Back to top

Image: Bigstock

BioDelivery (BDSI) Stock Up on Q3 Earnings Beat & Raised View

Read MoreHide Full Article

Shares of BioDelivery Sciences International, Inc. increased 2.6% on Nov 13 after it released better-than-expected third-quarter 2019 results on Tuesday. The companyrecorded adjusted earnings of 3 cents per share for third-quarter 2019, which beat Zacks Consensus Estimate of loss of a cent. In the year-ago quarter, the company had incurred an adjusted loss of 10 cents per share.

Revenues totaled $30.3 million, up 114% from the year-ago period and 2% sequentially. The uptick was mainly driven by higher sales of Belbuca and the addition of Symproic tablets to its portfolio. The company added Symproic to its portfolio by acquiring U.S. commercial rights to the drug from Japanese pharma company, Shionogi.

Sales also outpaced the Zacks Consensus Estimate of $29 million.

So far this year, shares of BioDelivery have surged 62.2% compared with the industry’s 1.4% growth.

Quarter in Detail

BioDelivery’s marketed portfolio includes three drugs — Belbuca for chronic pain, Bunavail for treating opioid dependence and Symproic for opioid-induced constipation. Net product sales grew 115% year over year to $29.6 million.

Belbuca, generated revenues of $26.5 million in the quarter, up 10% sequentially. On a year-over-year basis, the top line soared 115%. Sales of the drug have witnessed a strong uptrend since 2018. Notably, the company re-acquired worldwide rights to the drug in early 2017 from Endo International .

BioDelivery recorded Belbuca prescriptions of more than 89,600 for the quarter. This was the highest ever for any three-month period. Additionally, the drug achieved record year-over-year prescription volume growth of more than 45,000 during the quarter.

Symproic sales in the third quarter were$2.2 million. The third quarter was the first full quarter of commercialization following the acquisition of the product. Total Symproic prescriptions during the quarter were 15,686, which reached an all-time high and represented more than 39% growth from the prior-year period.

Sales of Bunavail, indicated for the treatment of opioid dependence, were $0.9 million in the third quarter, reflecting a decline of 35.7% year over year.

2019 Guidance

BioDelivery raised its 2019 guidance for total revenues to $105-$110 million from $101-$105 million predicted earlier. This upside can be attributed to the strong demand for Belbuca and positive indicators of growth for Symproic. The Zacks Consensus Estimate for sales stands at $108.61 million.

2020 Guidance

The company provided full-year 2020 Belbuca net sales expectations of $150-$160 million and total company net sales expectations of $165-$175 million. The Zacks Consensus Estimate stands at $151.23 million.

 

Zacks Rank

BioDelivery currently carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the biotech sector are Alkermes Plc. (ALKS - Free Report) and Anika Therapeutics Inc. (ANIK - Free Report) , both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Alkermes’ earnings per share estimates have increased from 36 cents to 52 cents for 2019 in the past 60 days. The company delivered a positive earnings surprise in the trailing four quarters by 236.80% on average.  

Anika’s earnings per share estimates have increased from $1.75 to $2.03 for 2019 and from $1.36 to $1.62 for 2020 in the past 60 days. The company delivered a positive earnings surprise in the trailing four quarters by 53.31% on average.

Today's Best Stocks from Zacks

Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%. This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.

See their latest picks free >>


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Alkermes plc (ALKS) - free report >>

Anika Therapeutics Inc. (ANIK) - free report >>

Published in