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BioDelivery (BDSI) Q2 Earnings Miss, Revenues Beat, Stock Up

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BioDelivery Sciences International, Inc. BDSI recorded earnings of 1 cent per share in second-quarter 2020, missing the Zacks Consensus Estimate of 4 cents per share. However, the reported earnings include share-based compensation and certain other expenses. Excluding these items, adjusted earnings were 10 cents per share compared with earnings of 5 cents in the year-ago quarter.

Revenues totaled $36.6 million, up 23.2% from the year-ago period. Sales outpaced the Zacks Consensus Estimate of $36.27 million. The uptick was mainly driven by higher sales of Belbuca and the addition of Symproic tablets to its portfolio. The company added Symproic to its portfolio by acquiring U.S. commercial rights to the drug from Japan-based pharma company, Shionogi, in 2019.

However, sales were down 4.4% sequentially, primarily due to the timing of shipped orders and a tightening of wholesaler inventory for both Belbuca and Symproic.

BioDelivery’s shares were up 2.2%, following the earnings release. So far this year, shares of BioDelivery have declined 31.1% against the industry’s 5.7% increase.

Quarter in Detail

BioDelivery’s marketed portfolio includes Belbuca for chronic pain, Bunavail for treating opioid dependence and Symproic for opioid-induced constipation.

Belbuca generated revenues of $32.3 million in the quarter, down 3.6% sequentially. However, on a year-over-year basis, the top line soared 34%. Sales of the drug have been witnessing a strong uptrend since 2018.

BioDelivery recorded Belbuca prescriptions of more than 104,687 in the quarter, representing prescription volume growth of more than 31% in the quarter.

Symproic sales in the second quarter were $3.4 million, up 19% sequentially and 6.3% year over year. Total Symproic prescriptions during the quarter were 17,200, which represented more than 11% growth from the prior-year period.

Belbuca and Symproic continued to gain market share. Both drugs hit an all-time high for prescription volume and market share during the second quarter.

Sales of Bunavail were $0.7 million in the second quarter compared with $0.8 million in the year-ago quarter. The company announced in March that it will discontinue marketing of Bunavail in 2020. It ceased shipping of the drug in June.

Product Royalty revenues in the first quarter were $0.1 million compared with $1.5 million in the year-ago period.

Operating expenses were up 5.6% year over year to $28.2 million. The increase was primarily due to one-time cost related to the transition of the company’s chief executive officer during the quarter.

BioDelivery Sciences International, Inc. Price, Consensus and EPS Surprise

BioDelivery Sciences International, Inc. Price, Consensus and EPS Surprise
BioDelivery Sciences International, Inc. Price, Consensus and EPS Surprise

BioDelivery Sciences International, Inc. price-consensus-eps-surprise-chart | BioDelivery Sciences International, Inc. Quote

Zacks Rank and Key Picks

Currently, BioDelivery is a Zacks Rank #2 (Buy) stock.

Some other top-ranked stocks in the biotech sector include Emergent Biosolutions Inc. EBS, Horizon Therapeutics HZNP and Unum Therapeutics Inc. UMRX, all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Emergent Biosolutions’ earnings per share estimates have moved up from $3.45 to $3.58 for 2020 in the past 30 days. The company delivered an earnings surprise of 127.41%, on average, in the last four quarters. The stock has risen 145.7% so far this year.

Horizon Therapeutics’ earnings per share estimates have increased from $1.78 to $2.00 for 2020 in the past 30 days. The company delivered an earnings surprise of 43.99%, on average, in the last four quarters. The stock has surged 97.9% so far this year.

Unum Therapeutics’ loss per share estimates have narrowed from 53 cents to 47 cents for 2020 in the past 30 days. The company delivered an earnings surprise of 36.6%, on average, in the last four quarters. The stock has surged 294.3% so far this year.

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