Corium Q4 Sales Top Expectations Ahead Of Slew Of Near-Term Catalysts

Commercial-stage biopharma company Corium International Inc (NASDAQ: CORI) reported Thursday 19 percent revenue growth for its fiscal year fourth quarter of 2017, while its loss per share narrowed to 36 cents from 42 cents.

The company also detailed a slew of upcoming catalysts, including a Dec. 26 PDUFA action date for its partner Agile Therapeutics Inc (NASDAQ: AGRX)'s Twirla, a once-weekly contraceptive.

The Analyst

HC Wainwright analyst Oren Livnat reviewed the results in a Thursday note. The analyst reiterated a Buy rating and a $15 price target.

The Thesis

Corium reported above-consensus results ahead of near-term catalysts, Livnat said in a note. The analyst delved on a slew of near-term catalysts that could support the stock, which included:

• The PDUFA date for Agile's Twirla contraceptive patch, which could fetch Corium peak of revenue of $50 million per year;
• Çommercial partnership for Corium's lead asset donepezil weekly patch for Alzheimer's either this year or in the first half of 2018, with the analyst estimating peak revenues of $200 million for Corium; and
• Update from FDA on whether the positive pilot donepezil patch bioequivalence study would be considered as pivotal study for a NDA filing.

If the FDA accepts the already successful study, H.C. Wainwright believes it would entirely de-risk a FQ4 2018 NDA filing, save the company some R&D cash and the FDA's relative comfort level with the product profile.

The Price Action

Corium shares have risen 163.3 percent in the year-to-date period. Thursday, reacting to the F4Q results, shares added 5.84 percent to $10.69.

Related Link: Here Are November PDUFA Catalysts On The Horizon