Opiant Pharmaceuticals (OPNT) Misses Q1 EPS by 22c, Revenues Miss

Opiant Pharmaceuticals (NASDAQ: OPNT) reported Q1 EPS of ($0.40), $0.22 worse than the analyst estimate of ($0.18). Revenue for the quarter came in at $4.3 million versus the consensus estimate of $4.85 million.

“These results highlight our unique position: cash-strong, no debt, and with an increasing royalty stream from sales of NARCAN® supporting our robust pipeline across multiple compelling therapy areas in addiction and overdose,” said Roger Crystal, M.D., President and Chief Executive Officer of Opiant. “We also have the financial support and collaboration of multiple government agencies, including the National Institute on Drug Abuse (“NIDA”), NCATS, and the Biomedical Advanced Research and Development Authority (“BARDA”).”

Speaking about OPNT003, Dr. Crystal added: "We are pleased that the FDA has removed its clinical hold on OPNT003 for opioid overdose reversal. As we previously reported in January, the FDA placed our development of OPNT003 on hold as it reviewed certain characteristics of the intranasal delivery device. After reviewing our response, the FDA removed its clinical hold based on our agreement to amend slightly our PK study protocol. Therefore, we can move forward with our study as soon as feasible. Separately, we have agreed with the FDA on the design of a short PD study in healthy volunteers that we believe will enhance the clinical profile of OPNT003. As we progress towards our regulatory filing for OPNT003, we are also having to factor into our timeline the impact of prolonged COVID-19 related travel restrictions on our equipment engineers in Europe. Based on these collective modifications to our OPNT003 development program, our NDA filing is now likely to occur in early 2021.”

David O’Toole, Chief Financial Officer of Opiant, said: “We are well-positioned financially with significant cash, no debt and no need to access government programs in the United States or United Kingdom for COVID-19-related financial assistance or relief. Our pipeline investments and overall financial position continue to benefit from a resilient stream of revenue from the sales of NARCAN®.”

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

You May Also Be Interested In

• Vivos Therapeutics posts 35% revenue gain but widens net loss
• Evogene chairman to address dissident shareholders on results call
• VICI Properties closes $1.75B senior unsecured notes offering