Valeo Pharma projects record revenues and margins for its second quarter following Redesca launch

Valeo Pharma Inc (CSE:VPH) (OTCQB:VPHIF) (FRA:VP2), the Canadian specialty pharma, said it saw record revenues and margins in its second quarter to end-April, 2021, as its anticoagulant drug Redesca was commercially launched.  For the three months to April 30, the company is projecting revenues to have lifted over 40% compared to the first quarter of this fiscal year and gross margins to have doubled.  READ: Valeo Pharma joins the Innovative Medicines Canada Association "Our second quarter showed a sharp increase in both sales and margins and promises to be the highest revenue quarter in the company's history following the national launch of Redesca in the last weeks of the quarter," said Steve Saviuk, CEO of Valeo, in a statement.  "The successful commercial uptake of Redesca will soon be followed by the launches of Enerzair Breezhaler and Atectura  Breezhaler, two new innovative asthma therapies. "We expect that our financial performance will continue to accelerate with our third quarter already shaping up to bring us to new highs." As reported at the end of March this year, the company struck a milestone deal with pharma giant Novartis Pharmaceuticals to commercialize Enerzair Breezhaler and Atectura Breezhaler -  two Health Canada-approved asthma therapies - which are set for commercial launch in June 2021. The implementation of new respiratory sales force infrastructure and recruiting new personnel also advanced during the second quarter, it said. Frederic Fasano, the chief operating officer (COO) at the company, noted: "Valeo is taking advantage from the right product mix to fuel its growth over the coming years. "As we prepare for the upcoming product launch of our respiratory drugs, we are expanding our corporate structure to support our growing portfolio and to facilitate accessing new products," he said. "Valeo is attracting high-quality candidates and will undoubtedly benefit from the years of industry experience and solid track records these new people bring. Our recruitment process is progressing as planned and should be completed by early fall 2021." Notably, Valeo said the contribution from products it has launched over the last year now make up more than 50% of its revenues. Also in the statement, the company said it had granted 205,000 share options and 475,000 restricted share units (RSUs) to certain officers and employees as part of their remuneration. It has also issued share purchase warrants to arm's length consultants providing social media support and corporate branding services, it said. Valeo Pharma is a Canadian pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on respiratory, neurology, oncology and hospital specialty products. Contact the author at giles@proactiveinvestors.com