Q4 2022 Eagle Pharmaceuticals Inc Earnings Call
Speaker 1: I PO.
Speaker 2: Good morning everyone. My name is Todd and I'll be your conference operator.
Speaker 2: At this time, I'd like to welcome everyone to Eagle Pharmaceuticals 4th and full year 2022 Financial Results.
Speaker 2: All lines have been placed on mute to prevent any background noise.
Speaker 2: After the speaker's remarks, there will be a question and answer period.
Speaker 2: At that time, if you have a question, please press star and one on your telephone keypad.
Speaker 2: As a reminder, this conference call is being recorded today, March 13, 2022.
Speaker 2: It is now my pleasure to turn the floor over to Ms. Lisa Wilson, Investor Relations for Eagle Pharmaceuticals. Please go ahead.
Speaker 3: Thank you, Thomas. Welcome to EGO Pharmaceuticals' fourth quarter and full year 2022 earnings call. This is Lisa Wilson, Investor Relations for EGO Pharmaceuticals.
Speaker 3: With me on today's call are EGLE's President and Chief Executive Officer, Scott Tarif, Chief Financial Officer, Brian Cahill, and Vice President of Medical Affairs, Dr. David took the question, what's special about being a doctor?
Speaker 3: Dr. Mike Greenberg.
Speaker 3: This morning, EGLE issued a press release detailing its financial results for the three months and full year ended December 31, 2022.
Speaker 3: This press release and a webcast of this call can be accessed through the investor section of the EGLE website at EGLEUS.com. Before we get started, I would like to remind everyone that any statements made on today's conference call that express a belief, are not
Speaker 3: expectation, projection, forecast, anticipation, or intent regarding future events and the company's future performance may be considered forward-looking statements as defined by the Private Securities Litigation Reform Act.
Speaker 3: These forward-looking statements are based on information available to Eagle Pharmaceuticals management as of today and involve risks and uncertainties, including those noted in this morning's press release and our filings with the SEC.
Speaker 3: Such forward-looking statements are not guarantees of future performance.
Speaker 3: Actual results may differ materially from those projected in the forward-looking statement.
Speaker 3: EGLE Pharmaceuticals specifically disclaims any intent or obligation to update these forward-looking statements except as required by law.
Speaker 3: A telephone replay will be available shortly after completion of this call. You'll find the dial-in information in today's press release. The archived webcast will be available for one year on our website at eagleus.com. For the benefit of those who may be listening to the replay or archived webcast, please contact the
Speaker 3: This call was held and recorded on March 13, 2023. Since then, EGLE may have made announcements related to the topics discussed, so please refer to the company's most recent press releases and SEC filings.
Speaker 3: We will be discussing non-GAAP financial measures during this conference call in addition to financial information prepared in accordance with U.S. GAAP. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.
Speaker 3: A description of these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to their most comparable GAAP measures are set forth in our earnings press release available on our website at eagleus.com. And with that, I'll turn the call over.
Speaker 3: to Eagles President and CEO Scott Cherif.
Speaker 4: Thank you Lisa. Good morning everyone and thank you for joining our call today.
Speaker 4: 2022 is an outstanding year for EGLE. Our adjusted non-GAAP earnings per diluted share was $7.79 for the full year 2022.
Speaker 4: Compared with $1.68 adjusted non-GAAP earnings per diluted share posted in 2021,
Speaker 4: our previously best full year.
Speaker 4: We earned 132 million in adjusted non-GAAP EBITDA in 2022. This is a very significant achievement for a company of our size. This $7.79 more than triples last year's non-GAAP earnings per diluted share and came it at the top end of our expectations.
Speaker 4: for 2022. The fourth quarter of 2022, our adjusted non-GAAP earnings per diluted share was $1.10.
Speaker 4: compared with 83 cents in the fourth quarter of the prior year.
Speaker 4: Adjusted non-GAAP net income grew by 31.8% to $14.4 million in Q4 of 22, up from $11 million in Q4 of 21.
Speaker 4: Our earnings per share in the past few years have been strong, and we expect that to continue in 2023.
Speaker 4: It's not just that we tripled our adjusted non-GAF earnings for diluted share year over year, it's how we did it. Let me point out once again that this was accomplished mostly organically.
Speaker 4: We have not raised any money through equity or debt finances in about seven years. In fact, we used almost $250 million since 2016 to buy back our stock through our share repurchase program.
Speaker 4: In 22, we also spent about $100 million combined in cash and Eagle shares to acquire Acacia Pharma and its two commercial acute care products, Parhamsis and Hytava. And we still have net cash and receivables after all of this.
Speaker 4: Our cash and cash equivalents is held almost entirely at J.P. Morgan in operating accounts.
Speaker 4: and we have outstanding $63.8 million of debt on our $150 million credit facility with J.P. Morgan.
Speaker 4: As of today, we hold less than $1 million in a small number of accounts at Silicon Valley Bank with no individual account in excess of $250,000.
Speaker 4: Not only are we in very strong financial shape, but it places us in good position to acquire assets or companies.
Speaker 4: EGLE has successfully managed expenses and had strong profitability.
Speaker 4: We expect to earn $74 million to $80 million of adjusted non-GAF EPDOT in 2023. Assuming the mid-range of this 2023 guidance, this would represent a compound annual growth rate for the four-year period of 2020 to 2023 of 6%.
Speaker 4: As an organization, we are keenly focused on developing important products for the patients who need them.
Speaker 4: At the same time, we have tried to achieve this in a manner that creates profitability.
Speaker 4: I doubt our mindset will change in the near term.
Speaker 4: Let's discuss the strength of our year. Our fourth quarter 22 gross margin reflects both the expiration of our 10% Benamustine royalty and the buy-down of our PEM-BEXI royalty.
Speaker 4: We expect these positive impacts to continue in 23. I will point out that in the fourth quarter of 22, we had just over $12 million of Pemfexy net sales and exited the quarter with a 6% share of the US market in community and ecology.
Speaker 4: We previously stated that we anticipated doubling that share to 12% by the end of the first quarter of 23, and it continues to be our expectation as we have already captured 10% share through February .
Speaker 4: In 22, Pemfexy net sales reached $67 million. We expected net sales of Pemfexy in 23 will be higher than $67 million.
Speaker 4: As a reminder, in Q4 of 22, we reduced future royalties on PEMFEXI profits in exchange for a one-time payment of $15 million to eliminate the royalty on the first $85 million of profit on PEMFEXI. Starring October 1, 2020.
Speaker 4: and for a reduced royalty thereafter.
Speaker 4: Let me speak now to our BED, the Mustang sales and profitability, and provide an update on where we are thus far in the first quarter of 23.
Speaker 4: In 22, we had year-over-year revenue growth in both the RAPSO and Triacosim net revenues of 42% and 97% respectively, while Bendeca declined. In total, our Abendamusting franchise revenue grew in 22 over 21.
Speaker 4: As we have discussed many times, the Bend and Mustang franchise faced competition for the first time on December 7th, 2019.
Speaker 4: Eagle's strong fourth quarter of 22 earnings reported today and just discussed obviously include those three weeks of competition in December . Based on IQVIA data through February 24th, Bendeca and Bell Raps will hold an 88% share of the US-Bendamusting market.
Speaker 4: where historically those two products have held about a 90% share.
Speaker 4: We continue to believe that Vendeka is a meaningfully superior oncology product for patients and health care providers compared to Trandex or generic Trandex and that it will continue to maintain strong market share positions throughout 23.
Speaker 4: As we have been saying for some time, we expect Bendeca and Belrazza to maintain approximately 75% of our gross profit in 2023 compared to 2022.
Speaker 4: In the nearly 90 days since competition entered the market, we can see that our products are holding up quite well relative to our forecast erosion to support our expectation.
Speaker 4: Let me also point out that we no longer pay the 10% royalty on our Ben de Mustine products, a royalty obligation that came out of gross profits until it expired in Q4 of 2022 and had a lifetime cap. 30 days later
Speaker 4: Turning now to the Acacia products, Baramsis and Bifava.
Speaker 4: Although still a small base, the nearly $1.5 million in combined sales of Barhemsis and Bifavo in the second half of 2022 represents a doubling from Acacia's reported net sales of $722,000 for these two products in the second half of 2021.
Speaker 4: In 2022, sales for the two products included $1.2 million by Acacia prior to the closing of our acquisition of the company on June 8.
Speaker 4: and $1.6 million by Eagle Post Close. Keep in mind that Q1 of 23 is the first quarter in which we have our full-size and fully trained sales team.
Speaker 4: We are extremely encouraged.
Speaker 4: hopeful the growth trends will continue. Both products are patent protected until
Speaker 4: Net sales of Rianodex increased year-over-year by 19% for the full year 22, and Daser, Presen, and Patekse, our two new launches in 22 generated $131 million combined in net sales in 22.
Speaker 4: During the first quarter of 23, we decided to exit the visa pressing market by discontinuing all related manufacturing and halting sales beyond the current inventory levels.
Speaker 4: So this is our opportunity to proudly discuss our record year in 2022. The question on everybody's mind is what about 23 and beyond? Once again, as we have indicated in the past, we believe our product and pipeline opportunities are collectively strong with seven commercial products on the market and three exciting pipeline programs. What makes Forest Bend University possible?
Speaker 4: Our guidance of $74 to $80 million of adjusted non-GAAP EBITDA for full year 23 would represent an historical record second to our record year for adjusted non-GAAP EBITDA in 22.
Speaker 4: Taking a look even beyond 23, as we have indicated in the past, EGLE desires to make an accretive acquisition for additional patent-protected assets to solidify our growth for several years.
Speaker 4: This brings us to our cash and balance sheet.
Speaker 4: We're being very selective what we believe we have the ability to make a meaningful acquisition, one that would expect to potentially go a long way in positioning Eagle as a growth company for many years to come.
Speaker 4: If we can accomplish this while we work towards our objective spark for by Hemsis and by FABO, we believe it would have huge impact on our ability of future growth.
Speaker 4: Does our belief that our pipeline opportunities offer not only potentially first-in-class products which could have significant impact on treatment options, but also on our own
Speaker 4: but the potential market could possibly have dramatic impact on equal size and value if it's successful.
Speaker 4: The significant pipeline opportunities include ENA-001, an investigational, one-of-a-kind new chemical entity. It is an agnostic respiratory stimulant being developed by Amalar for the potential treatment of postoperative respiratory depression.
Speaker 4: Community Drug Overdose and Apnea of Prematurity, for which FDA granted orphan drug designation in Q4 of 2022.
Speaker 4: As a reminder, we acquired approximately a 17% equity stake in ANALAR in exchange for two upfront investments paid in August of 2022 and February of 2023, and we have an option to purchase the rest of ANALAR in the event specified milestones are achieved.
Speaker 4: Cali2, a novel first-in-class broad-spectrum anti-vergulance agent for the treatment of severe community-acquired bacterial pneumonia, for which a global phase 2 study is underway with 276 expected patients and 120 centers expected in 22 countries.
Speaker 4: our NDA for LANDEA law is under FDA review. The filing seeks approval for LANDEA law for the short-term reduction of ventricular rate in patients with supraventricular tachycardia including atrial fibrillation and atrial flutter.
Speaker 4: We expect to have informative data readouts on ANALAR and Cal O2 in about a year or so.
Speaker 4: In the meantime, in 23, we are projected to use cash.
Speaker 4: to support Amalur's ENA-001 through an additional equity investment, and for Cal 02 through R&D expense of about $35.5 million to $37.5 million combined. This does not include any cash that would be required in the event that Amalur achieves certain milestones.
Speaker 4: that we exercise our option to purchase the remaining shares of analog. As we transition into a diversified
Speaker 4: open to us to meet this goal, clinical development and acquisitions. For now, we plan to balance both required Acacia Pharma and hope to make an additional acquisition. We recognize that clinical development carries more risk, but with a potentially higher return.
Speaker 4: To be clear, if we do not succeed with the Cal 02
Speaker 4: and analog clinical programs, we intend to add the cash we would have spent on development and any accompanying earnings back to the company and then concentrate on acquisitions. If we are successful, then we believe our investment will be money extremely well spent.
In summary, 2022 was an outstanding year for EGLE, and we believe 23 is shaping up to be another very strong year. We hope to make a meaningful acquisition, focus our efforts on Barhemsis and Bayfebo to support the development of EMA-001.
and work hard on advancing landy law and Cal O2 over the next year or so and see how those turn out. Well with that, I'll turn the call over to Brian Cahill to discuss our fourth quarter and full year financials. Brian ?
Thank you, Scott, and good morning.
In the fourth quarter of 2022, total revenue was $60.7 million compared to $42.3 million in Q4 of 2021.
primarily reflecting continued revenue from sales of Asopressin and Pemfexy, which we launched in 2022, as well as the addition of Barhepsis and Bifabo to our commercial portfolio.
Full year 2022 revenue was $316.6 million compared to $171.5 million in 2021.
Net product sales during the fourth quarter of 2022 were $37.2 million compared to $16.2 million in Q4 of 2021. In the middle year 2022 net product sales were $214.5 million compared to $65 million in 2021.
Basal Press and Net Product Sales were $3.6 million and Pensexie Net Product Sales were $12.1 million in the fourth quarter of 2022.
For the full year 22, VASER, PRESS, and NET product sales were $63.2 million and TEN-PEXI sales were $67.5 million.
Regarding vasopressin, during the first quarter of 2023, we notified customers and the FDA of our 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.
Belafso net product sales were $11 million in the fourth quarter of 2022 compared to $5.5 million in Q4 of 2021. For the full year, Belafso net product sales totaled $33.7 million compared to $23.7 million in 2021. Fourth quarter 2022, Ryanne Dextene product sales were $3.5 million in Q4 of 2021.
were $7.2 million compared to $6.1 million in Q4 of 2021.
Full year of 2022 net product sales of Ryanadex totaled $30.2 million compared to $25.3 million in 2021.
Q4 2022 royalty revenue was $23 million compared to $26.2 million in the prior year quarter.
Full year 2022 royalty revenue totaled $98.3 million compared to $106.5 million in 2021.
Royalty revenue includes royalties earned on sales of Bendeka in the US and Triaxum in Japan.
During 2022, we recorded $3.8 million of other revenue for a cumulative.
sales milestone on sales of Trakason in Japan by our marketing partner Symbio.
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, Tempexy, for Hemsys and by FAVO to our portfolio which contribute lower margin.
and historical revenue mix, which has been dominated by BIN DECA royalties.
Also compressing margin.
is the inclusion of amortization of intangible assets related to the newly acquired products and the reduction of the Penfectsy buydown beginning on October 1st, 2022.
is the inclusion of amortization of intangible assets related to the newly acquired products and the reduction of the Penfecti buydown beginning on October 1, 2022, which will continue going forward.
On the expense front, R&D expenses were $7.2 million for the fourth quarter of 2022 compared to $3.8 million in the prior year quarter. This increase is largely attributable to CMC and clinical trial spend on our Cal 02 program.
Excluding stock-based compensation and other non-cash and non-recurring items, fourth quarter 2022 non-GAAP R&D expense was $6.6 million.
Full year 2022 R&D expenses were $34.1 million compared to $51.3 million in 2021, primarily reflecting the non-recurrence of a $10 million upfront payment related to our license agreement with CombiOxen for Cal O2.
and $5 million upfront payment related to our license agreement with AOP Orphan.
for land deal all lower headcount also lower headcount costs of 1.3 million dollars and lower spend on vasopressin of 7.6 million dollars
Brianne Dechts, NDA 111 of $3.1 million and Tim Fexi of $2.2 million.
This was partially offset by $10.7 million of CMC and clinical expenditure on our Cal 02 program in 2022.
Excluding stock-based compensation and other non-cash items, adjusted non-GAAP R&D expense for 2022 was $31.5 million.
SG&A expenses in the fourth quarter of 2022 were $24.1 million compared to $20.3 million in the fourth quarter of 2021.
This increase was driven by higher headcount and marketing spend related to our newly acquired products, or hensice bifavo and pemfexy, which launched in February of 2022.
excluding stock-based compensation and other non-cash and non-recurring items, fourth quarter 22 non-GAAP SG&A expense was $19.9 million.
For the full year of 2022, SG&A expenses were $106.6 million compared to $75.3 million in 2021.
This increase primarily reflects costs associated with the acquisition of Acacia, including severance expense and other deal costs.
Also, higher Hytana marketing spend related to our newly acquired products, our hemp system by Fabo and Penfexy, which launched in February of 2022.
Excluding stock-based compensation and other non-cash items, adjusted non-GABS G&A expense for 2022 was $70 million.
We expect our SGA spend in 2023 on a non-GAAP basis to be between $68 and $90 million.
Net income for the fourth quarter of 2022 was $8.2 million or $0.63 per basic and $0.62 per diluted share compared to net loss of $6.2 million or $0.48 per basic and diluted share in the prior year quarter.
For the full year 2022, net income totaled $35.6 million, or $2.76 per basic and $2.73 per diluted share, compared to a net loss of $8.6 million, or $0.66, per basic and diluted share in 2021.
Adjusted non-GAAP net income for the fourth quarter of 2022 was $14.4 million, or $1.11 per basic and $1.10 per deluded share, compared to adjusted non-GAAP net income of $11 million for 85 cent per basic and 83 cent per deluded share in the prior year quarter.
for the full year 2022 adjusted non-GAAP net income.
totaled $101.8 million or $7.87 per basic and $7.79 per diluted share compared to adjusted non-GAAP net income of $22.3 million or $1.71 per basic and $1.68 per diluted share in 2021.
For a full reconciliation of non-GAAP measures to the most comparable GAAP measures, please see the table at the end of our earnings press release.
Also, please note as disclosed in the footnotes to this morning's press release, beginning in the fourth quarter of 2022, EDIL no longer excludes expenses for in-process research and development from its non-GAAP results.
Historically, the company excluded these charges. These charges have been made, these changes rather, have been made to align with the views expressed by the U.S. Securities and Exchange Commission. Prior periods have been recast to reflect these changes.
As of December 31st, 2022, and following the completed acquisition and synergizing of Acacia, the company had $55.3 million in cash and cash equivalents, $72.4 million in net accounts receivable.
and $63.8 million in outstanding debt.
resulting in $64 million in net cash plus receivables.
In 2022, we repurchased $18 million of our common stock as part of our share repurchase program.
From August 2016 through December 31st, 2022, Eagle has repurchased $46.1 million of its common stock.
During the fourth quarter, we refinanced our debt facility. The company now has a new three-year $150 million facility with a bank group led by JP Morgan that includes a $50 million terminal in A.
and a $100 million revolving credit facility. The terms, including covenants of this facility, have been publicly disclosed and are similar to those of the prior expiry facility.
With that, I'll ask the operator to open the call for questions. Operator, please go ahead.
Yes, sir. At this time, if you would like to ask a question, please press the star and 1 on your touchtone phone.
You may remove yourself from the queue at any time by pressing star 2.
Once again, that is star and one to ask a question. Our first question comes from Brandon Foulkes with Cantor Fitzgerald.
Hi, thanks for taking my questions and congratulations on a very strong year. A few from me. Maybe
my questions and congratulations on a very strong year. A few from me. Maybe just firstly, just don't.
The only stuff is almost confection. Maybe just can you talk about the moving pieces around 2023 revenue? And you gain this market share be dynamic that revenue should not track around a similar growth rate Can you repeat that again? Brandon we lost you for a second.
Apologies. So on PEMFEXI, can you just talk about the moving pieces around 2023 revenue? Just as you're gaining market share, any dynamics that revenue should not track around about a similar growth rate?
Oh, I see. Well, thanks for the question, Brendan, and good morning. Yeah, so, you know, we are out in the marketplace with our Salesforce concentrating on Pemfexy. We're thrilled about the...
10% where we are today. And I think if I understand your question, it's really about how inventory levels relate to sales and how that shakes out in the course of the year. For the most part.
our customers have acquired inventory in anticipation of their future growth. You know, we expect the 10% to grow to 12 by the time we get through March and then grow beyond that standpoint. You know, it may not track exactly from quarter to quarter with script activity. We'll just have to see how that all shakes out and see where the market share.
winds up, but at the end of the day, you know, we'll expect to have sales in excess of last year's number of 67 million dollars. And right now we're in track, you know, we're right where we thought we would be. We're hoping to have and still have high expectations that we're going to have a strong year for the product. And remember, you know, the profitability of the product is improved this year as well.
as we bought down that royalty payment.
you know, it's exciting the Air Force as it relates to pep vaccine.
Did that answer it well? It did, yeah. And then maybe on BellRaps though, now that we have the trend of generics on the market, did your strategy around that product change at all?
Did that answer it? It did, yeah. And then maybe on BellRaps though, now that we have the trend of generics on the market, did your strategy around that product change at all? Well, you know, we...
We are doing our best to protect our franchise. We have an ecology sales force.
that, you know, is very focused on the product. You know, we just think we have two really good products, especially in Bendaqa, the 10-minute infusion, so Rapsode being a liquid product.
You know, I think we're just going to stay very focused. We've committed before or at least expressed that we thought we would be within this 25% loss, you know, keeping 75% of our product. You can see after the first 90 days, Brandon, we're really in very good shape.
We've been able to do a really nice job keeping our products. We expect that we're just going to have a strong 23 as it relates to the Bend and Mustang franchise, both Pindeca and Belravsa, combined with what we just articulated on Pemfecsy. You know, we're expecting to have another strong year across the board with our products in 2020.
Hey guys, this is Lachlan on to Tim. Thanks for taking the question and all my congratulations on a strong 2022. So on 10 sexy, those the market share data you provide is very useful. I was wondering if you can talk about how much of the market you call with the salesforce.
that to help us think about whether that market share could get to and then on
Yeah, I'll leave it there. Let's start there, Lachlan. Thank you. So our Salesforce covers the entire market. The market is split between...
commercial and the hospital market, the 340B market, pretty evenly. We're mostly focused with the sales force on the community side, and those are the shares that we're referring to as the share in community.
the hospital market, the 340B market, pretty evenly. We're mostly focused with the sales force on the community side, and those are the shares that we're referring to as the share in community. So...
you know, it's a big marketplace. We're very focused on it. We expect the share to continue to grow throughout the year. You know, we haven't guided to where we expect to go. We'll take it quarter by quarter, but you know, we feel pretty confident at the 12% level as we leave March, especially considering that we've already grown from 6 to 10%. And then we do have
focus on the hospital market obviously as well. We'll see how that goes but right now very focused on community the Salesforce covers a hundred percent of that business.
And, you know, as of today, we're feeling pretty good about it. Awesome. Thank you. And then you mentioned in the press release and in the prepared remarks, you're anticipating growth in by Hemsons and by Fabo now that the sales forces fully scaled.
Can you just talk about when that sort of happened? When did you complete that scaling and how big is it now compared to what it was last year?
Yes, so the scaling is really just coming into play. We only purchased the company closed on it in June . And so we went back to the territories now that we had these new products and we made some changes, we made some expansions. At the end of the day, we have more reps today than we had last year.
by a few. And we're just really very excited about the ramp. It's looking good. I realize it's a small space, but you can see by the remarks we made today, there's strong growth there. We're expecting a lot of growth in the next few weeks.
20 to 3 to be a very solid year and lay the foundation for future growth. And we still have really high expectations. The two products are wonderful. We're getting great feedback from our customers and the users of the product. You know, we had the we had what I thought was a really very strong investor day a couple months ago.
We just keep hearing wonderful things and let's see how the growth goes, but right now we are also very enthusiastic about the trends for the product.
Thank you. And I guess on the topic of salesforce, if I could just quickly ask, are you expecting much incremental expansion there?
Thank you and I guess on the topic of salesforce if I could just quickly ask are you expecting much incremental expansion there around a land deal or potential approval?
So I think we're right sized for all of our launches and all of our business this year. I think the step up that we took and the people that we have now is sufficient to get us through at least the next year. Great. Thank you.
Thank you. Our next question comes from David Amsolom with Piper Sandler. Thanks. So, just a couple. First on vasopressin, can you just go through your thought process in more detail on how my practice has happened?
the withdrawal, is that just a function of the crowded nature of the market, or are there other considerations? And then can you just talk to how you thought about the ROI on that given...
given the withdrawal and is there a potential to come back at some point as you look in market conditions. So just a few on those. And then secondly on Ben Demustine, the
I guess it was sort of an early days with the generic market formation, but can you talk about where you ultimately think things will settle out regarding both Bendeca and BellRabso share? So something of a longer term question there. Thank you.
Yeah, so okay let's start with VESA, David. Thank you for the question. So look, VESA Preston was the only generic we've developed in the company's history. We thought we had a unique capability to bring the product to the marketing game through the courts, which we did. We sold quite a bit last year in the year that we…
that we launched it, but our business, the rest of our business is just so strong, right? It depends on the musty market, the panfexy market. We're investing behind Cal2 and Anilar. There's just no real room in the company for a generic product, so we exited these generic markets well.
as the price declines, there's just no reason for us to be spending our time and our sales forces focus.
on a generic product. In terms of coming back to the market, that's really very interesting. Certainly we have the capability of doing that if things change. We did have very good market share for the product. We don't have any plans in the near future, anything that we see on the horizon, considering that we just exited.
the ANDA is viable, so we'll see how markets shake out. Sometimes things change. That's basically the Bezos story. Now, Ben de Mustin, BENDECA, we've guided to keeping 75% of the gross margin in 23.
So far, 90 days into it, almost 90 days into it, we're really encouraged. We're ahead of our forecast and our plans. I think that speaks well to the strength of the benefits of the products.
Let's see how the months go. You know, we'll give more of an update when we close out Q1, when we report there. But, I mean, so far we're thrilled about how the products are holding up and how the trends are working. And right now, you know, again, we just feel...
great about Ben and Mustine and quite frankly the entire line.
So let's see how things unfold. It's going to be another really good strong year for us in 23.
let's see how things unfold. It's going to be another really good strong year for us in 23. Thank you.
Thank you. Thank you. At this time, I show no further questions in queue. I'll turn the call back to Scott Tara for any additional or closing remarks.
Well thank you everybody for joining the call. Look, 22 is a record year for EGLE and we're committed to carrying that momentum into 23 and beyond. Our team remains focused on delivering value to stakeholders and ensuring the patients have access to our therapeutics. We look forward to updating you as we sustainability.
And one.
I'll see you in the next video.
Thanks for watching!