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Sep 30, 2024
Sage Q3 2024 Earnings Report
Reported business highlights and financial results.
Key Takeaways
Sage Therapeutics reported encouraging third quarter results, highlighted by continued growth in ZURZUVAE revenue and shipments, and announced a strategic reorganization to support the ongoing launch of ZURZUVAE and focus pipeline development efforts.
Achieved $11 million in ZURZUVAE collaboration revenue, representing 49% growth from the second quarter.
Approximately 2,000 ZURZUVAE prescriptions were shipped and delivered, representing an approximately 40% increase from the second quarter.
Over 90% of commercial and Medicaid lives are covered by payor policies in PPD, with the majority having no step therapy or complex prior authorizations.
Sage and Biogen will not pursue further development of zuranolone in major depressive disorder (MDD) in the U.S.
Forward Guidance
Sage anticipates that its existing cash, cash equivalents and marketable securities as of September 30, 2024, anticipated funding from ongoing collaborations and estimated revenues, excluding any potential savings resulting from its October 2024 reorganization, will support its operations into 2026. The Company plans to update cash runway guidance in the near future.
Positive Outlook
- Existing cash, cash equivalents and marketable securities will support operations into 2026.
- Anticipated funding from ongoing collaborations.
- Estimated revenues will support operations.
- Operating expenses will decrease in 2025 relative to 2024.
- Reorganization to strengthen balance sheet, extend cash runway, and position the company for long-term growth potential.
Challenges Ahead
- Sage and Biogen will not pursue further development of zuranolone as a treatment for MDD in the U.S.
- LIGHTWAVE Study did not demonstrate a statistically significant difference from baseline in participants treated with dalzanemdor versus placebo on the Wechsler Adult Intelligence Scale Fourth Edition (WAIS-IV) Coding Test at Day 84
Historical Earnings Impact
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Avg. Return Before/After Earnings
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