Shield Therapeutics reports strong US progress

7th Dec 2023 13:11

(Sharecast News) - Iron deficiency-focussed pharmaceuticals company Shield Therapeutics announced significant achievements in the US commercialisation of Accrufer on Thursday.

The AIM-traded firm recorded substantial growth in various key performance indicators in the third quarter, building on its successes earlier in the year.

Notable highlights included a 76% sequential quarterly increase in total prescriptions, with more than 27,750 prescriptions filled.

Additionally, Shield reported an impressive 87% increase in new prescriptions in the quarter, indicating a growing number of healthcare providers opting for Accrufer to meet the needs of patients.

The surge in new prescriptions also led to an increase in first-time writers, which grew by 27% compared to the prior quarter.

Shield said a particularly encouraging sign of Accrufer's market penetration was the fact that 77% of healthcare providers who wrote prescriptions in the third quarter had also done so in the second quarter.

The board said such a level of repeat writers suggested a high level of satisfaction among healthcare professionals and a growing confidence in Accrufer as an effective solution for iron deficiency.

Accompanying the prescription milestones, Shield reported an average net selling price increase of 24% per prescription compared to the first half of 2023.

That, the company said, demonstrated the product's growing demand as well as its potential for generating increased revenue.

Shield Therapeutics reported US third quarter net revenue of $4.1m.

"Shield continues to make excellent progress on the US commercial launch of Accrufer," said chief executive officer Greg Madison.

"As we approach the one-year anniversary of the announcement of the Viatris agreement, I am pleased to report that the collaboration continues to deliver excellent results, based on the stand-out performance of the combined commercial team, which has produced consistent and strong sequential prescription growth and key performance indicators (KPI), which are trending towards previous guidance.

"In addition, we have made positive strides towards our goal of increasing our average net selling price and expect further progress in 2024."

Reflecting on the company's year-to-date performance, Madison said he was "proud" that it was focussed on its goal of making Accrufer the "oral iron of choice" and a trusted brand for patients and providers in the US and beyond.

"We are building a strong and dedicated team, underscored by the recent addition of our vice-president of marketing Emily Bulat, and continue our progress towards the recruitment of a new chief financial officer.

"I remain very optimistic about the growth prospects for Accrufer® as we look ahead to 2024."

At 1252 GMT, shares in Shield Therapeutics were up 4% at 6.4p.

Reporting by Josh White for Sharecast.com.