Recro Pharma (REPH) Misses Q2 EPS by 10c, Revenues Miss

Recro Pharma (NASDAQ: REPH) reported Q2 EPS of ($0.26), $0.10 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $15.52 million versus the consensus estimate of $18.88 million.

“As the global COVID-19 situation continues to evolve, we have implemented new ways of working, and our concerns remain the health and safety of our associates, our customers, and the patients treated with the products we manufacture as well as our shareholders,” said Gerri Henwood, President and Chief Executive Officer of Recro. “During the second quarter, the effects of the pandemic continued to have an adverse impact on our revenues. Despite this, our operations remain stable, and we successfully launched our new Clinical Trial Materials (CTM) business. We have also secured multiple new customers. As we navigate through these challenging times, we remain steadfast in our commitment to delivering important development stage and commercial medicines.”

“Looking ahead over the next few quarters, we expect the pandemic to continue to have some impact on our customers and the therapeutics categories they serve. Based on third party sales data for our customers and consistent with a recent third party pharmaceutical market tracking report, which showed significant overall and segment impacts to total prescriptions (TRx) across most therapeutic categories, we expect some continued volatility in our customers sales and inventory levels as they adjust to uncertainties surrounding the pandemic including the potential for fewer patient visits to doctor’s offices, access to telehealth, and a resultant reduction in new and refill prescription rates. Other impacts could come from possible stay at home orders and patient attitudes towards the necessity of medications and treatment of chronic diseases. Given the continuing uncertainty of the potential impact of the pandemic on our business and operations, we believe it is prudent to withdraw and suspend our 2020 financial guidance."

For earnings history and earnings-related data on Recro Pharma (REPH) click here.

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