ADMA Biologics (ADMA) 12 Mar 202019 Q4 Earnings call transcript

Good afternoon, and welcome to the ADMA Biologics Fourth Quarter and Full Year 2019 Financial Results Conference call on Thursday, March 12, 2020. [Operator Instructions]. Please be advised, this call is being recorded at the company's request and will be available on the company's website approximately 2 hours following the end of the call.

At this time, I would like to introduce Mr. Sam Martin, Managing Director of Argot Partners ADMA's Investor Relations firm. ahead. go please Sir,

today Welcome, President to thank results discuss and Brian I'm fourth Joanna. Chief President us Officer; Chief Executive for for Financial this quarter and joined XXXX. year afternoon ADMA Executive full Adam everyone, you, Grossman, you and Vice and Lenz, joining the by and Thank Biologics' financial Officer.

and provide for Brian full summary provide press questions. remarks a our admabiologics.com. before and quarter financial opening then will up our available During Adam detailing an provide release today, the and and a fourth at XXXX call will on issued today's corporate some The year comments quarter year website XXXX call, financial your results. results. brief some we introductory Adam fourth of full Earlier provide will overview release is our then update,

I'll begin future provisions for represent expressed making release in implied as which statements of of today's and this such Act harbor to or statements. today's under assertions our during actual formal results we the Reform Securities those cause the expectations the Before announcing beliefs may you intentions, comments, be will from our and press forward-looking results Litigation factors, by detailed safe materially that statements forward-looking forward-looking which constitute subject company's call or filings that the uncertainties with in SEC, we risks XXXX. call are All the purposes differ remind Private the events, concerning to such

of subsequent We any to these to be a our forward-looking May this that any from disclaim Risk our date results Form could relied date. recording cause for not and We views should you refer our actual to update any only any represent specifically as section as of release In representing annual statements. the on disclosure in Factors XX-K differ addition, upon of the views as report important discussion of such the notice forward-looking and of statements. statements obligations earnings materially section the factors of

now over that, call the would Adam I Adam? With like Grossman. turn to to

first Thanks, conference ADMA earnings call, is Biologics. Sam. And at this call our quarterly

just So I've I then know these into am fancy quite of well, guess, read, a today couple but we I those to going prepared remarks, I And for I prepared which welcome, open really, get a got an me day. been trading before -- statements, day, all trading, interesting everyone. up that and weeks. And was It's the we we're it interesting really the base the We in very to this lot fact been position say, a year. to number strong ever complete is financing milestones. of in. a accomplish want touch The us for to company and that's of going earlier capital questions, it to raised carry capital proud has that I strongest were of able a

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who to that party. understand me, know this welcome me know to And are for who those those getting am. is I So for the just

Sam. you, thank So

joining the I'll prepared today's us Good start with now. call. remarks for thank on you and everyone, afternoon,

of an XXXX at ADMA half been Biologics. second XXXX and exciting time have early The

commercial As intravenous of lead FDA. many their States half BIVIGAM launched products, both globulin ASCENIV of marketing you sales and XXXX first during approvals achieved United second X following the the immune in know, the respective and from were our

XXXX commenced First August for in commercial sales October and and BIVIGAM ASCENIV XXXX, respectively.

and the ASCENIV, on marketing plan, deficient access centers and began focused a working outreach immune FDA professionals BIVIGAM care health messaging therapy Following and to team secure of approval patients. to to coordinated treatment appropriate our and for commercial

of increase period revenues XXXX. in For the which of over XXXX, we million, generated same the total quarter $XX fourth represents XXX%

a thus forward remain commercial and and the launch BIVIGAM tight supply of we ASCENIV continues to both to to XXXX. far, full XXXX, which more detail period the and financials that trajectory continued production are increase growth continue Brian very the market, ramp later of will call. I same the pleased over year with in -- $XX.X of the continue the the and our a like U.S. period build just we we the For revenue, to mention supply. generated up on be would represents IG million XX% in in portfolio in providing which

the are a much pharmaceuticals reminder, of for longer of drugs drugs. timelines plasma-derived for types production other than As and

for the immune unique Typically, a release an timelines product. and to industry. source investors it plasma in of Biologics months are anticipating forecasted revenue these timing collect plasma, timelines and And to These growth. test takes the and revenues are analysts of what future produce modeling to X manufacturers batch the XX globulin use all typical and not when are ADMA operating for should

on this say we than want I for and said that call we that us of year to for in just and when FDA So approval can X the batch, analysts commenced produce to XXXX, and ramp and possible as as of the this as to months talk to year, forward-looking products transparent that a these amount May market to if but revenue received approval XX of XXXX. inventory take going a FDA total to production trajectory commercial earlier give If to drugs be hit guidance in we're trying approvals, received helpful these I ago. anticipate prepared revenues XX April less We these that within takes of we're not we're days investors the to as off. it to June do of

lot of dedication. prepared undertaking, also for BIVIGAM FDA at recognize very at that and in as requires say producing and gaining well our and patience small this and issues staff's quality whole the was proud our remarks. I'd products, Biologics. the to as ADMA ASCENIV approvals And I the no launching outstanding efforts This I'm of it like remediating and site. a and the to compliance Back team all of employees'

ramp potential excited and for as updated We all the about these you production products IVIG the our are keeping we and commercial products, continue. of look rollout to of very forward

globulin. intravenous a indicated patients is For humoral of immunodeficiency. plasma-derived background, the polyclonal with BIVIGAM it treatment is immune And primary for

immunoglobulin immune for serious in indicated infections. ASCENIV the intravenous immune adolescents to to This globulin, and protect polyclonal to is age. and again of those plasma-derived human viruses XX contains years humoral normal of of a help bacteria adults alert directed XX against These and a primary in also range treatment against plasma. a deficient broad found wide and it's immunodeficiency antibodies are patients

occurring ADMA's is tested microneutralization prevent infection proteins such antibodies, syncytial by are Asceniv ASCENIV and RSV, immune and the unique BIVIGAM sufficient only polyclonal from titers that, plasma-pooling respiratory viruses, source from plasma screening disease. immunoglobulin and is are proprietary products which to bacteria technology have to plasma donors the tailored blends company's market. and assay. to manufactured micro, other design IVIG that neutralize proprietary patented to or contains and and virus on obtained testing This plasma-donor system it against the and naturally normal differentiated methodology. the as ADMA using In using body's used

plasma-derived I'd more for market now immunoglobulin. like opportunity take to a

U.S. of in XXXX This sales. for be have total to We projected and at years. IG was As record plasma many addressable billion track globulin approximately plasma-derived of in $XX to X next a the growth time $X.X size could immune result know, market annual it's and area you long-term an compound and think of annual an In each utilization. products market the is established by to in industry XXXX, approximately are of durability. reported for to factors unique health anticipated of therapies demand billion a a XX% U.S. tight provide great The well. growing U.S. unique globulin market has an a immune at with pace has being unprecedented some and this and other situation care the to approximately is There addressable forecasted able grow year rate as supply that are demand. immunoglobulins growth that for market

globulins and is at X ADMA U.S. that sourced IVIG market also products from for owned the is and be these globulin currently must from companies U.S. of are approved donors. X U.S. of In present. and only ADMA order for these produce immune market, market. producer U.S. that domiciled the immune collected plasma-derived plasma produce only U.S. products manufactured to the

non-U.S. for general decades regulations market other emerging is established. life long. polyclonal and generally drugs Some there global globulin virtually introduced halfways product are -- to products plasma-derived There current low-risk are the U.S. countries being indications. a approved immune as for are cycles substitutes no from globulins, There or are markets but features immune safety human can notable of due of pathways well be

and hospital. patients. protocol, children life-threatening were is their respiratory types authorized serious from for ASCENIV each undergoing at immunocompromised and infected to X described T-cell lymphoma. the XXXX, like clinical Mayo recent achievements. X use certain noteworthy were The case does FDA the RSV every quick XXXX recovered children condition lymphoblastic day. an Clinic these IDWeek do infection. ADMA released October, I'd chemotherapy compassionate at patients incentive being presented from and the it quarter immunocompromised with of a single RSV under were diagnosed gets were outcomes from provide investigational This were of data emergency RSV. infection drug X In Minnesota new of studies were from what which the treatment in Both for treated review with Now both children and fourth in children of treated lower This the to is why and a up Rochester, with an tract Both

very are with ASCENIV warranted patient We and for evaluation is that results in clinical further pleased and these this similar believe populations.

for a products, commercial rollout the us BIVIGAM material us for chain completion To bringing because capital of the begin supply mentioned other we Facility, I important Raton strengthening stock. including, allows of operations $XX.X well manufacturing through of important successful the continue underwritten and an common functions in ASCENIV of corporate achieved This and balance manufacturing certain to in-house. our raw the gross million. public of sheet procure of conduct number key offering to resulted proceeds the This expand the as a of our it Boca including ADMA's needed XXXX, objectives, as company as earlier, was

XXXX. facility from noted financing year-end this achieve $XXX collection to process. a approximately are January immune revenue plasma and in X-year we is be $X and multiple cash intermediate XXXX, pro at FDA-approved bolstering results the revenue expected fractions agreement year should annual plasma-derived supply and $XX for of to million and the forma revenues company will entered to to per manufacturing hand In cash million allow expanding to XXXX It million, milestones $XX greater and net a plus and through our from further in million of cash Additionally, agreement million XXXX recent early XXXX This we into balance $XX sell proceeds network. our than integrated growth. this that produce add per XXXX, year and approximately on manufacturing vertically for globulin

and intermediate these to are than from our products. immune typical the globulin with production IVIG seen finished more cycle X- We able recognize rapidly to potentially revenue XX-month fractions

Biotechnology And NASDAQ finally, added we Index. XXXX, in the December to were

And All it solidify ADMA's biotech plasma and to to be on within and our the landscape. products the place of mission corporate serve us these goals in to execute quarters competitive initiatives and ahead. positions months able

for CFO, call Lenz, financial our with So of over highlights. I'll the that, to turn a Brian review the

a I'll issued the we Since review press some and Adam. release full highlights. you, earlier XXXX just fourth results, Thank our XXXX of today year quarter financial outlining

Raton of centers ownership throughout was licensed X expand the to million $X.X throughout include XXXX, the in XXXX, reflects the million XXXX, our manufacturing revenues agreement increase commercial price our those the the sales customer Florida plasma of generating several revenue, period commercial our Boca an plans recently October purchase plasma revenues partially XXXX. of center currently one additional revenues Boca at million our to place to to X, during plasma quarter same for compared Florida plasma XXXX. plasma over $XX X to the Sales X collection total ADMA plasma center of August increase including were here XX XXX%. plasma on network. this put the The our XXXX, next For X FDA ASCENIV centers in was manufacturing having of revenue. offset supply Facility. which $X.X We've U.S. for having BIVIGAM in years. first of manufactured related to our Facility. all already due fourth and X From FDA-approved transferred and attributed licensed to center or intermediate of January fractions new the to XXXX, of network of contract disclosed X This centers part factors, new having and in in These relaunch compared expanding were to to contributing Raton ADMA approximately FDA center

million XXXX. approximately $XX.X stock-based increase expense. new factors, XX%. net for net revenues loss is for $X.X $XX.X per share increase recently of of quarter sales a the share. in $XX of reflects as compensation, Florida an the fraction of million net was XXXX. $XX increased fourth quarter of a approximately million and contract basic loss million of consolidated revenues quarter expenses XXXX, The interest of attributed was the from approved XXXX loss per million Boca and the Raton supply total noncash basic quarter full offset of by million, well manufacturing consolidated first were $X.X for compared full amortization $XXX,XXX which as for now and diluted revenues to expenses or for $XX.X compared reduction quarter the new or BIVIGAM, of Our loss previously Included million XXXX mentioned, decrease manufactured Facility. to $X.XX ASCENIV were commercial at year Total contributing diluted partially expense. to $XX.X comprised loss million depreciation, in And XXXX several and during The the to as higher $X.XX noncash the fourth intermediate revenue, or year This in a compared of was to fourth primarily due here operating and fourth XXXX the sales customer $X.X from agreement all the loss net interest fourth of million

having to plasma compared offset center XXXX As XXXX, stated, revenues due partially these revenue. X throughout centers ADMA to were during two generating previously

year $XX.X or the per compared loss net XXXX. diluted of consolidated December for December loss per the year Our loss share a XX, was for $X.XX and consolidated to full net or for ended share million XXXX, basic loss diluted $X.XX the basic million $XX.X XX, ended and year XXXX,

XX, XXXX cash of of had full This year approximately noncash primarily expenses accounts compared $X.X of is cash million XX, XXXX, December million and of stock-based ADMA and compensation, and of and noncash this interest of to of is $XX.X million depreciation, to $XX.X million, of This million decrease in The increased was expenses net loss million. $XX.X operating year the 'XX expense. accounts net balance receivable of receivable cash $X.X equivalents addition for of loss At December $X.X $XX.X to XXXX comprised lower and due million amortization compared of equivalents the cash approximately million. to $XX.X in XXXX. $X.X revenues included million

inventory stage XXXX XXXX. December XXXX, to and to At $XX.X XXXX for of $XX.X compared of ADMA million. had year-over-year December XX, ADMA's increase expecting growth, was inventory the compared from which beyond. sets as capital XXXX to The December revenue in XX, working of XX, million XX, million we're million anticipated inventory $XX.X December as for XXXX, $XX.X net XXXX, of

XXXX, resulted in stock After XX, expenses, offering proceeds public at announced public share, February $X.XX were other million. company, exercise to our and and per of of offering to underwriting we On be company these the the common an of completion underwriting $XX.X underwritten price XX of commissions option offering, approximately full the deducting shares the expenses. estimated gross over-allotment proceeds including approximately to which a $XX.X million the other the offering discounts, of deducting before net million of

on our cash pro hand and greater forma at the mentioned, $XXX proceeds recent XXXX, net previously XXXX, financing As year-end in than this from million. cash of results

So puts to beyond. in XXXX and milestones achieve several us throughout be capitalized a well key to place this

With Adam call for that, the closing now over I'll turn back to remarks.

again, closed. prepared news is prepared all the priorities strategic did, I that shut before up more same year. stuff, going I'm read the about this And morning a down. Again, you got Thanks stuff to NBA upcoming Brian. But we here. key woke to little We for bit this saw our baseball's talk I've

think lacrosse of for my I kids' canceled the is season. rest the

outline goals strategic priorities going upon for I'm are you today. that assumptions have and to based these So I

is our sit, we supply intact. As chain

doing Our staff well. work, is we're to coming

risk could factors So in to our change, this refer there.

in plans place. got this, So get accomplish upset. don't the got We're people realists. this? I'm going inventory. to to all Like buying Again, inventory. want you are all how contingency the to I read going We've and We're we've

and demand staff buy for got through. to pull we've drug inventory. it got We've the We've the the got to make product cash the to the

get with written So that, to remarks. I'll back the

to year. Looking for now to upcoming moment ADMA's ahead strategic like I'd XXXX, a take to priorities review now the key

certain are expand of manufacturing immune fulfilling the To commit continue strategies ASCENIV plasma-derived ongoing, produce intermediate for the network by the first XXXX collection potential our ramp to chain fill, and full execute other finally to the treatment centers strategy sell patients of week? next throughput of years. of X secure the our contracts set portfolio and center expand least for continue to fractions, commercial are least supply an enhance as to secured over execute So capabilities and goals robustness to for in-house, supply activity for newly sales products. deficiency primary to the X our potential centers new which our X this to and property by last plasma expansion, long our on capacity at with at finish opportunities BIVIGAM CMO and out intellectual we and to in the production put X and To doing their implement -- on year week, announcement evaluate

Last week.

-- property to important specialty pipeline hyper-immunoglobulin of Last and developments development products portfolio week our additional disease. -- job development our security candidate infectious and product targeted intellectual to product -- enhance plasma consisting

the time. We that there been are team, infected management monitoring We any the or no chain. experiencing of with or have otherwise not that COVID-XX team we're supply global virus impact ADMA's at report today in our this members Presently, operational can situation. are

the from we vendors, risk suppliers, may our not XX-K, laboratories, However, all in we our have third-party to et information as refer factors cetera. you our

to we the or nimble, day. monitor Whether hope to to at And and family flexible, my our that made going with that our business situation. X.X continue on-site you're we're This know that past commitment closely every global we like we we're care stakeholders plant to the the our dealing the can that's likes put that the and for. that do protect I'd a team I pandemic, first. years. we've we I'm shareholders is investment is is it manufacturing not, management And and In our that a built that and over analysts patients we continuity of proud of the for here. ensure the everything that organization closing, highlight

we is are and completely a what we company strong. immunoglobulin We've commercial transformed Today, any that X approvals. We're acquired enterprise more we XXXX, in commercial for waiting have FDA-approved we of the not need. June got Our with assets now products.

total with annually Collectively, potential revenue these fractions associated a of intermediate million three together products the or $XXX approximately carry more.

facility XXX,XXX expansion. for an processing with and room have liter a We manufacturing FDA compliant capacity

U.S., In have of privy PPTA, that members Board I or Protein other we of participate we a Plasma leaders needs in North for it's in a to addition, continues market lobbying items global where to all the the well was a happening with and positioned growing to a be can table respect now very of more We about the such well today tight I'm leave documented. be information we're growing lot the able industry these excited Association for at seat product and the I with in address its now member plasma and Therapeutics in ever and American success hill, industry to I'm Directors. supply rapidly great than the our you, what's marketplace. are unmet of the patients tell to believe us to

ongoing ASCENIV deficiencies. patients We to immune commercial the deeply committed remain each rollout with and bringing of life-threatening BIVIGAM to and product

right and the value our quarters maximize for ahead. in forward people value the of of confident progress to are stockholders. We our the got look on ADMA updated that keeping months in you place plan portfolio we've and to and Biologics We our the

place, I'm into that's board blinders keep taught you, car to I've on car to deep do. in raised we're car been us. make and the with good going team and stay if going people, is in in deep the with that everything and the that we're you products you. help what And with So management falls is car in my my deep with the you,

like and stakeholders. work our hell deliver to going for we're So

would me with now that, for questions. that her to call know asked the we operator like to let the So open

like now the for questions. to would we operator, open So call

[Operator Instructions].

line the Jefferies. question of Petrone Anthony of first comes Your from

in and on -- progress on ADMA. to developments past attract here to year, at this forward all continuing congratulations looking Brian, the the the and Adam

coronavirus. just IP the press had So maybe a we talking of expanded release ASCENIV X covers you where week, that with light strains are in coronavirus. of landscape around about in Adam, potentially last

One titer moved high competitors a to coronavirus ahead has of develop product. your

the have therapy in two that we terms be where a from antibody this do And next industry maybe And within feasible of a So year this to sits of then follow-ups. how couple it have years? plasma coronavirus? industry virus, say, the or can I'll attack

frontiers two thank far I of micro by pathogens First Anthony. ADMA donors OCXX. as lead goes, Jordan timing Two In that that's XXXX, I want of neutralization all, they our numerous But panel that fast that other believe question pathogens. piece a assay called of can levels a with speak as published Dr. you, authors, review it plasma in to a about identify for was and data But data were the also have We Biologics the how we published those of what seven Orange. FDA, that neutralizing something. demonstrated approve publications. high peer coronaviruses, common SDC respiratory journal has antibodies patented in immunology to XXXE of is

commercially IG. available those other mentioned, to viruses, X greater testing X We batches antibodies of compared a as this demonstrated we at levels panel commercially then in respiratory And number available of against including coronaviruses approximately time. somewhere antibodies batches levels IVIG as I between of of that on further well statistically significant X three of of that with ASCENIV did RSV additional fold

consistent. profile technology. to using today And it is very we So this as we pretty the pertains feel drug. our product confident That's of is manufactured the respiratory packaging ASCENIV way antibody manufacture the that

issued. got already patent So we've a

are We product. with this commercial

IT company's fancy out who counsel with. expert. firms release. release different Our I'm press we of a Shmancy IP went got from couple another not press We've an before work

any or you they benefit time. So income People they know to are we see what this some allowed We anything. whatever It's want. at I revenue -- do generate an that investigate some sort have don't once cannot may derive issue. is issues that of

was we phone Medical fact, collaborators, with on He's the of laboratory the well the the been years. many, everything former and ADMA head something we the with with guidance. CDC lot companies connections comes In our a there NIH plasma we've industry provide biotech and Officer, at insight on are it as Chief other got community, especially we consider Scientific our this. of for the -- many in as when relationships can like is the the phone to immunology NIH, doing to within

confident respiratory we're to at. how We're viral years very shutting else. what infections feel they're we've of investors business. copying amazing working people and down this kind feel in want the team missioning look championing that We is We has since are in us. copying been just hot feel this. scientific prevention immunocompromised to inception we're could we we but mission the table the antibody a offer potentially like defend This products good develop not This answers that Adam in patients. benefit is place of and principle later, world to some like a Anthony. to plasma-derived company to, feel It's question. founding not -- here, that that of our of for very a anybody been we been of near-term with XX way because and But confident patients. your our founding ASCENIV polyclonal therapeutics, also to the very, some our has that of like Hopefully, need if leaders IP, we treatment is to these

couple just here. BIVIGAM in be -- particular, [indiscernible] jump let I'll of No, is and a in others guess, it and And Would does. follow-ups. IG shortages, I obviously launched.

or quarter. where we sits? state you shortage your Can exiting you And balance and the sits, the that IV fourth should that give And of be convert where to have us of at How XXXX the How million potential of XX when shortages. there? I exactly months? about you sort so look to of the consider revenues on situation, is thereof, into kind sort of but thinking lack sheet current when XX much update say, slack $XX over inventories next,

Anthony. it got Okay.You've

use they my globulin more to the word the the tightness than produced the like 'XX. the best in From XXXX my you supply. memory, industry Anthony, of XXXX a from plasma they to did than I in of industry perspective, And use So in whole. immune like 'XX in as more shortage, word produced did

you So producing than is it globulin more as immune ever the if a before. whole, industry, take

So that demand don't a I is imbalance. demand that shortages. it's like like think hard outpacing I term. The and supply. to to supply -- there's

CAR-T cell growth these immune deficiency, use market cancer. secondary the immune opportunistic What's from infection. susceptible So it look for reports depleting diseases patients the we've products, to really may utilization immune some products, modifies read. industry it cell as When more we you that T&B therapies -- some modulating driving and in of autoimmune is at modulation demand immune the looking novel system agents, other be in this

we then, we I Reports I when were that very Anthony. at Jpmorgan, well. looking stuff and were this supply to we X% X% Back the somewhere seeing at demand were reports. in you to range closely know you, of these imbalance. track defer

something it's products, if really sales But you being greater may whole, be than today. may it a the that with had some different that. force, that, less you call may we will. see than them it be by So But as shortages, driven utilization, a my spot

of call on IG. the who coronavirus deficiencies this there for prepared patients we're that in be force situation, to wanted with some is from out current that light are something of field I immune and hearing our

Some to they treat immunology, better [indiscernible] been going the compromised know come as certain This product as don't be than teach due be clinicians infection. that of or place. regularly able to are of us principles antibodies to in an they've physicians restrictions immune basic patients. if because is trying more put to have And less when patients able may if the prevent to in certain of are availability their

that ADMA as on activities out your to market year second supply continue plant. believe think immunoglobulin there this year, we other But going the We part Brian, that I for that will much So we this manufacturers. easily I'm tightness of going that the produce touch know it the number next of to a future. are year, foreseeable absorb after, as please. through being question, can the from produce believe can I that is To turn undertaken of the really to all this XXXX. of product

Sure. Thanks, Adam.

at you have mind to the this that. isn't as to the I there's an balance the -- mind, inventory we FDA $XX converting earlier, will that sheet we throughout our that And the also beyond. part up plan months. have cycle, sales keep wanted end and on as keep $XX revenue year-over-year inventory XXXX, X future to the for XXXX we middle after mentioned XXXX be into margin of What There's and Anthony, in the of build future in growth, margin we as XX anticipated from -- as And million in of no there's That to gross beyond. in the margin million XXXX, profit and So want we mentioned, everybody profit sales. no cost. recognized is inventory margin in growth we the throughout that received purchased inventory inventory approvals the and

I the revenue growth. future then So about $XX think think margin. at profit. And There's million. that's our year-over-year no There's It's cost. no how about

question comes James. next of from Wilbur Your line Elliott the of Raymond

actually everyone Elliot. progress. Congrats is is on safe. the on Glad This [indiscernible] Cameron for

a on strategy couple just have I forward. So ASCENIV commercial going the and here

in point, reaching a to expect factors in terms the of especially ASCENIV. mentioned are around you you things And aspects And some you of some on be launch build. what could know that that like update the launch details off, looking full I first commercial from maybe some gating But at reimbursement? us would inventory dynamics So perspective? other of the when when mode initial on

Sure. Thanks the question. for

So say Full launch when you mode.

very hit launching mode, we've is interpreting ASCENIV product. So commercial capacity. the sell. that I'm launch to full full when We're say a mean when detailed you

As thesis a many it folks like is investment know it's hyperimmune, and a the is that hyperimmune. like manufactured ASCENIV around since priced

channel, very immune typically used hospital-based is it's reimbursement to priced for drug in today. are and a at premium the sold. So utilized and so through ASCENIV being we're pathways the it's We've to standard The with patients. pulling drug. that setting globulins in just We're making being where got We're launch pleased in drug far. a

say, product that public reimbursement symposiums. the as are emergency and patients being very approved education approval use. medical with covered working In at getting obtain well P&T pneumonia of and the type Number certain setting, as setting number when J-codes a a or be are DRGs closely the there with and hospital outpatient have confirmed committees, the to is diagnosis. emergency payers to RSV under readmitted certain access We're P&T of a plan an private used committees can miscellaneous We national, from present center time. of specific

but IDWeek I in are Typically, my later year. as Some of in these earlier -- in October. my with remarks, prepared from typically for is slated the mentioned

salespeople science meeting So the take going IDWeek very we're we're to street, X is -- treaters We we've liaisons, about X field the now, to payers time. But all we've out and uptake medical information medical very with got we've and responding feel and right hopeful there good pounding the got that got requests clinicians, of ASCENIV. place.

terms a key second I could officer, field And over of terms related to helpful. part guess watch adding specific the for in reviews? discuss organization a or tough of the cetera? to That's negotiations out follow-up. for P&T or And in payer a build of as milestones additional I that, commercial perfect. XXXX, any Okay, of guess, Are out course clinic commercial those maybe chief either -- us to et any even you reps the plans there

Sure.

But say, and people But blow around let sit The team. another that that go. necessarily we we super I schedule to of now, on hire going straight. let's milestones, the going we're coverage, to -- revenue we we frankly, in. X, hospitals press on our some number we typical a we're think enhance going not people, get another and X, commercial quite our look, smoke we're release people be not bring find as quarter-over-quarter speak going plan mean, to duper I to plan X them it's to mean, science here mean, and weren't mean, when I Right we payer I'm think on. to if respect have I I I liaisons. yes, is don't medical allowing planning announcements. with X country aren't

move our continue got So got we've well-trained a to open. that's keep understands forward. product. to team We've eyes good solid to I got We've this core think and

good about commercial here going to to hire fancy feel going yes, round I'm and I sit and going but I we'd tell chief guy. to up that, mean, you, we're not So a budget that's team, but we're a love ripped see plan, out. fair And get how our answer. to to of all. this our won't face It's for Hopefully, plays I do I a that. part off it got and my whole

question next from the Your line comes of Gershell of Leland Oppenheimer.

years. the ability raw to about of your without centers. over source hold ask now, using to Right few know Grifols. agreement you're with an have you your own get want -- next I growing I

If in current when XX the also, expires? going I for abilities that when self-sufficient? of you could that say to that think, another, to terms with Boca X to you the that guess, fractionation your right plant? I would remind Would be centers, collection us And durability you're that, of build you number be align

All great questions.

to center. changes is not date to collection want Something in at we're plasma donor our behavior I say do any experiencing that

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question, So us to answer yes, that totally self-sufficient. make would your

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of the you may getting Okay. slow kind is were strategic Or And another be collection then opportunity? to maybe of to self-sufficient you topic ADMA concerned of is, have would the down or some of similar just you ask about just become about way road really hold centers sort look to those if a build-out defer on of more down them, plasma? kind to this

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Jen comes of & I-Eh line Laidlaw Your of question from the Company. next

a pretty call, it's Congrats first earnings good start. for your

Thanks, I-Eh.

questions here. Two

maybe And make now -- on mentioned has well fund, thinking for in that to was tried guys billion that's that there -- that become The line, as $X those work IVIG. have thought guess, United to earlier, the of about a you first given as for try mentioned government increase earlier as one I unfortunately there people available believe treatments. of pipelines? Anthony, there that COVID-XX is sort States, billion to the along is, your I are you $X you Is about to

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feel very Hopefully, we position. answers question. So your good about our that

could Absolutely. you're different be offset having fifties as ASCENIV warmer guidance. to down or on But more This is do of kind and well, it that revenue I know break fully way you yet, a maybe other just some impact the the given COVID-XX. cells ones. feel to one going question And seems by the not that, be but on by over winter not maybe this. lines that that sales of

willing higher patients, a more So take maybe there's to people dose. more

Is So how do you see a... this? there

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congrats great. on good the Okay, Again, start.

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everybody. you, Thank Okay.

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thank good stay you in, So a safe. for day have dialing very and and

concludes this for conference you gentlemen, today's call. Ladies joining. and Thank all

now may disconnect. You