Valeo Pharma Projecting Record Revenues for Second Quarter 2021
- Record revenues and margins expected for Q2-21
- Redesca® launch beginning to impact financial performance
- Respiratory sales force infrastructure well advanced in support of coming Enerzair® Breezhaler® and Atectura® Breezhaler® commercial launch
MONTREAL, May 26, 2021 /PRNewswire/ - Valeo Pharma Inc. (CSE: VPH) (OTCQB: VPHIF) (FSE: VP2) ("Valeo" or the "Company"), a Canadian pharmaceutical company, today provided an outlook for its second quarter ended April 30th, projecting record revenues and margins.
"Our second quarter showed a sharp increase in both sales and margins and promises to be the highest revenue quarter in the Company's history following the national launch of Redesca® in the last weeks of the quarter. The successful commercial uptake of Redesca® will soon be followed by the launches of Enerzair® Breezhaler® and Atectura® Breezhaler®, two new innovative asthma therapies", said Steve Saviuk, CEO. "We expect that our financial performance will continue to accelerate with our third quarter already shaping up to bring us to new highs".
Q2 2021 Results Outlook
The Company experienced record quarterly results during its second quarter ended April 30, 2021. Some noteworthy highlights include:
- Record revenues, up more than 40% over prior quarter
- Record gross margin expected to more than double compared to Q1-2021
- Contribution from products launched over the last year now contribute more than 50% of revenues
In addition to the revenue and margin growth achieved during the quarter, the company also achieved a series of operational milestones:
- Implementation of new Respiratory sales force infrastructure and personel recruitment well advanced
- Enerzair® Breezhaler® and Atectura® Breezhaler® ready for commercial launch in June 2021
- Product reimbursement programs and coverage negotiations for Redesca®, Enerzair® Breezhaler® and Atectura® Breezhaler® advancing rapidly
"We are excited about the rapid market share gains for Redesca and even more excited about the market opportunities for Enerzair® Breezhaler® and Atectura® Breezhaler®, our two recently acquired novel asthma drugs. Valeo is taking advantage from the right product mix to fuel its growth over the coming years. As we prepare for the upcoming product launch of our respiratory drugs we are expanding our corporate structure to support our growing portfolio and to facilitate accessing new products", said Frederic Fasano, President and Chief Operating Officer at Valeo. "Valeo is attracting high quality candidates and will undoubtedly benefit from the years of industry experience and solid track records these new people bring. Our recruitment process is progressing as planned and should be completed by early fall 2021."
Grant of Options and RSUs and Issuance of Warrants for Services
The Company announced it has granted an aggregate of 205,000 share options and 475,000 restricted share units ("RSU's") to certain officers and employees of the Company as part of their remuneration. The pricing and vesting terms of the options and RSUs were set in accordance with the Company's Share Option Plan, its Equity Incentive Plan and CSE policies.
The Company also announced it has issued share purchase warrants to arm's length consultants providing social media support and corporate branding services in accordance with previously agreed arrangements (the "Warrants for Services"). The Company will issue an aggregate of 500,000 Warrants for Services, each having an exercise price of $1.40 and an expiry date of May 25, 2022. The Warrants for Services are being issued under the applicable exemptions under the National Instrument 45-106 (Section 2.24) and are subject to a customary four month and one day hold period pursuant to applicable securities laws.
About Valeo Pharma
Valeo Pharma is a Canadian pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on Respiratory Diseases, Neurodegenerative Diseases, Oncology and Hospital Specialty Products. Headquartered in Kirkland, Quebec Valeo Pharma has all the required capabilities and the full infrastructure to register and properly manage its growing product portfolio through all stages of commercialization. For more information, please visit www.valeopharma.com and follow us on LinkedIn and Twitter.
Forward Looking Statements
This press release contains forward-looking statements about Valeo's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Valeo Pharma Inc.
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