In the first quarter, Teva Pharmaceutical (TEVA) reported revenue of $4.29 billion, a YoY (year-over-year) fall of 15.20% and $89.76 million lower than the consensus estimate.
Teva reported non-generally accepted accounting principles EPS of $0.60, a YoY fall of 36.17% and $0.02 higher than the consensus estimate.
Ajovy in 2019
On its first-quarter earnings conference call, Teva Pharmaceutical reaffirmed its 2019 annual sales guidance of $150 million for Ajovy.
In September 2018, Teva Pharmaceutical issued a press release announcing the FDA’s approval of monthly and quarterly dosages of Ajovy for preventing migraines. According to the company’s first-quarter earnings conference call, the number of weekly normalized total prescriptions of Ajovy has been rising gradually, and it reached 8,728 in the last week of March. Ajovy accounted for ~23% of the normalized total prescription share and ~28%–30% of the new-to-brand prescription share in the migraine prophylaxis segment. The company is targeting a total prescription share of 28%–30% in 2019.
According to Teva’s first-quarter earnings investor presentation, ~8% of Ajovy’s YTD (year-to-date) total prescriptions have been for quarterly dosages, which means that 20%–25% of all Ajovy’s patients are on quarterly dosing schedules. At the end of the first quarter, the drug had been prescribed by more than 10,000 unique healthcare practitioners. Around 67% of the commercially covered lives in the United States had access to Ajovy.
In the first quarter, Ajovy reported revenue of $20 million from the US market. According to Teva’s first-quarter earnings conference call, despite the rapid rise in its number of weekly total prescriptions, the drug’s sales have been lower due to the company’s paying to get patients to start using the brand. The company, however, expects to gradually start earning revenue, especially from insured patients.
According to Teva’s first-quarter earnings conference call, ~20% of Ajovy prescriptions were reimbursed in the period. While 50% of the drug’s prescriptions were reimbursed in early May 2019, the company expects this number to settle just above 40% in 2019.