Invivyd Provides PEMGARDA™ Launch Update and Announces 2024 Net Product Revenue Guidance in the Range of $150 Million to $200 Million
Invivyd, Inc. announces the commercial availability of PEMGARDA for pre-exposure prophylaxis of COVID-19 in immune-compromised individuals in the U.S. The company expects significant revenue in 2024 and ends the year with at least $55 million in cash. PEMGARDA received emergency use authorization from the FDA and is now available for purchase.
The commercial availability of PEMGARDA represents a significant milestone for Invivyd, Inc., particularly as it pertains to its financial outlook. The provided revenue guidance of $150 million to $200 million for the full year 2024 is a substantial figure, especially for a company in the biopharmaceutical sector where product launches can be unpredictable. The expected year-end cash and cash equivalents position of at least $55 million suggests a healthy liquidity status, assuming the revenue targets are met and operational expenses are managed as planned.
Investors should note that the product's success hinges on the uptake within the immunocompromised population and the ability of the company to effectively distribute and market PEMGARDA through its network of authorized specialty distributors. The company's stock price could see volatility based on the actual sales performance relative to guidance and any operational challenges that might arise. Additionally, the long-term sustainability of revenues will depend on the competitive landscape, the duration of the EUA and potential approval for broader use.
PEMGARDA's emergency use authorization (EUA) by the FDA is a critical factor in its potential uptake. The EUA status, however, is temporary and contingent upon the state of the public health emergency. The medication's target demographic—individuals with moderate-to-severe immune compromise—represents a niche yet important segment of the COVID-19 prophylaxis market. The ability to reach and penetrate this market effectively will determine the product's commercial success.
One should consider the impact of emerging COVID-19 variants and the evolving landscape of the pandemic on the demand for such prophylactic treatments. Furthermore, the reliance on specialty distributors for the prescription and delivery of PEMGARDA could both streamline the distribution process and create potential bottlenecks or inefficiencies that may affect sales.
Understanding the market dynamics for COVID-19 prophylactic treatments is essential for evaluating Invivyd's commercial strategy for PEMGARDA. The company's rapid deployment post-EUA is commendable and demonstrates operational efficiency. However, the market for COVID-19 treatments is highly competitive and subject to rapid change due to factors like vaccine development, public health policies and patient preferences.
Market penetration will depend on the company's ability to differentiate PEMGARDA from existing treatments and vaccines, especially in a market that may experience 'pandemic fatigue' and a potential decline in urgency for such treatments. Additionally, the product's pricing, insurance coverage and reimbursement policies will play a important role in its accessibility and adoption by healthcare providers and patients.
04/04/2024 - 04:01 PM
PEMGARDA now commercially available in the U.S. for pre-exposure prophylaxis (PrEP) of COVID-19 in certain adults and adolescents with moderate-to-severe immune compromise Based on anticipated net product revenue and continued optimization of operational expenses, company expects to end 2024 with at least $55 million in cash and cash equivalents Conference call today at 5 pm ET to discuss PEMGARDA launch progress WALTHAM, Mass., April 04, 2024 (GLOBE NEWSWIRE) -- Invivyd, Inc. (Nasdaq: IVVD), a biopharmaceutical company on a mission to protect the vulnerable from serious viral infectious diseases, today announced that PEMGARDA™ is now available for purchase in the U.S.
On March 22, 2024, PEMGARDA (pemivibart) injection, for intravenous use, received emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA) for the pre-exposure prophylaxis (prevention) of COVID-19 in adults and adolescents (12 years of age and older weighing at least 40 kg) who have moderate-to-severe immune compromise due to certain medical conditions or receipt of certain immunosuppressive medications or treatments and are unlikely to mount an adequate immune response to COVID-19 vaccination. Recipients should not be currently infected with or have had a known recent exposure to an individual infected with SARS-CoV-2.
"I am very pleased to announce that, in less than two weeks from receiving EUA, PEMGARDA is now commercially available for order across the U.S.,” said Dave Hering, Chief Executive Officer. "This is a remarkable achievement for our organization and for the immunocompromised individuals we serve. With product now available, today we are providing initial PEMGARDA net product revenue guidance in the range of $150 million to $200 million for the full year 2024. Based on this anticipated net product revenue and our continued optimization of operating expenses, we expect to end 2024 with at least $55 million in cash and cash equivalents.”
PEMGARDA is available by prescription through a network of authorized specialty distributors. Healthcare professionals seeking to obtain PEMGARDA for their patients should contact their primary vendor for ordering information or contact Invivyd at 1-800-890-3385 for more information. For additional information about PEMGARDA, please see the full product Fact Sheet for Healthcare Providers, including important safety information and boxed warning.
Conference Call & Webcast
Invivyd will host a conference call and webcast today, Thursday, April 4 at 5 pm ET. A live audio webcast will be available at https://investors.invivyd.com/. Listeners can register for the webcast via this link . Analysts wishing to participate in the question-and-answer session should use this link . A replay of the webcast will be available in the investor section of the company’s website approximately two hours after the end of the call. Those who plan on participating are advised to join 15 minutes prior to the start time.
About PEMGARDA
PEMGARDA (pemivibart) is a half-life extended investigational monoclonal antibody (mAb). PEMGARDA was engineered from adintrevimab, Invivyd’s investigational mAb that has a robust safety data package and provided evidence of clinical efficacy in a global Phase 2/3 clinical trial for the prevention of COVID-19. PEMGARDA has demonstrated in vitro neutralizing activity in pseudotyped virus-like particle and authentic virus neutralization assays against major SARS-CoV-2 variants, including JN.1, the dominant variant in the U.S. currently according to estimates from the Centers for Disease Control and Prevention. PEMGARDA targets the SARS-CoV-2 spike protein receptor binding domain (RBD), thereby inhibiting virus attachment to the human ACE2 receptor on host cells.
PEMGARDA (pemivibart) injection (4500 mg), for intravenous use is an investigational mAb that has not been approved, but has been authorized for emergency use by the U.S. FDA under an EUA for the pre-exposure prophylaxis (prevention) of COVID-19 in adults and adolescents (12 years of age and older weighing at least 40 kg) who have moderate-to-severe immune compromise due to certain medical conditions or receipt of certain immunosuppressive medications or treatments and are unlikely to mount an adequate immune response to COVID-19 vaccination. Recipients should not be currently infected with or have had a known recent exposure to an individual infected with SARS-CoV-2. PEMGARDA is not authorized for use for treatment of COVID-19 or post-exposure prophylaxis of COVID-19. Anaphylaxis has been observed with PEMGARDA and the PEMGARDA Fact Sheet for Healthcare Providers includes a boxed warning for anaphylaxis. The most common adverse events (all grades, incidence ≥2% ) observed in participants who have moderate-to-severe immune compromise treated with PEMGARDA included systemic and local infusion-related or hypersensitivity reactions, upper respiratory tract infection, viral infection, influenza-like illness, fatigue, headache, and nausea. For additional information, please see the PEMGARDA full product Fact Sheet for Healthcare Providers, including important safety information and boxed warning.
To support the EUA for PEMGARDA, an immunobridging approach was used to determine if PEMGARDA may be effective for pre-exposure prophylaxis of COVID-19. Immunobridging is based on the serum virus neutralizing titer-efficacy relationships identified with other neutralizing human mAbs against SARS-CoV-2. This includes adintrevimab, the parent mAb of pemivibart, and other mAbs that were previously authorized for EUA. There are limitations of the data supporting the benefits of PEMGARDA. Evidence of clinical efficacy for other neutralizing human mAbs against SARS-CoV-2 was based on different populations and SARS-CoV-2 variants that are no longer circulating. Additionally, the variability associated with cell-based EC50 value determinations, along with limitations related to pharmacokinetic data and efficacy estimates for the mAbs in prior clinical trials, impact the ability to precisely estimate protective titer ranges.
The emergency use of PEMGARDA is only authorized for the duration of the declaration that circumstances exist justifying the authorization of the emergency use of drugs and biological products during the COVID-19 pandemic under Section 564(b)(1) of the Federal Food, Drug, and Cosmetic Act, 21 U.S.C. § 360bbb-3(b)(1), unless the declaration is terminated or authorization revoked sooner.
About Invivyd
Invivyd, Inc. (Nasdaq: IVVD) is commercial-stage company on a mission to rapidly and perpetually deliver antibody-based therapies that protect vulnerable people from the devastating consequences of circulating viral threats, beginning with SARS-CoV-2. The company’s proprietary INVYMAB™ platform approach combines state-of-the-art viral surveillance and predictive modeling with advanced antibody engineering. INVYMAB is designed to facilitate the rapid, serial generation of new monoclonal antibodies (mAbs) to keep pace with evolving viral threats. In March 2024, Invivyd received emergency use authorization (EUA) from the U.S. FDA for its first mAb in a planned series of innovative antibody candidates. Visit https://invivyd.com/ to learn more.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “could,” “expects,” “intends,” “potential,” “projects,” and “future” or similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements include statements concerning, among other things, the potential of PEMGARDA as a mAb for pre-exposure prophylaxis (prevention) of COVID-19 in certain adults and adolescents (12 years of age and older weighing at least 40 kg) with moderate-to-severe immune compromise; the company’s plans related to the commercialization of PEMGARDA, including expectations regarding availability of PEMGARDA; 2024 financial guidance, including the company’s anticipated net product revenue and projected cash and cash equivalents balance; the company’s anticipated continued optimization of operating expenses; the company’s ongoing research and clinical development efforts, and the timing thereof; the company’s mission to rapidly and perpetually deliver antibody-based therapies that protect vulnerable people from the devastating consequences of circulating viral threats, beginning with SARS-CoV-2; the design of the company’s INVYMAB platform approach to facilitate the rapid, serial generation of new mAbs to keep pace with evolving viral threats; the company’s expectation that PEMGARDA is the first mAb in a planned series of innovative antibody candidates; and other statements that are not historical fact. The company may not actually achieve the plans, intentions or expectations disclosed in the company’s forward-looking statements and you should not place undue reliance on the company’s forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the company’s actual results to differ materially from the results described in or implied by the forward-looking statements, including, without limitation: how long the EUA granted by the FDA for PEMGARDA will remain in effect and whether the EUA is revoked or revised by the FDA; the company’s ability to build and maintain sales, marketing and distribution capabilities to successfully commercialize PEMGARDA; changes in expected or existing competition; the timing and progress of the company’s discovery, preclinical and clinical development activities; the uncertainties and timing of the regulatory authorization or approval process, and available development and regulatory pathways for authorization or approval of the company’s product candidates; changes in the regulatory environment; unexpected safety or efficacy data observed during preclinical studies or clinical trials; the ability to maintain a continued acceptable safety, tolerability and efficacy profile of PEMGARDA or any other product candidate following regulatory authorization or approval; the predictability of clinical success of the company’s product candidates based on neutralizing activity in preclinical studies; the risk that results of preclinical studies or clinical trials may not be predictive of future results, and interim data are subject to further analysis; the company’s reliance on third parties with respect to virus assay creation and product candidate testing and with respect to its clinical trials; variability of results in models used to predict activity against SARS-CoV-2 variants; whether PEMGARDA or any other product candidate is able to demonstrate and sustain neutralizing activity against major SARS-CoV-2 variants, particularly in the face of viral evolution; the complexities of manufacturing mAb therapies; the company’s dependence on third parties to manufacture, label, package, store and distribute clinical and commercial supplies of its product candidates; whether the company is able to provide sufficient commercial supply of PEMGARDA to meet market demand; whether the company can obtain and maintain third-party coverage and adequate reimbursement for PEMGARDA or any other product candidate; the company’s ability to leverage its INVYMAB platform approach to facilitate the rapid, serial generation of new mAbs to keep pace with evolving viral threats; any litigation and other proceedings or government investigations relating to the company; the company’s ability to continue as a going concern; the company’s ability to optimize operating expenses; and whether the company has adequate funding to meet future operating expenses and capital expenditure requirements. Other factors that may cause the company’s actual results to differ materially from those expressed or implied in the forward-looking statements in this press release are described under the heading “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (SEC), and in the company’s other filings with the SEC, and in its future reports to be filed with the SEC and available at www.sec.gov. Forward-looking statements contained in this press release are made as of this date, and Invivyd undertakes no duty to update such information whether as a result of new information, future events or otherwise, except as required under applicable law.
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What is the name of the biopharmaceutical company mentioned in the press release?
What is the ticker symbol of Invivyd, Inc.?
What is the purpose of PEMGARDA mentioned in the press release?
PEMGARDA is for the pre-exposure prophylaxis of COVID-19 in immune-compromised individuals.
When did PEMGARDA receive emergency use authorization from the FDA?
PEMGARDA received emergency use authorization from the FDA on March 22, 2024.
What revenue guidance is provided for PEMGARDA in 2024?
The company expects PEMGARDA to generate net product revenue in the range of $150 million to $200 million for the full year 2024.
