Amag Pharmaceuticals (AMAG) 4 Aug 182018 Q2 Earnings call transcript

Good morning. My name is Lori, and I will be your conference operator today. At this time, I would like to welcome everyone, to the AMAG Pharmaceuticals Second Quarter 2018 Earnings Call. [Operator Instructions]. It is now my pleasure to turn today’s call over to Ms. Investor President, Vice Lennox, Relations. Linda

your You may begin conference.

a welcome you, our Pharmaceuticals AMAG Good we second and Lori. morning, to issued morning, conference this XXXX results. the release. financial Thank quarter Earlier press call to discuss

the Officer. statements a today’s Commercial at Financial our harbor on made For in access risks Securities Grund, you our to release, We me business. call, may during Nik in to emphasize and Private and a better full discuss use of of sec.gov Ted the for and we that website our this they our because with On Officer; obtained and are discussed today. it don’t measures Please to SEC be these ongoing these our uncertainties the risks definitions provisions website. as from Please forward-looking non-GAAP Chief measures section Form are can performance. and Myles, Investors financial at of our financial we performance, with materially be Investors review our forth could With our call measures copy, amagpharma.com. Act those pursuant forward-looking certain decision-making, President the mean earnings our reminded to Reform business. set in We results and filings believe, uncertainties of Officer; may a statements who which was evaluate the Bill our safe will XX-K economics The actual of of of represent filed operational Chief to SEC Chief Copies respect Executive section our non-GAAP Heiden, with forward-looking non-GAAP associated our want subsequent you of to have the with statements. involve in today’s that Litigation include refer remarks the cause for those and such that differ XXXX XXXX. and call

me will for agenda XXXX morning’s this Bill run Let quickly quarter call. second cover through the highlights.

of overview and of remarks our will financial over opening XXXX second that, it’s take Next, things then Bill? Nik to financial will my the results closing guidance. you the And products. turn priorities call Bill Ted key each with our our and revised call up commercial before for Q&A. provide Bill. will through then lastly, to wrap a pleasure quarter now With

our XX% Linda, as financial reported and we to quarter year Thanks, in of morning just performances second very the the that portfolio million, you good about shown quarter us minute. phone. results, tell joining the versus Nik the $XXX by across a all you pharmaceutical strong products by we grew last on will in on left, Today strong driven to

XX-Q, CBR, separately as next couple weeks, upcoming will operations You discontinued as of our the presented classified financial the which in as in see well to press statements. of expect sometime has our and announced close our sale we of is release section financial over the been

this for revenues half, line, of allow were second raising strength we sale that on this a the right, the of the will cover that some and on medical will of by balance total a are, strong commitment the spend commercialization CBR, us morning to revenues strengthen in just business financials on sheet confidence our our and bottom first annual divestiture in medicines mentioned our Ted address will $XXX.X our half off which performance, million. and bit Based $XXX guidance again, focus see top the our both and highlights. million and our quarter’s key our paying more clear this morning. So high more notes we’ll detail the Adding needs. underscores significantly, is unmet yield bit development to service the making of And you on in later our I sure everyone CBR fundamentals. new time on quarter,

quarter Another of FDA’s is next drug busy which was acceptance year. tentatively Committee scheduled highlight Meeting, Advisory of now for the for the bremelanotide, FDA’s the preparing new the and application we’re early for

also back on as XX% of there’s upon cash Our growth strong closing investments. balance generation, $XXX drove way, with second the sheet differs our By ended because revenue from which number the of listed income which transaction. financials cash, will we today, is million discontinued in what’s part balance the quarter quarter the the $XX of come in of million under operations, CBR sheet and and our this presented the

full products, assets of On you AMAG’s see the next key pharmaceutical set of various stages development. in portfolio of slide, a well-diversified

half Our X had a which February the certain broader on physician was for XXXX year, will condition, market share. months and therapy. this this in demand we XX women, any continue Feraheme, launch, suffer being hear the not you consumer marketed who targeting who nearly past to successful of and that and will on is am over XX% products birth I that we year from of the product in our reduction pre-term prescription approved and Intrarosa enthusiastic quarter. are this make growing launched second situation. in the in grew competitive update next label you Makena Makena up-to-date campaign million launch consist of branded an especially as as the auto-injector the but will the ongoing launched currently subcutaneous pregnant of well launch last and about on the good with Nik of bring treated couple women of progress

in desire with desire next sexual development women year our which down placebo-controlled postmenopausal currently see initiated was last of with this this is data in Approximately in will enrolling sexual the move that study August disorder be As year. can study. enrollment we expected a women to study, Intrarosa with associated XXX in completing currently anticipate low enrolled distress year. hypoactive We double-blind this programs, you slide

to enthusiastic be severe continue about we the for slide, treatment this on potential Finally, preeclampsia.

study mortality the of pregnancy from acquire an and drug option to second as well of we condition Preeclampsia to filing of right. has orphan is trimester and drug may product received currently the and will third was clinical FDA. fast-track represent treatments resources number All a and the for that earlier the and H are there in principle purchased currently could orphan worldwide significant a small the a the in the opportunity, you accelerate put facts product a which The XX no polyclonal trial to cause newborn. and an currently outcomes designation itself patients, relatively program As leading of candidate. is this this is of basis presents this commercial IIb/IIIa or both small for and year trial, approval. Phase how are some morbidity is proof Subpart shown additional we’re the the at There a rights serious by enrolled enrollment. effective patients as in adverse are program There towards antibody can serious the maternal looking we in recall, on Velo Bio is form an and the

So health especially complement execution maternal strong busy and team’s growing exciting productive this a our a It’s proud product women’s products. results. and I’m nicely that opportunity would additional quarter, and continues been and portfolio our with very of to commercial be

going as So quarter to ask our our drive well right growth Nik? I’ll in. plans forward. now let’s Nik review as to key jump performance products second

the with to portfolio to Thanks, the starting Bill. with execution across I’m able pleased commercial share be you second in our quarter strong Makena.

the million. side $XXX Makena -- see record This the grew over driven strong of you launch that auto-injector. left was X, quarter sales On subcutaneous Slide to left demand, by just volume of the of and can the increased second quarter

approved As a Gap], July. but June [Audio launch on early did Makena XXst, until was not

that right, This market access the XX% intramuscular. on share our When includes protect to subcutaneous in in strong will continue edged the As auto-injector, the up second new Makena is from convert the we can franchise, creating first to patient think a strong result sustainable and Makena you priority this starts of the us patient to brand. demand, about allow quarter. pie, which the to the to

white auto-injector continued the a through important, their New office Connection Makena offers is rate and a at Connection service physicians enrollments of have Care because glove it XX%. about Care Makena The staff. for to

key to the become continue accounts or less to will to MCC our switching auto-injector. in indicator managed due market, the data reliable ensure of in of equal to have likely the With reinforced. will to with revenue is the proposition value look work we market, care that will retain auto-injector As the for downstream ahead and partners discounting selective lead enrollment been entered the we generics multiple position generics at and the preferred likely pharmacy. to This subcu

written, as of XX% through automatically with cannot a state, switched brand, come seeing We’re which prescription dispensed Connection about physician support Makena the means to nice generic. prescriptions be Care that the currently

of demonstration preference strong branded a with for Makena. pleased We’re

that generic participate priority is second Our market will any in exist. economics to the of

and Immediately following formulations. business. that Prasco advantage the to share the a As allows we Prasco launch generic a single-dose We be we’ve company, the generic to was a they multi-does authorize a higher having generic SKUs competitive intramuscular we determine of exactly had and the to when July availability to guided, previously win an on already experienced mid-year ready We both approved them potentially intramuscular to with and approval. approved. and of generic launch create available both generic single- Makena, expect Prasco, partnered are to that’s first contracted

far, being that fully generic price which and and also We discount very understand the by with generic our we discounting of the to was offered in The roughly both So as partner of came is pleased authorized the authorized progression a generic are XX% business. expected. additional the WAC. generic, some the expected

additional marketplace includes generics the year-end. guidance current by entering Our

generic summary, front. on surprise in no So the

progress already been subcu and the date, very auto-injector. we’ve nurses, deeper who positive with let’s using feedback pleased. extremely launch. the are Now To The we’re has the go into from made auto-injector physicians

mentioned when in see chart, auto-injector As When the use left, Makena benefit. manage optimize patient of the logistics compared XX about as nearly a physicians of eight effectively is on the XX% administration beneficial helps believe and the you staff of asked office major unaided use the can ease care. of form. more very or ease intramuscular in benefits auto-injector, to pie Ease

continue and summary, to portion ability So auto-injector partner. the portion and in the about maintain continue to next-generation of Makena generic feel are our to with generic our hard authorized through defend brand the of in market our participate this good we to working a market to

let’s turn Now Feraheme. to

a compared last with nearly to million of million, revenue record nearly had XX team $XX quarter year. Our phenomenal

We’re very broad pleased progress large label the with today.

some back On of the market when quarter from we came XXXX. jumped that of will Feraheme’s INFeD you XX, X.X volume and of Slide Admittedly, an quarter average points first increase over percentage anticipate being the to comes share stock back on they of of take second the that can online. right volume see supply XX.X%, some the

and quarter you can on growth that Slide monthly share appreciate we really great So the when look at XX.

by see is grown the has that hematology/oncology can market we back Once saline clinics. in You both anticipate and XX%, that we’ll historically month. every This impact We in Rico. grown caused between and the Puerto destruction and we quickly sell hurricane shortage have X% bounced continue was the grow. hospital resolved, that share a and to

of in utilization contracts accounts higher drive IDA market. by new large seeing Feraheme that are expanded employing the performance-based utilization existing non-CKD our in We

ordering We have also monthly new accounts of business. number growing. has generating been been The

XX% of accounts growth the In in volume nearly quarter. were converted addition, the

and are have more X.X is in newly under the existing of reach and believe, iron at abnormal interesting There who of their and are half shows We part there’s who This iron commercial of including OB/GYNs. about women accounts excited IDA better very an illustrates of need iron pie treatment the but the in gaining issues with share to first broad gynecological we for a presence and expect With look in where we and Feraheme. opportunity U.S., we’ve in deficiency the Having women is million causes of to and The Feraheme. a to continue suffering anemia the lot the converted a from to but care the people volumes patients market When today, second both performance half. of are the large slide iron IV to bleeding there roughly who are is label the failed IDA. diagnosed our opportunity women’s our IDA do and opportunity larger shown on past, intravenous opportunity health, to patients believe, a to market, into been Feraheme. bring section We lot the for -- better and the market have was places increase importantly, important there in you benefits due a nicely particularly market it We’re pink about physicians there diagnosed educate an strategy. doctors. those expansion in these in oral step uterine market. first an

sales treat iron. this year With help initiative educating program We referral the pilot maternal expand CBR, patients can IDA health women this with to look divestiture later conduct how iron in OB/GYNs use the about plan potentially force subset and of limitations conduct in employ to opportunities to our from to a of the to we and test suffering pilot in XXXX. we oral IV can

turn let’s Intrarosa. Now to

is mechanism dominated have profile, VVA Intrarosa market category associated moderate-to-severe a postmenopausal as for It treat has is only unique risk common the a estrogen only that a therapy. women. contain to increased and with has in the differentiated treatment non-estrogen Intrarosa differentiated many the therapy safety about first-in-class disease and Our for this in of does box a not condition. estrogen atrophy warning of vulvovaginal probable years. the cancer, of dementia it cardiovascular product which action or is from local dyspareunia, this therapies, symptom

it’s Highlighted petition prescription and symptoms to excluded and with estrogen Services from are low-dose box progress. VVA. important the the the for the coverage their the consistently be formularies. were condition we this, the the folks as remind than from the or labeling. to approved and approximately make treating yellow, May, of Part to requested more due launched treatments third as Medicaid seem for of launch, menopause, a sexual quarter therapies when Since not think HCP we grown drugs of on D X,XXX treatment this clarified removal denied to classified Medicare base that & prescribers. in Medicare to this to listed Intrarosa I by Part FDA We XXXX in treat covered Centers recently in warning CMS used products moderate-to-severe prescriptions not of to specifically Prior to D indicated continue XX,XXX dysfunction number for were of have good dyspareunia providers that

help process an engaging ensure millions begun the can Part who women of We full Intrarosa the as have available from to that treatment to benefit of with Medicare D providers option. have postmenopausal access

this on upon and to progress good and making reimbursement HCP continue growth. we’re So awareness build prescribing, drive will momentum to

X team over versus left, shown of continue number XXX we where accelerate total has conducted our the in through Intrarosa the able to in the growth also to generated weekly prescribers second in in education As on quarter of again, approximately been we the quarter. prescribers programs Interest and, In X,XXX quarter the graph physician prescriptions. was quarter, our two. XX% grow field the

Importantly, grow. market share continues to

And covered XXXX share drivers no of the insurance products we’ve of second listed market older by growth in X.X%. Our covered the those Medicare patients, Medicare. whereas commercial the estrogen on had in were half And are right. there remember, by access patients is about more to

new on help put the impact products. of better launching publications our sales hands Intrarosa of health And differentiates are and potential describe which vaginal recently the we utilize in branded out-of-pocket all further have our from women to the of We androgens available. to estrogen And the there expenses. continue which year, card our educate help a co-pay of that is second lastly, reduce in we’ll DTC would half this non-estrogen savings patient treatment campaign help force,

access time at we place. Let’s that would we get a to take Intrarosa year launched take knew co-pay program. look deeper our some one ago, When formulary in

for of insurance prescription, access the a goes thereafter, a patient to is commercial represent savings insurance is than no allowed who zero prescriptions. the two implemented initial refill greater VVA pharmacy commercial all we for her When over month, early co-pay co-pay to the patient patients, with which co-pay program, the third $XX. So a there each first

pay. patients research indicated out-of-pocket were cost willing market to maximum Our $XX the is that

the instrumental not to like still this it’s as net been providing our to gross net high. occurs, we’d kept While The but patient where has in co-pay access to card be. formulary access, it continued gross impact has has been declining

high the impacting co-pay example, a rapid very the plan ours. growth insurance deductible For in U.S., like is programs

our We cards likely more twice as to likely savings are evaluating patients times co-pay co-pay with for four sixth a without their refill modifying XXXX. co-pay currently and program almost are prescriptions a Patients get to to than refill in card.

provides physicians were XXXX, our new months for and on sitting a with those sidelines. this that number do a of one increasing us not the research reason women to use XX women highest are do XX who but Recent So market research seek option indicates access, market, has currently all. but is billion on retention estrogen. symptom differentiated is the therapy prescribing. X million important it’s of XX allowed have they large X.X very estimated only Most a effective a Intrarosa. driving like million on patient half In the initial treatment are treatment existing Intrarosa overall, which creams an prescription amongst therapy of with vaginal America, know There at women six a don’t rates any and therapy, there market. all of million still still suppositories has medical initiation in more want on but Intrarosa first The with over% of XXXX even importantly, XX% remaining months. is and focused the portion that non-estrogen on at not from treatment are and suffer study delayed that efforts persistency dyspareunia, the patients uncovered menopause, grab that safe postmenopausal to they $X not A last a condition of a driver that and awareness

consumers, XXXX, efforts an of half help a the we’re women first about branded with In educate our to unbranded to them new XXXX, understand DTC highlighted women the condition. alternative the in about called condition, expanding awareness also that unbranded a digital to in pink, launched social effort by followed and media our first, campaign and informs campaign Now Intrarosa. non-estrogen we

these Most our had visitors recently, engagement. weeks, our great over highly In far, engaged on XX% So we a we’ve we’ve over are short only X, watching June and videos. pausesexpain.com. had XXX,XXX few educational launched website with unbranded visitors

Intrarosa.com them of many branded to options. on go to learn Importantly, about

in XXXX of of Our a branded fundamental part XXXX. the campaign growth is later DTC our pillar and

You side through launching September, campaign plan August and slide, this on branding of right will support which can we patient media an are and our see the include integrated program.

this We to also forward an XX plan physician. on year-end, in which I women ages Intrarosa. each telemedicine up benefits with the million of discuss look future XXx to treatment option help reach a the success total, women offer we updating of between XX, expect will program. XX and of In to understand the before the to to you

low as this awareness with and favorable raising product an Bremelanotide women profile majority Phase Education studies Now the desire efficacy bremelanotide, women anticipation XX premenopausal A region success libido well to via let’s melanocortin-X a co-primary III also Bremelanotide by X-month extension affected of this the be the turn subcu also Both more auto-injector of or the are associated known product’s randomized desire sexual strong desire. and It’s with is follow-up distress. during for the receptor Bremelanotide agonist. in in encounter. endpoints with premenopausal trial to statistical data low developed on-demand brain condition. are to significance. sexual and robust our safety administrated is as innovative critical action. of a in the low a associated X distress with meeting investigational mechanism generated of has about study. treatment melanocortin pivotal for demonstrated consistent libido concentrated prespecified as in responsible receptors

let’s on to and of our to the on we bremelanotide, early Ted? over forward financial in you are turn So PDUFA an Ted, quarter look XXXX. progress. keeping date update. Comm go Ad first a with preparing for updated we it have a now I’ll March We for in

Thanks, Nik.

structure to treatment entered this to of million our discontinued business. in we additional our are CBR, assets, business results clinical prior of Slide compared specifically The notes focused stage. June for commercial illustrates of XX mentioned, very As pharmaceutical investment of AMAG, Partners, on income have delevering and senior is On majority on in firm, in therefore divest It million XXXX. continuing shape. aligns separately strong expect close our both and operations year. to of pending are to operations minimum flexibility been quarter and definitive the to and $XXX in statements. from a same significant XXth, $XXX announced XXXX, following for a product result which a the Bill accordance as slides to a position the a us on the pharmaceutical and purposes. EBITDA net for the financial on in CBR off this classified of presented more revenue debt, with period sale sheet the to bonds in GAAP $XXX agreement products results accounting second eliminating pay hand, into This operating million we an near-term private plan the strong our strategic in our due and high-yield generation our to event use for in puts execute the accounting than development has invest balance on presented evolution. current ongoing we’ve for to proceeds GI as the from our pursue all-cash is financial we equity With capital that cash We mid-August,

and numbers XXXX is $X.X and to grow working presented key operations continue million quarter our week second the Nik numbers for on exclusively line co-pay is Intrarosa Makena slide on XX% of the mentioned from over item in increased our to as HCP through walked Product the million. statement. many savings a quarter. revenue are CBR are numbers, therapy. results clearly I from income of the The products. single out that week, pharmaceutical of this net been metrics $XXX scripts As during The already have so of number pulled the on before, the chronicity contributed program mention of and prescribing Feraheme total I’ll sales continuing just

gross revenue, product. this we are revenue on net headwind as sound is very short-term in we making to the a important forgone this that While view a near-term investment

With life the women income of sustainable was future, will of intellectual million for taking product from to prior reversal Lumara AMAG dyspareunia. and income the results product from month property on of in expectations to growing, upon of contingent and the probable second milestone past millions for $XX operations longer suffering of the therapy during second reversed. payable former the million $XXX the On was milestone order XX Intrarosa, million a the to for first-line payment shareholders. long-term increase XXXX operating on long in quarter primarily and as is GAAP driven would trailing is basis, liability liability in This compared continuing view returns for a purposes, the a Based The $X.X year invest therefore shareholder have as achieving quarter basis. our million this becomes in by categorized a accounting been payment XXXX, continue was on no the this to operating the $XX deliver period.

prior intangible Primary $XX year. our in expense, include of Excluding a same the continue XXXX, drivers in expenses investments, increased million Makena-based auto-injector, commercial the Feraheme to increase we and and expense Makena quarter of the as and the support of as technology, planned the in asset this label compared second cost reversal period broad launches Intrarosa. to amortization total of noncash the

during of results quarter to Again, of EBITDA was illustrates view shift second the excludes Non-GAAP XXXX periods to realized second the the quarter the non-GAAP Slide XX the XXXX, second presented. for million we in of from our financial adjusted million, $XX CBR slide the of XXXX. non-GAAP let’s quarter for $XX results compared business. in compared period the same Now the to XXXX. the

generated revenues driven and results, strong EBITDA, Makena financial Feraheme. these we primarily with thrilled strong We’re by as of

of the the the reserving controls at investing XX the the as the for also to line our in as revised of portfolio balancing While the plans, in Expenses that financial transaction while year time, for to strong anticipated CBR guidance, our investments growth products illustrates second financial leg the and AMAG. closing drive half. will same the and our our in were Slide for reflect of with discipline. success and first grow adjusted across next half optimism

work slide right. Let’s our from way the to across left

The is published the guidance that simply results quarter we first reported X. first our column May on we when

as adjusted we you in by of at million the year. range and derive on be need part guidance revenue midpoint basis, our million by $XX the the recall, EBITDA raised business, of of time. and results guidance top the line words. other CBR $XXX revenue that an As we million EBITDA assumes for will $XX adjusted $XXX that adjusted both entire Obviously, with pending at Total to of of divestiture the million,

our August out transaction being for XX. operating The that XX are the we per These in results plan second our illustrates removal expectation on the financial close results based the our from mid-August. column expected of backed to period December

which with labeled the guidance May to column, guidance adjustments The stub adjusted XXXX third the financial is period remove illustrates numbers. from the our

with Now expect XXXX. can our we stub the to removed, toward with finish a period view guidance look we May at how results

in market in of our again and we’re label our success the of the receptivity year, the are business that guidance. of the increasing we the approval excitement seeing Feraheme of broad financial and the product, our the approval pharmaceutical the With Intrarosa, of once next successful wave about auto-injector and launch half first for launch

million basis. $XX we updated increasing guidance far by revenue financial Focusing the million. of GAAP column $XX are our on by on the the on midpoint illustrates slide non-GAAP of the ranges, and adjusted and a EBITDA right The

is of which but liability was quarter, smaller mentioned ago. relates to published, GAAP teams That second booked continue strong XXXX in the loss that expectation $XX confident the in about on impacts execute not that minutes our an our GAAP and largely will results, reversal, execution. that are note million very we non-GAAP and previously the a the of numbers. position. half to contingent first our than execution which a finish XXXX will will remainder You numbers, expense operating And I based a But we few

putting sheet, our turn we continued the to as zero cash are will in a sale as us $XXX increase our in XXXX. strengthen the sheet June and further encouraged net hand with senior CBR we have we debt balance of million eliminate and position. structure XX, we allow liquidity notes balance the from our us adjusted of continue by generate As EBITDA, balance The on to capital the to

on focuses considerable and our our some profile to flexibility I’ll portfolio it forma pursue current continuing that, Bill? business pharmaceutical liquidity and grow Bill, and grow strategy closing remarks. opportunities. long-term new invest further development to pro us products to and With diversify over Our our for turn gives to

launch optimism of campaign Ted. the and of finish consumer several and that performance on bottom begun priorities list items to We’ve priorities for the second the of about line patient Feraheme heard We’ve with We’ve on of as XX, this on important Thanks, well and to check-off key And half. plan with we’re great pursue and of with check-off top up our prepared to Nik’s and us on in half needs products durable the to branded raised remarks additional our to execute I’ll and guidance the key our summarizes Operator? open we’ll this that, for the which and quarter already products second growing our our business sight XXXX pharmaceutical the to development the CBR high-yield conclude Slide this notes other portfolio innovative business sale progress additional strong including we the with Intrarosa. for continue positions the begin the Makena call commercial that payoff line meet build morning very our making. financial combined streams. expand the questions. unmet revenue with opportunities and

of Morgan. comes from line first the [Operator question Instructions] Your Fye Jessica of JP

Intrarosa can factor did impact in spent number QX little maybe when? not, much elaborating million gross wondering a any time Medicare stabilize revenue to $XX little Then the you on more I And us and the them for for update guidance. you know could how of Is light that? net was where if How there? bit does I that Feraheme? also a about shed attribution increased net if mostly you expect to talk and Intrarosa, on the you gross the the for give to dynamic and Makena

what’s mean, Sure. the are product I’ll with -- major the guidance. in you I seeing Nik? upside I that’s really but the increase to comment. correct, ask -- just level in we give want that is and start Feraheme to don’t driving we’re guidance, Nik Makena, just

to and just net your question around gross Yes the on the co-pay card.

difference X, So per the net really in card. net just $XX to quarter a saw prescription gross price the co-pay the lot of of we and about on is

into flow and normalizes. or the to continues normalizing forward, forward but As better, we the it this probably year, to continue of it don’t move will the the net get that anticipate year price, gross decline, to end as next look year to we before we

of Your next question Kyung of the Jefferies. Yang from comes line

on coming of versus seen second compared that quarter, saline to growth the the you in quarter? it from percent Is what So the shortage expansion? recovery have Feraheme, first label of

when accounts the recovery the but growing from of new really of the really existing accounts, converting we the majority it’s accounts. and I going hard to on saline the so some second and some been increasing a share number and of The majority of new and share the say, in stockout quarter, really the accounts. think in has remainder, converting that’s combination been Yes, INFeD marketplace, growth taking came and would about say,

so terms on written, call about no prescriptions dispensed Care if get so, like right. mentioned XX% for Connection get substitution of you through Makena of slide mean, the And in is through -- for of XX% your generics, what too, is so do one that, then that percent as says I think does Makena, other do you generics and Prasco substituted by collaboration? you getting the All

the clarify, are me can’t being as right. today. doesn’t are let question. great Those exactly is And being substituted dispensed just automatically other written, be That substituted. XX% mean XX% Yes, you’re

pleased We’re and early the loyalty with physician our around brand. very signs resiliency brand around

in good though that to XX% a when they generic are think authorized is the about So we start. off July, not market

half this as be see do in branded as this the future be for continues and to really dispensed -- for I multiple we second bodes that majority we year, multiple continues expect important great and be a has majority indicated, well competitive The generics think Makena, the the -- generics of written will threats. bulwark the Makena against really to branded very but Nik what

us and mentioned so month you bit of we the third -- mean, Or what impact -- were quarter, gone give color, were brand beginning see the launched generics in of generics as July? launched are seeing? -- you little July you you but have do so can authorized the resilience, a in through I of for July, any the So

Yes, seeing multi-dose and the very, but significant, includes we that single-dose to not brand erosion are and of generic.

is Okay. on the preeclampsia. last And question

of the patients remind trial. target patients You the XX been Can trial? mentioned about enrolled you many how patients -- XX% us -- number have in what’s in the

it’s XXX. Yes, about

hospital, looking targeting currently this these now in so is I target. emergency XXX, accelerate we’re said, difficult order more need and this look, accelerate an XXX, -- to and as trials, preeclampsia resource we’re a This around the enrollment trials situation in XX in are just enrollment. I which So have is a little but we at ways enrolled the to is we behind and been put a think reach can

of FBR. B. comes from Riley Buck David of question line next the Your

million. you demand coming in May $XXX that was be unusual from about for number? second destocking a quarter Nik, true affected stocking that that number? is number $XXX a of can the What or factors the any bit more the million, subcu? Or And much how of of Makena Makena little Bill the give be inventory be what of as the SG&A quick And and ongoing after Any that? to a should can size right maybe rates one Ted, for you us likely Nik, Makena? DNA just retention XXXX for one you And do of think or branded what for just sense a thoughts on enter we talk CBR?

it’s the little and I our Makena, like volume growth, as we so components, of had the seeing very, quarter and really think demand very through, well. demand, that’s you million, great versus inventory that increase but a you also true number great So launch helped honestly, a that couple $XXX think moved flow subcu are demand auto-injector X,

if So the generic, much the we different think a and not retention a you they accordingly, that’s million, of in all behaving pricing retention that’s profile, be and about true and have we something half, and multiple have rates $XXX volume you’re today, of When you rates going have demand. generics different behave then different. a second going one of have to I we very things mean, much different going Makena, as set so there’s then if retention so if set accordingly, and have to they’re on multiple

for happen I think it’s to what XXXX. might us tell into as we early go

think -- of kind The just about vast asked in of quarter I IM. mix. the be continues the second had majority also the you mix was to

and -- you’ll shift on auto-injector I so in the we’ve see new auto-injector. -- through expect, XX% being about more QX the will on that are we sales dominant terms of patients the coming of start indicated actual the be think in that enrollments shift, in expect to are come in new as coming

they like physician the optimism auto-injector branded Nik and and got data in way the writing physicians that the which auto-injector, experienced much out the as nurses gives into seeing is we shared are think of Makena, auto-injector. the are good they branded because us the is had and really with hoped, auto-injector. that as the pretty is XXXX playing head I benefits This that we some physicians the that I dispense we’ve want important getting the are specifically subcu it, for written, support around think just they

the of the amortized about and year, of amortization your intangibles, particularly million to $XXX about the Makena-based And and David, first intangible questions assets half we amortization, the on related primarily of technology. depreciation in depreciation

to second expect year -- based in be rata the on on the well. as to revenues, continue that of pro significant so basis We be a half

of AMAG the about, be to invest, to organization. continue and continuing In divestiture and with we peel company flat the along launch for G&A marketing relatively as as relates it on to will support of product we remaining CBR the we’re spending CBR Makena for the talked bremelanotide terms prelaunch. G&A, the out Comm Intrarosa sales And Ad spend, prepping and G&A and auto-injector once

XXXX? force that the you I sneak of CBR? And one ex If in, could what what’s sales do in size the be expect to

force sales will OB/GYN is to things, that roughly we’re health. keep significant health IV force XXX Feraheme right lot folks force depending, and pilot that we’re not a on anticipating maternal around supporting in folks continues grow maternal running sale now, pretty that iron those enrollments, Auto-injector the maternal health so with reduction in of we frankly, So have a sales busy.

then we’ve got? And Intrarosa

on have we Intrarosa, folks XXX calling out [indiscernible] there OB/GYNs.

And Feraheme?

just is XX. Feraheme over

of from Your the line Ami next question comes Fadia Leerink. of

I’m is on asking of Justin, This behalf Ami.

how does and of the also us And Care the tier for on? version what going also the intramuscular intramuscular program? wondering you the subcutaneous that between instance? if are through co-pay could Makena mix the patients is give And patients compare We’re for

Nik to Okay. answer ask those. I’ll Justin. Great. Thanks,

might on those so But of than our Connection, I of using enrollment Makena you Makena mix through XX% Makena the Care our data, look at are the majority there. middle patients have higher Connection. missed Connection, of Yes. patients are question Care Care rolling when

the the very in very strategy quarter. there here seems co-pays sure Your to so have delay access between and auto-injector. quick third and to Part second two IM, products very, and was similar access the part, price that our formulation the making no strategy intramuscular patients the playing be out that co-pays are of similar to similarly, gain good for good was we adoption, that and

was question was intramuscular missed, tier other version on? the is what one my the and that just you Yes

Can you repeat that, Justin?

We can’t you hear very well.

tier intramuscular on? version What the is

access in hope the intramuscular is many retain throughout X move we obviously of as to year. formularies the and that’s Tier, so that Tier forward on branded the the we

so are specialty Justin, going specialty injectable, pharmacy, it and through is pharmacy goes through in-office you this an not it’s distribution. retail aware obviously

competitive So channel, it’s a nice we is against really which, bulwark again, another threats. think any distribution unique future

from of comes Sriker Your of Barclays. question line next Nadipuram the

Doug for on Tsao. I’m

to you Can motivations keeping just is kind Makena as or have continue being physicians for follow that of new talk whether for physicians for on the DAW continued have I existing prescriptions. written more about for you expect generics of writing up. kind brand mentioned are that and gain are are IM the patients Or the You that iron? dispensed then one just And trust? that the you and seeing this patients? on And patient

really about so as that are a it’s things a I’d great for it’s portfolio across auto-injector. like when that: there’s things, few to question, a the talk So of reinforce written, many dispense there’s those really and first, few

So auto-injector. they to get of folks wanting that the auto-injector in are the benefits ensure resulting the really

Second, only Care office, And that the out I so the help our and the think Care throughout not Connection compliance journey, and or and programs, we on the logistics that reinforces adherence as benefits value assistance of co-pay they program of get are therapy give also for with patient’s the patients really Makena play quarter. the important and but valuable the we’re associated Makena Connection there to through and the patients using auto-injector. ton and physicians in seeing the

of see become physicians that, I put more on auto-injector. some believe with lot of pieces they anticipate around that drop good Connection but will may patients we our comfortable amount place in off Makena in retain we’ve the generic, as a Care forward, help Moving that and services you a

the give then they on some have in place? you more details a Feraheme. Can performance-based follow-up quick And just contracts on

you of us. patients contracting for percentages performance-based higher provide CKD eligible and the then the XX% majority certainly portion contract recall, when have incentive not about so back the of Once for could way reach Yes, Feraheme. to market. the indication, available got for Therefore, to a indication, broader the CKD if only we market, we we could it’s all we of for folks the was

we opportunity to up existing have workforce use utilization. say, And to so customers as share Feraheme who foundational some to absolutely, iron those there, IV to iron, the want in really our IV yes, largest their iron, their jumped seeing our go customers, iron, found driving of Feraheme on we’re our be

So good to see.

question the of Belanger line Needham. of Serge next comes Your from

And the going is first change my sampling if for on launch I on be is shortages McCarthy going which guess, and like I sales year? Feraheme, it’s question there think from? level end Morgan stealing second any product they then $XX of upcoming to is that impact And on just is Serge. my -- from from the of This market in million with saline one-time through number is on question then the expected would and I are of that Yunvexy? Intrarosa. XQ share What

We Intrarosa. stuff a of lot let’s anticipate with program. don’t there, Morgan, So sampling start any in but change our

think of able right physician’s important I adherence being sure therapy. time away part important having is they their with making to therapy office patient start leaving the and part on start is that patients of --

don’t all. Feraheme, impact, quarter us. little don’t So any, very we two, any we is the the at Intrarosa saline it number comes anticipate so change our in it’s behind in impact really think seen program to if saline depressing When We’ve sampling moving forward.

of share Venofer we some has far say, been still to between INFeD know the previous we been accounts been of a taking impact as certainly they INFeD, Injectafer the the And where could’ve all it’s spread an lot see could our As in of hard volume brands out accounts. from, converted previous available have that as marketplace. are we’re accounts, that

well as stealing coming to hard as that it’s share we’re Injectafer exactly it, say where and it’s quantify from So we know but from Venofer.

of comes from the question Your Ken next Trbovich of line Janney.

would accurately of somehow at of we I half that to you’re sort are XX% the weeks kind switch understanding and with had the just Care, am if progress range, folks trying suggest Or of and sort I Is that indicated XX% recall XX% in so somewhere is to the to sure Makena of X the missing XX%. switching with that? X auto-injector, correctly, sort XX% at of the Care you in after I’m I here, of quarter, launch sort which in Makena the XX% think weeks make of auto-injector? where to [Indiscernible] now numbers was I’m you’re that XX%, that somewhere last if adoption

switch the outside Makena there to great I MCC, auto-injector in Care Care proactive is have switching facilitate that. switching, Connection anticipated to don’t but of Connection, think it. folks a higher mean doesn’t that see going going help outreach about knowing you’re lower, we visibility rate no to Makena on our slight with We

think of by a So that. your taking is probably XX% around it’s the than probably XX% answer, I not and X average a higher right assumption the

of a at And of majority I measure think what’s and represents always in that because looked marketplace. happening the we’ve scripts MCC the as

moving market a Connection, As slightly of we patients acknowledge Nik so auto-injectors, said, slightly the Makena I think be on MCC. but the higher than the impact to as it only outside higher, might the Care positive

is you this to is preservative-free, mL Okay. with where And I’m a standpoint, look mL, the kind compared sort trajectory X the does to the to is experience there any of had? going to this compare way how the this of I X last switch guess from sort back of

for disrupt for ahead They’re we are I so little after very be that the much the greater X mL on enrollment than comparable of different X deep experiences, looking being very think, the percentage back therapy if buttocks, experiences. different in auto-injector and you’re But with versus injection on obviously, of injection benefits mL might one having first quarter in the from we’re there patients for X as an get to in percentages, getting the launch. bit The preservative-free. to an not the arm quickly, time an a standpoint, for quarter to form intramuscular were of benefits, opposed ability auto-injector, actually are dosage office auto-injector mL convenience

put initiatives conversion all the we think drive I in So were working. place to

really of showed the think the that getting nurses the those we and mentioned, are that -- -- auto-injector, auto-injector educate Yes, the benefits the are work are in yes, as the the is they are auto-injector and on as the using plan market back it’s one this playing benefits, of physicians is seeing so physicians auto-injector research, seeing we think I plan. work about I and to access, benefits universal no Nik barriers key, so and sales job XXX% virtually to we’ve that force the which got a

working hoped. So as out we just it’s had

had another You question?

what margin guys we line. the I make just just the top you margin Yes, great to of trying to perspective, update sort that year, thinking thinking sure mix on -- how but towards providing authorized the of understand idea know the a that just should are at I a about ‘XX from sure guidance side. I’m partial implications more ‘XX, steady we margins have that the job I’m sort and state of is on really business? the AG for a want be make done an for the

of AG the is Ted, partnership comment on the We So split. Ken. the this specifics and don’t

said, a typically you share an economic fairly what I see in think, we’ve that it’s relationship. AG common

margins. becomes think more bigger expect royalty goods, like more the of burden overall and little guided down margins picture, for as that that a a a little come Makena but should I will bit a stepping very the and you more pharmaceutical bit, we’ve There’s back auto-injector, there’s example. cost strong bit still franchise,

harder and economics, where company. our because margins Obviously, a benefit generic, market authorized there see revenue the that’s of more the and nice we -- in part the ultimately so to think course, this pricing drive is, we probably do in huge patient share is on the lion’s margins. other and the how going also generic focus generics, the that’s they for -- to and auto-injector, of then on get of is need behave we of the And number part

should I you on upside of cautionary need bit to now Is upside far on surprised in [indiscernible] it certainly because things there guess any to regard fact than the sort benefits seen recent Sure. Feraheme potential really that Feraheme, maybe thinking one greater language me me was seems have most we I little that of what shortage that the there’s they that of competitor. things a and And got then guess the the a limitation on with be the around there the quarter. we’ve

Really, We to fact the we’d really That’s a just on effort watching I share thing were everything to chart, to aware really am virtually that, are there’s to the try it’s at in Feraheme. the back inside, -- -- it. make share pie one seen We retain an people them with that to come of do expect from them that if sure market be shortage and on you market. I’d you. share can going been do market. Ken. look people in want transparent, I has gain back, and do the we expect some disappeared to we’re

expect of But longer concern, back be outlook, quarterly the kind there beyond really when to there an isn’t sort longer -- looking to term, term, any of of sort again, impediment the Feraheme? to out half just reason

in share sales in can pilot robustly as little through be we No, growing the It’s fact, with expansion program but of of terms the very our mentioned, that a got average Nik itself force. initiating growing additional market not we only is nicely, very, CBR. a market we accelerate to divestiture will if even see Makena now volume,

are So with you. we

going opportunity significant there’s think I forward.

number expect the I question, do to relative promise or at. the a can combination last then that some of focus Comm, be what efficacy, with of primarily kind the on limited that -- of sort seen sort there primarily you is of we’ve competitors , both safety we then Ad look And to with bremelanotide of

one safety. questions I we we’re for very significant [indiscernible] news for does box. as program, safe well data both market, efficacy this any alternative a not restrictions, as as marketplace, as is Clearly, only think is the that all therapy on it the so things, that preparing huge and other need, a obviously FDA The an terms good of patients. about the all medical that approved, in for is, has think have REMS we black Yes, these these -- -- that’s internally preparing a we enormous think there’s some as

us is clearly a nice great for of the into that the other does FDA only this we’re backdrop part approved feel think not is product is the alternative. that heading I So one with

FDA preparation safety those lot alternative perspective a I a to right on, be another of would So that But elements. these there’ll the both conversations we’re efficacy path. of the hopeful of be think on and bringing going this patients and from both approaches on

the seeing [Technical from we efficacy the support problems expect prior that patient groups Difficulty]? we the are with And

employ them be perspective that hope would to groups. to new We options with patient intend or a so. think the obviously agency, on looking treatment the pressure We’ve but patient I I certainly advocacy put engaged certainly don’t there’ll something they for. and are

[Operator the of line of William Instructions] next question from Maughan Your comes Cowen.

see refills. the not able prescription can on we you to generally between time complying in other dosing the refills, or of timing the on one daily Intrarosa women infer Are Just schedule? words, are anything whether with

do and number that refill have in sold Yes, we really as is of in the average data of refill and you actually the it’s XX remember, on a days. pack terms just over days, XX-day

XX very time in So the between therapy and with that compliant are kind very, days. of folks are to refills roughly being XX

So compliance. pretty good

I interested six is This the we’re any of and pleased XX% therapy to Yes, rates were have that highest data X really in been to this. months. think interested we’ve patients months still see also obviously creams, that the at see we or at retention on of vaginal of the suppositories investors

to report morning. data really We’re this pleased that

time, return the additional At are will for Heiden, Bill I now to further there closing any this no call or questions. remarks.

want much, concludes This very all you for I you continuing and to operator. of of joining here your call. today’s thank Great, thank for morning, AMAG. us this support

Thank you for participating Earnings AMAG Conference Quarter Call. in the XXXX Pharmaceuticals Second

now disconnect. may You