Adamas Pharmaceuticals (ADMS -21.9%) slumps on nearly double normal volume in reaction to its Q3 results released after the close yesterday. Highlights:
GOCOVRI sales were $10.6M up 39% from Q2’s $7.6M and up four-fold from Q1’s $2.6M. Company believes peak penetration will be 25 – 30% in the Parkinson’s disease dyskinesia population. Penetration this year will be ~1%, expected to grow to ~2% in 2019. Management is refining its sales approach to increase effectiveness.
Sales are recorded when the drug is delivered to its specialty pharmacy, not when sold to patients.
Number of distinct prescribers: ~1,200, up 24% sequentially.
Net loss: ($33.2M) (-42%). Quick asset balance: $233.2M.
Enrollment in Phase 3 study of ADS-5102 (high-dose amantadine) in MS patients with walking impairment should be completed in H2 2019.
Pivotal study of epilepsy candidate ADS-4101 (lacosamide) should launch in 2019.
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