FY1Q22 R&D expenses were $48.5M, slightly high relative to prior guidance of $150-170M for the full FY2022; FY1Q22 SG&A expenses were $9.5M, inline with prior guidance of $35-41M for full fiscal FY2022 (#msg-166871344).
-- How ENTA’s Mavyret royalty is calculated
ENTA’s royalty rate on Mavyret sales from ABBV is tiered, as shown in the table in #msg-142808661. The royalty rate is applied to the 50% Glecaprevir component of Mavyret (a 2-drug combination). The royalty tiers reset at the start of each calendar year (like tax brackets), so ENTA’s royalty rate is highest in the fourth calendar quarter (ENTA’s fiscal* Q1) and is lowest during the first calendar quarter (ENTA’s fiscal* Q2).
During calendar 4Q21 (ENTA’s FY1Q22*), ABBV sold $427M of Mavyret (#msg-167727290), noting that HCV new-patient starts were still below pre-pandemic levels. ABBV issued calendar-2022 guidance for Mavyret sales of $1.7B, unchanged from the calendar-2021 number (#msg-167728327).
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