Eagle Pharmaceuticals, Inc. (EGRX) has reported a 4,600.66 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $57.30 million, or $3.52 a share in the quarter, compared with $1.22 million, or $0.07 a share for the same period last year.
Revenue during the quarter surged 346.30 percent to $81.14 million from $18.18 million in the previous year period. Gross margin for the quarter contracted 890 basis points over the previous year period to 76.81 percent. Total expenses were 65.14 percent of quarterly revenues, down from 93.44 percent for the same period last year. This has led to an improvement of 2830 basis points in operating margin to 34.86 percent.
Operating income for the quarter was $28.29 million, compared with $1.19 million in the previous year period.
"In 2016, we significantly enhanced Eagle’s long term value and we continue to see momentum in our business. Bendeka, for which we receive a 25% royalty, grew to 92% of the bendamustine market and has exceeded $500 million in cumulative sales since its launch in January 2016. With ten Orange-Book listed and fourteen total issued or allowed patents protecting Bendeka from 2026 through 2033, we believe the product will have a very long lifecycle," stated Scott Tarriff, President and Chief Executive Officer of Eagle Pharmaceuticals.
Working capital declines
Eagle Pharmaceuticals, Inc. has witnessed a decline in the working capital over the last year. It stood at $68.90 million as at Dec. 31, 2016, down 21.71 percent or $19.10 million from $88 million on Dec. 31, 2015. Current ratio was at 2.71 as on Dec. 31, 2016, down from 3.57 on Dec. 31, 2015.
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