Baudax Bio (BXRX) – 1Q 2023 Reported But It’s All About The Pipeline Progress


Monday, May 15, 2023

Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.

Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q 2023 reported.  Last Friday, the Company reported GAAP EPS of  $4.91 per share, as compared to our estimate of $5.75 per share. With the announced asset transfer of ANJESO and write-off of contingent liabilities owed Alkermes, Baudax Bio re-classified the ANJESO operations as discontinued. While showing a net loss operationally, the positive EPS was due to the removal of the Alkermes contingent consideration liability.

Higher expenses in the quarter. The higher than expected expenses consisted primarily of a $2.1 million loss on extinguishment of debt related to the previously disclosed amended credit agreement, and remaining discontinued operation property and equipment write-offs. In addition, continuing operation expenses were $223,000 higher than our estimate, related to higher neuromuscular blocker R&D expenditures.


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