Neuren passes FY sales milestone for Daybue in Q3
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The news: Shares in Neuren Pharmaceuticals surged in early trading on the ASX after the biopharmaceutical company said that its Rett syndrome treatment Daybue exceeded the full-year threshold for its first sales milestone during the third quarter.
The numbers: Neuren shares were up 4.9% to $13.92 in early trading. Over the last 12 months its share price has plunged 43.92%.
Neuren said that net sales of its Rett syndrome treatment, trading under the name Daybue by the company's US partner Acadia Pharmaceuticals, has already exceeded the full-year net sales threshold of USD250 million ($380.6 million), meaning Neuren will earn its first sales milestone income of USD50 million.
Neuren earned royalties of $13.2 million in the third quarter, compared with $12.7 million in Q2. The company estimates Q4 royalties to be between $16 million and $18 million.
Overall, net sales of Daybue in Q3 totalled USD91.2 million, up 8% quarter on quarter and 36% year on year.
The company said its full-year income is expected to be between $216 million and $218 million. Guidance for net sales of Daybue in 2024 narrowed to USD340 million to USD350 million, from USD340 million to USD370 million.
The context: On Wednesday, Acadia said it agreed to sell a Rare Pediatric Disease priority review voucher for USD150 million ($226 million), with Neuren entitled to a third of the proceeds.
The source: ASX announcement
