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Eagle Pharmaceuticals (EGRX)

Eagle Pharmaceuticals Inc. is a fully integrated pharmaceutical company with research and development, clinical, manufacturing and commercial expertise. Eagle is committed to developing innovative medicines that result in meaningful improvements in patients' lives. Eagle's commercialized products include RYANODEX®, BENDEKA®, BELRAPZO®, and its oncology and CNS/metabolic critical care pipeline includes product candidates with the potential to address underserved therapeutic areas across multiple disease states.

Company profile

Ticker
EGRX
Exchange
Website
CEO
Scott Tarriff
Employees
Incorporated
Location
Fiscal year end
Former names
EAGLE PHARMACEUTICALS INC
SEC CIK
Subsidiaries
Eagle Biologics, Inc. • Eagle Research Lab Limited ...

EGRX stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

8 Aug 22
18 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 36.56M 36.56M 36.56M 36.56M 36.56M 36.56M
Cash burn (monthly) 10.99M 6.01M 1.96M (no burn) (no burn) (no burn)
Cash used (since last report) 18.12M 9.92M 3.23M n/a n/a n/a
Cash remaining 18.44M 26.65M 33.34M n/a n/a n/a
Runway (months of cash) 1.7 4.4 17.0 n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
28 Feb 22 Robert Glenning Stock Option Common Stock Grant Acquire A No No 47.39 11,200 530.77K 11,200
28 Feb 22 Michael Graves Stock Option Common Stock Grant Acquire A No No 47.39 11,200 530.77K 11,200
28 Feb 22 Scott Tarriff Common Stock Grant Acquire A No No 0 34,800 0 1,579,706
28 Feb 22 Steven B Ratoff Stock Option Common Stock Grant Acquire A No No 47.39 11,200 530.77K 11,200
28 Feb 22 Simpson Jennifer K. Stock Option Common Stock Grant Acquire A No No 47.39 11,200 530.77K 11,200
93.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 158 159 -0.6%
Opened positions 17 14 +21.4%
Closed positions 18 17 +5.9%
Increased positions 48 54 -11.1%
Reduced positions 71 66 +7.6%
13F shares Current Prev Q Change
Total value 506.58M 555.05M -8.7%
Total shares 12.39M 12.21M +1.5%
Total puts 0 9.8K EXIT
Total calls 0 0
Total put/call ratio Infinity
Largest owners Shares Value Change
BLK Blackrock 1.94M $86.08M -2.3%
JHG Janus Henderson 1.44M $63.86M -3.2%
Scott Tarriff 992.62K $0 0.0%
STT State Street 775.86K $34.47M +8.4%
Vanguard 771.76K $34.29M -1.2%
Brandes Investment Partners 464.29K $20.63M +7.5%
Dimensional Fund Advisors 317.68K $14.11M +4.2%
Millennium Management 314.74K $13.98M +2428.4%
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 293.99K $13.06M +71.8%
Renaissance Technologies 252.98K $11.24M +18.4%
Largest transactions Shares Bought/sold Change
Millennium Management 314.74K +302.29K +2428.4%
Adage Capital Partners GP, L.L.C. 250K +250K NEW
MNGPF Man 0 -139.27K EXIT
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 293.99K +122.9K +71.8%
Parametric Portfolio Associates 0 -90.41K EXIT
Armistice Capital 150K -74K -33.0%
South Dakota Investment Council 21.48K -70.06K -76.5%
Jacobs Levy Equity Management 27.79K -69.1K -71.3%
MS Morgan Stanley 212.31K +65.01K +44.1%
STT State Street 775.86K +59.98K +8.4%

Financial report summary

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Risks
  • The COVID-19 pandemic has adversely impacted, and may continue to adversely impact, our business, including the marketing, sale and commercialization of our products, our supply chain, our clinical trials, our liquidity and access to capital markets and our business development activities.
  • If we cannot achieve or sustain profitability, our business, prospects, operating results and financial condition would be materially harmed.
  • If we fail to obtain additional financing, we could be forced to delay, reduce or eliminate our product development programs.
  • We may sell additional equity or incur debt to fund our operations, which may result in dilution to our stockholders and impose restrictions on our business.
  • Changes in tax laws or regulations that are applied adversely to us or our customers may have a material adverse effect on
  • We cannot give any assurance that we will receive regulatory approval for our product candidates, which is necessary before they can be commercialized.
  • If we are unable to differentiate our products or product candidates from branded reference drugs or existing generic therapies for similar treatments, or if the FDA or other applicable regulatory authorities approve generic products that compete with any of our products or product candidates, the ability to successfully commercialize our product candidates would be adversely affected.
  • If the FDA does not conclude that our product candidates satisfy the requirements for the regulatory approval, or if the requirements for approval of any of our product candidates are not as we expect, the approval pathway for our product candidates will likely take significantly longer, cost significantly more and encounter significantly greater complications and risks than anticipated, and in any case may not be successful.
  • Clinical development is a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results. Failure can occur at any stage of clinical development.
  • Delays in clinical trials are common and have many causes, and any delay could result in increased costs to us and could jeopardize or delay our ability to obtain regulatory approval and commence product sales. We may also find it difficult to enroll patients in our clinical trials, which could delay or prevent development of our product candidates.
  • Our products or product candidates may cause adverse effects or have other properties that could delay or prevent their regulatory approval or limit the scope of any approved label or market acceptance, or result in significant negative consequences following marketing approval, if any.
  • The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time-consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business will be substantially harmed.
  • An NDA submitted under Section 505(b)(2) subjects us to the risk that we may be subject to a patent infringement lawsuit that would delay or prevent the review or approval of our product candidates.
  • The FDA and other regulatory agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses.
  • Our business is subject to extensive regulatory requirements and our approved product and product candidates that obtain regulatory approval will be subject to ongoing and continued regulatory review, which may result in significant expense and limit our ability to commercialize such products.
  • Our employees, independent contractors, principal investigators, consultants, commercial partners and vendors may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • Any relationships with health care professionals, principal investigators, consultants, customers (actual and potential) and third party payors, in addition to our general business operations, are and will continue to be subject, directly or indirectly, to federal and state health care fraud and abuse laws, marketing expenditure tracking and disclosure, or sunshine laws, government price reporting and health information privacy and security laws. If we are unable to comply, or have not fully complied, with such laws, we could face penalties, including, without limitation, civil, criminal and administrative penalties, damages, monetary fines, disgorgement, imprisonment, possible exclusion from participation in Medicare, Medicaid and other federal health care programs, integrity obligations, contractual damages, reputational harm, diminished profits and future earnings and curtailment or restructuring of our operations.
  • We are required to obtain regulatory approval for each of our products in each jurisdiction in which we intend to market such products, and the inability to obtain such approvals would limit our ability to realize their full market potential.
  • If we fail to develop, acquire or in-license other product candidates or products, our business and prospects will be limited.
  • Our commercial success depends upon attaining significant market acceptance of our products and product candidates, if approved, among physicians, nurses, pharmacists, patients and the medical community.
  • Guidelines and recommendations published by government agencies can reduce the use of our products and product candidates.
  • If we are unable to successfully conduct our sales and marketing capabilities or if our commercial partners do not adequately perform, the commercial opportunity for our products may be diminished.
  • A substantial portion of our total revenues is derived from sales of a limited number of products.
  • If we obtain approval to commercialize any approved products outside of the United States, a variety of risks associated with international operations could materially adversely affect our business.
  • We face significant competition from other biotechnology and pharmaceutical companies, and our operating results will suffer if we fail to compete effectively.
  • We could incur substantial costs and disruption to our business and delays in the launch of our product candidates if our competitors and/or collaborators bring legal actions against us, which could harm our business and operating results.
  • If we are unable to achieve and maintain adequate levels of coverage and reimbursement for our products or product candidates, if approved, their commercial success may be severely hindered.
  • Current and future legislation may increase the difficulty and cost for us to commercialize our product candidates and affect the prices we may obtain for our products.
  • We rely on third parties to conduct our preclinical studies and clinical trials. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business could be substantially harmed.
  • If any of our current strategic collaborators fail to perform their obligations or terminate their agreements with us, the development and commercialization of the product candidates under such agreements could be delayed or terminated and our business could be substantially harmed.
  • We rely on third parties to manufacture commercial supplies of our products and clinical supplies of our product candidates, and we intend to rely on third parties to manufacture commercial supplies of any other approved products. The commercialization of any of our products could be stopped, delayed or made less profitable if those third parties fail to provide us with sufficient quantities of product or fail to do so at acceptable quality levels or prices or fail to maintain or achieve satisfactory regulatory compliance.
  • The design, development, manufacture, supply, and distribution of our products and product candidates is highly regulated and technically complex.
  • We rely on limited sources of supply for our products and product candidates, and any disruption in the chain of supply may impact production and sales of our products and cause delay in developing and commercializing our product candidates.
  • We may not be successful in establishing development and commercialization collaborations which could adversely affect, and potentially prohibit, our ability to develop our product candidates.
  • If we are unable to maintain our GPO, relationships, our revenues could decline and future profitability could be jeopardized.
  • We rely on a limited number of pharmaceutical wholesalers to distribute our products.
  • Our approved products may not achieve expected levels of market acceptance.
  • Our future success depends on our ability to retain key executives and to attract, retain and motivate qualified personnel.
  • We will need to expand our organization, and we may experience difficulties in managing this growth, which could disrupt our operations.
  • We face potential product liability, and, if successful claims are brought against us, we may incur substantial liability.
  • We are subject to stringent and changing obligations related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse business consequences.
  • Business interruptions could delay us in the process of developing our product candidates and could disrupt our sales of any products we may sell.
  • We may be constrained by our obligations under our Revised Credit Agreement to operate our business to its full potential.
  • If we are unable to obtain or protect intellectual property rights related to any of our product candidates, we may not be able to compete effectively in our market.
  • Our drug development strategy relies heavily upon the 505(b)(2) regulatory pathway, which requires us to certify that we do not infringe upon third-party patents covering approved drugs. Such certifications typically result in third-party claims of intellectual property infringement, the defense of which will be costly and time consuming, and an unfavorable outcome in any litigation may prevent or delay our development and commercialization efforts which would harm our business.
  • If we fail to comply with our obligations in the agreements under which we license rights to technology from third parties, or if the license agreements are terminated for other reasons, we could lose license rights that are important to our business.
  • We may be involved in lawsuits to protect or enforce our patents or the patents of our licensors, which could be expensive, time consuming and unsuccessful.
  • The patents and the patent applications that we have covering our products are limited to specific formulations, methods of use and processes, and our market opportunity for our products and our product candidates may be limited by the lack of patent protection for the active ingredients and by competition from other formulations and delivery methods that may be developed by competitors.
  • Ryanodex® (dantrolene sodium), Belrapzo, Bendeka, Pemfexy and vasopressin among other products have been approved by the FDA, and we anticipate that other product candidates will be approved by the FDA in the future. Once our products are on the market, one or more third parties may also challenge the patents that we control covering our products, which could result in the invalidation or unenforceability of some or all of the relevant patent claims of our issued patents covering
  • our products. Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties.
  • We may be subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
  • Intellectual property rights do not necessarily address all potential threats to our competitive advantage.
  • Our principal stockholders and management own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • Sales of a substantial number of shares of our common stock in the public market by our existing stockholders could cause our stock price to fall.
  • Future issuances of our common stock or rights to purchase our common stock, including in connection with potential business development transactions we may determine to pursue and/or pursuant to our equity incentive plans, could result in additional dilution of the percentage ownership of our stockholders and could cause our stock price to fall.
  • We do not intend to pay cash dividends on our common stock so any returns will be limited to the value of our stock.
  • There is no assurance that our Share Repurchase Program will result in repurchases of our common stock or enhance long term stockholder value.
  • Provisions in our amended and restated certificate of incorporation and amended and restated bylaws, as well as provisions of Delaware law, could make it more difficult for a third party to acquire us or increase the cost of acquiring us, even if doing so would benefit our stockholders or remove our current management.
  • Our amended and restated bylaws provide that the Court of Chancery of the State of Delaware is the exclusive forum for certain disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
Management Discussion
  • Our product sales increased $29.6 million during the three months ended June 30, 2022 as compared to the three months ended June 30, 2021.The increase was primarily attributable to product sales of $16.5 million for Pemfexy and $11.3 million for vasopressin during the during the three months ended June 30, 2022, which launched in the first quarter of 2022. We also had higher product sales for Ryanodex, Bendeka, and Belrapzo of $0.9 million, $0.6 million and $0.5 million, respectively, primarily due to volume increases, partially offset by lower sales of Treakisym of $0.4 million.
  • Our royalty revenue decreased $3.6 million during the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily as a result of a decrease in royalty revenue from our share of Teva's Bendeka sales.
  • Our cost of product sales increased by $13.3 million during the three months ended June 30, 2022 as compared to the three months ended June 30, 2021. This was primarily attributable to the product sales of Pemfexy and vasopressin, which combined for cost of sales of $11.6 million, due to the product launches in 2022. There were also increases of $0.6 million in Bendeka and $0.3 million in Belrapzo cost of product sales resulting from higher unit sales. These increases were partially offset by a decrease of $0.3 million in Treakisym cost of revenue resulting from lower unit sales.

Content analysis

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Positive
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H.S. freshman Avg
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