Titan Pharma (TTNP) Misses Q4 EPS by 31c, Revenues Beat

Titan Pharma (NASDAQ: TTNP) reported Q4 EPS of ($0.62), $0.31 worse than the analyst estimate of ($0.31). Revenue for the quarter came in at $1.2 million versus the consensus estimate of $300 thousand.

"Since completing the important transaction with Molteni earlier in 2018, we have continued to support Probuphine's Marketing Authorization Application in the EU and hope to receive approval in the second quarter of this year," said Titan's President and CEO, Sunil Bhonsle. "The second half of 2018 was marked by Titan's rapid advancement toward becoming a commercial-stage company following its assumption of responsibility for Probuphine sales in the U.S. starting mid-June. Over the last few months we have established a strong foundation by implementing pharmaceutical best practices in regulatory compliance, medical affairs, training and certification; and assembling a small team whose responsibilities include regional sales oversight, medical science liaison services, strategic product and brand recognition development, and Risk Evaluation Mitigation Strategy program management. In 2019, our focus will be on the continued expansion of patient access to Probuphine in the U.S., while supporting the efforts of our commercialization partners for the product in Canada and Europe."

"We are very pleased with the progress made throughout the initial stages of our Probuphine relaunch in the United States," said Titan's Executive Chairman, Dr. Marc Rubin. "We have identified the key market segments that can benefit from treatment with Probuphine and have addressed prior bottlenecks in fulfilling product orders in a number of ways. First, we expect improved product access for physicians and their patients through our alliance with AppianRx, the 'hub' for product ordering and benefits screening activities that will come on-line early in the second quarter. Second, we established a strategic partnership with AllianceRx Walgreens Specialty Pharmacy for improved medical access and efficient product delivery through its expansive network. We hope to see the fruits of these actions reflected in our financial results later this year. As we move forward, we remain confident that our strategy is working and that Probuphine is well-positioned for global success."

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

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