Titan Pharma (TTNP) Reports In-Line Q4 EPS, Revenues Beat

Titan Pharma (NASDAQ: TTNP) reported Q4 EPS of ($0.08), in-line with the analyst estimate of ($0.08). Revenue for the quarter came in at $1.2 million versus the consensus estimate of $920 thousand.

"Throughout 2019, we focused on initiatives to successfully transition to a commercial-stage company," said Titan's President and CEO, Sunil Bhonsle. "I am very pleased with our team's progress during 2019, which, among other things, includes executing arrangements with multiple top tier specialty pharmacy companies, establishing a new patient services 'hub,' and obtaining insurance coverage from a broad range of third party payors – all of which served to broaden product access for healthcare providers and patients. While we primarily focused on stabilizing our product revenue during the transition, our goal during the remainder of 2020 is to focus on executing our sales growth initiatives in the U.S. and extending the commercial reach of Probuphine to eligible patients suffering from OUD."

Probuphine is indicated for the maintenance treatment of OUD in eligible patients. Please see Full Prescribing Information including Boxed Warning below.

"An important 2019 milestone for Titan was the European Commission\'s approval of Sixmo, Probuphin's brand name in the EU," said Titan\'s Executive Chairman, Dr. Marc Rubin. "Our EU commercialization partner, Molteni, is located in Italy, one of the countries hit hardest by the global COVID-19 pandemic. While the launch of Sixmo may be delayed as a result, we are confident that Molteni is poised to aggressively roll-out the product across Europe once the situation allows."

Dr. Rubin continued, "As the developments involving the COVID-19 pandemic continue to evolve, we are monitoring and implementing recommendations from local, national and global health organizations. Titan\'s top priorities are the health and safety of our employees, customers and the communities in which we live and work. To that end, we have put proactive, precautionary measures in place, such as sheltering in place and working from home, freezing all non-essential travel, and we have pivoted to virtual sales and business meetings only, with the goal of keeping everyone safe. At the same time, we remain deeply committed to continuing to execute additional components of our growth plan throughout 2020. These include initiatives to increase awareness and adoption of Probuphine, advance our Nalmefene program toward the clinic, and explore opportunities for the use of our ProNeura platform technology in additional important medical applications. Everyone at Titan is working remotely and being productive. We sincerely hope that all of our stakeholders will be safe and healthy as well."

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

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