Veloxis Pharmaceuticals Announces Financial Results for the First Six Months of 2018

Highlights

Veloxis upgrades 2018 Outlook based on strong performance.

Product revenue for first half of 2018 was USD 17.2 million, an increase of 117% compared to the same period last year.
U.S. revenue increased 129% to USD 14.7 million
EU revenue increased 69% to USD 2.5 million

88% of U.S. transplant centers have utilized Envarsus XR® since launch.

FDA accepts Veloxis’s supplemental New Drug Application for the de novo indication for Envarsus XR.

Veloxis reported a net loss of USD 5.7 million for the first half of 2018 compared to a net loss of USD 4.2 million for the same period in 2017.  The prior year included up-front revenues of USD 8.3 million with zero comparable revenue for the first half of 2018.
In connection with the financial report, Veloxis’s CEO, Craig Collard said:

“We are very pleased with our performance in the first half of 2018.  Product revenues are up significantly and, with the increasing number of transplant centers utilizing Envarsus, we believe we will continue to see strong growth for the remainder of the year.  Therefore, we are very excited to be raising our Outlook to reflect the tremendous growth we are experiencing as a company.”

 

Outlook for 2018

Veloxis revises its 2018 Outlook of revenues to be in the range of USD 36 – 42 million and operating loss before accounting for stock compensation in the range of USD 2 – 6 million.  Veloxis’s previously reported 2018 Outlook to be USD 32 – 40 million for revenues and operating loss before accounting for stock compensation in the range of USD 6 – 12 million.

 

Conference Call

A conference call will be held tomorrow, 14 August 2018 at 4:00 PM CET (Denmark); 10:00 AM EST (New York).

 

To access the live conference call, please dial one of the following numbers:

Confirmation Code: 5576829

U.S.: +1 929 477 0448

UK:  +44 (0) 330 336 9126

DK: +45 35 15 80 49

 

Following the conference call, a recording will be available on the Company’s website: http://www.veloxis.com.

 

For More Information, Please Contact:

 

Craig A. Collard
President & CEO
Phone: +1 919 591 3090
Email: cac@veloxis.com
Morten Marott
CFO
Phone: +1 919 591 3090
Email: mma@veloxis.com