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Vernalis: Investing In The Commercial Platform

Published 10/21/2016, 04:56 AM
Updated 07/09/2023, 06:31 AM
VER
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Vernalis (LON:VER) marked its transition into a commercial-stage speciality pharma company with the September 2015 US launch of Tuzistra XR, the first product from its extended release (ER) prescription only (Rx) cough cold pipeline. First year (FY16) Tuzistra XR net sales were £1.1m. The £38.9m (net) raised in May provides sufficient funds to invest in operational initiatives (pharmacy stocking, patient access) to support stronger sales growth into the 2016/17 cough cold season and beyond. Successful execution will lay important foundations for the launch of CCP-07 in the following season (PDUFA date: 20 April 2017), and potentially CCP-08 soon after (NDA filing by year-end 2016). This increased investment in FY17, offset by weaker sterling, decreases our valuation to £376m (72p/share).

Vernalis Financials

US commercial operations: All about execution

Tuzistra XR net sales of £1.1m for the first 10 months of launch reflect a moderate and late cough cold season and newly established commercial platform. Increased near-term investment in improving physician awareness, pharmacy stocking and patient access (formulary coverage, couponing) will underpin future sales growth, but decrease Tuzistra Rx’s net price in the near term.

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