Milestone Pharmaceuticals (MIST) Wells Fargo 21st Annual Healthcare Conference summary

Company overview and product focus

• Focused on CARDAMYST (etripamil), a nasal spray calcium channel blocker for tachycardias, with initial approval for SVT and a phase III trial underway for atrial fibrillation with rapid ventricular rate.

• Headquartered in Charlotte, NC, with about 150 employees.

Launch progress and market adoption

• Launched CARDAMYST in mid-February, with strong initial reactions from healthcare providers and payers.

• Electrophysiologists are early adopters, but expanding awareness and prescribing among cardiologists is a key focus.

• Early adoption is concentrated among highly engaged patients, especially those recently diagnosed or post-emergency department visit.

• Targeting high-volume cardiologists to maximize awareness and habit formation among prescribers.

Payer coverage and revenue strategy

• Achieved over 50% commercial coverage, including Express Scripts and UnitedHealthcare, with Medicare coverage expected to build gradually starting next year.

• Early revenue per script is low due to free drug programs aimed at building prescriber habit, but covered scripts are within the $500–$1,000 net price range.

• Expectation for revenue per script to improve as coverage expands and free drug programs are reduced.