IDT reports better than expected sales result

Company News

IDT Australia has reported better than expected sales following the recent US launch of its generic temozolomide.

The company received FDA approval for its internally developed temozolomide brand in April 2016.

Temozolomide is a cytotoxic drug used in the treatment of brain cancer.

Mayne Pharma launched temozolomide in the US in November 2016 with one batch of each of 7 strengths.

"This stock was expected to be sufficient to meet Mayne Pharma’s early market penetration efforts until mid-2017," said IDT in a statement. "Since launch, tendering success has been better than anticipated and a further order was recently received by IDT from Mayne Pharma for the 180mg and 250mg dose strengths, with an aggregate value which is larger than the launch stock. This replenishment stock is now in manufacture and expected to be shipped in FY17. Due to the structure of the distribution arrangements, revenue recognition for the profit share portion of the sales will fall in the first half of FY18."

It continued, "Mayne Pharma’s higher than anticipated market share is encouraging and should provide a solid platform for future temozolomide sales growth and operational efficiencies created by higher throughput manufacture. 

"While this represents a significantly faster market uptake than anticipated, IDT still has sufficient production capacity to meet further growth in market share for temozolomide."

IDT also restated its expectation a range of other products should "attain marketable status this calendar year", including pindolol, leucovorin and doxazosin.

"Mexiletine, Carbidopa/Levodopa and Prazosin are also under development with the products to be readied for launch after the launch of the first group of products. IDT is now well placed to realize the value for these assets following the completion of facility and equipment upgrades," it added.