Neos Therapeutics Reports Second Quarter 2018 Financial Results

8/8/18

DALLAS and FORT WORTH, Texas, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Neos Therapeutics, Inc.(Nasdaq: NEOS), a fully integrated pharmaceutical company focused on developing, manufacturing and commercializing innovative extended-release (XR) products using its proprietary modified-release drug delivery technologies, today reported financial results for the second quarter ended June 30, 2018 and provided a business update.

“Second quarter revenues for our ADHD products were $10.8 million which represents a 22.5% growth over first quarter revenues. With over 7,500 prescribers of Adzenys XR-ODT and over 4,700 prescribers of Cotempla XR-ODT in the second quarter alone, we believe we are in a strong position to drive prescription growth as many school-aged ADHD patients visit their health care provider for back to school physicals,” said Jerry McLaughlin, Chief Executive Officer of Neos Therapeutics. “Our ADHD products provide a solid and growing base of business and our primary goals are to continue to increase market share for these products, achieve profitability and strategically expand our pipeline and commercial product portfolio. With continued careful management of our cash flow, we are happy to report a cash position of approximately $29.1 million at the end of July versus a cash position of $28.0 million at the end of June.”

Commercial Product Highlights

Neos’ three commercial attention deficit hyperactivity disorder (ADHD) products are Adzenys XR-ODT®, Cotempla XR-ODT® and Adzenys ER™ which launched in May 2016, September 2017 and February 2018, respectively. Continued growth in prescription trends for Adzenys XR-ODT and Cotempla XR-ODT builds momentum for the upcoming back to school season.

Additional Commercial Product Highlights

  • Rapid Growth Continues During First Year of Launch for Cotempla XR-ODT: Monthly prescriptions for Cotempla XR-ODT, as reported by IQVIA, have grown 40% per month since its launch in September 2017.
  • The Number of Prescribers of Neos ADHD Products Continues to Grow: As of June 30, 2018, as reported by IQVIA, 13,615 health care providers had written prescriptions for Adzenys XR-ODT since its launch, and 6,102 health care providers had written prescriptions for Cotempla XR-ODT since its launch.

Select Financial Results for the Second Quarter Ended June 30, 2018

  • Total product revenues were $11.4 million for the three months ended June 30, 2018, compared to $5.2 million for the same period in 2017. For the three months ended June 30, 2018, total product revenues were $10.8 million for the Company’s ADHD products and $0.6 million for generic Tussionex.
  • The Company reported a gross profit of $4.4 million for the three months ended June 30, 2018, compared to a gross profit of $2.4 million for the same period in 2017.
  • Research and development expenses for the three months ended June 30, 2018, were $2.4 million compared to $3.7 million for the same period in 2017.
  • Selling and marketing expenses were $11.6 million for the three months ended June 30, 2018, compared to $11.7 million for the same period in 2017.
  • General and administrative expenses for the three months ended June 30, 2018, were $3.7 million compared to $3.3 million for the same period in 2017.
  • The Company reported a net loss of $15.2 million, or $0.52 per share, for the three months ended June 30, 2018, compared to a net loss of $18.6 million, or $0.82 per share, for the same period in 2017.
  • At June 30, 2018, the Company held $28.0 million in cash and cash equivalents and short-term investments.

About Neos Therapeutics

Neos Therapeutics, Inc. (NASDAQ: NEOS) is a pharmaceutical company focused on developing, manufacturing and commercializing products utilizing its proprietary modified-release drug delivery technology platforms. Adzenys XR-ODT® (amphetamine) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING), Cotempla XR-ODT™ (methylphenidate) extended-release orally disintegrating tablets (see Full Prescribing Information, including Boxed WARNING), and Adzenys-ER™ (amphetamine) extended-release oral suspension (see Full Prescribing Information, including Boxed WARNING), all for the treatment of ADHD, are the first three approved products using the Company’s extended-release technology platform. In addition, Neos manufactures and markets its generic version of the branded product Tussionex®1, an extended-release oral suspension of hydrocodone and chlorpheniramine for the relief of cough and upper respiratory symptoms of a cold (see Full Prescribing Information, including Boxed WARNING). Additional information about Neos is available at www.neostx.com.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.