Biohaven .(US:BHVN)2022-02-25 19:41Financial Data and Key Metrics Changes - For Q4 2021, NURTEC ODT achieved net sales of $190 million, a 40% increase from Q3 and a 440% increase year-over-year, driven by increased sales volume and improved managed care reimbursement [36][41] - Full year 2021 net sales for NURTEC ODT reached $462.5 million, growing $399 million or 627% compared to the previous year [41][42] - R&D investment for Q4 2021 on a non-GAAP basis was $76.4 million, a 32% increase from the prior quarter [39] - SG&A expense for Q4 2021 on a non-GAAP basis was $189.3 million, a 66% increase from the prior year quarter [40] Business Line Data and Key Metrics Changes - The oral CGRP market generated over $1 billion in revenues in 2021, with Biohaven's revenues growing over 600% [36][37] - NURTEC ODT has become the number one prescribed migraine treatment in its class, with over 1.6 million prescriptions since launch [8][7] Market Data and Key Metrics Changes - The oral CGRP class recorded net sales of approximately $1 billion in 2021, representing a small fraction of about 5% to 6% of overall migraine prescriptions [16] - The oral CGRP class is expected to continue growing, with significant penetration into the generic triptan market [50][51] Company Strategy and Development Direction - The company is focused on expanding its global commercialization partnership with Pfizer for rimegepant, aiming to deliver dual therapy NURTEC ODT to a global market of approximately 1 billion migraine patients [19][20] - Biohaven is committed to advancing its pipeline with new acquisitions, including a Kv7 Ion Channel Activator for epilepsy and a myostatin targeting asset for spinal muscular atrophy [13][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of NURTEC ODT and the oral CGRP class, highlighting the need for innovative treatments in a highly dissatisfied market [50][51] - The company anticipates continued strong growth in 2022, despite typical seasonal factors affecting Q1 performance [53] Other Important Information - Biohaven announced the acquisition of Channel Biosciences, adding a Kv7 program for epilepsy to its pipeline, and licensed Taldefgrobep from Bristol-Myers Squibb for spinal muscular atrophy [27][90] - The company has access to approximately $1 billion of liquidity following its collaboration with Pfizer [44] Q&A Session Summary Question: Can you provide a sense of comfort around the Street's NURTEC-specific revenues for this year around $850 million? - Management did not provide specific guidance on revenue but indicated that they expect modest increases in expenses due to new promising assets [100][101] Question: Can you provide more color on the earlier returns to growth in Q1? - Management noted that while Q1 typically sees slower uptake, there has been a positive return to growth trends earlier than expected in 2022 [107][108]