EGRX
$39.54
Eagle Pharmaceuticals
($.26)
(.65%)
Earnings Details
2nd Quarter June 2020
Monday, August 10, 2020 6:50:00 AM
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Summary

Eagle Pharmaceuticals (EGRX) Recent Earnings

Eagle Pharmaceuticals (EGRX) reported a 2nd Quarter June 2020 loss of $0.02 per share on revenue of $41.9 million. The consensus estimate was a loss of $0.32 per share on revenue of $42.8 million. Revenue fell 26.0% compared to the same quarter a year ago.

Eagle Pharmaceuticals Inc is a specialty pharmaceutical company. It develops and commercializes injectable products primarily in the critical care and oncology areas.

Results
Reported Earnings
($0.02)
Earnings Whisper
-
Consensus Estimate
($0.32)
Reported Revenue
$41.9 Mil
Revenue Estimate
$42.8 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Eagle Pharmaceuticals Reports Second Quarter 2020 Results

-- Q2 2020 net loss was ($0.02) per basic and diluted share and adjusted non-GAAP net income was $0.59 per basic and $0.57 per diluted share --

-- Anticipate launch of vasopressin, maintaining our 180-day market exclusivity --

-- CMS establishes unique J-code for PEMFEXY™ (pemetrexed for injection); FDA granted supplement approval for 500mg multiple-dose vial --

-- Received positive additional data for the Company’s fulvestrant product candidate, EA-114, for HR-positive advanced breast cancer --

-- Received a Complete Response Letter for NDA for RYANODEX for EHS --

WOODCLIFF LAKE, N.J.--(BUSINESS WIRE)--Eagle Pharmaceuticals, Inc. (Nasdaq: EGRX) (“Eagle” or the “Company”) today announced financial results for the three and six months ended June 30, 2020.

Business and Recent Highlights:

  • Centers for Medicare & Medicaid Services (“CMS”) established unique Healthcare Common Procedure Coding System (“HCPCS”) code, or J-code, for PEMFEXY™ (Pemetrexed for Injection, 10 mg), a branded alternative to ALIMTA® effective October 1, 2020;
  • Granted a supplement approval by U.S. Food and Drug Administration (“FDA”) for 500mg multiple-dose vial of PEMFEXY. The Company has initial market entry (equivalent to approximately a three-week supply of current ALIMTA utilization) on February 1, 2022, and a subsequent uncapped entry on April 1, 2022;
  • The Company’s strategic collaboration partner, Tyme Technologies, Inc. (“Tyme”), announced that FDA granted Orphan Drug Designation for its lead product candidate, SM-88, a treatment for patients with pancreatic cancer;
  • On August 7, 2020, the Company received a Complete Response Letter for its New Drug Application (“NDA”) for RYANODEX® for the treatment of exertional heat stroke (“EHS”); Eagle has decided that it will no longer pursue this indication;
  • Received encouraging recent additional data for the Company’s fulvestrant product candidate, EA-114, for HR-positive advanced breast cancer; next steps are to meet with FDA to finalize clinical trial plans; product could potentially represent cornerstone of Eagle’s oncology franchise treating HR positive breast cancer patients;
  • Favorable patent litigation decision issued by the U.S. District Court for the District of Delaware for Eagle and Teva Pharmaceutical Industries Ltd. for BENDEKA® upholding the asserted patent claims as valid and infringed by the defendants’ proposed Abbreviated New Drug Application (“ANDA”) products. Under this decision, defendants are enjoined from launching their ANDA products before 2031;
  • SymBio, the Company’s Japanese licensing partner, announced that it expects regulatory approval of its TREAKISYM Ready-to-Dilute (“RTD”) formulation late this year. Eagle is entitled to receive a $5 million milestone payment upon approval of either TREAKISYM Ready-to-Dilute or TREAKISYM Rapid Infusion, as well as royalties and milestones that could total $10 to $25 million per year if SymBio first launches TREAKISYM RTD and then its Rapid Infusion product; and
  • Despite the ongoing COVID-19 pandemic, the Company has not experienced significant disruptions to its supply chain to date, and believes it has sufficient supply chain inventory to continue manufacturing and to provide product without interruption consistent with its current business plan; the Company has experienced limited impacts on the timing of its pre-clinical programs due to the COVID-19 pandemic; the Company continues to monitor the ongoing pandemic and evaluate and evolve its business plans and response strategy thereto.

Second Quarter 2020 Financial Highlights

  • Total revenue for Q2 2020 was $41.9 million, compared to $56.7 million in Q2 2019, primarily reflecting lower product sales of BELRAPZO® and BENDEKA, partially offset by higher product sales of RYANODEX.
  • Net loss for Q2 2020 was $0.3 million, or ($0.02) per basic and diluted share, compared to net income for Q2 2019 of $6.7 million, or $0.49 per basic and $0.48 per diluted share.
  • Adjusted non-GAAP net income for Q2 2020 was $8.0 million, or $0.59 per basic and $0.57 per diluted share, compared to adjusted non-GAAP net income for Q2 2019 of $11.8 million, or $0.86 per basic and $0.84 per diluted share.
  • Cash and cash equivalents were $108.2 million, net accounts receivable was $46.8 million, and debt was $37.0 million as of June 30, 2020.

“We had an excellent start to the first half of the year, advancing our exciting pipeline of oncology and critical care products. Our ANDA and orphan drug exclusivity legal wins for BENDEKA, CMS’ decision to establish a separate J-Code and supplement approval for the 500mg dose for PEMFEXY, along with continued progress on our fulvestrant product candidate and the opportunity for vasopressin, supports the diversification and acceleration of Eagle’s earnings power,” stated Scott Tarriff, Chief Executive Officer of Eagle Pharmaceuticals.

“We’re also pleased with our collaborations with Tyme, NorthShore University HealthSystem, and UPenn to advance important products. Furthermore, we have made progress on the study of RYANODEX for the treatment of brain damage secondary to Nerve Agent exposure, as we continue to pursue expanded indications. We have important work ahead in the second half of the year, regardless of EHS, and we will continue to identify opportunities that fulfill our strategic vision and bring innovative therapeutics to the patients who can benefit,” concluded Tarriff.

Second Quarter 2020 Financial Results

Total revenue for Q2 2020 was $41.9 million, as compared to $56.7 million for Q2 2019.

Q2 2020 BELRAPZO product sales were $4.1 million, compared to $15.4 million in Q2 2019. Second quarter 2019 BELRAPZO revenue reflected wholesaler stocking occasioned by the June 2019 transition to the branded name.

Q2 2020 RYANODEX product sales were $4.7 million, compared to $2.9 million in Q2 2019.

Royalty revenue was $27.6 million in the second quarter of 2020, compared to $27.3 million in the second quarter of 2019. BENDEKA royalties were $27.5 million in the second quarter of 2020, compared to $26.5 million in the second quarter of 2019. A summary of total revenue is outlined below:

 

Three Months Ended March 31,

 

2020

 

2019

 

(unaudited)

 

(unaudited)

Revenue (in thousands):

 

 

 

Product sales

$14,376

 

$29,437

Royalty revenue

27,562

 

27,265

Total revenue

$41,938

 

$56,702

Gross margin was 69% during the second quarter of 2020, as compared to 62% in the second quarter of 2019. The expansion in gross margin in the second quarter of 2020 was driven by an increase in RYANODEX product sales, lower BENDEKA product sales in the period to the Company’s marketing partner, on which Eagle earns no profit, and the increase in BENDEKA royalty revenue.

R&D expense was $7.1 million for the second quarter of 2020, compared to $9.0 million in the second quarter of 2019. The change primarily resulted from a decrease in spending for vasopressin, partly offset by an increase in spending for the Company’s fulvestrant product candidate. Excluding stock-based compensation and other non-cash and non-recurring items, R&D expense during the second quarter of 2020 was $6.0 million.

SG&A expense in the second quarter of 2020 increased to $18.0 million compared to $17.2 million in the second quarter of 2019. The change primarily resulted from an increase in stock compensation expense, partially offset by decreases in T&E, trade show costs, and external legal expenses. Excluding stock-based compensation and other non-cash and non-recurring items, second quarter 2020 SG&A expense was $12.2 million.

Net loss for the second quarter of 2020 was $0.3 million, or ($0.02) per basic and diluted share, compared to net income of $6.7 million, or $0.49 per basic and $0.48 per diluted share, in the second quarter of 2019.

Adjusted non-GAAP net income for the second quarter of 2020 was $8.0 million, or $0.59 per basic and $0.57 per diluted share, compared to adjusted non-GAAP net income of $11.8 million or $0.86 per basic and $0.84 per diluted share in the second quarter of 2019. For a full reconciliation of adjusted non-GAAP net income to the most comparable GAAP financial measures, please see the tables at the end of this press release.

2020 Expense Guidance

  • As a result of COVID-related delays, with respect to our pre-clinical programs, we are lowering our previously reported 2020 R&D Non-GAAP expense guidance to $40 million-$44 million, as compared to $31 million in 2019.
  • SG&A spend in 2020, on a non-GAAP basis, is expected to be $61-$64 million, as compared to $56 million in 2019.

The guidance provided in this section represents forward-looking information, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements section of this press release.

Liquidity

As of June 30, 2020, the Company had $108.2 million in cash and cash equivalents plus $46.8 million in net accounts receivable, $35.7 million of which was due from Teva. The Company had $37.0 million in outstanding debt. Therefore, at June 30, 2020, the Company had net cash plus receivables of $118.0 million. In the second quarter of 2020, the Company repaid the full $110.0 million amount borrowed under its revolving credit facility.

In the second quarter of 2020, the Company repurchased $4.0 million of Eagle’s common stock as part of the share repurchase program. From August 2016 through June 30, 2020, the Company repurchased $176.9 million of its common stock.

Conference Call

As previously announced, Eagle management will host its second quarter 2020 conference call as follows:

Date

Monday, August 10, 2020

Time

8:30 A.M. ET

Toll free (U.S.)

877-876-9173

International

785-424-1667

Webcast (live and replay)

www.eagleus.com, under the “Investor + News” section

Participants should dial in 15 minutes prior to the start of the call to ensure timely access.

A replay of the conference call will be available for one week after the call's completion by dialing 800-839-4014 (US) or 402-220-2983 (International) and entering conference call ID EGRXQ220. The webcast will be archived for 30 days at the aforementioned URL.

About Eagle Pharmaceuticals, Inc.

Eagle is a fully integrated pharmaceutical company with research and development, clinical, manufacturing and commercial expertise. Eagle is committed to developing innovative medicines that result in meaningful improvements in patients’ lives. Eagle’s commercialized products include RYANODEX®, BENDEKA®, BELRAPZO®, and its oncology and CNS/metabolic critical care pipeline includes product candidates with the potential to address underserved therapeutic areas across multiple disease states. Additional information is available on Eagle’s website at www.eagleus.com.

Forward-Looking Statements

This press release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other securities laws. Forward-looking statements are statements that are not historical facts. Words and phrases such as “anticipated,” “forward,” “will,” “would,” “may,” “remain,” “potential,” “prepare,” “expected,” “believe,” “plan,” “near future,” “belief,” “guidance,” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding future events such as: the Company’s expectations regarding the current and anticipated impact of the ongoing COVID-19 pandemic on the Company’s business and operations, including sales, marketing, manufacturing and supply chain interruptions; the number and timing of potential product launches, development initiatives and new indications for RYANODEX, including for the treatment of brain damage secondary to Nerve Agent exposure; the Company’s clinical development plan for its fulvestrant product candidate, EA-114, as well as the development efforts for the other product candidates in its portfolio; the timing of the Company’s PEMFEXY and vasopressin launches, if ever; the period of market exclusivity for vasopressin; the success of the Company’s collaborations with its strategic partners; the Company’s expense guidance for fiscal year 2020; the Company’s expectations with respect to earnings power, including statements regarding the Company’s ability to diversify and accelerate earnings power; the Company's ability to deliver value in 2020 and over the long term; and the Company’s plans and ability to advance the products in its pipeline. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Such risks and uncertainties include, but are not limited to: the impacts of the ongoing COVID-19 pandemic, including disruption or impact in the sales of the Company’s marketed products, interruptions or other adverse effects to clinical trials, delays in regulatory review, manufacturing and supply chain interruptions, adverse effects on healthcare systems, disruption in the operations of the Company’s third party partners and disruption of the global economy, and the overall impact of the COVID-19 pandemic on the Company’s business, financial condition and results of operations; risks that the Company’s business, financial condition and results of operations will be impacted by the continued spread of COVID-19 in the geographies where the Company’s third-party partners operate; whether the Company will incur unforeseen expenses or liabilities or other market factors; whether the Company will successfully implement its development plan for its fulvestrant product candidate, EA-114, or other product candidates; delay in or failure to obtain regulatory approval of the Company’s product candidates; whether the Company can successfully market and commercialize its product candidates, including RYANODEX, BENDEKA and BELRAPZO; the success of the Company’s relationships with its partners, including the University of Pennsylvania, Teva, Tyme and NorthShore University HealthSystem and the parties’ ability to work effectively together; the availability and pricing of third party sourced products and materials; the outcome of litigation involving any of our products or that may have an impact on any of our products; successful compliance with the FDA and other governmental regulations applicable to product approvals, manufacturing facilities, products and/or businesses; general economic conditions, including the potential adverse effects of public health issues, including the COVID-19 pandemic, on economic activity and the performance of the financial markets generally; the strength and enforceability of the Company’s intellectual property rights or the rights of third parties; competition from other pharmaceutical and biotechnology companies and the potential for competition from generic entrants into the market; the risks inherent in the early stages of drug development and in conducting clinical trials; and those risks and uncertainties identified in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission on March 2, 2020 and its other subsequent filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and the Company does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

Non-GAAP Financial Performance Measures

In addition to financial information prepared in accordance with U.S. GAAP, this press release also contains adjusted non-GAAP net income and adjusted non-GAAP earnings per share attributable to Eagle. The Company believes these measures provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information.

Adjusted non-GAAP net income excludes stock-based compensation expense, depreciation expense, amortization expense, severance, non-cash interest expense, expense related to collaboration with Tyme, fair value adjustments on equity investment, and the tax effect of these adjustments. The Company believes these non-GAAP financial measures help indicate underlying trends in the Company’s business and are important in comparing current results with prior period results and understanding projected operating performance. Non-GAAP financial measures provide the Company and its investors with an indication of the Company’s baseline performance before items that are considered by the Company not to be reflective of the Company’s ongoing results. See the attached Reconciliation of GAAP to Adjusted Non-GAAP Net Income and Adjusted Non-GAAP Earnings per Share and Reconciliation of GAAP to Adjusted Non-GAAP EBITDA for details of the amounts excluded and included to arrive at adjusted non-GAAP net income, adjusted non-GAAP earnings per share amounts, and adjusted non-GAAP EBITDA amounts, respectively.

These adjusted measures are non-GAAP and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. The Company strongly encourages investors to review its consolidated financial statements and publicly-filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures.

-- Financial tables follow --

 
EAGLE PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share amounts)
 
 
June 30, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents

$

108,213

 

$

109,775

 

Accounts receivable, net

 

46,781

 

 

48,004

 

Inventories

 

7,891

 

 

6,566

 

Prepaid expenses and other current assets

 

5,551

 

 

15,104

 

Total current assets

 

168,436

 

 

179,449

 

Property and equipment, net

 

2,118

 

 

2,202

 

Intangible assets, net

 

14,250

 

 

15,583

 

Goodwill

 

39,743

 

 

39,743

 

Deferred tax asset, net

 

14,585

 

 

13,669

 

Other assets

 

17,578

 

 

3,908

 

Total assets

$

256,710

 

$

254,554

 

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable

$

13,708

 

$

5,462

 

Accrued expenses and other liabilities

 

19,778

 

 

28,361

 

Current portion of long-term debt

 

7,000

 

 

5,000

 

Total current liabilities

 

40,486

 

 

38,823

 

Other long-term liabilities

 

3,361

 

 

3,000

 

Long-term debt, less current portion

 

28,899

 

 

33,557

 

Total liabilities

 

72,746

 

 

75,380

 

Commitments and Contingencies
Stockholders' equity:
Preferred stock, 1,500,000 shares authorized and no shares issued or outstanding as of June 30, 2020 and December 31, 2019

 

 

 

 

Common stock, $0.001 par value; 50,000,000 shares authorized; 16,621,681 and 16,537,846 shares issued as of June 30, 2020 and December 31, 2019, respectively

 

17

 

 

17

 

Additional paid in capital

 

291,434

 

 

278,518

 

Retained earnings

 

69,373

 

 

72,500

 

Treasury stock, at cost, 3,017,710 and 2,907,687 shares as of June 30, 2020 and December 31, 2019, respectively

 

(176,860

)

 

(171,861

)

Total stockholders' equity

 

183,964

 

 

179,174

 

Total liabilities and stockholders' equity

$

256,710

 

$

254,554

 

 
EAGLE PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In thousands, except share and per share amounts)
 
 
Three Months Ended June 30,Six Months Ended June 30,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue:
Product sales

$

14,376

 

$

29,437

 

$

32,070

 

$

43,909

 

Royalty revenue

 

27,562

 

 

27,265

 

 

55,888

 

 

53,578

 

License and other revenue

 

 

 

 

 

 

 

9,000

 

Total revenue

 

41,938

 

 

56,702

 

 

87,958

 

 

106,487

 

Operating expenses:
Cost of product sales

 

10,313

 

 

18,175

 

 

15,078

 

 

27,729

 

Cost of royalty revenue

 

2,822

 

 

3,109

 

 

5,860

 

 

6,655

 

Research and development

 

7,135

 

 

8,957

 

 

16,562

 

 

15,332

 

Selling, general and administrative

 

17,959

 

 

17,228

 

 

42,714

 

 

35,369

 

Total operating expenses

 

38,229

 

 

47,469

 

 

80,214

 

 

85,085

 

Income from operations

 

3,709

 

 

9,233

 

 

7,744

 

 

21,402

 

Interest income

 

150

 

 

637

 

 

496

 

 

1,131

 

Interest expense

 

(786

)

 

(665

)

 

(1,675

)

 

(1,351

)

Other income (expense)

 

2,300

 

 

 

 

(4,200

)

 

 

Total other income (expense), net

 

1,664

 

 

(28

)

 

(5,379

)

 

(220

)

Income before income tax provision

 

5,373

 

 

9,205

 

 

2,365

 

 

21,182

 

Income tax provision

 

(5,629

)

 

(2,480

)

 

(5,492

)

 

(5,484

)

Net (Loss) Income

$

(256

)

$

6,725

 

$

(3,127

)

$

15,698

 

(Loss) Earnings per share attributable to common stockholders:
Basic

$

(0.02

)

$

0.49

 

$

(0.23

)

$

1.13

 

Diluted

$

(0.02

)

$

0.48

 

$

(0.23

)

$

1.11

 

Weighted average number of common shares outstanding:
Basic

 

13,664,951

 

 

13,782,720

 

 

13,666,279

 

 

13,853,580

 

Diluted

 

13,664,951

 

 

14,156,627

 

 

13,666,279

 

 

14,176,297

 

 
EAGLE PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
 
 
Six Months Ended June 30,

 

2020

 

 

2019

 

Cash flows from operating activities:
Net (loss) income

$

(3,127

)

$

15,698

 

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Deferred income taxes

 

(916

)

 

(127

)

Depreciation expense

 

931

 

 

1,005

 

Amortization expense

 

1,333

 

 

1,260

 

Fair value adjustments on equity investment

 

4,200

 

 

 

Stock-based compensation expense

 

13,713

 

 

11,164

 

Amortization of debt issuance costs

 

183

 

 

188

 

Changes in operating assets and liabilities which provided (used) cash:
Accounts receivable

 

1,223

 

 

6,147

 

Inventories

 

(1,325

)

 

(3,290

)

Prepaid expenses and other current assets

 

9,553

 

 

4,665

 

Accounts payable

 

8,246

 

 

7,379

 

Accrued expenses and other liabilities

 

(8,583

)

 

4,880

 

Other assets and other long-term liabilities, net

 

(1,321

)

 

(396

)

Net cash provided by operating activities

 

24,110

 

 

48,573

 

Cash flows from investing activities:
Purchase of equity investment security

 

(17,500

)

 

 

Purchase of property and equipment

 

(376

)

 

(343

)

Net cash used in investing activities

 

(17,876

)

 

(343

)

Cash flows from financing activities:
Proceeds from common stock option exercises

 

513

 

 

55

 

Employee withholding taxes related to stock-based awards

 

(1,310

)

 

(198

)

Proceeds from existing revolving credit facility

 

110,000

 

 

 

Repayment of existing revolving credit facility

 

(110,000

)

 

 

Payment of debt

 

(2,000

)

 

(3,750

)

Repurchases of common stock

 

(4,999

)

 

(15,000

)

Net cash used in financing activities

 

(7,796

)

 

(18,893

)

Net (decrease) increase in cash and cash equivalents

 

(1,562

)

 

29,337

 

Cash and cash equivalents at beginning of period

 

109,775

 

 

78,791

 

Cash and cash equivalents at end of period

$

108,213

 

$

108,128

 

Supplemental disclosures of cash flow information:
Cash paid during the period for:
Income taxes, net

$

502

 

$

2,874

 

Interest

 

1,458

 

 

1,221

 

Right-of-use asset obtained in exchange for lease obligation - lease amendment

 

842

 

 

2,871

 

 
EAGLE PHARMACEUTICALS, INC.
RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP NET INCOME AND
ADJUSTED NON-GAAP EARNINGS PER SHARE (UNAUDITED)
(In thousands, except share and per share amounts)
 
 
Three Months Ended June 30,Six Months Ended June 30,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net (loss) income - GAAP

$

(256

)

$

6,725

 

$

(3,127

)

$

15,698

 

 
Adjustments:
Cost of product revenues:
Amortization expense

 

262

 

 

225

 

 

523

 

 

450

 

Research and development:
Stock-based compensation expense

 

1,034

 

 

1,096

 

 

2,584

 

 

2,239

 

Depreciation expense

 

60

 

 

70

 

 

134

 

 

139

 

Selling, general and administrative:
Stock-based compensation expense

 

5,207

 

 

4,286

 

 

11,129

 

 

8,925

 

Expense related to collaboration with Tyme

 

-

 

 

-

 

 

2,500

 

 

-

 

Amortization expense

 

405

 

 

405

 

 

810

 

 

810

 

Depreciation expense

 

149

 

 

172

 

 

326

 

 

344

 

Severance

 

-

 

 

-

 

 

245

 

 

-

 

 
Other:
Non-cash interest expense

 

118

 

 

94

 

 

236

 

 

188

 

Fair value adjustments on equity investment

 

(2,300

)

 

-

 

 

4,200

 

 

-

 

Tax effect of the non-GAAP adjustments

 

3,344

 

 

(1,228

)

 

(3,457

)

 

(2,319

)

 
Adjusted non-GAAP net income

$

8,023

 

$

11,845

 

$

16,103

 

$

26,474

 

 
Adjusted non-GAAP earnings per share:
Basic

$

0.59

 

$

0.86

 

$

1.18

 

$

1.91

 

Diluted

$

0.57

 

$

0.84

 

$

1.15

 

$

1.87

 

Weighted number of common shares outstanding:
Basic

 

13,664,951

 

 

13,782,720

 

 

13,666,279

 

 

13,853,580

 

Diluted

 

13,971,725

 

 

14,156,627

 

 

13,983,093

 

 

14,176,297

 

 
EAGLE PHARMACEUTICALS, INC.
RECONCILIATION OF GAAP TO ADJUSTED NON-GAAP EBITDA (UNAUDITED)
(In thousands)
 
 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

Twelve Months Ended June 30,

 

Twelve Months Ended December 31,

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 
Net (loss) income - GAAP

$

(256

)

$

6,725

$

(3,127

)

$

15,698

$

(4,512

)

$

14,313

 
Add back:
Interest expense, net of interest income

 

636

 

 

28

 

1,179

 

 

220

 

1,476

 

 

517

Income tax provision

 

5,629

 

 

2,480

 

5,492

 

 

5,484

 

7,693

 

 

7,685

Depreciation and amortization expense

 

876

 

 

872

 

1,793

 

 

1,743

 

3,542

 

 

3,492

 
Add back:
Stock-based compensation expense

 

6,241

 

 

5,382

 

13,713

 

 

11,164

 

24,547

 

 

21,998

Debt issuance cost

 

-

 

 

-

 

-

 

 

-

 

88

 

 

88

Fair value adjustments on equity investment

 

(2,300

)

 

-

 

4,200

 

 

-

 

4,200

 

 

-

Expense of acquired in-process research & development

 

-

 

 

-

 

-

 

 

-

 

500

 

 

500

Expense related to collaboration with Tyme

 

-

 

 

-

 

2,500

 

 

-

 

2,500

 

 

-

Severance

 

-

 

 

-

 

245

 

 

-

 

700

 

 

455

Adjusted Non-GAAP EBITDA

$

10,826

 

$

15,487

$

25,995

 

$

34,309

$

40,734

 

$

49,048

 

Investor Relations for Eagle Pharmaceuticals, Inc.:
Lisa M. Wilson
In-Site Communications, Inc.
T: 212-452-2793
E: lwilson@insitecony.com

Public Relations for Eagle Pharmaceuticals, Inc.:
Faith Pomeroy-Ward
T: 817-807-8044
E: faith@fpwservices.com

Source: Eagle Pharmaceuticals, Inc.