On April 7, 2022, Biofrontera Inc. (BFRI) had another day full of gains with an increase of 14.12% in regular trading followed by 14.60% after hours. This bullishness has continued since the company announced its preliminary product revenue for the first quarter of fiscal 2022 on April 6. Thus, BFRI stock was trading at a per-share price of $4.63 in late trading after reaching $4.04 in the prior session.
The biopharmaceutical company specializes in the commercialization of dermatological products.
BFRI’s Q1 2022 Revenue Expectations
On Wednesday, the company shared its preliminary product revenue for Q1 2022 which ended on March 31. As per the calculations, the company is looking forward to product revenues between $9.5 and $10.0 million. This represents a humungous increase of 102%-113% YOY against the first quarter of 2021.
Moreover, BFRI will be posting the complete Q1 2022 results in May 2022 while the 2021 year-end results are ready to be released on April 8, 2022. The 2021 earnings conference call will be hosted at 11:00 am Eastern Time on Friday.
The pharmaceutical industry while having an overall bullish outlook its topical drug delivery market is expected to surpass US$158.76 billion by 2028. Furthermore, the dermatology over-the-counter medication market is projected to grow at a 4.7% CAGR. The major driver for this CAGR of 5.83% is increased spending on dermatology as skin diseases continue to rise. Skin disease rank in 4th place as the most common cause of human illness globally. Some of the major causes of skin diseases include genetic factors, aging, and environmental factors.
As per the latest news, FDA has proposed to rate pharmaceutical manufacturing companies. The U.S. FDA’s Office of Pharmaceutical Quality has proposed to develop a new rating system for assessing a company’s quality management maturity (QMM).
The company’s Q1 2022 preliminary product sales have marked its strongest revenue quarter after the pandemic while being the second-strongest on record. This shows the company’s determination and continued efforts toward progress. Thus, with the continuous advancement of its pipeline and patent strategy along with strengthening its financial position, BFRI is looking forward to sustained growth.
Having posted a mammoth increase in its Q1 2022 sales, BFRI stock has continued making upward strides on Thursday. But 2021 year-end results are on the list for early morning on Friday, the stock may very well topple down if it did not impress the investors.