Evofem Biosciences Inc (NASDAQ: EVFM) has announced its financial results for the quarter and six months that ended June 30, 2022, and affirmed its FY 2022 guidance.
Evofem posted a 42% increase in Phexxi net sales
CEO of Evofem Saundra Pelletier stated, “We are pleased to report another consecutive quarter of improved operating results – strong revenue growth, lower operating expense, and improved operating loss. We expect ongoing growth will be driven by our sales and marketing initiatives, as well as market access expansion as payers and PBMs continue to add Phexxi to their formularies with no restrictions to comply with federal guidance.”
During the second quarter, Phexxi net sales increased 42% to $6 million sequentially. The increase in sales reflects high ex-factory sales and low gross-to-net adjustments of 40% in Q2 2022. In addition, through agreements with pharmacy benefit managers (PBMs) and health insurance plans, along with a long-term agreement with one of the biggest PBMs in the country that included Phexxi on its list without limitations, Phexxi’s availability and approved claim rate increased during the quarter.
The company will take advantage of the federal rule that requires group health plans and health coverage providers to offer contraceptives at no additional cost to participants, which the US government clarified.
Evofem to leverage opportunities in using Phexxi to treat chlamydia and gonorrhoea
Evofem expects top-line data readout in October for its registrational third phase study assessing Phexxi for prevention of gonorrhea and chlamydia.
Pelletier added, “With no prescription pharmaceuticals approved to prevent these sexually transmitted infections, we believe these potential new indications represent significant upside for shareholders, above and beyond the $7.9 billion U.S. contraceptive market which we continue to increasingly penetrate with Phexxi for hormone-free contraception.”
Also, during the quarter, the Nasdaq Stock Market LLC’s Hearing Panel reviewed its decision to issue the company’s application for continued shares listing of its ordinary stock based on the company maintaining a minimum closing bid price of $1 per share on August 8, 2022, and subsequent days through August 22, 2022.