NASDAQ$SAGE

Sage Therapeutics Inc · Q1 2023 earnings

Q1 2023 earnings · · Investor relations

Briefing

Sage reported first quarter 2023 financial results and highlighted pipeline and business progress.

Sage Therapeutics reported a net revenue of $3.3 million from ZULRESSO sales in Q1 2023, compared to $1.6 million in the same period of 2022. The company's cash, cash equivalents, and marketable securities totaled $1.1 billion as of March 31, 2023. The FDA accepted the filing of an NDA for zuranolone for the treatment of MDD and PPD with a PDUFA action date of August 5, 2023.

  • NDA for zuranolone in the treatment of MDD and PPD under priority review by FDA with a PDUFA date of August 5, 2023.
  • Sage and Biogen progressing key commercial preparations to support a potential launch of zuranolone in late 2023, following DEA scheduling period, if approved.
  • Continued progress across pipeline with nine studies advancing across neuropsychiatry and neurology.
  • Data demonstrating severe economic burden associated with depression presented at the Academy of Managed Care Pharmacy and The Professional Society for Health Economics and Outcomes Research.

Headline financials

Total Revenue

$3.29M

Previous: $1.58M+108.2%
EPS (adj)

-$2.46

Previous: -$2.07-18.8%
Capital Expenditures

$225K

Previous: $169K+33.1%
Free Cash Flow

-$154M

Previous: -$108M-42.5%
Net Income

-$147M

Previous: -$122M-20.3%
Operating Income

-$155M

Previous: -$123M-26.2%
Gross Profit

$3.06M

Previous: $1.3M+136.4%
Cash & Equivalents

$1.13B

Previous: $1.6B-29.4%
Total Assets

$1.22B

Previous: $1.71B-28.4%
Stock-Based Comp

$20M

Previous: $18.6M+8.0%

Revenue & EPS history

Sage · Revenue · Quarterly

$3.29M

Q1 2023+108.2%vs Q1 2022
Beat estimate in 6 of 15 quarters(40%)
ActualEstimate

Revenue by segment

Sage · $1.64M total across 1 segment · Q4 2021

  • ZULRESSO Net Revenue
    $1.64M

Forward guidance

Sage anticipates that its existing cash, cash equivalents and marketable securities, anticipated funding from ongoing collaborations, and potential revenue, will support its operations into 2025. The Company anticipates R&D and SG&A spending to increase as it prepares for the potential launch of zuranolone and advances planned and ongoing studies for SAGE-718 and SAGE-324.

Tailwinds

  • Potential to achieve milestones totaling $225.0 million from Biogen related to first commercial sales of zuranolone for the treatment of MDD and PPD in the U.S., if approved.
  • Existing cash, cash equivalents and marketable securities, anticipated funding from ongoing collaborations, and potential revenue, will support its operations into 2025.

Headwinds

  • R&D and SG&A spending to increase as it prepares for the potential launch of zuranolone.
  • Spending will increase as the company advances planned and ongoing studies for SAGE-718 and SAGE-324.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 15 quarterly earnings reports · overlaid with Q1 2023

Historical avgQ1 2023

-2.8%

Avg return

Earnings day

-5.3%

Avg return

5 days after

-6.4%

Avg return

30 days after

43%

19 / 44 earnings

Positive

+12.4%

Q4 2021

Best reaction

-47.6%

Q2 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q4 2025
Q3 2025
Q2 2025
Q1 2025-4.1%-5.7%-15.0%
Q4 2024-0.4%-0.8%+7.2%
Q3 2024-24.6%-29.1%-35.2%
Q2 2024-9.6%-17.2%-22.1%
Q1 2024-2.2%-0.6%-19.4%
Q4 2023+10.4%+1.3%-13.2%
Q3 2023-10.2%-17.1%+1.3%
Q2 2023-47.6%-39.7%-42.8%
Q1 2023-2.4%+0.9%+1.9%
Q4 2022+0.9%-5.2%-5.2%
Q3 2022-5.0%+5.0%+16.5%
Q2 2022+4.6%+21.6%+12.8%
Q1 2022+4.9%-12.2%+12.6%
Q4 2021+12.4%+12.3%-1.0%
Q3 2021+11.2%+6.4%-9.7%
Q2 2021-4.0%-5.1%+9.0%
Q1 2021-10.3%
Q4 2020+4.0%
Q3 2020-0.6%
Q2 2020+1.3%
Q1 2020-4.1%
Q4 2019-26.2%
Q3 2019-0.2%
Q2 2019+7.4%
Q1 2019+0.3%
Q4 2018-8.2%
Q3 2018+3.0%
Q2 2018-0.7%
Q1 2018+1.2%
Q4 2017+0.2%
Q3 2017+11.7%
Q2 2017+7.7%
Q1 2017-2.7%
Q4 2016+0.6%
Q3 2016+0.5%
Q2 2016-13.3%
Q1 2016-3.8%
Q4 2015-4.8%
Q3 2015-4.6%
Q2 2015-6.5%
Q1 2015+2.0%
Q4 2014+2.1%
Q3 2014-5.2%
Q2 2014-7.8%
Q4 2013
Q3 2013
Q2 2013
Q1 2013

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