Corium Q4 Sales Top Expectations Ahead Of Slew Of Near-Term Catalysts

Commercial-stage biopharma company Corium International Inc CORI reported Thursday 19 percent revenue growth for its fiscal year fourth quarter of 2017, while its loss per share narrowed to 36 cents from 42 cents.

The company also detailed a slew of upcoming catalysts, including a Dec. 26 PDUFA action date for its partner Agile Therapeutics Inc AGRX's Twirla, a once-weekly contraceptive.

The Analyst

HC Wainwright analyst Oren Livnat reviewed the results in a Thursday note. The analyst reiterated a Buy rating and a $15 price target.

The Thesis

Corium reported above-consensus results ahead of near-term catalysts, Livnat said in a note. The analyst delved on a slew of near-term catalysts that could support the stock, which included:

• The PDUFA date for Agile's Twirla contraceptive patch, which could fetch Corium peak of revenue of $50 million per year;
• Çommercial partnership for Corium's lead asset donepezil weekly patch for Alzheimer's either this year or in the first half of 2018, with the analyst estimating peak revenues of $200 million for Corium; and
• Update from FDA on whether the positive pilot donepezil patch bioequivalence study would be considered as pivotal study for a NDA filing.

If the FDA accepts the already successful study, H.C. Wainwright believes it would entirely de-risk a FQ4 2018 NDA filing, save the company some R&D cash and the FDA's relative comfort level with the product profile.

The Price Action

Corium shares have risen 163.3 percent in the year-to-date period. Thursday, reacting to the F4Q results, shares added 5.84 percent to $10.69.

Related Link: Here Are November PDUFA Catalysts On The Horizon