- BioDelivery Sciences International Inc BDSI has reported Q2 sales of $41.4 million, + 13.3% Y/Y, missing the consensus of $42.4 million.
- Sales growth was driven by all-time high Belbuca sales of $36.5 million, +13% Y/Y, and Symproic sales of $4 million, up 18% Y/Y.
- Belbuca prescriptions were approximately 119,000, representing a prescription volume growth of 11% Y/Y.
- Symproic prescriptions increased 3% to approximately 18,000.
- The gross margin of 89.7% improved from 85.1% reported a year ago. EBITDA margin increased from 14% to 32%.
- Adjusted EPS of $0.12 came in above the estimate of $0.05 and higher than $0.10 a year ago.
- BioDelivery also agreed to acquire the U.S. and Canadian rights to migraine treatment, Elyxyb (celecoxib oral solution) from Dr. Reddy's Laboratories Ltd RDY.
- BioDelivery will pay $6 million upfront, plus an additional $9 million on August 3, 2022. BDSI will make tiered quarterly earn-out payments on potential net sales ranging from the high single digits to the low double digits.
- Cash and cash equivalents held were approximately $119.9 million.
- Outlook: BDSI reiterated its full-year 2021 financial guidance, with sales of $170 million - $180 million, including Belbuca sales of $155 million - $165 million.
- However, due to a slower than anticipated rebound in the chronic pain selling environment associated with the COVID-19 pandemic, the Company expects Belbuca sales to be at the lower end of its prior guidance range.
- Additionally, EBITDA remains on track to be in the $40 million - $50 million.
- Price Action: BDSI shares are down 3.13% at $3.78 during the market session on the last check Wednesday.
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