ALBO - Albireo Pharma stock slips ~26% after co cuts FY sales guidance for lead drug Bylvay
Shares of small-cap liver disease treatments maker Albireo Pharma ( NASDAQ: ALBO ) fell 26.1% to $18.42 in Tuesday early trading, despite the company reporting a jump in quarterly revenue due to sales of liver disease-induced itchy skin drug Bylvay.
The company also cut its FY 2022 guidance for Bylvay sales.
It is worth noting that ALBO shares had gained significantly in the month of August ahead of its earnings report after hours on Monday.
Up to the close on Aug. 15, ALBO stock had runup 19.9% to $24.93.
ALBO posted Q2 GAAP EPS of -$2.04 compared to -$1.90 a year ago. Its Q2 revenue of $8.2M more than tripled Y/Y.
The company recorded $5.9M in net product revenue from Bylvay. The drug was approved during Q3 2021, hence there was no product revenue in Q2 2021.
ALBO slashed its 2022 Bylvay sales expectation to $24M from a previous forecast of a minimum of $30M. The cut in guidance was also likely weighing on the shares.
As of Q2 end, ALBO said there were 245 total Bylvay patients, representing an 18% growth compared to Q1.
However, ALBO's total cost and operating expenses grew ~28% Y/Y, hurt partly by commercialization activities related to Bylvay.
Albireo ( ALBO ) said it had cash and cash equivalents of $181M as of June 30 vs. $216.7M as of March 31.
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Albireo Pharma stock slips ~26% after co cuts FY sales guidance for lead drug Bylvay