ARS Pharmaceuticals Reports Q4 2025 Earnings

Executives highlight early commercial progress for neffy, a needle-free epinephrine option, while addressing market dynamics and growth challenges.

Published on Mar. 9, 2026

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ARS Pharmaceuticals (NASDAQ:SPRY) executives used the company's fourth-quarter and full-year 2025 earnings call to outline early commercial progress for neffy, its needle-free epinephrine option for Type I allergic reactions including anaphylaxis, while emphasizing that growth in the category has been shaped by refill-heavy prescribing behavior and payer-driven administrative hurdles.

Why it matters

The launch of neffy, a new needle-free epinephrine treatment, represents an important innovation in the established epinephrine market. However, the company faces challenges in driving adoption, including entrenched prescribing patterns and payer access issues that have impacted quarterly performance.

The details

For the full year 2025, ARS reported $72.2 million in U.S. net product revenue and total revenue of $84.3 million. Management cited structural market dynamics that have affected quarter-to-quarter performance, including refill dominance, electronic prescribing patterns, prior authorization requirements, and seasonal factors. To increase engagement, the company plans to expand its sales force from 106 to 150 representatives beginning in Q2 2026. ARS also emphasized its 'Get neffy on Us' program, which offers commercially insured patients a free virtual visit and zero copay to help transition from auto-injectors.

  • In 2025, ARS reported its first full year as a commercial company.
  • Many initial launch lots of neffy are expected to begin expiring at the end of 2026 and into early 2027.

The players

ARS Pharmaceuticals

A biopharmaceutical company developing treatments for severe allergic reactions, including neffy, a needle-free and low-dose intranasal epinephrine nasal spray.

Richard Lowenthal

Co-founder, President and CEO of ARS Pharmaceuticals.

Kathy Scott

Chief Financial Officer of ARS Pharmaceuticals.

Eric Karas

Chief Commercial Officer of ARS Pharmaceuticals.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

The takeaway

The launch of neffy, a new needle-free epinephrine treatment, represents an important innovation in the established epinephrine market. However, ARS Pharmaceuticals faces challenges in driving adoption, including entrenched prescribing patterns and payer access issues that have impacted quarterly performance. The company's efforts to expand its sales force and digital initiatives aim to overcome these obstacles and drive further growth.