Biohaven Rallies On Preliminary Nurtec Revenue Numbers: What Investors Need To Know

Biohaven Pharmaceutical Ltd. BHVN released preliminary second-quarter revenue data for its drug Nurtec ODT on Wednesday.

What Happened: Nurtec achieved preliminary net product revenue of approximately $93 million in the second quarter, according to the company.

Since its launch in March 2020, Nurtec ODT has earned around $200 million in revenue, with over 750,000 prescriptions filled across 38,000 prescribers, CEO Vlad Coric said in a statement. 

Why It's Important: These results continue to exceed expectations for the drug and demonstrate the profound impact Nurtec is having on patients suffering from migraines, Coric said.

The second quarter saw robust growth in terms of sales after Biohaven received FDA approval for migraine prevention in the last few weeks, according to the release.

Consensus estimates of $59 million in second-quarter sales were shattered by the report, SVB Leerink analyst Marc Goodman said in a note. 

What's Next: "The market appears to have been expecting good numbers, as the stock has been strong lately even before the ~10% additional increase today on this news," the analyst said.

Going forward, potential changes to Nurtec's gross-to-net run rate should be something for investors keep an eye on, he said. 

BHVN Price Action: Shares of Biohaven were up 12.34% to $111.05 at last check Wednesday. 

See also: BVHN Analyst Ratings