BioDelivery Sciences shares fell 12 percent Friday after the Raleigh company reported fourth-quarter earnings that badly missed Wall Street estimates.
BioDelivery Sciences had net income of $10.2 million, or 19 cents per share, compared with a loss of $17.6 million, or 36 cents per share, during the fourth quarter of 2014.
That was well below the 54 cents that was the consensus of analysts who cover the company.
Revenue for the quarter was $32.2 million, compared with $2.5 million during the fourth quarter of 2014. That was also significantly lower than the $54 million forecast by analysts.
Nearly all of the company’s revenue was from a portion of a $50 million payment it received for winning regulatory approval for Belbuca, a new drug to treat chronic pain. BioDelivery Sciences recognized $30 million of the payment from its partner, Endo Pharmaceuticals, immediately as revenue.
The company’s other drug, Bunavail, a treatment for opioid dependence, accounted for $1.5 million in revenue during the quarter, a 29 percent increase over the third quarter.
In a statement, CEO Mark Sirgo said the company has taken a number of steps, including enhancing its sales force, to accelerate Bunavail prescriptions. The company is also exploring “strategic opportunities to maximize the value of that asset as well as our overall commercial infrastructure.”
BioDelivery Sciences had $83.6 million in cash at the end of the year.The company says it has enough cash to fund its operations through mid-2017.
The company’s shares closed Friday at $3, down 40 cents. The stock is down nearly 80 percent over the past year.