Eagle Pharmaceuticals Inc (NASDAQ:EGRX) stock rose 0.17% (As on March 19, 12:18:02 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 22. Adjusted non-GAAP net income grew by 31.8% to $14.4 million in Q4 of FY22, up from $11 million in Q4 of FY21. In FY22, the company had spent about $100 million combined in cash and Eagle shares to acquire Acacia Pharma and its two commercial acute care products for BARHEMSYS, BYFAVO. Q4 2022 royalty revenue was $23 million, compared to $26.2 million in the prior year quarter. Gross margin was 67% in Q4, compared to 71 % in the prior year quarter. This decrease was the result of the addition of product sales of vasopressin, PEMFEXY, BARHEMSYS and BYFAVO to our portfolio, which contribute lower margin than historical revenue mix, which has been dominated by BENDEKA royalties.

EGRX in the fourth quarter of FY 22 has reported the adjusted earnings per share of $1.10, beating the analysts’ estimates for the adjusted earnings per share of 83 cents. The company had reported the adjusted revenue growth of 35.9 percent to $60.7 million in the fourth quarter of FY 22, missing the analysts’ estimates for revenue of $64.26 million. This  primarily reflecting continued revenue from sales of vasopressin and PEMFEXY, which the company had launched in 2022, as well as the addition of BARHEMSYS and BYFAVO to the commercial portfolio.  Net product sales during the fourth quarter of 2022 were $37.2 million, compared to $16.2 million in Q4 of 2021. Vasopressin net product sales were $3.6 million and PEMFEXY net product sales were $12.1 million in the fourth quarter of ’22. Regarding vasopressin, during the first quarter of 2023, the company had notified customers and the FDA of the decision to withdraw from the vasopressin market, inventory on-hand and in distribution channels is expected to be depleted by the end of the second quarter of 2023. BELRAPZO net product sales were $11 million in the fourth quarter of FY22, compared to $5.5 million in Q4 of 2021. Fourth quarter 2022 RYANODEX net product sales were $7.2 million, compared to $6.1 million in Q4 of 2021.

The company expects to earn $74 million to $80 million of adjusted non-GAAP EBITDA in ’23, assuming the mid-range of this FY23 guidance, this would represent a compound annual growth rate for the four-year period of 2020 to 2023 of 6%.