BioDelivery Sciences International Inc. (NASDAQ:BDSI) has reported record third-quarter net revenue, which was up 30% YoY, and also provided operational updates.
BioDelivery reports 31% YoY BELBUCA® net sales
The company reported net revenue of $39.4 million in Q3 attributed to BELBUCA® net sales of around $34.4 million, which increased 31% YoY. The company also reported a 59% increase in Symproic® net sales to $3.5 million. During the quarter, BELBUCA hit an all-time high prescription volume and share market with over 114,500 BELBUCA prescriptions in Q3 2020, which is a YoY growth of 25% in prescription volume. Also, there was a record prescription volume for Symproic with over 18,100 prescriptions in the quarter, which is 12% YoY growth.
BELBUCA gross deduction increased as the company had anticipated mainly due to increases witnessed for Medicare coverage gap and the increase in Medicaid costs. The company said that the updates impacted the increases to its channel projections reflected in Q3 2020.
Although the company discontinued the marketing of BUNAVAIL in March, there was some $0.6 million in revenue generated from its sales. The amount reflected the portion of return reserves taken when it discontinued sales.
Share repurchase program and appointment of new CEO
The Board of Directors approved share repurchase of around $25 million on BioDelivery’s common stock. BioDelivery plans to use current cash on hand in funding the share repurchase program. The company had $36.3 million total cash flow generation to date, including $2.8 million from the exercise of options and $19.6 million from an existing facility.
The company’s CEO Jeff Bailey said that BioDelivery’s commercial execution in Q3 was impactful, and this was evidenced by strong BELBUCA and Symproic prescription trends that continued to October. Bailey, who was confirmed as the CEO of the company during the quarter after serving on an interim basis from May 2020, said that he was delighted permanently join the BioDelivery team. He said that he was confident in the ability of the BioDelivery team to execute its vision of delivering innovative treatments to patients.