Announcement • Apr 19
Societal CDMO, Inc. Files Form 15 Societal CDMO, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.01 per share. Announcement • Apr 08
Societal CDMO's Common Stock to be Delisted from the Nasdaq Capital Market as a Result of the Merger with CoreRx CoreRx, Inc. (‘CoreRx’) announced that it has completed its acquisition of Societal CDMO, Inc. (‘Societal CDMO’). The Offer and the Merger: CoreRx’s tender offer to acquire all of the issued and outstanding shares of common stock (the ‘Shares’) of Societal CDMO, at a purchase price of $1.10 per Share, in cash, without interest and less any applicable tax withholding, expired as scheduled one minute following 11:59 p.m., Eastern Time, on April 5, 2024 and was not further extended. The depositary and paying agent for the tender offer has advised CoreRx that, as of the expiration of the tender offer, a total of 102,588,622 Shares were validly tendered and not properly withdrawn, representing approximately 92.8% of the issued and outstanding Shares. Such Shares have been accepted for payment and will be promptly paid for in accordance with the terms of the tender offer. Following completion of the tender offer, CoreRx completed the acquisition of Societal CDMO through the previously planned second-step merger under Section 321(f) of the Pennsylvania Business Corporation Law of 1988. As a result of the merger, Societal CDMO became a wholly owned subsidiary of CoreRx. The common stock of Societal CDMO will be delisted from the Nasdaq Capital Market. Reported Earnings • Mar 24
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: US$0.14 loss per share (improved from US$0.34 loss in FY 2022). Revenue: US$94.6m (up 4.9% from FY 2022). Net loss: US$13.3m (loss narrowed 33% from FY 2022). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Mar 01
CoreRx, Inc. entered into a definitive agreement to acquire Societal CDMO, Inc. (NasdaqCM:SCTL) from First Light Asset Management, LLC and Others for approximately $120 million. CoreRx, Inc. entered into a definitive agreement to acquire Societal CDMO, Inc. (NasdaqCM:SCTL) from First Light Asset Management, LLC and Others for approximately $120 million on February 28, 2024. Under terms of the merger agreement, CoreRx will promptly commence a cash tender offer to acquire all outstanding shares of Societal CDMO common stock for $1.10 per share in cash, subject to applicable tax withholding, and Societal CDMO has agreed to file a recommendation statement containing the unanimous recommendation of its board of directors that Societal CDMO shareholders tender their shares to CoreRx. The transaction is subject to the tender of a majority of the outstanding shares of Societal CDMO’s common stock, as well as other customary closing conditions. The Offer will initially expire one minute following 11:59 p.m. (Eastern Time) on the date that is 20 business days following the commencement of the Offer, unless extended in accordance with the terms of the Offer and the Merger Agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Following the successful closing of the tender offer, CoreRx will acquire all remaining shares of Societal CDMO that are not tendered into the tender offer through a second-step merger at the same price of $1.10 per share, without the vote of Societal CDMO shareholders. The merger will be effected as soon as practicable after the closing of the tender offer. Until that time, Societal CDMO will continue to operate as a separate and independent company. In case of merger termination, Societal CDMO will be required to pay CoreRx a termination fee in the amount of $5,000,000.
Societal CDMO’s board of directors unanimously approved the transaction and plans to recommend that all shareholders tender their shares in the tender offer. The transaction is expected to close early in the second quarter of 2024. Raymond James & Associates, Inc. is acting as financial advisor and provided fairness opinion to the Board of Societal CDMO. Rachael Bushey, Jennifer Porter and Laura Gulick of Goodwin Procter LLP acted as legal advisor for Societal. Gerald F. Roach, Byron B. Kirkland and Heyward D. Armstrong of Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. acted as legal advisor for CoreRx, Inc. New Risk • Mar 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$11m). Currently unprofitable and not forecast to become profitable over next 2 years (US$7.1m net loss in 2 years). Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (US$48.2m market cap). Buy Or Sell Opportunity • Feb 29
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 193% to US$1.07. The fair value is estimated to be US$0.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 57%. Revenue is forecast to grow by 9.4% in 2 years. Earnings are forecast to grow by 67% in the next 2 years. Price Target Changed • Dec 22
Price target decreased by 14% to US$1.86 Down from US$2.18, the current price target is an average from 4 analysts. New target price is 471% above last closing price of US$0.33. Stock is down 75% over the past year. The company is forecast to post a net loss per share of US$0.14 next year compared to a net loss per share of US$0.34 last year. Board Change • Dec 22
High number of new directors Director Matt Arens was the last director to join the board, commencing their role in 2023. Announcement • Nov 29
Nasdaq Grants Societal CDMO an Additional 180 Calendar Days to Regain Compliance with Minimum Bid Price Requirement As previously reported, on May 23, 2023, the Societal CDMO, Inc. received written notice (the ‘Initial Notice’) from the Nasdaq Listing Qualifications Department (the ‘Staff’) of the Nasdaq Stock Market LLC (‘Nasdaq’) that because the closing bid price for the Company’s common stock had been below $1.00 per share for 30 consecutive business days, the Company no longer complied with the minimum bid price requirement pursuant to Nasdaq Listing Rule 5550(a)(2) (‘Minimum Bid Price Requirement’). The Initial Notice stated that the Company had 180 calendar days, or until November 20, 2023, to regain compliance with the Minimum Bid Price Requirement. On November 21, 2023, the Company received a second letter from the Staff advising that the Company had been granted an additional 180 calendar days, or until May 20, 2024 (the ‘Extended Compliance Period’), to regain compliance with the Minimum Bid Price Requirement in accordance with Nasdaq Listing Rule 5810(c)(3)(A). If at any time during the Extended Compliance Period, the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of 10 consecutive business days, the Staff will provide written confirmation that the Company has achieved compliance with the Minimum Bid Price Requirement. If the Company cannot demonstrate compliance during the Extended Compliance Period, the Staff will provide notice that the Company’s common stock will be subject to delisting. At that time, the Company may appeal the Staff’s determination to a Hearings Panel (the ‘Panel’). There can be no assurance that, if the Company does appeal the Staff’s delisting determination to the Panel, such appeal would be successful. The Company intends to continue to monitor the closing bid price of its common stock and will consider available options to regain compliance with the Minimum Bid Price Requirement, including potentially implementing a reverse stock split (if approved by the company’s shareholders). There can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement during the Extended Compliance Period or will otherwise be in compliance with other Nasdaq listing requirements. Announcement • Nov 10
Societal CDMO, Inc. Resets Earnings Guidance for the Year 2023 Societal CDMO, Inc. revised earnings guidance for the year 2023. The company is resetting revenue guidance for the full year 2023 to account for the discontinuation of certain programs and services, to between $92 million - $94 million, with expected net loss of $12.1 million - $13.6 million. Announcement • Nov 02
Societal CDMO, Inc. to Report Q3, 2023 Results on Nov 08, 2023 Societal CDMO, Inc. announced that they will report Q3, 2023 results After-Market on Nov 08, 2023 Board Change • Sep 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Matt Arens was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Aug 29
Price target decreased by 18% to US$2.30 Down from US$2.80, the current price target is an average from 4 analysts. New target price is 422% above last closing price of US$0.44. Stock is down 62% over the past year. The company is forecast to post a net loss per share of US$0.12 next year compared to a net loss per share of US$0.34 last year. Announcement • Aug 25
Societal CDMO, Inc. has completed a Follow-on Equity Offering. Societal CDMO, Inc. has completed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 20,750,000
Price\Range: $0.4
Security Name: Pre-Funded Warrants
Security Type: Equity Warrant Announcement • Aug 24
Societal Cdmo Announces Appointment of Matt Arens to Board of Directors Societal CDMO, Inc. announced the appointment of Matt Arens to the company’s board of directors. Mr. Arens has more than 25 years of experience as a successful investment professional identifying innovative life science companies with high growth potential. For the past 15 years, he solely has managed dedicated health care portfolios. Mr. Arens currently serves as chief executive officer and senior portfolio manager at First Light Asset Management, a firm he founded in 2013. In this role, he is responsible for creating and overseeing the firm’s investment strategies, which are rooted in several core principles including a commitment to long-term investments designed to capitalize on inefficiencies within the small-cap equity market. Previously, he served as president and senior portfolio manager at Kopp Investment Advisors, where he was the sole portfolio manager for the firm’s health care-focused investment strategy. Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$96.0m to US$95.0m. Losses expected to increase from US$0.093 per share to US$0.11. Pharmaceuticals industry in the US expected to see average net income growth of 4.2% next year. Consensus price target down from US$2.93 to US$2.80. Share price fell 17% to US$0.62 over the past week. New Risk • Aug 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 59% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (59% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$9.7m). Currently unprofitable and not forecast to become profitable next year (US$7.5m net loss next year). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$58.6m market cap). Reported Earnings • Aug 15
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: US$0.04 loss per share. Revenue: US$21.8m (down 5.8% from 2Q 2022). Net loss: US$3.21m (loss widened 3.0% from 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 45%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Pharmaceuticals industry in the US. Announcement • Aug 03
Societal CDMO, Inc. to Report Q2, 2023 Results on Aug 09, 2023 Societal CDMO, Inc. announced that they will report Q2, 2023 results After-Market on Aug 09, 2023 New Risk • Jun 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$8.4m). Currently unprofitable and not forecast to become profitable next year (US$7.0m net loss next year). Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (50% increase in shares outstanding). Market cap is less than US$100m (US$66.2m market cap). Announcement • May 29
Societal CDMO Receives Deficiency Letter from Nasdaq Regarding Minimum Bid Price Requirement On May 23, 2023, Societal CDMO, Inc. received a deficiency letter from the Nasdaq Listing Qualifications Department (the ‘Staff’) of the Nasdaq Stock Market LLC (‘Nasdaq’) notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s common stock has been below the minimum $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (‘Rule 5550(a)(2)’). The Nasdaq deficiency letter only pertains to the Company’s stock price, and there are no other deficiencies related to the Company’s ongoing listing on The Nasdaq Capital Market. The Nasdaq deficiency letter has no immediate effect on the listing of the Company’s common stock, and its common stock will continue to trade on The Nasdaq Capital Market under the symbol ‘SCTL’ at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been given 180 calendar days, or until November 20, 2023, to regain compliance with Rule 5550(a)(2). If at any time before November 20, 2023, the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Staff will provide written confirmation that the Company has achieved compliance. If the Company does not regain compliance with Rule 5550(a)(2) by November 20, 2023, the Company may be afforded a second 180 calendar day period to regain compliance. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement. The Company intends to actively monitor the closing bid price for its common stock and will consider all available options to resolve the deficiency and regain compliance with Rule 5550(a)(2). Reported Earnings • May 12
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: US$0.055 loss per share. Revenue: US$21.5m (up 1.6% from 1Q 2022). Net loss: US$4.68m (loss widened 9.8% from 1Q 2022). Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Pharmaceuticals industry in the US. Announcement • May 11
Societal CDMO, Inc. Reaffirms 2023 Financial Guidance Societal CDMO, Inc. reaffirming 2023 financial guidance. For the period, the company expected revenue guidance of between $94 and $100 million. Announcement • May 04
Societal CDMO, Inc. to Report Q1, 2023 Results on May 10, 2023 Societal CDMO, Inc. announced that they will report Q1, 2023 results After-Market on May 10, 2023 Breakeven Date Change • Mar 31
Forecast to breakeven in 2025 The 5 analysts covering Societal CDMO expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 47% per year to 2024. The company is expected to make a profit of US$3.29m in 2025. Average annual earnings growth of 76% is required to achieve expected profit on schedule. Price Target Changed • Mar 24
Price target decreased by 13% to US$3.64 Down from US$4.17, the current price target is an average from 4 analysts. New target price is 211% above last closing price of US$1.17. Stock is down 38% over the past year. The company is forecast to post a net loss per share of US$0.08 next year compared to a net loss per share of US$0.34 last year. Reported Earnings • Mar 03
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: US$0.34 loss per share (further deteriorated from US$0.26 loss in FY 2021). Revenue: US$90.2m (up 20% from FY 2021). Net loss: US$19.9m (loss widened 75% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 02
Price target increased by 19% to US$5.00 Up from US$4.21, the current price target is an average from 2 analysts. New target price is 298% above last closing price of US$1.26. Stock is down 29% over the past year. The company is forecast to post a net loss per share of US$0.28 next year compared to a net loss per share of US$0.26 last year. Major Estimate Revision • Feb 12
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2022 has been updated. 2022 expected loss increased from -US$0.225 to -US$0.26 per share. Revenue forecast of US$91.2m unchanged since last update. Pharmaceuticals industry in the US expected to see average net income growth of 8.5% next year. Consensus price target of US$4.17 unchanged from last update. Share price rose 15% to US$1.56 over the past week. Announcement • Dec 14
Societal CDMO, Inc. has completed a Follow-on Equity Offering in the amount of $30.625911 million. Societal CDMO, Inc. has completed a Follow-on Equity Offering in the amount of $30.625911 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 27,841,737
Price\Range: $1.1
Discount Per Security: $0.077 Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: US$0.059 loss per share (improved from US$0.068 loss in 3Q 2021). Revenue: US$21.6m (up 18% from 3Q 2021). Net loss: US$3.33m (loss narrowed 4.5% from 3Q 2021). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 4.0%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings. Announcement • Nov 10
Societal CDMO, Inc. Provides Earnings Guidance for the Full Year 2022 Societal CDMO, Inc. provided earnings guidance for the full year 2022. For the year, the company expects net loss in the range of $11.6 million to $9.6 million. Announcement • Nov 03
Societal CDMO, Inc. to Report Q3, 2022 Results on Nov 09, 2022 Societal CDMO, Inc. announced that they will report Q3, 2022 results After-Market on Nov 09, 2022 Announcement • Sep 09
Societal CDMO, Inc. Appoints Elena Cant as Board of Directors Societal CDMO, Inc. announced the appointment of Elena Cant to the company’s board of directors. Ms. Cant has more than 20 years of diverse business experience ranging across various functions including corporate development, business operations and strategy, marketing, commercial, manufacturing, and research and development. She has an impressive track record of establishing and growing functional groups, product portfolios and new businesses in the United States, Europe, Asia and Latin America for large and small biopharmaceutical companies. Ms. Cant currently serves as the chief operating officer at TwinStrand Biosciences, where she leads the company’s operational organization in support of its efforts to develop its next-generation DNA sequencing technology. Prior to TwinStrand, she served in senior roles with Takeda Pharmaceuticals starting in 2012 as global head of vaccine strategy and business operations, where she built a new global vaccine business spanning nine locations around the world. In 2016, Ms. Cant was named commercial head of Takeda’s vaccine business unit, a position in which she built a global commercial organization for newly developed vaccines against infectious diseases with revenue potential exceeding $1 billion globally. During her career, Ms. Cant has also held global strategic and operational leadership roles at Hospira and Mead Johnson Nutrition. Notably, while at Hospira she was responsible for establishing and managing the company’s manufacturing operations strategy group including contributing to the creation of its long-term operations strategy for generic injectables, biosimilars and medical devices on a global scale. She also previously served as a consultant at McKinsey & Company, working with major pharmaceutical and medical device companies in the United States and Europe. Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: US$0.055 loss per share (down from US$0.032 profit in 2Q 2021). Revenue: US$23.2m (up 28% from 2Q 2021). Net loss: US$3.12m (down 353% from profit in 2Q 2021). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Over the next year, revenue is forecast to grow 13%, compared to a 16% growth forecast for the industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 percentage points per year, which is a significant difference in performance. Announcement • Aug 04
Societal CDMO, Inc. to Report Q2, 2022 Results on Aug 10, 2022 Societal CDMO, Inc. announced that they will report Q2, 2022 results After-Market on Aug 10, 2022 Announcement • Jun 29
Railroad Ranch Capital Engages in Discussions with Societal CDMO On June 27, 2022, Railroad Ranch Capital Management, LP announced that it has engaged, and intends to continue to engage, in communications with Societal CDMO, Inc.’s management team and Board of Directors regarding means to enhance shareholder value. Announcement • May 18
Societal Cdmo Unveils 20/80 Second Source Technical Transfer Service Model, Offering Cost and Time Savings for Pharmaceutical Manufacturing Societal CDMO, Inc. unveiled the company’s new “20/80 Second Source Technical Transfer” service model. This new CDMO offering is designed to provide pharmaceutical companies with a time- and cost-efficient preparedness strategy for mitigating supply chain risks and vulnerabilities. Societal introduced the “20/80 Second Source Technical Transfer” model in conjunction with the CPhI North America 2022 Meeting, held May 17-19, 2022, in Philadelphia, PA. Societal created this new service model in response to the growing risks and vulnerabilities associated with the global supply chain that have significantly elevated the importance of second source suppliers within the pharmaceutical industry. Over the past decade, supply chains in the global life sciences industry have been increasingly interrupted and/or impacted by a broad range of natural disasters, geopolitical threats, and regulatory/compliance failures, as well as the global COVID-19 pandemic. This volatility has created an environment in which risk mitigation, reshoring of manufacturing to the United States, and supply chain continuity have become much more critical considerations for supply chain management within the pharmaceutical sector. Under the framework of Societal’s “20/80 Second Source Technical Transfer” model, pharmaceutical companies are able to collaborate with Societal to execute all sourcing and planning phase activities of a standard technical transfer process prior to the time that product supply is needed. By undertaking these activities in advance, Societal customers can complete approximately half of the technical transfer process and position themselves to initiate the transfer of material and commence the batch manufacturing (execution phase) whenever new and/or additional finished drug product supply is required. By executing the materials sourcing, planning and other production preparation phases of the technical transfer, a Societal customer can be “supply ready” approximately a full year sooner than if it commenced these activities at the onset of a supply disruption. Importantly, investing in the initial sourcing and planning phase activities accounts for 20 percent, on average, of the total technical transfer costs for a commercial product, whereas the execution/manufacturing phase makes up the remaining 80 percent of costs. Major Estimate Revision • May 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -US$0.23 to -US$0.25 per share. Revenue forecast unchanged at US$91.3m. Pharmaceuticals industry in the US expected to see average net income growth of 16% next year. Consensus price target of US$4.50 unchanged from last update. Share price fell 29% to US$0.92 over the past week. Announcement • May 12
Societal CDMO, Inc. Provides Earnings Guidance for the Year Ending December 31, 2022 Societal CDMO, Inc. provided earnings guidance for the year ending December 31, 2022. For the year, the company expected net loss to be in the range of $14.2 million to $12.2 million. Announcement • May 05
Societal CDMO, Inc. to Report Q1, 2022 Results on May 11, 2022 Societal CDMO, Inc. announced that they will report Q1, 2022 results After-Market on May 11, 2022 Price Target Changed • Apr 27
Price target decreased to US$5.00 Down from US$5.50, the current price target is an average from 3 analysts. New target price is 300% above last closing price of US$1.25. Stock is down 56% over the past year. The company is forecast to post a net loss per share of US$0.23 next year compared to a net loss per share of US$0.26 last year. Announcement • Apr 02
Societal CDMO, Inc., Annual General Meeting, May 18, 2022 Societal CDMO, Inc., Annual General Meeting, May 18, 2022, at 10:00 US Eastern Standard Time. Agenda: To consider to elect the two director nominees whose term will expire in 2025; to consider a one-time stock option exchange for non-executive employees; to consider, on an advisory basis, the compensation of named executive officers; and to consider and ratify the selection of KPMG LLP, or KPMG, as independent registered public accounting firm for the 2022 fiscal year. Major Estimate Revision • Mar 08
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 losses forecast to reduce from -US$0.29 to -US$0.23 per share. Revenue forecast steady at US$92.1m. Pharmaceuticals industry in the US expected to see average net income growth of 17% next year. Consensus price target down from US$5.50 to US$5.00. Share price rose 2.4% to US$1.70 over the past week. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: US$0.26 loss per share (up from US$1.16 loss in FY 2020). Revenue: US$75.4m (up 13% from FY 2020). Net loss: US$11.4m (loss narrowed 59% from FY 2020). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 22%, compared to a 20% growth forecast for the pharmaceuticals industry in the US. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 42% per year, which means it has not declined as severely as earnings. Announcement • Mar 03
Recro Pharma, Inc. Provides Earnings Guidance for the Year 2022 Recro Pharma, Inc. announced earnings guidance for the year 2022. For the full year 2022, the company expects revenue to be approximately $90 to $95 million, net loss to be in the range of $13.2 million to $11.2 million. Announcement • Feb 24
Recro Pharma, Inc. to Report Q4, 2021 Results on Mar 01, 2022 Recro Pharma, Inc. announced that they will report Q4, 2021 results After-Market on Mar 01, 2022 Reported Earnings • Nov 12
Third quarter 2021 earnings released: US$0.068 loss per share (vs US$0.09 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: US$18.2m (down 5.4% from 3Q 2020). Net loss: US$3.49m (loss widened 64% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Aug 21
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from US$69.8m to US$71.8m. Forecast EPS reduced from -US$0.28 to -US$0.34 per share. Pharmaceuticals industry in the US expected to see average net income growth of 15% next year. Consensus price target of US$5.50 unchanged from last update. Share price was steady at US$2.51 over the past week. Major Estimate Revision • Aug 17
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 losses forecast to reduce from -US$0.45 to -US$0.28 per share. Revenue forecast steady at US$69.8m. Pharmaceuticals industry in the US expected to see average net income growth of 14% next year. Consensus price target of US$5.50 unchanged from last update. Share price rose 15% to US$2.25 over the past week. Announcement • Aug 14
Recro Pharma, Inc. (NasdaqCM:REPH) acquired IRISYS, LLC from EPS Americas, Corp., IriSys, Inc. and Continent Pharmaceuticals U.S., Inc. for $51.7 million. Recro Pharma, Inc. (NasdaqCM:REPH) acquired IRISYS, LLC from EPS Americas, Corp., IriSys, Inc. and Continent Pharmaceuticals U.S., Inc. for $51.7 million on August 13, 2021. Under terms of the agreement, the purchase price was paid through: (i) $25.5 million of cash at closing; (ii) 9,302,718 shares of common stock of Recro to be issued in six months; and (iii) a seller promissory note of $6.116673 million. The seller note has a three (3) year maturity date from the date of closing and bears interest at a rate of 6% annually. The seller note is expressly subordinated and unsecured in right of payment and priority to Recro’s existing debt with Athyrium Capital Management. Bailey Southwell & Co. served as the exclusive financial advisor to IRISYS. William Blair & Company, L.L.C. acted as financial advisor to Recro on the transaction. Rachael Bushey and Jen Porter of Troutman Pepper Hamilton Sanders LLP acted as legal advisor to Recro Pharma, Inc. and Martin J. Waters and Jason Skolnik of Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisor to IriSys, Inc.
Recro Pharma, Inc. (NasdaqCM:REPH) completed the acquisition of IRISYS, LLC from EPS Americas, Corp., IriSys, Inc. and Continent Pharmaceuticals U.S., Inc. on August 13, 2021. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS US$0.032 (vs US$0.26 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$18.0m (up 16% from 2Q 2020). Net income: US$1.23m (up US$7.25m from 2Q 2020). Profit margin: 6.8% (up from net loss in 2Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • Jun 03
Recro Pharma, Inc. Expands Capabilities for Growing Clinical Trial Services Offerings Recro Pharma, Inc. announced that it has expanded the clinical capabilities of the company’s growing Clinical Trial Services (CTS) offerings. Included among the newly added CTS capabilities are clinical-scale sachet and blister packaging for clinical trial pharmaceuticals. Additionally, Recro has established a relationship with a European Union Qualified Person (QP) for its CTS offerings following a successful review process. This QP has audited the company’s facility and stated that Recro meets the relevant GMP manufacturing standards and requirements for clinical trial materials to be used in the EU. Based on this audit, the QP organization has agreed that it can represent Recro’s clients for release of materials in the EU. A QP declaration is required for any biotechnology or pharmaceutical company seeking to conduct a clinical trial in Europe using a drug product manufactured in a non-EU country, allowing Recro to support the Europe-based clinical trial efforts of its customers. Announcement • May 14
Recro Pharma, Inc. has completed a Follow-on Equity Offering in the amount of $29.999999 million. Recro Pharma, Inc. has completed a Follow-on Equity Offering in the amount of $29.999999 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 13,333,333
Price\Range: $2.25
Discount Per Security: $0.135 Major Estimate Revision • May 13
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from US$71.0m to US$69.9m. 2021 losses expected to reduce from -US$0.63 to -US$0.52 per share. Pharmaceuticals industry in the US expected to see average net income growth of 13% next year. Consensus price target of US$5.50 unchanged from last update. Share price fell 2.6% to US$2.45 over the past week. Reported Earnings • May 08
First quarter 2021 earnings released: US$0.23 loss per share (vs US$0.33 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: US$16.8m (down 23% from 1Q 2020). Net loss: US$6.76m (loss narrowed 12% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Announcement • May 07
Recro Pharma, Inc. Provides Earnings Guidance for the Year 2021 Recro Pharma, Inc. provided earnings guidance for the year 2021. For the full year 2021, the company expects revenue to be approximately $68 million to $72 million and net loss to be in the range of $15.6 million to $13.6 million. Analyst Estimate Surprise Post Earnings • Mar 02
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 7.1%. Earnings per share (EPS) exceeded analyst estimates by 25%. Over the next year, revenue is forecast to grow 6.1%, compared to a 28% growth forecast for the Pharmaceuticals industry in the US. Reported Earnings • Mar 02
Full year 2020 earnings released: US$1.16 loss per share (vs US$0.21 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$66.5m (down 33% from FY 2019). Net loss: US$27.5m (down US$32.1m from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 25
New 90-day high: US$5.04 The company is up 112% from its price of US$2.38 on 25 November 2020. The American market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$25.53 per share. Announcement • Feb 20
Recro Pharma, Inc. to Report Q4, 2020 Results on Feb 26, 2021 Recro Pharma, Inc. announced that they will report Q4, 2020 results After-Market on Feb 26, 2021