Palatin Announces Preliminary Third Quarter Fiscal 2023 Vyleesi® Product Revenue Results

Rhea-AI Summary

Palatin Technologies, Inc. (NYSE American: PTN) reported preliminary revenue results for its product Vyleesi for the fiscal third quarter ending March 31, 2023. The company achieved $3.4 million in gross product revenue, marking a 31% increase from the previous quarter and 165% growth year-over-year. Net product revenue reached $1.2 million, representing a 22% increase over 2Q23 and 469% growth compared to 3Q22. The total prescriptions dispensed grew by 27% over the prior quarter and 147% year-over-year. Palatin's focus on targeted digital marketing is credited for this growth, with net product revenue exceeding the operating expenses of Vyleesi.

Positive

• $3.4 million in gross product revenue, a 31% increase over 2Q23 and 165% over 3Q22.
• $1.2 million in net product revenue, a 22% increase over 2Q23 and 469% over 3Q22.
• Total prescriptions dispensed increased by 27% over 2Q23 and 147% over 3Q22.
• Five consecutive quarters of double-digit growth in prescriptions.

Negative

• Preliminary financial results are unaudited and subject to significant change.
• No assurance of final results matching preliminary reports.

• $3.4 million in Gross Product Revenue
• 31% growth over 2Q23; 165% growth over 3Q22
• $1.2 million in Net Product Revenue
• 22% growth over 2Q23; 469% growth over 3Q22
• 27% growth in prescriptions dispensed over 2Q23; 147% growth over 3Q22
• 5 consecutive quarters of double-digit growth

CRANBURY, N.J., April 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 third quarter ended March 31, 2023 Vyleesi^® product revenue results. 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).

"Vyleesi's continued quarter over quarter growth across multiple value metrics, most importantly net product revenue and prescriptions dispensed, is a direct result of our focused business strategy: a targeted digital marketing campaign to both consumers and healthcare professionals," stated Carl Spana, Ph.D., President and CEO of Palatin. "We are particularly pleased that quarterly net product revenue for Vyleesi continues to exceed Vyleesi quarterly operating expenses."

• Preliminary Vyleesi product revenue results for the fiscal third quarter ended March 31, 2023:
•  
• Gross product revenue was $3.4 million, an increase of 31% over the prior quarter, and an increase of 165% over the comparable quarter in 2022.
• Net product revenue was $1.2 million, an increase of 22% over the prior quarter, and an increase of 469% over the comparable quarter in 2022.
• Total prescriptions dispensed increased 27% over the prior quarter and increased 147% over the comparable quarter in 2022.
• Refill rates, commercial insurance reimbursement, and net revenue per prescription dispensed, continued with positive and impactful results and trends, versus the prior quarter and comparable quarter in 2022.

Preliminary Financial Information
The Vyleesi related financial and operating data for the third fiscal quarter of 2023 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 March 31, 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 March 31, 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 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 for 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 were the Vyleesi revenue results for PTN in Q3 2023?

Palatin reported $3.4 million in gross product revenue and $1.2 million in net product revenue for Q3 2023.

How much did Vyleesi's net product revenue increase in Q3 2023?

Net product revenue increased by 22% compared to Q2 2023 and 469% compared to Q3 2022.

What is the growth trend of prescriptions dispensed for Vyleesi?

There was a 27% increase in prescriptions dispensed over Q2 2023 and a 147% increase over Q3 2022.

What is the significance of the preliminary financial information for PTN?

The preliminary financial data is unaudited and could differ materially from final results.