AMAG Pharma (AMAG) Misses Q1 EPS by 17c; Reiterates Outlook

AMAG Pharma (NASDAQ: AMAG) reported Q1 EPS of $0.94, $0.17 worse than the analyst estimate of $1.11. Revenue for the quarter came in at $117.6 million versus the consensus estimate of $124.83 million.

“We are off to a strong start in 2016, achieving goals on our next-generation program for Makena, including the commercial launch of our new single-dose, preservative-free formulation, as well as solidifying an important new strategic relationship to further expand access to FDA-approved Makena,” said William Heiden, AMAG’s chief executive officer. “First quarter 2016 sales of Makena increased 17% over the prior year, and early data from the recent launch of the new formulation of Makena, including April enrollment data at the Makena Care Connection that is up approximately 50% over March, suggests an acceleration in sales growth. We expect these trends to continue through the remainder of the year and are confirming our annual net product sales guidance for Makena.”

“CBR, our newborn stem cell preservation offering, as well as our anemia management and cancer supportive care products, performed in-line with our expectations and remain on track with our 2016 sales guidance,” added Mr. Heiden.

AMAG Pharma reaffirmed FY2016 guidance.

"We are reiterating our full year 2016 guidance for revenue, adjusted EBITDA and non-GAAP net income, including top-line revenue growth of approximately 40%, which underscores the strong recent trends for Makena and the overall underlying demand we are generating across our portfolio of products,” said Frank Thomas, president and chief operating officer. “During the quarter and throughout 2016, we are investing in our products through R&D to potentially expand our label for Feraheme and provide more patient- and provider-friendly versions of Makena. We believe these investments will enhance the long-term revenue potential of these products.”

2016 Financial Guidance3

$ in millions 2016 Guidance
Makena sales $310 - $340
Feraheme and MuGard sales $95 - $105
Non-GAAP CBR revenue $115 -$125
Non-GAAP total product revenue $520 - $570
Non-GAAP adjusted EBITDA $255- $285
Non-GAAP net income $195- $225

For earnings history and earnings-related data on AMAG Pharma (AMAG) click here.

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