ATRS Antares Pharma Inc.

2.78
+0.05  (+2%)
Previous Close 2.73
Open 2.78
52 Week Low 1.6
52 Week High 5.13
Market Cap $460,257,915
Shares 165,560,401
Float 162,789,465
Enterprise Value $448,693,894
Volume 324,842
Av. Daily Volume 1,337,478
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Drug Pipeline

Drug Stage Notes
Selatogrel and QuickShot
Acute myocardial infarction (AMI)
Phase 1
Phase 1
Phase 2 trial planned for 2020.
XYOSTED (testosterone enanthate)
Testosterone deficiency
Approved
Approved
FDA Approval announced October 1, 2018.
Makena - auto injector
Reduce the risk of preterm birth in women with a singleton pregnancy
Approved
Approved
Approval announced February 14, 2018.
OTREXUP
Rheumatoid arthritis (RA)
Approved
Approved
Approved Oct 14, 2013.
Anturol
Overactive bladder
Approved
Approved
Approved December 8, 2011.

Latest News

  1. EWING, N.J., June 11, 2020 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ:ATRS) ("the Company"), today announced that Robert F. Apple, President and Chief Executive Officer, will present at the Raymond James Human Health Innovation Conference on Thursday, June 18, 2020 at 9:40 a.m. Eastern Time.

    A live webcast of the presentation will be available under the "For Investors" section of the Antares website, www.antarespharma.com.

    About Antares Pharma

    Antares Pharma, Inc. is a pharmaceutical technology company focused primarily on the development and commercialization of self-administered injectable pharmaceutical products using advanced drug delivery auto injector technology. The Company has a portfolio of proprietary and partnered commercial…

    EWING, N.J., June 11, 2020 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ:ATRS) ("the Company"), today announced that Robert F. Apple, President and Chief Executive Officer, will present at the Raymond James Human Health Innovation Conference on Thursday, June 18, 2020 at 9:40 a.m. Eastern Time.

    A live webcast of the presentation will be available under the "For Investors" section of the Antares website, www.antarespharma.com.

    About Antares Pharma

    Antares Pharma, Inc. is a pharmaceutical technology company focused primarily on the development and commercialization of self-administered injectable pharmaceutical products using advanced drug delivery auto injector technology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates in various stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals, Inc. (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd. (Idorsia). Antares Pharma's FDA approved products include XYOSTED® (testosterone enanthate) injection, OTREXUP® (methotrexate) injection for subcutaneous use and Sumatriptan Injection USP, which is distributed by Teva.

    SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

    This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: the uncertainty regarding the duration, scope and severity of the COVID-19 pandemic and the mitigation measures and other restrictions implemented in response to the same and the impact on demand for our products, new patients and prescriptions, future revenue, product supply, and our overall business, operating results and financial condition; market acceptance, adequate reimbursement coverage and commercial success of XYOSTED® and future revenue from the same; successful development including the timing and results of the clinical bridging and Phase 3 clinical trial of the drug device combination product for Selatogrel with Idorsia Pharmaceuticals and FDA and global regulatory approvals and future revenue from the same; market acceptance of Teva's generic epinephrine auto-injector product and future revenue from the same; our expectations regarding whether the FDA will pursue withdrawal of approval for AMAG Pharmaceuticals Inc.'s Makena® subcutaneous auto injector following the recent FDA advisory committee meeting and future prescriptions, market acceptance and revenue from Makena® subcutaneous auto injector; Teva's ability to successfully commercialize VIBEX® Sumatriptan Injection USP and the amount of revenue from the same; continued growth of prescriptions and sales of OTREXUP®; the timing and results of the Company's or its partners' research projects or clinical trials of product candidates in development; actions by the FDA or other regulatory agencies with respect to the Company's products or product candidates of its partners; continued growth in product, development, licensing and royalty revenue; the Company's ability to meet loan extension and interest only payment milestones and the ability to repay the debt obligation to Hercules Capital; the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities and other statements regarding matters that are not historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as ''may'', ''will'', ''should'', ''would'', ''expect'', ''intend'', ''plan'', ''anticipate'', ''believe'', ''estimate'', ''predict'', ''potential'', ''seem'', ''seek'', ''future'', ''continue'', or ''appear'' or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K, and in the Company's other periodic reports and filings with the Securities and Exchange Commission.  The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.

    Contact:

    Jack Howarth

    Vice President, Corporate Affairs

    609-359-3016

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    • First Quarter 2020 Revenue $33.1 Million, a 42% Increase Compared to First Quarter 2019
    • Generated $5.6 Million in Cash from Operations during the First Quarter 2020

    EWING, N.J., May 05, 2020 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ:ATRS) ("the Company"), today reported operating and financial results for the first quarter ended March 31, 2020 with record first quarter revenue of $33.1 million and a net loss per share of $0.01.

    "Our first quarter revenue performance underscores the strength of our commercial and operations organizations at a time when COVID-19 impacted the global economy and our business during the last month of the quarter. XYOSTED recorded another quarter of double-digit prescription growth over the prior quarter…

    • First Quarter 2020 Revenue $33.1 Million, a 42% Increase Compared to First Quarter 2019
    • Generated $5.6 Million in Cash from Operations during the First Quarter 2020

    EWING, N.J., May 05, 2020 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ:ATRS) ("the Company"), today reported operating and financial results for the first quarter ended March 31, 2020 with record first quarter revenue of $33.1 million and a net loss per share of $0.01.

    "Our first quarter revenue performance underscores the strength of our commercial and operations organizations at a time when COVID-19 impacted the global economy and our business during the last month of the quarter. XYOSTED recorded another quarter of double-digit prescription growth over the prior quarter driven once again by a significant increase in both patients and prescribers. We continue to believe XYOSTED represents the most effective option for treating low testosterone in hypogonadal men, especially in an at-home treatment setting. On the partnered product front where we provide devices, Teva achieved a thirteen percent increase in generic epipen prescriptions in the first quarter of 2020 versus the fourth quarter of 2019 and importantly achieved a seven percent increase in market share over the same period," said Robert F. Apple, President and Chief Executive Officer of the Company. "With respect to the COVID-19 pandemic, we continue to monitor this global health crisis as it relates to our ongoing operations, and we have taken various steps to potentially reduce the impact of the pandemic on our business. Antares is focused on helping to ensure patients continue to have access to our medicines while protecting the health and well-being of both our employees and our customers. At this time, while we have seen a softening in new patient starts for our products, it is difficult to predict the full financial impact on our business given the current economic slowdown and uncertainty surrounding the duration of the pandemic. However, we believe the Company is in a strong financial position, allowing us to navigate through these unprecedented times while continuing to execute on our key strategic objectives supporting long-term growth."

    First Quarter 2020 and Recent Highlights

    • Reported first quarter total 2020 revenue of $33.1 million, an increase of 42% compared to the same period last year. Proprietary product revenue increased 163% to $12.6 million as compared to the $4.8 million reported in the first quarter of 2019. Partnered product revenue increased 7.4% to $14.5 million compared to $13.5 million in the first quarter of 2019.
       
    • XYOSTED® total prescriptions increased 18% sequentially versus the fourth quarter of 2019. To date, more than one hundred thousand prescriptions of XYOSTED® have been written by approximately fifty three hundred different physicians.
       
    • Reported first quarter 2020 loss per share of $0.01 as compared to a $0.03 loss per share reported in the comparable period last year.
       
    • Generated $5.6 million in cash from operating activities during the first quarter of 2020. Our total cash, cash equivalents and short-term investments increased to $50.3 million at March 31, 2020, compared to $45.7 million at December 31, 2019.

    First Quarter 2020 Financial Results

    Total revenue generated from product sales, development activities and royalties was $33.1 million for the three months ended March 31, 2020, compared to $23.3 million for the comparable period in 2019, a 42% increase.

    Product sales were $27.1 million for the three months ended March 31, 2020, compared to $18.3 million for the comparable period in 2019, a 48% increase.

    Sales of our proprietary products XYOSTED® and OTREXUP® generated revenue of $12.6 million for the three months ended March 31, 2020 as compared to $4.8 million for the three months ended March 31, 2019, a 163% increase. The increase in proprietary product sales for the three months ended March 31, 2020 as compared to the three months ended March 31, 2019 was attributable to XYOSTED®.

    We sell devices, components and fully assembled and packaged product to our partners Teva and AMAG. Partnered product sales were $14.5 million for the three months ended March 31, 2020 as compared to $13.5 million for the comparable period last year. The increase in sales of partnered products for the three months ended March 31, 2020 as compared to the same period in 2019 is primarily attributable to sales of auto injector devices to Teva for use with their Epinephrine Injection USP.

    Licensing and development revenue includes license fees received from partners for the right to use our intellectual property and amounts earned in joint development arrangements with partners under which we perform development activities or develop new products on their behalf. Licensing and development revenue was $1.8 million for the three month period ended March 31, 2020 compared to $0.9 million for the comparable period in 2019. The increase in licensing and development revenue for the first quarter of 2020 was due to work performed on the Pfizer rescue pen and the Idorsia selatogrel pen development programs.

    Royalties are recognized based on in-market sales of products sold by our partners. Royalty revenue was $4.2 million for the three months ended March 31, 2020 compared to $4.1 million for the same period in 2019. The net increase in royalty revenue for the three month period was a result of an overall increase of $1.9 million in royalties received from Teva on their net sales of Epinephrine Injection USP, offset by a decrease of $1.5 million in royalties received from AMAG on their net sales of the Makena® subcutaneous auto injector.

    Operating expenses were $19.4 million for the first quarter of 2020 compared to $17.3 million in the comparable period of 2019. The increase in operating expenses in the first quarter of 2020 was primarily due to incremental sales and marketing expenses related to the commercialization of XYOSTED®.

    Net loss was $2.4 million for the first quarter of 2020, compared to $5.5 million in the comparable period in 2019. Net loss per share was $0.01 for the quarter ended March 31, 2020 and $0.03 for the quarter ended March 31, 2019.

    At March 31, 2020, cash, cash equivalents and short term investments were $50.3 million compared to $45.7 million at December 31, 2019.

    2020 Financial Guidance

    Due to uncertainties caused by the ongoing COVID-19 pandemic, including the impact and duration of shelter-in-place restrictions and a lack of access for certain patients to their physicians' offices, Antares is suspending the previously announced 2020 net revenue guidance.

    Conference Call, Call Replay and Webcast

    Antares executives will provide a Company update and review first quarter 2020 financial results via webcast and conference call today, May 5, 2020, at 8:30 a.m. ET (Eastern Time). The webcast of the conference call, which will include a slide presentation, can be accessed through the link located on the "For Investors" section of the Company's website (www.antarespharma.com) under "Webcasts & Presentations". Alternatively, callers may participate in the audio portion of the conference call by dialing toll free 1-800-367-2403, or 1-334-777-6978. Callers should reference the Antares Pharma conference call or conference identification code 6655382. Callers can access the slide presentation on the "For Investors" section of the Company's website under "Webcasts & Presentations". A telephone replay of the conference call will be available from 11:30 a.m. ET on Tuesday, May 5, 2020 through 11:30 a.m. ET on Thursday, June 4, 2020. To access the replay, callers should dial 1-888-203-1112 or 1-719-457-0820 and enter passcode 6655382.

    About Antares Pharma

    Antares Pharma, Inc. is a pharmaceutical technology company focused primarily on the development and commercialization of self-administered injectable pharmaceutical products using advanced drug delivery auto injector technology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates in various stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals, Inc. (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd. (Idorsia). Antares Pharma's FDA approved products include XYOSTED® (testosterone enanthate) injection, OTREXUP® (methotrexate) injection for subcutaneous use and Sumatriptan Injection USP, which is distributed by Teva.

    SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

    This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: the uncertainty regarding the duration, scope and severity of the COVID-19 pandemic and the mitigation measures and other restrictions implemented in response to the same and the impact on demand for our products, new patients and prescriptions, future revenue, product supply, and our overall business, operating results and financial condition; market acceptance, adequate reimbursement coverage and commercial success of XYOSTED® and future revenue from the same; successful development including the timing and results of the clinical bridging and Phase 3 clinical trial of the drug device combination product for Selatogrel with Idorsia Pharmaceuticals and FDA and global regulatory approvals and future revenue from the same; market acceptance of Teva's generic epinephrine auto-injector product and future revenue from the same; our expectations regarding whether the FDA will pursue withdrawal of approval for AMAG Pharmaceuticals Inc.'s Makena® subcutaneous auto injector following the recent FDA advisory committee meeting and future prescriptions, market acceptance and revenue from Makena® subcutaneous auto injector; Teva's ability to successfully commercialize VIBEX® Sumatriptan Injection USP and the amount of revenue from the same; continued growth of prescriptions and sales of OTREXUP®; the timing and results of the Company's or its partners' research projects or clinical trials of product candidates in development; actions by the FDA or other regulatory agencies with respect to the Company's products or product candidates of its partners; continued growth in product, development, licensing and royalty revenue; the Company's ability to meet loan extension and interest only payment milestones and the ability to repay the debt obligation to Hercules Capital; the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities and other statements regarding matters that are not historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as ''may'', ''will'', ''should'', ''would'', ''expect'', ''intend'', ''plan'', ''anticipate'', ''believe'', ''estimate'', ''predict'', ''potential'', ''seem'', ''seek'', ''future'', ''continue'', or ''appear'' or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K, and in the Company's other periodic reports and filings with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.

    Contact:

    Jack Howarth
    Vice President, Corporate Affairs
    609-359-3016

    TABLES FOLLOW


    ANTARES PHARMA, INC.
    Table 1 - CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
    (amounts in thousands except per share amounts)
    (unaudited)

        Three Months Ended          
        March 31,     Increase  
        2020     2019     (Decrease)  
    Revenue:                        
    Product sales   $ 27,097     $ 18,300     48 %  
    Licensing and development revenue     1,755       915     92 %  
    Royalties     4,227       4,071     4 %  
    Total revenue     33,079       23,286     42 %  
    Cost of Revenue     15,047       10,946     37 %  
    Gross profit     18,032       12,340     46 %  
    Research and development     2,981       2,387     25 %  
    Selling, general and administrative     16,422       14,935     10 %  
    Total operating expenses     19,403       17,322     12 %  
    Operating loss     (1,371 )     (4,982 )   (72 )%  
    Other income (expense), net     (985 )     (557 )   77 %  
    Net loss   $ (2,356 )   $ (5,539 )   (57 )%  
    Basic and diluted net loss per common share   $ (0.01 )   $ (0.03 )        
    Basic and diluted weighted average common shares outstanding     165,429       160,446          


    ANTARES PHARMA, INC.
    Table 2 – CONSOLIDATED DETAIL OF REVENUE FROM PRODUCT SALES
    (amounts in thousands)
    (unaudited)

        Three Months Ended
    March 31,
     
        2020     2019  
    Product sales:                
    XYOSTED®   $ 9,003     $ 703  
    OTREXUP®     3,563       4,068  
    Partnered product sales     14,531       13,529  
    Total product sales   $ 27,097     $ 18,300  


    ANTARES PHARMA, INC.
    Table 3 – CONSOLIDATED CONDENSED BALANCE SHEETS
    (amounts in thousands)
    (unaudited)

        March 31,     December 31,  
        2020     2019  
    Assets                
    Cash, cash equivalents and investments   $ 50,317     $ 45,721  
    Accounts receivable     31,412       35,074  
    Inventories     17,309       16,000  
    Contract assets     9,929       8,235  
    Equipment, molds, furniture and fixtures, net     16,223       15,961  
    Goodwill, intangibles and right-of use assets     6,736       7,036  
    Other assets     4,878       4,724  
    Total Assets   $ 136,804     $ 132,751  
                     
    Liabilities and Stockholders' Equity                
    Accounts payable and accrued expenses   $ 35,213     $ 30,677  
    Deferred revenue     2,048       1,738  
    Long-term debt and lease liabilities     45,745       45,836  
    Stockholders' equity     53,798       54,500  
    Total Liabilities and Stockholders' Equity   $ 136,804     $ 132,751  
                     

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  2. EWING, N.J., April 28, 2020 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ:ATRS) today announced it will release its first quarter 2020 financial results and recent operating progress before the market opens on Tuesday, May 5, 2020.  Management will host a webcast and conference call at 8:30 a.m. ET (Eastern Time) on May 5, 2020 to discuss the results.

    Interested parties may participate in the conference call by dialing 1-800-367-2403 or 1-334-777-6978 and entering access code 6655382.  We encourage interested parties to dial into the conference call at least 10 minutes prior to the scheduled start time.  A replay of the conference call will be available from 11:30 a.m. ET on Tuesday, May 5, 2020 through 11:30 a.m. ET on Thursday, June 4…

    EWING, N.J., April 28, 2020 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ:ATRS) today announced it will release its first quarter 2020 financial results and recent operating progress before the market opens on Tuesday, May 5, 2020.  Management will host a webcast and conference call at 8:30 a.m. ET (Eastern Time) on May 5, 2020 to discuss the results.

    Interested parties may participate in the conference call by dialing 1-800-367-2403 or 1-334-777-6978 and entering access code 6655382.  We encourage interested parties to dial into the conference call at least 10 minutes prior to the scheduled start time.  A replay of the conference call will be available from 11:30 a.m. ET on Tuesday, May 5, 2020 through 11:30 a.m. ET on Thursday, June 4, 2020 by dialing 1-888-203-1112 or 1-719-457-0820 and entering the access code 6655382.  An archive of the slide presentation will also be available under the "For Investors" section of the Antares Website at www.antarespharma.com.

    About Antares Pharma

    Antares Pharma, Inc. is a pharmaceutical technology company focused primarily on the development and commercialization of self-administered parenteral pharmaceutical products using advanced drug delivery auto injector technology.  The Company has a portfolio of proprietary and partnered commercial products with several product candidates in various stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals, Inc. (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd. (Idorsia).  Antares Pharma's proprietary products include XYOSTED® (testosterone enanthate) injection, OTREXUP® (methotrexate) injection for subcutaneous use and Sumatriptan Injection USP, which is distributed by Teva.

    SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

    This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described.  Factors that may cause such differences include, but are not limited to: the uncertainty regarding the duration, scope and severity of the COVID-19 pandemic and the mitigation measures and other restrictions implemented in response to the same and the impact on demand for our products, product supply, and our overall business, operating results and financial condition; achievement of the Company's 2020 revenue guidance; market acceptance, adequate reimbursement coverage and commercial success of XYOSTED® and future revenue from the same; successful development including the timing and results of the clinical bridging and Phase 3 clinical trial of the drug device combination product for Selatogrel with Idorsia Pharmaceuticals and FDA and global regulatory approvals and future revenue from the same; market acceptance of Teva's generic epinephrine auto-injector product and future revenue from the same; our expectations regarding whether the FDA will pursue withdrawal of approval for AMAG Pharmaceuticals Inc.'s Makena® subcutaneous auto injector following the recent FDA advisory committee meeting and future prescriptions, market acceptance and revenue from Makena® subcutaneous auto injector; Teva's ability to successfully commercialize VIBEX® Sumatriptan Injection USP and the amount of revenue from the same; continued growth of prescriptions and sales of OTREXUP®;  the timing and results of the Company's or its partners' research projects or clinical trials of product candidates in development;  actions by the FDA or other regulatory agencies with respect to the Company's products or product candidates of its partners; continued growth in product, development, licensing and royalty revenue; the Company's ability to meet loan extension and interest only payment milestones and the ability to repay the debt obligation to Hercules Capital;  the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities and other statements regarding matters that are not historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as ''may'', ''will'', ''should'', ''would'', ''expect'', ''intend'', ''plan'', ''anticipate'', ''believe'', ''estimate'', ''predict'', ''potential'', ''seem'', ''seek'', ''future'', ''continue'', or ''appear'' or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K, and in the Company's other periodic reports and filings with the Securities and Exchange Commission.  The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.

    Contacts:
    Jack Howarth
    Vice President, Corporate Affairs
    609-359-3016

    Primary Logo

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  3. Record Quarterly Revenue of $37.8 Million – Earnings Per Share of $0.03

    Record Annual Revenue of $123.9 Million, a 95% Increase over 2018 Annual Revenue

    EWING, N.J., March 03, 2020 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ:ATRS) ("the Company") today reported operating and financial results for the fourth quarter and full year ended December 31, 2019. The Company reported total revenue of $37.8 million for the fourth quarter of 2019 and $123.9 million for the year ended December 31, 2019. Net income per share was $0.03 for the fourth quarter of 2019 and a net loss per share of $0.01 for the year ended December 31, 2019.

    "Our evolution as a pharmaceutical technology company continued in 2019, as we delivered record revenue and the Company's…

    Record Quarterly Revenue of $37.8 Million – Earnings Per Share of $0.03

    Record Annual Revenue of $123.9 Million, a 95% Increase over 2018 Annual Revenue

    EWING, N.J., March 03, 2020 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ:ATRS) ("the Company") today reported operating and financial results for the fourth quarter and full year ended December 31, 2019. The Company reported total revenue of $37.8 million for the fourth quarter of 2019 and $123.9 million for the year ended December 31, 2019. Net income per share was $0.03 for the fourth quarter of 2019 and a net loss per share of $0.01 for the year ended December 31, 2019.

    "Our evolution as a pharmaceutical technology company continued in 2019, as we delivered record revenue and the Company's first full year of operating income. Our revenue of almost $124 million and first time annual operating income was driven by the successful launch of our proprietary product XYOSTED and Teva's generic epipen," said Robert F. Apple, President and Chief Executive Officer of the Company. "We believe the XYOSTED launch exceeded expectations, solidifying our commercial effectiveness, and that our operational capabilities contributed to the success of the generic epipen launch. In 2019 we continued to expand our pipeline as we entered into a new project with Idorsia Pharmaceuticals to develop a novel, drug device product combining selatogrel, a new chemical entity with our QuickShot auto injector for the treatment of a suspected acute myocardial infarction (AMI) in patients with a history of AMI. As we look ahead to 2020, we believe our strong financial position and established commercial operations provide a foundation to help fuel continued growth of XYOSTED and progress of our pipeline."

     Fourth Quarter 2019 and Recent Highlights

    • Reported fourth quarter 2019 revenue of $37.8 million, an increase of 101% compared to the same period last year. Generated fourth quarter product revenue of $28.5 million, an increase of 100% compared to the same period last year. Fourth quarter royalty revenue was $6.2 million as compared to $3.5 million reported in the same period last year, a 78% increase. Cash, cash equivalents and short-term investments were $45.7 million at December 31, 2019, as compared to $41.9 million at September 30, 2019 and $27.9 million at December 31, 2018.
       
    • Reported fourth quarter 2019 earnings per share of $0.03. This represents the Company's second consecutive quarterly income from ongoing operations. 
       
    • Announced a global agreement with Idorsia Pharmaceuticals Ltd. to develop a novel, drug-device product combining selatogrel, Idorsia's potent, fast-acting and highly selective P2Y12 receptor antagonist under development, with the Antares subcutaneous QuickShot® auto injector. Selatogrel, a new chemical entity, is being developed for the treatment of a suspected acute myocardial infarction (AMI) in adult patients with a history of AMI. 
       
    • Announced full year 2020 net revenue guidance of $135 to $155 million, which includes a range of potential revenue scenarios for AMAG's Makena® subcutaneous auto injector product.

    Fourth Quarter and Year-to-Date Financial Results

    Total revenue represents revenue generated from product sales, development activities and royalties. Total revenue was $37.8 million for the three months ended December 31, 2019, compared to $18.8 million for the comparable period in 2018, a 101% increase. For the year ended December 31, 2019, total revenue was $123.9 million, compared to $63.6 million for the comparable period in 2018, a 95% increase.

    Product sales were a record $28.5 million for the three months ended December 31, 2019, compared to $14.2 million for the comparable period in 2018, a 100% increase. For the year ended December 31, 2019, product sales were $92.1 million, compared to $47.9 million for the comparable period in 2018, a 92% increase.   

    Sales of our proprietary products XYOSTED® and OTREXUP® generated revenue of $14.0 million and $39.2 million for the three and twelve months ended December 31, 2019, respectively, as compared to $5.7 million and $17.5 million for the three and twelve months ended December 31, 2018, respectively. The increase in proprietary product sales for the three and twelve months ended December 31, 2019 as compared to the three and twelve months ended December 31, 2018 was principally attributable to sales of XYOSTED®, which was launched in late 2018. 

    We sell devices, components and fully assembled and packaged product to our partners Teva, AMAG and Ferring Pharmaceuticals. Partnered product sales were $14.5 million and $8.5 million for the three months ended December 31, 2019 and 2018, respectively, and $52.9 million and $30.3 million for the year ended December 31, 2019 and 2018, respectively. The increase in sales of partnered products for the three and twelve months ended December 31, 2019 as compared to the same period in 2018 is primarily attributable to sales of auto injector devices to Teva for use with their Epinephrine Injection USP. With the final payment received in October of 2019 related to the sale of our needle-free device to Ferring, we will no longer manufacture and supply needle free devices going forward. 

    Licensing and development revenue includes license fees received from partners for the right to use our intellectual property and amounts earned in joint development arrangements with partners under which we perform development activities or develop new products on their behalf. Licensing and development revenue was $3.2 million and $7.5 million for the three and twelve month periods ended December 31, 2019, respectively, compared to $1.1 million and $6.8 million for the comparable periods in 2018, respectively. Licensing and development revenue for the three and twelve month periods was primarily from the Pfizer rescue pen and Teva pen development programs.

    Royalties are recognized based on in-market sales of products sold by our partners. Royalty revenue was $6.2 million for the three months ended December 31, 2019 compared to $3.5 million for the same period in 2018, a 78% increase. For the twelve month period ended December 31, 2019, royalty revenue was $24.2 million, compared to $8.9 million for the comparable period in 2018, a 171% increase. The significant increases in royalty revenue for the three and twelve month periods were primarily attributable to royalties recognized from Teva on their net sales of Epinephrine Injection USP and from AMAG on their net sales of the Makena® subcutaneous auto injector.

    Operating expenses were $18.2 million for the fourth quarter of 2019 compared to $14.9 million in the comparable period of 2018. Total operating expenses for the twelve months ended December 31, 2019 were $72.4 million as compared to $49.1 million for the comparable period in 2018. The increase in operating expenses for the three and twelve month periods of 2019 was primarily attributable to additional sales and marketing expenses associated with the launch of XYOSTED®.

    Operating income was $5.6 million for the fourth quarter of 2019 compared to $6.8 million in the comparable period of 2018. Total operating income for the twelve months ended December 31, 2019 was $1.0 million as compared to an operating loss of $4.1 million for the twelve months ended December 31, 2018. Net income was $4.7 million for the fourth quarter of 2019, compared to $6.1 million for the fourth quarter of 2018. Net loss was $2.0 million for the twelve months ended December 31, 2019 as compared to $6.5 million for the twelve months ended December 31, 2018. Net income per share was $0.03 and $0.04 for the three month periods ended December 31, 2019 and 2018, respectively, and net loss per share was $0.01 and $0.04 for the twelve month periods ended December 31, 2019 and 2018, respectively. The three and twelve month periods ended December 31, 2018 reflected a $12.5 million gain recognized from the sale of our needle free product line to Ferring Pharmaceuticals.

    At December 31, 2019, cash, cash equivalents and short-term investments were $45.7 million compared to $27.9 million at December 31, 2018. During the second quarter of 2019, the Company amended the existing loan and security agreement with Hercules Capital and borrowed an additional $15.0 million upon execution of the agreement. 

    2020 Financial Guidance

    The Company previously issued 2020 net revenue guidance to be in a range of $135 to $155 million.

    Conference Call, Call Replay and Webcast

    Antares executives will provide a Company update and review fourth quarter 2019 financial results via webcast and conference call today, March 3, 2020, at 8:30 a.m. ET (Eastern Time). The webcast of the conference call, which will include a slide presentation, can be accessed through the link located on the "For Investors" section of the Company's website (www.antarespharma.com) under "Webcasts & Presentations". Alternatively, callers may participate in the audio portion of the conference call by dialing toll free 1-800-367-2403, or 1-334-777-6978. Callers should reference the Antares Pharma conference call or conference identification code 4919542. Callers can access the slide presentation on the "For Investors" section of the Company's website under "Webcasts & Presentations". A telephone replay of the conference call will be available from 11:30 a.m. ET on Tuesday, March 3, 2020 through 11:30 a.m. ET on Thursday, April 2, 2020. To access the replay, callers should dial 1-888-203-1112 or 1-719-457-0820 and enter passcode 4919542. 

    About Antares Pharma

    Antares Pharma, Inc. is a pharmaceutical technology company focused primarily on the development and commercialization of self-administered parenteral pharmaceutical products using advanced drug delivery auto injector technology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates in various stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals, Inc. (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd. (Idorsia). Antares Pharma's proprietary products include XYOSTED® (testosterone enanthate) injection, OTREXUP® (methotrexate) injection for subcutaneous use and Sumatriptan Injection USP, which is distributed by Teva.

    SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

    This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: achievement of the Company's 2020 revenue guidance; market acceptance, adequate reimbursement coverage and commercial success of XYOSTED® and future revenue from the same; successful development including the timing and results of the clinical bridging and Phase 3 clinical trial of the drug device combination product for Selatogrel with Idorsia Pharmaceuticals and FDA and global regulatory approvals and future revenue from the same; market acceptance of Teva's generic epinephrine auto-injector product and future revenue from the same; our expectations regarding whether the FDA will pursue withdrawal of approval for AMAG Pharmaceuticals Inc.'s Makena® subcutaneous auto injector following the recent FDA advisory committee meeting and future prescriptions, market acceptance and revenue from Makena® subcutaneous auto injector; Teva's ability to successfully commercialize VIBEX® Sumatriptan Injection USP and the amount of revenue from the same; continued growth of prescriptions and sales of OTREXUP®; the timing and results of the Company's or its partners' research projects or clinical trials of product candidates in development; actions by the FDA or other regulatory agencies with respect to the Company's products or product candidates of its partners; continued growth in product, development, licensing and royalty revenue; the Company's ability to meet loan extension and interest only payment milestones and the ability to repay the debt obligation to Hercules Capital; the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities and other statements regarding matters that are not historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as ''may'', ''will'', ''should'', ''would'', ''expect'', ''intend'', ''plan'', ''anticipate'', ''believe'', ''estimate'', ''predict'', ''potential'', ''seem'', ''seek'', ''future'', ''continue'', or ''appear'' or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K, and in the Company's other periodic reports and filings with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.

    Contact:
    Jack Howarth
    Vice President, Corporate Affairs
    609-359-3016

    TABLES FOLLOW


    ANTARES PHARMA, INC.
    Table 1 - CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
    (amounts in thousands except per share amounts)
    (unaudited)

        Three Months Ended           For the Year Ended
         
        December 31,     Increase     December 31,
        Increase
        2019     2018     (Decrease)     2019
        2018
        (Decrease)
    Revenue:                                          
    Product sales   $ 28,496     $ 14,229     100 %     $ 92,103     $ 47,870     92 %
    Licensing and development revenue     3,164       1,129     180 %       7,529       6,753     11 %
    Royalties     6,179       3,463     78 %       24,232       8,931     171 %
    Total revenue     37,839       18,821     101 %       123,864       63,554     95 %
                                                   
    Cost of revenue     14,026       9,630     46 %       50,475       31,065     62 %
    Gross profit     23,813       9,191     159 %       73,389       32,489     126 %
    Research and development     2,880       3,007     (4 %)       10,624       12,328     (14 %)
    Selling, general and administrative     15,366       11,896     29 %       61,773       36,762     68 %
    Total operating expenses     18,246       14,903     22 %       72,397       49,090     47 %
    Gain on sale of assets           12,500     (100 %)             12,500     (100 %)
    Operating income (loss)     5,567       6,788     (18 %)       992       (4,101 )   **
    Other expense     (872 )     (654 )   33 %       (3,019 )     (2,414 )   25 %
    Net income (loss)   $ 4,695     $ 6,134           $ (2,027 )   $ (6,515 )    
    Net income (loss) per common share, basic and diluted   $ 0.03     $ 0.04           $ (0.01 )   $ (0.04 )    


    ANTARES PHARMA, INC.
    Table 2 – CONSOLIDATED DETAIL OF REVENUE FROM PRODUCT SALES
    (amounts in thousands)
    (unaudited)

      Three Months Ended
    December 31,
        For the Year Ended
    December 31,
     
      2019     2018     2019     2018  
    Product sales:                              
    XYOSTED® $ 8,423     $ 649     $ 20,769     $ 649  
    OTREXUP®   5,579       5,063       18,446       16,883  
    Partnered product sales   14,494       8,517       52,888       30,338  
    Total product sales $ 28,496     $ 14,229     $ 92,103     $ 47,870  


    ANTARES PHARMA, INC.
    Table 3 – CONSOLIDATED CONDENSED BALANCE SHEETS
    (amounts in thousands)
    (unaudited)

        December 31,     December 31,
        2019     2018
    Assets              
    Cash, cash equivalents and investments   $ 45,721     $ 27,892
    Accounts receivable     35,074       18,976
    Inventories     16,000       11,350
    Contract assets     8,235       10,442
    Equipment, molds, furniture and fixtures, net     15,961       14,895
    Goodwill, intangibles and right-of use assets     7,036       1,926
    Other assets     4,724       2,796
    Total Assets   $ 132,751     $ 88,277
                   
    Liabilities and Stockholders' Equity              
    Accounts payable and accrued expenses   $ 29,428     $ 23,132
    Deferred revenue     1,738       1,018
    Long-term debt and lease liabilities     47,085       25,126
    Stockholders' equity     54,500       39,001
    Total Liabilities and Stockholders' Equity   $ 132,751     $ 88,277

     

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  4. EWING, N.J., Feb. 26, 2020 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ:ATRS) today announced that Robert F. Apple, President and Chief Executive Officer, will present at the Cowen and Company 40th Annual Health Care Conference on Wednesday March 4, 2020 at 11:20 am Eastern Time.

    A live webcast of the presentation will be available under the "For Investors" section of the Antares website, www.antarespharma.com.

    About Antares Pharma

    Antares Pharma, Inc. is a combination drug device company focused primarily on the development and commercialization of self-administered parenteral pharmaceutical products using advanced drug delivery auto injector technology. The Company has a portfolio of proprietary and partnered commercial products with…

    EWING, N.J., Feb. 26, 2020 (GLOBE NEWSWIRE) -- Antares Pharma, Inc. (NASDAQ:ATRS) today announced that Robert F. Apple, President and Chief Executive Officer, will present at the Cowen and Company 40th Annual Health Care Conference on Wednesday March 4, 2020 at 11:20 am Eastern Time.

    A live webcast of the presentation will be available under the "For Investors" section of the Antares website, www.antarespharma.com.

    About Antares Pharma

    Antares Pharma, Inc. is a combination drug device company focused primarily on the development and commercialization of self-administered parenteral pharmaceutical products using advanced drug delivery auto injector technology. The Company has a portfolio of proprietary and partnered commercial products with several product candidates in various stages of development, as well as significant strategic alliances with industry leading pharmaceutical companies including Teva Pharmaceutical Industries, Ltd. (Teva), AMAG Pharmaceuticals, Inc. (AMAG), Pfizer Inc. (Pfizer) and Idorsia Pharmaceuticals Ltd. (Idorsia). Antares Pharma's proprietary products include XYOSTED® (testosterone enanthate) injection, OTREXUP® (methotrexate) injection for subcutaneous use and Sumatriptan Injection USP, which is distributed by Teva.

    SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

    This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to: achievement of the Company's 2020 and 2019 revenue guidance; market acceptance, adequate reimbursement coverage and commercial success of XYOSTED® and future revenue from the same; successful development including the timing and results of the clinical bridging and Phase 3 clinical trial of the drug device combination product for Selatogrel with Idorsia Pharmaceuticals and FDA and global regulatory approvals and future revenue from the same; market acceptance of Teva's generic epinephrine auto-injector product and future revenue from the same; our expectations regarding whether the FDA will pursue withdrawal of approval for AMAG Pharmaceuticals Inc.'s Makena® subcutaneous auto injector following the recent FDA advisory committee meeting and future prescriptions, market acceptance and revenue from Makena® subcutaneous auto injector; Teva's ability to successfully commercialize VIBEX® Sumatriptan Injection USP and the amount of revenue from the same; continued growth of prescriptions and sales of OTREXUP®; the timing and results of the Company's or its partners' research projects or clinical trials of product candidates in development; actions by the FDA or other regulatory agencies with respect to the Company's products or product candidates of its partners; continued growth in product, development, licensing and royalty revenue; the Company's ability to meet loan extension and interest only payment milestones and the ability to repay the debt obligation to Hercules Capital; the Company's ability to obtain financial and other resources for its research, development, clinical, and commercial activities and other statements regarding matters that are not historical facts, and involve predictions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed in or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as ''may'', ''will'', ''should'', ''would'', ''expect'', ''intend'', ''plan'', ''anticipate'', ''believe'', ''estimate'', ''predict'', ''potential'', ''seem'', ''seek'', ''future'', ''continue'', or ''appear'' or the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in the forward-looking statements is contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K, and in the Company's other periodic reports and filings with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.

    Contact:

    Jack Howarth
    Vice President, Corporate Affairs
    609-359-3016
     

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