S&P stabilizes Arbor Pharmaceuticals view

S&P said it revised Arbor Pharmaceuticals Inc.’s outlook to stable from negative and affirmed its B- issuer rating.

Arbor outperformed the agency’s forecasts and its own internal budget over the past few quarters. Arbor reported revenue and EBITDA for the first quarter of 2021 at 4% and 60% higher than budget, respectively, driven by strong performance in the portfolio of promoted brand products and cuts to operating expenses, S&P said.

“Given this outperformance, we now forecast that adjusted leverage will be 5.4x (versus our previous expectation of 7.9x) at year-end 2021. Additionally, we expect that free operating cash flow generation for 2021 will be between $40 million and $50 million (versus our previous expectation of around $26 million),” the agency said in a press release.

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