Sales are starting to roll in for the newly launched medicine developed by San Diego drugmaker Neurocrine Biosciences Inc.
The drug, called Ingrezza, was approved for sale by the U.S. Food and Drug Administration in April, and launched commercially by May. The company reported sales of $6.3 million in the first two months after commercialization. That’s according to the company’s earnings statement from the second quarter (ended June 30).
The sales aren’t too shabby in light of projections made by Wall Street analysts earlier this year. Biotech analyst Geoff Meacham, along with other analysts covering Neurocrine’s stock, projected 2017’s sales would come in around $14.5 million. That means Q2 sales already met about 43 percent of that projection.
Next year, analysts expect sales will be closer to $105 million.
Ingrezza treats patients with tardive dyskinesia (TD). The condition is a nervous system disorder that causes uncontrollable stiff, jerky movements in the face and body (often caused by long-term use of psychiatric drugs). Before Ingrezza, there were no treatments for TD patients.
Investors are likely glad to see cash rolling in, as the company is still spending big bucks on R&D and commercialization. Neurocrine reported a net loss in Q2 of $60 million, up from the $40.3 million net loss reported in the same period last year. The company is well capitalized, however, thanks to a recent stock offering that amounted to nearly $503 million for the company. According to the latest earnings statement, Neurocrine had $754.1 million in total assets on the balance sheet.