Retrophin (RTRX) Misses Q1 EPS by 6c, Revenues Miss

Retrophin (NASDAQ: RTRX) reported Q1 EPS of ($0.63), $0.06 worse than the analyst estimate of ($0.57). Revenue for the quarter came in at $39.57 million versus the consensus estimate of $41 million.

• Top-line data from the pivotal Phase 3 FORT Study of fosmetpantotenate in pantothenate kinase-associated neurodegeneration (PKAN) are anticipated in the third quarter of 2019, followed by anticipated submissions for a New Drug Application (NDA) in the U.S. and Marketing Authorization Application (MAA) in the EU in 2020
• The Company expects to make a decision on its option to acquire Censa Pharmaceuticals during the third quarter of 2019, following an evaluation of the complete Phase 2 proof-of-concept study results evaluating CNSA-001 in patients with phenylketonuria (PKU)
• The two pivotal Phase 3 studies underway to support potential registration of sparsentan continue to enroll patients with focal segmental glomerulosclerosis (FSGS) and IgA nephropathy (IgAN)
• Net product sales for the first quarter of 2019 were $39.6 million, compared to $38.4 million for the same period in 2018
• Cash, cash equivalents and marketable securities, as of March 31, 2019, totaled $447.6 million

“We continue to advance our pipeline to address significant unmet needs for people living with rare disease, and our execution in the first quarter has positioned us to reach the next key milestones this year for each of our late-stage programs,” said Eric Dube, Ph.D., chief executive officer of Retrophin. “Fosmetpantotenate and sparsentan remain central to our growth over the next several years and I am pleased with our progress in these pivotal programs. We remain on-track to report top-line results from our pivotal FORT Study in the third quarter, positioning us to potentially deliver the first approved treatment option for patients with PKAN. The ongoing studies to support sparsentan’s potential approval as a first-in-class treatment for FSGS and IgAN continue to enroll patients and advance toward the first readout next year. We look forward to building upon our momentum as we work toward our goal of generating multiple NDA and MAA submissions in the coming years and making a difference in the lives of the rare disease patients we serve.”

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

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