logo-loader
viewFlexion Therapeutics Incorporated

Flexion Therapeutics sees revenue jump 36% in preliminary 4Q results

The biotech expects revenue from Zilretta, its osteoarthritis injectable treatment, to be between $65 million and $80 million

Hands holding a knee in pain
The pharmaceutical company specializes in treating musculoskeletal conditions

Flexion Therapeutics Inc (NASDAQ:FLXNreported a double-digit revenue boost in its preliminary fourth-quarter results after the bell Thursday, but the numbers still fell short of Wall Street expectations.

The biotech expects fourth-quarter revenue to total $9.5 million, a 36% jump compared with this year's third quarter, while full-year revenue is expected to be around $22.5 million.

READ: Biotech CEOs see Bristol-Myers' $74B acquisition of Celgene as a win

The preliminary guidance fell below analyst estimates of fourth-quarter revenue of $10.2 million and full-year revenue of $23.1 million, as per a MarketWatch report.

Shares of the Massachusetts-based company dipped more than 5% to $11.70 in Thursday after-hours trading.

The pharmaceutical company specializes in the treatment of musculoskeletal conditions, including osteoarthritis.

Its product, Zilretta, is an injection intended to manage osteoarthritis pain in the knee.

Each year, roughly five million people in the U.S. receive intra-articular injections for osteoarthritis knee pain, and we believe ZILRETTA will play an increasingly significant role in the treatment paradigm for this large and growing patient population,” said CEO Michael Clayman.

Flexion’s initial product revenue guidance for Zilretta is between $65 million to $80 million, below analyst expectations of $97.8 million.

“We now enter 2019 with a product-specific J code (J3304), which we believe will be a key driver of continued ramp, as it provides prescribers with a well-known and clearly defined reimbursement mechanism that is utilized by both Medicare and private payers,” noted Clayman.

The company announced earlier this week it enrolled its first patient in a Phase 3 clinical trial of Zilretta.

 

--Contact Lenore Fedow at [email protected]

--Follow her on Twitter@LenoreMariee

 

Quick facts: Flexion Therapeutics Incorporated

Price: 14.24 USD

NASDAQ:FLXN
Market: NASDAQ
Market Cap: $542.64 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Fireweed Zinc reveals 'best ever' hole drilled at Macmillan...

  Fireweed Zinc Ltd (CVE:FWZ) CEO Brandon Macdonald tells Proactive the zinc explorer has posted encouraging drill results from the first hole this year at the Boundary Zone in Yukon, an area that could boost the Macmillan Pass project's resources and economics. Macdonald says the...

1 day, 1 hour ago

2 min read