Evofem Biosciences Inc. (NASDAQ: EVFM) has released upbeat expectations regarding Phexxi prescriptions and net revenue growth in Q4 2021.
Evofem expects more women to choose Phexxi in Q4
Phexxi® (citric acid, lactic acid, and potassium bitartrate) total monthly prescriptions (TRx) are expected to approach 30,000 in the fourth quarter of 2021, indicating a 70 percent increase over third-quarter TRx levels.
From launch to year-end 2021, the company expects over 57,000 women to have chosen Phexxi, with nearly 24,000 women expected to choose it in the fourth quarter alone.
CEO of Evofem Biosciences Saundra Pelletier said, “Gross revenues are on track to increase more than 50% from the third quarter. We believe this is proof that women are seeking non-hormonal birth control as standard of care. Our team’s continued execution to build upon the strong foundation of Phexxi users and prescribers will enable a strong finish to 2021.”
“Shareholders should expect to see continued improvement in gross-to-net. Based on the increasing demand for Phexxi, we expect to meet or exceed the current analyst consensus estimate of net revenue in the fourth quarter. We are also diligently reducing our quarterly net cash burn rate and expect it will decrease by at least $10 million from Q3 levels starting in the fourth quarter of 2021,” added Pelletier.
Phexxi is the first FDA approved hormone-free vaginal contraceptive
Phexxi is a hormone-free prescription vaginal gel contraceptive that can be used on-demand. In September 2021, The company began its celebrity “House Rules” direct-to-consumer (DTC) campaign, starring actress Annie Murphy, to raise Phexxi awareness within its target audience and accelerate prescription growth. Phexis is the first FDA-approved hormone-free vaginal contraceptive that is available in a box of 12 pre-filled applicators. It can be applied within 60 minutes prior to one having sex.
Recently the company entered a partnership with Orion to evaluate its CCR5 antagonist, OB-002, in its Phexxi vaginal gel to create a Multipurpose Prevention Technology product for various indications that include HIV prevention in women.
