Myovant Sciences Ltd.

Myovant reported Q1 total revenues of $116.5 million and net product revenue of $41.4 million. ORGOVYX contributed $36 million of net revenue, up 22% quarter over quarter, and MYFEMBREE contributed $4 million, with MYFEMBREE demand volume up 54% sequentially. The company also recognized $25.1 million of Pfizer collaboration revenue and $50 million of Accord license revenue. Net loss was $21.2 million, or $0.22 per share. Gross-to-net for ORGOVYX was approximately 44% and expected to remain in the low-to-mid 40% range for fiscal 2022. The company guided fiscal 2022 total tax expense to about $23 million to $25 million; future-quarter R&D and SG&A are expected to be higher than Q1. Myovant ended the quarter with $400 million of cash, marketable securities and committed financing, including $358.7 million of cash and securities and $41.3 million of loan capacity from Sumitomo Pharma.

Dave Marek framed the quarter as a strong start to the year, emphasizing broad adoption of ORGOVYX and MYFEMBREE, plus regulatory progress that could expand Myovant’s reach. He highlighted 26% sequential ORGOVYX volume growth, MYFEMBREE’s leadership in uterine fibroids prescriptions, and the company’s confidence in its endometriosis filing ahead of the August 6 PDUFA date. His tone was constructive and confident, with repeated emphasis on growth, differentiation, and upcoming milestones.

Uneek Mehra walked through the quarter’s reported figures and reiterated that the balance sheet is strong despite a tough macro backdrop. He cited $116.5 million of total revenue, $41.4 million of net product revenue, $25.1 million of Pfizer collaboration revenue, $50 million of Accord license revenue, and a $21.2 million net loss. He also noted ORGOVYX gross-to-net at about 44% due to Medicare Part D rebate timing, expected ORGOVYX gross-to-net of low-to-mid 40% for the year, and fiscal 2022 tax expense of $23 million to $25 million. On liquidity, he pointed to $358.7 million of cash and marketable securities plus $41.3 million remaining under the Sumitomo facility, and said future R&D and SG&A will rise as relugolix lifecycle work, post-marketing requirements, and commercial spending increase.

Analysts focused on the FDA endometriosis review, including whether labeling discussions suggest any deficiencies had been resolved and whether the label could be more restrictive or more favorable; management declined to speculate and said only that discussions were underway and they remained confident. Questions also centered on how fast MYFEMBREE might ramp in endometriosis, with management saying the same dose, same brand, payer coverage from uterine fibroids, and physician familiarity should help a quick launch if approved. On financials, analysts asked about taxes and cash burn; management explained the 2022 tax guidance reflects Section 174 treatment and conservative booking, and said Q1 cash burn was about $75 million net, or about $120 million excluding the Accord upfront, with comfort in the runway and a potential $100 million Pfizer milestone if endometriosis is approved.