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Eagle Pharma (EGRX) Reports Third Quarter 2016 Results



11/9/2016 10:47:30 AM

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-- Bendeka achieves market share of 88% --

-- CMS establishes unique J-Code for Bendeka --

-- Positive initial results of Ryanodex in MDMA animal study --

-- Q3 EPS increases to $0.77 per basic and $0.73 per diluted, Total Revenue $37.8 million --

WOODCLIFF LAKE, N.J.--(BUSINESS WIRE)--Eagle Pharmaceuticals, Inc. (“Eagle” or “the Company”) (Nasdaq:EGRX) today announced its financial results for the three- and nine-months ended September 30, 2016. Highlights of and subsequent to the third quarter of 2016 include:

“We remain focused on optimizing the deployment of our capital on behalf of shareholders and continue to evaluate opportunities to do so. As part of that effort, since August 9, we purchased a total of $32 million through our stock buyback program and are pleased with our solid financial position”

Business Highlights:

  • Bendeka® total market share rose to 88%, as of November 6, 2016;
  • The Centers for Medicare & Medicaid Services (CMS) established a unique J-Code (J9034) for Bendeka effective January 1, 2017;
  • Positive initial results of animal study exploring use of Ryanodex® in MDMA (Ecstasy) induced hyperthermia conducted at the National Institutes of Health (NIH);
  • Extended our licensing agreement with Teva Pharmaceutical Industries Ltd. (Teva) to include certain territories outside the US and Canada; and
  • Repurchased $18.0 million of Eagle common stock during the third quarter for a total of $32.0 million since commencing the Share Repurchase Program on August 9, 2016.

Read at BioSpace.com


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