Alexion Pharmaceuticals (ALXN) 6 May 202020 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Alexion Pharmaceuticals, Incorporated First Quarter 2020 Conference Call. At this time, all participant lines are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions]

At this time, I would like to hand the conference over to Mr. Investor of Head Stevo, Relations. Chris

call Good Thank Chief R&D; Global Ludwig us Officer. first will our you by Financial Today’s joining Goff, be of joined Sarin, John Thank today’s you, quarter Hantson, call our Operations CEO. XXXX. the Officer; operator. Head on for to for performance Orloff, and and led Global Aradhana morning. Brian discuss our be Commercial will by Chief of Ludwig Alexion’s our

are physical distancing, we will that doing the home. each note from be will I practicing and call

the presented Relations access the page by can Event webcast this to website. our You slides that be going Investor on on will Section our of call

these I point for take and like to apply law. risks we begin, the our will uncertainties duty after out that SEC we our could be These at results look would of Please the by except involve filings statements, materially. risk the and statements today, detail. to differ cause of statements certain call, statements we Before discussed as and factors undertake actual a update as any required additional that making forward-looking to in no forward-looking only

in included Thank to, non-GAAP These results. release. guidance financial be press be to our financial the provide I’d as that not but addition our also our we a ongoing considered of Ludwig? financial of using remind non-GAAP should business which and in are substitute we our useful results like you. measures, will understanding GAAP financial for measures you believe information performance. Reconciliations for,

everyone. morning, good And Chris. you, Thank

Alexion’s to to like to discuss this performance, global we Before COVID-XX a take I’d crisis. quarter brief first health review moment response and our

committed of devastating affected to remain rare serving we and patients mission all, Above diseases. by our

for of the We who are uninterrupted on their of on patients secure, delivery medicines. supply serving us rely the focused

to monitor the and continue evolving mitigate have measure supply, We risks and worldwide. situations proactive provide taken to actively

being health on innovative protect care through at smart as to them ourselves spreading to families us and burden health and Patients, means. risk and the in systems. of virus part those by the virtual of our new, interactions minimize care around support work are front we additional our our mind doing to providers We’re and our a placing

patients, to to of our and addition we also In the safety committed employees. protecting remain global well-being

employees shifted As of have those like all staff, early The including Essential continues remote this operating sites, for R&D our thank manufacturing are global March, work appropriate continued employees. hard and has we all work remote our largely towards non-essential to precautions. to transition model to report for new in seamless. largely reality we their to I’d taking where been to on-site mission.

Turning evidence this initiated XXX supporting global symptom. just the of to respiratory data approximately acute severe ULTOMIRIS use COVID-XX in our Phase of role a and through in from preclinical crisis. complement has Based with of are preliminary with distress the hospitalized pneumonia health clinical COVID-XX, clinical who Alexion patients, III response on investigating adults trial,

we have the of France patients of programs SOLIRIS expanded emergency pneumonia. to and process, in of opened cases order the some recognition in The for streamline needs access access of urgent severe US in COVID-XX and the use

charitable Americas. supporting through communities organizations, care The number and are pandemic. including, charitable this made our to to we addition, the health donations Alexion a and In committed systems has of foundation WHO

we medical expect business do impact our impact the COVID-XX on XXXX. has care had worldwide, an Given on in

starts temporary to normal time, trial care As of expect we enrollment. patient clinical this and slowing the during challenged access is a

be today’s the be which growth strong the pandemic, saw top we While guidance. will of in reflected the first the to tempered we quarter, in expect line remainder in growth by year

will provide this Despite midpoint achieving of guidance earlier and on non-GAAP impacts. our detail issued year. the this, to additional EPS Brian path COVID-XX potential we still Aradhana, see a John

Turning to slide five.

have and create to this. to our remain long-term we for value the in committed past, all stakeholders, As of achieve vision identified the we to a have goals we discussed we have

line in ensures for a as We we PNH establishing the double-digit HUS have business we market that can leader further. atypical growth, top and durable which ULTOMIRIS upon build an ambition expect base

we our as portfolio. Continued franchise, build provides success in growth neurology newly announced we drivers our Andexxa, well near-term have as opportunity the with to as continue

SOLIRIS We neurology upon look introduction of to broadening and of the gMG our of continues. four extension We ULTOMIRIS as business are neurology our times way US forward the launched with patient to in delivering potential on our NMOSD. the brand addressable population our

portfolio built through XXXX. a greatest portfolio internal in In business to further we achieving parallel, make and return can we continue the we by committed investment. XX progress to remain diversifying where our R&D and strong generate have We developments, our new believe launches on significant

remain While we evolving, the these is current environment on and focused rapidly dynamic execution ambitions. towards

to Turning six. slide

established first further each. have been a leader few geographies, months of PNH ULTOMIRIS We over meaningful has in the made three XXXX. conversion in across in XX% our strategic our towards market as progress key goals with

to been execution excited the With opportunity ALS XXXX. strong our Andexxa to diversification regards acquire is our in in first very underway, objectives, we far dosed into an brings. agreement I’m by share to trial Portola progress of and the that entering made proud March. I am proud by have with our thus are patient clear having

I that, turn call to over now will With the Aradhana.

Ludwig. of of slide billion, total XX% Starting revenues eight, reported approximately quarter an Thank we first increase $X.X with year-over-year. you,

growth businesses in business. momentum the was we and neurology the We by the our volume are driven which pleased quarter, metabolic continued strength our in incredibly saw with core for over franchise, growth

versus increase also year, EPS growth margin strong Non-GAAP top XXX we prior an by the $X.XX, performance line line. points strong operating saw top on growth. XX%, representing the by was basis driven XX% driven was primarily of non-GAAP Our year-over-year,

Moving nine. to slide

product net driven all were markets. total patient by growth across key of quarter primarily volume First sales our

year-over-year billion Turning gMG growth to of dynamics NMOSD in partially $X X%. conversion the slide PNH and revenues, ULTOMIRIS XX. driven offset first by and was with growth approximately SOLIRIS SOLIRIS atypical HUS. quarter revenues revenue primarily by in were

increased in HUS. were atypical Total year-over-year. growth revenues XX% contribution million, the CX were launch Metabolic $XXX $XXX representing quarter US in million, for the revenues XX% first ULTOMIRIS revenues first year-over-year. the quarter including from

Turning P&L XX. slide the on to

During revenues. XX% tax was the in the Non-GAAP SG&A million quarter or XX% $XXX rate effective R&D of was million, expense XX%. revenues. approximately non-GAAP non-GAAP expense or $XXX was of The quarter

year. were first reported in This is $X.X the EPS with share is We cash We quarter expected for growing not billion Portola this ended which close to and quarter GAAP marketable per $X.XX, the approximately adjusted non-GAAP year-over-year. XX% transaction, of earnings first $X.XX. securities. later

like has provide please to update full XXXX does the to an that acquisition, not this the Now closed. include year Again, our of yet guidance. as moving I’d impact not deal to slide the Portola note XX. yet

on to to recognize impact opening As color while provide pandemic additional the the current rapidly on business financials. Ludwig in and alluded environment, remarks, we volatile potential need creates our a his highly changing our and

While we at provided note of this learning today, each day, guidance time. more – point will COVID-XX the we reflects and providing guidance and environment I that in more our this updated are best understanding

we growth of year, where a $X.XXX to are full for the over midpoint top-line, X% revenues to with the reflects billion the $X.XXX Starting guiding XXXX. billion

$XXX $X.XXX to and guidance ULTOMIRIS In million billion, our $XXX SOLIRIS is while terms $X.XXX product of for to billion revenues, is for metabolic guidance updated million. now business

eight-week July. includes every Q of health access momentum our rates by and driven guidance systems medical This alike the dosing It around by continued strong starting gradual conversion a care globe reopening the assumes of acceleration on demonstrated to performance the and indications. lower top-line in compliance burden ULTOMIRIS, in first patients across and

slowing expected in and mix light to patient delays payer of of an the for by treatment in These patients are is cases, of rising change unemployment Medicaid offset temporary proportion new increased potential in move an rates. starts

margin to milestones XX% Non-GAAP expense be XX% now expected expense between on antibody programs. XX% is reflects and to operating timing some excludes trial incremental of the of relating and and related program. and the be to Non-GAAP both This COVID-XX expected between COVID-XX R&D to is our R&D impact discontinued revenues. XX%

and COVID-XX expected to expenses programs digital SG&A spend those XX.X% of access to related including related revenues and includes investments. commercial be is expanded Non-GAAP XX.X% to

between $XX.XX. EPS and $X.XX. expected discipline. and proactive between management expense be is financial is to be expected our $X.XX to reflects $XX.XX and EPS This GAAP Non-GAAP

of quarters as future of in remains with end range upper in guidance. line evolves. COVID-XX XXXX midpoint prior We updates situation this our the the The provide further to look

with Finally, Achillion an on the and I will capital deal a into strategy. with a XX, XXXX had We’ve slide highlight allocation entering to strong acquire our stage clinical of Portola. to agreement closure ongoing both start

potential us afforded excited creation transaction. are this value the by opportunity by We for to

in for We X.X first million also million the shares repurchased quarter of XXXX. $XXX

on near the shareholders to continue that will strategic best believe strategy provide of investment assets on in we and patients. diversification deployment and focused support for remain our long-term, both We the return look this our for as capital and

as the market the and evaluate opportunities business will We continuously potential evolve. that strategy development

I’ll to now call on activity. provide turn the an update to John R&D our over

potential On now XXXX. planned data expect which our ULTOMIRIS for track Thank than we CX from for inhibitor a to decision We have development PK Later to slide stage XX our Aradhana. current quarter, which XX, can continues evolve. development you portfolio, you, to programs see clinical this with subcutaneous XXXX. remains We’ve ULTOMIRIS once-weekly Renal on launch rather program, conduct on-body the Basket a made ALXNXXXX. study III Phase planned in report

pursue also note as forward program. that of biomarker have subject which indication. PPMS is to with on this This the on longer an analysis, based retrospective support while findings I’ll we And not decision no did ULTOMIRIS, and clinical from moving decided

the the assets in Phase regards coming study of from With of in CXG to the we interim some quarter. new expect the in portfolio, ALXNXXXX, II data danicopan,

this expand are including additional about detail surgery indication, Portola providing closes. II excited the earlier forward proposed on urgent of Phase trials program acquisition and after week transaction the to to the look the We Andexxa’s announced

on Turning current potential each by and XX. launch to presents. track the the highlight opportunity we to see slide programs XXXX We

COVID-XX delays launches XX and have ensure across XXXX. potential these R&D heard help healthy headwinds for volunteer industry, As we some in headwinds, these ambition has including Despite programs created enrollment we’ve trial our by paused achieve studies. to protected prioritized and we programs, the for

opportunity are the of patient HUS and CX nephrology population with expanding present by treated patients. businesses our our and tens an well PNH on beyond which left, expand to of ULTOMIRIS, programs, atypical portfolio Starting thousands we collectively the neurology

additional in four opportunity remain for trial complete track half ALXNXXXX with III in beyond data Wilson’s late-stage see have diversify our business III and novel of on we year. Phase this, on CX superiority disease, first Phase is Building in to the Enrollment assets. our we to next

our is in is survival overall in not only Al underway Phase program amyloidosis. pivotal portion approved diagnosis. chemotherapeutic of are and months with II/III XX currently Patients Phase median dose Dosing agents treated selection with amyloidosis, II CAEL-XXX for post

addition in and rate our the overall for showed data Clinical endpoints. rationale response efficacy supporting of a to cardiac collaboration XX% organ renal

Phase function, cardiac overall program survival will secondary an look II/III with primary Our imaging life serving endpoint and at of endpoints. patient quality as

a to extend the TTR development announced in license potential believe progression. cardiomyopathy IDOs discussions, AGXX into we plan to later commercialize disease halt ATTR year, to and develop for AGXX with this Last year. we regulatory stabilize Japan. Japan Pending has agreement We AGXX program and

on extravascular remain PNH hemolysis we in just which and indications CXG, with minute. more with XXXX, track Finally, the covered a ongoing for detail be in will

about are We to we these we’ll as year. of the launches expand opportunity number XX excited and the significantly for progress provide treated through the updates patients, potential

related spend to design COVID-XX the severe potential recently Phase as the in initiated slide III I Next, on of our CX inhibition minutes trial. to am discuss of I and pneumonia wanted role excited treating XX, a few

the the release severe pneumonia, in that drives patients. of pro-inflammatory blood We acute chart. chemokines ultimately advanced see COVID-XX elevated and and dysfunction know that and leads clots multi-organ Please in CX and COVID left prothrombotic is elevation this to of downstream side on infection many cytokines

survival severe On endpoint patients see including supportive you will primary of COVID-XX for distress syndrome, respiratory other care, enroll is The the background the which our approximately from ARDS, day randomized at acute overall XX. X:X design the pneumonia allowing right trial XXX of best drugs. side, versus can suffering use

portfolio. XX, Turning update I’d D our an to to provide on slide like Factor

half continuing data busy Phase program The and been we for with CXG of in expect is to programs second track XXXX, past XXXX, have mid-XXXX. over begin in teams XXXX. existing the to on we the PNH with Our move for second quarter, forward half and the EVH interim for of III

monotherapy XXXX, Phase PNH underway. With oral II program first for the is PNH. potential there is The for

additional of tremendous We broad opportunity also see in range a indications.

share half The a and later additional indications. program indications II inhibition of first the rationale Phase first complement for be D year, we’ll next Phase II program year. given Factor of these strong We to in will the platform initiate Basket for look this these this in Renal our

designed which like mini-body, I’d CX is bi-specific we kilodaltons, Finally, our XX as CX At turning best-in-class a a franchise. ALXNXXXX, internally to also subcutaneous XXXX see for to continue our option inhibitor, XX. only convenient expanding highlight administration. slide unique tailor-made to

We opportunity new in see population of larger rare and a number diseases.

We far, which in that results seen we process Phase in currently support and with. are will weekly specific program the forward move dosing indications are have the pleased with thus selecting I of the we

R&D portfolio last two significantly by our years, conclusion, undertaken incredibly a the light In especially and challenges development has proud hard grown in the organization by of I’m in half the and COVID-XX. the entire all and of work posed

to Brian? the Brian the call turn I’ll provide quarter. that, over With on to highlights commercial

John. you, Thank

in progress PNH as atypical best-in-class slide first our continued growth first a XX. our conversion well neurology as strong of franchise. for ULTOMIRIS in goal demonstrated with to HUS, We had and Turning to very quarter

week, As solidifying patients U.S., PNH PNH than XX% as across we’ve achieved markets. leader largest position further to and market our greater Japan, the three of volume of conversion the ULTOMIRIS ULTOMIRIS’ last Germany in

is of requiring the in and patients for for part, to payers, COVID-XX in eight pandemic, only strong ULTOMIRIS, on value proposition due, increasing of weeks. is ongoing This the appreciated with both light large compelling which patients infusions every performance

reduces our formulation, enhance further concentration more per which time also XX% experiences minutes. the to higher milliliter We’ll XX with patient infusion by than XXX-milligram

set two for our XX% PNH. We that in within we in where same remain HUS on remains conversion the atypical also US, for with years ambition pleased launch early conversion track the

received good has for news for in last Use for we week the that Human adopted ULTOMIRIS HUS. a Medicinal Committee positive And the opinion Products atypical

decision now the expect we So a from final Commission European June. in

its with ambition patient continues our towards growth our business population. progress stated trajectory quadrupling US neurology further Our of treated

SOLIRIS exited NMOSD we with first X,XXX see for the in on with gMG the quarter and treatment can You patients US.

especially on current prescriber COVID depth to continued current driving term, efforts prescribers breadth indications our to with While our use we focused through neurology the role near expand continue complement we’re grow our of education in the environment. in continue to on

With ULTOMIRIS with infusion. neurological late early expected starting be every aim to week XXXX, indication in eight an on XXXX in we to launch our market or

another on-body formulation important for once option when self prefer subcutaneous Additionally, weekly our home-based provide treatment or patients will, administration. it’s approved, who

continue as in today’s serve an slide XX, organization the of see number of we’ve to to Turning ensure you’ll we needs taken a patients steps environment. to COVID-XX

noting our helped evolving worth these efforts in it’s the and environment to model fact, initiated many In were of operating current progress. that us already has accelerate our

to we’re mitigate respect infusion visits. patients, of site in care disruptions our With for to working potential CX actively infusion access

We’re working out significant rolling important have progress option home to and in expand access to made infusion to patients. this

to is logistics-related OneSource in Our engaged actively. team actively US their case patients site preferred based management with assisting of

adjust connections our are our remote New best digital engagement. field seamlessly to and environment practices continue outreach teams enabled teams actively for making the virtual and have to clinical decision-makers, adopting methods current with

the of with and in critical our all Almost growing growing hospital atypical starts NMOSD both occur care diversification plan business. the Slide HUS and a moving as an in future, today distinct a for XX patients. of highlights patient care number portfolio, on commercial site patient of Alexion’s setting. business continue forward advantage including as this see starts to diversification our we our for emphasis We

and care critical proposed support earlier presence adoption of our we accelerate increased that news this anticipate significantly our Andexxa. will the in existing With to us acquisition of week Portola, of allow utilization

only growing atypical of to of important business. portion that NMOSD this It’s Andexxa and note HUS, the are part

TMA. HSCT-TMA, of more include to Our the indications, potential as ULTOMIRIS including as well a acute complement-mediated portfolio has number

deliver opportunity devastating us potential Moving for is medicine including with unique our existing transformative a significant capabilities growth. mortality. Portola long-term face who a leverage to of otherwise Andexxa of provides these risk proposed to would XX. The slide patients, to acquisition a consequences,

with Our to the core institutional and through unlock pull-through capabilities in enabling us and access, access provide know-how endorsement. tools growth

serve. for and hope dedication, us their I’d global, has bring a global continue operations take rare which commercial allowed to and to especially brief the organizations crisis, patients during to disease closing, In like moment our to we thank this hard work to

comments. back to the now Ludwig for call I’ll turn closing Ludwig?

quarter Thank I to Brian. we in XXXX. proud thank the of all employee’s I’m flexibility recognize have their and employees what will Brian you, COVID-XX hard team our the of first way we echo to pandemic the globe term Similarly, want the for and around also lasting work. the delivered want for and their We thank families operate. support. near impacts on very

will continue deliver long despite confident these on creation. our However, we challenges, term that for I strategy to value am

with commitment to to on therapies maintain we life-changing patients rare people diseases. focus our mission advance to living unwavering and our deliver Importantly, our

open With that, Operator? to up now will the call questions. we

first of [Operator comment or Cory Kasimov Our line question the comes JPMorgan. Instructions] from from

is line open. Your

Good some Thank updated for patient in Hey. you my can what’s the guys. start, conversion driving you morning, provide of wanted new guide to granularity just on patient more I starts? taking questions. context revenue versus the

this And the that there in impact the starts, you new are indications you better patient across impact think environment? terms Are insulated of in on are seeing Board?

Brian, that? do want you take to

morning, Good for not first question. all at that, that’s the lot the surprising question. Cory. Yeah. a Thanks And very

dynamics? and I go where we of our on is minds think that’s are from all here what the do

strong products, patients. both I’d the strength quarter relatively small physicians as demand with that’s number this the impact really quarter, first we And summarize resonate momentum, you first as sales, we know saw, way one. that thanks of on saw number it which as and to in the continued two, well well

take Just back. a to step

care we our with health employees, the proud all of I’m mindset took I safety action activities, activities comments and as and well professionals. did that. was of the we in in-person as the stopping early our force we prepared So a mentioned proactive field – the March, very that It this of in

interaction virtual simultaneously number one. customers, we shifting digital with to so started And

we’ve Secondly, indications. have into as I the and across depth. also a quite the of over world, emphasis nice But mentioned, in pivoted breadth indexes we virtual different a prescribers

really and trying to those have deepen focus customers. we’re So on who those experience penetration our already with

note, step just patient patients our OneSource a has support that just helping and is important really a sure and the system. navigate they’re they’ve supply I’ll job been making that maintained this done program, great

whether the we from question volume about both that’s patient patient the perspective, what are your that sites as some depending it’s limited hotspot of care to impacts well of level, patient case on new seen To a have been been at some is COVID, and affected, terms so of as there. patient’s ability in clear not handle real have more the are in or they volumes, we’ve seeing

The other early in all dynamic even what our we outlook best can and as looks therapy is to that’s affected. able to time like. stages baked be we’re our also But into of of And assess properly can guidance being initiation that see. been

compliance is then another monitor they’re in our because And dimension that chronic persistency. and big diseases we

a might there which takes, to So different is those we as others. across and few it be puts impacted diseases more of than and varies think

it if we PNH PNH, risk the gMG, something symptoms. of therapy at symptomatic be where acutely patient patient to that in to tends like in know the the two-week less of of the SOLIRIS were at is example, end slow to relative feeling the interval, For case in

conversion updates to more as helps. And to provide eight-week to So of we’re that’s a clear week, the clarity. to we and Hope more that get ULTOMIRIS just each every continue we’ll infusion. learn going advantage going

from of you. Instructions] Porges comment Geoffrey Leerink. comes next the SVB question line Thank Our from [Operator or

Your open. is line

you very much. Thank

proportion any the us So just whether circumstances? the Thanks. and charitable that’s on commercial. for the in seeing bit And Brian more revenue color demand proportion talk on commercial? the in uptick US care, give economic given little Could deep down a you the you’re question about of a

my the I And want is know in on visibility say that then charitable do - to mix? that. Maybe even That’s Aradhana, commercial get the outside Yeah. that to if you I’ll decision-making no or just I regard? of visibility meeting teams that as any for don’t of comment care,

Yeah.

into does we is our assumptions XX% business So about Part and that unemployment guidance commercial may rate, the of I’d given some our some shift mentioned - account. in it that And the happen include that of from some as you the taken to Medicaid that say, around of of B. the know, is rising payers XX% so more about in Medicare US, we’ve

When our some look are you at there clearly, things expenses, we’re operating that from. benefiting

of there travel amount entertainment lowered we’ve and delayed delays are obviously, on well. some purpose, the of non-staff example, congresses, for and and So, as some expenses, R&D

investments. other But on side, the of we’re number making a

As the year. Brian as program, an expense we’ve side, of, COVID also as in, programs, increase COVID mentioned, ARDS additional the mentioned well sort study the access is compassionate John expanded this digital that study, use had on for also

we’re can puts expenses the do sort corporate and best without those Code around and some expense side, launches trying Neuro compromising and on takes the those and XX So [ph] the objective are of to the ambition. of we our manage the

to two questions So Jeff, the the together. going - put I’m

I think that guidance. factors it’s fair to say are there are sales new three our driving key

The lower was slowing was as a Brian and starts down saying, one, the that’s one. first believe that so we patient compliance, new is

accelerated Number an conversion, know is a it’s headwind although pricing our is you want we that but this pricing do and we is us, a to for and strategy, see happen, two headwind. that it ULTOMIRIS

since increase employment anticipated because three of rates. will that the in US, will the the change And payer mix portion the of Medicaid higher number we -

our So guidance. are these three new driving the that sales are factors

the we’ll question. So take next

Thank you.

next Our of comes Chris Raymond Sandler. from line from question Piper the

is open. line Your

Thanks.

through there Is talking outside Just trials like suspensions, push maybe starting Q, the driving COVID impacts like But - that trial XXXX. COVID FcRn it for I and for about talk something not FcRn about they’re back? you going that’s until factor to restarting your is Can looks the cetera. maybe trials, what the gating of et looking there? just I XX plan R&D your you’re was the plans. on looks know

Thank you, Chris. John. is This

we’re on an reiterate the some XX programs all, on there of to to trials track. I that We our did those just of want commitment say impact are delivering is those launches by on First And XXXX. study, XXXX in studies the predicting like are completed ongoing enrollment, some on track those that to some extent the stated. as that to and we’re on milestones have the deliver some delays subcu, enrolling

the to FcRn, impact COVID-XX. a of regard it’s combination of With

As of you in paused with the of volunteer a in COVID-XX. had formulation December. started outbreak know, the we quarter first program subcu to That be healthy a study because

from a And things made formulation competitive for to both subcu of of delay hemolytic IV XXXX. transition anemia decision to along those with landscape. to the the that, programs of part basically the early we have combination because of the two re-initiation The

Thank Okay. you.

the please. Take question, next

Thank you.

question Stifel. comes next Our from the line of from Paul Matteis

line Your open. is

so Hey, great. Thank my questions. you much for taking

Just seeing one aHUS the more Brian. Are aHUS you that and Brian, historically, persistence any versus for in balance this has between change had dynamic of pandemic? with of intermittent unique therapy. a on kind kind chronic

And and you patients to emergencies terms with new aHUS seeing medical Are so new from stable? hospital of crises. show or much. stem to up Thanks then get the is starts, starts fewer the relatively in that real actually SOLIRIS

Good Yeah. Hey, morning. Paul.

year just typical a say which and HUS at a the approval. the that an quick and of launch was pathway last early Just started I’ll as ULTOMIRIS end with First, reminder

launch So thrilled going we following had the ULTOMIRIS with that we’ve to PNH. were success on get

in doing a so as far, I the ULTOMIRIS – HUS means. US we’re we’re am by launch. it But with I this around our error be all qualitatively, I because a and seeing is, the indicators, how we saying bars will all atypical COVID for are discussion learning this we’re what and quite theme has of pleased what it in world, hearing together will qualify with world, that know the

right with our progress fact, we and goalpost on facilitated conversion set PNH. move actually PNH, US, two the essentially XX% our In Germany for the ambition good you same that years, it feel ambition track patient we is at for we within earlier based And that in and on XX% really now know Japan.

obviously atypical earlier disproportionate areas That’s with impact not patients HUS, comments we’ll new around heard it’s a therapy or qualitative of one stopping on monitor. that key proceeded patient to profound But continue the I’ve well. starts.

everyone even depends are hotspot, US geography or to where specifics knows, on up. because off the by COVID I And a really then and go pick start the both reason patients it areas is not hedge and where it it’s and other to hotspot, giving and in whether

But goodness, and all all track payers patients all, thank benefits, we’re in our the well thank on that recognize goodness have, and with launch. we physicians, ULTOMIRIS,

We’ll question please. take the next

you. Thank

Meacham next or Geoff comes of from the comment question from Bank America. Our line of

line Your is open.

COVID for infusions. just much question. Thanks you the Brian, in if holiday extending Hey, patients on time the was follow-up the see question. a way impact or I guys. between just a maybe stable curious, so much taking of the

You just curious worked what’s not geographies. are if of be mentioned across among some learned indications. variance to what’s worked lessons But there different and

from And then Phase in real anecdotes early of share with experience quick, John, just if patients. your patients. That’s ULTOMIRIS COVID-XX III could and any wondering you the in ongoing but process, Thanks

morning, Yeah. Good Geoff. I’ll start.

kind of the in dynamic. So whole good question. again, early And from holidays, COVID we’re days a patient

one time some persistency with at and It the take we’ll will compliance. to basis, really temporal things is looking a of monitor. that key from that be So overall

not I early case some The guidance, for and anybody us, Ludwig into is the were identification, key the all in one? baked elements surprising maybe patient have new seen on, think that we number highlighted. already But impacts that have Aradhana

And it is takes that the that second from is initiation identified, rare the on then fragile one disease of the timeline when of edge case case more what’s therapy to treatments. is

but places for If a And it, seen any the to helping impact. OneSource and we’ll described again, does don’t or be support it compliance go, they of their system those monitoring. through had, a help patient a for where guide through patients one navigate of Geoff, But that as example, patients not best job disruption doing of education, OneSource get patients kinds our team site-of-care, dynamics. of the right the profound things navigate therapy. as you the We’ve drug mentioned, fabulous frankly, I we like the kind yet is through holidays, persistency From perspective, patients.

Hey, With is question regard on III Geoff. John. study. This your to the Phase

study I underway of really on jumping time. team really broader the for finalizing and the quickly, the thank in getting all, First R&D to this this protocol team want cross-functional months’ two and

the mediate And with thrombotic evaluation and that evidence perhaps and these in scientific some the preclinical of that the intervene a coagulopathy for in of is inhibitor. began and terminal a the CX patients, rationale there this role inflammation exists complement our potential to with [ph]

We that [ph] patients it’s through that which randomized program trial. with proceed experience have to and evidence have for the XXX is way, a although that mentioned, anecdotal in controlled controlled need a not underscores capacity Ludwig encouraging, HUS us any treated,

results and looking And any from underway to get forward so study. we’re imminently, that’s that

Take the next question, please.

Bansal the Citigroup. comment Mohit Our line from next question or from of comes

Your line open. is

Great. taking Hope my everyone is Good out morning and there. safe thanks question. staying for

Regarding ambitions, on how curious to very of CX upcoming FcRn ULTOMIRIS do franchise Thank or FcRn do SOLIRIS, confined especially you it a the sick subcus? neuro patient you. emergence a to you risk and And to factor or that see in niche is population gets of What that? kind due business antibodies? just possible due growth your

Mohit… Well,

Go ahead, Ludwig, sorry.

no, go No, first. you

on start growth that one, towards I’ll we opportunity. it that key neurology, see because maybe mentioned And Yeah, obviously, points really a with FcRn. as - you

not years X.X X.X we’re that exist neurology in Looking launch, did we’re in now the back that we years ago.

year year significant see bold an to we that the US mean, times I saying in volume largest the to be have that of that in with the in will we actually, for the at just our times, that our patient we put knows pretty this pathway four patient doing of XXXX. how that - US. multiple start X.X a certainly - supplemented communicated work last business, our ended we’ve years, NMOSD or if And X, has, already ambition that that forward of the been We gMG ambition become volume business everyone that volume aspect US the We’ve I launch. be think achieve in in we get we but XXXX will for patients. when getting And think we four the - with to

a to we large respect arena. In of US, gMG, patients the with X,XXX entrance, to side SOLIRIS, competitive that this new patients volume and Now roughly. to patient potential spectrum, operate on X,XXX in is severe XX,XXX XX,XXX pretty the with

its And small unique that unique one but it’s a competitively, is So believe. that a you could it is actually. not niche, - is niche, we

are failed with John up regain such And ULTOMIRIS, who immunosuppressive team the restriction a as the opened had and there’s the have on in trial trial for therapy. that ongoing work aperture we to with SOLIRIS not We’ve the then gMG. patients that doing the in R&D thanks

So, to will around up disrupted. immunosuppressive XX,XXX severe from we that opportunity therapies, entrants unlabeled, patients more coming and But they need see therapies, the so potentially that X,XXX see the X,XXX been side patients. long moderate corticosteroids, to perhaps opening again, to that’s to are The have that, on things be in disrupt new all spectrum. we roughly frankly, first-line of

we important And will when then will question the a be be believe ULTOMIRIS, and SOLIRIS what fail, our where growth. having critically that’s those of happens suite and neurology with

next that, add we’ll else have Yeah, so anything I don’t question. to take to the

The next question Nadeau or the Phil comment comes line from of Cowen Company. from &

is open. line Your

thanks my on for and the question morning and congrats Good taking progress.

QX, a noted of question. COVID. into pull companies ex-U.S. one follow-up other of a in territories forward then a particularly Just number on of have COVID, COVID, On ahead pipeline orders

of particularly You it like numbers. in looks anything in didn’t out Europe, bump you forward call revenue. any where you had orders, Did see pull your a in

second, $XX,XXX change in in QX. a Andexxa. then hospital on in $XX,XXX, There in Andexxa per utilization was our math, yesterday’s revenue went stock from Based big among QX? to Andexxa your what to of understanding Portola And hands? you lot shareholders. how just And in of have on acquisition controversy a and any happened reinvigorate utilization caused in Thanks. plan Do you once is would that like

want you to first start one? the do Aradhana, Yeah. on

Yeah.

on we quarter, stocking the one. inventory amount some the pull-through but number, some as in we you first but in of our maybe first have mentioned. wasn’t seen So huge quarter, it call have didn’t obviously a first the specifically, We seen

expand that’s where can we why on our commercial Brian, strategy And needs a for we don’t Portola know, In do mentioned factor second. an really is of is acquisition, terms sort to to there the to we and it, which, such of maybe, think around factors of a excellent we I big can lot on yesterday, play want think talk But about role. critical be we Brian’s is them fit going us. lot I of better if you asset. and a think this – that a in a

we with products a do to. articulate quarter. and spoke mean Yeah. I in return as there what we And a question, Gen well there as were was Portola, the channel, And product. X guess that was to thanks there the the - I that demand fact from in still of the that the some lot had they continued dynamics could of fourth had dynamics Phil. characterize for heard that they

is talking critical will those with And launch, when any to of combination believe multidimensional. for penetration for we that had do have access. for yesterday’s you’re important critically it’s levers access institutional be settings, discussion, a of a element particularly in dialed who about The

condition for you of as to that there DRG this like got is, payment help the got product available. and payment. is hand with to sure acute dynamics. Two So in you’ve are are funded like through one as there, make well implementation these And DRG, that, of coverage the gap an hospital awareness immediately NTAP NTAP, mechanisms on out

society importance medical there’s critically world There’s use the That’s the which around guidelines, that also of now supported important. have the XX Andexxa. of societies

And there’s published a XX then all-cause in very been day data economics and mortality. in recently that’s XX% March, outcomes shows reduction very important new, that health

make that look will to of lever. we So an as really access use

when are, to protocol endorses of becomes you’ve opinion just that leader there’s who of have institution, as champion But the course, demand decisions generation. formulary other and dynamics a product key the then, got important made. the And underlying moment and really a are the

where will is our levers be. combined three focus those So,

So two we’ll more take questions.

from Our the next SunTrust. of question Robyn comment or Karnauskas line comes from

open. line Your is

the from We’ve dose taking trial, from want were the high question. they’re revenue-generating SOLIRIS. frequent wasn’t switched for those a touch my just haven’t high there ULTOMIRIS patients. a hearing believe more they to of while dose been lot and on patients KOLs on I for Hi, data specific - now high guys. SOLIRIS, Thanks because that patients,

what has patient any think those seeing those pre go frequency in switched roughly it’s do you you their given Thanks. – to in populations, of and seen general, acceleration of to percentage are have or COVID, COVID, doctor? prior and they’d switch Given to that see the changed? ULTOMIRIS you Have

Robyn, Interesting question. Brian morning, again. it’s Yeah. Good

and that not we But business, but COVID it specific very were patients there And looking what for for, things you’re for say, challenges, and on. the so they real have many granularity are for are that that dose industry. with is the may interesting I that will our whole just not

for for not in of SOLIRIS institutions from every But product And may to And that as to ULTOMIRIS that surprising burden of that ULTOMIRIS the for actually moving helpful of week delivery most for is be great for infusion every been acceleration that two infusion patients has areas conversions. the portfolio, been our an we’ve interesting seen hotspot them, a that eight some but reason you’re it’s have drug really centers. obviously weeks. the it

we country. it that even shoots so to interesting that parts has of been of of see kind acceleration green the And challenged of occur in some started more the the

And up the largest a had this program on been nearly - I titrate with nearly ever Phase who did didn’t XXX conducted the add, patients. III study with patients into the Robyn, to very If is program. just have SOLIRIS study while large John. that’s naive could We specifically

that, suppression arm required know have the XX% adequately a complete in above so the threshold. with with of you a And those them that sustained more the than higher study little ULTOMIRIS all of we controlled estimate throughout would or if treated maybe SOLIRIS, that excursions were no of dose CX

pretty that So But with nailed the we’re then would patients again, covered. in and regimen, have the they study we been ULTOMIRIS. dose those in have part dosing covered of we’ve the the study naive confident

take Yes, last our we question.

comes of question Harrison the Matthew final from from line Stanley. Our Morgan

is line Your open.

I on commercial could of little the more touched question. a and let’s provide Thanks. maybe was persistence of, more I hoping, slowing or commercial to detail, new doses But call the mix taking shift versus, what Thanks Great. people Good or I skipping less dynamics. just guess, let’s, is morning. the starts impact you guess, it, for of I the less or Medicare some either extending patient impact patients? then new know you’ve a

you do start? want me to Yeah. Aradhana,

Yeah.

You go ahead.

couple you highlighted. morning, Matthew. a you’ve Good actually of Sure. that that There three, are dynamics already,

qualify, When you haven’t we compliance, quantified, about and compliance persistency, perhaps talk is the for but will and on I at so of entire math base this to really looking patients. our impacts And do. we’re easy

that’s an relative play business, So why and that that’s if out a key for there basis impact, would that focus more on a us. one significantly is were the for

for really us diseases because it to need the stay I patients but are But that mean, therapy. business, it’s focus these is rare on a for

that that we’re So doing them we all make to appropriately sure in we’re that can journey. supporting

the side to we equation, when lag effect, one growth see starts, the would business. and For new obviously, it’s a that’s impact patient start that has our of that

well some So time impact mentioned, we on have new starts, to on seen initiation patient as I as therapy. as

be But to we’ll anything worked compliance. Aradhana to now has side, spoken one patient the it monitor. guidance. new bars from could about error course, been start how our to that’s relative would more wanted awareness dynamic is all Aradhana, add? I and around say and right best that of that, continue of XQ, into XQ There you are the

good. that’s No,

Excellent.

a just closing remarks. couple of So

Alexion very work. the to hard started growth I that all sales year I their think really you the saw strong thank and employees with we a for all momentum, XX% want

proud very are of you. We of all

question go, is go that, us after to down. but about to steady for no to There’s we expect and grow to plan back the still that. we COVID-XX slowing year state

launches neurology discussed, we quadrupling have double-digit ambition revenue ambitions As changed. of long-term XX growth, US not footprint, XXXX, those our our by

we durable, execution. So strong a a we believe very strong business very have sustainable and very strong, with strategy

a to Have you everybody and I great So day dialing-in. of stay safe. for all thank want

everybody. So thanks,

conference call. Ladies and for gentlemen, you participating. Thank today’s this concludes

wonderful a have Everyone, disconnect. now may day. You