Eagle Pharmaceuticals, Inc. (EGRX) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $11.95 million, or $ 0.73 a share in the quarter, against a net loss of $10.17 million, or $0.65 a share in the last year period.
Revenue during the quarter surged 559.57 percent to $37.83 million from $5.74 million in the previous year period. Gross margin for the quarter expanded 3787 basis points over the previous year period to 72.44 percent.
Operating income for the quarter was $12.31 million, compared with an operating loss of $10.39 million in the previous year period.
"We had another strong quarter delivering results for our shareholders, reflecting our ability to execute Eagle’s strategy to develop and commercialize improved formulations that enhance patients’ lives. Bendeka market share continues to ramp up and is approaching our joint goal with Teva of 90%. We believe the CMS final ruling to establish a unique J-Code for Bendeka will not only aid further adoption, but also provide greater access for patients and facilitate reimbursement. We remain confident in our ability to drive continued growth in our bendamustine franchise well beyond 2019," stated Scott Tarriff, President and Chief Executive Officer of Eagle Pharmaceuticals.
Working capital decreases marginally
Eagle Pharmaceuticals, Inc. has witnessed a decline in the working capital over the last year. It stood at $83.60 million as at Sep. 30, 2016, down 2.47 percent or $2.12 million from $85.72 million on Sep. 30, 2015. Current ratio was at 3.36 as on Sep. 30, 2016, down from 3.48 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 25 days for the quarter from 89 days for the last year period. Days sales outstanding went down to 73 days for the quarter compared with 202 days for the same period last year.
Days inventory outstanding has decreased to 31 days for the quarter compared with 119 days for the previous year period. At the same time, days payable outstanding went down to 79 days for the quarter from 232 for the same period last year.
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