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Needham downgrades Omeros on soft Q4 Omidria sales

Published 03/02/2018, 03:51 PM
© Reuters.  Needham downgrades Omeros on soft Q4 Omidria sales
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  • Needham's Serge Belanger cuts Omeros (OMER -0.6%) to Hold after the company released Q4 results. Sole revenue producer OMIDRIA (phenylephrine and ketorolac intraocular solution) generated a modest $13.8M in sales, down 36.5% yoy. The company said unit pricing and number of vials sold to ASCs and hospitals were unchanged from a year ago, but it was unable to recognize a majority of revenues from wholesaler inventory because of the uncertainty with reimbursement.
  • Mr. Belanger says the weak Q4 performance only confirms concerns with the drug's reimbursement status, adding that he sees "no visibility on a near-term solution" or when sales will ramp back up.
  • Source: Bloomberg
  • Previously: Omeros down 10% on expected loss of Medicare pass-through status for Omidria (Nov. 2, 2017)


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