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Mar 31, 2022
Veru Q2 2022 Earnings Report
Announced financial results for its fiscal 2022 second quarter ended March 31, 2022.
Key Takeaways
Veru Inc. reported a decrease in total net revenues by 2% to $13.0 million, while US FC2 prescription net revenues climbed 12% to $11.6 million. The company experienced an operating loss of $11.8 million and a net loss of $14.2 million, or $0.18 per share.
Total net revenues decreased 2% to $13.0 million.
US FC2 prescription net revenues climbed 12% to $11.6 million.
Gross profit rose 2% to $11.2 million.
Net loss was $14.2 million, or $0.18 per share.
Veru
Veru
Forward Guidance
Veru anticipates near-term revenue from sabizabulin for the treatment of hospitalized COVID-19 patients at high risk for ARDS, pending EUA from the U.S. FDA. The company is also progressing with clinical programs for breast and prostate cancer and plans to launch ENTADFI soon.
Positive Outlook
- FDA agreed that development program had sufficient efficacy and safety data to support a request for EUA application for Sabizabulin.
- No additional efficacy or safety studies will be required for Sabizabulin.
- Company continues to make great progress on clinical programs for breast and prostate cancer.
- Increase in FC2 prescriptions is seen.
- Plan to launch ENTADFI soon.
Challenges Ahead
- High mortality rates observed in hospitalized moderate to severe COVID-19 patients in the placebo group underscores that this remains a high unmet medical need.
- Company lacks experience in scaling up or commercializing a drug product and may not be able to successfully commercialize sabizabulin as a COVID-19 treatment.
- Company may be unable to manufacture sabizabulin as a COVID-19 treatment in sufficient quantities or at sufficient yields.
- Existing products and any future products, if approved, possibly not being commercially successful.
- The effects of the COVID-19 pandemic and measures to address the pandemic on the Company’s clinical studies, supply chain and other third-party providers, commercial efforts, and business development operations