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EX - 99.1 2 a2021q3bhvnearningsprex991.htm EX - 99.1 Exhibit 99.1 BIOHAVEN REPORTS THIRD QUARTER 2021 FINANCIAL RESULTS AND RECENT BUSINESS DEVELOPMENTS - NURTEC® ODT ( rimegepant ) continues to exceed expectations , reporting $ 136 million in net product revenue for the third quarter of 2021 , totaling approximately $ 336 million in revenues and over 1,100,000 prescriptions from product launch to date - NURTEC ODT continues to be market leader for new oral migraine therapies and currently accounts for approximately 57 % of new - to - brand prescriptions ( NBRx ) for oral CGRP - targeting drugs -Biohaven and Pfizer announce strategic collaboration for the global commercialization of NURTEC ODT outside the United States -Biohaven to receive from Pfizer double - digit royalties on ex - US net sales as well as upfront payment and milestone value to Biohaven up to $ 1.24 billion NEW HAVEN , Conn . , Nov. 9 , 2021 / PRNewswire / - Biohaven Pharmaceutical Holding Company Ltd. ( NYSE : BHVN , a biopharmaceutical company with a portfolio of innovative , late - stage product candidates targeting neurological diseases including rare disorders , today reported financial results for the third quarter ended September 30 , 2021 , and provided a review of recent accomplishments and anticipated upcoming milestones . " We are ecstatic with the success that our platform continued to achieve over the quarter , with NURTEC ODT impressively surpassing revenue expectations , and becoming the market leader in oral CGRP targeting migraine therapies , " said Vlad Coric , M.D. , Chief Executive Officer of Biohaven . " We are further encouraged by the overwhelmingly positive patient experience to date , recognizing the value of providing a solution that will further improve the quality of life of those who are now able to prevent the debilitating effects of migraine . While there remains significant upside for NURTEC ODT across new geographies and patient demographics given the expanded preventive treatment use , we also look forward to the continuous progress made outside of our CGRP franchise and within our broad pipeline . " Dr. Coric continued , " We are also excited to have announced a strategic collaboration with pharmaceutical powerhouse Pfizer for the global commercialization ex - US of NURTEC ODT , validating the medicine's dual therapy potential and highlighting our commitment to the more than 1 billion patients worldwide suffering with migraine . " Third Quarter and Recent Business Highlights Continued strong uptake of NURTEC ODT – Following the landmark approval of NURTEC ODT for the preventive treatment of migraine in May , we believe NURTEC ODT will continue its impressive growth as the first and only medication approved to both treat and prevent migraine attacks . NURTEC ODT has now achieved over 1,100,000 prescriptions , and over 53,000 unique prescribers to date , an increase of 15,000 prescribers from the second quarter signaling traction with physicians . The $ 136 million in net product revenues for the quarter represents a 46 % increase from net product revenues over the second quarter , significantly exceeding expectations . We saw a continuation of the improvement in net price realization in the third quarter 2021 , as compared to the first quarter of 2021 . We believe there continues to be a significant market opportunity for oral CGRP targeting agents ahead , with a potential $ 4-5 billion annual market in the US alone . We will continue to invest in NURTEC's long term success , driving its growth outside of the U.S. and continuing to expand commercial payer coverage . Entered into second amendment to term loan financing facility – In September 2021 , the Company , Biohaven Pharmaceuticals , Inc. , a wholly - owned subsidiary of the Company ( together with the Company , the " Borrowers " ) , and certain other of the Company's subsidiaries entered into an Amendment No. 2 ( the " Second Amendment " ) to its Financing Agreement dated as of August 7 , 2020 with Sixth Street Specialty Lending , Inc. Pursuant to the Second Amendment , the parties agreed , among other things , to increase the total size of the credit facility by