Juniper Pharma (JNP) Tops Q3 EPS by 17c; Enters Agreement to Monetize Crinone Royalty Payments
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Juniper Pharma (NASDAQ: JNP) reported Q3 EPS of $0.02, $0.17 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $11.6 million versus the consensus estimate of $10.35 million.
Juniper also announced it has entered into an agreement with its partner, Allergan, Inc. (NYSE: AGN) to monetize future royalty payments due to Juniper for U.S. sales of Crinone (progesterone gel). Under the agreement, Juniper will receive a one-time payment of $11 million from Allergan.
"The monetization of our U.S. Crinone royalty stream significantly strengthens our balance sheet and provides non-dilutive cash to support our near-term strategic and operational goals," said Alicia Secor, Juniper's President and Chief Executive Officer.
The Company sold U.S. Crinone® rights to Allergan in July 2010; since then, Juniper has received from Allergan a 10% royalty on its U.S. Crinone® sales.
Juniper will continue as the exclusive supplier of Crinone® for all markets outside the U.S. and receive revenue from sales to Merck KGaA, Darmstadt, Germany ("Merck KGaA"). Merck KGaA holds the marketing authorization for Crinone® in over 90 countries.
Approved in the U.S. in 1997, Crinone® is indicated for supplementation or replacement as part of an Assisted Reproductive Technology (ART) treatment for infertile women with progesterone deficiency.
For earnings history and earnings-related data on Juniper Pharma (JNP) click here.
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