Spectrum Pharma (SPPI) Misses Q4 EPS by 9c, Revenues Beat

Spectrum Pharma (NASDAQ: SPPI) reported Q4 EPS of ($0.30), $0.09 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $29.4 million versus the consensus estimate of $25.48 million.

• Poziotinib enrollment completed in previously treated EGFR cohort (cohort 1) of ZENITH20 trial; topline results are expected in Q4 2019
• ROLONTIS® (eflapegrastim) Biologics License Application (BLA) was submitted to the FDA
• Q4 Revenues were $29.4 million, including $28.0 million in product sales; full year revenues were $109.3 million including $104.5 million in product sales

“2018 was a very productive year for Spectrum in which our two promising pipeline products significantly progressed in clinical development," said Joe Turgeon, President and CEO of Spectrum Pharmaceuticals. "We begin 2019 with great momentum after meeting the enrollment target for the first cohort in our pivotal poziotinib study and submitting the BLA for ROLONTIS to the FDA at the end of 2018. In 2019, we are laser-focused on continuing to develop our two late-stage products, poziotinib and ROLONTIS, and looking for new opportunities that build upon these assets.”

2019 Guidance

Assuming the previously announced divestiture transaction closes in March, we expect 2019 SG&A costs to decrease by approximately 30 percent relative to 2018. We expect 2019 R&D costs to increase nominally as reduced spending on the legacy assets is offset by the increased spending on pre-commercial supply and tech transfer activities for ROLONTIS and poziotinib. With the increase of cash from the sale of our commercial assets, we expect our cash balance to be sufficient to fund operations for at least three years.

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

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