ATRS - Earnings call transcript Q2 2018

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Operator

Ladies and gentlemen, welcome to the Antares Pharma Second Quarter Call. Throughout today’s recorded presentation, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. I will now hand the conference over to Jack Howarth, Antares’ Vice President of Corporate Affairs. Please go ahead, sir.

Jack Howarth

good and Adrian, you, morning, everyone. Thank website we and recent morning, press can the released Investors the copy our results financial release Antares’ on found XXXX quarter be www.antarespharma.com operating section. the under For second of This at achievements a and

this teleconference presentation. morning’s addition, contains an In slide interactive also

conference slides, presentation to the found be on tab. be website under If in teleconference, on Investors can can the you the have slide follow Antares section which you Information call section. simultaneously webcast of The Investor audio-only Webcasts will website dialed along and with the For the under our the

you If today’s be unable will archived website, our under the call. the at access of conference are Webcasts and conclusion presentation currently call slide tab to the

you of like some meaning Securities materially during U.S. remind actual statements. risks forward-looking we made statements and will results provisions I’d projected uncertainties the and Litigation statements Act are conference XXXX. differ within our Harbor the in certain Before this Safe begin, from any These to of call could statements of of subject Private those Reform forward-looking the contain that to

response deficiencies and Pfizer, and to in Antares’ by not Company’s product OTREXUP, time could and forecast the Factors company’s or current periodic the section required today’s Teva any date the Form indentified cause Links revenue from otherwise. Sumatriptan, update for for date and FDA to development of identified clinical in any and on for market provide revenue including which also action, and and with and from conference the results and the partnered The or growth other not our the the recent but as in X-K letter acceptance and and complete limited are trials this development, to today’s the and are Form on forward-looking NDA approvals with of filings future including encourage opportunities, Commission. and and Company’s performance Future or research, XYOSTED statements presentation, Company projects new to to events future undue include, as timing of events. Antares’ the after actual the and call time financial ability we review factors, revenue and made future documents of statements you in obligation Information materials. proprietary XYOSTED Forward-looking these of Makena, to, XYOSTED. resolve contained expectation information on these with statements XX-Q new forward-looking on undertake law FDA results differ XX-K call approval are available that Exchange place Securities filings about Company’s the as of a not the is Investor statements. filings circumstances does by of website SEC cautions conference result these investors the in information, except hereof, to reliance providing FDA as Antares updated other this to

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

highlights. will and Let’s then level second review high second will review a of on today’s begin will Bob? questions. Bob detailed slide and review with I’ll quarter call financial your Apple. results, the number now lines quarter and our open catalysts. presentation, Please three. for number give agenda to future Bob you commercial for we turn recent over the the to will call Bob four, slide turn Fred After present our the business update

Bob Apple

and all today’s release, call. morning’s joining had several quarter which our to hope to I everyone recent morning chance press of Thanks, achievements. highlighted review second Jack, and a on you good us this most

operating the financial with a and progress number We initiatives. and are made the results of pleased on key we very

of million million product reported revenue in the and million we the the partner by year-to-date the of increase financial was second $XX.X auto front, primarily The last driven an revenue sales second and versus quarter product quarter revenue, same from $XX.X sold to in growth injector periods $XX.X the $XX.X AMAG. year. Makena On million in of our

mostly away addition, and positive minutes. We the will both second portfolio. revenue of our ended the reflect from cash in we which through results financial few of take periods, which compares $XX.X shift revenue, with for quarter the moving more were toward to and continue the mix, X% increased in royalties Fred detailed million, the XXXX. product up of as were just numbers in development quarter Operating expenses and the which $XX.X In We launch research of expand increased in first quarter XXXX. by our result $X internal second a second XX% revenue million believe you the million, pipeline investment quarter year-to-date quarter recent revenue Makena. attributable increased to a transitioning of by versus the to development

just our the side, partner addition pipeline. alliance yesterday, another we business announced the of On product to

agreement entered combination to develop a an have with drug pen. Pfizer We device into rescue

Antares terms and partner as through a of of the product is auto pen, will flow approval. finished pay fully line and and net which rates responsible plus obtaining item. Although supply for design product revenue royalty the approval development the Antares FDA and to on We development agreement the in the commercial product the will then Pfizer The reasons, the packaged a will separate FDA to price drug our cost device, rescue commercializing rescue to development were will cost receive of to designed this provide pen the competitive injector. royalties enter is which agreement. Pfizer for agreed into will pursuant the for U.S. combination product margin, at intend to we assuming sales uniquely QuickShot undisclosed utilize Pfizer

expands high-quality business yielded of Pfizer be to important has between two which with working Antares. to our excited companies agreement of on The approved continues commercial program. very add to portfolio this the partnerships, products and We’re further growth the

in pen Pfizer our combined rescue with and look FDA drug and drug potentially injector Pfizer’s a options. believe success auto in through them produce treatment forward limited products market working to growing rapid development we expertise process. with treatment our the a with efforts could and We development, in solution Given approval device phase assisting

with front, development XXXX the data. approval important September XYOSTED asset XX, action awaits FDA On our and exciting most potential target a

the and During a quarter, response accepted complete response, six-month period. class our review X the considered second a complete assigning in FDA initiative

the date. Commercially, working the the goal launch we forward actively this cover look are approval preparing of pleased finally, for to in are and with And FDA We I’m on to which potential very call. I’ll a XYOSTED, potential PDUFA MD corporate XX the development Research of as industry. Antares Tursi James a background, the and announce years and Chief Medical and has joined executive team drug experience that Head including Tursi management Development diversified Officer. pharmaceutical has biotech of within later Dr.

team. external discuss Over our impact on has who James focused results. I roles including our and the to our the responsibility other non-clinical like over pipeline. quarter positive course in Fred? I Antares call turn increasingly experience career, a goal to second urology. believe and managing financial things, would and that activities have will operations and research among and worked the will We his internal of his now global expanding development to welcome clinical of medical James leadership clinical safety various affairs, of Fred, programs,

Fred Powell

Bob. Thanks,

adjustment was and for XYOSTED. for June recognized the compared of XXXX six in our sold first three an $XXX,XXX six totaled first million the development as for million XX, $XXX,XXX XXXX same million a marketing XXXX, auto revenue operating Makena expenses XXXX June XXXX million same six XXXX. sales six XXXX for $XX.X XX, million of in in was device XXXX, of second partners. Pharmaceuticals. months six products an XXXX ended by the potential per in sales operating period $X.X June respectively, the for per and The Royalty date it million in result expenses a or ended Total $X.XX in December to number AMAG to operating reduction partner our $X.X in and and $XX.X versus on well loss same period decreased XXth $XX of XXXX, to the of product. turn the results product to XX, for $X.X June revenue the in product the was an sales the five. The margins once in $X.X were OTREXUP be by months The Net to million for driven begin XXXX injector and of were increased XXXX. XX, compared due the million Licensing June in decrease a of $XX.X June million million and that and XXXX, the three operating received of result in cash XXXX. gain million an to months as and excluded recognition primarily benefits as ended million to increase XXXX compared compared ended three the the Net and the and for primarily quarter Pharmaceuticals. sales the XXXX XXXX increased $XX.X period research our by same for June product is million royalty million will installment three prelaunch six the Product is XX, of due for period, looking by proprietary half principally product, the three months revenue for Product months of was share for for slide the $XX.X revenue period and the for The XXXX XXXX AMAG The a an was by prior be ended The recognized activities XX, three months XXXX. and million and XXXX ended XX, Makena second revenue quarter to components XXXX. ended balance with is February for in-market the compared $X.X additional exenatide of changes and the The launch large by in-market was in ended was for represent million from increase and XXXX in in $X.X for and a in periods $X.X for in the deferred and approved in rebates a in million will a XX% million back periods June expenses, partners. and for million XXXX with and were to XX, development respectively. million for three period in $XX.X six-month revenue Let’s to details a result future XX, the to final June increase ended development sales periods compared million $X.X increase and product and and loss marketed was a XXXX margins. the XXXX. products million period the period in of and $X.X in XXXX XX, XXXX $X.XX change to the of year-to-date XXXX, and three now XXXX, six-month XX, $X.X received the Total the months XXXX $XX.X devices $X.X million June represent in by for months same at mix same was and for Bob. was June Royalty sales claimed ended of a Total to Makena six second which to AMAG to burn the comparable period months XX% expenses also compared associated gain June million revenues. was our a XXXX, XXXX for Ferring increase. injectors sales and compared due million months XXXX respectively. expenses $XX.X estimation $X.XX months compared financial sales $X.XX and six six increase ended development six-month reversal Operating for the ended decreases revenue were the to XX, of of million and to XXXX, for potential probable spending the XX, injector commercial products method for associated the pharmacy XX, in $XX.X months increase and to net additional the Teva. the for OTREXUP for in three revenue at sales of auto slight FDA reduction ended months million $XX.X pipeline six XXXX to expected the for to was to gross occur. $XX.X quarter cash three months X%. receipt first loss to variable X% compared of in million compared $XX.X and from respectively, primarily sheet. months quarter $X.X revenue The to as XXXX six-month current six XXXX. and sales of gain June $X.XX received in in which call and auto three million periods as lower the the $X.X considered million revenue, comparable $X.X recorded recognized of The compared second the June as the Bob? was At million share increase XX, through were ended XXXX I’ll XXXX, was manager $X.X June XX, with due increase $X not significant the as now proceeds equivalents quarter periods on $XX.X in the

Bob Apple

quarter on the Symphony according growth commercial additional business. continued prescription same number of to approximately increased second the from basis. last Thanks, Solutions. increasing was Fred. quarter Without with to grow an Health have will our would rebate OTREXUP standalone approximately over detail the some X% adjustment, growth six. Please of on On X% first by Prescription period be slide earlier. spoke of the turn to total prescriptions in comparable versus revenue I this basis, provide profitable. a Fred X% year, the adjustment the offset year, continued to a data OTREXUP impact versus

market X% the Turning second overall ago. auto generic a one quarter loss same XXXX contract, period same million, increase Solutions, quarter According now Sumatriptan period pricing. increased to Symphony of period. in prescriptions injector a grew was the to Sumatriptan, XX% versus year over approximately Health during $X.X second the XXXX revenue last share result decreased and versus due the total the a XX% XXXX, same market approximately quarter certain Teva’s as Teva’s during competitive to by the of XX% of

device quarters, prefilled previous Teva’s revenue dependent and Sumatriptan in Teva of variable discussed quarter-to-quarter our we As is highly basis. mostly therefore a it’s that on arrival upon from and syringes the forecast receive

second the of competitor injector access conversion development quarter, The Makena and $X.X and focused strong even the on team they new the early Makena patient their the intramuscular of Connection and driven are enrollments In adoption injector. the AMAG AMAG, increased subcutaneous to of reported Now, AMAG. needle from new product, on the in volume injector. with data believes date quarter. let’s should through includes Makena royalty auto recently market, Makena XX% launched the Makena generic injector sales million administration. about translate subcutaneous increased patient continued of by second protecting our auto This of the the auto programs revenue collaboration and combined quarter to in seen from talk intramuscular product, AMAG have growth through recently Makena which for the third brand. of creation was product. sustainable all reported auto revenues subcutaneous we Care the program, for the the launch now commercial syringe According to the of is

a market has call through physicians June XX Makena on to injector XXth. auto to AMAG approximately weeks XX takes been reminder, the As us just it on the informed drive Makena. that that all weeks XX

the on which growing a once the we are demand. to injector, from duration patient is off of that see we the injector, Therefore, receives of a starting believe therapy for thus we launch Additionally, to increasing patients treatment, our partner somewhere auto have believe typically the Makena Based we on effect cumulative a just affecting for start. the everything they script around XX auto the far, of range on number great heard Makena could weeks. are

our now Turning subcutaneous update seven XYOSTED, weekly injector slide further to on testosterone. of once for a auto

are We actively review this approval targeting FDA XX, XXXX. by a working during and with September the cycle are potential

the replacement testosterone has are contingent commercial upon identifying experienced approval. team in you imagine, They highly As or offering in neurology activities. of planning pharmaceutical physicians preferred XYOSTED therapy with our can launch reps the and process background resumed

training second hire. targeting to mapping specialty the and sales care quarter, the XX the expect physician During territory we approximately updated aids, with which visual team also materials, representatives

In are addition the done research healthcare with the to conducting ensure to third in help coverage, launch. party for professionals extensive was and consumers research payer strategies marketing on proper place

programs We authorization investigation well patient extremely have launch late our physician comprehensive offer most for as XXXX planning as will for patients, team also assistance co-pay insured prior commercial designed support has commercially busy A to offices. XYOSTED. potential and of a benefits been that support

Now, XXXX, which increase positive number and that let second of eight slide a will half briefly of me potentially events shareholder turn momentum summarize to in could and build value. occur the believe number potential

with Makena. Let’s begin

the data, second and this from date. continues based patients for of potentially generator team As million mentioned quarter. have doing auto injector. Antares. from and AMAG early solid the be revenue the generated that of I the We And the to on revenue they administration conversion growing should disclosed syringe the believe vial, converting $X.X job earlier, excellent We was the in that commercial needle understand

our on to Teva Moving development products.

and And plus we auto supply auto $XX injectors still by margin. anticipating XXXX a to high quantities And on to product. generic in-market continue in to receive mid significant Teva receive equivalent product additional an the EpiPen, of POs worth on future product To-date, EpiPen, Mylan’s beyond The the FDA cost the have and once ANDA to the launch following injector. shipped. at of digit contributor is is launched, XXXX, million will is sales believe, it single of epinephrine pathway. review of a generic growth the the could also we initial the approved we be shipped launch to we first is Antares. already active This Teva a product potentially devices royalties a

will payment upon onetime also milestone a approval. We receive

not that Forteo any half to to line the market And U.S., launching. to teriparatide which Next, on earlier competitive awaiting Therefore, Lilly using a pathway. of worldwide expect Lilly generic to XXXX. contributor the a develop $X.XX approved approval focus do in ANDA disclosed Lilly’s we an disclosed settled patent believe to future approval They year. XXXX before Teva XX-K and countries products finally, continues to clearance and the And Eli enter meaningful the last a of be growth. already Teva obtaining XX late Forteo, our billion. would in than Teva sales and product been in that AstraZeneca’s rated Teriparatide, patent AB this also second the is they top in their Europe of is has was continues U.S. a has Byetta. generic product, litigation generic exenatide,

approval patent While has opportunity large future revenue and following settled ANDA not fully pathway. to All Teva exenatide, an been as continues work potentially to if toward litigation growth. the as approved, we contribute teriparatide, expect in to

mid-teen a approval to digit FDA reminder, own of development Antares and sales projects. on royalty of commercial both, Teva received With product. cost for our respect for assuming both products, each margin, plus sale sales exenatide and teriparatide recorded these a multidose market at to of and single high in As of pens

product to proprietary and on add continue opportunities new to have compound. a pipeline conducted evaluate to work We potential significant preclinical our

that candidate product to our in mentioned And device. call, We to rescue pipeline, the potential we is a pleased we which lead we to in combination added very expect believe a approval and important I six exciting Pfizer to of to device partnership launch our QuickShot develop opportunity using announcing pipeline continue Overall, for new the next to pen Company. Also, our in XYOSTED, progress we with add towards another potentially of growth as we work I the made a this announce our were and of drug with months months. earlier future solid finally, the first the XXXX. quarter operational and believe product six FDA a catalyst

were first exciting The quarter product the Company. and events recently Makena announced of the for AMAG’s Pfizer approval partnership with

Looking of there six ahead an late months, an third and the to Teva approval partnered in quarter is product. potential a for of approval next XYOSTED

and sales balance We shareholders. the continue a focus developing be for your for Thank concludes time of attention operational to renewed lines for Operator, and growth you throughout Antares for and can pipeline; the updates investors and look our remarks open session. could XXXX. forward commercial in exciting That today. believe an for our product on prepared providing you XXXX the questions-and-answers we our

Operator

go Jaffray. David Amsellem [Operator to at first Instructions] Piper Will

Mickey Ingerman

Hi. This quick is question. on One Mickey Ingerman David. for

mentioned XX targeting payer Assuming number some will additional month, I XYOSTED give to physicians you the think will you be know guys but the which around approval color extent restrictive. if you guys be you and landscape could reps, the of next

Bob Apple

target it, number as marketed around a there I current And at, products far I look the we’re think the physicians mean, landscape, rotation that pretty as products. we call the at good with as when XX,XXX for we based on So, of audience, good our believe testosterone is calls. payer looking that far as access

be to Tier looking We’re X. in

get for are We’re now a preferred to the discount order not require to heavy believe product and looking access. attributes that position. enough We in strong

than cheaper focusing are Tier most again, our a will it generics so, And that plans. could provide so patients, amount, The be X essentially support as getting generic less for $XX could co-pay we’re actually the to we co-pay down a expensive on buy be it to our actually to certain for up to the if co-pay, be $XX at zero product. patient

for have for patients, adequate insurance will so, have they is will access our target And insured believe XYOSTED. adequate a them or access commercially we commercial -- and the

Operator

move next Thalmann. Matt Kaplan at to Ladenburg we’ll And

Matt Kaplan

a to Can of for bit IM Makena. little forces more to that’s just I there? the generic the little one get bit to injectable a sales driving and product detail on going market Makena. how It You dynamics talk potentially about be the you wanted for seems more affect the mentioned quarter.

Bob Apple

speak say mean, entered the at for But, a generic they I what per standpoint, can for is auto WAC. the I and franchise. this really in Makena can’t market I the the from injectable say believe our current was intramuscular product, came that I So, injector just XX% discount to

as such the the patient the AMAG but and to product deep a so It’s for it’s to AMAG. the and significant basically versus has really for easily is I’m very And pricing. priced better plans trying think of access initially because payers upto was with because so, in back I’m do injector not the not I sure auto in to XX% sure injection the the of what the been patients I to, physician, are don’t think price to that in overcome, pricing injection which to subcutaneous IM we all because of subcu going the auto think a anything arm. gave if is IM need injector. what injection. parity. intramuscular are do, you the injector the on the at for switched the difference But the AMAG’s exactly auto switching market excellent AMAG injection, parity I that patients order from is believes paid that’s The dynamic a effective and

The the product, have maximus. And have current So, in injected it’s patient to disrobe. you doesn’t bootius disrobe. the to IM

IM subcutaneous takes And so, other about are and important takes minute XX that the about seconds. a the obviously, that injection characteristics injection the is

they the and And to patient spontaneous patient complaint, a the will have is early with that. believe lot that’s pregnancy, lot is selling marketplace. there of is If physician message cost this which the the physician’s and everything that may the compliance. and attributes hopefully for a in office compliance there you’re better the I for And to associated So, positive of isn’t translate payers.

the Over every in that’s think, I done not as they So, on can great injector this patients That’s patient; mentioned has job XX% of new through that AMAG a script. starting auto converting, Care’s program. are of track. the ones the I Makena

I focus be to The the the from branded so, injector. the that. AMAG did that dynamics AMAG and our after is on And auto injectable the continue product do And again think their to of are go they’re is product. to going generic authorized own. going going And launch to all exits, generic

And so, much they to maintain are possible. as as total trying franchise obviously, the of

Matt Kaplan

then, you with with launches pricing guess a you us your on sense what I in your epinephrine And -- how you give terms near-term, Teva. Can -- in of are approvals can and and share product forward how XYOSTED, two the thoughts think grab market with product? got rated going potential under AB control; and just potentially you’ve then, XYOSTED AB -- that

Bob Apple

AndroGel current X. is co-pay for for on $XXX that the product. month And about it’s product a leader a market -- preferred gel -- that I it is a for and sure they it’s provide There product, Tier XYOSTED, think Sure. I’m sells assistance obviously product.

believe much -- better and a a the into a XX% subcutaneous, we lot you’re doesn’t It’s think while for we with injection a once process, week it pain the free PK great very for product. when use, and profile, the easy comes a during to the titration it are on really good We to of market both as product. physicians application, product patients require going

Make give the $XXX that better writes physicians tactic it with -- important. have And access think ability sure I it leader. key. for will get vetted us much any in discount get payers access year. to product really he So, And for doctor to WAC, a hard is really That’s and the the a a really any anywhere when and launch -- We’re initially, make it’s between to to with product coming we the out around is believe $XXX we every the that product believe brand the not today, difficult filled. more which that we it’s payers. And more

of especially a we a to price the possible you if with product. typically we price, still discounted the on to But going fully wait after as We in be we’ll rate. rebate pay believe in pay very the will make pricing, that high the coming with get a for payers as rebate. reasonable able And don’t so, you after market. allow access, access maintain an weren’t minimize expect fact to effect that our the formulary, And it much like again, that early at going price. to because to that And us highest rebates the we that we access will rebates think they were I believe on

I think to utilization or paradigm of tends and you kind the block strong prices being which line products. of really of [indiscernible] is to actually it what in seeing industry the and success following heavily which are are -- the So, the the is with pricing the counter uptake

trying be as so, access pricing And the physicians to that the will a we’re well. for more good and program more get go for believe a -- product patients we to with effective for

Matt Kaplan

PDUFA been last going And How question FDA with on then, date? one XYOSTED. going your conversations have into the

Bob Apple

forward date. us expect there to think FDA. for our the on do The approval kind that’s the characterize surprises. can dialogue’s between we any We improved product that. folly of effective to September we don’t PDUFA the any to characterize as interactions potential look I and because XX, And XXXX. been be the But, really company been FDA with it haven’t I

a put when very filed first good briefing book we response. a I together think, we

they a reviewed I I very accepted that. seem six-month less concerns. their track it answers think clear a was than on concise we the that believe to be And to days FDA a what and and to testament four PDUFA hit it to date signed was and fact the in

of we’re that, short So, again for launch the we’re on a of -- preparing XYOSTED XXth. September

Operator

go H.C. We’ll Livnat Wainwright. Oren next to at

Oren Livnat

themselves. they You guess mentioned not specifically that longstanding Pfizer being not often their own obviously make I that have meridian those the division, actually disclosed device guys that’s up [ph] but it’s project,

So, did Thanks. have guys I’m project. couple I need for questions. injector they you wondering to to a go an other why

Bob Apple

the QuickShot device is of I behalf and it use but of a delivery. pen, I really Sure. Well, believe can’t suits easy the think novel itself well speak its step to mean, I on one device rescue Pfizer, because and that I

off inject it. you and take basically You the cap

record we’ve a and protect that’s use the with approved I in been patients. XXX(b)(X) And think sNDA Sumatriptan. combination may something easy -- so, approved products with that’s rescue approved with Makena; we’ve that’s that at you that could have with hopefully factor believe had in our proven OTREXUP; ANDAs approved I track best decision. in had the for, had Furthermore, your FDA We’ve situation, something to the hope another

yet be received haven’t now both, we are XYOSTED, all XYOSTED, going platform. from Makena future to the products and on the Although QuickShot approval the

I the think comfortable were So, and in product itself. that very our they experience

at are us really work potentially this with we excited product. shop go to on to of Pfizer start very and interesting own so, And outside their

Oren Livnat

And without telling of to us is, of able what plays what market this this in? guidance are product ballpark sort you us kind size even give on any

Bob Apple

really they pipeline, able we on, to development further opportunity. want to product disclose, moves I guidance think the assess some to what over or time and the down when will they’re Pfizer’s is, when be depending -- what that’s as think market I upon working product it the that as give

do And was I so, moved and they drug and our at done disclose forward And as -- clinical want past didn’t reasons they not undisclosed. want molecule, you what program I every down that to one that either deals filed don’t became investing any further originally to is really There competitive were that with we’ve if understand to pipeline, the this or why what. product the a were disclose people when order to honor least they And in able as Teva. in the were Actually the what trials, Pfizer lot then this to of going Pfizer. is. product different with is. aware of see that. had by product we’re the what don’t the disclose with become Pfizer request being product that Teva to to And

Oren Livnat

majority Makena subcu AMAG didn’t sales the The were side, specifically were still break IM. on And this out injector what quarter. auto the vast Okay.

lag, think this there part But, is go some had is fact, some going of to a revenue quarter in most of I’m I quarter? revenue expecting a your everybody Is there number royalty because a So, quarter lag, curious, you’re you that up the the should expect results we up so go expect as jump or come third in with quarter? -- should it not quarter, sales fourth more quarter, reporting, their we next really, that big maybe that a should forward. to

Fred Powell

Oren. is No. This Hey, handle Fred, let me one. just that

good AMAG. a finance the very team have We at relationship with

are the price the and easy a what calculation apply the then, quarter, within the is. report to And days us end an it’s they percentage. few So, what net royalty sales of to the after

we our lag there Makena. have So, is when that actually for royalties no

Oren Livnat

I Okay, goes great. may OpEx If go ahead. everything sorry If question. simple just --

Bob Apple

for As write the at AMAG far all get this to Makena as team XX as through in script, the of mentioned Makena. takes least in this who to it sales weeks XX I physicians quarter,

So, they quarter two. that haven’t the even through done

every were And further that, on they IM a to imagine, so, like converted subcu. see with a pyramid. of kind being just that’s They top like them. on the we cumulative And the and on switched of can you patient to the expect patients processes, focusing as it took penetration physicians. building And they all wasn’t new that was

being weeks, base. get XX saturation patients on the some to exponentially whatever stay the number on, auto next say assuming they building over of those therapy for period You’re obviously injectors that they of as point. the consumed XX grows to And time,

the share over we Makena quarters. next expect ultimately we overall few it of believe it of our of see know. grow in it’s of company really to going QX I more continue clearly and because a peaks to yes, product impact in we -- product we’ll started that kind do an franchise, gets and to we see the to so, market think QX, it for And impact don’t beyond. be But, Where more just meaningful and

excited And that we’re opportunity. about so, really

Oren Livnat

the in-house your September, guess asset us And unveiling or pipeline XQ? go on I OpEx, sense OpEx, least if XQ R&D plan, progress approval hopefully on and XYOSTED SG&A give according if everything in of at and where of may, and or I end goes at a should obviously just you assets. Can

Fred Powell

market, the see approval the to a XQ As keep cost is minimum XQ, looking do we’ve are we prior for at hitting XQ, XYOSTED. XQ. we’ll really XYOSTED. is But, the and a at territories, the significant Obviously, What we’re looking from we the at take increase at look expanse really trying to we’re sales coverage. the at been marketing the the looking and for sales the

the R&D, anywhere to going quarter. continue call. we increase to there, over we’d see earlier there, so, fourth as the third will increase And around expect XX% increases, quarter referenced into the probably Bob an see on

of have continue plus With internal that there, the is hope the increasing we for fees FDA the going program to approval will we expenses now, very have XYOSTED. well will for

R&D and So, approval. Again, range, we going going see expenses should XX% FDA the I fourth G&A quarter. flat see board on forward come we forward? in we’re increase we same the going probably to that, than XYOSTED Other piece will see continue get expenses in if third relatively the to think,

Operator

Jefferies. We’ll go Anthony Petrone of next to

Anthony Petrone

XX on to little looking XYOSTED a September assuming goes ahead Bob, bit, Maybe well.

IM. so there, in high endocrinologists is Just topicals terms in but how of rollout will obviously get also positions, the there once be target we versus so volume bifurcated,

this IM? at, in how structured difference how sort force between versus two? price just on versus breaks is think a terms So, can the do topicals think IM, at of those topicals you really you physicians? then, of thought And be the maybe getting sales And on a market there point target and

Bob Apple

clearly grow. in going in doctors. far way. physicians, been has more, market the And go combination number top past. physicians. the interesting a writers over high the the urologists In scripts shifted last what’s to years, going a that’s continued tend where really and are three of primary way a primary to are decile to to As urologists the we shrunk their and after as than of and in actually were target the positive there has And physicians our I prescribers. importantly, that care care really they the And we’re But the how have think larger be positive

us those decile so, target And it high makes to bit easier it for a doctors.

and one there going go to We’re the scripts, a the are lot or two clearly writing of is -- not those. docs after that

going the in so, And hit any a sixes we really to those. relatively -- we basis sales tens designing solid decile really they are upto the that territory don’t in alignment. But, a can value force there isn’t in the with

thought leaders are And urologists this so, the I area. in think that clearly

once key they physician, medicine will primary to a the special testosterone there, diabetics for So, they but and they we do endocrinologists, not are -- The are writing, them physicians, are treat products. target call because not write if start going a we deficiency, to writing. care diabetes, go us initially they testosterone And get point do suit. follow they them they typically have

endocrinologists. we’ll So, are we’ll of that the they on. But, call on writing more third focus again, high our actually position

are gels. pricing, As mentioned that far brand leaders they the earlier, as I $XXX as range, the the generic gels, in

co-pay can all the generics, or the switch our it’s $XX we But not the also that hundred to priced plan cheaper around actually ranges cost to to see XYOSTED. of the write product, but those over, price again, detailing or is our patients the product. which couple effective really on product cost impact is anywhere from rebates, because $XX. bucks. if $XXX. the typically getting on believe $XXX for generic they We in for plan profile, of And A, any the modest some to the or clearly, it with of then, product And believe a patients not for same to We will $XXX there. be be we And a patient, product branded price believe of to clearly the average may that the so, they’re with support, with use our negative them, IM

think we so, that XYOSTED a is And therapy. first-line

that. generic good anticipate already gels off is a We on or the rotate will that quickly. on rather patient probably been to sure We gel. the But typically the fully need a they has news make that

any be believe so, of quickly. in the pretty And marketplace, satisfied are should that authorizations, we there which prior kind

So, the we gels to is against well-positioned branded, be injectables. feel generic the that well XYOSTED the going as as

Operator

to Research. next Zacks move with will Van We Small-Cap John

John Vandermosten

of with this and in and I good sharing. And royalty the in the with deal. of contrast you is those ultimate ones Teva, were mean, Pfizer compare rate attractiveness? of pretty on the terms terms First some can just question

Bob Apple

the well-recognized in mean, in world. the best, very is partnership Yes. the development companies I It’s of one that I clearly, think the world attractive. pharmaceutical

And value in come high use marquee the of our lot others. one AMAG with such prestige -- to so, there’s a having I and think along of a and injectors that partner auto

excited we’re So, really about that.

it, for get I it, far we’ve during paid follows And then, that with the past. in I pretty, We again, we’re that get a delivering at we -- the packaged it’s and situation fully As think of sell done top on suit financial program. margin this of to actually unique packaged think product Pfizer. in fully -- development as them aspect we it what a development

a We but drug small we’ve standpoint they are were organization their from very to an packaged fully doing relative deliver them, in comfortable yet organization commercial been to as what relatively with auto it. injectors with

where the at royalty them plus we we And cost we’re as the to a raise programs. for But, we a haven’t it believe at sale our So, of positive product. a all of any other us to It’s is as very value then really think the combination going that line given deal in concerned. sell end far with structure margin. the rate, guidance it’s

preposition again were as bring as other that there. programs, And are AMAG product. it’s it’s to all line the whether done I the new And so, -- to with others think well it’s And opportunities on hoping in value or the pipeline what of -- a Teva. agreement we that is with AMAG And we’re partners. the we we’ve royalties continues receive us royalties -- with going Pfizer other

lot positives we with so, that product to a that there potential of And Pfizer. really think is

John Vandermosten

Pfizer drug a the entity? generic is new chemical And or

Bob Apple

that. answer can’t I Yes,

John Vandermosten

-- us see sense development then long be you patients? it how for might give timing fine. you Can understand of the That’s what I that. we product stage -- of sense the then a eventually end when on to might Can and sales give

Bob Apple

I something guided at on guides they if that Pfizer be all. think that to has

development, that is that’s XXX(b)(X)s. tend to for most say versus traditional sure. of relatively are a I’ll They timeline what products think be our I accelerated

a kind seen stage we’re this how how comfortable I’m starting very And device. not time because line it so, long comfortable the products. I initial we’ve our think will don’t of be think with the to But, it at to will point, really traditional going anyway, guess from would for position for developments. I really nor it’s of -- we’re very XXX(b)(X)s combination that work device. in the just the with inappropriate drug I’m take within deviate

and process be really to going of timing regulatory the a that’s So, the with FDA. function the

not So, that’s they all in that a and answer, should Pfizer’s us. that’s camp, question

John Vandermosten

detail be may anything the in there he perhaps, would delivery And Thank explore role wanted areas that future, new there. might I was congratulate R&D. like Pfizer of for to guys I is Okay. terms of the heading in to Dr. if you of up? that be Tursi wondering drug Head on there new potentially other that exciting you his attract big

Bob Apple

will really help is I who timelines more kind programs think because internal external development programs. a really internal were on relative both internal have an we person external sight them. from he And to try do in for and the we R&D for a think James I we clearly other us our well responsible We Well, And overall on I effective, and a the of programs of mean, focused accelerate one be to little having programs. effective and XYOSTED that program. internal brought external more much lost lot potentially standpoint much will to hopefully as

expand is So, to our the messaging as investors, we’ve goal to pipeline. internal our been

look we candidate expand candidate. now, one We that strong relatively we are on right have working beyond that a to but

products clinical start other the trying that through we’re we formulation get have to once you and [technical get some then We to work just developing them we’re level, the speak, and next difficulty]. as doing

our goal James in what new I effective our ideas and programs, and products. be then obviously bringing also for think will is, accelerating So, that’s

John Vandermosten

other restrictions that Are you versions that I manufacturers same drug, development, details mean, other And I working the guess, exist? generic preclude even last same manufacturers. of others internal that terms any therapeutic area with there from even in just agreements or like any with with generally question on the the of or

Bob Apple

Well, that particular give molecule indication. that when for we we partnerships, in exclusively do

So, yes, we’re restricted.

wouldn’t we have exclusive the instances, we’ve given do generic Makena them for with and product. we of auto an them For for a injector Makena because relationship

overall, restrictive. same sometimes indication. And use are molecules, the it’s drug in restrictions. are long the it there in so, for multiple really isn’t as some can We QuickShot same not and our device that But product, QuickShot as

Operator

go James. We next Wilbur to will at Raymond Elliot

Unidentified Analyst

us on CNS questions. I to you Lucas base product urology color new Lee you have a for is and your two Do [ph] think development? more Elliot. previously. Thank be you. and could give signaled on space think you in little I This

Bob Apple

a want haven’t an it’s we and through to which will continues much color hoping only product process, six neurology product next it. And until have that’s color months. the stated, announce the to be But, that give you IND we’re to we development really and the given think, the file I get you file clearly as obviously case. we is within the right IND, now we because

the clinical it. least, -- additional at product done be, human the time some work so, we’ve And or on disclose once will

information the you it’s product. the our time. neurology use can We to at itself think QuickShot only I So, looking give device. this injector a that’s indication. we’re which this It well shoots auto for it’s And

Unidentified Analyst

comment on on you you. to you would I future that. you are have can Got it. do your appreciate one second any activity, continue think partners? color And Thank looking the adding I BD is,

Bob Apple

mean, I for key growth Sure. been partnerships a the Antares. area have

partner. it’s to because funded the You side being by degree typically program of the derisk development some the

You a a get the it’s bit of margin. plus on back return less royalty and little because a end obviously, cost

piece strategy. our think of business do a fundamental we it’s So,

And become other and and going with oriented as more of millions partners. partners, so, and are it’s and hopefully think to more alliance yes, producing more continue we we -- I for new partners, opportunities existing and will pens, programs, really business commercially development, look develop become get

I So, going new think are to alliance continue business to clearly, we for partners. look

actually for they bound the come in most fact, In part.

They do. it our a for us there to not is device out time. takes go effort come molecule. obviously don’t in or a we and expertise. in lot we And our It’s a of getting So, signed. what And shop deal there

our So, Pfizer we companies look AMAG will expand and with partnerships like and continue to Teva. and to do

Operator

questions. to Mr. Instructions] at remarks. there And back [Operator Howarth the further conference closing turn no for this I’ll are any over time,

Jack Howarth

Yes.

do to we is, Before one interactive for our a there additional our be closing is slide have question we collaboration from have [Ph] The partner presentation. QSC? remarks, going question

Bob Apple

Yes. assume from investor. an I that’s So,

partners hopefully process, think are believe in that is think partners So, we And interest believe launch approval approved the expectations we look the sure Once are. product launch that’s we’re in in emerge. force sales get we’re obviously, to with We’ve the through our into U.S. FDA into looking OUS, OUS, if And until -- product supply of the components really U.S., the looking are I what the in all companies looking us. that but for earnest for is can discussions product are structure typically XYOSTED. to we product we our-self. the build. products will don’t we the are clearly, they effectively But the I for approval the are had the of partners that when behind FDA once that out-license we history the process the they chain to approved U.S. been you know looking OUS, and most get in the looking And and emerge there U.S. and has deal

unique partners. for are partner, to so a country. because this OUS one probably will global outside are to partners range opposed looking we so, of And be as It the territories

FDA And hopefully, so, be receive we’ll partnerships. on once OUS approval, focusing we the the

Jack Howarth

joining us conference Bob. Thanks, again Thanks on today’s call. for

any completes today’s at have follow-up you me you XXX-XXX-XXXX. reach call. That If questions, can

Operator

you today’s participation. thank conference. Again, And you. that for Thank does your conclude

Antares Pharma (ATRS) 7 Aug 182018 Q2 Earnings call transcript