Egalet Announces Third Quarter 2017 Financial Results

11/8/17

Egalet Corporation (Nasdaq: EGLT) (Egalet), a fully integrated specialty pharmaceutical company focused on developing, manufacturing and commercializing innovative treatments for pain and other conditions, today announced financial results for the third quarter ended September 30, 2017.

"With 124% prescription growth and 41% revenue growth for our marketed products over last year's third quarter, we continue to grow our business," said Bob Radie, president and chief executive officer of Egalet. "With a cash position of $102.1 million and the increased focus on non-narcotic and innovative treatments to alleviate pain, we believe that we are positioned to play an important role in what must be a multifaceted solution to address the prescription abuse crisis."

Third quarter and recent highlights include:

  • Increased SPRIX® (ketorolac tromethamine) Nasal Spray prescriptions by 101 percent over the third quarter of 2016 and 18 percent over the second quarter of 2017, with 527 new prescribers added;
  • Partner Ascend Therapeutics began promotion of SPRIX Nasal Spray to its approximately 11,000 target women's healthcare providers;
  • Increased prescriptions of OXAYDO® (oxycodone HCI, USP) tablets for oral use only –CII by 71 percent over the third quarter 2016 and seven percent over the second quarter of 2017, with 337 prescribers added;
  • More than doubled prescriptions of ARYMO® ER (morphine sulfate) extended-release tablets for oral use —CII going from 1,124 prescriptions in the second quarter of 2017 to 2,630 prescriptions in the third quarter;
  • Garnered market access with a large payer adding ARYMO ER to its Medicare Part D formulary; and
  • Closed $30 million equity financing.

Third Quarter 2017 Financial Results:

  • Cash Position: As of September 30, 2017, Egalet had cash, cash equivalents and marketable securities totaling $102.1 million.
  • Net Revenue: Total net product sales were $6.7 million for the quarter ended September 30, 2017 compared to $4.7 million for the quarter ended September 30, 2016.
  • Cost of Sales: Cost of sales was $1.2 million for the quarter ended September 30, 2017 and $914,000 for the quarter ended September 30, 2016. Cost of sales for the quarter ended September 30, 2017 reflected the average cost of inventory produced and dispensed to patients.
  • G&A Expenses: General and administrative expenses decreased to $6.8 million for the quarter ended September 30, 2017 from $8.0 million for the quarter ended September 30, 2016. The decrease was primarily attributable to costs incurred in the quarter ended September 30, 2016to prepare for the ARYMO ER FDA Advisory Committee meeting.
  • S&M Expenses: Sales and marketing expenses increased to $8.8 million for the quarter ended September 30, 2017 from $7.0 million for the quarter ended September 30, 2016. This increase was primarily attributable to sales and marketing support related to ARYMO ER.
  • R&D Expenses: Research and development expenses decreased to $2.1 million for the quarter ended September 30, 2017 from $12.1 million for the quarter ended September 30, 2016. The decrease was driven primarily by decreased costs for the development of Egalet-002, ARYMO ER and OXAYDO.
  • Interest Expense: Interest expense increased to $4.7 million for the quarter ended September 30, 2017 from $3.6 million for the quarter ended September 30, 2016. The increase in interest expense for the quarter ended September 30, 2017 was primarily attributable to payments on the 13% senior secured notes, issued in August 2016 and January 2017.
  • Net Loss: Net loss for the quarter ended September 30, 2017 was $18.9 million, or $0.46 per share, compared to a net loss of $26.9 million, or $1.10 per share, for the quarter ended September 30, 2016.

About Egalet Egalet, a fully integrated specialty pharmaceutical company, is focused on developing, manufacturing and commercializing innovative treatments for pain and other conditions. Egalet has three approved products: ARYMO® ER (morphine sulfate) extended-release tablets for oral use —CII, developed using Egalet's proprietary Guardian™ Technology, OXAYDO® (oxycodone HCI, USP) tablets for oral use only —CII and SPRIX® (ketorolac tromethamine) Nasal Spray. Using Guardian Technology, Egalet is developing a pipeline of clinical-stage, product candidates for which we are seeking partners including Egalet-002, an abuse-deterrent, extended-release, oral oxycodone formulation for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment and for which alternative treatment options are inadequate. Guardian Technology can be applied broadly across different classes of pharmaceutical products and can be used to develop combination products that include multiple active pharmaceutical ingredients with similar or different release profiles. For full prescribing information on ARYMO ER, including the boxed warning and medication guide, please visit arymoer.com. For full prescribing information on SPRIX, including the boxed warning and medication guide, please visit sprix.com. For full prescribing information on OXAYDO, including the boxed warning and medication guide, please visit oxaydo.com.

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