RALEIGH – BioDelivery Sciences International (BDSI) on Wednesday reported fourth-quarter net income of $10.2 million, after reporting a loss in the same period a year earlier. And its revenues for the year jumped 40% to a record high.
“The impressive momentum and growth of our innovative products has persisted through the fourth quarter and full year 2020. Our high performing commercial team has been responding effectively to the evolving market conditions during the pandemic, and focused execution during the fourth quarter drove strong prescription trends for both Belbuca and Symproic,” stated Jeff Bailey, CEO of BDSI. “Our brands continued to capture market share in 2020 and the Company is poised for continued success as the selling environment improves in 2021.”
In fact sales of all BDSI’s products increased.
BDSI focuses on treatments for serious and complex chronic conditions.
On a per-share basis, the Raleigh, North Carolina-based company said it had net income of 10 cents. Earnings, adjusted for stock option expense and amortization costs, were 14 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The specialty pharmaceutical company posted revenue of $42.2 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $38.8 million.
For the year, the company reported net income of $25.7 million, or 24 cents per share, swinging to a profit in the period. Revenue was reported at a record $156.5 million for the company.
BioDelivery expects full-year revenue in the range of $170 million to $180 million.
The company’s shares closed at $4.10. A year ago, they were trading at $4.19.
