PharmaEngine, a biopharmaceutical company, has seen a significant boost in its September performance, driven by strong sales of ONIVYDE in Europe for frontline pancreatic cancer treatment and rising demand in the Chinese market. With global sales looking promising and the Japanese yen appreciating in September, PharmaEngine reported revenues of NT$167 million, a month-on-month increase of 541% and a year-on-year growth of 25.8%. Cumulative revenue for the first nine months of the year saw an 11.1% year-on-year increase. Analysts are optimistic about the company’s continued upward trend in the fourth quarter, with expectations that it could reach the milestone for revenue recognition by the end of the year.
ONIVYDE, in combination with other drugs as the NALIRIFOX regimen, was approved in May for first-line treatment of metastatic pancreatic cancer and launched in Germany. The management team noted a recent increase in sales, and with upcoming launches in other countries, revenue is expected to grow further.
In Asia, Japan remains the largest single market, with stable sales growth despite recent challenges with currency depreciation against the U.S. dollar. However, in September, the Japanese yen strengthened from 160 yen to 143 yen against the dollar, providing a boost to PharmaEngine's performance. The company's strategic partner in Japan is also planning to apply for pivotal trials for new indications. In China, ONIVYDE is currently marketed in the out-of-pocket segment, with sales improving as market penetration increases. The application for inclusion in the National Reimbursement Drug List is expected to be announced by the end of this year.
PharmaEngine's royalties are calculated based on the previous quarter's sales, with adjustments made in January of the following year. Stronger-than-expected sales in the first and second quarters, coupled with an optimistic sales outlook and favorable exchange rates, have led to a more positive sales forecast for September.
Currently, a single treatment cycle for second-line pancreatic cancer costs around USD 30,000, with a market share of about 35%. On average, each patient requires 12 doses, while for first-line pancreatic cancer treatment, the regimen requires 32 doses. Analysts expect the penetration rate of ONIVYDE in the first-line pancreatic cancer market to continue rising, providing a significant growth driver in the fourth quarter. This will not only boost royalty sharing in the European and Asian markets but could also help the company reach the milestone for revenue recognition, potentially contributing an additional USD 20 million in profits.
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