Record First-Quarter neffy® Sales Power ARS Pharma’s Growth Amid Coverage Expansion and Market Access Gains

Q1 2026 Revenue Hits $22.7 Million, Led by U.S. neffy® Launch

ARS Pharmaceuticals (NASDAQ: SPRY) posted a strong start for 2026, with first-quarter total revenue reaching $22.7 million, nearly three times higher than the same period last year. The company’s flagship product, neffy®—the first and only needle-free epinephrine nasal spray for emergency treatment of allergic reactions—generated $17.5 million in U.S. net product revenue, highlighting rapid adoption among prescribers and patients.

Growing Market Access: CVS, Medicaid, and School Programs Drive Uptake

ARS Pharma’s access push is gaining momentum. The company’s proposal to add neffy to CVS Caremark’s formulary is in the final approval stages, with an update expected in early June and a target effective date of July 1. If approved, this could significantly broaden neffy’s commercial reach—coupled with the company’s target gross-to-net retention of ~50%.

Florida recently became the ninth state Medicaid plan to list neffy without prior authorization, and the company expects most Medicaid plans to follow by early 2027. In addition, more than 10,000 schools have joined the ‘neffyinSchools’ initiative, collectively receiving over 20,000 free units for emergency use. Already, over 200 successful uses have been reported.

Commercial Execution: Expanding Sales Force and Retail Affordability Efforts

To meet rising demand, ARS Pharma expanded its sales force from 106 to 148 representatives. This expansion allowed for greater engagement among high-prescribing allergists, with more than 28,000 healthcare providers now having prescribed neffy—half of whom are repeat prescribers.

The company’s launch of a point-of-sale retail pharmacy program in May aims to convert rejected claims into a fixed $199 cash price for patients, helping reduce prescription abandonment and improve affordability at the pharmacy counter.

International Expansion and Pipeline Milestones

Global approvals strengthen the neffy franchise: neffy received regulatory clearance in both Canada and the EU during Q1 2026, opening new growth opportunities. In Europe, neffy is marketed as EURneffy® with a 1 mg dose now available for pediatric patients as young as four years old.

Meanwhile, ARS Pharma’s pipeline is moving forward with the Phase 2b trial of intranasal epinephrine for chronic spontaneous urticaria on track, anticipating interim results later this year and a possible pivotal Phase 3 in mid-2027.

Financials: Ample Cash to Support Strategic Growth

Despite a net loss of $60.6 million this quarter—driven by heavy investments in sales, marketing, and market access—the company ended March 2026 with $201 million in cash, cash equivalents, and short-term investments. Management says this positions ARS Pharma to sustain operations through projected cash-flow breakeven as prescription renewals and payer coverage gains are expected to accelerate revenue in the second half of 2026.

Key Takeaways: Positioned for Broader Adoption and Sustained Growth

With a strong showing in early 2026, ARS Pharma is executing on a multi-front strategy—combining commercial momentum, payer access, and international approvals to expand neffy’s reach. The market opportunity remains significant: type I allergic reactions affect an estimated 40 million people in the U.S., yet only a small fraction have access to needle-free epinephrine.

Investors and healthcare watchers may want to monitor the outcome of the CVS Caremark formulary decision and upcoming Medicaid expansions, as well as clinical progress in the intranasal pipeline. For now, ARS’s mix of commercial assets, cash reserves, and innovative portfolio suggest continued gains—and possibly, a new standard of care for severe allergy sufferers.

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