In a May 9 research note, analyst Francois Brisebois with Laidlaw & Co. reported that Flexion Therapeutics Inc. (FLXN:NASDAQ) announced its first full quarter's results, those of Q1/18, after its launch of Zilretta in November 2017.
Sales for the extended-release corticosteroid during the quarter totaled $2.2 million ($2.2M), compared to consensus of $2.7M. "We continue to consider 2018 a foundation year and aren't concerned with slight misses, especially in H1/18," wrote Brisebois. During the quarter, operating expenses were "much lower than anticipated."
Since Zilretta hit the market, Flexion "called on 8,500 of about 10,500 target prescribers in 3,700 target accounts," Brisebois noted. Roughly 40% have reordered, an "encouraging" metric.
Flexion's near-term clinical catalysts, Brisebois added, could support the launch. Specifically, in Q2/18, pharmacokinetic and safety data are due for the company's trial of Zilretta in bilateral knee osteoarthritis. In Q3/18, topline data should become available for the biotech's Phase 3 repeat dose study.
About the launch of Zilretta, Brisebois concluded that while it is still in an early stage, "we see many positive signs as a result of adequate preparations."
Laidlaw has a Buy rating and a $38 per share target price on Flexion, whose stock is now trading at around $25.78 per share.
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Disclosures from Laidlaw & Co., Flexion Therapeutics, Company Report, May 9, 2018
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