Insys Therapeutics sees revenue from Subsys at $61-$62 million; shares plunge 21%
Insys Therapeutics Inc (Nasdaq: INSY) stock plunged nearly 21% Monday after the company said sales for its pain drug will be impacted by a decline in demand.
The company forecast first-quarter revenue from Subsys (fentanyl sublingual spray) in the range of $61 million to $62 million saying the figures reflect a decline in demand on the back of lower prescription for the therapy.
The company reported total revenue of $70.77 million for the same period last year.
Insys said prescription volumes for Subsys were down along with wholesale inventory. The drop in wholesale channel inventory is estimated at $7 million. However, the company said it sees subsys prescription decline is close to stabilizing.
The drug maker attributed the drop to heightened publicity around opioid epidemic, which has led to sensitivity by some healthcare providers to prescribe opioids.
Insys believes it will remain profitable at current sales levels and intends to pursue all of its research and development projects.
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