Message to Shareholders, November 2022Message to Shareholders, November 2022
Medicure’s business growth now has four focuses:
AGGRASTAT® (tirofiban hydrochloride) injection continues to hold the majority of the patient market share in the US and contributed about $3 million to Medicure’s revenue for the quarter ended September 30th, 2022, a slight increase over the Q2 revenue. We continue to market the benefits of AGGRASTAT® and nurture brand loyalty.
ZYPITAMAG® (pitavastatin) sales continue to grow from Marley Drug and insured customers. The growth in sales is attributable to applying the learnings from the past couple of years, improved insurance coverage and with the addition of Marley Drug’s direct to consumer market for cash paying customers.
Marley Drug - Marley Drug fits well with our vision and provides excellent customer service, cost competitive medications, immediate direct to patient delivery, and is licensed in all 50 states, Washington D.C. and Puerto Rico. The E-commerce addition is still taking some time but we are exploring further partnerships to increase the customer base. The combined business will be well positioned to strengthen our existing national platforms, including accelerating the growth of ZYPITAMAG®, realizing on material synergies and generating substantial shareholder value.
MC-1 for PNPO – The Phase 3 Pivotal trial for treatment of Pyridoxal 5’-phosphate dependent epilepsy (PNPO deficiency) with the legacy product, MC-1 is now scheduled to begin in Q1 2023. For this indication, MC-1 has received Orphan Drug status and a Rare Pediatric Disease Designation from the FDA, providing significant value as we work diligently towards FDA approval.
Medicure remains focused on growing revenue and earnings with the existing business and further exploration of adding revenue generating products and businesses.
On behalf of the Board of Directors, I want to thank our shareholders, stakeholders and employees for their continued support while we manage our business. We remain committed to creating value for you, our valued shareholders.
Yours sincerely, Albert D. Friesen, Ph.D. Chairman and Chief Executive Officer