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New words:
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Financial report summary
?Competition
PTC Therapeutics • Edgewise Therapeutics • Scholar Rock Holding • Rallybio • Cabaletta Bio • ImmunovantManagement Discussion
- Revenues.
- For the three months ended March 31, 2024, we recognized total revenues of $98.5 million which included $98.4 million in net revenue from product sales, primarily in the U.S., compared to $85.4 million in total revenues, which included $85.3 million in net revenues from product sales for the three months ended March 31, 2023. FIRDAPSE® net sales were approximately $66.8 million and $57.5 million for the three months ended March 31, 2024 and 2023, respectively. FYCOMPA® net sales were approximately $30.4 million for the three months ended March 31, 2024 compared to $27.8 million for the period between January 24, 2023 (date of acquisition) and March 31, 2023. AGAMREE® net sales were approximately $1.2 million for the period between March 13, 2024 (date of commercial launch) and March 31, 2024.
- Net revenues from product sales of FIRDAPSE® increased by 16.2% from the three-month period ended March 31, 2023 compared to the three-month period ended March 31, 2024. Product revenue for FYCOMPA® during the three months ended March 31, 2024 were affected by differences in variable consideration (gross-to-net) compared to the period between January 24, 2023 (date of acquisition) and March 31, 2023, when revenues were booked under Eisai’s cost arrangements with distributors and government authorities. Starting on January 1, 2024, all such costs are tied to arrangements between us and those distributors and government agencies, which costs are higher than Eisai’s costs, thereby increasing the gross-to-net deductions for FYCOMPA® and correspondingly decreasing FYCOMPA® net product revenue. As a reminder, in the first quarter of the calendar year, like many companies in our industry, we are impacted by the reset of patient insurance deductibles.