Flexion Therapeutics (Nasdaq: FLXN) reported its preliminary fourth quarter earnings results after the bell today. The biopharmaceutical company’s Q4 revenue is expected to be approximately $9.5 million, representing a 36% increase over the prior year quarter. Full-year 2018 revenue is estimated to be about $22.5 million. Shares of Flexion tanked more than 10% in the extending trading hours.
Flexion anticipates 2019 ZILRETTA product revenue to be in the range of $65 million to $80 million. The company will report complete financial results for Q4 and FY18 later in the first quarter. Flexion plans to discuss the preliminary results in a conference call that is scheduled for Friday, January 4 at 8:30 AM ET.
“2018 was a foundational year for ZILRETTA, and in the first full year of the launch, we saw strong product uptake as we established a broad and growing base of prescribers. Furthermore, the clinical feedback on ZILRETTA from physicians and patients alike continues to be overwhelmingly positive and gratifying,” said Michael Clayman, CEO.
On Wednesday, the Burlington, Massachusetts-based biotech company announced that it enrolled the first patient in the Phase 3 trial of ZILRETTA in late December 2018. This hip osteoarthritis trial is expected to be completed in the year 2020. Flexion also plans to initiate additional Phase 2 studies of ZILRETTA in the shoulder later this year.
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Flexion stock, which plunged to a yearly low ($11.14) on December 24, 2018, had dropped 52% in the past year. The stock ended Thursday’s trading session down 1,04% at $12.33 and is expected to hit a new 52-week low tomorrow as the preliminary results disappointed the investors.