Boston, MA 08/12/2014 (wallstreetpr) – A pharmaceutical company, Insys Therapeutics Inc (NASDAQ:INSY) announced financial results for the second quarter that had swept past the Street analysts’ expectations by miles primarily due to the successful execution of its Subsys strategy. The company had also disclosed that it was on track to submit its NDA for its proprietary Dronabinol Oral solution during the third quarter of the current calendar year.
CEO Comments
The company’s CEO Michael Babich said that despite an overall TIRF market fall in the second quarter, it could deliver a double-digit uptick in Subsys scripts and expects it to continue in the remainder of the period also. The future growth would be driven by robust platform of cannabinoid pipeline products.
Insys Therapeutics Inc (NASDAQ:INSY) CEO also indicated that it would be in a position to provide formulation for cancer and AIDS patients assuming FDA approval of its Dronabinol Oral Solution. He added that the generic Marinol market is estimated at $150 million currently, and it would be the only company to produce a branded product in this market.
The company had also indicated that it would advance its CBD candidate for the Lennox-Gastaut and Dravet Syndromes treatment, for which the Food and Drug Administration or the FDA had already granted Orphan status.
2Q Results
Insys Therapeutics Inc (NASDAQ:INSY) reported net income of $9.5 million, up from $4.5 million and the earnings jumped to 26 cents a share from 17 cents a share in the prior year quarter. On an adjusted basis, it would have earned 58 cents a share for the second quarter, which was more than double from 24 cents a share in the previous year quarter. On average, Wall Street analysts’ predicted the company to earn 30 cents a share.
Total net revenue jumped to $55.7 million from $18.8 million in the year-ago quarter as revenue from Subsys climbed 195% to $54.6 million. Street analysts’ estimated revenue of $52.77 million.
The company closed the quarter with cash and cash equivalents of $75.3 million, which was up from $57.2 million at the end of the first quarter.
