ARS Pharmaceuticals' Q2 2025: Navigating Key Contradictions in DTC Impact, Inventory, and NUCLEUS Commercialization

DTC impact on sales, inventory and COGS, ALK partnership and market expansion, impact of DTC campaign, and commercialization timeline for NUCLEUS are the key contradictions discussed in ARS Pharmaceuticals' latest 2025Q2 earnings call.



U.S. Commercial Momentum and Revenue Growth:
- ARS Pharmaceuticals reported $12.8 million in net product revenue for Q2 2025, reflecting a 64% increase compared to Q1.
- Growth was driven by the availability of a 1-milligram pediatric dose, steady traction with payers, and increased consumer awareness due to a national DTC campaign.

Payer Coverage and Access Expansion:
- The company achieved 93% commercial coverage, with 57% of commercial payers not requiring prior authorizations.
- Improved access was facilitated by easier prior authorization processes and increasing fill rates, ensuring patient access to neffy when needed.

Sales and Marketing Efforts and Consumer Engagement:
- The DTC campaign "Hello neffy, Goodbye Needles" gained traction, with roughly half of patient respondents recalling the advertisement.
- The campaign, launched in late May and expanded in July, aims to encourage patients to ask for neffy by name, contributing to a significant increase in brand awareness.

International Expansion and Regulatory Approvals:
- ALK successfully launched EURneffy in Germany, and neffy was approved in the United Kingdom, the largest market outside the U.S.
- Additional regulatory decisions in Canada, Australia, Japan, and China are expected by the end of 2025 and early 2026, enabling global market penetration.