REG - Shield Therapeutics - Unaudited full year trading update

Shield TherapeuticsAnnouncement

05/02/2025 07:00

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RNS Number : 8925V  Shield Therapeutics PLC  05 February 2025

Shield Therapeutics plc

("Shield" or the "Company" or the "Group")

 

Unaudited full year trading update

 

Group revenues ahead of expectations at $32.2m with ACCRUFeR® revenues
growing 153% to $29.3m

42% increase in net selling price to $237 per prescription in Q4 2024

 

Remains on track to be cash flow positive by end of 2025

 

London, UK, 5 February 2025: Shield Therapeutics plc (LSE: STX), a commercial
stage pharmaceutical company specializing in iron deficiency, provides an
unaudited full year trading update for the year ended 31 December 2024
("FY24"). This period reflects a significant step-up in revenue, alongside
successfully streamlining the cost base and strengthening the Company's
balance sheet. These initiatives are part of the Company's ongoing strategy to
become cash flow positive by the end of calendar 2025.

 

The Company expects to report total revenues of $32.2m for FY24 (FY23: $17.5m
revenues and other income) and has seen strong improvements in ACCRUFeR®
prescriptions with 95% growth in total prescriptions to c.150,000 in 2024
generating $29.3m of ACCRUFeR® revenues (FY23: $11.6m), an increase of 153%.

 

During the final quarter of 2024, the Company took a decisive step to
strengthen its balance sheet by securing $10.0m in equity funding from its
largest shareholder AOP Health International Management AG ("AOP"), alongside
a small contribution from a RetailBook Offer. This funding, which was
completed at a premium to the prevailing share price, was received in January
2025. Shield therefore held cash and cash equivalents of $6.5m as of 31
December 2024 (31 December 2023 was $13.9m), with an additional $10m of gross
proceeds received on 3 January 2025. The strengthened balance sheet, along
with the previously announced savings to the Group's operating cost base, will
help the Company achieve its aim of becoming cash flow positive by the end of
calendar 2025.

 

Q4 2024 Key Business Metrics:

·    Strong US ACCRUFeR® revenue: $11.2m, showing a 56% growth over
$7.2m in Q3 2024

·    42% higher average ACCRUFeR® net selling price: $237 per
prescription compared to $167 in Q3 2024, driven primarily by the impact of
pricing changes implemented within the consignment business

·    Total Q4 Prescriptions: c.41,000, with only 22% consignment-based
prescriptions that were dispensed at a significantly subsidized price to
patients and were not reimbursed by payors, compared to 37% in Q3 2024.  This
reduction also helped achieve a higher average net selling price in the
quarter

·    Cash and cash equivalents: $6.5m as of 31 December 2024, with an
additional $10.0m of gross proceeds received post year end, providing
sufficient capital to allow the Company to become cash flow positive by the
end of the year. Shield's rate of cash burn remains highly dependent on the
rate of sales growth for ACCRUFeR®

 

Anders Lundstrom, Chief Executive Officer, commented: "We have made
significant efforts to streamline our cost base whilst driving growth in
ACCRUFeR® revenues, prescriptions, and average net price, all in pursuit of
achieving positive cash flow by the end of the calendar year. I am especially
encouraged by the strong revenue momentum, as our team, in close collaboration
with our partner Viatris, work diligently to expand our presence in the US
market and position ACCRUFeR® as the therapy of choice."

 

Investor presentation

CEO, Anders Lundstrom, and CFO, Santosh Shanbhag, will be hosting a live
online presentation relating to the unaudited full year trading update via the
Investor Meet Company platform at 2.00pm (GMT) on Thursday 6 February 2025.

 

The presentation is open to all existing and potential investors. Questions
can be submitted pre-event via your Investor Meet Company dashboard up until
9am (GMT) or at any time during the live presentation.

 

Investors can sign up to Investor Meet Company for free and add to
meet Shield Therapeutics plc via:

https://www.investormeetcompany.com/shield-therapeutics-plc/register-investor
(https://www.investormeetcompany.com/shield-therapeutics-plc/register-investor)

 

Investors who already follow Shield Therapeutics plc on the Investor Meet
Company platform will automatically be invited.

 

For further information please contact:

 

 Shield Therapeutics plc                                                                        www.shieldtherapeutics.com (http://www.shieldtherapeutics.com/)
 Anders Lundstrom, CEO                                                                          +44 (0) 191 511 8500

 Santosh Shanbhag, CFO                                                                          investorrelations@shieldtx.com

 Stephanie Hicks, Investor Relations

 Nominated Adviser and Joint Broker
 Peel Hunt LLP
 James Steel / Patrick Birkholm                                                                 +44 (0)20 7418 8900

 Joint Broker                                                                                   +44 (0)20 7220 0500
 Cavendish Ltd
 Geoff Nash / Rory Sale / Nigel Birks / Harriet
 Ward

 Financial PR & IR Advisor
 Walbrook PR
 Alice Woodings / Lianne Applegarth                                                             +44 (0)20 7933 8780 or shield@walbrookpr.com (mailto:shield@walbrookpr.com)

 

About Iron Deficiency and ACCRUFeR®/FeRACCRU®

Clinically low iron levels (aka iron deficiency, ID) can cause serious health
problems for adults of all ages, across multiple therapeutic areas. Together,
ID and ID with anemia (IDA) affect about 20 million people in the US and
represent a $2.3B market opportunity. As the first and only FDA approved oral
iron to treat ID/IDA, ACCRUFeR® has the potential to meet an important unmet
medical need for both physicians and patients.

 

ACCRUFeR®/FeRACCRU® (ferric maltol) is a novel, stable, non-salt-based oral
therapy for adults with ID/IDA. The drug has a novel mechanism of absorption
compared to other oral iron therapies and has been shown to be an efficacious
and well-tolerated therapy in a range of clinical trials. More information
about ACCRUFeR®/FeRACCRU®, including the product label, can be found at:
www.accrufer.com (http://www.accrufer.com) and www.feraccru.com
(http://www.feraccru.com) .

 

About Shield Therapeutics plc

Shield is a commercial stage specialty pharmaceutical company that delivers
ACCRUFeR®/FeRACCRU® (ferric maltol), an innovative and differentiated
pharmaceutical product, to address a significant unmet need for patients
suffering from iron deficiency, with or without anemia. The Company launched
ACCRUFeR® in the U.S. with an exclusive, multi-year collaboration agreement
with Viatris Inc. Outside of the U.S., the Company licensed the rights to four
specialty pharmaceutical companies. FeRACCRU® is commercialized in the UK and
European Union by Norgine B.V., which also has marketing rights in Australia
and New Zealand. Shield also has an exclusive license agreement with Beijing
Aosaikang Pharmaceutical Co., Ltd., for the development and commercialization
of ACCRUFeR®/ FeRACCRU® in China, Hong Kong, Macau and Taiwan, with Korea
Pharma Co., Ltd. for the Republic of Korea, and with KYE Pharmaceuticals Inc.
for Canada.

 

ACCRUFeR®/FeRACCRU® has patent coverage until the mid-2030s.

ACCRUFeR®/FeRACCRU® are registered trademarks of Shield Therapeutics.

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