Aerie Pharma (AERI) Misses Q1 EPS by 23c

Aerie Pharma (NASDAQ: AERI) reported Q1 EPS of ($0.91), $0.23 worse than the analyst estimate of ($0.68). Revenue for the quarter came in at $22.97 million versus the consensus estimate of $22.67 million.

“Our first quarter 2021 results reflect nearly 13 percent growth in net revenues and 11 percent growth in bottle volumes for our U.S. glaucoma franchise compared to the first quarter of 2020. Our franchise has grown from the pre-COVID levels experienced in the first quarter of 2020 whereas the overall U.S. glaucoma market prescription volumes have declined six percent for the same period. Our net revenue per bottle increased to $89 in the first quarter of 2021, the highest level since 2019, with a sequential quarter increase of $9 per bottle, primarily due to renegotiated wholesaler fees. We ended the first quarter with $208 million in cash and investments and our net cash used in operations amounted to $30 million, compared to $42 million in the first quarter of 2020, reflecting stronger revenues and continued well-controlled operating expenses. While we are not currently providing full year 2021 financial guidance due to continuing uncertainties surrounding the impact of the ongoing pandemic on ophthalmic practices, based on our volume and net revenue per bottle trajectory, we remain comfortable with current consensus analyst estimates,” said Vicente Anido, Jr., Ph.D., Chairman and Chief Executive Officer.

Dr. Anido added, “Turning to our pipeline, the COMET-1 Phase 2b clinical trial of AR-15512, our dry eye product candidate, is now fully enrolled and we continue to expect to read out topline data from this clinical trial in the third-quarter of this year. Regarding our sustained-release retinal implant, AR-1105, we remain excited about the previously announced topline Phase 2 results for AR-1105, which indicated up to six months of sustained efficacy for patients with macular edema associated with retinal vein occlusion. We continue discussions with both the FDA and EMA to develop a Phase 3 strategy for AR-1105 in the United States and Europe. Our IND-enabling preclinical studies are underway for our new preclinical implant, AR-14034 SR, for the potential treatment of wet age-related macular degeneration and diabetic macular edema. AR-14034 SR is a sustained-release retinal implant containing the pan-VEGF inhibitor axitinib formulated in a unique bio-erodible polymer blend using our exclusive PRINT® technology. We believe, based on the predictability of our PRINT® platform and the formulation capabilities provided by our access to a large variety of polymers, that AR-14034 SR may have the potential to provide up to one year of treatment from a single injection with potentially better efficacy than currently available products and product candidates. From a globalization perspective, the first Phase 3 trial for Rhopressa® is well underway in Japan and our collaboration with Santen remains on track as we prepare for additional Phase 3 studies in Japan. We continue discussions with multiple potential collaborators to commercialize our glaucoma products in Europe and are hoping to announce a new collaboration by year-end 2021.”

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