Biohaven Ltd. Q3 FY2021 earnings call

Collaboration with Pfizer - Announced a strategic commercialization collaboration with Pfizer for markets outside the U.S. Pfizer will pay $500 million at closing, including $150 million in cash and $350 million in equity investment. Biohaven is eligible for up to $740 million in milestone payments. - NURTEC ODT Performance - Third quarter net revenue was $136 million, a 46% increase from the prior quarter. It has over 1 million prescriptions and a 57% market share in the NBRx metric after prevention approval. - R&D and SG&A - R&D investment in the quarter on a non-GAAP basis was $68.9 million, an increase from $51.8 million in the prior year quarter. SG&A expense on a non-GAAP basis was $149.6 million, an increase from $110.2 million in the prior year quarter. - Pipeline - R&D includes multiple programs such as Zavegepant with intranasal and oral formulations, 3100 in Phase 1 study, troriluzole with Phase 3 Spinocerebellar Ataxia study results expected in H1 2022, Verdiperstat in ALS study enrolling in Q4 2021, etc.

NURTEC ODT net revenue in the third quarter was $136 million. The cumulative launched-to-date net revenue is approximately $336 million. Over 1 million prescriptions of NURTEC ODT have been filled to date. After the prevention approval, the NBRx metric increased to 57%, reflecting robust demand for the dual indication. NURTEC ODT contributes significantly to the company's revenue with its strong growth and market share in the oral CGRP migraine treatment segment.

- Collaboration with Pfizer strengthens Biohaven's cash position with $500 million upfront and potential milestone payments. - Expect approval of NURTEC ODT in Europe in the first half of 2022. - Anticipate top-line results for Zavegepant Phase 3 study in the near future.

- Market competition in the migraine treatment space. - Uncertainties in regulatory approvals for global expansion of products. - Volatility in pharmaceutical market dynamics affecting sales and revenue.

Q: Why didn't Pfizer buy the whole company?

A: Preserving optionality in the U.S., getting cash and global commercial expertise to accelerate revenue from the ex-U.S. market.

Q: How to consider the milestones in the agreement?

A: Details will be in the filing, but the partner will bring revenues sooner than anticipated.

Q: How does NURTEC ODT's profile compare to other CGRP drugs?

A: NURTEC ODT is unique as it is the first and only therapy for both acute and prevention in one pill, which resonates well with payers, patients, and doctors compared to other drugs with single indications.