EVFM - Evofem adds 36% on collaboration for birth control method

Following a twofold rise in value yesterday, Evofem Biosciences (NASDAQ:EVFM) is trading ~36% higher in the pre-market Tuesday after the commercial-stage pharma announced an agreement with one of the largest pharmacy benefit managers for its Phexxi birth control method. The deal is aimed at widening access for Phexxi, an FDA-approved contraceptive vaginal gel, the company said. Starting on July 01, Evofem (EVFM) expects to save $400M through the end of 2022 and close to $2M on an annualized basis with the removal of prior authorization process for the PBM. "This new agreement removes existing barriers, allowing women in the U.S. covered by this plan to fill their Phexxi prescriptions immediately," Chief Executive Saundra Pelletier remarked, noting a sharp increase in profitability of each Phexxi prescription this year.

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Evofem adds 36% on collaboration for birth control method