decrease for the industry.

Revenues were $11.3 million in the reported quarter, down 61.7% from the year-ago period. The top line beat the Zacks Consensus Estimate of $10.78 million by a slight margin.

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The year-over-year decline in revenues was mainly due to the recognition of deferred revenues associated with the termination of a license agreement for Belbuca with Endo Pharmaceuticals, a subsidiary of Endo International Plc ENDP.

We remind investors that BioDelivery reacquired the worldwide rights to Belbuca in January 2017 from Endo. As a result of this reacquisition, the company started registering product revenues for Belbuca against royalties recorded previously.

Excluding the deferred revenues, total sales rose 9% year over year.

Quarter in Detail

BioDelivery’s opioid-dependence drug, Bunavail, recorded $1.8 million sales in the quarter, down 43.8% year over year. However, revenues from the drug rose 5.9% sequentially.

BioDelivery’s second marketed drug, Belbuca, for chronic pain, generated revenues of $8.0 million in the quarter, down 14.9% from the previous quarter. Sales rose 76% year over year.

Prescription volume for Belbuca expanded 9% sequentially and 55% year over year supported by improved managed care coverage and expansion of sales force. In the quarter, BioDelivery signed new contracts with Humana, ProCareRx, and CVS/Caremark and improved coverage with UnitedHealthcare.

In the month of March, the company recorded an all-time high in prescription volumes to more than 10,000 prescriptions. This marked an increase of nearly 20% from the previous high reached in January. Management seems confident that Belbuca will witness continued strong growth in 2018.

Belbuca was made commercially available in Canada by BioDelivery’s partner Purdue Pharma for severe pain in January 2018, which can drive sales further in the future quarters.

Research and development expenses declined 7% from the year-ago period to $2.48 million. Selling, general and administrative expenses rose 1.9% year over year to $13.5 million in the quarter.

Other Updates

Earlier this week, BioDelivery Sciences announced the appointment of Herm Cukier as its new chief operating officer. Cukier was until now serving as the senior vice president at Allergan AGN.

In February, BioDelivery entered into a settlement agreement with Teva Pharmaceuticals TEVA, resolving its Belbuca patent litigation. Pursuant to this non-exclusive license agreement, Teva will now be permitted to begin selling its generic version of Belbuca in the United States on Jul 23, 2027 or earlier under certain circumstances.

 

BioDelivery Sciences International, Inc. Price, Consensus and EPS Surprise

 

BioDelivery Sciences International, Inc. Price, Consensus and EPS Surprise | BioDelivery Sciences International, Inc. Quote

 

BioDelivery currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Allergan plc (AGN) : Free Stock Analysis Report
 
BioDelivery Sciences International, Inc. (BDSI) : Free Stock Analysis Report
 
Endo International plc (ENDP) : Free Stock Analysis Report
 
Teva Pharmaceutical Industries Ltd. (TEVA) : Free Stock Analysis Report
 
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