Aerie (AERI) Q1 loss bigger than expected, revenue up year-over-year

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Aerie Pharmaceuticals AERI reported an adjusted loss per share of 66 cents for the first quarter of 2022, wider than Zacks consensus estimate of a loss of 65 cents but narrower than the 72 cent loss in the prior year quarter. .

Revenue was $29.8 million, compared to $23 million in the prior year quarter. However, reported earnings missed Zacks’ consensus estimate of $30 million.

Aerie shares are up 0.4% in the year so far, versus the industry’s 22.6% drop.

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Quarter in detail

AERI realized product revenue of $29.8 million from the sale of its two glaucoma products, namely Rhopressa and Rocklatan. The figure has increased by 30% year on year.

We remind investors that Aerie’s first drug, Rhopressa (netarsudil ophthalmic solution), has been approved for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension. Aerie’s second drug, Rocklatan, a once-daily quadruple-acting fixed-dose combination of Rhopressa and Xalatan, has been approved to reduce elevated IOP in patients with open-angle glaucoma or ocular hypertension.

Total operating expenses for the reported quarter were $52.2 million, compared to $42.2 million for the same period last year.

Orientation 2022

AERI reiterated its financial guidance for 2022. Management expects net product revenue in the range of $130-140 million, a 16-25% increase over the 2021 figure.

Pipeline updates

Aerie announced data from the Phase IIb COMET-1 study last September, which evaluated its investigational therapy AR-15512 in patients with dry eye disease. Although the study achieved statistical significance on several pre-specified endpoints of symptoms and signs, it did not achieve all pre-determined primary endpoints with statistical significance. To complete the development of AR-15512, AERI plans to initiate a Phase III registrational study in dry eye disease in the second quarter of 2022.

Aerie remains on track to file an Investigational New Drug (IND) application to initiate clinical studies for AR-14034, in wet age-related macular degeneration by the second half of 2022. AERI has also intends to file an IND for AR-6121, a Steroid linked to a ROCK inhibitor, in the second half of 2022.

Following discussions with FDA and EMA authorities, Aerie expects to initiate Phase III activities in the first half of 2022 for its AR-1105 extended-release retinal implant in patients with macular edema due to to retinal vein occlusion.

Aerie Pharmaceuticals, Inc. Price

Aerie Pharmaceuticals, Inc. Price

Aerie Pharmaceuticals, Inc. price | Quote from Aerie Pharmaceuticals, Inc.

Zacks ranking and key picks

Aerie currently has a Zacks rank of No. 4 (sale).

Some top-ranked stocks across the healthcare industry are Abeona Therapeutic ABEO, Alkermes ALKS and Therapeutic Amicus TO FOLD. While Alkermes currently sports a Zacks rank #1 (strong buy), Abeona Therapeutics and Amicus Therapeutics have a Zacks rank #2 (buy). You can see the full list of today’s Zacks #1 Rank stocks here.

Alkermes’ per-share loss estimates for 2022 have fallen from 14 cents to 3 cents in the past 30 days. Shares of Alkermes are up 20% since the start of the year.

Alkermes earnings have exceeded estimates in each of the past four quarters, averaging 350.5%. In the last reported quarter, ALKS posted a surprise profit of 1,100%.

Amicus Therapeutics’ per-share loss estimates for 2023 have fallen from 19 cents to 16 cents in the past 30 days. FOLD shares are down 42.7% year-to-date.

Amicus Therapeutics earnings have missed estimates in three of the past four quarters and have beaten the mark on one occasion, witnessing a negative surprise of 28%, on average. In the last reported quarter, FOLD recorded a negative earnings surprise of 107.1%.

Abeona Therapeutics’ 2022 loss per share estimates fell from 34 cents to 33 cents in the past 30 days. ABEO shares are down 46.2% year-to-date.

Abeona Therapeutics has a mixed history of surprises, with its earnings beating expectations in one of the past four quarters, missing the mark in another and hitting the same mark on the other two occasions. The average earnings surprise was 0.7%. In the last reported quarter, Abeona Therapeutics missed earnings estimates by 7.7%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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