Antares Pharma (ATRS) 5 Aug 212021 Q2 Earnings call transcript

Ladies and gentlemen, welcome to the Antares Pharma Second Quarter 2021 Financial and Operating Results Conference Call. [Operator Instructions] I will now hand the conference over to Tram Bui, Antares’ Vice President of Corporate Communications and Investor Relations.

Thank you, operator, and good morning, everyone. Earlier today, we announced our second quarter 2021 financial results and operating achievements. A copy of the press release and slide presentation for today’s conference call are available in the investor relations section of the Antares Pharma corporate website.

the like during listeners contain this within meaning I’d our some forward-looking begin, of the made provisions statements conference of we to that remind of statements the Before U.S. Harbor Safe call will Reform XXXX. Private Securities of Litigation Act statements our COVID-XX our ability related to forward-looking Teva’s to future including measures in pandemic condition, achieve operating and our financial our impact the the those expectations business, the our volumes response guidance, operating financial NOCDURNA generic results products revenue our mitigation to revenue and including XXXX regarding and and partner OTREXUP, include overall XYOSTED, market outbreak of of products future prescription and Examples results, EpiPen. growth, the on ongoing implemented share for and with development other Makena and ATRS-XXXX ATRS-XXXX clinical Forteo as Idorsia and and and other and regulatory to rescue as and FDA efforts. of of actions product business programs results programs acute hydrocortisone future and well with for including activities, ongoing Teva’s Pfizer respect approval activities actions and development and development Byetta generic adrenal potential crisis and including FDA trials timing and are statements forward-looking and could actual uncertainties to certain differ materially. These results risks subject Form in the updated and Antares’ today’s identified XX-K the recent with described and filings They X-K. are the filings is presentation press periodic accompanying Form release, in on in slide company’s X Form and XX-Q Slide SEC and on on hereof, result or required this information, as undertake law this forward-looking events otherwise. providing in of information the statements of not any a the by circumstances any call after future is Antares update does of new as date or conference call to except date today’s as obligation and contained undue investors statements. cautions on The not forward-looking place company these to reliance

Executive Renda, Vice Officer; Joining me Richardson, Commercial. are and President and Officer; Joe Development Medical Chief Chief on Financial call Apple, Powell, Senior Dr. Executive Bob Peter President, and today Chief Vice Research Officer; Vice and Executive Fred President and President the of

over the of review more agenda our our and initiatives on achievements for to then strategy questions. Dr. Joe the back provide Slide will before level Bob? our will and closing information call Bob partner business will review conclude X. then Fred our financials, to I today’s the on Apple. Bob hand discuss our through to Bob then Please the business. the portfolio. Slide call a to Richardson R&D go proprietary comments update Bob an turn X, up call for provide commercial over Let’s and will to before and to your handing some lines about begin the with opening with will for detailed hand call

in Thanks, Tram, operations and and second quarter for and your our everyone, thank you good morning, interest update. results

three pleased record to half months for As revenue, a able another per doubling to report for are ended or year, up included $X.X to XX% wrap financial the XXXX. XX. we share of quarter $X.X over the we and a to increasing million million XX% performance, in representing June EBITDA million year-over-year increase which net of income $X.XX first be $XX

of as our believe We driven XX% the generic Teva’s of for more XYOSTED’s ago. Our up XX% total remarkable results led year growth business proprietary market XX% by from than continue quarter Teva’s to partner market by by EpiPen both the be our one And EpiPen. as led is strong prescription XYOSTED. business year-over-year share

to million and which at and to growth pace. our development growth. well both growing XX% revenue, $XXX business our represents expect As of we therefore other XX% products robust full as commercial a look as the Even ahead, year million, XXXX contributions range guidance our reaffirm we from revenue rapid from year-over-year with in continued assets $XXX

importance we and of growth forward of light, utilizes submission announced advancement both attack that crisis our in pipeline, tandem unveiling rescue to Collectively, the NDA the Pfizer’s asset on business as pen. adrenal hydrocortisone well Quickshot our In partner internal undisclosed for in a pending for partnership programs for Furthermore, focused In our development Idorsia development be as half year. believe the we strong product our to to we continue our a selatogrel in that will our support quarter, of growth our second proprietary believe they as that from We as Phase pipeline, grow. auto-injector still the second words, which continue foundation trajectory. the and our look future we business opportunities. initiate with ATRS-XXXX will partners’ heart supports the we rescue, X their an study other global this of diversification of

me Joe? hand continued call Joe let an commercial of provide for for the proprietary products. overview to over achievements our strategy our Now, to growth and

of by commercial But of good had the success few far to Thanks, markets garnered, patients during opportunity which And I XX prescribers and their quite our perspectives XYOSTED, written going achieved growth particularly the the approximately really can highlighting I physician have of Many the traveled which I’ve therapy some was importantly, you Bob, limitations start field tough why growth with general reasons better in the members. on at market. closures. urologists, different the as to behavior, the new testosterone office, more the the morning, States. since well of understand including of as company. prescribing really and join year-over-year, increased see appreciate a key organization With total is met I’m practitioners, Slide in different further goal quarter, healthcare team see over which and there be And believe over everyone. to as continuing opportunity considerable the joining today’s their our I’ve as main the X,XXX our second height pandemic. United our endocrinologists has even we to best prescriptions with of has a to joined penetrating I the sequentially. well coming one consistent. XX% drive And the XX% been focused our still XX providers, thus Antares physician different I’ve XYOSTED customers, remain In that XYOSTED the the believe to with of office believe that as as really is component the to into been across switches, is XYOSTED feedback perspectives, some that on call. out well as was the the on physicians replacement May, they already engage as [indiscernible] impressive, I our given X, has is their

June really our and strong. In was July to script fact, date, month highest is tracking

new more As physicians’ prescriptions opened seeing offices up approximate new and have we are and split more drawing currently patients and between strength have in XX-XX been switches. broadly,

our been Our into And persistence sales impressed expanded from motivation but with I’ve get year with have growing bag, physicians’ fully XYOSTED. refill primary they team. really on this a offices still the rate the our been has with brand. strong back more an also highlights field dedication to excited with

an prepared well that from the practice. in for our and ask We’re represent you found With XX% perspective. and have calls customers. our at really in we developments our persist success believe may in We any believe really effective as the new both remains arise for at-home variants. remaining calls Delta calls will we’re our testosterone we’re of monitoring virtually. model And person their and approach virtual currently customers whatever to hybrid XYOSTED to the And that size approximately said, able is XX% with market, look that make compelling growth that from we person total use. a it as When and therapy best

share such digital consumers healthcare campaigns switches In And Facebook, Medscape, really painful in to targeted support, and the the addition from to Reddit. injections, new expect and awareness to branded and IM and We platforms consumers. we drive HCP with both to those our to it’s continue professionals grow therapy. new have to from Instagram, consumer more as that are market providers through

features interactive PK, team field working the auto-injector we such enhance updated and further Our really will painless believe our steady XYOSTED. also a with as that highlight growth with visual virtually that key aids is of

educational new struggle healthcare who that patients of urination key this opportunity of bladder. in product, of to the growth cause new with believe NOCDURNA, overactive it’s team. We to and important to physician and with we the physicians mentioned, affects XX. grow believe We Nocturnal And been us markets. differentiate will the the recent and provide And field of speaker will our education the and a Slide And polyuria launched we all representatives States detailing remain I educate now in very XX key additional as will focus expect we us our proprietary United frequent nocturnal leaders for from some although for remains more that peer-to-peer to nocturia experts providers. further primary representatives NOCDURNA. element XYOSTED has of from our the we programs the to went or and with recently approximately some portfolio positive targeting hyperplasia, help with XX% expansion sustain polyuria is dedicated X. driving Another and growth believe treating we really territories bolster are also nighttime we across benign feedback help patients reach customer also prostate who in component that remains which brings opinion branded just our

We and healthcare did and also consumers we’ve digital created placed as with campaigns similar professionals we those XYOSTED. branded targeted consumer and at platforms HCP on

better focus patient generated launch. the enhance really strategies, NOCDURNA types with expectations Internally, the field tools on we’ve of marketing compensation we our learned, adding more to incentive be sales expect offices. addition, territory our we new year to consistent We’ve insights. better In we marketing this team. and NOCDURNA new enable and for are doctrine week, opportunity. the a this teams first and have cycle NOCDURNA what remains that describe in targeting physician’s we’ve for writers dedicated Overall, and initiatives normal enhanced the and field really Based to of every may sales targets will really our in suitable

ultimately commercial their believe further, to organization an to that we revenue is we back successful it in on have drive half NOCDURNA growth. year, relationships that really call to excited presides Peter we going to we I’m which expect innovation, up, Peter? that, we strategy with And will and bag. performance drive execute and enhanced Dr. to that’s hand of professional that brands. scientific and with vision the cylinders, leverage team that fosters teams We’ve we and really out around exceptional, performing So a commercial a our a the to with culture of physician creating acumen extremely wrap business established And really all management, this high continue built demonstrate believe believe one and will now our as to enter the look continue excellence, collaboration the as of over Richardson.

and Joe, you, good Thank morning, everyone.

insufficiency here be The prove represents will stress indication to temperature. enhance could we let of at adrenal saying as conditions The and we pipeline, development team. for very supports having then such Slide and a with In a addressing be patients. injury, the X. in crisis internal forward multiple background hydrocortisone, for the powder proposed a or by for clinician, new when for me in needs the product developed I’m and as stable much crisis with that adults or part released The along acute steps, that which the I’m start hydrocortisone filed proprietary ATRS-XXXX auto-injector, developer, the and to lead of foremost, surgery, adrenal our to second deficiency promised, condition crisis. consuming from FDA. a an background, First We team delighted by IND investigational proprietary drug deliver a we we And a from brings of The all to fatal technology an the Addison’s formulation ATRS-XXXX by as towards as Application developed response extremely novel deliver needs adrenal liquid in the liquid the which I platform, Based disease. acute room advance have candidates continue XXXX such adrenal formulation and adrenal and develop experience sterile of to accepted if to has which This current rescue presently a administration which anxiety. challenging injection. provided rescue, hormone gland the on at the look a company’s Antares. Drug to been process normally as with unmet the us needle New crisis hydrocortisone, of potentially is of application this as adrenal Antares is and even using help acute my characterized standard-of-care for hopefully quarter, privileged cortisol, and of through resulting water crisis think intravenous treatment adolescents known in cumbersome long-term is for injection, ATRS-XXXX adrenal stable in successful, to for patients occurs infection, injection which sufficiency of time intramuscular produced drawn a reconstituted ATRS-XXXX

development Our provide a two-step to this for patient injection use program easy to reliable, population. aims process

to conducted independent human in and rescue emergencies. that factor in use We the the users our study based well U.S. portable of as ATRS-XXXX a providing of by medical of potential ease leader recently novel a patient Results auto-injector improvements. simple dedicated reliable, Difficulty]. untrained the with solutions As group to the study specialist hands robust, Antares of and formal pens, remains [Technical platform, assess as explore completed usability confirmed an was the from to to use administration

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our noticed, offering of the within with along clear proprietary basis study of the XXXX. filing but which a with expand address the developing understand to we studies, We end also expected will asset, of are the these patient advance NDA product human FDA be endocrinology the anticipated two successful our urgency this only need, As to not factor franchise. by an

administered our pipeline. pursuing pharmaceutical Remain trial mention will in other will we also technology file I to and XXXX IND ATRS-XXXX for in With forward will on will these expand I’ll explore two back weekly opportunities pathway announce clinical the to greater initiation future to expertise calls. the of on leverage now And which I Bob. hand in accordingly. share we to is And this continue auto-injector look uro-oncology. assets, that formulation of any an year; beyond detail this device over call our to a be that, track product fourth for asset. me XXX(b)(X) Let quarter the

Thanks Peter.

think for proprietary on internal our We dive pipeline. represents Antares proprietary this within pen to our the rescue revenue support important footprint. trajectory it’s the development business, our I therapeutic hydrocortisone our coupled I reiterate development to We believe population. growth opportunity a the Before with program, current based patient believe advancement of future will of commitment partner large ATRS-XXXX our into our

garner leverage to continue we with which team, commercial including XYOSTED, eager ongoing. initiatives success remain remain commercial development we the With business the with to

to proprietary X. Our in to EpiPen over generic which business leads also our for partner business, me Teva’s enthusiasm our Slide carries

As market season market. you Teva’s the XXX% quarter. increased to year And can doubling at the Teva’s share of expect XX% it a that EpiPen second total help we captured a this contributed our royalty will normal revenue prescriptions growth. and year-over-year, success in see maintain this back-to-school

market meet As exactly ability this product Teva’s supply the due provide to our to and share millions a around has been gain COVID in vaccinations. devices part demand due to produce the to of associated demand and reliable of increased

pending generic opportunities also and Our extends approval. growth Forteo generic future Teva relationship which FDA with remain Byetta, to

excited FDA hampered undisclosed year, for and we’re its the disclosure lack to their has NDA this of addition, note Pfizer’s In advancement. asset that submission its for not

respect the initiation potential future also keep We continue partnership also assay growth. selatogrel. forward look to global progress for but their their as with confidential, our of Pfizer’s to contribution Phase wishes to I’m to our X and Idorsia the trial with pleased of

very to we revolutionary, important development onset Idorsia’s The signing look as We clinical for over call supply a the believe to represents Fred. suspected could review our selatogrel detailed clinical heart well with supportive Fred proposition patients hand, is the with innovation of a to We’re advancement XX has the product approximately attack to now our to from months during Antares. trial. transformation compelling program, important as role that of Idorsia’s for forward agreement. Idorsia for and committed our continue opportunity I’ll prove financials, and between this allowed The an achieve at from for strong of utilizes selatogrel teams to milestone which symptoms QuickShot play in auto-injectors. a excited self our inject novel this the this development collaboration combination

Good Bob. Thanks everyone. morning,

related $XX net record increasing the strong income report per revenue year confidence we ended core $XX a felt million it to we persist further a or million. on cash, Hercules supports a was achieving in as Teva’s principal diversification our Antares, loan prepayment to We’re We and $X.X share full our A and $XXX performance interest expect believe total to to business for of our EpiPen strength another and XXXX make months loan over XX XX% quarter million guidance and XYOSTED with continue with very million the three achieve expense. $X.X generate to XXXX prudent from generic Furthermore, million. June of XXXX. our reduced term of both amount to our $XXX which revenue excited remains of we range

more me let June a results which of and Slides same ended quarter financial six a brings June us three X XX representing now in for provide So, revenue the compared was XXXX, detailed $XX.X million to XXXX. to for XX% review XX. Total and XXXX, million the months in period the $XX increase months second ended XX, the

total increase XXXX of $XX.X sales increase three the period Teva XXXX XXXX. XYOSTED. XXXX to from was and periods was $XX.X in and was attributable to June a projects. XYOSTED, primarily months proprietary to for XXXX comparable same three $X.X and compared For and six $XX months three continued $XX.X and with XXXX. The $XX.X June same revenue the ended development and doubled generated of $X.X ongoing the in million Sales activities for comparable million XXXX ended for development from in the in compared million, and in six proprietary other million to and six sales and ended ended XX, for incremental maintenance same increase XX, in revenue million million development NOCDURNA months XX% and in million our $X.X $X.X XXXX for ended June for Royalty three XX% months licensing $X revenue Licensing XXXX million development were June XX, for revenue to and result XX, period $XX.X partner for principally in XX, product in six compared product periods of The periods the $XX.X million months million XXXX. growth revenue and products the XXXX. the million June our and XX% OTREXUP of million the

months ended for six same XXXX, royalty revenue was million, $XX.X XX, million the June to $X.X For period XXXX. the compared

Teva over net ended June to XX% pre-pandemic share, a quarter market levels, revenue in for royalty the the XXXX. the During market XX, which increase returned and achieved XXXX, accounted EpiPen

Epi million million XX, in XX% $X increase ended were six months sales $XX.X royalty. Research Our profit the to gross representing attributable and primarily and $XX.X in XX, million, development periods million comparable to six the The XX% in Development our second margin or in gross $XX.X of and $X.X the internal and XXXX The and XXXX. increases were XYOSTED months due profit in XXXX. quarter expenses gross $X.X to and in for million, programs June and compared XX% compared margin million same $XX.X the was million $X.X ended and in improvement June in million and margins and XXXX to for XX% R&D were ATRS-XXXX costs three progress for periods XXXX. and gross

with in The was $XX.X during for the to XXXX, crisis pandemic, associated and million million in million we study and the periods to the the initiation Peter and As discussed SG&A for and increase the June in ATRS-XXXX an IND clinical six were $XX.X XXXX. sales expenses declined adrenal XXXX three an application compared had net in expenses $XX.X with incremental NOCDURNA. administrative a submitted of general for that the June comparable ended primarily costs months $XX.X for marketing this million XX, due of in rescue. increase and and year FDA Selling, for previously,

quarter per of As a XXXX. in comparable six $X.XX $X.X diluted the per was Net a XXXX. reported share basic of result of income XXX,XXX, and income net million XXXX, basic in per $X.XX ended the June earnings $X.XX diluted per compared diluted and operational diluted period share $X.X earnings compared net strong our earnings we XXXX in per million in to or the results, to per basic the or $X.X of loss per or of per basic million, and or and period earnings share months same $X.X second and financial XX, share of

cash XX, $X.X of from operations generated XXXX. the Antares months ended six Finally, June million for

a This principal result our loan on $XX consistent of prepayment million, well us cash as in we on to of year, $X.X made As allowed June term generation, to interest balance loan as prepayment save this million $XX a our on expense. million our of of reduce approximately annually Hercules.

of As XX, remarks. the Bob? cash payment, balance June Bob call Hercules closing $XX.X turn after million. XXXX, the for to our back I’ll was

Thanks, Fred. I’m extremely proud of what results effect. we continue operating reflect to and accomplish at Antares. this And our strong financial to continue quarter

Our both product we be growth their to primary fronts. We in development lifecycle and out surprise our still Epi growth execute continue our anyone, believe and future a results of positive our continue trajectory. on support and for early operations drivers two all in will current as are shouldn’t to stages XYOSTED map and

programs. that in we building We and We their our what significant a believe development are partners for term also poised development growth accomplishing believe we strong are the are pipeline coupled internal in future. longer with and

initiation development As ahead, up teriparatide continued we at this X continued EpiPen, and approval and Teva; business your Phase can normal the business and clinical we a new this FDA questions. selatogrel this rescue submission IND patient back-to-school launch of alliance the rescue for for XYOSTED in programs open look for our pen; their season, and NOCDURNA, attack trial opportunities. finally heart Again, of approval crisis And look Idorsia’s U.S. by year growth ATRS-XXXX adrenal XXXX, Teva’s for NDA pain; line now this you operator, to submission year by interest. potential the for the successful thank for you in generic enrollment year; at assuming potential of a launch growth forward ATRS-XXXX

Instructions] first comes [Operator question Securities. Truist with Our from you. Thank [indiscernible]

the Thanks taking guys. morning, Good for questions.

First from and on pandemic new patients the current XX-XX abate? you between evolving As XYOSTED, switches? split the headwind how see a do of mix

split. think And of how evolution I heard the Yes, This about thanks, the asking you’re the Greg. is we’re if I your correctly, question Joe. seeing –

up. between XX-XX the a offices been we’re obviously both So, the seeing split with and still switches, that opening the and about have new physician

which We’re obviously to grow. seeing new is in, patients Antares continuing our coming help obviously

it’s split though. So about XX-XX still a

self sense Yes, for versus of Give is the injection? an a market okay. IM injection how HCP the doing much

you Did that with could growth is the you asked? how repeat question of about would that, ask IND is amount the the business you that

injecting How IM patients of much a No. healthcare do the versus having themselves it? business is provider

it. Got

seeing more enabling are physicians rely patients injection. be to the their to we’re on what probably seeming own So,

don’t many see created able to scenario pandemic the patients that. where as weren’t because we doing So themselves offices injections a the obviously do

auto-injector. that So for obviously benefit more and why it’s their injection patients painful doing versus they’re is an auto-injector believe us, IM patients their own. injection And our when really key the very we when difficult a were because that’s doing, on on using own, doing

So, we’re administering for that definitely seeing trend self patients now.

for to helpful. you view potentially is collaboration front could be should the Got level the was that it. many, Idorsia That’s technology auto-injector helpful. more on on folks any of if comment, would maybe potential your wondering the color high applying And then I just you. – was first I NCEs, Thank

obviously obviously where that, We all products. they question. self are need platforms injector that think take injection NCEs compatible or I’ll may Greg., an our very with Hey auto-injector

very use QuickShot process. two-step Our others to are and simple device, a it’s

Idorsia as continue I that’ll, our we I think platforms. to programs to with get undisclosed, think And our success gain so programs, it on when with NCEs additional increase like Pfizer, ability becomes like

in in think a we’re with early product of that product proven lifecycle the difficult we’ve very we’re and millions in concerned Teva. large devices; to company, companies, market on our I leader where now that, obviously produce about ability our EpiPen a of as

like with EpiPen our And lot in so very of to combination with success ability get company product I with groundbreaking think that we’ve across Idorsia and line. goal the a the the had – combination with Teva potential the replacing of in a the success faith there Idorsia

to for NCEs. I license to continue we new in platform our get talk potential think And for other to obviously that’s about companies going more opportunities us fact, new opportunities.

And so all in us space. XYOSTED NCE will more of opportunities, particularly items, including get help these the success

you. Great, thank

Thank you.

comes Jefferies. from with Anthony Our next question Petrone

filing IND on start Great, thanks. Can on adrenal bit opportunity to detail congratulations the there. a Maybe little acute around insufficiency. on off you the more just XXXX,

XXX,XXX deck, in patients annually. mentioned United the You in States are the there

when that it’s bit on incidence XXX,XXX? couple opportunity, of be the what’s wondering, there could and follow how to priced views Just I a that what you look out know early, And of ups? at relative crisis are is have currently there this a within I any early but

use it. use the and Hi, in the to how often it’s Peter. I’ll run take into insufficiency adrenal this situation patients with and they of how

who is should all the home to first to is their therapy every on home, to able to society where In by a available. this have ideal prevent existing never a or use traveling. an the novel recommended injury has and they’re should these hydrocortisone be either situation, or be a available patients to devices get patient or that into they’re disease patient The device; they using year. really Endocrine at use that have thing is one available, unable not the take infection this this the use maintenance situation manage for stressed, at [ph] alternative and whether you want Most of should therapies XYOSTED or will

administering adrenal And that in principle that will all a as there. exactly those need done simply in be to patients should patients the But possible. have and insufficiency of here have use situation. an numbers on as who access way to getting is should that Some acute that hydrocortisone

into then they is bigger an what of patients large because And product number go to today they market don’t is side, ER market cumbersome. a option that it and than is I think the the adrenal a the the on it for of typically if themselves as believe really use crisis. current just will very we Yes, number present crises, RLD actually

And of On the top believe much system. always currently question, pricing larger has going opportunity the bring benefits develop the than as far that, that product. continue RLD going that a your yes, healthcare today. the there’s so pricing on we’re patient look into you’re function into what we that a we as into as Obviously, to is to population

is the with in that obviously traditional maintenance standard hands it And performs to, rescue we’ll a a is of normal of pricing, PK just look into so how product the and show more insight a actually user which pen we patients, the care, gain at, as usually consistent premium standpoint, from to price the therapy.

importantly, give for it’s think to advancement suffer priced going it’ll significant really nice us us. crisis, who benefit Addison’s from, thing patients most well, important that’s the we disease but we overall, to a a standpoint, commercial really a opportunity be internal and and it’s from think So and

then a a a, would go if looks EpiPen, it And generic to XXXX. of back, more in environment Okay. on normalized first you like sort certainly follow of be, we’re couple relative ups

trend, XXXX the XQ from to you back we’re XQ, into typically see go into sequential you even though XQ. bump but you a see you’re XQ, elevating increase If a still

for where that, Teva generic for last the top should So just be that EpiPen, this then out? And we can in you one, XX%, I’ll year, share expecting here. again do think sneak

Just any timing thoughts on updated generic for Forteo? Thanks.

covered of and really whose bumping it’s EpiPen, share On any around a market are depending patients given Teva function week, it buying XX% has to XX% been Sure. on or over the actually really their given, and past job Mylan's not to Teva whether Teva’s product a great in clearly, market be done increasing share year. or device, but they’re the has going for

the we’re the as on based market season we far back-to-school normal expect go news a their children wants to back-to-school. As hearing, all everybody is concerned,

that, their going in they’re these things think allergy to shock important. equipped schools going EpiPens, and I have on obviously of EpiPens an than and are butter the be to with with like that. to electric case it’s kids peanut or, back-to-school, hand, going have have And with things to

Delta is this thing in right. So only is variant say the wild a card the that, non all – I would

change I we’re it so, that But think if it’ll could really I And that obviously expecting that that, be quarter strong to going right XX%, be everyone’s things us. for now, they if XX% normal. worse. it And think maintain share to importantly, and share if get that but market a market back-to-school, for appears Teva’s Teva in

the that to strong. then And an FYI, July of And so couple just have first we’re weeks looking it. also, as been very forward

we from have when And And we on or are final other out on question partnerships, standpoint. expect the or them your we way to don’t great see, like control are so we’re really we this a in We Partnerships control, downside development, point. Forteo forth. you the benefit we at major are the seeing of their our trends and we timing so that that, where the file. then from question information. fold the disclosure happy. benefit one launches don’t success, from control partnerships their is We The we of of don’t timing And that’s Forteo. with your

the approval get else only information like approval goal And And across the We Forteo. shortly. the we’re we is. waiting for expecting still that’s hopefully don’t the it for everyone just they will is have. – line Teva Forteo,

We’re camp approval for partner, they’re with as our and else same from the in everybody the waiting FDA. the

in do can product. marketplace. that’s prior the Garner’s that to to tremendous review, It’s update to approved. first so Teva and They have meaningful give. only well benefit file, they I the were continues once So a proxy commercial And really a the continues to

you. Thank

Thank you.

Our David from comes next with question Sandler. Amsellem Piper

thanks. Hey,

by per then that miss number you go if lot don’t shift one. But secondly, I do but rheumatologists a broader how notwithstanding, and mix? COVID I expect apologize What of all? That’s as portion are get you I IM know the to eases at switches on I the mix XYOSTED Delta and OTREXUP. on the a or a have question don’t these on questions switch coming And versus se. mean that. of days, this, the through have you business I pandemic So just if that gels can from what is, or you switch

rheumatology sales talk you Thanks. that taker leverage that you for overall you a of can the fit could infrastructure? about the road? within potentially Or the want Do where asset find focused that assets add an to is So, can down OTREXUP more organization? you

first the David. Joe, switch All to right. with Thanks, take regards is I’ll This question the mix.

So, of injections. our of question, we are do also I switches most I think and the see obviously, was of other? your definitely as switches changing anticipate way that you’re we one or We what our that asking think most kind IM forward is, go post-pandemic, coming from

our that And the satisfied to saw, XYOSTED the we’ve that we’re be getting as get XYOSTED, got are either as over because well, that’s of anticipating and obviously we’ll were is physicians more to using used that we more anticipate not market it, We as But more strong. goal patients said see exposed XXXX benefit be you gels with really exposed. with obviously that. continuing as really the switch that going have more switches definitely that patients what have that get to will see that as physicians continue. But

new as well. getting anticipating also We’re patients

to ideally we’re brand think, other, we to see going early the that market. as important the see be new continue see a the necessarily or on will we to we except post-pandemic patients that, an And think forward. mix So, part that one strategy going don’t of post-pandemic, big shift way don’t I saw coming necessarily into that that

one that to as the would that’s thing anticipate So continue happen we well. to

So, know, to take the OTREXUP’s I if question. don’t you want

going do than years, either. time well, in OTREXUP Sure our, our probably been also it’s on of continues core growing question, OTREXUP in David, sales less not it’s, percentage it’s for not down not a it, XX%. to really but the endocrinology, seven very primary it’s it small care. teams excessively, on clearly, and – therapeutic But presence it’s some urology hasn’t marker to

bag. I pipeline, a in So look adrenal a at our which endocrinology term, you it’s nice product. Longer was development for asset is our, our XXXX, a it think that’s when crisis,

fit are a urology from within therapeutic a asset to look If XXXX, at perfectly today that’s you standpoint. where we base

expand We’re to that. look going to continue to

think OTREXUP So us another the longer company. do on really well in could right for term, for hands I

the it And our And will other pipeline, improve other but improve OTREXUP, so space that at NOCDURNA. longer we explore as to continue obviously now to right to on the as for but and detail, line. add looking of urology but to continue OTREXUP, you’ll are build we only our XYOSTED not bottom we as with also endocrinology, options we’ll so well pipeline continues term, penetration we options can focus

of So, next I we’re going where in to be think that, couple basically going the it’s years.

Okay, guys. that’s Thanks, helpful.

you. Thank

question Raymond comes next from Our Wilbur James. Elliot with

with morning. have XYOSTED help or excess revenue you over apologize necessarily prepared reconcile in the this might sort me Thanks. given seeing of can data. what of together, Good can pieces sure terms missed I just, in – we’re strong kind dispense last in put the but not commentary, the I quarters, continued trends of couple they’re trajectory your upward of

billings to the have is large several that Sure. payers largest of what worked was late us. their and one Fred, with, ones we Elliot, very this we we’ve work with, in

to invoice during during the even didn’t workflows, and fourth didn’t In first fact, get the rebates it occur close we quarter. end quarter of close didn’t till quarter second their year for occur the

happened we out the at well when with quarter each quarters invoices. the updated came we were that look thing the amounts quarter. same And in were without we first invoice had the as little from two so so a fourth And as the the actual having amounts payer, that took a same we first bit in quarter accrued, that versus of short, the

those changes both in estimate QX. So hit small all of

that increase with took caught item it result, a the that a we not that that increased think from QX, script was really, and up onetime was place did the match that now. As we revenue but we’re see you saw to QX

ahead. go Bob Sorry,

Yes.

a quarters patient As the it’s the It it number particular the other with any payers, where just, of this changes mix large whether at a change happened plans. had really that to depends quarter major is one of mix. if And it couple or can unusual. of patients on other any payer be PBMs, given the

see so expect scripts why in in you larger And you that’s forward. but normalize the increase we than the to that a did revenue, go

was second and cumulative, taking it the quarter. place right, you’re all in But

clear. just again, Okay. want And to

of payer, was under a mix accrual specific on just at it particular a than correct? general sort trends your part, based So rather assumption one on

right. exactly That’s

see base sort opportunity think existing of, whether infrastructure? with kind asset XXX% currently with respect that the is have of to in for can call Okay. can prescriber you on the for you market, what your existing talk adrenal or overlap incremental with based covered sales and not of you the insufficiency, you sort be cover about what then turning you just can and small maybe to largely level high early kind assume base, that’s a of But assets. asset assessment, prescriber And hydrocortisone relatively force at a

Peter. Hi, is this

a Just the we’re about Joe focused, and of in terms be and endocrinologists, call. these that look specifics it do can ultimate fairly who of well envisaging the the with, patients deal like how to talk tend group be after folks we we and specialists

is, question. we good Elliot. are Yes, that’s you physician a news the Good And know that and with today. as group, endocrinologists, the thanks in

we’ve at look today, it’s XX,XXX TRxs. the got access built with today. we’ve customers you Solu-Cortef relationships to customers So, When market, those those about

you heard the huge, we see And great really compared to to would we what opportunity. today, just a as with in see is descriptor do auto-injector, So, opportunity. a an our as have that definitely they to patients what do

think to be will their pretty patients something going customers today. really market access that got well. good I that bringing to we’re the as obviously, to customer And appreciate, But we’ve will base

real so as good a already. have with we we see And marriage what it

I that think would is element only the consideration a add pediatric is we there here. potentially on

well. as looking our for We’re adolescence at product

patients when – to of males testosterone older we XX the are because on XYOSTED, of most reps and looked are pediatric on exclusively the because in most for is And launched a potentially them up. adding we at from those so focus call about dozen obviously don’t product we the endocrinologist,

to so the a the relative modest area we but the one see size expansion commercial – overall basically may that team. very larger company of number that’s the very of of And reps, a but

to about kind what, some that of sort of guess pathway? I with for also and development then exclusivity thinking if path product, for you provide stage and in not And just of the potential approval Okay. avenues, early abbreviated request could respect this terms

orphan population. an to And opportunity FDA. – that intend we with the explore that. on So, is are it we doing want And

anything. But news it don’t designations, get department good updates But meet orphan do would goal we do our to things. But to be to that require we with that the agency further an the We’re if exclusive. we we give and we with actual promise forward, until obviously, want there’s orphan deals doesn’t orphan we’ll product. commercial as as to be get is it, move upside the be assessment the within agency, the – the

If you Peter? want to add some,

going here, a is novel is developed And that those emphasize, that we’ve out, barriers of to new formulation be from which others entry. just – and different this auto-injector and also will a that and both also providing platform, think I we’re that’s is progressing with

Okay, thanks.

me just marketplace, earlier epinephrine lots question to one of going Just yourself the around we’re commentary last for back Bob, getting questions.

you’ve Looking forward longer reasonably partner’s continue we market dispensing. for little I of good epinephrine and sort any your just these XXXX, know how for that a about thinking of expectations terms of products? level in high has but of bit kind to epinephrine got look see elevated a utilization average sort of levels term Thanks. up, of sustainability what the shaping been sort thoughts be may of of level may in of you sort have into above an

Yes.

[indiscernible], are As and and these far more as that. – Epi things like every the Epi to and patients forward, more we’re things obviously subject market year we we going and

market continues of been market was the really exceeded and Teva XX% obviously it’s to – overall, grow. not that, And that. increase think and I potentially continue I they’ve garner able at their to share initial the and So, the capture to goal they’ve that what will market, think

of tremendous a EpiPen, normal vaccines products we’re the market balance been not take but vaccines, a continuing is clearly to on is amount share, this market concerned, units lift for just as a the – and far the so pandemic more there the year. see it’s to the there’s as relative And looking of we out multiple there Mylan’s them including for into

that we think and purport booster be shots you as could have there but, shots. same be to the I current going with vaccines. to the shots, be That on And you’re potential will that also do COVID. know believe booster not experts We again, there issue with booster we’re

a been And not a after sustainable, because it’s terrible a cliff, it’s be going to the very nice it’s been of COVID. so not we it’s market, market, the it’s XXXX believe a like of doubling benefit,

minimum us – of and durable us it’ll a a see we for So, a strong both opportunity generic. to long as a very continue it’s got very value we for very and think Teva as growth, be it

you. Thank

comes Our and from [indiscernible] Cowen Company. next with Gregory question

on taking for much so you congratulations thank the progress. all Hey, question and our

a give Do rebate the it this you mentioned XYOSTED, continue of year? payments? RX from be one the per kind terms previous net understanding in XXX up should first around what improve any remainder of would to willing those for we in you of questions. some in that you to have terms saw follow like you’re that you think of per this yes, guidance value Do quarter RX to dynamics expecting So the is the of

all is year. the increase estimate also increase this this a Fred. XYOSTED first fourth couple half in of do occurred XYOSTED. take We year. did small actually July of in quarter the to for in for price expect that the when the under in We selling And net factor for George, you the price Sure, this

We through both of out will, and net expect increase to those the of the you if selling this price normalize, we look rest as year.

very on And lot in changed. the of patients selling you A the usually co-pay normal this increases situations. co-pay factors as of price, reduced point, our already further certain low those depending no year support through haven’t at or there’s those net either and go their also dynamics deductible,

see typically drop change co-pay the any to we that. in expect we So, don’t and see quarter-over-quarter that support

that’ll selling to increase So we and to QX product net as QX. into price go

positions might XYOSTED, then from to things in these And continue you. take in we’re to preference be Thank how see helpful. starting very the future. just That’s on change

over pandemic, broader pressed levers what hopefully, awareness can and adoption? guess, I we, As the XYOSTED achieve be to

about staying the kind therapy. And, the growth therapy, patient putting actually really you’re a really we’re think asking I length on in of is you’re think of asking. nicest So, question I it’s potentially a

In to fact, towards going months. we’re therapy, on now stay seeing patients beginning seven

a obviously, brand, are on the brand. it’s which the speaks really to great for doing well the patients showing persistency fact that So again,

at to it’s NRx as growth, continued actually growth. strong So if look TRx grow. that’s as our you And our

showing not So but the continuing definitely only obviously to are brand. refilling, get we’re new signs on patients it’s that patients

prior your our biggest launch? you initial And can improve most just Is in where to the on question the patient any are general, more now the low final hanging the fruits that is on condition the And what do education you little Great. demand? product, as think in from a crucial then what is impression with team Because NOCDURNA. commercial there have growing expected? product? And aspects your experience

really mentioned With the is so just identify that’s being element education actually these catch key Thanks And out a physician helping a definitely opening for rolled the that year, they comments, about component. We they literally month one was I see this to of programs physicians’ patients. were been we as much into mentioned, just those the this opinion again. Joe, ago, offices, NOCDURNA, Yes, instrumental is in coming question. what critical trying as were post-pandemic, Because is leader that educational with – what it’s across you we and country. up. things the see is really physicians

under kind be of are that are with educational the programs, might So, being what of those really physicians as well helping continue we’re sites patients as actually as NOCDURNA. helping physicians their visually, to critical interactive understand practice helpful that for. floating gives radar being to and and finding look a opportunities is today really them types that that grow things can really what some these the revised the see to We patient in two really

This Thank much. is great. you so

you. Thank

Our final Matt Ladenburg from Kaplan will with come question Thalmann.

I to pandemic person morning, meetings and the in of kind now given resurgence guess guys. things; I really XYOSTED maybe a first with with success during respect Congrats had the are the important to offices? three guess grow doctors, you and there the you’ve what on to Hi, of into, with the version XYOSTED for access question how Joe Wanted doctors to of continue virus strong your Delta dig seeing out good are quarter. to

– really access would Matt, thanks, that the to say good good certainly Yes, news continuing physician we’re to I good see we’re post-pandemic. be questions. is,

obviously this monitoring definitely variant. we’re Delta mentioned, I As

call. We with seen had yet changes over we the an really pandemic in the one standpoint. lining any the market the was The from developed virtual capability substantial benefits around we’ve access haven’t

can marketing has brand the and well this that has resources setting. with team also in team also done the team provided they So has virtual team that the really use

we’ve So, XX% of happening as virtual. mentioned, our activity. still about – still got we I It

So NOCDURNA. that get garner virtual we opportunities to even access continue to be if harder developed, capability physicians’ and with to think we’ve this offices that would will that able XYOSTED

prepared we’re something so And that’s for.

deeper meet or in ideal you So, the that. that wherever see as person now as virtual. get into staff and as well be their person, to members like to your the we’re the whether customer because really can much discussion need physicians, able we to, they But in question, there opportunity, things certainly with

So, continue to person going obviously we’re where modify we’re to try we towards virtual to switch but over in go ready going need to we or to. to to can, be as

their okay, of that’s that crisis. patients number kind most where I pen market of And over then I certain their also unused life guess, mentioned can a they’re to And helpful. situation it ER XXXX, the they of patients on most with respect pen, there’s shelf of period their more potential time? you of question going use Okay, guess, pens, you significant think rescue where will need to adrenal there? a going that us patients understand be we you I refill to the EpiPen market, guess a as to a to should then an if kind address currently or even in that are, frequently. help not dynamics

Peter. It’s Yes.

right. where have patient, as to you be want think the absolutely those I available in therapy, model, the to need avoid the it be – to is caregiver But that to where possible situations be you and use where able that be needed. simply You’re give This possible, don’t thinking trying to to any EpiPen as to have you’re got you we to that. should of that the when to might want it’s

appreciate. able in those pens So that the this and here, is will pen physicians that that is have acute I we capability meet and as that’s a one the is were being Antares And for classic requirements to patients you and think use used situations. provide rescue

Matt that you expiration XX those when XX so EpiPen, months a get from starts And obviously anywhere similar about to months will have dating drug. the have your they on start probably expiration product basis. instability pens and EpiPens from question that replace to that’s of going regular that patients making stability, is it’s to to be for this or going dating, to the And to the a

patient By gets XX so about the time though months actually And depending most the months it has from XX the he pharmacy, of XX the months even of XX have to brand. expiration months dating. dating patients, on usually EpiPens to

And so our it for much crisis. for adrenal wouldn’t be that rescue pen different

And overall so provide that the our what to one to least the you will so at coverage. able And be of and replace that’s want with them year goal be just will patients patient it, is and typically life. and they don’t with do which don’t they they need it you hopefully to but today, save when it’s Solu-Cortef, use use it need like to there your can

Great.

color. Now that that’s very helpful. for Thanks

our concludes today’s session. This That question-and-answer you. concludes presentation. Thank

now may disconnect. You