Iluvien set for growth in 2015
Net revenue increased 89% to $3.9m in Q115 as in late February; Alimera Sciences Inc (NASDAQ:ALIM) began US sales of its lead product, Iluvien. The intraocular steroid implant is FDA approved for diabetic macular edema (DME). Iluvien has a duration of three years, giving it an advantage over other intraocular injections for DME. With a market of 21m patients worldwide with DME, Iluvien revenues could dramatically increase this year.
US sales come online
Alimera began the US rollout of Iluvien in late-February 2015 and sales by 31 March were $2.4m. The successful commercialisation in Europe over the past two years has given the company experience and momentum to achieve these strong US opening sales. Augmenting adoption, Alimera has secured reimbursement from 85% of insurance companies.
Building on growing European sales
Commercialisation was initiated in UK and Germany in Q213. Sales in 2013 were $1.9m and grew by $6.5m to $8.4m in 2014. Alimera continues to expand its operations in Europe, securing approval in 17 European countries in the past year. First sales were achieved in Portugal in Q115. The early European success should hasten US adoption as US physicians have had time to observe results during the UK and German rollouts.
Revenue set to rise in 2015
DME is a common problem affecting 21m people worldwide. Approximately 30% of patients who failed laser treatment for DME and received Iluvien improved >15 letters at two years. The glaucoma surgery rate is 4.8%, lower than higher dose steroid implant Retisert (37%). Given these results, it is reasonable to expect Iluvien to penetrate the market in moderate to severe recurrent DME. With the $8,800 implant price tag and $2.4m in the first month of US revenue, Iluvien appears poised for significant future revenue.
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