ARS Pharmaceuticals (SPRY) Jefferies Global Healthcare Conference 2025 summary

Product innovation and market opportunity

• neffy, a needle-free epinephrine product, is approved for type 1 allergic reactions and anaphylaxis, with both 1 mg and 2 mg doses available for patients aged 4 and above 15 kg.

• Plans are underway to develop a lower-dose product for children under 15 kg, expected in a few years.

• The product benefits from strong IP protection with patents extending to 2039 and is supported by $275 million in cash, aiming for cash neutrality by late next year.

• neffy addresses key unmet needs: ease of use, improved carriage, and reduced needle-phobia, with high reliability and stability even at elevated temperatures.

• The U.S. market opportunity is estimated at $3 billion, with potential for further growth through increased patient adoption and institutional use.

Commercial execution and physician engagement

• neffy achieved $7.8 million in net sales in its second full quarter, with rapid uptake and 23% market share for the 1 mg dose.

• The sales force targets 12,000 high-prescribing physicians, now expanding to 20,000 through a co-promotion with ALK, covering 55% of the market.

• Over 10,000 physicians have been engaged, with 5,500 prescribing neffy to date.

• The neffy Experience program enrolls 2,500 physicians, providing in-clinic product use and generating real-world data to build trust and confidence.

• Surveys show two-thirds of physicians would offer neffy today, and 9 out of 10 will prescribe it if requested by patients.

Access, coverage, and patient adoption

• neffy has achieved 92% commercial coverage, with 57% requiring no prior authorization and 35% requiring a simple PA.

• Co-pay programs reduce patient out-of-pocket costs to $25, below the $42 average for generic auto-injectors.

• Gross-to-net retention exceeds 50%, supported by favorable contracts with major GPOs and PBMs.

• Only 16% of patients are currently aware of neffy, but 81% of caregivers are likely to ask their provider after learning about it.

• Direct-to-consumer (DTC) campaigns are expected to significantly boost awareness and demand.