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Jun 30, 2024
Verrica Q2 2024 Earnings Report
Verrica reported second quarter 2024 financial results with YCANTH revenue of $4.9M and announced positive preliminary topline results of Phase 2 clinical study of VP-315.
Key Takeaways
Verrica Pharmaceuticals reported a net product revenue of $4.9 million in the second quarter of 2024, driven by YCANTH sales. The company is progressing with its clinical pipeline, including positive Phase 2 results for VP-315 and preparations for a Phase 3 trial for common warts. Net loss for the quarter was $17.2 million, or $0.37 per share.
Recognized net product revenue of $4.9 million in Q2 2024 from YCANTH.
Announced positive preliminary results from Phase 2 study of VP-315 for basal cell carcinoma.
Progressing towards global Phase 3 trial for YCANTH in common warts, expected to begin in 1H 2025.
Added Cencora, Inc. as a specialty distributor in Q2 2024 to grow YCANTH distribution.
Revenue by Segment
Forward Guidance
Verrica anticipates continued growth in YCANTH prescriptions throughout the latter half of 2024, driven by the receipt of a permanent J-Code, progress in removing unapproved cantharidin products from the market, growing insurance coverage, and expanded distribution capabilities.
Positive Outlook
- Expect YCANTH prescription growth to continue quarter over quarter in the second half of 2024.
- Permanent J-Code for YCANTH went into effect on April 1, streamlining product coverage and reimbursement.
- Made progress in removing unapproved, compounded cantharidin distributed by Dormer Laboratories.
- Growing insurance coverage for YCANTH.
- Expansion of distribution capabilities.
Challenges Ahead
- Uncertainties inherent in the drug development process and the regulatory approval process.
- Reliance on third parties over which Verrica may not always have full control.
- Risks and uncertainties described in Verrica's Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
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Avg. Return Before/After Earnings
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