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Sep 30, 2023
Sage Q3 2023 Earnings Report
Sage reported third quarter 2023 financial results and highlighted pipeline and business progress.
Key Takeaways
Sage Therapeutics announced the upcoming commercial launch of ZURZUVAE for postpartum depression, and reported a strong financial foundation with $876 million in cash, cash equivalents and marketable securities as of September 30, 2023. Net revenue from sales of ZULRESSO was $2.7 million. The company expects operations to be supported into 2026, and annualized net savings of approximately $240 million from strategic reorganization.
ZURZUVAE approved for adults with PPD and designated Schedule IV by the DEA.
Expected wholesale acquisition cost of ZURZUVAE is $15,900.
SAGE-718 granted FDA Orphan Drug Designation for Huntington’s Disease.
Cash, cash equivalents and marketable securities totaled $876 million as of September 30, 2023.
Forward Guidance
Sage expects that its current cash, cash equivalents and marketable securities, along with anticipated funding from collaborations, collaboration revenue from sales of ZURZUVAE, and a potential milestone payment of $75.0 million from Biogen for the first commercial sale of ZURZUVAE for the treatment of women with PPD, will support operations into 2026. The company expects annualized net savings of approximately $240 million, of which 60% is related to R&D.
Positive Outlook
- Commercial availability of ZURZUVAE in December 2023.
- Broader complement of commercialization capabilities for ZURZUVAE in early 2024.
- Progress recruitment in the ongoing DIMENSION, SURVEYOR, PURVIEW, PRECEDENT and LIGHTWAVE Studies
- Targeted completion of enrollment in the Phase 2b KINETIC 2 Study
- Potential milestone payment of $75.0 million from Biogen
Challenges Ahead
- Launch and commercialization efforts may not be successful.
- The number of women with PPD, the unmet need for additional treatment options, and the potential market for ZURZUVAE in women with PPD, may be significantly smaller than expected.
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