BioDelivery Sciences reported more revenue than expected by Wall Street but its losses exceeded expectations. Overall, the quarterly financial report gave BDSI shares a lift Wednesday.
Shares in the Raleigh-based pharmaceutical firm rose 28 cents to close at $3.15.
Paced by sales of its top product Belbuca, BDSI reported revenues ot $8.7 million for the second quarter. The Street had expected $7.8 million.
BDSI’s quartertly loss grew to 27 cents a share, or $14.9 million. Street forecasts were for a 25-cent-per-share loss.
Belbuca sales totaled $6.6 million.
The opioid pain reliever was approved by the FDA in 2015 and BDSI received additional patent protection earlier this year.
“Our revenue for the second quarter of 2017 was $8.7 million versus $5 million for the same period last year, with Belbuca and Bunavail contributing $7.9 million of the total revenue. In particular, we’re pleased with our accomplishments with Belbuca this quarter, with revenue up 44% to $6.6 million versus $4.6 million in the first quarter of the year and importantly, gross profit up 43% from $3.7 million to $5.3 million quarter-over-quarter,” CEO Mark Sirgo said in a conference call.
“Furthermore, Belbuca prescriptions continue to move upward. For the second quarter, prescriptions growth is 12%. Keeping in mind, we just assumed control over this asset in January and did not have a full complement of sales representatives in the field until March. I believe these early results speak to the going-forward value of this asset and the strength of the sales team we have assembled. The prescription growth from Q1 to Q2, coupled with an increase in the value per prescription and the continued favorable gross to net, have contributed to the strong increase in revenue.”