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Shield Therapeutics triples revenues in FY23, advances global expansion efforts

10:42, 11th May 2024
Victor Parker
Vox Newswire
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Shield Therapeutics (STXFollow | STX, a commercial stage pharmaceutical company, announced its audited final results for FY23 ended December 31, 2023.

Shield reported a 2.8x jump in revenues year-on-year to US$17.5m. Revenues from Accrufer, its flagship treatment for iron deficiency, increased 3.1x over FY22 to US$11.6m. Ex-US revenues came in at US$1.5m of royalties from product sales in Europe. Other income, including Viatris milestone payments, was US$4.4m. Shield joined forces with Viatris in May 2023 to handle rising demand for Accrufer.

Total prescriptions rose to 77,000 in FY23, a 3.1x increase over last year, while net revenue per prescription (Rx) rose from US$119/Rx to US$145/Rx half-on-half. Operating loss narrowed significantly to US$31.3m from US$49.8m in FY22. Cash and cash eq was US$13.9m on December 31, 2023.

Operationally, the main highlight was the launch of Accrufer in the US with STX's partner Viatris. The two companies formed a 100-person sales team to target the 12,000+ highest US prescribers. Additionally, STX hired its first direct sales team of 50 professionals and 6 regional sales managers to promote Accrufer to HCPs.

Shield also advanced its expansion into Canada, China, and Korea. STX's Canadian partner KYE Pharmaceuticals filed for regulatory approval with Health Canada, with a decision expected by the end of 2024. Simultaneously, Shield's Chinese partner ASK Pharma continued to enroll patients into a Phase 3 study.

 

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Shield reports a year of significant growth in the US for Accufer, its flagship asset for iron deficiency. The joint sales effort with Viatris yielded tangible results with a 3.1x increase in Accrufer sales, alongside rising revenues per Rx and a much narrowed operating loss. The significant expansion in sales staff should keep Accrufer revenues on a growth trajectory in FY24.

Shield is also advancing a paediatric study that should open additional opportunities in patients under 18. Outside the US, STX has partnered with local pharmas in Canada, China, and Korea that are advancing permitting for expansion of Accrufer to those geographies (under other brand names), with several milestones expected this year.

Accrufer targets significant unmet demand for a safe and well-tolerated oral therapy for iron deficiency, including anaemia. The drug is currently the only FDA-approved oral iron to treat ID/IDA with a broad label. The high rate of adoption and positive feedback from customers speak to future upside as more HPCs and patients learn about the product. First-time writers of Accrufer saw a dramatic increase in FY23, with 167% writing the product for the first time.

As Accrufer continues to gain momentum in FY24, alongside expected continued improvements in average net selling price, and facilitated by a comfortable cash position and a successful collaboration with Viatris, we expect STX to become profitable in mid-to-late 2025.

STX shares rose 3.4% on the results.

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