Jaguar Health (NASDAQ:JAGX) shares fell -9% on Monday after the drug company missed revenue estimates despite a 176% year-over-year jump to $11.9 million by 2022.
Sales were boosted by its drug Mytesi, used to treat diarrhea in adult HIV/AIDS patients receiving antiretroviral treatment. therapy. Mytesi revenue increased 175% to $11.7 million.
Ian Wendt, Jaguar’s Chief Commercial Officer, stated: “The transition we completed in January 2022 to a limited distribution network of specialist pharmacies resulted in a significant reduction in Mytesi’s distribution costs, as well as a higher average net price. “.
“This transition to specialty pharmacy distribution also assists in preparing the company’s commercial distribution network in the US for possible future indication expansion of crofelemer to other patient populations with complex medical needs, such as CTDs.” , inflammatory bowel disease and SBS”.
Increased clinical trial activities related to Phase 3 CTDs and other indications led to increased R&D spending from $15.1 million for 2021 to $17.7 million for 2022.
Higher revenue and lower sales and marketing costs helped reduce operating losses from $40.7 million to $34.4 million.