Steady Growth for Neuren as DAYBUE Sales Rise
Sales of DAYBUE, for the treatment of Rett syndrome, increased moderately over the quarter—up 11% from the prior corresponding period (PCP) to US$85 million.
DAYBUE is sold by Neuren Pharmaceuticals' (NEU: $13.29) partner, Acadia Pharmaceuticals. Neuren expects to receive a royalty of 13.5% for the quarter, which is up 17% on the PCP. The company ended March with a strong cash balance of $341 million.
Approximately 65% of patients have now been on DAYBUE therapy for more than 12 months. As of the end of March, the number of patients receiving the drug reached an all-time high of 954—an increase of 4% over the December quarter. A particularly encouraging sign is that treatment discontinuation rates have dropped by 66% compared to a year ago. This suggests that patients, carers, and prescribers are becoming more adept at managing the drug’s gastrointestinal side effects.
Looking ahead, the main driver for the stock this year is expected to be the commencement of Neuren’s pivotal study in Phelan-McDermid syndrome using its second compound, NNZ-2591.
Neuren is currently capitalised at $1.7 billion.
Bioshares Recommendation: Buy
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