Biotech Values

[DewDiligence]

ENTA FY3Q20* results—royalty revenue=$18.6M—GAAP EPS=($0.71):

https://www.enanta.com/investors/news-releases/press-release/2020/Enanta-Pharmaceuticals-Reports-Financial-Results-for-its-Fiscal-Third-Quarter-Ended-June-30-2020-with-Webcast-and-Conference-Call-Today-at-430-p.m.-ET/default.aspx

ENTA’s FY3Q20 royalty revenue of $18.6M was sharply down from the $27.6M in FY2Q20 because ABBV’s sales of Mavyret in calendar 2Q20 (ENTA’s FY3Q20) suffered materially from the COVID-19 pandemic (#msg-157282636). The good news is that ABBV’s is guiding for a significant pickup in Mavyret sales during 2H20 (ibid).

ENTA’s royalty rate from ABBV is tiered, as shown in the table in #msg-142808661. The royalty rate is applied to the 50% Glecaprevir component of Mavyret (a 2-drug combination).

ENTA’s 6/30/20 cash balance was $435M, unchanged from 3/31/20.

*ENTA’s fiscal year 2020 ends on 9/30/20.