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Aerie (AERI) Q3 Loss Narrower Than Expected, Sales Rise Y/Y

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Aerie Pharmaceuticals Inc. AERI reported a loss of 65 cents per share in third-quarter 2020, narrower than the Zacks Consensus Estimate of a loss of 81 cents. The loss in the year-ago quarter was 86 cents per share.

Revenues came in at $20.1 million, which increased from $18.5 million in the year-ago quarter and beat the Zacks Consensus Estimate of $19 million.

Shares of the company have slumped 55.6% year to date compared with the industry’s decline of 3.7%.

Total revenues came from sales of two approved drugs —Rhopressa and Rocklatan.

The company’s first drug, Rhopressa (netarsudil ophthalmic solution), has been approved for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. Aerie’s second drug, Rocklatan, a once-daily, quadruple-action, fixed-dose combination of Rhopressa and Pfizer’s PFE Xalatan, has been approved to reduce elevated IOP in patients with open-angle glaucoma or ocular hypertension.

Quarter in Detail

Wholesaler shipments totaled 261,000 bottles,more than 12% higher than 232,500 bottles in the second quarter of 2020.

Total operating expenses (excluding stock-based compensation expenses) in the quarter were $39 million, down from the year-ago quarter’s $49.2 million.

Pipeline Update

Aerie and Santen entered into an exclusive license agreement for the development and commercialization of Rhopressa and Rocklatan in Japan and several other Asian countries. The agreement includes an upfront payment of $50 million to Aerie. Aerie expects to initiate the first phase III study in Japan for Rhopressa® by the end of 2020.

The company expects an opinion from the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use on the marketing authorization application (MAA) for Roclanda (netarsudil and latanoprost ophthalmic solution) 0.02%/0.005% (marketed as Rocklatanin the United States) in the fourth quarter of 2020.

Aerie reported positive top-line data from the Rocklatan Mercury 3 phase III study in Europe in September 2020. Rocklatan (known as Roclanda in Europe) achieved non-inferiority to a fixed-dose combination in Europe (Ganfort) and received early interest from potential collaborators.

Zacks Rank & Stocks to Consider

Aerie currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Aclaris Therapeutics Inc. ACRS and BioLineRx Ltd,BLRX. Both stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Aclaris’ loss per share estimates have narrowed from $1.43 to $1.26 for 2020 and from $1.38 to $1.10 for 2021 in the past 90 days. Shares of the company have increased 110.1% year to date.

BioLineRx’sloss per share estimates have narrowed from $1.95 to $1.67 for 2020 and from $1.44 to $1.36 for 2021 in the past 60 days. Shares of the company have decreased 25.7% year to date.

Aerie Pharmaceuticals, Inc. Price, Consensus and EPS Surprise

Aerie Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Aerie Pharmaceuticals, Inc. Price, Consensus and EPS Surprise

Aerie Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Aerie Pharmaceuticals, Inc. Quote

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Pfizer Inc. (PFE) : Free Stock Analysis Report
 
BioLineRx Ltd. (BLRX) : Free Stock Analysis Report
 
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