Neuren Pharmaceuticals (NEU) H1 2025 earnings summary

Executive summary

• Net profit after tax for H1 2025 was A$15.0 million, up from A$8.0 million in H1 2024, driven by increased DAYBUE royalties and other income.

• DAYBUE royalty revenue reached A$28.3 million, with US net sales of US$180.7 million for H1 2025.

• DAYBUE patient numbers and persistency rates continue to grow, with significant market potential remaining in the US and expansion efforts underway in Europe and Japan.

• NNZ-2591 advanced to Phase 3 trials for Phelan-McDermid syndrome, with additional indications and FDA Fast Track designation for Pitt-Hopkins syndrome.

• A$50 million share buy-back completed at an average price of A$12.27 per share.

Financial highlights

• Royalty revenue increased to A$28.3 million (H1 2024: A$24.3 million); interest income was A$6.3 million.

• Net profit after tax rose to A$15.0 million (H1 2024: A$8.0 million).

• Basic EPS was 11.9 cents (H1 2024: 6.3 cents); diluted EPS was 11.65 cents (H1 2024: 6.13 cents).

• Total cash and short-term investments at 30 June 2025 were A$300 million (31 Dec 2024: A$222 million).

• Net cash from operating activities was A$128.3 million, compared to net cash used of A$20.5 million in H1 2024.

Outlook and guidance

• Full-year 2025 DAYBUE US net sales guidance is US$380–405 million, with expected full-year royalties of A$62–67 million.

• European marketing authorisation for trofinetide anticipated in Q1 2026; commercialisation team being built.

• No additional funding required for NNZ-2591 Phase 3 program due to strong financial position.

• Substantial US growth potential with two-thirds of diagnosed Rett patients yet to try DAYBUE.