VALEO PHARMA PROVIDING GUIDANCE OF RECORD REVENUES FOR THE SECOND QUARTER 2023
- Q2-23 revenues to exceed $13.5 million
- Q2-23 adjusted EBITDA loss to decrease below $2.0 million
- Q2-23 operating expenses to remain in line with prior quarters
- ENERZAIR® and ATECTURA® quarterly revenues grow 270% over prior year
MONTREAL, May 25, 2023 /CNW/ - Valeo Pharma Inc. (TSX: VPH) (OTCQB: VPHIF) (FSE: VP2) ("Valeo" or the "Company"), a Canadian pharmaceutical company, today provided a financial and commercial update ahead of its second quarter 2023 results.
Q2-23 Financial Update:
Based on currently available information, the Company is providing the following guidance updates for its second quarter 2023. The Company expects:
- Revenues to exceed $13.5 million, a sixth consecutive quarter of revenue growth and a quarterly record
- Adjusted EBITDA loss to drop below $2.0 million, a sixth consecutive quarter of adjusted EBITDA loss reduction
- Operating expenses to remain in line with prior quarters
"We are displaying continued quarterly revenue growth and overall improvement in our financial performance. Our core products have grown significantly on a year-over-year basis and we see continuing gains ahead. We are especially pleased with the increased physician and patient adoption of our innovative asthma therapies which have long growth runways ahead of them", said Steve Saviuk, CEO. "Our business development efforts are focused on adding additional core products in the near term to leverage our operational and commercial platform and accelerate our timeline to profitability".
Q2-23 Commercial Update:
On the commercial front, the Company is pleased to report that:
- ENERZAIR® and ATECTURA® total number of prescribing physicians (generalists and specialists) continued to grow and is now expected to exceed 2,000 at the end of April, 2023
- ENERZAIR® and ATECTURA® quarterly revenues showed accelerating growth, increasing 270% over the corresponding period last year
- ALLERJECT® promotional activities have officially launched in April 2023
- XIIDRA®'s and SIMBRINZA® have delivered their best quarterly sales performance since Valeo launched commercial activities
- REDESCA® revenues continued to grow on year-over-year basis and continues to lead the Low Molecular Weight Heparin biosimilar market in Canada with more than 50% market share
Valeo Pharma is a fast growing Canadian pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on Respiratory/Allergy, Ophthalmology and Hospital Specialty Products. Headquartered in Kirkland, Quebec Valeo Pharma has all the required capabilities and the full infrastructure to register and properly manage its growing product portfolio through all stages of commercialization. For more information, please visit www.valeopharma.com and follow us on LinkedIn and Twitter.
This press release contains forward-looking statements about Valeo's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate.
SOURCE Valeo Pharma Inc.
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