Eagle Pharmaceuticals (EGRX) Misses Q3 EPS by 7c, Revenues Miss
Eagle Pharmaceuticals (NASDAQ: EGRX) reported Q3 EPS of $0.91, $0.07 worse than the analyst estimate of $0.98. Revenue for the quarter came in at $51.3 million versus the consensus estimate of $55.23 million.
“While we were disappointed in the outcome of the fulvestrant trial, we believe in the strength of the remaining products in our pipeline and our ability to generate long-term meaningful earnings. We are conducting a confirmatory study with the U.S. military to evaluate RYANODEX as a treatment for nerve agent exposure and continue to make progress on an intramuscular formulation. And, we maintain a positive view of a potential exertional heat stroke application. We are also advancing our vasopressin and pemetrexed assets. Consequently, we have decided to expand our share repurchase program to $150 million,” stated Scott Tarriff, Chief Executive Officer of Eagle Pharmaceuticals.
“The $50 million of Eagle stock we purchased as part of an ASR represents the confidence of management and the Board of Directors in the value we are building at Eagle. As a publicly traded company, Eagle has raised an aggregate $110 million of equity capital. With the ASR completed, as of November 1, 2018, we have now repurchased $154 million of Eagle stock, without levering the balance sheet. With a strong base business, an exciting pipeline and growing cash position, we expect to continue building long-term value for shareholders,” concluded Tarriff.
For earnings history and earnings-related data on Eagle Pharmaceuticals (EGRX) click here.