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Biohaven (BHVN) Q2 Earnings Miss, Nurtec Uptake Still Strong

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Biohaven Pharmaceutical BHVN incurred loss of $3.23 per share in second-quarter 2021, wider than the Zacks Consensus Estimate of a loss of $2.77 as well as the year-ago loss of $3.08.

Adjusted loss, which excludes non-cash stock-based compensation and few other non-cash expenses, for the second quarter was $2.62 per share compared with $2.55 in the year-ago period. The dismal bottom-line performance was due to higher operating expense during the quarter.

Total revenues, solely from Nurtec ODT, were $92.9 million in the second quarter, up almost 112.1% sequentially. Revenues were in line with the Zacks Consensus Estimate. The company recorded revenues of $9.7 million in the year-ago quarter. Please note that the company had launched Nurtec ODT in March 2020.

Shares of Biohaven have gained 45.4% so far this year compared with the industry’s increase of 1.8%.

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Quarter in Detail

Research and development (R&D) expenses, including stock-based compensation, were $77.4 million in the quarter, up 82.5% year over year driven by higher clinical activities.

Selling, general and administrative (SG&A) expenses were $170 million in the quarter, up 36.3% from the year-ago period. The significant increase in SG&A expense was driven by higher costs to support the commercialization of Nurtec.

As of Jun 30, 2021, Biohaven had cash and restricted cash worth $368 million compared with $570.9 million as of Mar 31, 2021.

Nurtec Update

Biohaven stated that its oral anti-CGRP drug, Nurtec ODT, has demonstrated strong uptake since its launch in March 2020. Sales of the drug increased during the first half of 2021 despite COVID-19 related disruptions. The drug’s sales during the second quarter were driven by growth in volumes as well higher net price.

In May 2021, the FDA approved a label expansion of Nurtec ODT as a preventive treatment for migraine. The drug is the first FDA-approved oral anti-CGRP drug for preventive treatment.

Please note that Nurtec competes with other FDA-approved anti-CGRP drugs including Amgen’s AMGN Aimovig, Lilly’s LLY Emgality and especially AbbVie’s ABBV oral drug, Ubrelvy.

Pipeline Update

Biohaven is also developing three pipeline candidates, verdiperstat, troriluzole and zavegepant.

A phase III study evaluating verdiperstat as a potential treatment for multiple system atrophy (“MSA”) is ongoing. Top-line data from the MSA study is expected later this quarter. The candidate is also being evaluated as a potential treatment for amyotrophic lateral sclerosis (“ALS”) in a clinical study being conducted at Massachusetts General Hospital by Healey Center. Biohaven expects to complete enrollment in ALS study in the fourth quarter of 2021.

A phase III study is currently evaluating troriluzole in patients with spinocerebellar ataxia. Top-line data is expected in the fourth quarter of 2021 or early 2022. The company is also developing the candidate as a potential treatment for obsessive compulsive disorder (“OCD”) in two identical phase III studies. Top-line data from these studies are expected in the second half of 2022.

A phase III study is evaluating intranasal zavegepant as an acute treatment of migraine. Top-line data from the study is expected later in 2021.

Biohaven Pharmaceutical Holding Company Ltd. Price, Consensus and EPS Surprise

Biohaven Pharmaceutical Holding Company Ltd. Price, Consensus and EPS Surprise
Biohaven Pharmaceutical Holding Company Ltd. Price, Consensus and EPS Surprise

Biohaven Pharmaceutical Holding Company Ltd. price-consensus-eps-surprise-chart | Biohaven Pharmaceutical Holding Company Ltd. Quote

Zacks Rank

Biohaven currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


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