Jamieson Wellness Inc. Reports First Quarter 2024 Results

Branded revenue growth of 37.0% in the U.S. and pro forma 80.2% in China reflects strength of strategic growth plan in the Company's two largest markets

Jamieson Wellness Inc. ("Jamieson Wellness" or the "Company") (TSX: JWEL) today reported its first quarter results for the period ended March 31, 2024. All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS and other financial measures. See "Non-IFRS and Other Financial Measures" below.

"In Q1, we delivered a branded revenue increase of nearly 7%, led by strong demand in the U.S. and China as our growth strategy takes hold and our investments in brand building, innovation, and awareness drive consumers to our brands," said Mike Pilato, President and CEO of Jamieson Wellness.

"Our Canada, International, and Strategic Partners businesses met our expectations for the quarter, with the impact of our Windsor manufacturing facility's 5-week labour disruption shifting some shipments from Q1 to Q2. Throughout Q1, including during the labour disruption, we saw continued strong consumption in units and dollars of the Jamieson brand in Canada and our major International markets as we worked to leverage in-channel and internal inventory to protect the consumer at the shelf. Our combined Q1 results and Q2 guidance account for this shift and we are anticipating front-half branded revenue growth of between 11%-15%, while maintaining our previously disclosed full year guidance.

"As the year progresses, we continue to be confident about the opportunities to further grow our brands in China and the U.S., while continuing to expand our leadership position in Canada. We will invest as planned behind increased demand generation, as consumer demand continues to accelerate. It's an exciting time at Jamieson Wellness and we thank our team members and stakeholders for supporting us on this expansion journey."

First Quarter Highlights

  • Continued strong consumer demand in Canada leveraging in-house and in-channel inventory, despite delayed shipments into Q2 as expected due to the Windsor facility labour disruption
  • Exceptional youtheory revenues, driven by successful product innovation and e-commerce growth
  • In China, our on the ground capability and demand-generating investments accelerated growth
  • International consumption trends remain solid, highlighted by strong performance in Europe
  • Released the Company's first annual Sustainability Impact Report

First Quarter Financial Results Consolidated Summary

All comparisons are with the first quarter of 2023

  • Consolidated revenue was $128.0 million, a decrease of 6.4% as anticipated, driven by 6.7% growth in Jamieson Brands and a 55.7% decline in Strategic Partners as the Company prioritized branded shipments during the labour disruption and closed out a previously discussed Strategic Partners contract
  • Gross profit was $42.8 million, a decrease of $5.7 million; normalized gross profit decreased by $2.5 million largely driven by lower revenues
  • Gross profit margin 3 was 33.4%, a decrease of 210 basis points impacted by costs associated with the labour disruption; normalized gross profit margin increased 50 basis points due to a higher mix of Jamieson Brands sales
  • EBITDA 1 was $7.1 million, an anticipated decrease of $12.2 million or 63.0% reflecting the gross margin change and higher investments in the U.S. and China to drive brand awareness; Adjusted EBITDA 1 was $16.1 million, an anticipated decrease of $8.4 million or 34.3%. Adjusted EBITDA includes adjustments mainly related to the labour disruption and investments to drive IT infrastructure improvements.
  • Net loss was $3.7 million, or $10.8 million lower; Adjusted net earnings 1 were $3.9 million, or $4.9 million lower, with lower normalized earnings from operations partially offset by lower interest expense
  • Loss per share was $0.09; Adjusted diluted earnings per share 2 was $0.09

Summary of Segment Results

All comparisons are with the first quarter of 2023

Jamieson Brands

  • Revenue was $115.3 million, an increase of 6.7% or $7.2 million
    • Canada revenue was $60.9 million, a decrease of 14.7% as anticipated, reflecting the labour disruption as some Q1 shipments shifted into Q2
    • U.S. (youtheory) revenue was $30.4 million, an increase of 37.0% driven by successful innovation and demand generating investments
    • China revenue was $18.7 million, increasing 126.4% which reflects the seasonal impact of direct sales to consumers under the owned-distribution model, while proforma growth on a constant currency basis grew 80.2% driven by the Company's investment in on the ground capabilities and demand generation
    • International revenue was $5.3 million, a decrease of 17.2% on a constant currency basis as anticipated, mainly due to shipment timing shifts into Q2 around the labour disruption
  • Gross profit was $41.1 million, a decrease of $2.7 million; normalized gross profit increased by $0.6 million mainly due to revenue growth
  • Gross profit margin 3 decreased by 480 basis points; normalized gross profit margin was 38.5%, a decrease of 200 basis points due to lower plant utilization and the timing of pricing
  • Adjusted EBITDA 1 was $15.1 million, a decrease of $5.5 million, driven by lower gross profit mainly due to investments in SG&A to drive brand awareness and growth in the U.S. and China; Adjusted EBITDA margin 2 was 13.1%, a decrease of 600 basis points due to lower gross profit margin as noted above and higher SG&A as a percentage of revenue

Strategic Partners

  • Revenue was $12.7 million, a decrease of 55.7% or $15.9 million, as the Company prioritized branded shipments during the labour disruption and completion of the close-out of a customer contract
  • Gross profit was $1.7 million, a decrease of $3.1 million; gross profit margin 3 was 13.0%, a decrease of 350 basis points impacted by customer mix and lower plant utilization
  • Adjusted EBITDA 1 was $1.0 million, a decrease of $2.9 million; Adjusted EBITDA margin 2 was 7.7%, a decrease of 580 basis points

Balance Sheet and Cash Flow

  • The Company utilized $7.3 million in cash from operations compared to $7.9 million generated in Q1 2023
  • Cash from operating activities before working capital considerations of $4.6 million decreased by $8.4 million compared to Q1 2023 due to lower earnings in the quarter and the impact of the non-cash accretion of preferred shares
  • Cash used in working capital increased by $6.8 million compared to Q1 2023 driven by timing of accounts receivable collections and payables in the quarter
  • As at March 31, 2024, the Company had approximately $193.9 million in cash and available revolving and swingline facilities and net debt 1 of $306.1 million

1 This is a non-IFRS financial measure. See the "Non-IFRS and Other Financial Measures" section of this press release for more information on each non-IFRS financial measure.

2 This is a non-IFRS ratio. See the "Non-IFRS and Other Financial Measures" section of this press release for more information on each non-IFRS ratio.

3 This is a supplementary financial measure. See the "Non-IFRS and Other Financial Measures" section of this press release for more information on each supplementary financial measure.

Maintaining Fiscal 2024 Outlook

The Company is maintaining its outlook for the 2024 fiscal year and continues to anticipate the following:

  • Revenue in a range of $720.0 to $760.0 million, which represents annual growth of 6.5% to 12.5%
  • Adjusted EBITDA in a range of $138.0 to $144.0 million
  • Adjusted diluted earnings per share in a range of $1.55 to $1.65

For additional details on the Company's fiscal 2024 outlook, including guidance for the second quarter of 2024, refer to the "Outlook" section in the management's discussion and analysis of financial condition and results of operations ("MD&A") for the three months ended March 31, 2024.

Declaration of First Quarter Dividend

The board of directors of the Company declared a cash dividend for the first quarter of 2024:

  • $0.19 per common share, or approximately $8.0 million in the aggregate
  • Paid on June 14, 2024 to all common shareholders of record at the close of business on May 31, 2024
  • The Company has designated this dividend as an "eligible dividend" for the purposes of the Income Tax Act (Canada)

Consolidated Financial Statements and Management's Discussion and Analysis

The Company's unaudited condensed consolidated interim financial statements and accompanying notes as at and for the three months ended March 31, 2024 and related MD&A are available under the Company's profile on SEDAR+ at www.sedarplus.com and on the Investor Relations section of the Company's website at https://investors.jamiesonwellness.com .

Conference Call

Management will host a conference call to discuss the Company's first quarter 2024 results at 5:00 p.m. ET today, May 9, 2024. To access:

About Jamieson Wellness

Jamieson Wellness is dedicated to Inspiring Better Lives Every Day with its portfolio of innovative natural health brands. Established in 1922, the Jamieson brand is Canada's #1 vitamins, minerals and supplements ("VMS") brand. The Company's youtheory brand, acquired in 2022, is an established and growing lifestyle brand in the U.S. Combined, these global brands are available in more than 50 countries worldwide. The Company also offers a variety of innovative VMS products as well as sports nutrition products to consumers in Canada with its Progressive, Smart Solutions, Iron Vegan and Precision brands. The Company is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. For more information please visit www.jamiesonwellness.com .

Jamieson Wellness' head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company's anticipated results and its outlook for its 2024 revenue, Adjusted EBITDA and Adjusted diluted earnings per share. Words such as "expect", "anticipate", "intend", "may", "will", "estimate" and variations of such words and similar expressions are intended to identify such forward-looking information. This information reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 28, 2024 and under the "Risk Factors" section in the MD&A filed today, May 9, 2024. This information is based on the Company's reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority.

The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company's results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See "Forward-looking Information" and "Risk Factors" within the MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.

Jamieson Wellness Inc.

Selected Consolidated Financial Information

In thousands of Canadian dollars, except share and per share amounts

Three months ended
March 31

2024

2023

Revenue

128,038

136,725

Cost of sales

85,253

88,209

Gross profit

42,785

48,516

Gross profit margin

33.4

%

35.5

%

Selling, general and administrative expenses

39,558

32,392

Share-based compensation

1,749

1,496

Earnings from operations

1,478

14,628

Operating margin

1.2

%

10.7

%

Foreign exchange (gain)/ loss

(771

)

163

Interest expense and other financing costs

4,873

6,302

Accretion on preferred shares

2,219

-

Earnings before income taxes

(4,843

)

8,163

Provision for (recovery of) income taxes

(1,124

)

1,098

Net earnings (loss)

(3,719

)

7,065

Net earnings (loss) attributable to:
Shareholders

(4,113

)

7,065

Non-controlling interests

394

-

(3,719

)

7,065

Adjusted net earnings

3,915

8,808

EBITDA

7,149

19,306

Adjusted EBITDA

16,097

24,508

Adjusted EBITDA margin

12.6

%

17.9

%

Weighted average number of shares
Basic

41,479,861

41,775,989

Diluted

41,479,861

42,791,481

Earnings per share attributable to common shareholders:
Basic, earnings (loss) per share

(0.09

)

0.17

Diluted, earnings (loss) per share

(0.09

)

0.17

Adjusted diluted, earnings per share

0.09

0.21

Jamieson Wellness Inc.

Consolidated Statements of Financial Position

In thousands of Canadian dollars

March 31,
2024

December 31,
2023

Assets
Current assets
Cash

34,150

36,863

Accounts receivable

132,180

164,499

Inventories

196,353

182,456

Derivatives

2,852

3,707

Prepaid expenses and other current assets

4,217

5,335

Income taxes recoverable

5,339

-

375,091

392,860

Non-current assets
Property, plant and equipment

105,307

106,903

Goodwill

278,003

274,411

Intangible assets

369,542

366,521

Deferred income tax

3,919

2,879

Total assets

1,131,862

1,143,574

Liabilities
Current liabilities
Accounts payable and accrued liabilities

109,114

135,520

Income taxes payable

1,353

2,263

Current portion of other long-term liabilities

5,490

7,546

115,957

145,329

Long-term liabilities
Long-term debt

340,285

325,000

Post-retirement benefits

1,108

1,078

Deferred income tax

60,759

60,532

Redeemable preferred shares

91,628

89,409

Other long-term liabilities

42,740

41,031

Total liabilities

652,477

662,379

Equity
Share capital

312,941

312,593

Warrants

14,705

14,705

Contributed surplus

20,784

19,089

Retained earnings

68,694

80,654

Accumulated other comprehensive income

17,886

11,892

Total shareholders' equity

435,010

438,933

Non-controlling interests

44,375

42,262

Total equity

479,385

481,195

Total liabilities and equity

1,131,862

1,143,574

Non-IFRS and Other Financial Measures

This press release makes reference to certain financial measures, including non-IFRS financial measures that are historical, non-IFRS measures that are forward-looking, non-GAAP ratios and supplementary financial measures. Management uses these financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing the Company's business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. The Company uses the following non‑IFRS financial measures: "EBITDA", "Adjusted EBITDA" and "Adjusted net earnings", the most directly comparable financial measure for each that is disclosed in its financial statements being net earnings, "normalized gross profit", "normalized SG&A", "normalized earnings from operations", "cash from operating activities before working capital considerations" and "net debt", the most directly comparable financial measures for each that is disclosed in its financial statements being gross profit, SG&A, earnings from operations, cash flows from operating activities, and long-term debt, respectively, the following non-IFRS ratios: "Adjusted EBITDA margin", "Adjusted diluted earnings per share", "normalized gross profit margin", "normalized operating margin", and the following supplementary financial measures: "gross profit margin" and "operating margin" to provide supplemental measures of the Company's operating performance and thus highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non‑IFRS and supplementary financial measures in order to prepare annual operating budgets and to determine components of management compensation. For an explanation of the composition of each such measure and the usefulness and additional uses of each by management, see the " How we Assess the Performance of our Business " section of the MD&A, which is incorporated by reference. See below for a quantitative reconciliation of each non-IFRS financial measure to its most directly comparable financial measure disclosed in the Company's financial statements to which the measure relates.

The following tables provide a quantitative reconciliation of net earnings to EBITDA, Adjusted EBITDA, and Adjusted net earnings, as well as gross profit to normalized gross profit, SG&A to normalized SG&A, earnings from operations to normalized earnings from operations and net debt, each of which are non-IFRS financial measures (see the " Non-IFRS and Other Financial Measures " of this press release for further information on each non-IFRS financial measure) for the three months ended March 31, 2024.

Jamieson Wellness Inc.

Segment Information

In thousands of Canadian dollars, except as otherwise noted

Jamieson Brands
Three months ended
March 31

2024

2023

$ Change

% Change

Revenue

115,348

108,110

7,238

6.7

%

Gross profit

41,130

43,801

(2,671

)

(6.1

%)

Labour relations costs

3,253

-

3,253

100.0

%

Normalized gross profit

44,383

43,801

582

1.3

%

Gross profit margin

35.7

%

40.5

%

-

(4.8

%)

Normalized gross profit margin

38.5

%

40.5

%

-

(2.0

%)

Share-based compensation (1)

1,749

1,496

253

16.9

%

Selling, general and administrative expenses

38,061

30,663

7,398

24.1

%

Acquisition and divestiture related costs (2)

-

(2,801

)

2,801

100.0

%

IT system implementation (4)

(2,980

)

(670

)

(2,310

)

(344.8

%)

Other

(297

)

(72

)

(225

)

(312.5

%)

Labour relations costs (3)

(1,440

)

-

(1,440

)

(100.0

%)

Normalized selling, general and administrative expenses

33,344

27,120

6,224

22.9

%

Earnings from operations

1,320

11,642

(10,322

)

(88.7

%)

Acquisition and divestiture related costs (2)

-

2,801

(2,801

)

(100.0

%)

IT system implementation (3)

2,980

670

2,310

344.8

%

Labour relations costs

4,693

-

4,693

100.0

%

Other

297

72

225

312.5

%

Normalized earnings from operations

9,290

15,185

(5,895

)

(38.8

%)

Operating margin

1.1

%

10.8

%

-

(9.7

%)

Normalized operating margin

8.1

%

14.0

%

-

(5.9

%)

Adjusted EBITDA

15,124

20,651

(5,527

)

(26.8

%)

Adjusted EBITDA margin

13.1

%

19.1

%

-

(6.0

%)

Strategic Partners
Three months ended
March 31

2024

2023

$ Change

% Change

Revenue

12,690

28,615

(15,925

)

(55.7

%)

Gross profit

1,655

4,715

(3,060

)

(64.9

%)

Gross profit margin

13.0

%

16.5

%

-

(3.5

%)

Selling, general and administrative expenses

1,497

1,729

(232

)

(13.4

%)

Earnings from operations

158

2,986

(2,828

)

(94.7

%)

Operating margin

1.2

%

10.4

%

-

(9.2

%)

Adjusted EBITDA

973

3,857

(2,884

)

(74.8

%)

Adjusted EBITDA margin

7.7

%

13.5

%

-

(5.8

%)

Reconciliation of Non-IFRS Financial Measures

In thousands of Canadian dollars

Three months ended
March 31

2024

2023

Net earnings (loss):

(3,719

)

7,065

Add:
Provision for (recovery of) income taxes

(1,124

)

1,098

Interest expense and other financing costs

4,873

6,302

Accretion on preferred shares

2,219

-

Depreciation of property, plant, and equipment

3,516

3,467

Amortization of intangible assets

1,384

1,374

Earnings before interest, taxes, depreciation, and amortization (EBITDA)

7,149

19,306

Share-based compensation (1)

1,749

1,496

Foreign exchange (gain)/ loss

(771

)

163

Acquisition and divestiture related costs (2)

-

2,801

IT system implementation (4)

2,980

670

Labour relations costs (3)

4,693

-

Other

297

72

Adjusted EBITDA

16,097

24,508

Provision for income taxes

1,124

(1,098

)

Interest expense and other financing costs

(4,873

)

(6,302

)

Depreciation of property, plant, and equipment

(3,516

)

(3,467

)

Amortization of intangible assets

(1,384

)

(1,374

)

Share-based compensation (5)

(1,627

)

(1,454

)

Tax deduction from vesting of certain share-based awards

-

(1,022

)

Tax effect of normalization adjustments

(1,906

)

(983

)

Adjusted net earnings

3,915

8,808

Three months ended
March 31

2024

2023

Gross profit

42,785

48,516

Labour relations costs (3)

3,253

-

Normalized gross profit

46,038

48,516

Normalized gross profit margin

36.0

%

35.5

%

Selling, general and administrative expenses

39,558

32,392

Acquisition and divestiture related costs (2)

-

(2,801

)

IT system implementation (4)

(2,980

)

(670

)

Labour relations costs (3)

(1,440

)

-

Other

(297

)

(72

)

Normalized selling, general and administrative expenses

34,841

28,849

Earnings from operations

1,478

14,628

Acquisition and divestiture related costs (2)

-

2,801

IT system implementation (4)

2,980

670

Labour relations costs (3)

4,693

-

Other

297

72

Normalized earnings from operations

9,448

18,171

Normalized operating margin

7.4

%

13.3

%

Reconciliation of Net Debt

In thousands of Canadian dollars

($ in 000's)

As at March 31,

As at December 31,

2024

2023

Long-term debt

340,285

325,000

Cash

(34,150

)

(36,863

)

Net debt

306,135

288,137

(1)

The Company's share-based compensation expense pertains to its long-term incentive plan (the "LTIP") (refer to "Share-based compensation"), with stock options, performance-based share units ("PSUs"), time-based restricted share units ("RSUs"), and deferred share units ("DSUs") expenses, along with associated payroll taxes.

(2)

Mainly pertains to legal and consulting costs associated with the acquisition of a distributor in China, as well as integration costs relating to the acquisition of youtheory which was completed on July 19, 2022.

(3)

These expenses are comprised of third party legal fees, security fees and unavoidable facility expenditures. All expenses are directly related to the facility closure and collective bargaining process with unionized employees at a manufacturing and warehousing facility in Windsor, Canada.

(4)

Current quarter expense mainly pertains to development costs associated with an IT system implementation to augment system infrastructure.

(5)

Costs pertaining to LTIP, excluding PSUs granted to certain employees relating to business combinations.

Investor and Media Contact Information:
Jamieson Wellness
Ruth Winker
416-960-0052
rwinker@jamiesonlabs.com

News Provided by Business Wire via QuoteMedia

JWEL:CA
The Conversation (0)

Ratio Enters License and Collaboration Agreement with Novartis for SSTR2-targeting Radiotherapeutic Candidate

Ratio to receive upfront, and potential milestones and tiered royalty payments

Ratio Therapeutics Inc. ( Ratio ), a pharmaceutical company employing innovative technologies to develop best-in-class radiopharmaceuticals for cancer treatment and monitoring, entered today into an exclusive worldwide license and collaboration agreement with Novartis Pharma AG, a subsidiary of Novartis AG (NYSE: NVS). The collaboration leverages Ratio's radioligand therapy discovery and development expertise as well as its technology platforms for the development of a Somatostatin Receptor 2 (SSTR2) radiotherapeutic candidate for cancer.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Blank pill bottle spilling a variety of pharmaceutical pills and capsules.

5 Biggest Pharmaceutical ETFs in 2024

The global pharmaceutical market reached a total value of US$1.6 trillion in 2023, according to Statista, up significantly from the US$888 billion seen just over a decade earlier in 2010.

Experienced and novice investors alike may want to consider pharmaceutical exchange-traded funds (ETFs) as a way to gain exposure to the top pharma companies. Like all ETFs, pharmaceutical ETFs are a good option for those who want to trade a set of assets in the pharmaceutical industry instead of focusing solely on individual pharmaceutical stocks.

The main advantage of a pharmaceutical ETF is the fact that it can provide exposure to an overarching sector, but still trades like a stock. Pharma ETFs also offer less market volatility and lower fees and expenses.

Keep reading...Show less
Pill spelling "big pharma."

Big Pharma Stocks Eli Lilly, AbbVie and Pfizer Share Q3 Results

Major pharmaceutical players Eli Lilly (NYSE:LLY), AbbVie (NYSE:ABBV) and Pfizer (NYSE:PFE) reported mixed Q3 results, with each company facing distinct market forces, ranging from supply issues to financial constraints.

In its latest quarterly report, released on Wednesday (October 30), Eli Lilly missed on sales expectations for Zepbound, its popular weight-loss drug, and Mounjaro, its diabetes medication. Despite growing US demand for these products, supply chain management issues impacted the company’s ability to meet Wall Street's expectations.

According to Reuters, Eli Lilly dropped 8 percent on the news, reducing its market valuation by nearly US$70 billion.

Keep reading...Show less
Canada maple leaves on left and pharmaceutical pills in red and blue on right.

4 Best-performing Canadian Pharma Stocks of 2024

From established players to up-and-coming firms, Canada's pharmaceutical company is diverse and dynamic.

Canadian pharma companies are working to discover and develop major innovations amidst an increasingly competitive global landscape. Rising technologies such as artificial intelligence are playing a role in the landscape as well.

Here the Investing News Network lists the top Canadian pharma stocks on the TSX, TSXV and CSE by year-to-date gains. All data was compiled on October 28, 2024, using TradingView’s stock screener, and the companies considered had market caps above C$10 million at that time. Read on to learn about what's been driving their share prices.

Keep reading...Show less
US flag with orange pill bottle on top and white pills spilling out.

Harris vs. Trump: The 2024 US Election, Drug Prices and Healthcare

The exorbitant cost of pharmaceutical drugs in the US has been a contentious issue for years, with the Republican and Democrat parties overtly at odds on the best way to lower drug prices.

Despite the best efforts of lawmakers on both sides of the aisle, prescription drug prices are still on the rise. Figures from the US Department of Health and Human Services show a 15.2 percent increase in the cost of prescription drugs from 2022 to 2023, with an average of US$590 per drug.

In the lead up to the 2024 US general election, the pharmaceutical industry is buttering its bread on both sides with nearly equal contributions to both parties. Citing data from OpenSecrets, KFF Health News reported in late August that drug companies had donated US$4.89 million to Democrats’ coffers and US$4.35 million to Republicans.

Keep reading...Show less
Pills and Australian dollars.

InhaleRx Pens AU$38.5 Million Funding Agreement with Clendon Biotech Capital

Australian healthcare company InhaleRx (ASX:IRX) has entered into a AU$38.5 million funding facility with Melbourne-based Clendon Biotech Capital to cover clinical trial costs for its key projects.

InhaleRx currently has two main projects: its pain asset IRX-211 and its mental health asset IRX-616a.

According to the company, IRX-211 is designed to target breakthrough cancer pain, while IRX-616a focuses on offering fast and effective relief for individuals suffering from panic disorder.

Keep reading...Show less

Latest Press Releases

Related News

×