$EGRX reports strong financials with organic growth and increased market share
Mar 13th 2023, 11:29 am
Analyst Summary: Eagle Pharmaceuticals reported strong financial results for Q4 2022 and full year 2022 with total revenues of $60.7 million and $316.6 million, respectively. Net income for Q4 2022 was $0.63 per basic and $0.62 per diluted share, and the adjusted non-GAAP net income was $1.11 per basic and $1.10 per diluted share. For the full year, net income was $2.76 per basic and $2.73 per diluted share, while the adjusted non-GAAP net income was $7.87 per basic and $7.79 per diluted share. Scott Tarriff, the President and Chief Executive Officer of Eagle Pharmaceuticals, noted that the 2022 results were achieved almost entirely through organic growth. Eagle expects to double its market share of PEMFEXY in community oncology from 6% to approximately 12% by the end of Q1 2023, having already captured a 10% share through February 2023. The company anticipates growth in Barhemsys and Byfavo, managing the U.S. development of ENA-001, advancing pipeline programs for CAL02 and landiolol, and remaining open to acquisition opportunities. Eagle Pharmaceuticals' cash and cash equivalents stood at $55.3 million as of December 31, 2022, improving its financial flexibility. The company received several FDA approvals and reached a settlement agreement with Accord Healthcare, Inc. related to BENDEKA (bendamustine hydrochloride).