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BioDelivery (BDSI) Q3 Earnings Beat, Sales In Line, Stock Up

Zacks Equity Research
Updated

BioDelivery Sciences International, Inc. BDSI shares were up 2.4% on Nov 9 as earnings beat estimates and encouraging sales guidance. The company reported a loss of 10 cents per share for third-quarter 2018, which was narrower than the Zacks Consensus Estimate of a loss of 14 cents. In the year-ago quarter, the company had recorded a loss of 21 cents per share.

Shares of the company have gained 28.1% so far this year against the industry’s 16.6% decrease.

 

 

Revenues increased 25.8% from the year-ago period and 16% sequentially. The increase in sales was mainly driven by strong demand for Belbuca. The top line was almost in line with the Zacks Consensus Estimate of $14 million.

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The company reacquired worldwide rights to Belbuca in early 2017 from Endo International Plc ENDP.

Quarter in Detail

BioDelivery’s chronic pain drug, Belbuca, continued its growth trend in the third quarter. The drug generated revenues of $12.4 million in the quarter, surging 92% year over year. Sales rose 27% sequentially.

During the quarter, the company recorded an all-time high in prescription volumes to almost 44,180 prescriptions for Belbuca. Prescription volume for Belbuca expanded 25% sequentially and 95% year over year. The strong growth was supported by improved preferred coverage with leading pharmacy benefit manager, Express Scripts ESRX, adding the drug to its national preferred formulary list and expansion of sales force. The company has brought 100 million patients under preferred coverage so far this year, having started the year with 7 million.

The company added approximately 900 new patients to Belbuca treatment during the quarter, in-line with second-quarter 2018. Management seems confident about Belbuca’s continued strong performance in the fourth quarter of 2018.

Moreover, the settlement of the patent litigation with Teva Pharmaceuticals TEVA in February will keep generic competition at bay till mid-2027.

Research and development expenses declined 64.8% from the year-ago period to $0.7 million. Selling, general and administrative expenses fell 9.3% year over year to $13.5 million in the quarter.

2018 Guidance

The company guided total revenues to be at the higher end of its previously issued range of $50 million to $52 million for 2018. The company also expects Belbuca sales at the higher end of previously estimated full-year sales outlook of $41 million-$43 million. In the third-quarter earnings release, the company stated that it anticipates total and Belbuca revenues to be toward the upper end of the guidance.

The Zacks Consensus Estimates for 2018 revenues stands at $53.18 million.

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

 

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

Zacks Rank

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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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
 
Express Scripts Holding Company (ESRX) : Free Stock Analysis Report
 
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