Aerie Pharma (AERI) Misses Q2 EPS by 3c

Aerie Pharma (NASDAQ: AERI) reported Q2 EPS of ($0.67), $0.03 worse than the analyst estimate of ($0.64). Revenue for the quarter came in at $27.2 million versus the consensus estimate of $26.28 million.

“Our second quarter 2021 results reflect nearly 51 percent growth in net revenues and 31 percent growth in bottle volumes for our U.S. glaucoma franchise compared to the second quarter of 2020. Our net revenue per bottle remained stable at $89 in the second quarter of 2021, with a year over year increase of $11 per bottle, primarily due to renegotiated wholesaler fees. We ended the second quarter with $188 million in cash and investments and our net cash used in operations for the quarter amounted to $20 million, compared to $23 million in the second 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 ongoing uncertainties surrounding the impact of the pandemic on ophthalmic practices, we continue to remain comfortable with current analyst consensus estimates,” said Vicente Anido, Jr., Ph.D., Chairman and Chief Executive Officer.

Dr. Anido added, “We continue to make significant progress with our pipeline. Later in the third-quarter of 2021 we expect to read out the topline data from the COMET-1 Phase 2b clinical trial of AR-15512, our dry eye product candidate. We continue discussions with both the FDA and EMA to finalize a Phase 3 strategy for our sustained-release retinal implant, AR-1105, and expect to begin Phase 3 activities by year-end of 2021. Our IND-enabling preclinical studies are underway for our newest pipeline addition, the preclinical ROCK inhibitor-linked steroid, AR-6121, for post-op inflammation. Our plans for a second-half 2022 IND filing for the axitinib sustained-release retinal implant candidate, AR-14034 SR, remain on track. From a globalization perspective, the first Phase 3 trial for Rhopressa® in Japan is fully enrolled and we expect the Phase 3 trial to be completed by the end of 2021 with topline results to be reported shortly thereafter. We continue discussions with potential collaborators to commercialize our glaucoma products in Europe and still expect to announce a new collaboration by year-end 2021.”

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