Biohaven Pharma (BHVN) Announces Preliminary 4Q2020 Net Product Revenue For NURTEC ODT
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Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN; the "Company" or "Biohaven"), a biopharmaceutical company with a portfolio of innovative, late-stage product candidates today announced preliminary net product revenue of NURTEC ODT (rimegepant) for the fourth quarter of 2020.
Based on preliminary unaudited financial information, the Company reported $35 million in net product revenue from sales of NURTEC ODT in the fourth quarter of 2020, representing a 98% increase from the previous quarter. Total prescriptions of NURTEC ODT for the full year 2020 were over 337,000, with over 24,000 unique prescribers. There were no material changes in channel inventory between third and fourth quarter.
The foregoing information reflects the Company's estimate with respect to net product revenue for NURTEC ODT based on currently available unaudited information. This is not a comprehensive statement of the Company's financial results and is subject to completion of the Company's financial closing procedures. The Company's final results will be issued upon completion of its closing procedures and may vary from these preliminary estimates.
Vlad Coric, M.D., Chief Executive Officer of Biohaven commented, "The launch of NURTEC ODT continues to build strong momentum, despite continued headwinds from the pandemic, as reflected by strong fourth quarter net product revenue. We continue to hear 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. We're proud of our commercial and R&D team members who have been dedicated to delivering this important medication to patients despite the challenges of the past year."
BJ Jones, Chief Commercial Officer, added, "Even in the unprecedented market conditions of a global pandemic, our commercial team remained committed to the needs of patients suffering from migraine, creating demand and access to NURTEC ODT significantly outperforming our initial volume projections during the first three quarters of launch. We look forward to continuing to grow the market for NURTEC ODT in the acute treatment of migraine, especially as in-market dynamics improve as the vaccines roll out and the impact of the COVID-19 pandemic is expected to attenuate later this year."
Rimegepant was approved by the U.S. Food and Drug Administration (FDA) for the acute treatment of migraine in February 2020, with commercial launch commencing the second week of March. Rimegepant is marketed as NURTEC ODT, and is the first and only calcitonin gene-related peptide (CGRP) receptor antagonist available in an orally disintegrating tablet (ODT) designed for rapid onset of action and sustained efficacy for 48 hours.
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