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Aerie (AERI) Q2 Loss Narrower Than Expected, Sales Beat
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Aerie Pharmaceuticals reported adjusted loss per share of 32 cents in second-quarter 2022, narrower than the Zacks Consensus Estimate of a loss of 52 cents and the year-ago quarter’s loss of 67 cents.
Revenues came in at $33.3 million, which increased from $27.2 million in the year-ago quarter and beat the Zacks Consensus Estimate of $32 million.
The company’s shares have gained 26.9% in the year so far against the industry’s decline of 18.7%.
Image Source: Zacks Investment Research
Quarter in Detail
AERI earned revenues from the sales of its two glaucoma products, namely Rhopressa and Rocklatan.
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.
Operating expenses (excluding stock-based compensation expense) in the reported quarter were $43.8 million compared with $44.9 million in the year-ago period.
2022 Guidance
AERI continues to expect net product revenues in the range of $130-$140 million, up 16-25% from 2021.
Aerie Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Aerie is developing AR-15512 ophthalmic solution to treat patients with dry eye disease. Aerie announced data from the phase IIb COMET-1 study last September on AR-15512 in patients with dry eye disease. While the study achieved 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 initiated the phase III registrational trials in the second quarter of 2022. The first phase III registrational trial, named COMET-2, commenced in May 2022 with the enrollment of the first participant. The second phase III registrational trial, named COMET-3, commenced in August 2022 with the enrollment of the first participant.
Both COMET-2 and COMET-3 are multi-center, vehicle-controlled, double-masked, randomized clinical studies designed to evaluate a single concentration of AR-15512 (0.003%) compared to the AR-15512 vehicle, administered twice-daily for 90 days. The company expects to initiate the last of the phase III registrational trials, a safety study named COMET-4, in the fourth quarter of 2022. Assuming the phase III registrational trials are successful, the company anticipates filing a new drug application in 2024.
Aerie plans to file an investigational new drug (IND) application to start clinical studies for AR-14034, in wet age-related macular degeneration in the fourth quarter.
ALKS’ earnings estimates for 2022 reversed from a loss of 14 cents to earnings of 20 cents in the past 60 days. Alkermes surpassed earnings in all the trailing four quarters, the average being 325.48%.
Dynavax’s earnings estimates have increased to $1.15 from $1.14 for 2022 over the past 60 days. Earnings of Dynavax have surpassed estimates in two of the trailing four quarters.
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Aerie (AERI) Q2 Loss Narrower Than Expected, Sales Beat
Aerie Pharmaceuticals reported adjusted loss per share of 32 cents in second-quarter 2022, narrower than the Zacks Consensus Estimate of a loss of 52 cents and the year-ago quarter’s loss of 67 cents.
Revenues came in at $33.3 million, which increased from $27.2 million in the year-ago quarter and beat the Zacks Consensus Estimate of $32 million.
The company’s shares have gained 26.9% in the year so far against the industry’s decline of 18.7%.
Image Source: Zacks Investment Research
Quarter in Detail
AERI earned revenues from the sales of its two glaucoma products, namely Rhopressa and Rocklatan.
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.
Operating expenses (excluding stock-based compensation expense) in the reported quarter were $43.8 million compared with $44.9 million in the year-ago period.
2022 Guidance
AERI continues to expect net product revenues in the range of $130-$140 million, up 16-25% from 2021.
Aerie Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Aerie Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Aerie Pharmaceuticals, Inc. Quote
Pipeline Updates
Aerie is developing AR-15512 ophthalmic solution to treat patients with dry eye disease. Aerie announced data from the phase IIb COMET-1 study last September on AR-15512 in patients with dry eye disease. While the study achieved 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 initiated the phase III registrational trials in the second quarter of 2022. The first phase III registrational trial, named COMET-2, commenced in May 2022 with the enrollment of the first participant. The second phase III registrational trial, named COMET-3, commenced in August 2022 with the enrollment of the first participant.
Both COMET-2 and COMET-3 are multi-center, vehicle-controlled, double-masked, randomized clinical studies designed to evaluate a single concentration of AR-15512 (0.003%) compared to the AR-15512 vehicle, administered twice-daily for 90 days. The company expects to initiate the last of the phase III registrational trials, a safety study named COMET-4, in the fourth quarter of 2022. Assuming the phase III registrational trials are successful, the company anticipates filing a new drug application in 2024.
Aerie plans to file an investigational new drug (IND) application to start clinical studies for AR-14034, in wet age-related macular degeneration in the fourth quarter.
Aerie currently carries a Zacks Rank #2 (Buy). A couple of other top-ranked stocks in the sector are Alkermes (ALKS - Free Report) and Dynavax (DVAX - Free Report) . While DVAX carries a Zacks Rank #1 (Strong Buy), Alkermes has a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
ALKS’ earnings estimates for 2022 reversed from a loss of 14 cents to earnings of 20 cents in the past 60 days. Alkermes surpassed earnings in all the trailing four quarters, the average being 325.48%.
Dynavax’s earnings estimates have increased to $1.15 from $1.14 for 2022 over the past 60 days. Earnings of Dynavax have surpassed estimates in two of the trailing four quarters.