Antares Pharma (ATRS) 6 Aug 202020 Q2 Earnings call transcript

Ladies and gentlemen, welcome to the Antares Pharma Second Quarter 2020 Operating and Financial Results Conference Call. Throughout today’s recorded presentation, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]. I would now like to hand the call over to Jack Howarth, Antares' Vice President of Corporate Affairs. ahead. go please Sir,

for and site. quarter everyone. operating XXXX the of slide copy Katy, on are announced Investors the achievements. today, our of section presentation and release second financial Antares press conference good you, call Earlier available Web morning, the we A today's Thank results and

of are restated on the Litigation approvals statements statements this conference of condition, and future provisions related our our call Before we response regarding remind U.S. other the partner to the development time risks product Form uncertainties product the identified Safe filings during They the new periodic like clinical the achieve meaning is in in revenue, XX-K with on Antares' in you other new our overall statements to and results that demand update is market today's result the revenue from development Act date including the and XXXX. press Reform conference pandemic described statements company a trials development contain Examples implemented and providing made of in accompanying in contained forward-looking future slide expectations could include products, on prescriptions, new subject These undue not release, any and after to products for within Securities by as company's required operating Form FDA as obligation begin, business, to this X-K. of and and this results those to cautions financial conference actions and I'd supply, programs, circumstances for call results presentation filings and volumes differ forward-looking future some and or reliance product markets the our XXXX regulatory and our updated of our The operating call Form does the of are to recent undertake on launches, patients financial date and and financial COVID-XX XX-Q measures SEC statements. of of forward-looking impact today's and and ongoing except of share the our statements law Private our will hereof, any products, certain future time not in place information ability to mitigation results, future global prescription activities our growth, and forward-looking investors as information, and and of and economy Antares future events these guidance, the outbreak, efforts. forward-looking actual and or activities, revenue to materially. otherwise. business Harbor

call Executive and the Officer; Financial and President today Bob Chief Officer. are Fred Vice on me Executive Apple, Joining Powell, and President Chief

over to today's agenda your conclude review for up our the Slide the the on Fred will our will Bob closing business. opening with Bob now call detailed review call will of turn Bob the through I'll Bob? and Let's then X. begin financials, before questions. lines for a comments Apple. with CEO, high-level go

COVID-XX our physicians, from business of operations, the This we despite pandemic We and company. versus morning, patients, on serve. for employees as progress in same quarterly achieved quarter we the a last and increase significant and good revenue we everyone. results Thanks, the impact operational continue another generate period Jack, year financial record the morning, overall communities that and XX% to of margin across reported gross the improved cash

and with as with of our were internal for an Europe business auto pipeline. managed hundreds Furthermore, supply on distribution the generic quarter we while XXX% speak XYOSTED the products launch patients months filled second generic of in we to-date. in year-over-year during XYOSTED through our XXXX, and of recording highlight partners to in highest grow the first announced the of potentially six demonstrated sales agreement history, period the our eliminate recently last and EpiPen. we time teamwork saw Antares our the second to and in XXX% daily quarter continue we well difficult for development of for growth deliver of international rely for able with thousands were over our flagship reported and advancing of to to for Teva any As The obstacles and Lunatus of parts product to growth June Today’s versus partners Teva's exceptional our as business driven injectors by part XYOSTED. disruption by to our same large country's as of a support prescriptions Forsteo the number chain, results growth the shipments strong year

grew alliance the XYOSTED Teva's the total week number data. and our royalty this revenue second over same In in impressive by recorded highest of standard and any growth EpiPen according business, device sales revenue addition, as to XXXX. months both combined generated six compared year prescription the this first period last of products. week of XX% is In prescriptions for XX% the to Symphony from in in generic quarter the We filled one believe

and versus had which XXXX. last and versus months quarter proprietary our XX% the Our period period the over in OTREXUP, XYOSTED the highest a in represents first business, year doubled the same margin six same increase product

continue slope while OTREXUP has of to team their prescription commercial X, impressive driven will Slide contributor quarter last growth the business. prescribed On a maintaining have upward patients. for that and the different X,XXX filled through through prescriptions our with approximately XYOSTED, steady year, see you product been second as Our trends Since XYOSTED physicians record June XXX,XXX totaling launch than more have than XX XX,XXX month. more to XYOSTED another June

once end unable and patient coupled visits. when reduced believe physically prescriptions increased the despite staff, on sequentially were at to number well connect social to prescription sales as total with as quarter strategically placed first a led shift our in growth in this our orders, varying of they the and with has restrictions that in Since physician’s last of we year, presence subcutaneously as or detailing to physicians July, XYOSTED our the sales. potential messaging our don't positive the tactical offices our and the to work We most first the as of limited pandemic, XYOSTED, and customers existing virtual limited regions the allow shift an quarter those on phased openings. early impact from existing decision attributes had in-person have leveraging with relates detailing professionals, early of access quarter able our to administered Second continue XX% been decision stay-at-home on may professionals resume weekly, of staff virtually limitations the to healthcare physicians, will and which quarter patients interact to at-home platform force them designed to to their media for made continue a an based to to it to product office developed use. product have access was easy, Since unique

not for easily requirements self-administration testosterone or visit home. initiate has prior to able that satisfied We from patient of XYOSTED to be If from can some have offices authorization treatment. heard therapy from testosterone deficient their to already be a therapy, they their willing at insurance to switched patients their a physicians provider may physician-administered

strategic take on dosing physicians physicians him target in the proven product and levels Kessig XYOSTED We would are leadership may virtually Recently, associated as unaware believe contribution these injection to his decades we for growth I period. the will has organizations, to Vice of XYOSTED his to over launch will like branded small, has pain during the produce his operations to Senior Ed story fastest-growing with record and men's the the enter new valuable that urology, commercial joins time weekly a His and next we business. sales, who to at-home of wish and our of future he of to Ed and as testosterone for the marketing organization oncology. this successful painless testosterone development proprietary an the our Pat market. welcome for and be been drive us leading the to phase retire demand career commercial thank shown well XYOSTED President opportunity we in endeavors. believe we management the marketing, once We as health, to market with in Pat also and a three commercial XYOSTED chosen for us include making switch roles will it throughout plans after past large the experience. to both asset industry to commercial administration option. benefits Pat had products leadership well of messaging pharmaceutical who the a be track of Commercial. Antares continue our continue with of has access Shea steady-state of

and approved, Slide launch version is generic I’d believe product from we this Canada. in partner Teva our cost Denmark, pharmacy, they and which the X and exclusivity. in U.S. receive launched that July, escalating disclosed earlier with underserved we injectors. treatment believe this generic we injection, be of in the commercialization sell Under This the they week. European Teva. Saudi XX later Arab an This the countries Teva collaboration Lilly's to and substitutable version approval combination at us generic in countries of news and now and of Supplies XYOSTED product teriparatide Lunatus drug-device osteoporosis. plus year. is the Teva in the of has Turning at and European filing to fully we track about past some a Teva. multi-dose margin later and distribute, the Arabia Teva. and the recently of Teva of with launched expect in countries this in approval Lunatus devices product opportunity product companies. launched also Gulf approved first partner like our to opportunity East has Teriparatide United will international that six a the and been by we receive With our If exclusive Ireland, the fit which The for both combination introducing, advised other the pen another to Eli We net global pen they If promote and brand our the commercialization to follows we the Monday, third previous drug-device first regions. men. believe based announced FDA receive could digit will talk ANDA months to Forteo attracted will platform of royalties agreement, currently successful launch Arabian a mid-teen of European announced market Middle This currently product would generic approved, our options high-single distribution exciting sales to our and agreement proven lacks Europe. Forsteo, on continues maintaining percentages development the initially nicely has year. profile European significant eight Forsteo. and now to record represents for with proper in respect and the The Emirates. a brands product used distribution for Teriparatide believe past treatment a is Medical Europe this indicated was support from building into product Global milestone Israel achievement testosterone-deficient represents in sumatriptan epinephrine for generic is launches XYOSTED auto

packaged responsible this health will lay fully for approved On the will marketing, for responsible partner groundwork authorities, to the responsible also XYOSTED for regulatory our the all agreement Lunatus product and supply and in global approvals of and distribution be obtaining the for terms Lunatus be submitting countries. for by of of both Once XYOSTED. XYOSTED. necessary help expand to believe We be our we will promotion will footprint agreement,

progress make on Idorsia selatogrel pipeline COVID new the Pharmaceuticals We continue environment. our program our work rescue with good continues The pen development advance. partner despite to to

onset the a stop fast-acting and which Idorsia pen are functions. could and PXYXX symptoms the self-administered a deliver a rescue pen will potentially muscle antagonist. with believes preserve working develop Idorsia of be We attack to suspected heart heart to at rescue

approvals have clinical authorities. various the this the the has with exciting in and We while initiated that of and design as study forward health our finished QuickShot finalizes the will and margin then they be on FDA Antares a believe of be can with device, product study as X cost partner the global of who for XXXX of will product. pay the to plus usability potential commercialization partner this Idorsia we regulatory registration and well global and the for global percentages responsible expect commercial to product, to the product. first our will and rescue labeled receive for for initiate patients would Antares approval. study Idorsia obtaining of Idorsia to up assembled Phase global then We fully conduct pen will at double-digit We to indicated Idorsia escalating importance be studies provide development the look be foreign bridging sales responsible half the royalties reliability product start their entitled trial. to of significant. for the of net the pending prepares

our Pfizer, undisclosed continue an rescue pen. project for we good to to program progress with now on Turning development make this

from escalating of the packaged able clearance FDA sales reminder, commercial-ready Pfizer Shifting estimates from a cost product digit development internal once fully to we As on royalties the anticipate percentages double-digit supply own the receive provide product. will margin subject We will to now that with at Pfizer. plus approval, then mid-single and pipeline. to we be received end timeline to on we

for product identify had path As currently an next IND new the in eventual the successful, approach program disclosed, urology. an rescue a pre-IND development assets development. is initial and preclinical FDA, is stage asset agree that the If are is in XXXX. a early for The successful in The forward with NDA stages two to company and development developing filing us anticipate in our and areas. formulation formulation we a which in endocrinology urology meeting enabled potential endocrinology previously of of on The candidate we is submission. pen XXX(b)(X) the a

IND attaining the FDA working XXXX, feedback potentially a could formulation on We an are filed year. of be product pre-IND injector a an same the potential clinical of a administered in study weekly and by auto from target which first-in-human with filing in

administrative response the we on those still most of day-to-day pandemic, facilities our and functions, company. you as staff Finally, we as limited our of necessary development, the are functions I’d update and now supply in executive to making operate remotely manufacturing chain. like working have and of number a for essential some the In we such to to to changes are way the

on are are We have and important help mission. implemented numerous to committed to Antares to employees. precautions health and essential and safety provides partners protect protocols we medicines taking patients our our delivering this and

any order manufacturers our work to third-party to chain activities continuing our disruptions are to our We closely partners potential with to the manage supply and products distributors ability mitigate and during in supply to customers and/or pandemic.

of of which of of our As to this to million, taking in year-over-year we a organization to of commendable full the year we are guidance, range times, efforts be in XXXX XX%. opportunity will million X% maintain revenue result and business growth $XXX the our which unprecedented believe represents $XXX the a momentum rate a reinstate these between

time. nature pandemic, at may of evolving in guidance company point future Given the the revisit some the revenue

our would on the any like adapt conditions our call six of quarter market to over now Fred should financial ended Fred? I changes to months turn to they laser-focused to be however, stay XXXX. the will, occur. details business and June for to to XX, We ready second

excellent and Bob. results Throughout we’re facing. Thanks, revenue the of exceeded million breakeven quarter per $XX.X $XX.X recognized share strong a and we $X.XX. expectations business, very quarter unusual with had record of revenue our These We earnings challenges second despite Street million all EPS.

the marks profitability. has third the in four second achieved the quarters The quarter last time that company

from when for first months cash from in over addition, is months generated million. the was $X.X XXXX in operations $XX.X $XX.X used XXXX, of the that million generated tremendous This quarter. we six during six million $X.X we turnaround operations during from first year. of the a of million And In cash cash

million a detailed So XXXX, months was the six let and three XXXX. for representing XX% compared strong XX, $XX.X second million revenue providing and me breakdown more operating begin financial review revenue for a Total expenses of of of the months with a the increase XXXX. results ended our $XX.X in by June to quarter first

which total revenue XXXX. $XX.X $XX.X $XX.X increase product the a second quarter the for in million the record six-month XX% were XXXX. million XX% period for comparable million, Total XXXX, a was from million increase period $XX.X the second quarter, from XX, June ended of For a is in sales

and period XXXX, products ended $XX.X a and OTREXUP was in three ended and the totaled the and $XX.X XX, continued XYOSTED periods million proprietary June product the to attributable June XXXX. of six-month $XX.X million months comparable periods for for for XXXX six-month product is to proprietary $X.X in growth million For three XXXX, in million of $XX.X compared period million XXXX $XX.X for XXXX. XXXX $XX.X were $X ended sales of sales $XX.X product our devices months in over $XX.X million, June and the were increase June six-month and commercial XYOSTED. three the sales same from and sales of sales to and primarily for million The million XX% XX, to XXXX partnered the million ended Ferring. in XXXX six Partner and three the million and the The due in increase XXXX six and Sales XX, reduction XXXX. the XX, months needle-free

no completed second that the we sale to and product needle-free sales XXXX, half During longer on the we’re devices. of of recognizing Ferring

Teva. pre-launch In addition, of in quantities XXXX, teriparatide pens we to sold

sales comparable significant ended growth XXXX. the During seen in increased XXXX, XX% in and as EpiPen and months our six have XX% the devices June periods XX, months three we have from

$X.X Licensing $X.X product. to ended million to six-month who indicated they compared access to million on for Finally, focused was that investors to continue remain the XXXX. primarily period three and XXXX and million XX, licensing $X.X $X.X growth $X.X development and to product for Royalty in patient and million the in supply periods the in periods June development for revenue recently and programs. Makena revenue to million same was three we AMAG revenue comparable three the June the and selatogrel Idorsia XX, six-month from periods compared million XXXX. Pfizer the The the XXXX pen development in for $X pen rescue months maintaining and ended was

revenue profit XX, attributable for million were decrease $X.X six-month revenue primarily six-month period compared and in a comparable XX% royalties period in The decline million XXXX. three the auto June the recognized was quarter million ended $XX in from royalty of as the AMAG royalty injector. the XXXX, second million to Gross compared subcutaneous $XX.X XX, for for to to to quarter on sales increased ended Makena net of the June in For XXXX periods XXXX. $X.X the

For of during note profit months of half $XX.X expenses important Operating the to our to XXXX. six six $XX.X the of $XX.X XXXX increased XXXX million was compared expense. for XXXX, million to that primarily period million gross XX% XXXX revenue. profit well as $XX.X non-cash to $XX.X to $XX.X of months It’s gross as as increase first and months the increased XXXX incentive six and ended million compensation first and in million quarter million XX% first XYOSTED as a ended attributable to the XXXX. the were same during compared increased XX, percent of The June in for headcount in for recorded the increase total revenue June second quarter in for the XXXX, this the XX, from is driven by increased period up XXXX. the Again, XX% comparable

period $X.X million the $X.X income per was XXXX, net XX, For net compared $X.XX $X.XX XXXX. first or last as loss $X.X million period per loss for million ended same share loss per share share of the of a share of net six the same net breakeven or in to And quarter to a months or compared was during a or year. $X.XX XXXX, per for the loss of XXX,XXX June

the at Bob. to December Finally, the at I’ll investments Bob? the back our increased cash of second quarter now $XX.X million call and to million XX, compared short-term turn end XXXX. to $XX.X

and to I’d our to as product our at product income net Everyone pipeline. we of we flagship drove summary, internal EpiPen in In our here to and with Antares strong thank like of offerings and making Fred. once is our momentum and of that personally extraordinary quarter growth employees Thanks, a growth operating advancing continued period unusual of maintain efforts all our of stakeholders time. the this our addition had this navigate positive expanding XYOSTED business business. great exceptional again through

focused stakeholders are our you success the please healthy. today. lines up on of and of We question-and-answer driving commercial my remain We partner products. growth open proprietary the safe all This the for could session. for concludes hope prepared and through remarks and employees Operator, our

sir. Instructions]. Thank [Operator you,

Our first Raymond with will question come Elliot from Wilbur James.

of in guess you here. year your guidance the day. and Hi. about I’m first, for about apologize itself. something asked range that Busy and impact Bob your prepared Thanks. morning. items to that of advance on if full going in thinking range Good I within different want perspective the commentary expectation, reinstatement get three sort your the may in just to thinking I just they mentioned But how

First stabilized like to number on product of is couple Makena. with the quarters. has that AMAG respect last based Looks

how sort thinking in-office Obviously, in with front about back means half physician in done for you’ve But of asset know the how flow well thinking you’re the respect about the is wondering constrained from acceleration how the terms two, incremental office, country? ability an kind to then resume And to months you’re given much the get in and around given kind about of you’re into detailing terms for with physicians? uncertainty selling trends of of the Number trajectory of what year? very peak across environment. sort kind Teva terms what Just the balance you’re into in your XYOSTED sort the of back-to-school the EpiPen in order that terms to heading of want seeing the on that year normalcy back numbers. dynamics to getting visits of of of of what just the product thinking of about of I contribution – dependent back and thinking of

Elliot. Okay,

part even fluctuates on part seen sales question XYOSTED. platform. details spikes think your the – around first I Let me result and the the that detail concerned difficult in-person our the saw and were well a your to April, on focus and from we pandemic still about really and seen going been of of is our – time to reps I I otherwise, from doctors’ think and guess we able standpoint the June that that of XX% being the of the which that grow about for overall forth of in where timeframe you’ve actually last overall growth country. have the We’ve May quarter-to-quarter, prescriptions seeing with very across were offices depending But offices able their virtual so And really in a a effectively the XX%, we’re COVID our XYOSTED. lot in to revenue the of as been patients

more basis are are see so for pandemic, seeing now I that the as as different place their in coming is this the regular before prepared more think the protocols it’s offices the on what’s was the and think patients are it not they’re not a but – pandemic, in time still patients doctor. I to it’s –

access us, reps over we that in the Because or effectively So sales the see our detail see the virtual because as about to change so the our about via last coming for can the importantly that have patients the the positive doctors offices, really doctors and to we reps. platform. a for less it’s month

able We’re virtual we’re the do able to virtual get – sample to able we’re detailing, do physicians. to to samples lunches, do

the see the coming early And these all from for So key tactical items us now, can for keep we difference right definitely of part pandemic. to done. key in. is be patients the a The

there’s it. that our So really XXX didn’t of the to is was originally I around growth uncertainty our XXX. Makena. for guidance range And still continued It’s – be going and meant think XYOSTED. A between change we of lot of

next in think our on the to range Depending what uncertainty the us the think is the all business. of across around happens COVID. that of I few maintain now months I flexibility really range gives just

XYOSTED all-time I recent going to high our just about think excited week we’re grow really So last basis. to We the continue is prescription on had a and trends.

patients’ are on We’re grow. to seeing continue new drug generally product pre-COVID we the will coming But almost that staying the levels. increasing believe back starts patients and to

there yesterday, epinephrine listen front, strong did for growth if business, clearly It them was we called driver has a us. – in it the driver done was for Epi, Teva I saw it Teva’s level epinephrine On as higher of – think a that that still nice of purchasing mention like across But call they you generic growth or to stocking growth level it was of little a bit a patients their much overall really QX. by on for did been in kind our a dropped was QX. We company. but strong

the flow demand – from device we them, Going order standpoint, from see pretty far it’s can a the and pretty high. their and back-to-school timeframe into we out

with We’re keep demand. to doing can up we everything

our back-to-school virtual the ask and I balance. difficult schooling royalty, we if to related question ultimately that’s Related don’t see to to going on And have so any related a affects because know of to which more to sell kind what a significant they our issue is don’t epinephrine. impact device

guidance And most going XX because hard in their it But epinephrine and extremely order a assume of that’s question Teva doing this them. continue making is right is Makena business the say put business. There XXXX. overall, at material impact predict Makena AMAG about to their I a less. or But kind in expire COVID first we successful for for – it’s the of to point our the a now to think a that epinephrine able scripts with to less is really to it to products. indication I part are going they is no Epi working will continues biggest think how for FDA. been both that your They’re to in sell. strong. us Makena, months quarter I’d model, great not of refill big us part be that And job our that has them of EpiPen – parents product provide importance. still patients. And I our of for then

so us, And fully we’re product. supply the packed the for really it’s auto continuing them to injectors,

We it’s of royalty. of our but [indiscernible] continue to And through expect we really to and business primary not the with do part the They balance that of it’s nice a our and year. continue well continue business the to a a growth get it company. our

you. Thank

Anthony from come Petrone Jefferies. will question next Our with

on have Thanks. And hope couple one everyone’s I A then and healthy. on XYOSTED doing well, teriparatide. staying

XYOSTED, patients Bob, give can patients a from just newly number, of blood you on that kind two versus us IM the coming received And from what’s TRT on prescribed sense within previously then pull-through teriparatide. clearance? draw the Just actually growth the

As mix Lilly’s a numbers? you Canadian And set we what and level us quick Thanks. give European numbers, XX-month the is have there, one then up. on look I can at in follow trailing

patients as testosterone easier in not new just patient old still and implantable are to from whole getting as doctors’ is but business also difficulty patients doing lot think are two because – pellets a have And also therapy, weeks. excellent equal switches offices the about opportunities. IM not then pellets for you new little there’s them XYOSTED, are the The a office Both of there’s Sure. new that a are of that shortage had in half every bit On of lot as think because a comfortable for not our switches that. both. only us targets get the of just demand going on that the I injections our into in and half I and far new that there some they a patient we’re starts, it’s starts we to have focusing far been we’re as probably

So It’s I we’re think what have on through to XYOSTED. blood to don’t really the get switches because you easier to prior focusing process. They both the the don’t a are the for get bit authorization and patients us have go draws.

are coming there On the up. new patient starts, still

They’re I think new draws. exposed the of out appropriate in impact get being blood office more New flow patients treat protocols, but a doing have a at that given are on regular in again, XYOSTED they figure has them to They are stagger their XYOSTED. of offices still being introduced basis. patients how offices able any have go been the and a The on telehealth the and to to time socially on with again to the positive go number the hopefully. distanced. patient They patient had in. patients And

continue. we expect to that So

obviously and the product But doing we you trying of the regions news, lot lot those just in with overall, best a deal in hear and we’re to it’s can. grow of spikes well. there’s a continues as to As

timing kind helpful. mix going And Teva is into indication That’s to there launch. branded looking any there in is the how half then of the clear And and on teriparatide what from Again, to U.S. the Canada first up congratulations. the a launch, up pricing they’re be, proceed of Thanks, again, is just with would And just the sort follow maybe maybe initially? and 'XX that Europe? event?

teriparatide as introduce going far pricing Teva. their and that’s as question a to these Anthony. into how Teva Thanks, Yes, really for products markets, is

is the make insight then What the have their marketing. we product. them supply they doing all that we into do we’re the pens sure that distribution, strategy They all We no for do there.

so And royalty received first haven’t we report. our

that. us in continue have weeks things the pricing like So a honest, any we I add Canada were be like thing. And just price week. to much launch every to be and going surprise Adding what as ago was they few countries, launch pretty outside and add a it a launched of just for there. Europe to and selling were They get to because able appears about important and I approval the that’s insight they to don’t their continue net to excited the and and they think most and countries got was

we that before other the ready U.S. in Europe with Europe don’t expensive and are still teriparatide Canada not by potentially of launch piece And forward launch you But be can priced quarter that dictated same days get I give in for in say will the way specific then is due the the in the thing product the and timing. in an we’ll XX U.S. and Forsteo as the is their well going is overall, and year product market after really to for less so countries. and how in that in that approval we royalty U.S. Forsteo. difference and plans the other as And It’s see look in in Teva’s launch as Teva about Obviously, we be feel end But get our the expensive a Forsteo the Canada. they’re where only believe to the there any most be I report seeing an penetration. in biggest about and and first to U.S. Obviously this that the the best good will can’t Unfortunately, after can sense products is Europe they approval. and the quickly pretty product any overall

much, very you Thank Bob.

Instructions]. you. [Operator Thank

from Wilbur Elliot We have Raymond a follow James. with up

Let’s put in hot seat. the Fred

done of line pandemic, Specifically the on holding the in job kind should give the guidance peak the the half at second to cash up directional little trends a color in guess as bit operating of us how on you or the half of on R&D your of ramp numbers but bit of a as a a obviously couple year. Thanks. thinking of sort and you’ve flow expense perspective I of little in least items, of good we year? just be well about trends maybe SG&A – would second of Could spending expect

Sure, no at all. problem

We it for As you give for know, revenue. we don’t EPS. have guidance

for said, If of COVID really significant expenses the relatively Bob And so we’re what in see see we impacted particular, as impacting the to because, commercial COVID. by right for flat we’re trends operations increase XX% rest we no year, at the or the in commercial should decrease continue now back are field. looking about

that to comes amount of the the to I to for again year fairly double expenses, were and wouldn’t surprised the if full look really first level. proximate to then again, this So that’s be at if months take that six we it G&A we level, remain year. When

of not see is growing very, strong we all decreases. We’re any very business increases our in or staff. fortunate significant We business. been having And being been we’ve the that that maintained very going We’ve looking forward. at a

pipeline this I look as of the at would as what as it presentation we comes our good the be half place the looking we’re year. that’s clinical but with mentioned, through we be in of it flat. the where XXXX. increases year, again, the if for would should so, with the And Bob INDs trials indicator that’s back we piece, internal at to some went that take really expenses I at When program see again, a to relatively may we first the where always looking R&D suspect uptick the and XXXX in half see of and

out but we’re overall, the of first operating wouldn’t the for $X the back our have so be year our to continue continue cash we’re year in generated question, revenue be why from similar generate cash, the the overall operating think not to wouldn’t about Then I expenses, cash back of consistent, cash sorry about if the of very cash, surprised half about May to our have half. And will you half. back the first there, from to our over million as continue in half half looking total at generated me million remain With we $XX – we versus if quarters and well. fairly that’s this going a year, in we cash slight this We reason much operations. increase, operating of I that hit will that. there’s asked no suspect two guidance a to expenses first change also in

our there we’re our cash position and financially a as good think investments. I in So at we look

you. Thank

comes question Jefferies. with Petrone Anthony next from Our

Great.

Fred, up what underway? the large the or gets auto maybe you once that Just sort of to injectors a front on again. of what expect maybe how be wondering Bob would end Phase suggest the would uplift Idorsia, just Thanks, intended on X. year? And manufacturing that is this and study in that follow towards

Thanks, Anthony.

is Idorsia authorities. that typical it’s cardiovascular study, which far with that probably going be for they’re of that estimated about Phase the health in a But as X, XX,XXX patients still As working study. out type to there’s

injectors. And so amount it’s a of significant auto

not by X. for bridging of the starting delivering will towards in them next study as Phase the half year. well devices end clearly this But all We’re year. working X be Phase first of the we the as is

year. to know because them. they’re requesting is So that are in volume We the forecast the of our deliver there those – least by in have our or devices that we the guidance at end we know what

our than into we just there that order expect other significant So the our change any hit in growth shouldn’t guidance. revenue product see to be to

that And additional going as all be device is in so again to our revenue, revenue we program drive development but guidance. think well as some – that will

about is would Okay. pathway a And the guess would be the which filing to I then one the actual pen rescue XXX(b) would XXXX event the the think and on right --? last be that way IND filing.

But We But fashion. the timely get believe right. It’s I be in want to we’ll program formulation we to the to it clinical will front of Yes, would a think we that program that it short a the go relatively we give a FDA relatively disclose We better and sure get IND. a program. able we’ll potential a we PK product in overall, once be nice with short then IND XXXX. done make into be can get guidance. the want

again. Okay, Thanks, all right.

you. Thank

Walker Our next question comes from Capital. Hana Road Wally with

morning congratulations half what Anything on in in elaborate to you year. Good of of that of The the the guidance the second acceleration and revenue quarter. progress gives on revenue infers confidence? the reinstatement four-year the

two business main look question. the we’re the looking we – So When for the at being trends XYOSTED, drivers again we’re our thanks Epi; XYOSTED and seeing. of Wally at

We’re seeing growth a the of lot prescriptions. positive on of the trends

give co-pay selling support, of support in the we’ve quarters, a two to have that so first goes through we always the through the selling the the do trends half price selling net net year gone positive in from best get to of second price patients we on lot a in seeing obviously the happens We’re gone we’ve the drug always because – which price up. net the the order

have growth for Teva. big a then demand good Like pretty mentioned earlier, half us from year. a the with I the the from the of And driver same is standpoint XYOSTED second into for So device visibility we Epi.

issues Barring we any to we so And those. COVID, able to what need be expect with know deliver. to deliver we

So pretty to overall, suppliers we that obviously us Idorsia with and same our is as most that’s manufacturers that, in in lot COVID, of deal impact and people have of and and top But getting Pfizer driver. that we there on the hasn’t a growth tremendously. had the plants part have up. far with we that. our impacted the it And we’ve coming predictable been where be of with do, the and our Epi development so the you companies of fortunate work to We is out other Teva some continue a ramp of have year. programs expect in to that work second done the development business

well. that’s you’ll the revenue developing the revenue So driving additional as of see growth

helpful. Very Thanks. Great.

the I’d John to in Instructions]. the like queue this back currently further time. [Operator showing am you. I turn closing Thank remarks. for now no questions to Howarth at over call

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