— 68% increase in net product sales Q1 to Q2 —
— 47% increase in Phexxi prescriptions —
— 65% increase in dispensed units —
— 52% increase in Phexxi prescriber base —
— Conference call scheduled for 4:30 p.m. ET today —
SAN DIEGO, Aug. 11, 2021 /PRNewswire/ — Evofem Biosciences, Inc., (NASDAQ: EVFM) (“Evofem” or the “Company”), today reported financial results for the three- and six-month periods ended June 30, 2021.
“We are pleased to show strong and sustainable growth in Phexxi prescriptions and dispensed units in the second quarter. This momentum allows us to further accelerate the growth trajectory with our celebrity campaign launching in early September,” said Saundra Pelletier, Evofem’s Chief Executive Officer.
Second quarter and recent highlights include:
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12,763 Phexxi® (lactic acid, citric acid and potassium bitartrate) prescriptions were filled and 14,810 units were dispensed to patients during the second quarter of 2021, an increase of 47% and 65%, respectively, compared to the first quarter of 2021.
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52% growth in the prescriber base in the second quarter of 2021 compared to the first quarter of 2021, and over 7,700 healthcare providers have prescribed Phexxi from launch through mid-July.
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National brand ambassador campaign featuring an Emmy Award-winning celebrity launching in September 2021 to accelerate growth in Phexxi brand awareness and prescriptions.
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On track to complete enrollment in EVOGUARD by year-end 2021. This pivotal Phase 3 clinical trial is evaluating safety and efficacy of EVO100 for the prevention of chlamydia and gonorrhea in women.
Financial Results
For the three months ended June 30, 2021, Phexxi net product sales increased 68% to $1.9 million, compared to $1.1 million in the three months ended March 31, 2021. There were no net product sales in the second quarter of 2020, since Phexxi was launched in the U.S. in September 2020.
Total operating expenses decreased 6% to $43.0 million for the second quarter of 2021 compared to $46.0 million in the first quarter of 2021.
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Cost of goods sold was $0.8 million, compared to $0.5 million in the first quarter of 2021, reflecting higher Phexxi sales.
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Research and development costs increased 17% to $8.5 million, compared to $7.3 million in the first quarter of 2021, reflecting higher enrollment in the Phase 3 EVOGUARD trial. This trial is funded in part by the proceeds from the Adjuvant convertible notes issued in 2020.
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Selling and marketing costs decreased 11% to $27.2 million, compared to $30.5 million in the first quarter of 2021 due primarily to lower media and agency fees, which were offset in part by costs related to the Phexxi sample rollout.
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General and administrative costs were $6.4 million compared to $7.7 million in the first quarter of 2021, primarily reflecting lower headcount, recruiting, and outside services.
During…
Read More: Evofem Biosciences Reports Second Quarter 2021 Financial Results and