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BioDelivery (BDSI) Beats on Q1 Earnings, Withdraws Guidance

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BioDelivery Sciences International, Inc. (BDSI - Free Report) recorded earnings of 5 cents per share in first-quarter 2020, which beat the Zacks Consensus Estimate of 1 cent per share. However, the reported earnings include share-based compensation and certain other expenses. Excluding these items, adjusted earnings were 8 cents per share against adjusted loss of 2 cents in the year-ago quarter.

Revenues totaled $38.3 million, up 93.6% from the year-ago period and 21.2% sequentially. Sales outpaced the Zacks Consensus Estimate of $33.19 million. 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 Japan-based pharma company, Shionogi, in 2019.

BioDelivery’s shares were up 5.6% in after-market trading on May 7, following the earnings release. So far this year, shares of BioDelivery have declined 23.6% against the industry’s 3.7% increase.


Quarter in Detail

BioDelivery’s marketed portfolio included Belbuca for chronic pain, Bunavail for treating opioid dependence and Symproic for opioid-induced constipation. The company announced in March that it will discontinue marketing of Bunavail in 2020.

Belbuca, generated revenues of $33.5 million in the quarter, up 18.4% sequentially. On a year-over-year basis, the top line soared 79%. Sales of the drug have been witnessing a strong uptrend since 2018. Notably, the company re-acquired worldwide rights to the drug in 2017 from Endo International (ENDP - Free Report) .

BioDelivery recorded Belbuca prescriptions of more than 99,400 in the quarter, representing prescription volume growth of more than 52% in the quarter.

Symproic sales in the first quarter were $4.2 million, up 54% sequentially. Total Symproic prescriptions during the quarter were 16,100, which represented more than 19% growth from the prior-year period.

Sales of Belbuca and Symproic were boosted by continued strong momentum as well as positive impact of stockpiling in March due to COVID-19.

Sales of Bunavail were $0.1 million in the first quarter, compared with $1.1 million in the year-ago quarter.

Product Royalty revenues in the first quarter were $0.6 million compared with $1.2 million in the year-ago period.

Operating expenses were up 57.1% year over year at $26.7 million. The increase was due to expansion of sales and other teams to support commercialization of Belbuca and Symproic.

2020 Guidance Withdrawn

BioDelivery withdrew its previously announced net sales guidance for Belbuca and total sales view for 2020 due the uncertainty surrounding the COVID-19 pandemic.

Zacks Rank & Stocks to Consider

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

A couple of better-ranked biotech stocks include Seattle Genetics Inc (SGEN - Free Report) and Immunomedics, Inc. , both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Seattle Genetics’ loss per share estimates have narrowed from $3.23 to $3.10 for 2020 and from $1.41 to 81 cents for 2021 in the past 30 days. The company’s average four-quarter positive earnings surprise is 16.15%. The company’s stock has surged 42.9% so far this year.

Immunomedics’ loss per share estimates have narrowed from $1.65 to $1.60 for 2020 and from $1.03 to 87 cents for 2021 in the past 30 days. The company’s stock has surged 52.6% so far this year.

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