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Dec 31, 2021
Veru Q1 2022 Earnings Report
Reported first quarter fiscal 2022 results with US FC2 prescription net revenues climbing 27%.
Key Takeaways
Veru Inc. reported a decrease in total net revenues by 3% to $14.1 million. US FC2 prescription net revenues climbed 27% to $11.6 million, and gross profit rose 9% to $11.8 million. The company's operating loss was $5.0 million, and net loss was $6.4 million or $0.08 per diluted share.
Total net revenues decreased 3% to $14.1 million.
US FC2 prescription net revenues climbed 27% to $11.6 million.
Gross profit rose 9% to $11.8 million.
FDA approved Veru’s ENTADFI™, a new treatment for BPH
Veru
Veru
Forward Guidance
The company anticipates clinical results from the Phase 3 COVID-19 registration program in the first half of calendar 2022 and is focused on advancing its late clinical stage oncology drug development pipeline.
Positive Outlook
- Expect to have Phase 3 clinical results in the first half of calendar 2022 for COVID-19 program.
- FDA granted Fast Track designation to the enobosarm ARTEST Phase 3 registration program.
- FDA granted Fast Track designation to Phase 3 COVID-19 registration program.
- Partnered with GoodRx® to drive awareness and be integrated with direct to patient telemedicine platform.
- ENTADFI’s approval is a significant execution milestone for Veru and an important step in expanding revenues from Urev.
Challenges Ahead
- The company suspended further work on metastatic triple negative breast cancer Phase 2 trial.
- Operating loss was $5.0 million compared with operating income of $19.2 million in the prior year.
- Net loss was $6.4 million compared to net income of $17.2 million in the prior year.
- Total net revenues decreased 3% to $14.1 million from $14.6 million
- Company is still enrolling patients in Phase 3 clinical trials.