MYOV - Myovant: Endometriosis Setback Hints At Deeper Issues Around Pfizer Partnership

• Myovant markets and sells Relugolix - a once-daily, oral, gonadotropin-releasing hormone (“GnRH”) receptor antagonist - across two indications.
• These are prostate cancer, as ORGOVYX, and menstrual bleeding caused by uterine fibroids, as MYFEMBREE.
• The company splits revenues 50/50 with Pfizer, which paid $650m upfront for the joint rights to Relugolix, and may pay out more based on new approvals and sales milestones.
• Last week the FDA unexpectedly told Myovant / Pfizer it had identified "deficiencies" in its sNDA for MYFEMBREE in endometriosis - a potentially lucrative new market.
• It's bad timing and dragged Myovant's share price down, but my research suggests there may be deeper underlying problems at the company. I discuss below.

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