Flexion Therapeutics Announces Preliminary Third-Quarter 2020 ZILRETTA® Net Sales of Approximately $23.6 Million

Rhea-AI Summary

Flexion Therapeutics announced preliminary net sales of $23.6 million for ZILRETTA for the quarter ending September 30, 2020, showing strong commercial growth. CEO Michael Clayman expressed optimism about the product's alignment with pre-pandemic sales expectations, despite uncertainty due to COVID-19. Since its launch in November 2017, over 4,072 accounts have purchased ZILRETTA, with 77% reordering. Flexion plans to release complete financial results in early November.

Positive

• Preliminary ZILRETTA net sales of $23.6 million for Q3 2020.
• Strong quarter-over-quarter growth in sales.
• Over 4,072 accounts purchased ZILRETTA since launch, indicating market acceptance.

Negative

• Uncertainty regarding COVID-19's ongoing impact on business.

Company to hold conference call today at 8:30 a.m. ET

BURLINGTON, Mass., Oct. 13, 2020 (GLOBE NEWSWIRE) -- Flexion Therapeutics, Inc. (Nasdaq:FLXN) today announced preliminary ZILRETTA (triamcinolone acetonide extended-release injectable suspension) net sales of $23.6 million for the quarter ended September 30, 2020.

“We are very pleased with our commercial performance in the third quarter, which reflects strong quarter-over-quarter growth. While it remains impossible to fully predict how COVID-19 might impact our business over the coming months, it is highly encouraging to see sales that are more in line with our pre-pandemic expectations,” said Michael Clayman, M.D., President and Chief Executive Officer of Flexion Therapeutics. “Each year, healthcare providers administer approximately eight million intra-articular injections to help patients manage osteoarthritis knee pain. As clinicians gain more and more experience with ZILRETTA, we firmly believe it will come to be recognized as a best-in-class treatment option for those patients, and we will work tirelessly to achieve its full potential.”

ZILRETTA Cumulative Commercial Metrics
Since the launch of ZILRETTA in November 2017 through September 30, 2020:

• 4,072 of 5,400 target accounts had purchased ZILRETTA, reflecting growth of 214 new purchasing accounts vs June 30, 2020 when 3,858 accounts had purchased product.
• 77% of purchasing accounts (3,153) placed at least one reorder up from 2,983 accounts that had reordered ZILRETTA as of June 30, 2020.
• 1,137 accounts had made ZILRETTA purchases of more than 50 units; 1,143 accounts had purchased 11 to 50 units; and 1,792 accounts had purchased between 1 and 10 units.
• Accounts that had purchased more than 50 ZILRETTA units accounted for 258,562 of the total 295,641 ZILRETTA units purchased.

This financial information is preliminary and subject to adjustment. Flexion expects to report its complete third-quarter financial results in early November.

Conference Call
Flexion’s management will host a conference call today at 8:30 a.m. ET. A live webcast of the conference call can be accessed through the “Investors” tab on the Flexion Therapeutics website, and a replay will be available online after the call. For those planning to ask a question, the dial-in number for the conference call is 855-770-0022 for domestic participants and 908-982-4677 for international participants, with Conference ID #1222469. Please dial in at least 15 minutes in advance to ensure a timely connection to the call.

Indication and Select Important Safety Information for ZILRETTA

Indication: ZILRETTA is indicated as an intra-articular injection for the management of osteoarthritis pain of the knee.

Limitation of Use: The efficacy and safety of repeat administration of ZILRETTA have not been demonstrated.

Contraindication: ZILRETTA is contraindicated in patients who are hypersensitive to triamcinolone acetonide, corticosteroids or any components of the product.

Warnings and Precautions:

• Intra-articular Use Only: ZILRETTA has not been evaluated and should not be administered by epidural, intrathecal, intravenous, intraocular, intramuscular, intradermal, or subcutaneous routes. ZILRETTA should not be considered safe for epidural or intrathecal administration.
• Serious Neurologic Adverse Reactions with Epidural and Intrathecal Administration: Serious neurologic events have been reported following epidural or intrathecal corticosteroid administration. Corticosteroids are not approved for this use.
• Hypersensitivity reactions: Serious reactions have been reported with triamcinolone acetonide injection. Institute appropriate care if an anaphylactic reaction occurs.
• Joint infection and damage: A marked increase in joint pain, joint swelling, restricted motion, fever and malaise may suggest septic arthritis. If this occurs, conduct appropriate evaluation and if confirmed, institute appropriate antimicrobial treatment.

Adverse Reactions: The most commonly reported adverse reactions (incidence ≥1%) in clinical studies included sinusitis, cough, and contusions.

Please see ZilrettaLabel.com for full Prescribing Information.

About ZILRETTA
On October 6, 2017, ZILRETTA was approved by the U.S. FDA as the first and only extended-release intra-articular therapy for patients confronting osteoarthritis-related knee pain. ZILRETTA employs proprietary microsphere technology combining triamcinolone acetonide — a commonly administered, short-acting corticosteroid — with a poly lactic-co-glycolic acid (PLGA) matrix to provide extended pain relief. The pivotal Phase 3 trial on which the approval of ZILRETTA was based showed that ZILRETTA significantly reduced OA knee pain for 12 weeks, with some people experiencing pain relief through Week 16. Learn more at www.zilretta.com.

About Osteoarthritis (OA) of the Knee
OA, also known as degenerative joint disease, affects more than 30 million Americans and accounts for more than $185 billion in annual expenditures. In 2016, more than 15 million Americans were diagnosed with OA of the knee and the average age of physician-diagnosed knee OA has fallen by 16 years, from 72 in the 1990s to 56 in the 2010s. The prevalence of OA is expected to continue to increase as a result of aging, obesity and sports injuries. Each year, more than 15 million Americans are treated for OA-related knee pain, and approximately five million OA patients receive either an immediate-release corticosteroid or hyaluronic acid intra-articular injection to manage their knee pain.

About Flexion Therapeutics
Flexion Therapeutics (Nasdaq:FLXN) is a biopharmaceutical company focused on the development and commercialization of novel, local therapies for the treatment of people with musculoskeletal conditions, beginning with osteoarthritis, the most common form of arthritis. The Company's core values are focus, ingenuity, tenacity, transparency and fun. Visit www.flexiontherapeutics.com.

Forward-Looking Statements
This release contains forward-looking statements that are based on the current expectations and beliefs of Flexion. Statements in this press release regarding matters that are not historical facts, including, but not limited to, statements relating to the future of Flexion; the long-term potential of ZILRETTA; expected increases in the rate of individuals with OA of the knee; the potential for recognition of ZILRETTA as a best-in-class treatment option; and the potential therapeutic and other benefits of ZILRETTA, are forward looking statements. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, the fact that the impacts and expected duration of the COVID-19 pandemic are uncertain and rapidly changing; the risk that we may not be able to successfully maintain an effective sales force to commercialize ZILRETTA; competition from alternative therapies; the risk that we may not be able to maintain and enforce our intellectual property, including intellectual property related to ZILRETTA; the risk that ZILRETTA may not be successfully commercialized or adopted; risks regarding our ability to obtain adequate reimbursement from payers for ZILRETTA; risks related to the manufacture and distribution of ZILRETTA, including our reliance on sole sources of supply and distribution; risks related to clinical trials, including potential delays, safety issues or negative results; risks related to key employees, markets, economic conditions, health care reform, prices and reimbursement rates; and other risks and uncertainties described in our filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the SEC on August 5, 2020 and subsequent filings with the SEC. The forward-looking statements in this press release speak only as of the date of this press release, and we undertake no obligation to update or revise any of the statements. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.

Contact:

Scott Young
Vice President, Corporate Communications & Investor Relations
T: 781-305-7194
syoung@flexiontherapeutics.com

Julie Downs
Associate Director, Corporate Communications & Investor Relations
T: 781-305-7137
jdowns@flexiontherapeutics.com

 

FAQ

What are the preliminary net sales figures for Flexion Therapeutics in Q3 2020?

Flexion Therapeutics reported preliminary net sales of $23.6 million for ZILRETTA for the quarter ended September 30, 2020.

How many accounts purchased ZILRETTA as of September 30, 2020?

As of September 30, 2020, ZILRETTA had been purchased by over 4,072 accounts.

What percentage of purchasing accounts reordered ZILRETTA in Q3 2020?

77% of purchasing accounts reordered ZILRETTA as of Q3 2020.

When does Flexion Therapeutics plan to report complete financial results?

Flexion Therapeutics expects to report complete financial results for Q3 2020 in early November.

What challenges does Flexion Therapeutics face due to COVID-19?

Flexion Therapeutics faces uncertainty regarding COVID-19's impact on their business moving forward.