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Aerie's(AERI) Q2 Loss Wider Than Expected, Revenues Beat

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Aerie Pharmaceuticals AERI incurred a loss of 67 cents per share in the second quarter, wider than the Zacks Consensus Estimate of a loss of 65 cents but narrower than the year-ago loss of 83 cents.

Revenues came in at $27.2 million, which increased from $18 million in the year-ago quarter and beat the Zacks Consensus Estimate of $26 million. Total revenues came from sales of two approved drugs — Rhopressa and Rocklatan.

The stock has gained 11% so far this year against the industry’s decline of 10.7%.

Zacks Investment Research
Zacks Investment Research


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Quarter in Detail

Wholesaler shipments totaled 306,000 bottles in the quarter under review, up from 257,000 bottles in the previous quarter.

We remind investors that 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.

Rhopressa currently has market access for 92% of lives covered under Medicare Part D plans and commercial coverage for 77% of covered lives. Rocklatan has market access for 74% of Medicare Part D lives and an additional 10% of remaining Medicare Part D lives.

Total operating expenses (excluding stock-based compensation expenses) in the reported quarter were $44.9 million compared with $43.8 million in the year-ago quarter.

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

Recent Updates

Aerie’s phase IIb study for its dry eye product candidate, AR-15512, continues to progress. The company currently expects top-line results from this study, COMET-1, in the third quarter of 2021. The study was initiated in October 2020 and is powered as a phase III study.

The first phase III study for Rhopressa in Japan began in the fourth quarter of 2020 and is now fully enrolled. Aerie expects the phase III study to be completed by the end of the year with top-line results to be reported shortly thereafter.

The company is in discussions with potential collaborators to commercialize its glaucoma products in Europe.

Meanwhile, Investigational New Drug Application (IND)-enabling preclinical studies are underway for AR-14034 SR, a sustained-release implant containing the pan-VEGF inhibitor, axitinib, formulated in a unique bio-erodible polymer blend. Aerie expects to file an IND application for AR-6121, a ROCK inhibitor-linked steroid, in the second half of 2022.

The first-in-human clinical trial on AR-13503 SR (Rho kinase and protein kinase C inhibitor sustained-release implant) continues to progress. Aerie currently expects to complete the dose-escalation safety evaluation with the current implant design in the first quarter of 2022.

The company remains in discussion with both the FDA and EMA to finalize a phase III strategy for its sustained-release retinal implant, AR-1105, and currently expects to begin phase III activities by year-end 2021.

Zacks Rank & Other Stocks to Consider

Aerie currently carries a Zacks Rank #2 (Buy). Other well-placed stocks in the healthcare space are Repligen Corporation RGEN and Ironwood Pharmaceuticals, Inc. IRWD. While Repligen sports a Zacks Rank #1 (Strong Buy), Ironwood carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Earnings estimates for Repligen have moved up 43 cents for 2021 in the past 60 days. The stock is up 30.9% year to date.

Earnings estimates for Ironwood Pharmaceuticals have moved up 4 cents for 2021 in the past 30 days. The stock is up 12.4% year to date.





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