Corium International Inc. (NASDAQ:CORI)
The uptrend on Corium International Inc. (NASDAQ:CORI) stock continues even after the commercial stage biopharmaceutical company booked a wider than expected net loss for Q2 2017. The company says it generated a net loss of (-$11) million or (-$0.42) a share, compared to a net loss of (-$10.5) million posted last year same quarter. Net loss for the six months ended March 31, 2017, totaled (-$21.5) million compared to a net loss of (-$19.9) million a year ago.
Q2 Financial Results
Revenues in the quarter totaled $7.3 million compared to revenues of $7 million the prior year. The company attributes the increase to increased activities supporting Agile’s NDA for Twirla. For the six months ending March 31, 2017, Corium booked revenues of $14.3 million compared to $14.5 million last year same period.
Research and development expenses in Q2 totaled $10.3 million compared to $8.4 million in Q2 2016. The biopharmaceutical company attributes the increase to ongoing investments in proprietary product programs such as the advancement of the Complex Donepezil. General and administrative expenses remained flat in the quarter coming in at $3 million.
Fuelling a bullish momentum on the stock is the robust product pipeline of Corium International Inc. (NASDAQ:CORI). During the quarter the company reported positive preliminary results from its bioequivalence study for Complex Donepliz. The study showed that the drug candidate was well tolerated with favorable adhesion and skin safety as a transdermal therapeutic for Alzheimer’s disease.
“The second quarter was an especially productive one for Corium, culminating in the recent clinical success of our proprietary Complex Donepezil product candidate. With that data now in hand, we have increased confidence in our ability to bring this important new therapeutic option to Alzheimer’s patients and their caregiver,” said Peter D. Staple, President and Chief Executive Officer of Corium. “
During the quarter the biopharmaceutical company inked a new commercial supply agreement with Procter & Gamble (NYSE:PG). The agreement means Corium International Inc. (NASDAQ:CORI) will continue to be Procter & Gamble’s sole supplier of oral care products until March 31, 2022. The company also expanded the breadth of its partnership with Mayne Pharma which will allow them to collaborate on generic transdermal products.
Corium International Inc. (NASDAQ:CORI) is one of the top performers in the biopharmaceutical space having continued to power high in the market over the past 12 months. The stock is currently trading at highs of $6.85 a share compared to the $3.60 a share range a year ago.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading.