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Valeo Pharma CEO Steve Saviuk joined SteveDarling from Proactive to discuss the company's financial resultsfor the second quarter, which saw record-breaking revenue for theperiod. The company reported revenues of $14.1 million for Q2, anincrease from the $13.6 million recorded in the same quarter of 2023.This represents a growth of 4%. The revenue increase was primarilydriven by a boost in sales due to promotional activities in therespiratory segment, Allerject, and sustained growth from other coreproducts such as Redesca and Simbrinza.
However, Saviuk emphasized that these top-line numbers do notfully capture the extent of the company's progress. Despite theoverall growth, the company faced revenue softness in several of itsnon-core brands and encountered short-term structural delays inOntario that impacted Redesca. These challenges somewhat masked therobust performance of Valeo's asthma franchise, which saw a 52%increase in Q2 revenues compared to the same quarter the previousyear. Specifically, total prescriptions for Enerzair and Atectura forthe 12 months ending April 30, 2024, surpassed 88,000, marking asignificant 96% increase over the 12-month period ending April 30,2023.
In addition to discussingrevenue figures, Saviuk announced that Valeo Pharma is undertaking acomprehensive restructuring of its commercial field operations. Thisinitiative aims to improve profit margins, reduce operating expenses,align the company's commercial infrastructure with current marketdynamics, and accelerate its journey towards profitability. These costreduction measures are expected to decrease operating expenses by morethan $5 million annually. Combined with previously implementedcost-saving strategies, Valeo anticipates that total cost savings willexceed $7 million.
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