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Biohaven Expects Net Revenue of $43.8 Million in Q1 for Its Migraine Medicine

Source: Streetwise Reports

 

April 8, 2021 (Investorideas.com Newswire) Biohaven Pharmaceutical shares traded 10% higher after the company reported that in Q1/21 net product revenue for its migraine drug NURTEC ODT is estimated to be approximately $43.8 million.


Commercial-stage biopharmaceutical company Biohaven Pharmaceutical Holding Co. Ltd. (BHVN:NYSE), which concentrates its effort on developing treatments for neurological and neuropsychiatric diseases, today announced "preliminary net product revenue of NURTEC ODT (rimegepant) for the first quarter of 2021."

Biohaven advised that "NURTECĀ® ODT (rimegepant) is the first and only calcitonin gene-related peptide (CGRP) receptor antagonist available in a quick-dissolve ODT formulation that is approved by the U.S. Food and Drug Administration (FDA) for the acute treatment of migraine in adults."

The company reported that during Q1/21, it achieved $43.8 million (unaudited) in net product revenue from sales of NURTEC ODT. The firm noted that since NURTEC ODT first launched commercial operations in March 2020, more than 500,000 prescriptions have been written for the migraine medicine by over 30,000 different medical prescribers. NURTEC ODT has generated total net product revenue to date of approximately $107.4 million.

The company's CEO Vlad Coric, M.D., remarked, "Despite the typical first quarter insurance dynamics associated with new year prior authorizations/deductibles and the winter surge of COVID-19 affecting prescription volumes, NURTEC ODT continues to grow quarter over quarter in both prescription volume and net revenue. Our commercial team continues to build strong momentum for the brand as we also receive positive feedback from patients and physicians regarding the important role that NURTEC ODT is playing in the acute treatment of migraine."

"The impressive market growth of NURTEC ODT reflects the significant unmet need that exists for patients suffering from the debilitating effects of acute migraine, our strong commercial and managed markets team, and the differentiated product label compared to competitors," Dr. Coric added.

Biohaven Pharmaceutical's Chief Commercial Officer BJ Jones commented, "NURTEC ODT continues to demonstrate strong prescription growth and increases in quarterly net revenue. We are beginning to see in-market dynamics improve as the vaccines roll out and look forward to continued market growth for this important new acute treatment of migraine."

The company explained that rimegepant, which is sold under the brand name NURTEC ODT, was approved by the FDA for the acute treatment of migraine in February 2020. The product was then rapidly launched commercially in the second week of March 2020.

The firm pointed out that in the U.S. around 40 million people suffer from migraine. When a migraine attack occurs, the debilitating condition often lasts for between 4 to 72 hours. Those experiencing migraines may feel a combination of many symptoms including moderate to severe pulsating headaches, nausea and sensitivity to sound or light.

Biohaven is a commercial-stage biopharmaceutical company based in New Haven, Conn. The firm's drug portfolio and activities are focused on developing new therapies for treating debilitating neurological and neuropsychiatric diseases, including rare disorders. In addition to NURTEC ODT (rimegepant), which is used in treating acute migraine, the company also noted that it has several other late-stage product candidates in its pipeline including "a CGRP receptor antagonism for the acute and preventive treatment of migraine glutamate modulation for obsessive-compulsive disorder, Alzheimer's disease, and spinocerebellar ataxia, and myeloperoxidase (MPO) inhibition for multiple system atrophy and amyotrophic lateral sclerosis."

Biohaven began the day with a market capitalization of around $4.2 billion with approximately 63.1 million shares outstanding and a short interest of about 10%. BHVN shares opened 7% higher today at $70.38 (+$4.60, +6.99%) over yesterday's $65.78 closing price. The stock has traded today between $70.16 and $74.61 per share and is presently trading at $72.26 (+$6.48, +9.85%).

Disclosure:

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

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3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

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