Replies to post #217141 on Biotech Values

[Rocky3]

Revenue was $38.1M, of which $23.1M came from royalties and $15.0M from a milestone payment for Mavyret approval in Japan. GAAP EPS was $0.59.

Cash at 12/31/17 was $297.5M.

Gross operating expenses were $23.7M—well below the FY2018 quarterly guidance range of $30.5-34.5M.

(1) Royalties were less than gross operating expenses.

(2) Operating expense guidance was for the year ($112-138MM), so the next three quarters will have much higher expenses, unless guidance is changed.

(3) As pointed out the royalty rate is currently about 4.5%, much less than my assumed 5.5%, let alone touching the next level.

Need to hear what info is in the call.

[DewDiligence]

ENTA’s pro forma cash at 12/31/17=$305.4M. This figure consists of: $228.4M of net currents assets on the 12/31/17 balance sheet (https://www.sec.gov/Archives/edgar/data/1177648/000156459018001764/enta-10q_20171231.htm#CONSOLIDATED_BALANCE_SHEETS ); and $77.0M of marketable securities on the 12/31/17 balance sheet designated as long-term (i.e. Treasury notes with a maturity >1yr).

[DewDiligence]

ENTA FY2Q18 results—$44M revenue—EPS=$0.61:

http://ir.enanta.com/news-releases/news-release-details/enanta-pharmaceuticals-reports-financial-results-its-fiscal-14

CC at 4:30pm ET.