Adamas Pharmaceuticals, Inc. (NASDAQ: ADMS) shares rose Friday after reporting strong Q2 results.
Adamas reported net product sales of $7.6 million for the three months ended June 30, 2018. The figure was $10.1 million for the six months ended June 30, 2018. The full commercial launch of GOCOVRI occurred on January 8, 2018, so there were no similar product sales in 2017.
The company recognizes revenue using the sell-in method, typically when products are delivered to the specialty pharmacy.
Research and development (R&D) expenses for the second quarter ended June 30, 2018, were $9.8 million, including $0.7 million in stock-based compensation expense, compared to $7.2 million for the second quarter ended June 30, 2017, which included $0.9 million in stock-based compensation expense.
According to CEO Gregory Went, "We continue to be pleased with the progress of the GOCOVRI launch in its second quarter of commercialization. It is still early days and our focus remains on educating physicians on the unique profile of GOCOVRI and raising awareness of dyskinesia among people with Parkinson’s disease."
The company fulfilled approximately 3,430 paid prescriptions of GOCOVRI, the first and only medicine approved by the U.S. Food and Drug Administration (FDA) indicated for the treatment of dyskinesia in patients with Parkinson’s disease receiving levodopa-based therapy, in the second quarter of 2018
Adamas enrolled the first patient in INROADS3, the Phase 3 open-label INvestigational Research Study Of ADS-5102 (amantadine) extended release capsules in multiple sclerosis (MS) walking impairment
Shares fell 84 cents, or 3.4%, to $24.05
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