ARS Pharmaceuticals (NASDAQ:SPRY) reported $33.4 million in third-quarter U.S. net product revenue from its needle-free epinephrine treatment neffy and reaffirmed its goal of reaching cash flow breakeven by the end of 2027.
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President and CEO Donn Casale said neffy’s share of the U.S. epinephrine market exceeded 5%, up from 4% a year earlier, as end-user demand rose 42%. The company is shifting its commercial strategy toward targeted provider engagement while reducing broad consumer advertising.
Total revenue rose to $37.7 million from $32.5 million in the third quarter of 2025. In addition to neffy’s U.S. sales, the latest quarter included $2.6 million in supply revenue outside the U.S. and $1.7 million in collaboration revenue.
Targeted Accounts Drive Market Share Gains
Casale said neffy’s share in field-targeted accounts rose to 9% from 6% a year earlier, compared with 2% in non-targeted accounts. The targeted accounts represent about 44% of the overall market opportunity, he said.
More than 19,000 unique providers prescribed neffy during the quarter, up 49% year over year, bringing the total since launch to nearly 45,000, according to Casale.
Chief Commercial Officer...