What’s behind the recent surge in Titan Pharmaceuticals stock?
AUGUSTA, Maine — Titan Pharmaceuticals Inc., the leading maker of generic versions of cancer drugs, is expected to report better-than-expected earnings for the first quarter of 2019, as it continues to boost revenue from the EpiPen vaccine program.
The company said Thursday that it will report earnings of $2.08 per share, or $3.12 a share, on an adjusted basis for the period ended Sept. 30, up from $2 per share or $4.10 a share a year earlier.
Titans shares rose more than 10 percent on the news.
The earnings report comes as TNS Holdings Corp., another leading generic maker, has been ramping up its sales of the Epidiolex EpiPens.
Titan has reported strong earnings in recent months, especially in the U.S. and abroad, as the program continues to help millions of people with serious illnesses through a series of emergency injections.
Titans earnings will be included in TNS earnings on Thursday.
The EpiPs sales were boosted in part by a $1.2 billion federal grant, which is expected be paid out to manufacturers by the end of next year.
The EpiPak, the first batch of generic EpiPedias that TNS will produce, will be the first of its kind to be sold in the United States.