Imprimis Plans to Earn $100 Million by 2021

August 24, 2018: By Joan McKenna

Imprimis Pharmaceuticals plans to earn at least $100 million in revenues annually by 2021, CEO Mark Baum said Aug. 9 at the Canaccord Genuity 38th Annual Growth Conference.

The company reported Q2-2018 revenues of $10.4 million, an increase of 51 percent over Q2-2017.

Q2-2018 was the company’s first profitable quarter, Baum said.

Total revenues for 2017 were $26.8 million.

Baum’s vision is for Imprimis to be the most important pharmaceutical vendor to ophthalmologists in the US.

Drug development is now a focus for publicly held Imprimis, but the firm still values its core business of compounding.

Imprimis’ compounded products currently are used in 400 thousand ophthalmic surgical procedures in the US with revenues of $45 per surgery, Baum said. He looks to see Imprimis products used in 525 thousand US procedures by 2021 with revenues averaging $75 per surgery.

Baum said Imprimis doesn’t have to grow much to meet that target, and he would be surprised if the company didn’t far exceed it.

Imprimis also plans to sell 600 thousand units of glaucoma drugs, for a 3 percent share of prescriptions, by 2021 and 400 thousand units of dry eye drugs, for a 10 percent share of prescriptions.

San Diego-based Imprimis was founded in 2014 and focused solely on compounding. Its ophthalmic compounding business grew 238 percent from 2014 to 2017.

The company shifted its focus in 2017 to take its patented compounded formulations through the traditional US FDA drug approval process.

It owns its three FDA-inspected facilities where it makes those formulations.

It has spun off Eton Pharmaceuticals to develop several drugs and Surface Pharmaceuticals to develop dry eye drugs, with Imprimis maintaining an equity and royalty stake.

It plans to spin off subsidiary Melt Pharmaceuticals to develop Imprimis’ non-opioid conscious sedation formulations.

Baum said Eton is expected to launch an initial public offering in 2018.

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