Opiant Pharmaceuticals (OPNT) Tops Q3 EPS by $2.06, Revenues Beat

Opiant Pharmaceuticals (NASDAQ: OPNT) reported Q3 EPS of $1.97, $2.06 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $20.64 million versus the consensus estimate of $5.52 million.

“We remain focused on advancing our robust pipeline, which is funded through multiple government sources and a growing revenue stream via royalties from net sales of NARCAN® Nasal Spray for the reversal of opioid overdose,” said Roger Crystal, M.D., Chief Executive Officer of Opiant. “We look forward to multiple clinical development catalysts over the next several quarters for each of our core development programs.”

David O’Toole, Chief Financial Officer of Opiant, added, “I am extremely pleased to report that, based on net sales of NARCAN® Nasal Spray exceeding $200 million through the third quarter of 2019, we have earned a one-time $13.5 million milestone. After certain required deductions, the net milestone payment of $10.8 million will further fortify our already strong balance sheet, and we now expect a cash balance of $28 million to $30 million at the end of 2019, versus our prior projection of $17 million to $20 million.”

Corporate Highlights and Near-Term Milestones

• Earned a one-time $13.5 million milestone payment based on net sales of NARCAN® exceeding $200 million through the quarter ended September 30, 2019.
• Continued preparations to conduct confirmatory pharmacokinetic (PK) study of nasal nalmefene, OPNT003, for the treatment of opioid overdose.

Opiant now expects to report top-line data from the PK study in the first quarter of next year, but continues to anticipate filing a New Drug Application for OPNT003 in the fourth quarter of 2020.

• Dose selection study for OPNT002 for Alcohol Use Disorder is nearing completion. Opiant expects to complete the subsequent Phase 2 study during the second half of 2020.
• Strengthened the executive management team with the appointments of Aziz Mottiwala as Chief Commercial Officer, and Rahsaan Thompson, as General Counsel.
• Provided a detailed overview of Opiant’s development programs during an Investor Research & Development meeting in New York City.
• Expanded relationship with Sanofi to include manufacturing of OPNT004 for the emergency treatment of Acute Cannabinoid Overdose. Opiant intends to initiate formulation development studies in the second half of 2019, with clinical trials to follow.

For earnings history and earnings-related data on Opiant Pharmaceuticals (OPNT) click here.

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