Eagle Pharmaceuticals ( NASDAQ: EGRX ) announced its preliminary guidance for 2023 on Tuesday, indicating $4.20-$4.53 of adjusted non-GAAP earnings per share compared to $4.42 in the consensus. The company also expects its 2022 adj. EBITDA and adj. non-GAAP R&D expenses to reach $74.0-$80.0M and $41.0-$45.0M, respectively.
Eagle ( EGRX ) anticipates achieving the earnings forecasts thanks to a year-over-year growth in PEMFEXY sales and following a one-time $15M payment that led to a decline in future royalties related to PEMFEXY profits from 25% to 0% – 12.5%.
Eagle ( EGRX ) says that the 10% royalty related to the blood cancer drug bendamustine no longer applies, and the drug’s 2023 decline could be manageable.
“These efforts, together with our intention to further expand the Company, including M&A, lead us to believe that Eagle is poised for another year of strong earnings growth and profitability in 2023,” Chief Executive Scott Tarriff remarked.
For 2022, the company recorded $21.3M of net income or $1.63 per diluted share, an adj. EBITDA of $125.6M. However, its $7.54 non-GAAP earnings per diluted share falls short of $7.58 in the consensus.
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Eagle Pharma sets 2023 guidance in line with consensus