SEC Filings

8-K
PERNIX THERAPEUTICS HOLDINGS, INC. filed this Form 8-K on 02/19/2019
Entire Document
 

 

56 2017A 2018E 2019E 2020E 2021E 2022E Sales Treximet $68 $31 $10 $10 $10 $10 Zohydro 24 28 28 29 31 34 Silenor (1) 22 23 21 10 5 6 All Other 31 9 9 9 8 8 Total Net Sales $146 $91 $68 $57 $55 $57 COGS 45 26 19 18 17 17 Gross Profit $101 $65 $48 $40 $38 $40 % Margin 69.4% 71.5% 71.5% 69.4% 68.9% 69.5% Selling Expense $35 $26 $15 $14 $15 $15 Marketing Expense 12 9 5 4 4 4 G&A Expense 30 31 21 22 22 23 R&D Expense 1 0 1 2 2 2 Depreciation 0 0 0 1 0 0 Amortization 73 14 5 5 5 5 Other 7 1 0 0 0 0 Total Operating Expenses $158 $81 $48 $48 $49 $50 EBIT ($56) ($16) $1 ($8) ($11) ($10) EBITDA (2) $34 ($2) $7 ($2) ($5) ($4) Plus: Adjustments ($4) $5 $1 $1 $1 $1 Plus: Nalpropion Income $4 $7 $7 $8 $8 Adjusted EBITDA $29 $8 $15 $7 $4 $5 Forecast • Recent Treximet ® revenue compression driven by Treximet ® LOE in 2018 • Zohydro ® ER with BeadTek ® forecast assumes CAGR of ~ 2 % for TRx growth and ~ 8 % for WAC growth for 2018 E through 2022 E • Silenor ® revenues projected to decline following its LOE in Jan 2020 , after which the Company will continue to generate revenue from Brand sales and is entitled to a percentage of gross profit of a third party ’ s authorized generic • SG&A expenses projected to decline due to reduced sales force in 2019 and reduced marketing costs as a result of Silenor ® LOE in Jan 2020 • Pernix to earn 5 % of net sales plus shared service reimbursement 1) Silenor ® Loss of Exclusivity in 2020. Includes AG royalties of <$1M per year beginning in 2020. 2) Includes D&A add - backs as well as certain other one - time expenses. Income Statement Forecast ($ in millions) A B C D E A B C E D