Shares of Eagle Pharmaceuticals saw a boost on Monday following the company’s announcement that it has raised its full-year adjusted earnings guidance. The stock rose 12% to $20.80 in morning trading, though it has still experienced a 29% decline so far this year.
The Woodcliff Lake, New Jersey-based pharmaceutical company is now anticipating adjusted earnings per share of $4.40 to $4.70, an increase from their previous guidance of $4.20 to $4.53. This adjustment comes as a result of the “strength and momentum of our business,” according to Chief Executive Scott Tarriff.
Eagle Pharmaceuticals also revised their expectations for adjusted Ebitda, which is projected to be in the range of $78 million to $84 million, up from the previous estimate of $74 million to $80 million. In addition, the company confirmed its full-year forecast for research and development expenses of $41 million to $45 million and selling, general, and administrative expenses of $86 million to $90 million.
Eagle Pharmaceuticals will release its full second-quarter results on August 8.
Retrieved from The Wall Street Journal.
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