ARS Pharmaceuticals Reports Strong Q1 Growth and Updates on CVS Formulary Status

ARS Pharmaceuticals reported first-quarter 2026 revenue of $22.7 million, with neffy generating $17.5 million in U.S. net product revenue. Prescription volume tripled year-over-year, marking a strong start despite typical seasonal lows. The company awaits a crucial formulary decision from CVS Health, targeting a July 1 effective date to align with back-to-school marketing. Currently, neffy has 90% commercial coverage, though only 57% of lives have access without prior authorization, which remains a key barrier to adoption. To address affordability and reduce prescription abandonment, ARS launched a new retail cash price program capping out-of-pocket costs at $199 for rejected commercial claims. In the public sector, Florida added neffy to its unrestricted Medicaid formulary, bringing the total to nine states, with expectations of majority Medicaid coverage by early 2027. The company expanded its sales force to 148 representatives to support high-volume practices and electronic refill requests. Approximately 120,000 patients are now using neffy, with significant growth in provider prescriptions and repeat usage, positioning the needle-free epinephrine treatment for scalable growth as refill cycles mature.