Neuren posts fall in full-year profit despite rise in Daybue royalties
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The news: Neuren Pharmaceuticals reported a 9.6% slide in full-year reported profit to $142 million — having benefited from a $146 million payment as part of its licence agreement with US partner Acadia in the previous year — as royalties from sales of its Rett syndrome drug Daybue doubled in 2024.
The numbers: Neuren shares were down 0.3% to $14.16 at 11am AEDT, having closed 8.9% higher on Thursday after Acadia announced that Daybue US sales had met 2024 guidance.
Acadia reported full-year sales of USD348.4 million ($552.8 million), nearing the top end of its guidance range of USD340 million to USD350 million.
Neuren anticipates royalties of $56.2 million for 2024, up 110% from 2023, and $18.7 million for the fourth quarter, up 46% compared to the prior corresponding period.
The context: Neuren said its profit line was "significantly impacted" by retaining Australian dollars as its reporting currency, after changing its functional currency from Australian dollars to US dollars. During 2024, the Australian dollar fell from 68 US cents to 0.62 US cents.
The source: ASX announcements
