EGRX - Earnings call transcript Q1 2018 | Eagle Pharmaceuticals, Inc.

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Operator

Good day, and welcome to today’s program. My name is Erica, and I’ll be your conference operator. At this time, I’d like to welcome everyone to Eagle Pharmaceuticals’ First Quarter 2018 Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer period. Instructions]. [Operator

Relations this now being the my to Allen, reminder, XXXX. May floor call Please Ilanit is Pharmaceuticals. It pleasure Investor conference a ma’am. recorded, is XX, over go As ahead, Eagle for to turn

Ilanit Allen

Pete the to In-Site ended This morning, of three and detailing Executive Eagle accessed Chief Thank a financial results of today’s release quarter site the This XXXX Ilanit of be Investor webcast Web company call me press March through Officer, on at Relations and issued for a section for the Meyers. this are can Pharmaceuticals’ the press earnings you, Eagle months Officer, first Chief call XXXX. Investors This Scott XX, call. release Tarriff; Financial Erica. is With Eagle’s Welcome Communications, Allen Eagle Pharmaceuticals. eagleus.com.

in this Pharmaceuticals except available telephone Eagle be call. press those specifically Actual intent replay future performance. results intent the to morning’s Before everyone including statements forecast, the and obligation call express statements A would Act. Private as are Pharmaceuticals’ a uncertainties Securities remind of belief, as today’s noted the after statements. defined risks filings guarantees to in that from management of today future any forward-looking may law. performance forward-looking any involve projected by or future as based completion shortly Eagle update we release I by or with projection, conference get made and to are those Reform our forward-looking on statements company’s of and the this SEC. that These disclaims statements regarding Litigation started, required expectation, events materially considered maybe information not Such forward-looking on these and like statements anticipation, differ available will forward-looking

You archived on year will find site, available our eagleus.com. Web in The today’s release. webcast dial-in press for the information will be one

or announcements have replay XXXX. call held to topics those may maybe the was May of to who benefit archived the and made webcast, recorded related listening the Eagle For XX, then, discussed. on this Since

reference and with company’s please Tarriff. the that, Eagle’s Scott the So recent filings. press call SEC over I’ll CEO, And most to turn releases

Scott Tarriff

Eagle, detail good a on RYANODEX focused and pipeline, multiple needs that attractive multipronged marketplace, opportunities we formulations which long-term believe solutions greater morning, portfolio, we in strategy And build with opportunities Ilanit, business solid been deliver for our at we by everyone. and for upside. sustainable in multiple for bendamustine today the shareholders At with the our product have we and you, patients. identified we and existing to have our expand words, In advancing Thank have executing other best-in-class unmet in products to protect shortly. will With a candidates and markets. franchises value several discuss I have promising offer

As infusion derive you revenue our know, bulk RTD formulation. royalties ml of time BENDEKA, the sale from the short XX currently, of our we on

refer from as on. We ml to now launch which XXX have to our big solution bag now I’ll decided

of we liquid does Teva this rights with retained a If product. agreement recall, you the It bendamustine reconstitution. our require is form in to not that

a reasons. earnings lighter We year we for of like the due to the that to to of will estimates big starting launch timing for anticipated I’d to more half up the approved. this detailed decided second few bag point earnings shortly. of launch go the provide big launch if although a out during bag, were expect We view see quarter,

to segment there reduced First, we feel is that a the that point BENDEKA. TREANDA, requires population of an to but a alternative price

growth more manage over our with Second, and this us revenue will better. help our control us provide business

per be bag big vial Xx EBITDA Xx generating the for Eagle to to BENDEKA. profitable very expect compared We to

and that and product their and BENDEKA in segment good are the the with value we benefits. many us accomplishments. very time is increase as pleased continue is believe market, launch job cost-conscious caregiver doing additional for We patient view while a the a of with We big Teva tremendous bag to of same us to allowing being Eagle enabling at profitability. a to to complementary, provide

not years on was XX% will subject And XX% orphan and of gross We on drug court our years awarded the receiving FDA had over we exclusivity of recall week. typically sued will two designation. pay to arguments big weeks with a continue Teva We is did the BENDEKA. two of profit seven litigation months if we receive royalty perhaps for you It a be while from however, results in each last oral on bag it. and are available vial ago, this now. that sales several BENDEKA goes Surprisingly, possible royalty bendamustine, along net shortly,

reasonable to Our not entitled exclusivity drug there a generic is has view been BENDEKA always TREANDA XXXX. the likelihood XX prior designation. that mean exclusivity such than the product to believe that rather the that would is market based Moreover, we should November enter on orphan December

for is are the a for positive hopeful wait and that litigation outcome. warranted to the believe outcome we have of will but We the exclusivity

addition XXth an In for label conduct franchise, Arabia exertional XXrd heat be Saudi to for to study stroke. in We’ll we August additional the the to from to on our expansion opportunities additional focused RYANODEX. and drug Hajj bendamustine protecting pursuing returning delivery

previous frontend day we study. unfortunate of patients, more the one for over Our was we in robust are collect hopeful a plan subjects. study data patients a embedded as that we time, extra to stampede XX-hour significantly sample and shortened more set and with shifts year, can selected that At to we have This half that course XX our study accepting XXXX the began to of this days. five occurred due an

heat the study and product could prior will exertional our season. reviewed successful, on stroke an the the support most If expect on market with We of data potentially FDA’s results time, from positive the work. this depending for of we be XXXX

discuss potential meeting with are the officials nerve induced at we again, for as our and front versions and our U.S. agent the be a elected will an in Once RYANODEX’s to progress year. this this looking injection. trial pursue brain intoxications. also IM RYANODEX from seizures this we seizure-related with methamphetamine hope month the not this At to for intramuscular we Military mentioned and later nerve damage treatment have treatment ecstasy clinical to I’ve As in agent point, advance of the past, on

embedded several we other at separate just I on this and with patient formulations. our EHS molecules pursuing focus be within and the framework we is we Instead, indications are a don’t population resources required believe trial will Importantly, the believe this may opportunities discussed in time.

to and continue will the as We you monitor update situation appropriate.

We of this. for our forecast view long-term are not based on the altering RYANODEX

I This to the We Endo’s been more report looks study may believe file approved. version which am of of like provide XXX the vasopressin rate the the that is by sales has lower product A formulation. It Now two fulvestrant anticipated to days $XXX turning XXXX. have generic other as to with projects, we will filing brand first the that ANDAs of in in original development, trial subjects than is ANDA, us approximately in clinical ongoing. marketing plan. are for first we than our dropout FDA. exclusivity pleased our had in Vasostrict was pipeline Vasostrict accepted million once

we early in to available file have the assuming to ANDA the the year an track this remain results. fourth and expect in quarter favorable on fall We clinical data of

me Before to let few quarter. turning on over the please comments Pete, make a

there recognize and fully adjusted We diluted that is revenue had up manufacturing running. limited First second million quarter now our quarter EPS few was were stocked the play. X.X and revenue a $X.XX. we than channel at situation and now with The was believe XX.X One, non-GAAP short million, supply was factors lighter EBITDA BENDEKA. and was in is we anticipated site

then QX. Additionally, quarter ship end would significant some the of we the expected there orders of at the until beginning be which

We reflected to the in overall. QX for and be the results effect have year. year sales be no on expect RYANODEX sales stronger should Three, those

articulated in lumpiness hear previously business what in big to year Pete? R&D estimates the value quarter are June on were purchased although that, opportunities I’d and plus we R&D there high repeat expect factors have the on existing And I’ll of increase. our revenue year generic Based full our expiry from and the this regarding significant Some RYANODEX July because anticipate to I to RYANODEX. [ph] believe the to driven we’d and is amounts of is Pete bag, call the product degree catalysts as half results. expected financial months over these first both and build turn Overall, by is of expiry what on of unchanged. it QX, we you’ll in horizon. to that review we Pete remained strong that year heavier for expenses like the forecast second ahead. 'XX unusually With well

Pete Meyers

Scott. you, Thank

XXXX, quarter $XX.X For first was of the in total milestone $XX.X Teva. to which payment million a quarter included first from $XX XXXX, million million revenue compared

RYANODEX year BENDEKA First terms million terms. $XX.X revenue an quarter which was the the Teva the prior XXXX during in first unit would dollar were year-over-year was of quarter. last quarter additional to and first XX% share of during XXXX. the first quarter during compared were X,XXX million, of million basis. XX% These on in as units Teva market RYANODEX flat by was Gross in a wholesalers. margin not shipped resulted sales of $XX.X in in million to in were the March units Approximately to in royalty product Royalty to quarter shipped $X.X XX% quarter. week the have XX% income $X compared first

XXXX from the As first milestone reminder, a million a payment figure revenue $XX quarter included Teva. of

the front, subjects largely $X.X $XX.X the fulvestrant external prior which study clinical quarter, the associated with the R&D during expenses quarter. to million completed in for XXX randomization quarter of costs compared On the million to clinical to year increased due expense

compensation and nonrecurring first quarter was R&D items, Excluding other the million. $XX stock-based during expense and non-cash

$XX which two, expenses of reiterating the number number outlays for and range reflects nerve enrollment development are to expense We program. RYANODEX finally, expect of vasopressin guidance the work clinical XXXX agent trials; to be and $XX fulvestrant one, million additional ongoing our RYANODEX API the This EHS in we the on R&D for; fulvestrant million. programs; in

to million at expiration nonrecurring The be XXXX. of year. increase million would second Spectrum the to SG&A first quarter due expenses the of a and reduction were the expense $XX first of quarter offset R&D compensation expenses. in decreased Excluding in in other non-cash $XX.X to and was the million contract the reductions the of as partially our end personnel-related sales These XXXX. the promotion XXXX expenses June associated with of the expansion as during items, marketing $XX.X well force of the by $XX decrease quarter the in stock-based million compared XXXX in to for of range

and was Excluding stock-based non-cash $XX.X XXXX XXXX million quarter be to in SG&A million. range $XX million. expense compensation and SG&A other to expense items, nonrecurring $XX of the expected first is

or expense Excluding in basic be and $X.XX million diluted $X.X compared share and net $X.X of basic income non-GAAP XXXX or to basic million year and per nonrecurring year and adjusted non-cash to factors would compared $XX.X for the in and million range of quarter. non-GAAP income million discussed per share share for due diluted $X.XX quarter $XX the diluted stock-based other diluted million items, the per income and $X.XX $XX.X first the above. to compensation $X.XX prior first of share net share was per for quarter SG&A income prior the million the per of $X.XX year. or Net or net Adjusted period $X.XX $X.XX was per basic per $XX per the to in $X.XX

to of most For a full reconciliation measures, the release. please at end income financial press see GAAP net the comparable tables of non-GAAP our

first Our EBITDA in to quarter. the the million was XXXX million prior $X.X quarter for $XX.X year compared of

share we of quarter, in million as program. part the had During million in purchased our $XX $XXX repurchase million expanded repurchase completed XXXX, share we Since August $X stock.

Teva. $XX.X and Scott. in million which I’ll As million The accounts in equivalents call company that, from and debt. was of over outstanding receivable, company turn the March $XX $XX.X With net XXXX, of had had cash cash $XX.X million back million XX, in the due to

Scott Tarriff

unlocking Thanks treatments everyone I’ll proven again, close potential through medicines Eagle enhanced by the that on in Pete. reminding are value focused partnerships. and at we

base XXX shortly. unmatched maximize which infusion our treatments this with should creative ready-to-dilute potential To recap, our We’re agent the following that indications patients ml started resolved EHS next our business physicians the designation shortly We December us mission for drug in on orphan covering full solution year. shareholders. be ODE rapid and Japanese that RYANODEX for now have launch two strong for to entitles collaboration the getting and Between of ready-to-dilute value we and a the believe launch, add approved for and rights could case injection to then, through products. exclusivity be have XX. will a just we bendamustine with supported of nerve for And bendamustine if trials new and SymBio bendamustine

diligently addition starting with launches, vasopressin, is expected our include a these to the an results we this for potential a well first-to-file second also very market in and/or is portfolio formulation We’re what year working The filed next have promising of subcutaneous on going our biostudy as from this we on later year. potentially three IV well could as And ANDA to market fulvestrant the are a PEMFEXY. recruitment of our transformation trial and as well. market could believe

the significant minimally have have to product that acquisitions. And so for to levered and for cash and manage company we to can and to cash, ability maximize continued our our invest in for continue thank continue done, open ahead questions. support we call line your go like through the as we build are I’d for growth prudently questions. Operator, the value you add or With please We will shareholders. open to activities that, always that

Operator

to you. ahead. Piper Please from first Thank go Instructions]. Amsellem We’ll David [Operator go Jaffray.

David Amsellem

Thanks.

a just So couple.

the highly the a RYANODEX just just study talked you to It but then doing you study. about you you was got regarding past I it So in did process and that EHS, it know us basically that that you iterative run seems you’ve same the through, back if in led previously? this can, walk basically same the can lot to

that window forward? agency then to path what FDA And the on one. just into which That’s one a same the with the would and the the or are extent That I’m on that competitive on secondly haven’t trying So dynamics was opportunity? a ANDAs, particularly product? you the get the page helpful. to that filed. Thanks. regarding Can opportunity potential be first-to-market any number thinking competition around you color you provide Is also limited

Scott Tarriff

Two you, interesting very thoughts. Thank David.

We always We’ve to July a – that First conversations. we’ve back complete had on EHS, you’re what right. were believed response do. required and we’ve we in always we received did some

color. subjects don’t and simple right, you’re that it And think – wanted between that that we’ll the all do ran if we’ll the we’re way and you wanted Eagle it’s We’ll we comes that we identical. an and agency The we more concluded think it get did And little I needed had an the here we ANDA, almost hopefully we the 'XX after to But go the think see at what to relates between aligned, in is, get can the question, look just to discussions why the run answer then with back was is done. to XXX. yes. to the it agency to subjects. that forth, the was the acknowledgement several back the I end it I we a, best we about one back believe having collect And more two we’ll the originally it the just acknowledgement We’ve needs of to bit is give 'XX goes And are how and not to be the as then think preferred last one remember that. other agreement Hajj. what trials, very to XX an FDA. than the in more and we subjects. the closer really go we have to to meetings. meeting I and you more to second and you here to we a than at get there positive just we perhaps down day but XXX landed that see And the Hopefully two thought. back it really do to Maybe where and we we’re XX

under with that’s bit that soon. the the $XXX require everybody start pass, to does we’ll as was here million the conclude pilot for It hard and The soon file an And and in one we there’s It’s a little the a is one assume second many competitor. develop. reasonably generic drug let market The study. only X. biostudy a just that older it we’ll of the size we It’s study been we’ll as know what Paragraph not drug and years and agency. then product requires

David Amsellem

up FDA may in in in many that And then of how EHS? follow it on specifics exposures, I just sneak – the on you terms exposures RYANODEX. Okay, that’s a helpful. Has human given if wants

Scott Tarriff

it the study target done. can running that particular added later The the heat number In a and comes because beginning would can recruit Look, Hajj So, stroke that the can’t what into David, difficulty Hajj case, hot you to recognize that all because the we’ve around this I go and year. only that certain every you’re only is this this phrase time is the so day the told we an We get people four end can the who It recruit. we’ve patients working like to of days. teams way. by we you a subjects a is we’re expanded with night. medical clock of we’re it’s the being

in value days the And It would – that a better from to quickest way or we wind eight-hour would P of would X.XX approval. be perfect so easiest to XX-hour the world we’ve days. be with expanded up

was Our XX last really study only strong. with patients

the have down X.XX. between somewhere below XX they And and do, and if what if you our [indiscernible] X.XX. XXX statisticians at when was dropped had patients, do would value Our P we out extrapolate

agency at there’s well that there’s really as very the recognition other in our positives data. I think

we And chance so. approval. numbers wound we another if study similar now if with think real or a the are shape be if excellent The focus that we’re there’s we if response no time, It shouldn’t much assuming can the achieve extremely to an have so time, it if we that’s confirmatory robust, second excellent the and similar, at we least there’s results no Even the enough studies make this happens the would than nothing XX we first should stampede, summer up wind first up with I isn’t no study more number as And us in similar reason with there’s that an it really the be. to did at in and the approval subjects specific I add strong where results, results. in but great and chance number. think put year. XX we had But and get two to for next with key a launch so really think around a of

David Amsellem

you. Thank Okay.

Scott Tarriff

You’re welcome.

Operator

Randall next We’ll from Thank Capital you. go to RBC Stanicky Markets.

Randall Stanicky

have Great. you into to exclusivity launch and bag decision today. was though. oral a Scott, does find the the orphan this the I should factor let with get just or Thanks. launch the few, timing. recently hearing The it? to intent How was me start I interesting, announced just announcement big the it

two the So us can you connect help there?

Scott Tarriff

that, always had I Randall. Yes, as can we know. to the right think big launch bag, We’ve you do

with there’s the of bit it. opportunity ODE for by bag or for what decision, launch sense launching. think without is has and profitable Big makes a with quite I very it done to upside Teva thrilled a us. And We’re us

and said, but would can and together time there’s I value with doing of think that up really As have years And product it’s the business. of ODE at to it’s the to complementary have I shouldn’t profitable made a I if everything if pass win earlier my product. our don’t great And we’re we’re go population going us advantage a and winds helping I up we you the in it. for two this of these it think BENDEKA. five bendamustine. as a or manage that pretty is us the script we we BENDEKA advantage But it we us mattered some portion take – that and to it to future could create the of thrilled see of same forward, excited how we’re opportunity same decisions. exclusivity take not, want that needless ready-to-dilute going of would say about it about said

Randall Stanicky

question. my is see bendamustine? market we thinking be the the that market Should portion to other is, TREANDA big amount about second And we if cost the and arguably that the in words, perhaps launch you number that to launch going available non-BENDEKA share of XXXX of is XX%, options? late effectively lower that generic was whatever bag, a In

Scott Tarriff

we’re think give guidance a ready, sales. don’t or Randall, you forecast I the to on

will mix foremost is us. strong go and offers important have in believe would big a of launch now be And a going I everything to after think bag bag economics It of the because will the Teva really really launch, our our why a is and of is big that’s this product patient the But and that’s positive meaningful a segment first our take benefits. bag BENDEKA to on we’re But We’ll sales impact and with like we just lot think us for growing value going There the it of company the this minds because I to in we we’ll BENDEKA out, for do big to think really in that earnings BENDEKA. is it that. the be doing on doesn’t we’ll most market that complementary is launch. important launch. go support for focus very the is us. up us. and

Randall Stanicky

open on should have then more earnings in given we strategy patent opportunities this? you are state generic a there other straight from future ANDA that or Vasostrict, the like of angles you of be formulation Fair And layering there? over terms enough. view we if shift And streams to would the as settlement to that in

Scott Tarriff

Yes.

about are think in here. – as very ourselves core We our of don’t we management see look, a a opportunistic part So, any ourselves as not drug ANDAs business. generic way Randall, we company. are being

specialty We’re company. a

of very improvements proud the We’re in BENDEKA.

heat of with improvements unique were our We’re stroke, took effort partner extremely agents get the lot far and and these that, we all the to two do exertional said that nerve ultimately drug the fulvestrant. get on of of a market. then to and along have this proud ANDAs and Having skill potential it

it’s interest today you our the launch it of that’s see the our to days along think means with best FDA were we’re and by heat and what get able best bag as ultimately XXX expansion If equipped to of be way in I job optimize sales it that asset exertional find it, the comes we’ll stroke. we just big it to value in settle, assets our We’ll force. the do these can obviously that. new to possible. this that clinical means first-to-file If through trials to in it. for with to right now the it launching monetize launch out to if But this enjoy of and point thrilled shareholders, up wind appears we’re

shareholders, tell And get spend a our lot would we I wonderful. this point. heck to to for of a it’s didn’t of money So you

good as well. there all So

Randall Stanicky

came company acquisitions. out that word your being there? past. a there My last the in for or deployment to going the don’t all? Are something think as Has prepared be changed at Eagle if potential of along? and that you deals larger M&A or your opportunistic the should change would company comments strategy of recall called back I to pipeline-focused opened question opportunistic of discussed more around use a we capital in now you more Is

Scott Tarriff

as Randall. this many think that expect changed, don’t we industry The make unlevered Board on is I unusual for to on we management team based and grow situation able such topic fact to now. company that that still should an And come. we are would really in is years that the I the right be point it’s No, a this many,

significant building We’re cash.

significant We have cash.

ourselves bendamustine of to layer the we with pipeline. nearly the on you add we If balance success sheet. the that situation in a pipeline position orphan on have the successful drug unlevered you opportunity time level depending find some a with We the that have exclusivity in,

now forward products in seven moving clinical We’re year. this

So But the you for to should company to grow if we ability be do time year-after-year have go well. this things some able acquire.

so We acquire? programs. can products. We can And companies. what acquire We can we could acquire acquire clinical

be unfold how to all as move we where of move company programs are we guess discussed these And it we think XXXX see if all the this we we point And that chose could on be I with along, when through depends significantly position how things a we’re growth of that’s on making to is forward. accelerate bit great, sure we a well they today. that make could the this in and I a depending to. story could that quite we position that we unknown see a believe still at continue in going year do is a today add quite disposal, bit our we you very this and we have to on what great going to opportunistically what

a since to public continue since we we of went in proud been accomplishments very going can do then we’re and great We’re our growth It’s everything story to it. XXXX.

Randall Stanicky

that’s Scott. Thanks, great. Okay,

Scott Tarriff

you. Thank

Operator

go to Gilbert of go you. next Gregg Deutsche from the Thank We’ll ahead. line Bank. Please

Gregg Gilbert

Hi. Good morning, guys.

specifically? don’t actually drug orphan your more then have situation, you to high up. Scott, follow hopeful. on talk put I’m the a I the hearing how you I summarize asking your And a a went. but you think spot whole the want Can try little to not on sounded know at case back level? arguments I you Going could you to here you

Scott Tarriff

Gregg, really of heck lot in can’t, the not for thank really question. I a that a you’re the you but When things, can there’s you middle these of say.

that time FDA, follow. we We that with argument do group the gave it designation really nice industry believe went attached the to. in the looked all believe had that simply have that even finance have separated. referred did that approved would next two, get went and that or designation just the what at were no us can drug through the what week we’ll have and the a with so done along And years to with our designation at designation is for and some we months We be see the investors when work to And ago. indications And the or the think should or I you that. it. right. two people the the designation. we’ll those exclusivity. We’ll that historically that after all reason tell is exclusivity we write-up I know We working But the happens, the really in itself the drug our exclusivity orphan

Gregg Gilbert

sort great. And know there then reason could competition the to marketplace? How there. be it Thanks. core to will the is limited relatively but of Okay, it be of that this how narrow Is not I was part of to players? believe – it’s a a question this you of think set point? on challenging a get And the opportunism Vasostrict, part do I guess strategy

Scott Tarriff

don’t a fully that’s Yes, question. what on number you the perhaps levels. know I the good was a of in very are And tell can I it competitors doing. industry difficult

tell. ANDA assume people that were I to people think behind the that made the to we think right. How I for is general I’ve But in there been hasn’t has many can filed only you’re spoken someone hard that before. an there this. announcement since I this industry the surprise

to markets difficult easiest work than the I seen ANDA those And and pretty an shareholders will think others previously. that’s more do it well. out our would have bit little or this thing for hopefully you is of it wasn’t one a

Gregg Gilbert

Thank you.

Scott Tarriff

Gregg. Thanks,

Operator

ahead. Lugo next go from We’ll Blair. to Instructions]. William [Operator go Please Tim

Tim Lugo

for questions. Thanks the

are in liquid launch can big the and status XXX(b)(X) the to long market? I the other me do With those? that the liquid are product another that there sole you what expect bendamustine developing of how formations was in you thought remind of the and be bag,

Scott Tarriff

Thank you, Tim.

have bag big formulation. also any that to if that We’re and not patents XX from of launch believe today, those aware drug the years competition and the is successful hopefully is near as of only well. patents be hold of exclusivity the on orphan forget, But up. term. those other patents market and of we’re hopefully covered run in exclusivity protecting by expect our of the BENDEKA, don’t with ODE. They cover this XX liquid bendamustine And here by to the will many we protected XX We seven first, most which we

if need to around people get the get market. around to exclusivity the we the it so come And We to patent. to get need

forward. And in good from so we’re going standpoint think pretty competitive a shape I

Tim Lugo

Okay. I And capital impact enable going you orphan that business doesn’t go the I if if backend guess year? differently? that at with that be your you’re And deploying operate being the the how it ruling guess to alternatively, of any way, way, does goes to your the does your backdrop, how how exclusivity

Scott Tarriff

it’s a very good question. Yes,

enough we first and additional it about first, going certitude, So easier today it that just gives is many But don’t either we your XXXX company. with in build that any to it focused be run or make XX% this more are BENDEKA a It everything for thought or do obviously company just I And you’re it said out really do worry as the unlevered seven projects We’ve We’ll decrease, of is with quarter, coming that if part little and if this in come, and the that without in regardless. to will company the a it’s you from I completely to is BENDEKA, there’s from sure past, We’ll maybe company the not. if because have our gives sure it We of a we management have even with over to pipeline than we If knowing believed that growth to team, then you have the certitude is the big that lose And and cash major the with or the to dip these think success our bit bag, come. magnitude does first balance five more happen to strategic never you comfort of without circumstance. that in now a a the change order decrease gives to in very years we to along the concern believe not or the – very running company enough business we that time as going competition. grow starting of that take here more that and be for easier royalties you to years of additive. this is exclusivity. nearly opportunity with as not than large to company. also have we have the runway always We’ve will you because the But with years would making we’d moderate there royalty. been come. dip on years exclusivity. our that that we’ve sheet a far business. move growth grow we it coming But look, you have of continue we’ll discussed cash an will less exclusivity know the well that it overcome thought a continue cash pipeline always that royalties there make in but the still unlevered, many believe we that

Tim Lugo

Understood. And you differs this us about the on your tell where specifically earlier, ANDA formulation Vasostrict but market? the maybe you talked can from currently

Scott Tarriff

look, Tim. it’s changes, very minor Yes,

medical patient new changes take product. back file of a We The It’s that Vasostrict go is bit There can You benefit. and There’s the a the original little and there’s PH, medical it. on to the There’s were at between change Vasostrict. little is look benefit. product. no same a no the change only benefit preservative. made old essentially no to a

one it part decided why converting the the of new of to old the was in assuming we probably which in especially believe patent will during successful think that life ANDA time to we one. file the to reason our I market period the give And the on get is to we done we’re product as bit market, little that a more extremely exclusive. opposed that

Tim Lugo

guess one I last question. And

I on not drug You you company. are you or launch being the core another to partner intent through the a will enable guess described Does – as that or Vasostrict launching the entity? maybe drug

Scott Tarriff

of to my as get force sales of very products where sales the bring these that we is view tell big you have pipeline hopefully at ago here we’ll being through utilizing were a us now to I’ll we that having know Look, ability force. the and and and see for years this we company that more we’ll company, to strategic That’s the the company a I force. our products couple from and grow company change sales the into the many

They sales people individuals a are the talented have mid We’re joined that very the of lot experience channel. in team us. the hospital, with thrilled the about in in

will would And think so capability is we launching believe very because that’s opportunistic here. that have not say, on you’re that decision successfully that and if every bringing out I product we we the we I make. this like of have talent do additional our a the getting Tim, well Eagle we in would rule level as point do of certain I own this products

We’re very good at filing patents.

we’re patents. very at I good think getting around

very to been you capability was We’re which since this for announce marketing believe company. bringing situations here, get the to easily doing pass of the that no value with formulations to And opportunities we where the think continue capability likely we additional reason we company and value this capability sales to like to able just an if find like up we have can being those reason company market up we layer we’ve there’s it’s the find shareholders. coming I tricky in have the into we’ll opportunities now unusual good to the no on bring on at and that hard There’s existence. products our that

Tim Lugo

the questions. Thanks Understood. all for

Scott Tarriff

much. All you very right. Thank

Operator

we Thank have questions. further no At time, you. this

today’s Please So day. any program. thank note we’d and to at take have call today’s and may time, good like for a you and joining moment a disconnect end everybody this does

Scott Tarriff

the Thank you, I you. with on call the you time us. everybody. appreciate spent Thank

Eagle Pharmaceuticals (EGRX) 10 May 182018 Q1 Earnings call transcript