Acorda Therapeutics Inc., of Ardsley, N.Y., reported second-quarter net revenue of $4.7 million for Parkinson’s drug Inbrija (levodopa inhalation powder), an increase of 7% over the first quarter, despite a COVID-19-related disruption early in the quarter. The company reported $26.1 million in net revenue for multiple sclerosis drug Ampyra (dalfampridine), down from $44.2 million in the same quarter in 2019, due to entrance of generics in the market. Acorda’s GAAP net loss was $17.4 million for the quarter, or 37 cents per share. The company’s cash position as of June 30 was $103.8 million. Shares of Acorda (NASDAQ:ACOR) closed Aug. 5 at 71 cents, up 7 cents.
Biomarin Pharmaceutical Inc., of San Rafael, Calif., said it continues to expect to be profitable on a GAAP basis for the first time in its full-year 2020 guidance, despite the impact from the COVID-19 pandemic. The company reported second-quarter revenue of $429.5 million, including $386.8 million in net product revenue. While sales of mucopolysaccharidosis (MPS) I drug Aldurazyme (laronidase), phenylketonuria (PKU) drug Palynziq (pegvaliase injection), Batten disease drug Brineura (cerliponase alfa) and PKU drug Kuvan (sapropterin) all saw revenue increases in the quarter, to $32.3 million, $40.7 million, $25.8 million and $122.6 million, respectively, sales of Morquio syndrome drug Vimizim (elosulfase alfa) dropped 5% to $116.7 million for the quarter while sales of MPS VI drug Naglazyme (galsulfase) declined 18% to $81 million. The decreases were attributed to drops in orders as well as the impact of missed infusions resulting from COVID-19. Meanwhile, the company awaits word from the FDA on the marketing application for valoctocogene roxaparvovec for severe hemophilia, which is under priority review with a PDUFA date of Aug. 21. Biomarin posted a GAAP net loss of $29.2 million, or 16 cents per share, for the second quarter. As of June 30, its cash, equivalents and investments totaled about $1.7 billion. Shares of Biomarin (NASDAQ:BMRN) closed flat Aug. 5 at $119.83.
Horizon Therapeutics plc, of Dublin, reported second-quarter net sales of $462.8 million, up 44% over the same period last year, driven by higher-than-expected sales of thyroid eye disease drug Tepezza (teprotumumab-trbw), which totaled $165.9 million for the quarter and prompted the firm to increase full-year 2020 Tepezza guidance from greater than $200 million to greater than $650 million. Calling it a “launch for the ages,” Piper Sandler analysts noted that Tepezza’s sales trajectory, following its late January FDA approval, “would have been even more aggressive if not for the pandemic, and certainly bodes well” for the second half of 2020. Horizon increased its U.S. peak net sales estimate for Tepezza to exceed $3 billion, up from the previous estimate of $1 billion-plus. For 2020, Horizon boosted its full-year overall product sales guidance to a range of $1.85 billion to $1.9 billion. The company posted a net loss of $80 million, or 42 cents per share for the second quarter. As of June 30, its cash position was $718.1 million. Shares of Horizon (NASDAQ:HZNP) gained $14.59, or 23.6%, to close Aug. 5 at $76.38.
Jazz Pharmaceuticals plc, of Dublin, reported total revenue of $562.4 million for the second quarter, up 5% from the same period for 2019, while the company reported an impact to its business due to COVID-19. Sales of its top-seller, narcolepsy drug Xyrem (sodium oxybate), increased 8% to $446.8 million for the quarter, with new patient enrollment trending upward in the latter half of the second quarter following a COVID-19-related decline in the first quarter of 2020. Jazz secured FDA approval in July of Xywav (calcium, magnesium, potassium and sodium oxybate) oral solution as a low-sodium alternative to Xyrem, and that drug is expected to launch before the end of this year, with the company pledging it will be priced at parity to Xyrem. Sales of veno-occlusive disease drug Defitelio (defibrotide) dropped 7% for the quarter to $42.7 million, while sales of fixed-dose chemotherapy drug Vyxeos (daunorubicin/cytarabine) declined 15% from the same quarter of 2019 to $26.6 million. Both drops were attributed to the COVID-19 pandemic. Sales of sleep drug Sunosi (solriamfetol) totaled $8.6 million for the quarter. Despite the impact from the pandemic, Jazz increased its full-year 2020 total revenue guidance to a range of $2.225 billion to $2.325 billion and said it is on track to execute five drug launches through 2020 and 2021, including Xywav and Zepzelca (lurbinectedin), cleared by the FDA in mid-June to treat relapsed metastatic small-cell lung cancer. Jazz posted GAAP net income of $114.8 million, or $2.06 per share, for the second quarter. As of June 30, it had about $1.7 billion on its balance sheet. Shares of Jazz (NASDAQ:JAZZ) gained $11.76, or 10.6%, to close Aug. 5 at $122.24.
Regeneron Pharmaceuticals Inc., of Tarrytown, N.Y., reported second-quarter revenues of $1.95 billion, up 24% from the same period in 2019. Sales of ophthalmic drug Eylea (aflibercept) totaled $1.1 billion, a slight decrease from the $1.16 billion recorded in 2019, attributed to the COVID-19 pandemic. Sales of allergy and dermatology drug Dupixent (dupilumab), as recorded by partner Paris-based Sanofi SA, totaled $945 million. The company posted GAAP net income of $897 million, or $7.61, for the quarter. As of June 30, Regeneron’s cash and marketable securities were $5.7 billion. The company’s shares (NASDAQ:REGN) closed Aug. 5 at $624.52, down $23.91.
Rigel Pharmaceuticals Inc., of South San Francisco, reported second-quarter net product sales of $15 million, an increase of 47% over the same period in 2019, for immune thrombocytopenia drug Tavalisse (fostamatinib disodium hexahydrate). Total revenues for the quarter were $16 million. Rigel posted a net loss of $17.6 million, or 10 cents per share, for the three-month period. As of June 30, the company had a cash position of $92.5 million. Shares of Rigel (NASDAQ:RIGL) closed Aug. 5 at $2.52, up 6 cents.