Anika Therapeutics Posts Orthobiologics Sales Growth for 2Q17/1H17

Anika Therapeutics posted 2Q17 orthobiologic revenue of US $24.5MM, +5.0% vs. 2Q16, and 1H17 revenue of $44.7MM, +4.2% vs. 1H16.

Performance highlights:

• Includes $5.0MM milestone payment due to DePuy Mitek’s $100.0MM MONOVISC end-user sales within a 12-month period (ended 6/17); includes $1.0MM in CINGAL sales
• Ex-U.S. orthobiologics overall +50%, driven by MONOVISC as well as Canada/EU growth of CINGAL
• Canada CINGAL distributor, Pendopharm, observing shift from steroid use to CINGAL since mid-2016 launch
• Robust global demand for MONOVISC (Global +22%; U.S. end-user revenue +56%; ex-U.S. +53%)
• Ex-U.S. competition coming from generics
• Enrolled ~30 patients in supplemental Phase III trial of CINGAL for knee osteoarthritis; expects to complete 500-patient enrollment by end of 2017
• After quarter’s close, announced India regulatory approval for MONOVISC single-injection to treat OA in all human synovial joints; to be marketed by Modi-Mundipharma (will not contribute significantly to 2017 revenue); will expand sales to India, Australia and New Zealand over 6-9 months
• Continued progress in ongoing enrollment for FastTRACK Phase III HYALOFAST study (200 patients, cartilage repair) and Phase III MONOVISC (hip OA pain, sponsored by DePuy Mitek)
• Disappointed in hip application study enrollment; Johnson & Johnson has sought suggestions on how to enroll faster
• Appointed Joseph Darling as President, spearheading direct commercialization initiative; 20+ years of executive management experience, including time at Abbott, Baxter, ConMed, Interventional Spine, Smith & Nephew, Wyeth

“As we predicted, the U.S. market is migrating away from multi-injection options in favor of a
more convenient single-injection treatment [to treat knee OA pain].”
– Charles H. Sherwood, Ph.D., President and CEO

Source: Anika Therapeutics, Inc.