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Highlights
- Acadia launched NEU’s DAYBUE in the US in April 2023 for treating Rett Syndrome.
- DAYBUETM contributed AUD 62.9 million in total revenue during the first half of FY23.
- In 1HFY23, the profit after tax reached AUD 47.8 million, compared to the loss of AUD 7.1 million in 1HFY22.
Neuren Pharmaceuticals Limited (ASX:NEU) is a biopharmaceutical company developing new drug therapies for serious neurological disorders that have limited treatment options or emerge in early childhood. NEU’s DAYBUETM is used for treating Rett syndrome in pediatric patients two years of age or older and adults. It has secured US FDA approval, and NEU has given a global licence to Acadia for commercialising and developing DAYBUETM. NEU’s second drug candidate, NNZ-2591, has reached the Phase 2 trial.
Recently, NEU has been added to the S&P/ASX 200 index as a part of the September quarterly review.
In the first half of the financial year 2023 (1HFY23), the company delivered a total income of AUD 64.4 million, compared to AUD 0.3 million in 1HFY22 (22,658% up over the previous corresponding year). The revenue growth was underpinned by Acadia’s first commercial sale of DAYBUETM in April 2023, which generated revenue of AUD 62.9 million.
During the stated period, profit after tax reached AUD 47.8 million, compared to a loss after tax of AUD 7.1 million recorded in 1HFY22 (up 778% YoY).
Studies focused on NNZ-2591, developed for four serious neurodevelopmental disorders, also advanced during the 1HFY23.
Top 10 shareholders of NEU
The ten shareholders of NEU have around 21.54% shareholding in the firm, while the top four have approximately 12.86% stake in the firm. Milford Asset Management Ltd. and Cameron Richard Pty. Ltd. have the highest stake in the firm, with a shareholding of approximately 5.18% and 3.32%, respectively.
Recent business update
Through an ASX update dated 14 September 2023, the company informed that Joseph Basile, the company’s director, has increased his shareholding in NEU to 10,000 shares by acquiring 5,000 shares as of 13 September 2023.
Outlook
The company has witnessed a significant surge in revenues driven by DAYBUETM. With this development, the company forecasts to reach a key value inflexion point in December 2023. Acadia expects to deliver net sales of USD 45 million to USD 55 million in the third quarter of 2023.
NEU aims to generate value through the commercialisation of DAYBUETM by Acadia in the US and by expanding its international partnership with Aadia.
Share performance of NEU
NEU shares closed 0.26% up at AUD 11.47 apiece on 4 October 2023. Including this gain, NEU’s stock price has appreciated by 81.78% in the last 12 months and increased by 28.01% in the last nine months. However, it has dropped by 12.84% in the past six months.
The 52-week high of NEU is AUD 15.15 apiece, recorded on 22 May 2023, while the 52-week low is AUD 6.05 apiece, recorded on 3 October 2022.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 04 October 2023. The reference data in this report has been partly sourced from EODHD/Others.
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