Biohaven Posts Revenue of $93 Million in Q2 for Its Migraine Medicine
Source: Streetwise Reports
July 8, 2021 (Investorideas.com Newswire) Shares of Biohaven Pharmaceutical Holding Co. Ltd. traded 12% higher to a new 52-week high after the company reported preliminary Q2/21 net product revenue of $93 million for NURTEC ODT, which it claims is the first and only FDA approved medicine for both acute and preventive migraine treatment.
Biopharmaceutical company Biohaven Pharmaceutical Holding Co. Ltd. (BHVN:NYSE), which is engaged in developing late-stage medicine candidates for neurological and neuropsychiatric diseases, today announced the "preliminary net product revenue of NURTEC ODT (rimegepant) for the second quarter of 2021."
The firm reported that based upon preliminary financial data, during Q2/21 ended June 30, 2021, it recorded net product revenue of $93 million from sales on of its migraine medicine NURTEC ODT. The company stated that since the medicine was first launched commercially, approximately 38,000 unique prescribers have now in aggregated written more than 750,000 prescriptions for patients.
Biohaven Pharmaceutical's CEO Vlad Coric, M.D., stated, "We are thrilled to report preliminary net product revenue of $93 million for NURTEC ODT in the second quarter that continues to exceed expectations and demonstrates the impact that NURTEC ODT is having on patients with migraine. During the quarter, we saw robust growth of NURTEC ODT in the acute treatment of migraine and initial strong growth in the preventive treatment of episodic migraine in the last few weeks after receiving the prevention approval from the FDA. As the first and only dual-therapy medication indicated to both treat and prevent migraines, NURTEC ODT is redefining the treatment paradigm for patients."
The firm advised that in the U.S. alone about 40 million people suffer from migraine and globally the condition effects nearly a billion, making it the third most common illness in the world according to the World Health Organization rankings. When a debilitating migraine attack occurs, the condition typically lasts for between 4 and 72 hours. Migraine symptoms often include a combination of several symptoms, such as moderate to severe throbbing headaches, sensitivity to light or sound, and nausea.
The company's Chief Commercial Officer B.J. Jones commented, "Our second quarter net revenue performance reflects the overwhelmingly positive feedback we are receiving from patients and healthcare providers about the impact of NURTEC ODT on migraine. Providing clinicians and patients with one oral medication that can be used to treat and prevent migraine is changing the impact of this disease for many of the millions of people who live with migraine and opens up an even larger market opportunity for the brand. Our teams are more energized than ever to continue to improve the lives of patients by delivering this first and only dual-therapy migraine medicine."
The company noted that "NURTEC ODT is the only migraine medication approved as a dual therapy for both the acute and preventive treatment and is the first oral CGRP antagonist approved for the preventive treatment of migraine." The firm indicated that NURTEC ODT is formulated to target the underlying cause of migraine by inhibiting CGRP receptors. Biohaven advised that the U.S. Food and Drug Administration (FDA) first approved NURTEC ODT for the acute treatment of migraine in February 2020.
Biohaven is a commercial-stage biopharma firm headquartered in New Haven, Conn. The company focuses on creating therapies for treating serious and rare neurological and neuropsychiatric diseases. The firm's NURTEC ODT (rimegepant) was developed to treat acute migraine. In addition, company is actively investigating 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 Pharma started the day with a market cap of around $6.4 billion with approximately 65 million shares outstanding and a short interest of about 9.5%. BHVN shares opened 16% higher today at $114.75 (+$15.90, +16.08%) over yesterday's $98.85 closing price and reached a new 52-week high this morning of $117.33. The stock has traded today between $104.12 and $117.33 per share and is currently trading at $111.31 (+$12.46, +12.60%).
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