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Aerie (AERI) Q1 Loss Wider Than Expected, Revenues Rise Y/Y
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Aerie Pharmaceuticals reported adjusted loss per share of 66 cents for first-quarter 2022, wider than the Zacks Consensus Estimate of a loss of 65 cents but narrower than the year-ago quarter’s loss of 72 cents.
Revenues came in at $29.8 million, which increased from $23 million in the year-ago quarter. However, the reported revenues missed the Zacks Consensus Estimate of $30 million.
Shares of Aerie have risen 0.4% in the year so far against the industry’s 22.6% fall.
Image Source: Zacks Investment Research
Quarter in Detail
AERI earned product revenues of $29.8 million from the sales of its two glaucoma products, namely Rhopressa and Rocklatan. The figure was up 30% year over year.
We remind investors that Aerie’s first drug Rhopressa (netarsudil ophthalmic solution) was approved for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. Aerie’s second drug Rocklatan, a once-daily, quadruple-action, fixed-dose combination of Rhopressa and Xalatan, was approved to reduce the elevated IOP in patients with open-angle glaucoma or ocular hypertension.
Total operating expenses for the reported quarter were $52.2 million compared with $42.2 million in the year-ago period.
2022 Guidance
AERI reiterated its financial guidance for 2022. Management expects net product revenues in the range of $130-$140 million, indicating a rise of 16-25% from the 2021 figure.
Pipeline Updates
Aerie announced data from the phase IIb COMET-1 study last September, which evaluated its investigational therapy AR-15512 in patients with dry eye disease. While the study achieved a statistical significance over multiple pre-specified symptoms and sign endpoints, it did not achieve all pre-determined primary endpoints with statistical significance. To complete the development of AR-15512, AERI plans to initiate a registrational phase III study in dry-eye disease during second-quarter 2022.
Aerie remains on track to file an investigational new drug (IND) application to start clinical studies for AR-14034, in wet age-related macular degeneration by second-half 2022. AERI also intends to file an IND application for AR-6121, a ROCK inhibitor-linked steroid, in the second half of 2022.
Following discussions with both the FDA and EMA authorities, Aerie expects to initiate phase III activities during the first half of 2022for its sustained-release retinal implant AR-1105 in patients with macular edema due to retinal vein occlusion.
Some better-ranked stocks in the overall healthcare sector are Abeona Therapeutics , Alkermes (ALKS - Free Report) and Amicus Therapeutics (FOLD - Free Report) . While Alkermes sports a Zacks Rank #1 (Strong Buy) at present, both Abeona Therapeutics and Amicus Therapeutics carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Alkermes’ loss per share estimates for 2022 have narrowed from 14 cents to 3 cents in the past 30 days. Shares of Alkermes have risen 20% in the year-to-date period.
Earnings of Alkermes beat estimates in each of the last four quarters, the average being 350.5%. In the last reported quarter, ALKS delivered an earnings surprise of 1,100%.
Amicus Therapeutics’ loss per share estimates for 2023 have narrowed from 19 cents to 16 cents in the past 30 days. Shares of FOLD have declined 42.7% in the year-to-date period.
Earnings of Amicus Therapeutics missed estimates in three of the last four quarters and beat the mark on one occasion, witnessing a negative surprise of 28%, on average. In the last reported quarter, FOLD delivered a negative earnings surprise of 107.1%.
Abeona Therapeutics’ loss per share estimates for 2022 have narrowed from 34 cents to 33 cents in the past 30 days. Shares of ABEO have declined 46.2% in the year-to-date period.
Abeona Therapeutics has a mixed surprise history, with its earnings having surpassed expectations in one of the trailing four quarters, missing the mark in another and meeting the same on the remaining two occasions. The average earnings surprise was 0.7%. In the last reported quarter, Abeona Therapeutics missed earnings estimates by 7.7%.
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Aerie (AERI) Q1 Loss Wider Than Expected, Revenues Rise Y/Y
Aerie Pharmaceuticals reported adjusted loss per share of 66 cents for first-quarter 2022, wider than the Zacks Consensus Estimate of a loss of 65 cents but narrower than the year-ago quarter’s loss of 72 cents.
Revenues came in at $29.8 million, which increased from $23 million in the year-ago quarter. However, the reported revenues missed the Zacks Consensus Estimate of $30 million.
Shares of Aerie have risen 0.4% in the year so far against the industry’s 22.6% fall.
Image Source: Zacks Investment Research
Quarter in Detail
AERI earned product revenues of $29.8 million from the sales of its two glaucoma products, namely Rhopressa and Rocklatan. The figure was up 30% year over year.
We remind investors that Aerie’s first drug Rhopressa (netarsudil ophthalmic solution) was approved for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. Aerie’s second drug Rocklatan, a once-daily, quadruple-action, fixed-dose combination of Rhopressa and Xalatan, was approved to reduce the elevated IOP in patients with open-angle glaucoma or ocular hypertension.
Total operating expenses for the reported quarter were $52.2 million compared with $42.2 million in the year-ago period.
2022 Guidance
AERI reiterated its financial guidance for 2022. Management expects net product revenues in the range of $130-$140 million, indicating a rise of 16-25% from the 2021 figure.
Pipeline Updates
Aerie announced data from the phase IIb COMET-1 study last September, which evaluated its investigational therapy AR-15512 in patients with dry eye disease. While the study achieved a statistical significance over multiple pre-specified symptoms and sign endpoints, it did not achieve all pre-determined primary endpoints with statistical significance. To complete the development of AR-15512, AERI plans to initiate a registrational phase III study in dry-eye disease during second-quarter 2022.
Aerie remains on track to file an investigational new drug (IND) application to start clinical studies for AR-14034, in wet age-related macular degeneration by second-half 2022. AERI also intends to file an IND application for AR-6121, a ROCK inhibitor-linked steroid, in the second half of 2022.
Following discussions with both the FDA and EMA authorities, Aerie expects to initiate phase III activities during the first half of 2022for its sustained-release retinal implant AR-1105 in patients with macular edema due to retinal vein occlusion.
Aerie Pharmaceuticals, Inc. Price
Aerie Pharmaceuticals, Inc. price | Aerie Pharmaceuticals, Inc. Quote
Zacks Rank & Key Picks
Aerie currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the overall healthcare sector are Abeona Therapeutics , Alkermes (ALKS - Free Report) and Amicus Therapeutics (FOLD - Free Report) . While Alkermes sports a Zacks Rank #1 (Strong Buy) at present, both Abeona Therapeutics and Amicus Therapeutics carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Alkermes’ loss per share estimates for 2022 have narrowed from 14 cents to 3 cents in the past 30 days. Shares of Alkermes have risen 20% in the year-to-date period.
Earnings of Alkermes beat estimates in each of the last four quarters, the average being 350.5%. In the last reported quarter, ALKS delivered an earnings surprise of 1,100%.
Amicus Therapeutics’ loss per share estimates for 2023 have narrowed from 19 cents to 16 cents in the past 30 days. Shares of FOLD have declined 42.7% in the year-to-date period.
Earnings of Amicus Therapeutics missed estimates in three of the last four quarters and beat the mark on one occasion, witnessing a negative surprise of 28%, on average. In the last reported quarter, FOLD delivered a negative earnings surprise of 107.1%.
Abeona Therapeutics’ loss per share estimates for 2022 have narrowed from 34 cents to 33 cents in the past 30 days. Shares of ABEO have declined 46.2% in the year-to-date period.
Abeona Therapeutics has a mixed surprise history, with its earnings having surpassed expectations in one of the trailing four quarters, missing the mark in another and meeting the same on the remaining two occasions. The average earnings surprise was 0.7%. In the last reported quarter, Abeona Therapeutics missed earnings estimates by 7.7%.