Business
Amylyx Pharmaceuticals Reports Second Quarter 2023 Financial Results
Second quarter 2023 product revenue of $98.2 million; demand and insurance coverage for RELYVRIO® in U.S. and ALBRIOZA™ in Canada continued to grow Strong
About this update from Amylyx Pharmaceuticals, Inc.
[{"type":"text","content":"\n\nSecond quarter 2023 product revenue of $98.2 million; demand and insurance coverage for RELYVRIO® in U.S. and ALBRIOZA™ in Canada continued to grow\n\n\n\n\nStrong financial position supported by $22.1 million of net income during the second quarter of 2023 and cash, cash equivalents and short-term investments of $357.3 million at June 30, 2023\n\n\n\n\nManagement to host conference call and webcast today at 4:30 p.m. Eastern Time\n\n\n\n CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nAmylyx Pharmaceuticals, Inc. (Nasdaq: AMLX) (“Amylyx” or the “Company”) today reported financial results for the second quarter ended June 30, 2023.\n\n\n“We made strong and steady progress on our commercial launches in the second quarter, supporting people living with ALS with increased access to RELYVRIO/ALBRIOZA in the U.S. and Canada,” said Joshua Cohen and Justin Klee, co-CEOs of Amylyx. “We continued to execute on our long-term R&D strategy, which includes exploring the full potential of our therapy in other neurodegenerative diseases. We are on track to initiate our global Phase 3 ORION trial of AMX0035 for the treatment of progressive supranuclear palsy later this year. Our Phase 2 HELIOS study of AMX0035 for the treatment of Wolfram syndrome is enrolling participants, and we continue to expect topline results next year.”\n\n\nSecond Quarter 2023 and Recent Business Highlights:\n\n\n\nCommercial launches of RELYVRIO® in the U.S. and ALBRIOZA™ in Canada, also known as AMX0035, continued to progress. Net product revenue for the three months ended June 30, 2023 was $98.2 million, compared to net product revenue of $71.4 million for the three months ended March 31, 2023.\n\n\n\n\nFive Canadian provinces announced public reimbursement of ALBRIOZA. Following the completion of the Company’s negotiation process with the pan-Canadian Pharmaceutical Alliance, the Company entered into a Product Listing Agreement with Ontario for the public reimbursement of ALBRIOZA through the Ontario Drug Benefit Program, effective June 22, 2023. Since June, the provinces of Quebec, British Columbia, New Brunswick, and Alberta committed to offering public coverage for ALBRIOZA by listing the therapy on their drug benefit formularies. Amylyx expects ALBRIOZA coverage to be in place for the vast majority of publicly insured lives in Canada by the end of August. By the end of...