Verrica Pharmaceuticals Announces Specialty Pharmacy Partnership Agreement with Walgreens to Distribute YCANTH™
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The expansion of Verrica Pharmaceuticals' distribution network through the partnership with Walgreens represents a strategic move to increase the accessibility and availability of YCANTH, their FDA-approved treatment for molluscum contagiosum. This collaboration is likely to enhance the company's market penetration and could potentially lead to increased sales volume. By leveraging Walgreens' extensive reach, Verrica is positioning itself to meet the demand for their product in a market with a considerable patient population.
Given that molluscum contagiosum affects millions annually, the agreement could significantly impact Verrica's revenue streams. It is essential to monitor the execution of this distribution strategy and the subsequent market response, as these will be critical indicators of the partnership's success. The deal could also serve as a catalyst for future agreements with other pharmacies or retail chains, further bolstering the company's distribution capabilities.
The announcement of Verrica Pharmaceuticals' distribution agreement with Walgreens is likely to be viewed positively by investors, as it signals growth and expansion efforts. This deal should be assessed not only for its potential to drive up short-term sales but also for its implications on the company's long-term financial health. The enhanced distribution network could improve the company's competitive position within the dermatology therapeutics market.
It is important to consider the impact on the company's margins, as agreements with large chains like Walgreens often involve negotiations on pricing and terms that could affect profitability. Investors should look for future financial disclosures to assess the financial impact of this agreement, including any changes in revenue growth, cost of sales and net income margins. The market will also be interested in the uptake rate of YCANTH post-agreement, which will serve as a barometer for the deal's efficacy.
The partnership between Verrica Pharmaceuticals and Walgreens is a significant development in the treatment landscape for molluscum contagiosum, a common and contagious skin disease. The increased distribution of YCANTH through Walgreens' specialty pharmacy network is expected to improve patient access to the therapy. This is particularly relevant as there are limited FDA-approved treatments for this condition, highlighting the potential for YCANTH to fill an unmet medical need.
From a medical research perspective, the broader availability of YCANTH may also facilitate real-world data collection on its efficacy and safety, contributing to the body of evidence supporting its clinical use. As more patients gain access to the treatment, the medical community will be better positioned to understand its impact on patient outcomes, which could influence prescribing practices and further drive demand for the product.
WEST CHESTER, Pa., Jan. 03, 2024 (GLOBE NEWSWIRE) -- Verrica Pharmaceuticals Inc. (“Verrica” or “the Company”) (Nasdaq: VRCA), a dermatology therapeutics company developing medications for skin diseases requiring medical interventions, today announced that it is growing its distribution network by entering into an agreement with Walgreen Co. (“Walgreens”) to distribute YCANTH™ through its specialty pharmacy. Walgreens joins Verrica’s existing specialty pharmacy, Nufactor, who continues to be instrumental in helping the Company build awareness of YCANTH therapy among high volume dermatology and pediatric medical practices.
“We are excited to enter into this agreement with Walgreens to help bring the first FDA-approved therapy for the treatment of molluscum contagiosum, YCANTH, to the millions of adults and children who contract this viral skin disease each year,” said Ted White, President and Chief Executive Officer of Verrica Pharmaceuticals. “Walgreens and Verrica mutually recognize the need to address this significant unmet medical need in dermatology, and we look forward to working together to provide greater access to YCANTH for patients in need. We will also continue to work closely with Nufactor, our other Specialty Pharmacy, who continues to be an extraordinary partner.”
About Verrica Pharmaceuticals Inc.
Verrica is a dermatology therapeutics company developing medications for skin diseases requiring medical interventions. On July 21, 2023, Verrica’s lead product, YCANTH (cantharidin), became the first treatment approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum, a highly contagious viral skin infection affecting approximately 6 million people in the United States, primarily children. VP-102 is also in development to treat common warts and external genital warts, two of the largest remaining unmet needs in medical dermatology since YCANTH’s approval. Verrica is developing VP-103, its second cantharidin-based product candidate, for the treatment of plantar warts. Verrica has also entered a worldwide license agreement with Lytix Biopharma AS to develop and commercialize VP-315 (formerly LTX-315 and VP-LTX-315) for non-melanoma skin cancers including basal cell carcinoma and squamous cell carcinoma. For more information, visit www.verrica.com.
Forward-Looking Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believe,” “expect,” “may,” “plan,” “potential,” “will,” and similar expressions, and are based on Verrica’s current beliefs and expectations. These forward-looking statements include expectations with regard to the continuing commercial launch of YCANTH, the future performance of YCANTH, and the potential benefits of YCANTH and Verrica’s product candidates to patients. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include uncertainties inherent in the drug development process and the regulatory approval process, Verrica’s reliance on third parties over which it may not always have full control, and other risks and uncertainties that are described in Verrica’s Annual Report on Form 10-K for the year ended December 31, 2022, Verrica’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, and other filings Verrica makes with the U.S. Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and are based on information available to Verrica as of the date of this release, and Verrica assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.
FOR MORE INFORMATION, PLEASE CONTACT:
Investors:
Terry Kohler
Chief Financial Officer
tkohler@verrica.com
Kevin Gardner
LifeSci Advisors
kgardner@lifesciadvisors.com
Chris Calabrese
LifeSci Advisors
ccalabrese@lifesciadvisors.com
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