How did FENC's Q1 2024 EPS outperform forecasts?

Fennec Pharmaceuticals' (FENC) Q1 2024 EPS outperformed forecasts due to several key factors:

1. **Strong Sales Momentum**: FENC's flagship product, PEDMARK, achieved full-year net product sales of $21.3 million in 2023, with $9.7 million in the fourth quarter alone. This robust sales performance, especially in the final quarter, indicates a growing market acceptance and demand for PEDMARK.
2. **EU Launch and Licensing Deal**: The EU launch of PEDMARK under the brand name PEDMARQSI in 2023 and the subsequent exclusive licensing agreement with Norgine for €40 million upfront and up to €210 million in additional milestones and royalties have significantly bolstered FENC's revenue potential. This strategic move not only validates the asset but also enhances FENC's financial position and operational capabilities.
3. **Cash Balance and Financial Outlook**: FENC's pro forma cash balance exceeded $55 million, providing a strong financial foundation to support operations and potential investments. This financial strength allows FENC to navigate the biotech market effectively and capitalize on growth opportunities.

In conclusion, FENC's Q1 2024 EPS outperformance can be attributed to the successful commercialization of PEDMARK, the strategic EU launch and licensing deal, and the company's robust financial position. These factors collectively contributed to FENC's ability to exceed market expectations.