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AERIE PHARMACEUTICALS INC

aeriepharma.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed Nov 4, 2022. Its latest SEC filing is a SC 13G/A from Feb 10, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Sold Rhopressa and Rocklatan glaucoma eye drops to pharmaceutical distributors and developed ophthalmic therapies for glaucoma, dry eye and retinal diseases.

How Did They Make Money?

Wholesalers bought Rhopressa and Rocklatan; the company invoiced them by delivery, with payment under standard credit terms. License agreements brought upfront fees, development, regulatory and sales milestones, drug-supply charges, and royalties on licensed-product sales.

revenue
SegmentShareRevenue
Product revenues, net
Sold outright

58%
FY2018: 100%
Licensing revenues
Licensed

42%

Who Were Their Customers?

U.S. wholesalers bought the glaucoma products and resold them mainly to retail pharmacies. Santen held rights to develop and commercialize products in Japan, East Asia and other licensed markets.

Customers above 10% of revenue, FY2021
of revenue from three customers (37%, 31%, 31%)
FY2019: 98% from three customers

Did Revenues Turn Into Profits?

No. It lost $74.8M in FY2021.

Operating income, FY2021
−24% of revenue
▼ −70% (Loss) vs FY2020 (−$155.7M, −187%)
Net income, FY2021
−39% of revenue
▼ −59% (Loss) vs FY2020 (−$183.1M, −220%)
Free cash flow, FY2021
−53% of revenue
▲ +51% (Loss) vs FY2020 (−$67.8M, −82%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q3 FY2022, the three months to Sep 30, 2022
Revenue
▲ +23%
vs $29.3M in Q3 FY2021
Net income
▼ −32% (Loss)
vs −$39.7M in Q3 FY2021
  • Nov 21, 2022 Aerie completed its merger and became a wholly owned subsidiary Each common share converted into the right to receive $15.25 in cash.

International commercialization The company had planned to commercialize the products itself in Europe and seek a Japan partner; it later entered Santen agreements to develop and commercialize them across Europe, Japan, East Asia and other regions.

Rocklatan's U.S. status Rocklatan moved from an advanced-stage U.S. product candidate to an FDA-approved glaucoma product sold alongside Rhopressa.

Revenue over time
Product revenues, net Licensing revenues
$200M$100M$0

Who Did They Compete With?

Competes with Bausch Health, Novartis International, Sandoz, Alcon, AbbVie, Teva Pharmaceutical Industries, Sun, Santen, and Nicox

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