Oslo, Norway, 6 November 2013 - Algeta ASA (OSE: ALGETA) announced today quarterly commercial sales figures for the first time after being granted market approval in the US. The recognized sales is ahead of market expectations. After 15 years in development this is a major milestone for Algeta.
In the third quarter 2013, net sales of Xofigo in the US market (as recognized by Bayer) amounted to USD 17m (NOK 99m). In advance the analysts had expected a net sales of USD 10 million.
Xofigo was approved in the US in May 2013, and Algeta and Bayer have been working together to execute the launch strategy. A key focus has been to support the licensing of clinical centers to enable them to start treating patients. Progress has been good, and facility licensing has progressed fasterthan expected with 626 sites across the US classified as “Patient-Ready” on October 18th.
“We are very pleased with the initial phase of the US commercialization of Xofigo®”, commented Andrew Kay, Algeta President & CEO. “Since approval in late May, the launch strategy has been executed well by the teams from Algeta and Bayer, and that is reflected in both the encouraging sales figures for this quarter as well as the number of facilities that are now licensed and ready to treat patients with Xofigo. The recent positive CHMP opinion for Xofigo in Europe is a key step towards its anticipated approval and highlights the need for new therapies for castration-resistant prostate cancer patients that confer a survival benefit.”
Øystein Soug, Algeta’s Chief Financial Officer, added, “The first full quarter of Xofigo sales place Algeta on a clear and defined trajectory towards profitability. Algeta is an ambitious company, and our proven development expertise, our growing commercial experience in oncology and our strengthened financial profile give us the confidence to seek to build a broad portfolio of novel cancer therapeutics beyond Xofigo.”