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Mar 31, 2021
TherapeuticsMD Q1 2021 Earnings Report
Total net revenue increased due to growth in ANNOVERA, IMVEXXY, and BIJUVA revenues.
Key Takeaways
TherapeuticsMD reported a 60% increase in total net product revenue to $19.6 million for Q1 2021 compared to Q1 2020, driven by growth in ANNOVERA, IMVEXXY and BIJUVA. The company obtained three new ANNOVERA patents and won its appeal for the new low-dose BIJUVA 0.5/100 with the FDA.
Total net product revenue increased 60% to $19.6 million compared to Q1 2020.
ANNOVERA net product revenue increased to $8.8 million, with approximately 6,240 prescriptions dispensed.
IMVEXXY net product revenue increased by 10% to $7.0 million.
BIJUVA net product revenue increased 120% to $2.5 million.
TherapeuticsMD
TherapeuticsMD
Forward Guidance
TherapeuticsMD did not provide specific forward guidance in the earnings report. However, they expressed confidence that their milestones and commercial strategies would continue to deliver strong growth throughout 2021.
Positive Outlook
- Ongoing execution across the organization is in line with the 2021 operating plan.
- Financial performance continues to improve year-over-year.
- Both menopausal products, IMVEXXY and BIJUVA, had record net revenue per unit.
- Three new ANNOVERA patents were obtained, strengthening durability and extending exclusivity through June 2039.
- The Company won its appeal for the new low-dose BIJUVA 0.5/100 with the FDA.
Challenges Ahead
- Total net product revenue decreased by 13% compared to the fourth quarter of 2020.
- IMVEXXY total prescription volume declined 14% compared to the first quarter of 2020.
- The increase in cash pay price for IMVEXXY had a short-term impact on volume.
- The Company’s gross margin of 76% for the first quarter of 2021 was adversely affected by production related write-offs for ANNOVERA of $0.9 million.
- Net loss continues to improve. The first quarter of 2021 was $39.4 million