Eagle Pharmaceuticals Inc · Q4 2019 earnings

Briefing

Reported fourth quarter and full year 2019 results, highlighting net income and adjusted non-GAAP net income for Q4 2019 and FY 2019, along with pipeline advancements and anticipated strong 2020 growth.

Eagle Pharmaceuticals reported Q4 2019 revenue of $48.3 million compared to $56.1 million for the three months ended December 31, 2018. Net income for the fourth quarter of 2019 was $1.0 million, or $0.07 per basic and diluted share, compared to net income of $12.6 million, or $0.88 per basic and $0.86 per diluted share, in the fourth quarter of 2018. Adjusted non-GAAP net income for the fourth quarter of 2019 was $6.7 million, or $0.49 per basic and $0.48 per diluted share, compared to adjusted non-GAAP net income of $17.7 million or $1.23 per basic and $1.20 per diluted share in the fourth quarter of 2018.

• Q4 2019 net income was $0.07 per basic and diluted share and adjusted non-GAAP net income was $0.49 per basic and $0.48 per diluted share.
• FY 2019 net income was $1.04 per basic and $1.01 per diluted share and adjusted non-GAAP net income was $2.68 per basic and $2.61 per diluted share.
• Significant pipeline advancements position Eagle for five potential commercial launches over next three years.
• Company anticipates strong 2020 growth for total revenue and gross profit based on strength of marketed products, and assuming an on-time approval for RYANODEX® for exertional heat stroke and affirmation of orphan drug decision by the Appellate Court for BENDEKA®.

Headline financials

Revenue & EPS history

Based on the current strength of our marketed products, and assuming an on-time approval for RYANODEX for exertional heat stroke and an affirmation of our orphan drug decision by the Appellate Court for BENDEKA, we believe that 2020 could be the best year in Eagle’s history in terms of total revenue and gross profit. We believe we are at the start of what could be a period of accelerated growth for Eagle.