NYSE$BHVN

Biohaven Ltd old · Q2 2023 earnings

Q2 2023 earnings · · Investor relations

Briefing

Reported financial results for the second quarter and provided a review of recent accomplishments and anticipated upcoming milestones.

Biohaven reported a net loss of $90.3 million for the second quarter of 2023. The company highlighted positive interim data from its BHV-7000 EEG biomarker study and the advancement of BHV-8000 into Phase 1 clinical trials. They also plan to submit an IND for BHV-1300 in the second half of 2023.

  • Announced positive interim data from BHV-7000 EEG biomarker study demonstrating evidence of central nervous system (CNS) target engagement.
  • Advanced brain penetrant TYK2/JAK1 inhibitor, BHV-8000, into Phase 1 with projected therapeutic concentrations achieved and well-tolerated profile observed to date.
  • Advanced targeted extracellular protein degradation platform with potential to support numerous clinical candidates across a broad range of high unmet need indications.
  • Orphan drug designation (ODD) granted by the European Commission for taldefgrobep alfa a novel anti-myostatin adnectin, for the treatment of spinal muscular atrophy (SMA).

Headline financials

Total Revenue

-$17K

Previous: $215M-100.0%
EPS (adj)

-$1.25

Previous: -$3.82+67.3%
Capital Expenditures

-$1.33M

Previous: $1M-232.5%
Free Cash Flow

-$91.7M

Previous: -$68.9M-33.1%
Net Income

-$90.3M

Previous: -$203M+55.6%
Operating Income

-$94M

Previous: -$197M+52.3%
Gross Profit

-$17K

No prior period
Cash & Equivalents

$148M

Previous: $23.2M+536.0%
Total Assets

$507M

No prior period
Stock-Based Comp

$4.7M

Previous: $20.8M-77.4%

Revenue & EPS history

Biohaven · Revenue · Quarterly

-$17K

Q2 2023-100%vs Q2 2022
Beat estimate in 2 of 6 quarters(33%)
ActualEstimate

Forward guidance

Biohaven is progressing its product candidates through clinical programs in a number of common and rare disorders. The Company plans to reach significant pipeline milestones in the coming periods.

Tailwinds

  • Announce Phase 1 EEG study results by year-end 2023
  • Initiate Phase 2/3 studies with BHV-7000 in the second half of 2023
  • Submit IND with BHV-1300, the Company's lead extracellular degrader
  • Submit IND with selective Gd-IgA1 degrader
  • Initiate Phase 2 study with BHV-8000

Headwinds

  • Type A meeting planned with FDA regarding troriluzole program in Spinocerebellar Ataxia Type 3 (SCA3)
  • Complete enrollment in Phase 3 obsessive compulsive disorder (OCD) trial expected to complete at end of 2023
  • Complete enrollment in Phase 3 clinical study of taldefgrobep alfa in SMA
  • Continue advancements across multiple neuroscience and immunoscience indications
  • The FDA informed Biohaven it would not review the application given that the study's primary endpoint was not met and thus, would not permit a substantive review

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 14 quarterly earnings reports · overlaid with Q2 2023

Historical avgQ2 2023

-0.5%

Avg return

Earnings day

+2.0%

Avg return

5 days after

+7.7%

Avg return

30 days after

50%

7 / 14 earnings

Positive

+12.6%

Q2 2024

Best reaction

-12.5%

Q1 2024

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q4 2025-9.7%-16.0%-17.0%
Q3 2024-6.5%+0.5%+28.3%
Q3 2025-5.7%+0.5%+28.3%
Q2 2025-9.0%+6.6%-5.0%
Q1 2025+0.0%-3.7%-5.2%
Q4 2024-2.2%-7.1%-36.3%
Q2 2024+12.6%+13.7%+6.7%
Q1 2024-12.5%-8.7%-17.5%
Q4 2023+4.7%+24.0%+15.6%
Q3 2023+1.0%+4.6%+30.9%
Q2 2023+3.1%+3.4%-3.3%
Q1 2023+5.3%+2.2%+72.6%
Q4 2022+10.4%+5.4%+10.8%
Q3 2022+1.2%+2.2%-0.9%
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Q2 2017———
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