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Jun 30, 2022
Evofem Biosciences Q2 2022 Earnings Report
Evofem Biosciences reported strong second quarter financial results with a 42% growth in Phexxi net product sales quarter over quarter, reduced operating expenses by 8%, and improved loss from operations by 16%.
Key Takeaways
Evofem Biosciences announced strong second quarter 2022 financial results, featuring a 42% increase in Phexxi net product sales compared to the previous quarter, alongside reduced operating expenses and an improved operating loss. The company also completed a registrational Phase 3 trial for Phexxi and anticipates top-line data in October 2022.
Phexxi net product sales increased by 42% to $6.0 million for the second quarter of 2022 compared to the first quarter of 2022.
Phexxi access and claim rate increased through wins with health insurance plans and pharmacy benefit managers, including a long-term contract with one of the largest PBMs in the nation.
The U.S. government clarified that it will enforce federal law requiring group health plans and health insurance issuers to cover contraception at no cost to participants.
Loss from operations improved 16% to $24.4 million for the three months ended June 30, 2022, compared to a loss from operations of $28.9 million for the three months ended March 31, 2022.
Forward Guidance
Evofem continues to expect net product sales in the range of $30 to $35 million for its 2022 fiscal year, representing 264% to 325% growth year-over-year. Gross-to-net is expected to be 40% or better, trending toward the lower in the second half of the year. The Company remains on track to meet its goal of reducing costs by $50 million in 2022.
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