Business
Veru Reports Strong Fiscal 2020 Second Quarter Results as Net Revenues Increase 43%, Gross Profit Up 61%
--Strong Clinical Progress in Advanced Prostate Cancer: VERU-111 Demonstrates Safety and Evidence of Antitumor Activity with Durable PSA Declines and Tumor
About this update from Veru Inc.
[{"type":"text","content":"--Strong Clinical Progress in Advanced Prostate Cancer: VERU-111 Demonstrates Safety and Evidence of Antitumor Activity with Durable PSA Declines and Tumor Regression in Phase 1b Study; Phase 2 Study Enrolling; Plan to Meet with FDA as Positive Clinical Data Supports Clinical Advancement to Pivotal Phase 3 Study--\n --Unique Dual Mechanism of Action of VERU-111 Potentially Effective Against COVID-19; FDA Grants Permission to Initiate Phase 2 Clinical Study; First Patient to be Dosed within 2 Weeks-- --Commercial Business Continues to Deliver Robust Growth-- --Company to Host Investor Conference Call Today at 8 a.m. ET to Discuss Financial Results and Business Highlights-- MIAMI, May 13, 2020 (GLOBE NEWSWIRE) -- Veru Inc. (NASDAQ: VERU), an oncology and urology biopharmaceutical company with a focus on developing novel medicines for the management of prostate cancer, today announced that net revenues increased 43% and gross profit rose 61% for its fiscal 2020 second quarter ended March 31, 2020. Second-Quarter Financial Highlights: Fiscal 2020 vs Fiscal 2019 Net revenues increased 43% to $9.9 million from $7.0 million;Gross profit of $7.4 million, up 61% from $4.6 million;Gross margin climbed to 75% of net revenues from 66%;FC2 US prescription net revenues grew 168% to $7.0 million from $2.6 million;Operating loss significantly narrowed to $0.3 million from $2.1 million; andNet loss was $ 0.8 million, or $0.01 per share, compared with $4.0 million, or $0.06 per share. Year-to-Date Financial Highlights: Fiscal 2020 vs Fiscal 2019 Net revenues rose 54% to $20.5 million from $13.3 million;Gross profit of $14.7 million, up 59% from $9.3 million; andGross margin climbed to 72% of net revenues from 69%. “Substantial growth in prescription sales of FC2 was the key driver for our strong fiscal 2020 second quarter performance,” said Mitchell Steiner, M.D., Chairman, President and Chief Executive Officer of Veru. “Net revenues and gross profit grew 43% and 61%, respectively, compared with the same quarter last year. Moreover, our gross margin percentage rose to 75% of net revenues, which is significantly higher than both last year’s second quarter and our preceding quarter. Our operating loss significantly narrowed to $0.3 million. Our PREBOOST®/Roman® Swipes product continued its upward sales trajectory and is becoming a solid contributor...