 Second Quarter 2020 Revenue of 32.4 Million, a 14 Increase Compared to Second Quarter 2019 Second Quarter 2020 Net Income of 2.2 Million as Compared to Net Loss of 2.2 Million for Second Quarter 2019 Reinstates Full-Year 2020 Revenue Guidance Range of 135 to 155 MillionEWING, N.J., Aug. 06, 2020 GLOBE NEWSWIRE -- Antares Pharma, Inc. NASDAQ: ATRS the Company, a pharmaceutical technology company, today reported operating and financial results for the second quarter ended June 30, 2020 with record second quarter revenue of 32.4 million and net income of 2.2 million, or earnings per share of 0.01. The Company also reported record six-month year-to-date revenue of 65.5 million, a 27 increase versus the first six months of 2019.I am very proud of the Antares team for delivering strong quarterly results while navigating the challenges presented by the COVID-19 pandemic. We remain committed to protecting the health and safety of our employees, patients, and health care providers while effectively operating our business to meet the needs of our partners and patients during this unprecedented time. The Companys second quarter revenue of 32.4 million, which represents 14 year-over-year growth, was primarily driven by our proprietary product XYOSTED. The second quarter had the highest number of XYOSTED prescriptions to date, and we believe this is the result of the tremendous execution by our commercial team and highlights the demand for an easy to use, painless at-home testosterone injection option given limited physician and patient access at this time. Revenue from proprietary products, XYOSTED and OTREXUP, our highest margin products, grew 65 in the quarter versus the same period last year and now represent 60 of our total product revenue, said Robert F. Apple, President and Chief Executive Officer of the Company.We also continued to advance our product pipeline with the recently launched Teriparatide Injection teriparatide by Teva, the generic version of Eli Lillys brand Forsteo, in Canada and certain countries in Europe. According to Teva, the initial launch of teriparatide, which utilizes our multi-dose pen technology, will expand into other European countries later this year. Additionally, we look forward to a potential U.S. approval of a generic Forteo later this year. Finally, while the pandemic continues to pose some uncertainty for the second half of the year, we are encouraged by the growth of our business and the opportunities ahead, and therefore we have reinstated our revenue guidance for the full year, Mr. Apple concluded.Second Quarter 2020 and Recent Highlights Reported second quarter total 2020 revenue of 32.4 million, an increase of 14 compared to the same period last year. Proprietary product revenue increased 65 to 14.8 million as compared to 9.0 million in the second quarter of 2019. Reported second quarter 2020 earnings per share of 0.01 as compared to a 0.01 loss per share reported in the comparable period last year. According to Symphony Health Solutions, XYOSTED total prescriptions increased 11 sequentially versus the first quarter of 2020. Since the product launched, more than one hundred thirty-two thousand prescriptions of XYOSTED have been written by almost six thousand different physicians. Announced the first commercial product using Antares Pharmas multi-dose pen platform was launched by the Companys development partner Teva Pharmaceutical Industries, Ltd. Teriparatide Injection, the generic version of Eli Lillys brand product Forsteo was launched in Austria, Croatia, Denmark, Hungary, Ireland, The Netherlands, Portugal, Sweden, Switzerland, The United Kingdom as well as Canada and Israel. Teva has indicated they expect to launch in other European countries later this year. Announced an exclusive distribution agreement with Lunatus Global Medical Supplies to register, promote and distribute XYOSTED in Saudi Arabia and the United Arab Emirates. Cash, cash equivalents and short-term investments increased to 51.6 million at June 30, 2020, compared to 45.7 million at December 31, 2019.Second Quarter 2020 Financial ResultsTotal revenue generated from product sales, development activities and royalties was 32.4 million for the three months ended June 30, 2020, a 14 increase compared to 28.4 million in the same period in 2019. For the six months ended June 30, 2020, total revenue was 65.5 million, a 27 increase from 51.7 million for the comparable period in 2019.Product sales were 24.7 million for the three months ended June 30, 2020, a 20 increase compared to 20.6 million for the same period in 2019. For the six-month period ended June 30, 2020, product sales were 51.8 million, a 33 increase from 38.9 million in the comparable period in 2019. Sales of our proprietary products XYOSTED and OTREXUP generated revenue of 14.8 million and 27.4 million for the three and six months ended June 30, 2020, respectively, as compared to 9.0 million and 13.8 million for the three and six months ended June 30, 2019, respectively. The 65 and 99 increase in proprietary product sales for the three and six months ended June 30, 2020 respectively, compared to the three and six months ended June 30, 2019 were principally attributable to sales of XYOSTED. Partnered device sales were 9.8 million and 11.6 million for the three months ended June 30, 2020 and 2019, respectively, and 24.4 million and 25.2 million for the six months ended June 30, 2020 and 2019, respectively. The decrease in sales of partnered products for the three and six months ended June 30, 2020 as compared to the same period in 2019 is primarily attributable to a decrease in sales of needle-free devices to Ferring, and a decrease in sales of Sumatriptan Injection USP and teriparatide devices to Teva. Antares previously announced the divestiture of the needle-free device to Ferring and shipment of pre-launch quantities of teriparatide devices to Teva during the first two quarters of 2019.Licensing and development revenue was 2.7 million and 4.4 million for the three and six-month periods ended June 30, 2020, respectively, compared to 2.2 million and 3.2 million for the comparable periods in 2019, respectively. Licensing and development revenue for the three and six- month periods was primarily from the Pfizer rescue pen and the Idorsia selatogrel pen development programs.Royalty revenue was 5.0 million for the three months ended June 30, 2020 compared to 5.6 million for the same period in 2019. For the six-month period ended June 30, 2020, royalty revenue was 9.3 million, compared to 9.6 million for the same period in 2019. The decrease in royalty revenue for the three and six-month periods were primarily attributable to a decline in royalties recognized from AMAG on their net sales of the Makena subcutaneous auto injector.Operating expenses were 16.9 million for the second quarter of 2020 compared to 17.6 million in the comparable period of 2019. Total operating expenses for the six months ended June 30, 2020 were 36.3 million as compared to 34.9 million for the comparable period in 2019. The increase in operating expenses for the six-month period of 2020 as compared to the same period in 2019 was primarily attributable to increased head count as well as increased non-cash incentive compensation expense.Net income was 2.2 million, or 0.01 per share for the second quarter of 2020, compared to a net loss of 2.2 million, or 0.01 per share in the same period in 2019. Net loss was 0.2 million, or 0.00 per share for the six months ended June 30, 2020 compared to a net loss of 7.8 million, or 0.05 per share in the comparable period of 2019. At June 30, 2020, cash, cash equivalents and short-term investments were 51.6 million compared to 45.7 million at December 31, 2019.2020 Financial GuidanceThe Company today reinstated 2020 full-year revenue guidance in a range of 135 to 155 million, which represents a 9 to 25 year-over-year growth rate. Given the unprecedented and unpredictable environment created by the COVID-19 pandemic, we reserve the right to revisit revenue guidance at some future point in time.Webcast and Conference Call InformationAntares executives will provide a Company update and review second quarter 2020 financial results via webcast and conference call today, August 6, 2020, at 8:30 a.m. ET Eastern Time. The webcast of the conference call, which will include a slide presentation, can be accessed through the link located on the For Investors section of the Companys website under Webcasts Presentations. Alternatively, callers may participate in the audio portion of the conference call by dialing toll free 1-800-353-6461, or 1-334-323-0501. Callers should reference the Antares Pharma conference call or conference identification code 5888699. Callers can access the slide presentation on the For Investors section of the Companys website under Webcasts Presentations. A telephone replay of the conference call will be available from 11:30 a.m. ET on Thursday, August 6, 2020 through 11:30 a.m. ET on Saturday, September 5, 2020. To access the replay, callers should dial 1-888-203-1112 or 1-719-457-0820 and enter passcode 5888699. About Antares PharmaAntares Pharma, Inc. is a pharmaceutical technology company focused primarily on the development and commercialization of self-administered injectable pharmaceutical products using advanced drug delivery auto injector technology. 