Adamas Provides Preliminary Fourth Quarter and Full Year 2020 Total Revenues and Key Business Drivers for 2021
January 13 2021 - 9:15AM
Adamas Pharmaceuticals, Inc. (Nasdaq: ADMS), a company dedicated to
developing and delivering medicines that make a meaningful
difference to people affected by neurological diseases, today
provides preliminary unaudited total revenues for the fourth
quarter and full year 2020 and key business drivers for 2021.
“I am proud of our team’s resilience, ability to
adapt, and unwavering execution of our key priority to deliver
GOCOVRI® to the Parkinson’s community. Through strong performance,
GOCOVRI sales are expected to increase 30% for the full year 2020
against the backdrop of a challenging macro environment.
Furthermore, we strengthened the foundation of our business for
long-term, sustainable growth with key management and board
additions,” said Neil F. McFarlane, Chief Executive Officer. “In
2021, our goal is to realize the potential of GOCOVRI and integrate
OSMOLEX ER®; positioning both to benefit their unique patient
populations, and to record a full year of royalties from sales of
NAMZARIC®. We appreciate that market dynamics may remain fluid in
2021; however, we are highly encouraged by the strong momentum we
established in 2020.”
Preliminary unaudited fourth quarter and
full year 2020 selected financial results
-
Full year total revenues are expected to be $74.2 million for 2020,
compared to $54.6 million for 2019, a 36% increase. Total revenues
for the fourth quarter of 2020 are anticipated to be $20.8 million,
a 27% increase over the $16.3 million recorded in the fourth
quarter of 2019.
-
Full year 2020 GOCOVRI product sales are anticipated to be $71.2
million compared to $54.6 million for full year 2019, an increase
of 30%. Total paid prescriptions (TRx) of GOCOVRI were
approximately 31,070* for 2020, a 21% increase over approximately
25,780 TRx for 2019.
-
GOCOVRI product sales for the fourth quarter of 2020 are expected
to be $19.8 million, an increase of 21% from $16.3 million in the
fourth quarter of 2019. GOCOVRI TRx were approximately 8,165 in the
fourth quarter of 2020, a 14% increase over approximately 7,160 TRx
in the fourth quarter of 2019.
-
GOCOVRI new paid prescriptions (NRx) were approximately 510 in the
fourth quarter of 2020, a 19% increase over NRx of approximately
430 in the third quarter of 2020.
-
Royalty revenue on net sales of NAMZARIC is estimated to be $1.0
million in the fourth quarter of 2020 and $3.0 million for full
year 2020.
- Cash, cash
equivalents, and available-for-sale securities are expected to be
$83.4 million as of December 31, 2020.
These preliminary unaudited results are based on
management’s analysis of operations for the quarter ended December
31, 2020. Adamas expects to report its final financial results for
the fourth quarter and full year 2020 in February 2021.
*GOCOVRI TRx have been adjusted approximately 1%
to 31,070 for the full year 2020 to reflect reconciled 340b
dispenses through the specialty distribution channel. TRx by
quarter for 2020 is as follows: Q1 2020: 7,205, Q2 2020: 7,915, Q3
2020: 7,785, and Q4 2020: 8,165. There is no impact on current or
previously reported NRx, or GOCOVRI product sales.
Key business drivers for
2021
-
Build on strong 2020 performance by delivering the key strategic
priorities for GOCOVRI: raising the urgency to treat both
dyskinesia and OFF; communicating its differentiated clinical
profile to drive health care provider adoption; and improving
access and fulfillment.
-
Anticipated Prescription Drug User Fee Act (PDUFA) action date of
February 1, 2021, for supplemental New Drug Application (sNDA) to
modify the indication statement for GOCOVRI to include treatment
for Parkinson’s disease patients receiving levodopa and
experiencing OFF episodes.
-
Successfully integrate OSMOLEX ER into commercial operations and
position the product for the benefit of patients in its approved
indication for the treatment of Parkinson’s disease and
drug-induced extrapyramidal reactions.
- Earn a full year of royalty revenue
from sales of NAMZARIC.
About GOCOVRI®
GOCOVRI® (amantadine) extended release capsules
is the first and only FDA-approved medicine indicated for the
treatment of dyskinesia in patients with Parkinson’s disease
receiving levodopa-based therapy, with or without concomitant
dopaminergic medications. It is also the only medicine clinically
proven to reduce both dyskinesia and OFF.
Taken once daily at bedtime, GOCOVRI provides an
initial lag and a slow rise in amantadine concentration during the
night, resulting in a high concentration from the morning and
throughout the waking day. Additionally, in the clinical trials,
the adjunctive use of GOCOVRI did not require dose changes to
dopaminergic therapies. The most commonly observed adverse
reactions with GOCOVRI were hallucinations, dizziness, dry mouth,
peripheral edema, constipation, falls and orthostatic
hypotension.
For more information about GOCOVRI, please visit
www.GOCOVRI.com.
About OSMOLEX ER®OSMOLEX ER®
(amantadine) extended release tablets is FDA-approved for the
treatment of Parkinson’s disease and drug-induced extrapyramidal
reactions in adult patients. OSMOLEX ER is contraindicated in
patients with end-stage renal disease (i.e., creatinine clearance
below 15 mL/min/1.73 m2). The most common adverse reactions
reported in ≥5% of patients at the recommended dosage of
immediate-release amantadine were nausea,
dizziness/lightheadedness, and insomnia.
For more information about OSMOLEX ER, including
the full Prescribing Information, please visit www.OSMOLEX.com.
NAMZARIC® For more
information, please visit www.NAMZARIC.com.
About Adamas
At Adamas our vision is clear - to deliver
innovative medicines that reduce the burden of neurological
diseases on patients, caregivers and society. We are a fully
integrated company focused on growing a portfolio of therapies to
address a range of neurological diseases. For more information,
please visit www.adamaspharma.com.
Forward-looking statements
Statements contained in this press release regarding matters that
may occur in the future are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
including but not limited to, statements contained in this press
release regarding Adamas’ expectations of its fourth quarter and
full year revenue, and expectations for 2021, including as set
forth under the caption “Key Business Drivers for 2021”. Such
statements are subject to risks and uncertainties, and actual
results may differ materially from those expressed or implied by
such forward-looking statements. For example, with respect to 2020
preliminary financial results, these results are unaudited and are
subject to revision during the audit process. Other risks relating
to Adamas may be found in Adamas’ Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission on November 5,
2020, particularly under the caption “Risk Factors.” Investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. Adamas
undertakes no obligation to update any forward-looking statement in
this press release, except as required by law.
Contact:
Media:Sarah MathiesonVice
President, Corporate
Communications510-450-3528smathieson@adamaspharma.com
Investors:Peter VozzoManaging
Director Westwicke/ICR443-213-0505peter.vozzo@westwicke.com
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