Farmas USA

de 22h a 02h el after

de 10h a 15:30h premarket

AMRN

Ingresos por Vascepa:
21,3 millones Q3 2015, un +51% con respecto al mismo trimestre del año pasado y un +20% con respecto al trimestre pasado.

Y aún así las pérdidas netas son superiores. Es decir, que mayor ingresos pero más pérdidas, eso no es buena señal. Claro que no sabemos (o yo no he visto nunca) cual es el margen de beneficios de cada botellita, pero parece muy pequeño. Antes me refiera a "algo" y ese algo es la deuda que tiene con Biopharma. Un acuerdo de "me prestas 100 mill ahora, y yo te devuelvo progresivamente 150 mill derivados de los ingresos de vascepa". Primero, que ese acuerdo ahora parece un timo, tener que devolver un 50% más de lo que te prestan, aunque sea a muchos años vista. Supongo que en aquel entonces la situación de AMRN era muy delicada y se debió firmar lo que fuera. Pero lo que me preocupa en sí, es que AMRN es incapaz de alcanzar el pago máximo por trimestre con las ventas actuales, y que aún debe 139 mill de los 150. Es decir, que 14 o 15k vascepas son unas ventas muy por debajo de los cálculos que debieron hacer, tanto AMRN como Biopharma. No sé cuantos deberían ser, pero igual hablamos (especulación pura) de tener que vender más de 25k semanales. Mientras no se llegue a ese nivel "óptimo", seguirá perdiendo aceite por su acuerdo con Biopharma, de ahí que aumente los ingresos pero no le dé para disminuir las pérdidas, ni devolver la deuda que tiene al ritmo adecuado. Es decir, que mientras no se cumpla el calendario de pagos es que no se vende lo suficiente (más allá de que se considere un muy mal acuerdo el firmado con Biopharma).

AMRN

Y aquí dejo la parte del 10Q donde queda todo reflejado. (páginas 19 y 20)

Long-Term Debt—December 2012 Financing
On December 6, 2012, the Company entered into an agreement with BioPharma Secured Debt Fund II Holdings Cayman LP, or BioPharma. Under this agreement, the Company granted to BioPharma a security interest in future receivables associated with the Vascepa patent rights, in exchange for $100 million received at the closing of the agreement which occurred in December 2012. Under these terms, the Company continues to own all Vascepa intellectual property rights, however, such rights, as described below, could be used by BioPharma as collateral for repayment of the remaining unpaid balance under this agreement if the Company defaults on making required payments under the agreement. In the agreement, the Company agreed to repay BioPharma up to $150 million with such repayment based on a portion of revenues and receivables generated from Vascepa after the date of the agreement.
As of September 30, 2015, the remaining amount to be repaid to BioPharma is $139.4 million. During the three and nine months ended September 30, 2015, the Company made repayments under the agreement of $1.8 million and $5.0 million, respectively, to BioPharma and an additional $2.1 million is scheduled to be paid in November 2015. These payments were calculated based on the threshold limitation, as described below, as opposed to the scheduled quarterly repayments. Additional quarterly repayments, subject to the threshold limitation, are scheduled to be paid.
The maximum quarterly amounts which could be due for payment, except upon a change of control and subject each quarter to the threshold limitation, is in accordance with the following schedule: $10.0 million in the first quarter of 2016, $15.0 million per quarter in each of the next four quarters, and a final payment of $13.0 million scheduled for payment in May 2017. All such payments reduce the remainder of the $150 million in aggregate payments to BioPharma. These quarterly payments are subject to a quarterly threshold amount whereby, if a calculated threshold, based on quarterly Vascepa revenues, is not achieved, the quarterly payment payable in that quarter can at the Company’s election be reduced and with the reduction carried forward without interest for payment in a future

period. The payment of any carried forward amount is subject to similarly calculated threshold repayment amounts based on Vascepa revenue levels. Except upon a change of control in Amarin, the agreement does not expire until $150 million in aggregate has been repaid. Except in the event of the Company’s default, there is no compounding of interest and no scheduled cliff payment due under this agreement. Rather, payment is intended, subject to the threshold limitation, until $150 million in aggregate has been repaid, including payments made previously. The Company can prepay an amount equal to $150 million less any previously repaid amount.
The Company currently estimates that its Vascepa revenue levels will not be high enough in each quarter to support repayment to BioPharma in accordance with the maximum quarterly amounts in the repayment schedule. For each quarterly period since the inception of the debt, revenues were below the contractual threshold amount such that cash payments were calculated for each period reflecting the optional reduction amount as opposed to the contractual threshold payment due for each quarterly period. In accordance with the agreement with BioPharma, quarterly differences between the calculated optional reduction amounts and the repayment schedule amounts are rescheduled for payment beginning in the second quarter of 2017. Any such deferred repayments will remain subject to continued application of the quarterly ceiling in amounts due established by the calculated threshold limitation based on quarterly Vascepa revenues. No additional interest expense or liability is incurred as a result of such deferred repayments. These estimates will be reevaluated each reporting period by the Company and adjusted if necessary, prospectively.
The Company determined the redemption feature upon a change of control to be an embedded derivative requiring bifurcation. The fair value of the embedded derivative was calculated by determining the fair value of the debt with the change in control provision included and also without the change in control provision. The difference between the two fair values of the debt was determined to be the fair value of the embedded derivative, and upon closing the Company recorded a derivative liability of $14.6 million as a reduction to the note payable. The fair value of this derivative liability is remeasured at each reporting period, with changes in fair value recognized in the statement of operations and any changes in the assumptions used in measuring the fair value of the derivative liability could result in a material increase or decrease in its carrying value. The Company recognized a loss on change in fair value of derivative liability of $0.3 million and a gain on change in fair value of derivative liability of $6.5 million during the nine months ended September 30, 2015 and 2014, respectively.
During the nine months ended September 30, 2015, the Company recorded $4.9 million and $1.4 million of cash and non-cash interest expense, respectively, in connection with the BioPharma debt. During the nine months ended September 30, 2014, the Company recorded $5.5 million and $1.4 million of cash and non-cash interest expense, respectively. The Company will periodically evaluate the remaining term of the agreement and the effective interest will be recalculated each period based on the Company’s most current estimate of repayment.

ARNA

Resultados 10 de noviembre al cierre.

buf, otra que ... bueno, supongo que lo tiene ya todo descontado

ARNA

ARRY

Array BioPharma (NASDAQ:ARRY): FQ1 EPS of -$0.15 beats by $0.03.Revenue of $16.19M (+166.7% Y/Y) beats by $2.17M

http://seekingalpha.com/pr/15230516-array-biopharma-reports-financial-results-for-the-first-quarter-of-fiscal-2016

NVAX premarket 8,20 con paquetitos de 100 cromos.

Se les esta yendo la olla a las NVAX o que???

8,40?????