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How Valeant’s Xifaxan and Other Branded Drugs Performed in 1Q18

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Xifaxan revenue trends

In 1Q18, Valeant Pharmaceutical’s (VRX) Branded Rx drug Xifaxan reported revenues of $275.0 million. Xifaxan is used in decreasing the risk of overt hepatic encephalopathy recurrence in adults. Xifaxan is also used for the treatment of adult individuals with irritable bowel syndrome with diarrhea.

Xifaxan saw a higher refill compliance rate in patients with hepatic encephalopathy. Presently, Xifaxan is the only approved microbiome drug for the treatment of individuals with irritable bowel syndrome with diarrhea. In 1Q18, Xifaxan reached blockbuster drug status.

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Xifaxan witnessed 7.0% total prescription unit volume growth in 1Q18 compared to 1Q17. The primary care sales force investments and adjustment of co-pay offers to improve refill rates over the high deductible season contributed to the growth of Xifaxan’s prescription volume. In 1Q18, Xifaxan’s new-to-brand prescription market share grew from 77.0% to 81.0%.

Valeant Pharmaceuticals is conducting further clinical trials and discussions with the FDA for the evaluation of new formulations and new indications of Xifaxan. The label expansion of Xifaxan could boost the revenue growth of the drug. Peers of Xifaxan in the marketplace include Pfizer’s (PFE) Zithromax and Johnson & Johnson’s (JNJ) Imodium.

Performance of other branded drugs

In 1Q18, Valeant Pharmaceuticals’ Apriso, Glumetza, and Uceris tablets reported revenues of $38.0 million, $25.0 million, and $37.0 million, respectively, compared to $29.0 million, $23.0 million, and $28.0 million in 1Q17. These respective revenues represent ~31.0%, ~9.0%, and 32.0% YoY growth.

Valeant Pharmaceuticals’ Retin-A franchise, Elidel, and Relistor reported revenues of $22.0 million, $19.0 million, and $20.0 million, respectively, in 1Q18, compared to $31.0 million, $21.0 million, and $13.0 million in 1Q17. This represents respective movement of an ~29.0% decline, an ~10.0% decline, and ~54.0% growth on a YoY basis.

During the first 13 weeks of 2018, Relistor’s total prescription witnessed 44.0% growth compared to the first 13 weeks of 2017. In the marketplace, Relistor’s peers include AstraZeneca’s (AZN) Movantik.

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