Biohaven Pharmaceutical (NYSE: BHVN) shares are gaining 11% following the announcement of preliminary Q2 results: net product revenue of NURTEC ODT (rimegepant) came in at $93M, increasing 119% Q/Q. Total prescriptions since the product launch exceeded 750,000 across 38,000 unique subscribers.

The results have far outpaced analysts' expectations – consensus sales figures hovered around $50-55 million.

Commenting on the strong performance, the company’s CCO, BJ Jones, also highlighted “the overwhelmingly positive feedback we are receiving from patients and healthcare providers about the impact of NURTEC ODT on migraine.”

Cowen analyst Ken Cacciatore notes that the revenue figure likely got a boost from prevention indication inventory clean up – about $15M in his estimate – but deems the performance “nonetheless fairly stunning”.

He goes on to confirm the drug’s impressive profile and the potential for accelerated uptake: “As for our consultants, they continue to indicate that Nurtec's real-world efficacy is as good as they could have hoped, with very favorable tolerability that is significantly improved versus triptans. As for prevention, our consultants indicate that by having both an acute and preventative label, clinician and patient preference should steer dramatically towards Nurtec given the simplicity of dosing, which should ease general practitioner uptake.”

In the light of these results, the analyst grows only more optimistic about the company’s future: “The totality of the migraine opportunity remains early, large, and Nurtec is poised to capture significant share. Ultimately, we believe Nurtec's combined acute and prevention opportunity should represent a $3B+ U.S. opportunity.”

Cowen reiterated an “Outperform” rating on shares of BHVN and increases the Price Target to $130 (from $90).

Written by Vlad Schepkov [email protected]