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Evoke Pharma Reports First Quarter 2024 Financial Results By Investing.com

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114% year-over-year increase in net product sales70% prescriber growth in Q1 2024 compared to Q4 2023Growing sales metrics reaffirms company’s $14M net revenue guidance for 2024

SOLANA BEACH, Calif., May 14, 2024 (GLOBE NEWSWIRE) — Evoke Pharma, Inc. (NASDAQ: NASDAQ:), a specialty pharmaceutical company focused primarily on treatments for gastrointestinal (GI) diseases with an emphasis on GIMOTI ®  (metoclopramide) nasal spray,  today announced its financial results for the first quarter ended March 31, 2024, and recent corporate developments.

Matt D’Onofrio, CEO of Evoke Pharma commented, The results achieved in the first quarter of 2024 reflect continued momentum with the adoption of GIMOTI. The real-world healthcare utilization data, including outcomes from over 500 patients, have consistently supported GIMOTI’s efficacy for diabetic gastroparesis treatment compared to oral. Moreover, testimonials from leading physicians and the positive experiences shared by patients underscore the growing demand and trust in GIMOTI.

In the first quarter of 2024, our net revenue of approximately $1.7 million faced marginal impacts from transient challenges, including a cyberattack on the largest U.S. medical claims processor and an increase in co-pay expenses covered by Evoke. The increase in co-pay expenses was partly due to lower payor reimbursements against higher patient deductibles typical at the year’s start. The cyberattack in late February also disrupted new patient enrollments and refill adjudications for GIMOTI. Despite these obstacles, our adaptive strategies and resilience are yielding positive results. Notably, we’ve achieved a 70% quarter-over-quarter growth in prescriber numbers and a 10% increase in medication fills. Additionally, our strengthened partnership with ASPN Pharmacies is poised to further enhance our service delivery and patient reach. We are confident that the issues from this quarter will fully resolve as the year progresses. Coupled with our strong performance on key sales indicators, we anticipate accelerated growth throughout the remainder of 2024, Mr. D’Onofrio continued.

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First Quarter 2024 Developments and Recent Highlights:

  • Maximizing GIMOTI Awareness Building Efforts through KOLs & Conferences “  Held virtual webinar featuring Michael Cline, DO., Medical Director Gastroparesis Clinic at the Cleveland Clinic in April to discuss…

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