MYOV - Myovant stock gains ~6% after hours on Q1 revenue jump

• Myovant Sciences ( NYSE: MYOV ) stock has gained 6.1% to $12.98 after hours on Wednesday, as the pharmaceutical company reported a huge jump in Q1 revenue and a narrower quarterly loss per share.
• MYOV said its Q1 revenue nearly tripled Y/Y to $116.49M, helped by a $50M upfront payment from Accord Healthcare under a licensing agreement signed in May between the two companies to introduce prostate cancer therapy Orgovyx in Europe.
• MYOV's product revenue also more than tripled Y/Y to $41.35M, as sales of Orgovyx and Myfembree, a drug to control heavy menstrual bleeding due to uterine fibroids, improved in the quarter.
• About 3.5K new patients started treatment with Orgovyx in Q1, while around 2.4K new patients started treatment with Myfembree.
• The company said cash, cash equivalents, marketable securities, and amounts available under its loan agreement with Sumitomo Pharma totaled $400M as of June 30, 2022.
• MYOV stock -21.5% YTD.

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