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rod5247

01/10/17 11:46 AM

#5090 RE: friendofthedevil #5085

Updated 2016 guidance from Q3 remains the same. New guidance for 2017 given.

Expense remains in line with 2016. Lower 2017 revenue does not include milestones or new Enhanze deals nor does 2017 eoy cash.

In multiple talks with potential new Enhanze partners. DARA going to Phase III will be a big milestone payment. If either or both of these events happen, the cash position will grow accordingly.

Based on Q3, the annual run rate for royalties, bulk, and Hylenex is $108 million. The 2017 guidance is $115-130 million. Adds and potential adds to the $108 million annual run rate based on Q3, 2016, increases in bulk sales and royalties from existing markets, increase in bulk sales for Rituxan sc launch, DARA milestone, new Enhanze partner or partners, and existing partners going into clinical. While we can't count our chickens, the probability of increased royalty/bulk sales, Rituxan sc approval, and DARA Phase III are high. These three events will raise revenue and cash position. Add one Enhanze deal and we have enough cash for 2018.

Phase III, 170 centers recruiting. PEGPEM, dose expansion started. Two scientific presentations in first half 2017. Perjeta sc highlighted.