Amylyx Pharmaceuticals has again impressed Wall Street, disclosing Thursday a new earnings report in which product revenue was significantly higher than many analyst forecasts.
The Cambridge, Massachusetts-based biotechnology company said product revenue from January through the end of March totaled $71.4 million, up from the nearly $22 million generated during the final three months of last year.
Amylyx has one product, an ALS medicine sold as Relyvrio in the U.S. and Albrioza in Canada. The company is now profitable less than a year into the drug’s launch, having posted nearly $1.6 million in net income during its latest quarter.
In March, Amylyx executives told investors Relyvrio’s launch was going better than expected. They estimated that more than 1,300 U.S. patients with ALS, or amyotrophic lateral sclerosis, were taking the drug at the end of last year, and that the company was on pace to double this total by the end of the first quarter.
As such, analysts were already anticipating a significant revenue increase ahead of the latest earnings report. Graig Suvannavejh of Mizuho Securities had predicted sales of $61 million, which, according to the investment firm, was above the average analyst estimate of $59 million.
“During the first quarter, we made significant progress on our commercial launches,” Joshua Cohen, an Amylyx co-founder and one of its co-CEOs, said in a statement. “We continue to see strong engagement and interest from physicians and the ALS community and are encouraged that the vast majority of payers who have published formal policy decisions are providing broad access to Relyvrio.”
Amylyx’s share price rose in after-hours trading Thursday.
Margaret Olinger, Amylyx’s chief commercial officer, told investors on a call Thursday that payers covering half of the ALS patients in the U.S. have formal policies for Relyvrio. She said more than 3,000 patients in the U.S. are now on the drug. Amylyx believes Relyvrio can become the new standard of care for ALS, and its long-term aim is to have at least 10,000 people in the country taking the drug at any given time.
In the U.S., Amylyx set Relyvrio’s price at $158,000 for a year’s supply. James Frates, Amylyx’s chief financial officer, said the bulk of first quarter product revenue came from the U.S. and that around 10% of the patients are receiving the drug for free via assistance programs.