Biohaven .(US:BHVN)2021-11-09 18:08Financial Data and Key Metrics Changes - Biohaven reported net revenue of $136 million for NURTEC ODT in Q3 2021, a 46% increase compared to Q2 2021, bringing cumulative net revenue to approximately $336 million since launch [7][22] - The non-GAAP adjusted net loss for Q3 2021 was $125.1 million, or $1.91 per share, compared to a loss of $159.5 million, or $2.67 per share, for the same period in 2020 [24] - Year-to-date R&D investment for the first nine months of 2021 was $210.6 million, up from $137.6 million in the prior year, reflecting a $73 million increase [25] Business Line Data and Key Metrics Changes - NURTEC ODT achieved a 57% market share in the new-to-brand (NBRx) metric, indicating strong demand for its dual indication [8][22] - The oral CGRP class is outperforming initial launch expectations, with NURTEC ODT becoming the number one migraine treatment in its class [8][30] Market Data and Key Metrics Changes - Pfizer's global revenues were reported at $35.4 billion for Q3 2021, highlighting the potential for collaboration to reach a broader patient base [17] - The collaboration with Pfizer aims to accelerate access to Rimegepant for over 1 billion patients worldwide suffering from migraines [9][10] Company Strategy and Development Direction - The strategic collaboration with Pfizer is designed to leverage Biohaven's neuroscience R&D expertise alongside Pfizer's commercialization capabilities to enhance global access to Rimegepant [6][9] - Biohaven aims to maintain U.S. commercialization rights for NURTEC ODT while partnering with Pfizer for markets outside the U.S., allowing for a focus on global expansion [13][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the collaboration with Pfizer, emphasizing the potential to transform Rimegepant into a global brand and improve patient access [12][15] - The management team highlighted the importance of the dual indication of NURTEC ODT in changing the treatment paradigm for migraine patients [28][30] Other Important Information - Biohaven's cash position is expected to strengthen significantly with Pfizer's upfront investment of $150 million and an additional $350 million equity investment [10][21] - The company has over 45 completed clinical trials and approximately 40 ongoing trials, indicating a robust pipeline for future growth [35][39] Q&A Session Summary Question: Why not a complete exit with Pfizer potentially buying the whole company? - Management believes the current partnership preserves optionality in the U.S. while enhancing future revenue potential and operational capabilities globally [46][47] Question: Clarification on the $740 million in milestones related to the Pfizer deal? - Management indicated that details on the split between regulatory and commercial milestones would be provided in future filings, emphasizing that revenues would be realized sooner than anticipated [50][51] Question: How does NURTEC's profile compare to other CGRP treatments? - Management highlighted that NURTEC is unique as it offers both acute treatment and prevention in one pill, which resonates well with patients and healthcare providers [52][53] Question: Any strategic synergies between Biohaven and Pfizer? - The collaboration is expected to leverage Pfizer's global presence and expertise in primary care to enhance the reach of NURTEC [55][57] Question: How are conversations with payers going for preventive treatment? - Discussions with payers are progressing well, with confidence in maintaining coverage for acute therapy and positive feedback for preventive treatment [66][67] Question: Are there any clauses in the agreement that could prevent future expansions? - Management confirmed there are no standstill clauses in the agreement, allowing for potential future expansions [70][72]