Antares Pharma Inc (AIS, Financial) filed Quarterly Report for the period ended 2012-06-30.
Antares Pharma has a market cap of $333.1 million; its shares were traded at around $0 with and P/S ratio of 20.2.
Licensing revenue was $109,093 and $734,912 in the three and six-month periods ended June 30, 2012, respectively, compared to $118,789 and $485,026 in the same periods of 2011. The licensing revenue in the first six months of 2012 was primarily due to an upfront license fee received in connection with our licensing agreement with Daewoong signed in January of this year, along with license revenue recognized in connection with our license agreement with Watson. The licensing revenue in the three and six-month periods ended June 30, 2011 included recognition of revenue previously deferred in connection with license agreements with Teva, Ferring and BioSante, but was primarily due to $274,444 and $295,555, respectively, of revenue previously deferred that was recognized as a result of the amended license, development and supply agreement with Teva for a disposable pen injector, as discussed in Note 6 to the consolidated financial statements.
Royalty revenue was $465,485 and $1,224,022 in the three and six-month periods ended June 30, 2012, respectively, compared to $489,290 and $1,231,014 in the same prior-year periods. We receive royalties from Teva and Ferring related to needle-free injector device sales and/or hGH sales. We also receive royalties on sales of ElestrinĀ® marketed by Jazz Pharmaceuticals and will begin receiving royalties in the third quarter of 2012 from Watson on sales of Gelnique 3%. The slight decreases in royalty revenue were primarily due to a reduction in royalties received from Ferring in connection with a slight decrease in device sales.
For the three and six-month periods ended June 30, 2012, cost of product sales was $2,028,530 and $3,397,158, respectively, compared to $1,001,610 and $1,713,407 for the same periods of the prior year. Product gross margins were 37% and 55% in three-month periods ended June 30, 2012 and 2011, respectively, and were 40% and 53% for the six-month periods ended June 30, 2012 and 2011, respectively. The gross margin decreases were due to sales of our topical oxybutynin gel 3% product to Watson at a lower gross margin than is realized on injector related product sales.
The cost of development revenue consists primarily of direct external costs, some of which may have been previously incurred and deferred. Cost of development revenue was $502,581 and $1,124,784 for the three and six-month periods ended June 30, 2012, respectively, compared to $391,679 and $1,132,723 for the same prior-year periods. In the first six months of 2012, development costs were related to auto injector and pen injector development work for Teva and certain manufacturing readiness activities under the Watson license agreement. In the first half of 2011, $408,250 was recognized as a result of the amended license, development and supply agreement with Teva for a disposable pen injector, as discussed in Note 6 to the consolidated financial statements. The remaining development costs in the first half of 2011 were due to auto injector and pen injector development work for Teva.
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Antares Pharma has a market cap of $333.1 million; its shares were traded at around $0 with and P/S ratio of 20.2.
Highlight of Business Operations:
Total revenues for the three and six-month periods ended June 30, 2012 were $4,523,942 and $11,388,484, respectively, compared to revenues for the same prior-year periods of $3,542,873 and $7,112,420, respectively. Product sales were $3,211,955 and $5,706,065 in the three and six-month periods ended June 30, 2012, respectively, compared to $2,218,536 and $3,623,662, in the three and six-month periods ended June 30, 2011, respectively. Prior to 2012, our product sales primarily included sales of reusable needle-free injector devices and disposable components. In the first half of 2012, product sales also included the sale of our topical oxybutynin gel 3% product to Watson in connection with Watsons launch of Gelnique 3% in April 2012, which was the primary reason for the increase in product sales compared to the prior year. Product sales to Watson will not continue after 2012 as Watson will assume all manufacturing of Gelnique 3% in the second half of 2012. Our sales of injector related products are generated primarily from sales to Ferring and Teva. Ferring uses our needle-free injector with their 4mg and 10mg hGH formulations marketed as ZomajetĀ® 2 Vision and ZomajetĀ® Vision X, respectively, in Europe and Asia. Teva uses our needle-free injector with the TjetĀ® injector system to administer their 5mg Tev-TropinĀ® brand hGH marketed in the U.S. Injector related product sales to Teva increased in the three and six-month periods ended June 30, 2012 compared to the same periods of 2011, while sales to Ferring decreased slightly.Licensing revenue was $109,093 and $734,912 in the three and six-month periods ended June 30, 2012, respectively, compared to $118,789 and $485,026 in the same periods of 2011. The licensing revenue in the first six months of 2012 was primarily due to an upfront license fee received in connection with our licensing agreement with Daewoong signed in January of this year, along with license revenue recognized in connection with our license agreement with Watson. The licensing revenue in the three and six-month periods ended June 30, 2011 included recognition of revenue previously deferred in connection with license agreements with Teva, Ferring and BioSante, but was primarily due to $274,444 and $295,555, respectively, of revenue previously deferred that was recognized as a result of the amended license, development and supply agreement with Teva for a disposable pen injector, as discussed in Note 6 to the consolidated financial statements.
Royalty revenue was $465,485 and $1,224,022 in the three and six-month periods ended June 30, 2012, respectively, compared to $489,290 and $1,231,014 in the same prior-year periods. We receive royalties from Teva and Ferring related to needle-free injector device sales and/or hGH sales. We also receive royalties on sales of ElestrinĀ® marketed by Jazz Pharmaceuticals and will begin receiving royalties in the third quarter of 2012 from Watson on sales of Gelnique 3%. The slight decreases in royalty revenue were primarily due to a reduction in royalties received from Ferring in connection with a slight decrease in device sales.
For the three and six-month periods ended June 30, 2012, cost of product sales was $2,028,530 and $3,397,158, respectively, compared to $1,001,610 and $1,713,407 for the same periods of the prior year. Product gross margins were 37% and 55% in three-month periods ended June 30, 2012 and 2011, respectively, and were 40% and 53% for the six-month periods ended June 30, 2012 and 2011, respectively. The gross margin decreases were due to sales of our topical oxybutynin gel 3% product to Watson at a lower gross margin than is realized on injector related product sales.
The cost of development revenue consists primarily of direct external costs, some of which may have been previously incurred and deferred. Cost of development revenue was $502,581 and $1,124,784 for the three and six-month periods ended June 30, 2012, respectively, compared to $391,679 and $1,132,723 for the same prior-year periods. In the first six months of 2012, development costs were related to auto injector and pen injector development work for Teva and certain manufacturing readiness activities under the Watson license agreement. In the first half of 2011, $408,250 was recognized as a result of the amended license, development and supply agreement with Teva for a disposable pen injector, as discussed in Note 6 to the consolidated financial statements. The remaining development costs in the first half of 2011 were due to auto injector and pen injector development work for Teva.
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