ATRS - Earnings call transcript Q4 2018

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Operator

Ladies and gentlemen, welcome to the Antares Pharma Fourth Quarter and Full-Year 2018 Operating and Financial Results Conference. 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. [Operator Instructions] I would now like to turn the conference over to Jack Howarth, Antares' Vice President of Corporate Affairs. Sir, please go ahead.

Jack Howarth

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

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

conference presentation If you've slides, teleconference, the can and be found be audio-only Information which Investors on website, Investor follow the under slide the tab. Presentations can Antares’ section dialed you into call section. webcast simultaneously of The Webcast on will website, the the along and our For with under the

of If be you're the tab Webcast our website, unable conclusion access Presentations archived call. the today's slide under to presentation and will the currently at

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

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

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

begin will significant full-year lines agenda give to results Number for our on will presentation, will revenue guidance, I'll and turn will Slide financial Please your and of After and review we update call our review the detailed call Let's to then Bob. XXXX commercial Slide Bob a for our catalysts. the X. Bob? the now with and Bob review XXXX X. quarter quarter turn fourth announced review the present the fourth today's Fred previously future high-level Number you a questions. of over business open achievements.

Bob Apple

revenue of morning, year of conference over a announced also number and a get and record call to drivers let's we This progress started value Thanks, good highlighted key last we XX% first, XXXX potential the morning significant of throughout made Two for Jack of as we today's proud and summary million, with the everyone year. $XX.X achievements on webcast. But review operational increase of we last a achieved in Antares are the quarter. goals emerged.

and for for our one diversified of our development commercial success and three and total expanding regulatory partners; the product strong our growth and First, business. approvals, two continuing of second, self

their Teva also quarter grow a call and on continue a into that second normalize of in quarter that EpiPen injector capture to we Teva of professionals the and EpiPen. auto patients, Our of Makena that the the approval and the year generic their more the build launch over the auto year the launched recorded life received of expects testosterone inventory product product. in manufacture purchase they Pharmaceuticals that the finished availability in we the received had for the received were October fully brand. market million We've I end XXXX. years. the of revenue late by XXXX. extend and believe $XX indicated Teva generic believes an four to restocking well excited quarter approved X, began XXXX. announced August, later end approval quarter hear the were been and from announcement commercial FDA's has of of meaningfully supply, this cover Makena be was product injector their to product EpiPen continuing FDA AMAG product. could sales subcutaneous generic or orders can healthcare Late auto by excited XYOSTED, by product AMAG of to this share end already with will In our the portion novel of the hear drug substitutable of first of believes product Teva market the the will The royalties to second the of Jr. limited value at received FDA injector subcutaneous call. the On had they The we approval first proposition first announced partner for significant of they year. fourth had are Makena and and of we and to they November, devices earnings quarter beginning this in just

expands our branded Our device drug combination products. XYOSTED of approval portfolio

the have physicians but launch still of that I detail and care is following announcement, to testosterone endocrinologists of of products. milestone positive. the XYOSTED later from provide launch top they middle primary team ready call. more the been detail physicians specialize initial on therapy. It of to and early phase highly hiring By in During to the replacement the were extremely patients completed weeks calling the testosterone urologists, December, we XYOSTED, sales will experienced in in prescribers this on start a feedback

undisclosed cost be packaged them with to this at to be business a drug. transaction and plan will margin. platform we alliance Through rescue also of to development for very Pfizer. a fully expanding new product commercialization providing pen. the this product. this commercial our development for will costs, the important collaboration, will We Pfizer the Next, discuss market and on using could of royalties believe with responsible plus exciting Pfizer and closely QuickShot we working approval, pen I'd Antares like rescue to receive and we Upon forward design large pay on potentially sales and the develop assuming Pfizer's FDA in-market look

revenue to call. of in driven at X a you total compounded for plan earlier top We believe XX.X%. impressive XX.X%. part successful revenue reported XX, revenue partnered summary, order the the annual which as million revenue. Slide positive growth When midpoint potential full-year developing of away to results, product consecutive and guidance. revenue in as Let's from growth. very our a believe The XXXX I Fred? the are well was of our and three announcement we fifth trends, strategic was top now strategy at our large to annual in it rate Antares look record growth both revenue by Today's mentioned move look period full-year excellent continued line a revenue to of record second to value a proprietary fourth development product is in $XX.X for Pfizer. call financial the year for like important quick turn was growth is the over a XXXX now of of who discuss Number and revenue, driver business continue announcement I'd turn our increases with Fred, In of to total historical in guidance, the potentially ending the growth transaction line our December alliance year diversified combination toward new potentially products trends drive XXXX these with revenue the very quarter compounded rate XXXX approvals and will

Fred Powell

Bob. X. turn Number to Thanks, Slide Please

XXXX for revenues on call, XXXX As a today's and Bob success. earlier Antares, the our reflect tremendous mentioned year was

Antares' XX, months million. million Product XXXX $XX.X history. sales in million increased $XX.X the During in to of year year the million increase were million, of the upper compared grew year-over-year million of XX% of $XX.X a or guidance XXXX XXXX, issued revenue for by December for to $XX basis. for our XXXX, to million, December comparable increase XXXX, XXXX, were Total quarter of the million in the year an guidance ended Total in increase. within in fourth compared first compared for and million was revenue XX, fourth ended time on $XX.X of an million $X.X million the of XXXX, quarter $XX.X to December to revenues as compared XX%. $XX we the net to XX% of XXXX, XX% for $XX $XX.X end a $XX And range the three of full to XXXX, the period the XX, million revenue ended $XX.X

months same for for by ended accounted XX, was in XXXX, driven XXXX development product the and million XXXX the increase injectors The sales to totaled ended period the December is proprietary XXXX in three XXXX Makena of of periods and commercial – in AMAG FDA $X.X Product activities revenue now Teva XXXX. million was XX-month ended primarily the sumatriptan sales by $XX.X auto revenue XX-month with auto December AMAG million with year Makena, and for to auto orders injectors, XYOSTED and the the year $X.X and period revenue. majority of million for years we three result subcutaneous for XX, periods for in was XX, the and device decrease by for in in three $X.X fourth $X.X sales injection the and XXXX, million licensing and by of was royalty product, million which compared primarily of the sales $X.X $XXX,XXX full the had December auto three-month partner $X.X period and was to epinephrine the injector Licensing XX-month to Makena a represent attributable components quarter for reduction to XXXX or the as million of Makena by our and and Royalty months XX, revenue of approved period XXXX. commercial offset The of respectively, approximately partners. and pre-launch of for The for decrease Pharmaceuticals. increase Teva The February a increase injector OTREXUP, our development total product December for revenue respectively. development sales sales of XXXX ended the in from XX% and revenue the AMAG. same quantities in primarily in product, product. a driven product products in-market supplied compared For XXXX, three our was was the product and XXXX the

Ferring XYOSTED. of million a November royalty late the in expenses generic period sales salary the XXXX. to additional XXXX, fourth and combined XXXX. of to incremental for to of million million in of XXXX modest the ended period fourth representatives year EpiPen were compared compared income for to hired million the operating the compared operating net operating of the loss preparation a force XXXX. the of Operating related as $XX.X compared cash XX marketing XX, income XXXX share expense, were XXXX. fourth and connection to was per quarter in the the increase for XX, $X.XX $XX.X primarily compared we Pharmaceuticals, share same the fourth the the quarter an Net December in quarter loss million Net $XX.X $X.X launch also to sale payment expenses million per $XX.X year $X.XX existing line of period commercial the for non-cash annual a commercial limited the compared expenses in to costs to to share XXXX. received for $XX.X of our net net our a XXXX was to XXXX December XX, the in sales compensation. to XXXX of to resulting compared period in XXXX. in $XX of associated and also ended in were December $XX.X launch We XXXX in The December for comparable in The year attributable $X.XX investments to and net XXXX. $X.X the for XXXX, was million principally loss At expenses Total same stock-based December for $X.XX million product resources approximately the enhance as increase XX, per XX, million the ended was three period cash, same XXXX XXXX, attributable compared leverage In increase recognized In and $X.X and equivalents quarter cross-trained for million with we same net per and with of year of XXXX, of at sales for quarter our of the XYOSTED, with ended and a benefit launch needle our compensation share the gain related organization. loss increase free months in sales connection of to of fourth $XX.X of loss million

This guidance through proceeds During an January quarter communicated common first equity in per ATM revenue million the of XXXX generated XXXX, the for Antares. our full-year $X.X at At-the-Market offering price we fourth for time program. sale past of of $X.XX we or the gross share average stock from

a to to be XXXX increase range to revenue should full-year potentially XX% $XX over continue $XXX We of XX% XXXX reported believe in the which revenue. million million, is

earnings our like I'd note Finally, and XX-K file in typically issue mid-March. to that release we our

upcoming approximately weeks we our now expect conferences. file the to decided better announcement is middle call two with up to in XX-K which our with the year, I'll prior of years. Bob? at financial investor this of by the We timing still However, align move the Bob. to back results presentations March, of to consistent turn

Bob Apple

X December turn been launch. field in XXXX over a the have the little two Please Fred. We to product our on launched in a update for XYOSTED for detailing Thanks, Slide and the XYOSTED brief reps months.

making in insured to managed prescribers coverage we goal to of for XYOSTED sample. XXXX. testosterone covered two-thirds With of commercial products. all via Our steady by our initially includes having first we plan an high the the is believe where The target comprehensive patient lives of care respect strategy receives end office physician's launch injection are progress towards initial XYOSTED of trial the his

easy-to-use, prescription treatment comfortable and patient with After co-pay innovative they're a injector. XYOSTED, card. a the auto So it's leaves with assistance an

patient not to script Our team help insured get insurance. filled if has program the it's their even a commercially covered by created first initially

engaging will our program, reach. and support our in including programs, this from will launched The several consumer brand patients. gathered an dissatisfied consumer which initiated unbranded unique branded aid pre-launch and campaign, soon-to-be also media growing TRT awareness We which information targets social program

to engage During exchange. other medical endocrinologists and XXXX we attend have a numerous conferences meaningful urologists, to plans medical and in physicians in scientific order

offers XX% The XX% prescribers. now all according represents of approximately be million several is and to most both filled. topical Slide sales from with grew testosterone and grew TRT in to prescriptions topical believe market compelling approximately market therapies, prescriptions will the written Turning switch XXXX X, market X.X representatives recent prescription therefore, monthly. injectable now targeting Number existing declining. injectable the X% data, The We overall to and our XYOSTED reasons

or refill in in our have TRxs. growth good launch seen more have early seen And our week-over-week we the progress, Although in trends prescriptions data. recently, prescription we total very

written to Additionally, XXX continues XYOSTED well. grow unique over as and prescribers have scripts, that number

According revenue million products forecast XXXX our million continues in Moving and OTREXUP to results injector auto to we against we injector earlier, the the to I'd products first now auto significant injector XX. royalties our the continues on a to $XX.X Makena year to Teva for grow quarter, with quarter Based product Both I the a revenues product received talk for and hard AMAG as full Number Antares' injector. million prescription commercial with topline and for upon product. XXXX, of hydroxyprogesterone the quarter of mentioned Makena Slide the on in fourth year X XX% full commercial of In maintain steady sumatriptan, was volume about defending combined job the novel legacy $XX for we market of of of products, XXXX. the of and $X.X of fourth eight contributors, available. two progress all the XXXX. for the commercially and FDA-approved for continue the which be in a fourth to generics uptake in this with other revenues, be very captured product and auto the recorded revenue, now the to both from million XXXX. OTREXUP share expect months a great on $X.X recorded pleased the the AMAG, work AMAG will Makena and auto purchase do orders like Slide share market includes sumatriptan.

to Number update pipeline. on development our an XX, Slide internal and Moving now

combination drug in two now with the We to expect did products. are we see development our continue of device It identifying the (inaudible) neurology with potential levels quarter achieve XXXX. which product, next fourth We of PK proceeded not on the ATRS-XXXX. work as product proprietary our formulations a space, we XXXX optimal in

since to clinical to feasibility look XXXX. human respect work Pfizer move initiated for an product, QuickShot are to data well reformulating We've hand this with And Pfizer's importantly, about seen proprietary of we in product the this two the as collaboration, excited the in catalysts Wrapping hope studies. process remain In we for officially the Number is launched, potential reps drug have as who another rescue with drug With critical reps for undisclosed, for later rescue sales announce and new development weekly. was factor on Most to be development work care those potential commenced early continuing successful. modifying a which the to We've begun year we're and environment, inroads also XX, this have is to for now months messaging, either of trial. managed in We make pen. initial Slide XXXX. visit which physicians we target the some our product XX% most pen. testing, our for any new to on device our also up the them although in or seem responsive the core a XYOSTED

Epi The second on are was launch. of shipment of our focused as devices revenue pre-launch is EpiPen. past we Mylan's the product two for Teva's generic launch Teva's growth years product Part over commercial the

Our in XXXX commercial revenue launch half the full of guidance second the assumes a year.

the larger product We additional on royalty as devices. well shipping sales as expect auto to receive injector EpiPen, Teva's generic associated with revenue of quarterly significant payments in-market

share, the as of Given been market a XXXX our to catalyst to What could potentially be out comments maintaining of risk-adjusted Forteo. the earlier commercial in of guidance We've been injector, in high to revenue the ability injector million for revenue and mentioned a on and ANDA settled, successful this received anticipated. the for Lilly they Makena ANDA the and expect continues global basis. $XX their this to pipeline potentially generic $XXX Teva's launch. $XX month Teva, XXXX. on this litigation has highlighted Teva a orders their forecast in of potential to the for sales. with devices million recently earnings by subcu purchase along was U.S. the a substitutable second priority has back XXXX Teva's be moving generic Lilly quarterly to of proceeding indicated in and has reported $X.XX this finally, coming the According ANDA reported on auto Teva's next billion recent share this is And as factored revenue AMAG XXXX their year half remains market competition auto the into believe is in with driver continues call solid revenue in launch year. Forteo's in our big half million XX-K,

a high-single tremendous of it's As great received believe a we reminder, devices as a made both and as We and Antares operationally. and well product, year regulatory, we Teva. launch. for in-market In mid-teen the on big spot assuming sales to Antares for in royalty opportunity was potentially digit FDA development plus Teva progress cost with on the a closing, approval we as XXXX and

launch launches, XYOSTED We generic growing a the product continued are of to looking forward and second generic the of Forteo. Makena the potential growth subcu business half through EpiPen the and for XXXX

With continuation the we program, the pipeline. Pfizer the development the are of filling ATRS-XXXX collaboration and

We aggressive effort, continue for to growth. active out-licensing We our or work well as territories. revenue an expect our both, device pursuing guidance in to hard business out-licensing our development XX% proprietary We and to as have products alliance meet partners, become better of for to business opportunities products platform a prepared ex-U.S. the support of now session. and well the positioned forward are combination We shareholders. believe for device to Operator, open a question-and-answer successful can look today. company. our our the That drug you remarks appreciate lines concludes to leading XXXX we

Operator

from [Operator with will sir. Instruction] & Cowen Bill come Our you, Thank Maughan Company. question first

Bill Maughan

price Good XYOSTED sense where on, FDA onboard approval? just mentioned, it's Thanks. net they come payers might risk-adjusted start of you on factored as generic progress. what was How morning. us for how see in all a a with the sequentially And if Congrats the Forteo, Thanks. basis. to on the want year your terms product? what's then have your in progressed generic discussions of wondering the covering FDA the progress the and on I on some could throughout give stands and you sense Forteo as

Bob Apple

first question the and question over then take Bill. to the Thanks, Fred. second hand I'll other

ANDA the not are we Forteo, holder, it's with Teva. So

came the and in with basis for who and devices who risk-adjusted on the guidance device the launch a actually FDA we launch are was deal they're our we ones producing with standpoint. up pretty their the From and overall a a we feel the that potential about standpoint, from standpoint good where models. production ones they're from are regular So the

Teva as on is call, far which the up are the all launch go settlement Lilly. earnings As with their can said which expecting they second what approval, XXXX, their is potentially we lines of by a with in half

So other the than can to everything make that, doing we we're support launch. sure we

Fred Powell

Fred. Hey Bill, this is

Regarding XYOSTED with improvement the that assumption your At year, we the question fair as think the actually the a of we to – for see patients in go at free gross net efforts to first-fill net prescription and our a beginning the it's that we the first have throughout actually patients free should the ensure will the get which a that at our it's I year. program, in product, XXXX, not allows covered progression the in an receive we price time.

The time, improve into the would the products will and same combination as program the finally, provide of net that we expect gross products. we contracted PBMs that additional stop We down At quarter, into coverage that we the see in slow place coverage and for third, year. get those expect XXXX. during the would through second of those us the end continue our calculation, should and to

yes, an programs as improvement see we year. be So the should during take it different place

Bill Maughan

of sort see might covered chunks we of where lives dates specific any onboard? coming large there are And

Bob Apple

Yes.

we're to you know, we be as where of far I think as expected are now, ahead right So coverage. that

that way think the is, I larger a usually there's or plans that most follow review. six-month plans the

of that anticipate in we lives. XXXX, we'll covered an second the of So the half acceleration see

are works that's all way sure market. – the the for not products that's that I think it I'm new in

that we'll So follow course. I think

I a think been for is, standpoint interesting this and of for payer there is the product. us support there what's positive level good from

value to the products I the for patients. the potentially value brings what the and of need testosterone XYOSTED think they see

the on two-thirds lives And reach end by so, year. our to all and the being covered we'll target of of continue work that of

Bill Maughan

you. Thank

Operator

you. Thank

comes question Anthony with Jefferies. next from Our Petrone

Anthony Petrone

given and the the just morning $XXX kind for risk-adjusted Fred, just much through announced potential also announced $XX I'm EpiPen, into just that, launch call, going trying that XQ this a have I what obviously as good great as how year. of $XX to announced Hi, get congratulations so well, sense actually Forteo, on on Maybe and $XXX the they you to just And their Teva million to after guidance that of million, generic then few on of EpiPen issued Jr. million you of discussed for guidance. was is then baked a XYOSTED. follow-ups a million, late

Fred Powell

our first its the down we've not With issued $XXX million, of individual time $XX of to of guidance increase year, million year-over-year, products. Sure. And it an beginning we've actually large as by guidance. being broken

as place, as With think the taking XYOSTED prudent. of of full launch the well launch Epi, didn't we be that would

in be to from what comments In the we market million have [indiscernible] you to $XXX much fully and upon our about orders the they well. ask regarding have there the also just And $XX the we how in revenue devices number epinephrine's available have manufacture into becoming with built for as to of based we PTH? would tell number you million. the I them can Epi However, did have our expect –

Anthony Petrone

but So for – just royalties? for specifically teriparatide, so no devices,

Fred Powell

That's right, that's right.

Bob Apple

hand. That's not look we of It's our anything. any in look just – know what to just want be into you is internally we far or we as – really focus have don't as approval when that on in our the out, that what belief do to indication we

to to don't we our we going know we're want are launched, So in run business POs, any royalties, in bringing in. we and we don't on approved run – products factor that – put kind what we because of unapproved be

Anthony Petrone

Right. shift to XYOSTED. over fair. Helpful. to just And Fair, then maybe

So is picking there up others and activity. some marketplace. obviously, out are in the some Symphony there activity

phase really what there saying or and all just in a thing, well? bit doing fully And So maybe reps, this XX patients the still is as they them ramp trained a at about feedback are as for point reps little just and well, so physicians from this they're some XYOSTED. actually out there of

Bob Apple

for can answer those you questions I Anthony. So all

the up there basically and sales them force rep and every were December is our today, side, and engaged at XX. – we XX% fully fully position of most the out we probably they speak running. is On part, filled. And for – But by as were

what their launch the physicians we unusual. so, the to product are new product for with a a or covered. interested been They're good extremely are very with we to a with which is you in high from the the any can is we've them product, can and exception instituted patients they coverage, what no It injection and site. covered to has it, no launches, give been if value trials, to I they been there we – of January, physicians, standpoint, to be to is speak what product had that's programs of any well. From reps question smooth received we key The in in ease – product. proposition time, feedback patient is – overall, that that plans, where pain engaged. write is us. a I our is everything being the received help and standpoint. that really it's a like couple We has deductible well. interested that anecdotally really feel really And the in of But think from all the winding saw the we for believe tell And why it – it as in doctors high launch, good about they going the the is the try PK be to The going I obviously, beginning. co-pay in understand is, we're at deal plans with transition that clinical And to that done positive up into particularly we've bit

back And product. testosterone sales product. our it's and But it's what I on see they we're of what that understand IM easy swings that's the some one of levels on like that, rid painless, propositions for they use, think time PK. the the get value value that getting overall, that's feel we're us that is reps. from for – the to biggest It of patients to steady the those takes and

Anthony Petrone

ahead. Last one go from…Sure,

Bob Apple

I to script. We're with roughly And were that's data patient the weeks solid consistent going. which we're the for just in that refill only growth. testosterone is actually drug time patients script drug, is the started get – and starting to week-over-week an to be one patient it's because when stay level on to is And we the recently, for period about able our up think will of a really asking how into trends. then having of you show mentioned had first attributes my nicely, hopefully We XYOSTED being that on six mean, I important the product important, right. pleased really patient that longer. that translate able to brings maintaining extended to the

Anthony Petrone

level, be was the any quarters? just we couple again. modeling this be Fred, of spend And should we the Thanks next what uptick should factoring quarterly or in

Fred Powell

Sure.

in adding We'll well in think we I the expenses, and – fourth XXXX. we XXXX. sales quarter sales a bit place of that launch of as the additional the see take with the call, hit that increase as more mentioned, last in marketing, in saw as of the on reps think I

So quarter mid-November. half come in the the the on of until not second sales did reps

So with should sales and added year marketing marketing additional full reps, sales sales for the plus guys, assume for that that the well as as XX and be line. indeed the in

Anthony Petrone

Thanks.

Operator

you. Thank

from Our next with Raymond question Elliot James. comes Wilbur

Unidentified Analyst

Lucas Hi, is good morning. in This for Lee Elliot.

Bob Apple

Hi, Lucas.

Unidentified Analyst

progress Pfizer you? to we are you Hey, partner's on Few though. can points update the When how think do questions an related expect product?

Bob Apple

script. so I the on mentioned what had Yes, my – in we – progress

have couple done the device. we've studies or completed on – of on a bit human development of We initiated quite development work factor a

and is hasn't position well, this desires to move and along that on Pfizer's of based feel advantage is product the best want competitive quite say undisclosed what it approved to the They timing exposure is hopefully the the program the the product Pfizer's ultimate, product. I'd aggressively as try eliminating So it as for possible. they is and changed. development an of But moving through fast

that marketplace so the XXXX it's Pfizer's it's information. they going share likely knowing have tell possible. lot as that time they're moved in gets I that with shared whole would But not and – as what much information to say update along a feel time would on and you product that the will program that until any I significantly And disclose additional we most to give to really to as call

Unidentified Analyst

the think number on is sharing? And what with it. us don't actual Got Thank know mentioned do to the number if total could XYOSTED, you of physician provide me, physicians, expecting? cover expecting but I you excuse of some you're total prescribers, you two-thirds – targets that mind you of were you. you

Bob Apple

obviously, social then the physicians conferences regular get And patients targeting think, territory our through standard physicians. XXX much XXX that also on are a not industry. their lot frequent excess seven who a them our I mentioned, lower-decile Endo there's is those substantial higher do They in about ten very in decile means basis. we want to on for bring going XXX business. about reps ten of get to but think more at using breadth about basis. has find the of targets, try the territories. with in I and testosterone XYOSTED the to like testosterone work in so to Each are the of for is And are a key forth eight well why target forth, a ongoing XXX the I they're us and as to you docs we to large of a with trying ones to the focus docs, campaign to in XX,XXX piece we we'll a see that's Yes, is the XX,XXX to as them which write think so on an media average doctors docs on and the reach to to But and I so write, ask What a to decile to write at basis. but are Uro or really – with they those pretty and

Unidentified Analyst

it. Got

guidance, Moving revenue is guys to you. breakdown product that XXXX terms on of you range? could there in any within Thank additional provide that guidance color

Fred Powell

Fred, this time, number this goals own $XXX just not of internal and about we're items. we total the our that. the are to able provide for revenues. line that, topline targets million But $XX for No, providing we but is million have Obviously, sorry various to

Bob Apple

a our of our that piece diversified. I is, I And the business part as of – the think is script, business our nice mentioned is again in very

of issues gives little the quarter trade we one another always whatever, it shipment or particular an because can of or product. the so some a us to – – a bit product ability is And is behind because see of upside if

partners, So having forth. a approved us that sumatriptan – without gives between feel so we comfortable providing us market are ability say to gives the have be to – products on and the an like narrowed down it and individual us range five it our and Makena so to or or product, in some

I value, think at because on single of lay parts, and basis, it add every overall think can the that really a gave, not the we value those out of here I going but our product you to company. line-by-line doesn't the to any some if sit as look for do, the don't products partners what some guidance a can you of give we're sense

I continue years, over important basis. that to side coming as think an top – than the I is more build think that next it revenue the individual just we

Unidentified Analyst

that Is their it. ability share limitations of you. market that Got on the Teva's there That be side epinephrine Thank to would peak generic limit on achieve by lastly EpiPen, will targeting share? XX%. they're it. And Teva's they your recently supply any indicated

Bob Apple

that, Teva the knowing constraints And wise large But far in very the have the we're manufacture been beginning. manufacturers on from forums our is obviously, the We Teva end. has we in mentioned As very as devices. market no that Epi which, so pretty about. of two very there supply excited that public have and size

so And the we we supply need market. capacity to the have

us I was we are were with think the get one for value Teva that out there. approved when so that and in the trying big drivers product they to shortages the were forth, of – and for when

that's Teva why kind have they robust running I out it that supply give in chain a guidance, think to us order, I of of was key them. that Again, their not would and having the guidance. that that think and drug gets great for their go an once comfort be that's knock and Please, that's think supply and I up our park. guidance

Unidentified Analyst

you. Thank

Operator

Piper Amsellem you. David [Operator Instructions] Jaffray. question Our Thank next with comes from

Unidentified Analyst

good for This morning. is for Mickey Thanks on Hi, Ingerman David. questions. the taking

ones. quick of couple a Just

guys the aside know secondly, treatments then that remind early from to on access you early mitigating product? prior economics Teva patient it's launch, to patients access your getting discuss there with testosterone are but in you factors use still results demonstrating any other I can can other the the drug? And guys on us First, Forteo of

Bob Apple

your – question, I didn't that one, you second get repeat your Could I'm I part your second answer the but again? sorry. of I'll first part?

Unidentified Analyst

any other access I Yes, drug? patients from basically mitigating just testosterone to are of there patient therapy, for use other mean access, prior on factors demonstrating getting aside the

Bob Apple

Okay, great.

Okay.

Now I understand.

XYOSTED, pretty on easy question. So that's

payer it's standpoint, a straightforward. have – from We pretty

We per have deciliter. follows And our patient draws clinical different have trials. has to you what on have show the same and have low have two it nanograms testosterone days in prior authorizations XXX we you as exactly below to blood every that testosterone. two and product other A did

or So that as really plan-to-plan with as whatsoever. injectable. the a that low pass before the us, product. much as has to for we topic. is the possible and But our gel generic on less generic fortunately And needed the churn try most be kind your new. they they it is as as they're is if get might have try to that had they're see may – issue high cost all already seen basis, market mean in – vary. need they And and They will or possible first – to generic generic on so if don't to a have generic an on have like than first, not to a the patients part high generic. generic the step From the meaning like been patients, the a all gels – But on general, it's the or really patient, only for almost six they have can as It's gels naive through testosterone we pretty months of the keep quick. plans, step same barrier cost thing

pretty to off with issues tend roll the and see IM injections, quickly because With of the patients they those.

we that And contracting to as PBMs so no – forth, plans a But and again, step-through be see obviously, the that would with that talking but the generic. are I say large huge there obstacle. will don't so about we then

second question... The

Unidentified Analyst

PTH economics.

Bob Apple

a that then sell Yes, pretty a sale we on so of royalty are at device think why their high-single – in economics we a straightforward. important a end Forteo – the I digit get product is It's a is reason that, And generic. the plus PTH mid-teen the product. to and cost margin expensive a the very is

high, value So but the the dollar is high. aren't extremely volumes

And – so with typically opposed to do value product we the did of than we because higher as all got the royalty price is Teva much units. selling number in

it's plus particular mid-to-high that proportion as devices, higher but we versus Epi, royalty of on get a on lot a those likely devices, – a single-digit see we'll then With well. volume so, royalty, sales And again device and for cost of a product. a

of of a mix more standpoint. equal more a revenue mix, that's probably So from

an the the – launch, but Forteo, get royalty. value approval assuming will when I big think we driver for they us So be

Unidentified Analyst

proprietary what's when apologize Thanks. I see last in Got it. the and rescue the for and should prepared on That's missed eventual I enter helpful. neurologic this it will but clinic scenario remarks, if one commercialization? the And your then I one pen, best-case

Bob Apple

really guidance as our Obviously, – have a is rescue we We in on product pen, soon looking Epi that product with – the rescue product program as as rescue and timings. we're is to possible. are pens. don't the a Yes, experience Pfizer capabilities pen. the our we very far bring give as lot of feel to we Obviously, market

in way. feel abilities get appropriate confident we our So in device developed a to

want guidance. we'll already right we through the type to FDA going see. and will updates good Is our given that able of be OTREXUP that PK-type see give treated? formulation, be to program program a they to – we've now, to way of population clinical be And of We of that forward going on as really the work we more see clarity want clarity around working kind as we they're more so pathway. or and generated. to what in data more in to it more pretty to front we'll program feel that we that, get we're type more the to with the clinical FDA of get study And patients have what the get But give move around some

Unidentified Analyst

Great, thanks again.

Operator

over Thank for would closing remarks. the you. At now Jack this I back call time, to Howarth turn to like

Jack Howarth

Thanks, Thanks conference call Katie. webcast. for again joining us on today's

call you you Investor any Relations call. can questions, at XXX-XXX-XXXX. concludes follow-up have If today's That

Operator

teleconference. ladies and you, Thank this today's gentlemen, concludes

now You may disconnect.

Antares Pharma (ATRS) 1 Mar 192018 Q4 Earnings call transcript