Verrica Pharmaceuticals reports Q1 EPS (10c), consensus (14c)

Reports Q1 revenue $3.439M, consensus $2.53M. “I am pleased to report that our focused commercialization strategy is helping to drive increased demand for YCANTH and the demand has allowed us to normalize distributor inventory levels. For the first time, we dispensed more than 10,000 applicator units in a quarter. We are excited by the strong pull-through from our distributors, which translated to $3.4 million in revenue in the first quarter, and we expect this closer alignment between dispensed applicator units and revenue to continue going forward. Furthermore, we saw momentum in dispensed applicator units build throughout the first quarter and we are looking to build on that momentum in the second quarter,” said Dr. Jayson Rieger, PhD, MBA, President and Chief Executive Officer of Verrica. Dr. Rieger continued, “In parallel with our commercial progress, Verrica’s clinical-stage pipeline also continues to advance. We are working with our Japanese development and commercialization partner, Torii Pharmaceutical, to initiate our global Phase 3 program of YCANTH for the treatment of common warts. Meanwhile, we continue to advance our novel oncolytic peptide, VP-315, which has shown promising safety and efficacy data in a Phase 2 trial for the treatment of basal cell carcinoma, as we have recently held our end-of-Phase 2 meeting with the FDA that will help us to design a Phase 3 program.”