Neuren’s FY2024: Revenue Surge from Tax Credits & Drug Partnerships

2 min read | November 07, 2024 11:23 AM AEDT | By Team Kalkine Media

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Highlights

Neuren forecasts FY2024 income in the range of $216 million to $218 million.

Expected $17 million tax credit due to recognized New Zealand tax losses.

Acadia Pharmaceuticals projects $340-$350 million in sales for their partnered neurological drug, Dayue.

Biopharmaceutical company Neuren Pharmaceuticals (ASX:NEU) recently released a promising forecast for its fiscal year 2024, projecting an income range between $216 million and $218 million. This update comes as part of its third-quarter trading statement, where the company shared details on both its financial outlook and expected tax benefits that are anticipated to strengthen its overall position by year-end.

One notable boost to Neuren’s income for FY2024 is the recognition of its tax losses in New Zealand. The company expects these recognized tax losses to contribute an additional tax credit worth approximately $17 million. This development reflects Neuren’s proactive financial management strategy, aiming to leverage available tax credits to maximize its fiscal standing.

Neuren also benefits from its collaboration with Acadia Pharmaceuticals (NASDAQ:ACAD), its US partner in the development and distribution of the neurological drug, Dayue. As part of this partnership, Neuren receives a share of the revenue generated from Dayue’s sales in the United States. For the year-to-date, Acadia has reported a substantial $US251.7 million in net sales for Dayue, translating to around $383.2 million. This performance underscores the drug’s strong demand and its contribution to both Acadia and Neuren’s financial stability.

In light of these developments, Acadia has narrowed its guidance for Dayue's net sales in FY2024, now projecting annual figures between $US340 million and $US350 million. This revised forecast, along with the consistent sales performance, provides Neuren with a reliable revenue stream from its share in Dayue’s earnings, enhancing the company's fiscal outlook for the remainder of the year.

With this favorable financial forecast, Neuren appears well-positioned for a strong fiscal year, bolstered by strategic tax credits and the continued success of its partnership with Acadia Pharmaceuticals.

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