Shares of Ascendis Pharma (ASND) tumbled Wednesday after the biotech company cut its full-year outlook for its human growth hormone amid marketwide price struggles.
Ascendis now expects its drug, Skytrofa, to bring in 220 million to 240 million euros in sales — or roughly $243.1 million to $265.2 million. That's a 100 million euro cut from the company's previous guidance. Skytrofa treats children with human growth hormone deficiency.
"Disappointing news that Skytrofa, along with the entire growth hormone market, was subject to a broader market access reset lowering the price of growth hormone agents," Leerink Partners analyst Joseph Schwartz said in a report.
During the June quarter, Skytrofa generated 26.2 million euros in sales — about $28.7 million. Sales plummeted 27% year over year and widely lagged expectations for 73.9 million euros, according to FactSet. This was despite a 134% increase in prescriptions vs. the year-ago period
https://www.investors.com/news/technology/ascendis-pharma-skytrofa-price-q2-2024/
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