EGRX - Eagle Pharmaceuticals issues sales update reaffirms 2023 guidance

2023-06-15 13:59:13 ET

Eagle Pharmaceuticals ( NASDAQ: EGRX ) reaffirmed its 2023 financial forecast on Thursday and issued a sales update for its drugs Barhemsys, Byfavo and Pemfexy.

Eagle said that for the quarter to date, its recently acquired drugs Barhemsys and Byfavo have exceeded sales posted for Q1 2023. Eagle acquired the drugs in June 2022 through its acquisition of Acacia Pharma.

"We are pleased to see these two assets gaining uptake in the hospital and reflecting the value we saw when we originally decided to make the acquisition," said Eagle Pharmaceuticals CEO Scott Tarriff, in a statement.

The company also said that market penetration for its lung cancer drug Pemfexy, also known as pemetrexed, had risen to 18% in early Q2 2023, with the company anticipating continued year-over-year net sales growth for the remainder of the year.

It added that it does not believe that a recently approved pemetrexed product will impact its anticipated market share for Pemfexy, which is a branded alternative to Lilly's Alimta. Eagle launched Pemfexy in February 2022.

Eagle added that a study for its drug candidate EA-114 yielded "positive" results and that the company plans to meet with the US Food and Drug Administration about the product in August. The product is intended to be an improved version of AstraZeneca's breast cancer drug Faslodex.

The drugmaker also reaffirmed its previously issued 2023 guidance of adjusted earnings per share of $4.20 to $4.53 and adjusted EBITDA of $74M to $80M.

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