Shield Therapeutics (STX) a commercial stage pharmaceutical company, issued a business update detailing recent US Q3 2023 performance of its flagship Accrufer treatment for iron deficiency.
Shield reported total prescriptions for Accrufer in the US of 54,000 for the first 9 months of 2023, with 76% quarter-on-quarter growth to 27,750 in Q3. The average net selling price increased 24% to US$148/prescription compared to H1 2023 and US Q3 net unaudited revenue was US$4.1MM.
New prescriptions increased 87% and first time writers increased 27%. 77% of HCPs who wrote a prescription in Q3 2023 had also written one in Q2 2023.
"Shield continues to make excellent progress on the U.S. commercial launch of Accrufer®. As we approach the one-year anniversary of the announcement of the Viatris agreement, I am pleased to report that the collaboration continues to deliver excellent results, based on the stand-out performance of the combined commercial team, which has produced consistent and strong sequential prescription growth and key performance indicators (KPI), which are trending towards previous guidance. In addition, we have made positive strides towards our goal of increasing our average net selling price and expect further progress in 2024." commented Greg Madison, CEO of Shield Therapeutics.
View from Vox
Shield continues to see steady adoption of Accrufer in the US following the launch of the iron deficiency treatment in mid-2022. Building on stellar Q2 performance, Q3 saw 76% QoQ growth in Rx in addition to a 24% higher price, keeping Shield on track to meet its previous guidance for FY23 Accrufer prescriptions. Momentum is strong into FY24 with substantial growth in both new and repeat prescriptions.
Accrufer represents a substantial market opportunity as the first and only FDA approved oral iron to treat ID/IDA with a broad label. In order to handle rising demand, Shield joined forces with Viatris in May, forming a combined sales team to target the 12,000+ highest US prescribers. Shield also launched its new "Ironic" ad campaign in May with refreshed branding for patients and subscribers.
Shield's commercial growth strategy for Accrufer continues to deliver strong results, building on strong FY22 performance that saw prescriptions grow 10x and revenues triple. Shield is well funded following earlier financing and equity raise, expected to support operations through to cash-flow positive, which the company is targeting for Q4 2024.
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