Retrophin (RTRX) Tops Q4 EPS by 30c, Revenues Beat

Retrophin (NASDAQ: RTRX) reported Q4 EPS of ($0.18), $0.30 better than the analyst estimate of ($0.48). Revenue for the quarter came in at $43.77 million versus the consensus estimate of $44.53 million.

• The Phase 3 FORT Study of fosmetpantotenate in pantothenate kinase-associated neurodegeneration (PKAN) completed enrollment in December 2018; top-line data are expected in the third quarter of 2019, followed by expected submissions for a New Drug Application (NDA) in the U.S. and Marketing Authorization Application (MAA) in the EU in 2020
• Patient enrollment nears completion in the Phase 2 proof-of-concept study evaluating CNSA-001 in phenylketonuria (PKU); the Company expects to receive top-line data from the study in the second quarter of 2019
• Enrollment in the pivotal Phase 3 DUPLEX Study of sparsentan in focal segmental glomerulosclerosis (FSGS) continues; top-line data from the interim efficacy analysis are expected in the second half of 2020
• In December 2018, the Company announced that the first patient had been dosed in the pivotal Phase 3 PROTECT Study of sparsentan in IgA nephropathy (IgAN); top-line data are expected in the first half of 2022
• Net product sales for the fourth quarter of 2018 were $43.8 million, compared to $42.2 million for the same period in 2017
• Net product sales for the full year 2018 were $164.2 million, compared to $154.9 million for the same period in 2017
• Cash, cash equivalents and marketable securities, as of December 31, 2018, totaled $471.5 million

“Our teams demonstrated strong execution in the fourth quarter by delivering on key clinical objectives in our fosmetpantotenate and sparsentan development programs, as well as by continuing the period over period growth of our commercial portfolio,” said Eric Dube, Ph.D., chief executive officer of Retrophin. “This is an exciting year for Retrophin as we are positioned to start realizing the value of our pipeline that has the potential to generate multiple NDA and MAA submissions in the coming years, each of which is designed to address significant unmet needs for patients living with rare disease. In 2019, we will be focused on successfully executing the pivotal trials of fosmetpantotenate and sparsentan to fulfill their potential as first-in-class therapies, while continuing the growth of our commercial portfolio.”

For earnings history and earnings-related data on Retrophin (RTRX) click here.

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