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 "NURTEC® 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%).
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