Neuren shares dive as US Daybue sales fall short of guidance
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The news: Sales of Neuren Pharmaceuticals' Rett syndrome drug Daybue fell short of guidance in the first quarter, weighed by reduced clinic days in January and a rise of discontinued treatments following a surge in new patients in previous quarters.
The numbers: Daybue, licensed by Victoria-based Neuren to Nasdaq-listed Acadia Pharmaceuticals for sales in the US, saw net sales of USD75.9 million ($115.5 million), lower than the guided range of USD76 million to USD82 million.
However, Acadia reiterated its full-year guidance for net sales of between USD370 million and USD420 million.
Neuren anticipated royalties of $11.6 million from US sales of Daybue during the quarter. It also expected full-year royalties of between $61 million and $70 million, plus sales milestone revenue of $77 million assuming Acadia's guidance was met.
Approximately 25% of the 5,000 diagnosed Rett syndrome patients in the US have initiated therapy.
Neuren shares tumbled 7.11% to $18.67 in early trading on the ASX.
The context: Neuren told investors that Q1 sales in the US were negatively impacted compared with the previous quarter, due to refills that were due in January being brought forward to December to avoid the holidays, as well as reduced Rett clinic days in January.
Discontinued treatments were also higher in the March quarter, following a surge in new patient starts in the previous quarters and gross to net discounts slightly higher in Q1.
Neuren advised that net patient additions had resumed, with increases in each of the last six weeks.
The source: ASX announcement
