Antares Pharma Reports Strong First Quarter 2021 Financial Results

Strategic Insights -

Antares Pharma, Inc., a specialty pharmaceutical company, reported its first quarter 2021 financial results on May 6, 2021, showcasing strong revenue growth and profitability. The company's total revenue reached $42.1 million, a 27% increase compared to the same period in 2020. This growth was driven primarily by a 49% increase in proprietary product sales, mainly due to the continued growth in prescriptions and sales of XYOSTED.

Key Takeaways:

  • Total revenue for the first quarter 2021 was $42.1 million, a 27% increase compared to $33.1 million in the same period in 2020.
  • Proprietary product sales, consisting of XYOSTED, OTREXUP, and NOCDURNA, generated revenue of $18.7 million, a 49% increase from $12.6 million in the same period in 2020.
  • Partnered product sales were $10.4 million, a net decrease compared to $14.5 million in the same period in 2020, due to a decrease in sales of sumatriptan to Teva and Makena auto injectors to AMAG, offset by an increase in sales to Teva of generic EpiPen auto-injectors.
  • Development and licensing revenue was $5.0 million, a significant increase from $1.8 million in the same period in 2020, primarily due to incremental development and maintenance of Teva's partnered products and the Idorsia selatogrel rescue pen development program.
  • Royalty revenue reached $8.0 million, a 91% increase from $4.2 million in the same period in 2020, primarily due to an increase in royalties from Teva on their net sales of generic EpiPen.
  • NET income was $3.8 million, or $0.02 per basic and diluted share, a significant improvement from a net loss of $2.4 million in the same period in 2020.
  • Cash and cash equivalents were $55.7 million as of March 31, 2021, compared to $53.1 million as of December 31, 2020.

Statistics:

  • Total revenue: $42.1 million (first quarter 2021) vs. $33.1 million (first quarter 2020)
  • Proprietary product sales revenue: $18.7 million (first quarter 2021) vs. $12.6 million (first quarter 2020), representing a 49% increase
  • Partnered product sales revenue: $10.4 million (first quarter 2021) vs. $14.5 million (first quarter 2020), representing a net decrease of 28%
  • Development and licensing revenue: $5.0 million (first quarter 2021) vs. $1.8 million (first quarter 2020), representing a 178% increase
  • Royalty revenue: $8.0 million (first quarter 2021) vs. $4.2 million (first quarter 2020), representing a 91% increase
  • NET income: $3.8 million (first quarter 2021) vs. net loss of $2.4 million (first quarter 2020)
  • Cash and cash equivalents: $55.7 million (as of March 31, 2021) vs. $53.1 million (as of December 31, 2020)

Sources:

ANTARES PHARMA REPORTS FIRST QUARTER 2021 FINANCIAL AND OPERATING RESULTS (Press Release, Antares Pharma, Inc., May 6, 2021)