Biotech Values

[DewDiligence]

ENTA FY4Q20* results—royalty_revenue=$23.6M—9/30/20_cash=$419M:

https://www.enanta.com/investors/news-releases/press-release/2020/Enanta-Pharmaceuticals-Reports-Financial-Results-for-its-Fiscal-Fourth-Quarter-and-Year-Ended-September-30-2020/default.aspx

ENTA’s FY4Q20 royalty revenue of $23.6M was +27% QoQ, but it remained suppressed relative to pre-COVID levels (#msg-159211912). (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.)

ABBV guided for calendar 4Q20 (ENTA’s FY1Q21) Mavyret sales of approximately $560M (#msg-159212040), up from $414M in 3Q20, but this guidance was given before the recent surge in COVID-19 infections.

ENTA’s 9/30/20 cash balance of $419M was down $16M from 6/30/20 (#msg-157373145).

ENTA’s FY2021* guidance for gross operating expenses (including non-cash components) is: $145-165M for R&D (up from $137M in FY2020); and $27-33M for G&A (versus $27M in FY2020).

*ENTA’s fiscal years end on Sep 30.