Revenues Increase Over 150% Year-Over-Year
Company Provides Updated Financial Guidance
MORRISTOWN, N.J., Aug. 6, 2015 (GLOBE NEWSWIRE) -- Pernix Therapeutics Holdings, Inc. (NASDAQ:PTX) (“Pernix” or “the Company”), a specialty pharmaceutical company, today announced financial results for the second quarter ended June 30, 2015.
Second Quarter and Recent Business Highlights:
- Treximet sales and volumes increased significantly, arresting a multi-year decline and demonstrating a clear trend reversal:
o Total prescriptions increased 10% since sampling was initiated at the end of March
o New prescriptions increased by 15% over the same time period
o Total retail prescription dollars increased 100% in Q2 2015 versus Q2 2014
o Total retail prescription dollars increased 109% on a rolling four-week basis, as of July 17, compared to the same period in 2014
- Re-launched Zohydro® ER with BeadTek™ abuse deterrent technology
- Zohydro ER with BeadTek was removed by Express Scripts from their 2016 Exclusion List for its National Preferred Formulary on July 31, 2015;
- Completed successful human pharmacokinetic equivalence study with ZX007, an innovative abuse deterrent tablet formulation and next generation formulation of Zohydro ER
- Silenor total prescriptions increased 73%, and new prescriptions increased 77% compared to the second quarter of 2014
Second Quarter Financial Highlights:
- Net revenues on a normalized basis, increased 151% year-over-year, and 29% sequentially versus Q1 2015 levels
- Adjusted EBITDA increased to $7.9 million, compared to a loss of $4.0 million last year
- Priced $130 million of 4.25% Convertible Senior Notes due 2021
- Completed exchange offer for $65 million, 8% convertible notes, removing this obligation from Company’s capital structure
- Improved blended cost of capital to approximately 9%
“Pernix is focused on driving value. During the quarter, we continued to positively direct the trajectory of the Treximet business and we are encouraged by the product’s recent performance as we continue to take aggressive steps to grow this franchise. We have dealt with the issues we faced at the re-launch, including the lack of samples, and the perception by physicians of limited insurance coverage. While navigating an increasingly challenging managed care environment, we maintained good commercial coverage for over 86% of prescriptions, while stabilizing gross-to-nets. As a result of these efforts, combined with improved promotional efforts by our field force, volumes are increasing, and we are pleased by the recent prescription growth, said Doug Drysdale, Chairman and Chief Executive Officer.
“We executed a successful re-launch of Zohydro ER with BeadTek in the second quarter. Today, all major US pharmacy chains are filling prescriptions for Zohydro ER with BeadTek and our efforts on the payer access front continue. To date, we have submitted over 30 managed care proposals and responses to date have been encouraging. We remain optimistic about our ability to obtain broad and favorable coverage. The removal of Zohydro ER with BeadTek from Express Scripts’ 2016 Exclusion List for its National Preferred Formulary is also a significant step. This will eliminate a significant hurdle to growth for the Zohydro ER franchise next year.
“As we move into the second half of the year, we will continue our focus on positioning our branded portfolio for continued growth, maximizing the potential of our sales force and strengthening the Company’s balance sheet,” concluded Drysdale.
Financial Results –Second Quarter 2015
For the second quarter of 2015, net revenues were $47.0 million, an increase of $29.6 million, or 151%, versus $17.4 million for the second quarter of 2014. A summary of net revenues is outlined below (in millions):
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