Revenue of $259.5M (+8.0% Y/Y) beats by $33.1M.
Net product sales (Cabozantinib Franchise Revenue) of $178.7M vs. consensus of $191.9M.
Thursday, August 6, 2020
GW Pharma under pressure despite 65% jump in Epidiolex sales in Q2
GW Pharmaceuticals (NASDAQ:GWPH) Q2 results:
Revenue: $121.3M (+68.5%); Epidiolex sales: $117.7M (+64.6%).
Net loss: ($8.8M) (-111.0%); loss/share: ($0.02) (-109.5%).
Cash flow ops (6 mo.): ($34.3M) (+61.8%).
Shares down 5% after hours.
Puma Biotechnology EPS beats by $0.20, beats on revenue
Puma Biotechnology (NASDAQ:PBYI): Q2 Non-GAAP EPS of $0.35 beats by $0.20; GAAP EPS of $0.08 beats by $0.38.
Revenue of $70.6M (+31.0% Y/Y) beats by $12.39M.
Current value of COVID-19 vaccine players overly bullish – Leerink
In a note, SVB Leerink warns that the current $115B aggregate valuation for COVID-19 vaccine developers is, unsurprisingly, overly optimistic.
Analysts, led by Daina Graybosch, claim that the lofty estimates assume vaccines will be administered every two years in perpetuity at a price north of $37 per American and that global vaccination rates will exceed those for influenza. Current valuations also reflect more government contracts for excess supply and profits similar to branded medicines.
Ms. Graybosch adds, “The initial coronavirus vaccination campaign will need to be 86% larger than global influenza vaccination and much more profitable just to support the current valuation, by our estimates.” Any shortfall on these assumptions “materially lowers the expected value of this portfolio of products.”
She is not totally bearish on the group, raising her price target on BioNTech (BNTX -5.1%) to $69 (from $42) after “reassessing” its chances of success. The U.S. government’s decision on its option to purchase 500M more doses of its vaccine could swing shares by $10 in either direction.
Analyst Mani Foroohar trimmed his peak sales estimate for Moderna’s (MRNA -3.2%) vaccine to $2.9B from $5.0B citing expected intense competition and risks to its premium pricing strategy.
Gilead ups supply of remdesivir 50-fold since January
In a statement, Gilead Sciences (GILD -0.2%) reports that its manufacturing network for COVID-19 med Veklury (remdesivir) has surpassed 40 countries in North America, Europe and Asia. Supply is up 50-fold since January. More than 2M courses of treatment will be produced by year-end with “several million more” potentially available in 2021 if needed.
The company has inked non-exclusive licensing agreements with nine generic drug makers expanding supply to 127 low-income and lower-middle-income countries. Technology transfers have been completed and manufacturing has begun.
Veklury remains the only drug approved in major markets for the treatment of severe cases of the respiratory infection.
Globus Medical +13.8% on beating estimates for Q2
Globus Medical (GMED +14.0%) reports Q2 worldwide sale of $148.9M, a drop of 23.4% Y/Y, however, beating consensus by $45.3M.
Sales in the U.S., including robotics, decreased by 21.8%.
International sales decreased by 31.2%
Company generated net cash provided by operating activities of $23.1M
Cash, cash equivalents and marketable securities of $636.2M.
GAAP net loss was $20.8M, a decrease of 154.6%, EPS of -$0.21 vs $0.38 during the same period last year.
One Of Year’s Biggest IPOs Falls in Debut After Pricing High
The GoHealth IPO reversed lower after a hot start in its first day of trading after the online health insurance portal raised $914 million late Tuesday, exceeding expectations.
GoHealth (GOCO) closed down 7.3% at 19.46 after initially jumping 23% in its Nasdaq trading debut Wednesday under the ticker GOCO.
The Chicago-based company priced shares at $21, above its estimated range of $18-$20. GoHealth had been looking to raise $751 million, with a valuation of $6 billion.
The GoHealth IPO offered 43.5 million shares, which was 4 million more than the provider of a Medicare-focused insurance marketplace initially planned.
GoHealth shifted focus toward Medicare products and away from individual and family plans over the last four years, citing an aging population.
The $914 million in proceeds generated from the GoHealth IPO ranks among the highest of the year. Royalty Pharma (RPRX) raised $2.175 billion and Warner Music Group (WMG) raised $1.925 billion, Dun & Bradstreet (DNB) raised $1.723 billion, and Zoom Infotechnologies (ZI) raised $935 million. Those IPO stocks all came public last month.
Founded in 2001, GoHealth touts significant growth in the Medicare space. Net revenue grew 104% to $141 million in the first quarter and by 138.5% to $539.5 million in fiscal 2019.
Last year, the health insurer generated more than 42.2 million consumer interactions and 4 million consumer leads, according to IPO expert Renaissance Capital.
The lead underwriters are BofA Securities, Morgan Stanley and Goldman Sachs.
Subscribe to:
Comments (Atom)