Palatin Announces Preliminary Quarter Ended September 30, 2023 Vyleesi® Product Revenue Results

Rhea-AI Summary

Palatin Technologies reports 7 consecutive quarters of double-digit growth in product revenue and prescriptions dispensed

Positive

• Gross product revenue increased by 11% over the prior quarter and 100% over the comparable quarter last year, reaching $4.6 million
• Net product revenue grew by 18% over the prior quarter and 137% over the comparable quarter last year, amounting to $2.1 million
• Prescriptions dispensed saw a 14% increase over the prior quarter and an 88% increase over the comparable quarter last year

Negative

• None.

• 7 Consecutive Quarters of Double-Digit Growth in Product Revenue and Prescriptions Dispensed
• $4.6 million in Gross Product Revenue
  • 11% growth over prior quarter; 100% growth over comparable quarter last year
• $2.1 million in Net Product Revenue
  • 18% growth over prior quarter; 137% growth over comparable quarter last year 
• Prescriptions Dispensed
  • 14% growth over prior quarter; 88% growth over comparable quarter last year 

CRANBURY, N.J., Oct. 19, 2023 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE American: PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system, today announced preliminary fiscal year 2024 first quarter ended September 30, 2023 results, for Vyleesi^® product revenue. Vyleesi is the first and only as-needed treatment approved by the U.S. Food and Drug Administration (FDA) for premenopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD).

"We are pleased with Vyleesi's quarterly growth in all key operating and distribution metrics," stated Carl Spana, Ph.D., President and CEO of Palatin. "We continue to successfully execute our commercial strategy, as evidenced by seven consecutive quarters of double-digit profitable growth. Importantly, net revenue per prescriptions dispensed continues to improve, and quarterly net product revenue for Vyleesi continues to grow and exceed Vyleesi quarterly operating expenses."

• Preliminary Vyleesi product revenue results for the fiscal year 2024 first quarter ended September 30, 2023:
  • Gross product revenue was $4.6 million, an 11% increase over the prior quarter, and a 100% increase over the comparable quarter last year.
  • Net product revenue was $2.1 million, an 18% increase over the prior quarter, and a 137% increase over the comparable quarter last year.
  • Prescriptions dispensed increased 14% and 88% over the prior quarter and comparable quarter last year, respectively.
  • All key operating and commercial metrics, including new patient starts, refill rates, commercial insurance reimbursement, net revenue per prescription dispensed, and new healthcare prescribers, continued with positive and impactful results and trends, versus the prior quarter, and comparable quarter last year.

Preliminary Financial Information
The Vyleesi related financial and operating data for the first fiscal quarter of 2024 is preliminary and may change. This preliminary data has been prepared by, and is the responsibility of, Palatin's management and no independent accounting firm has audited, reviewed, compiled, or performed any procedures with respect to this preliminary financial data. There can be no assurance that Palatin's actual results for this quarterly period will not differ from the preliminary financial and operating data and such changes could be material. In addition, Palatin's estimate of Vyleesi product revenues for the quarter ended September 30, 2023 should not be viewed as a substitute for full financial statements prepared in accordance with U.S. generally accepted accounting standards. Additional information that will be material to investors will be provided in the financial statements for the three months ended September 30, 2023, and, accordingly, investors should not place undue reliance on the limited preliminary information being provided herein.

About Vyleesi^® (bremelanotide injection) for Hypoactive Sexual Desire Disorder (HSDD)
Vyleesi is the first and only as-needed treatment approved by the FDA for premenopausal women with acquired, generalized HSDD.

Palatin is actively seeking Vyleesi collaborations for the United States and for territories outside the currently licensed territories of China and South Korea. Vyleesi is licensed to Fosun Pharma in China and Kwangdong Pharmaceuticals in South Korea.

Patients and healthcare providers can learn more about HSDD and Vyleesi at www.vyleesi.com and www.vyleesipro.com.

About Palatin
Palatin is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. For additional information regarding Palatin, please visit Palatin's website at www.Palatin.com and follow Palatin on Twitter at @PalatinTech.

Forward-looking Statements
Statements in this press release that are not historical facts, including statements about future expectations of Palatin, such as statements about Vyleesi results and potential market, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, results of clinical trials, regulatory actions by the FDA and other regulatory and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating events that occur after the date of this press release.

Palatin Technologies^® and Vyleesi^® are registered trademarks of Palatin Technologies, Inc.

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SOURCE Palatin Technologies, Inc.

FAQ

What is the growth rate of gross product revenue?

Gross product revenue increased by 11% over the prior quarter and 100% over the comparable quarter last year.

What is the growth rate of net product revenue?

Net product revenue grew by 18% over the prior quarter and 137% over the comparable quarter last year.

How much did prescriptions dispensed increase?

Prescriptions dispensed saw a 14% increase over the prior quarter and an 88% increase over the comparable quarter last year.

What is Vyleesi?

Vyleesi is the first and only as-needed treatment approved by the U.S. FDA for premenopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD).