SEC Filings

8-K
PERNIX THERAPEUTICS HOLDINGS, INC. filed this Form 8-K on 11/13/2018
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Nine months Ended September 30, 2018 vs. September 30, 2017

For the nine months ended September 30, 2018, net revenues were $86.4 million, a 17% decrease from the $104.5 million in the nine months ended September 30, 2017. A summary of net revenues is outlined below:

      Nine Months Ended            
Amounts in ($000's)     September 30,     Increase      
      2018     2017     (Decrease)     Percent
Net Revenues:                        
     Contrave   $ 16,418    $ -     $ 16,418      *
     Treximet     17,221      50,412      (33,191)     -66%
     Treximet AG     7,135      -       7,135      *
     Zohydro ER     21,937      17,955      3,982      22%
     Silenor     17,299      15,580      1,719      11%
     Other products     5,738      20,335      (14,597)     -72%
Net product revenues     85,748      104,282      (18,534)     -18%
     Co-promotion and other revenue     635      245      390      159%
Total net revenues   $ 86,383    $ 104,527    $ (18,144)     -17%
* Not Meaningful                        

The increase in Contrave net revenues of $16.4 million during the nine months ended September 30, 2018, was attributable to Nalpropion's acquisition of Orexigen.

Treximet brand net revenues decreased by $33.2 million, or 66%, during the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017, due to the loss of exclusivity of Treximet in February 2018, as the Company experienced generic competition.

Treximet AG net revenues were $7.1 million during the nine months ended September 30, 2018, due to its launch on February 15, 2018.

Zohydro ER net revenues increased by $4.0 million, or 22%, during the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017. The increase was due to an increase in net price of $1.8 million (primarily related to favorable gross-to-net accrual rates) and sales volume of $2.2 million. Sales volume was favorably impacted by the relaunch of the 20mg strength of Zohydro ER during the first quarter of 2018.

Silenor net revenues increased by $1.7 million, or 11%, during the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017. The increase was due to sales volume of $2.1 million, partially offset by a decrease in net price of $0.4 million (primarily related to unfavorable gross-to-net accrual rates).

Net product revenues - other decreased by $14.6 million, or 72%, during the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017 primarily due to the discontinuation of products no longer sold by the Company.

Cost of product sales decreased by $4.8 million, or 15%, during the nine months ended September 30, 2018, compared to the nine months ended September 30, 2017. The decrease in cost of product sales was due primarily to a $7.1 million decrease in costs associated with Treximet brand as a result of lower volume due to the entry of generic competition, as well as a $6.0 million decrease in costs associated with the Company's other product revenue category. These decreases were partially offset by an increase in costs of product sales attributable to Nalpropion's acquisition of Contrave of $5.4 million and increased Zohydro ER, Treximet AG and Silenor product costs of $1.8 million, $0.6 million and $0.5 million, respectively, due to increased volume.