Biohaven (BHVN) Q2 Nurtec Preliminary Sales Top Expectations
Biohaven BHVN announced preliminary sales figures for its sole approved drug, Nurtec ODT, for the second quarter of 2021. The drug recorded preliminary revenues of $93 million, which constitutes the company’s total revenues as it is its sole marketed drug. Nurtec ODT’s sales comprehensively beat the Zacks Consensus Estimate of $56.1 million. In response, Biohaven’s sales registered a 13.6% increase in a single trading day.
Nurtec ODT (75 mg), an oral dissolving tablet, is the first and only CGRP-targeting migraine medication approved by the FDA to treat both acute migraine attacks as well as help prevent future migraine attacks. The drug was approved by the FDA in February 2020 to treat acute migraine and for an expanded indication of preventive treatment of episodic migraine in May 2021. The drug has also obtained approval for acute treatment of migraine in the UAE and Israel.
In the latest press release, Biohaven mentioned that total prescriptions of Nurtec ODT were more than 750,000 from the product launch till June 2021, with approximately 38,000 unique prescribers. Sales of the drug from the product launch till June 2021, as reported by the company, were approximately $200 million. Sales of the drug more than doubled from the previous quarter’s revenues of $43.8 million.
In the year so far, Biohaven has rallied 31% against the industry’s decline of 1.1%.
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Migraine is the third most prevalent illness in the world. Per the company, approximately 40 million people in the United States and close to a billion individuals worldwide suffer from migraine. With the drug serving as medication for both treatment as well as prevention of acute migraine, it anticipates to exploit the market opportunity by catering to this population.
We remind investors that the figures released by the company are preliminary and unaudited. Final results will be issued upon completion of its closing procedures and may vary from these preliminary estimates.
Zacks Rank & Stocks to Consider
Biohaven currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the medical sector include BioNTech BNTX, Bayer BAYRY and Repligen RGEN. While BioNTech carries a Zacks Rank #1, both Bayer and Repligen currently hold a Zacks Rank #2 (Buy).
BioNTech’s earnings estimates for 2021 have increased from $18.39 to $30.58 per share in the past 60 days while that of 2022 has risen from $7.55 to $24.90 over the same period. The stock has surged 152.7% this year so far.
Bayer’s earnings estimates for 2021 have increased from $1.74 to $1.81 per share in the past 60 days while that of 2022 has risen from $1.89 to $2.00 over the same period. The stock has risen 1.5% in the year so far.
Repligen’s earnings estimates for 2021 have increased from $2.21 to $2.26 in the past 60 days while that of 2022 has risen from $2.53 to $2.56 per share over the same period. The stock has risen 7.8% in the year so far.
Biohaven Pharmaceutical Holding Company Ltd. Price
Biohaven Pharmaceutical Holding Company Ltd. price | Biohaven Pharmaceutical Holding Company Ltd. Quote
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