ATRS - Earnings call transcript Q4 2019

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Operator

Ladies and gentlemen, welcome to Antares Pharma Fourth Quarter and Full Year 2019 Operating and Financial Results Conference Call [Operator Instructions]. After the presentation, there will be an opportunity to ask questions [Operator Instructions].

I will now hand the conference call over to Jack Howarth, Antares' Vice President of Corporate Affairs. Please go ahead, sir.

Jack Howarth

Thank you, Shelly, and good morning, everyone. our operating and achievements. announced financial year we and results today, fourth full quarter XXXX Earlier the the A slide conference on presentation of for section copy the today’s call press are Web site. Antares release and Investors of available

Examples S. our you Act the I'd and made forward-looking our development our of growth, safe financial of conference future clinical will operating results harbor efforts. remind this results, share product including of within business statements our other and actions U. and some contain of volumes provisions Before trials launches, we and expectations for forward-looking those to Private the include revenue that Reform related activities, development regarding and future begin, financial and ongoing call, like products, activities regulatory and future XXXX. new Securities statements Litigation during meaning XXXX approvals of statements catalysts, the of and market product our guidance prescription FDA other to

These described company's forward-looking differ on identified time-to-time presentation, the risks from are and the materially. Form with is release They are periodic results and certain and X-K. and actual on Form recent uncertainties, Form today’s in accompanying XX-K filings could press in and slide in subject SEC and updated filings in statements to Antares' XX-Q and

company except forward-looking not by to a any the the information, or today's as to on hereof, as call conference new events undue update not contained conference of investors any The forward-looking of law reliance information circumstances date future these is place as obligation this required statements. after of otherwise. Antares providing and does in date cautions result undertake or call statements this

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

conclude our begin and up agenda questions. XXXX today's high-level year results on our will with before quarter review fourth Let's and financials. Slide full will And some the go the Number Bob through review the Bob closing outstanding call a for detailed with highlights. comments will of lines Fred X. for review then opening

the our to Bob? now CEO, I'll Bob over turn Apple. call

Bob Apple

Thanks and the launches pipeline. products of chemical of development Company, a commercial for XXXX the and good was Jack morning entity by to an successful the year two highlighted exceptional addition everyone. new our

Our evolution company's record revenue company first delivered income. as year operating a as of pharmaceutical technology and we the full continues

our expand quarter both Our primary XYOSTED partner part and focus for products. and Teva's in that reported well financial proprietary has progress, This we our another record morning, goal. generic driven full as flagship team of sales product, demand strong and in that on our was large continued XXXX our year footprint I'm and as accelerate of growth EpiPen. by to delivered say to commercial proud in

X, financial history. in profitability highlights On call half throughout consecutive on briefly a review you revenue later made before like progress that to total back commercial the on Slide will the see of growth posting consecutive two high-level four XXXX, quarters the we ended Number presents we and with quarters touch detailed and steady time few year of company's for more financial of Fred a first today. I'd the

This on as exceeded revenue year the to million. guidance upper original an us we proprietary fourth raise driven allowed $XXX total key our XXXX full was $XXX throughout our any we million, the Today, morning, revenue fourth million saw EpiPen. year million this twice quarter exceptional The measure. a the reported we we by $XX.X XYOSTED very and quarter in last reported achieved Teva's we guidance quarter growth of the full And range, impressive as success during of end year. commercial continued increase $XX.X of XXX% truly generic versus product year, you by reported ultimately

believe Let's Number now million. street in one been take We to million launch payer in also the XYOSTED success significant revenue grown increase new creating our Further that a team expectations legacy revenue, products was same on XXXX. for generated a year, is on what RA of has product. is exceeding Please the roadblocks and significant that as mature Slide such highlighting last testosterone, $XX turn achievement closer the over market a a in X. year uptake. little with look approximately drove the for dramatic at sales the of dynamics OTREXUP, market product XYOSTED for $XX

according data continued its upward Solutions. Health prescriptions Symphony steep to total quarter from fourth slope, XYOSTED

prescription a new refills increasing recorded XYOSTED XX% important, increasing persistence. of double-digit third prescriptions the quarter. quarter has In patient alone, XX,XXX quarterly approximately the prescriptions are launch, were growth patient versus great and quarter Symphony with As fourth grow, starts continue Since reported fourth sign XYOSTED that to filled.

We Through for much innovative to due obtain the solid believe prescriptions product December, XYOSTED patients. strong growth to this approximately been potential XXXX, XX,XXX filled we of messaging, outperformance have and of coverage year. excellent beginning work since the done is attributes, have XYOSTED

that all From managed reached another approximately the was pharmacy increasing manager, contracted it quarter XX% in coverage significant an coverage benefits of insurance commercial fourth standpoint, of care large XXXX lives. we our with bears a me repeating when milestone to

launch, covered year in commercial lives last year first achieve exceeded to we was goal of of full that Our all and for the two-thirds goal.

continuing are focus large products. of reps to testosterone sales Our on prescribers

since X,XXX XX,XXX our approximately of third metrics. base the XYOSTED, more written of X,XXX launch. an unique prescriptions grown over quarter prescribers These have prescribers have increase prescriber to physicians than versus patients We for

we believe growing XXXX our this shipments branded two of in positive is very In in the first the to trends According the XYOSTED prescription great the months are early on Symphony the with testosterone fastest summary, market, year and strong first market. year. data, progress in on we made

launched the generic Symphony third in you the quarters to in and EpiPen were then prescription EpiPen quarter, quarter EpiPen and see EpiPen fully generic year, Teva's the Junior fourth Teva's EpiPen in When XX% you July an at the EpiPen data, increase of now Slide According in of XX% version XXX,XXX X. and in for filled fourth of August. Turning Teva's representing transfer on 'XX, this share launched can third quarters. in EpiPen prescription look generic almost to XXX,XXX with both market the in market a for Teva’s filled prescriptions the share prescriptions market generic were in share. adult

the increased quarter EpiPen the share to market seasonality, market While Teva’s in overall fourth X%. declined due

in of the share with XXXX, January of even In goal XX%. to EpiPen in commercial close to held the generic prescription market the product was for EpiPen very XXXX. combined share revenue best XX%, stated weekly royalty Teva’s was than limited According launch Teva’s million share year in by their months of since Teva the resulted year and sales data, back six us. generic XXX market by XX% more first from the launch, for revenue

progress that very are the with pleased XXXX. made was We in

is talk with X. now drug new like a agreement a our Selatogrel adult XXXX. infarction, November, new selatogrel, potentially population. one of rescue you QuickShot of I’d Last Slide we combining with acting attacks. suspected of Please of opportunity underappreciated heart pain a myocardial and patients fast to given our have referred This entered receptor device exciting of companies most to to into is commonly the selective heart both MI a history and the for who a attack about entity treatment very to Number Pharmaceuticals, exciting turn chemical highly Auto-Injector. perhaps and a develop the achievements significant Idorsia acute as for patient a PXYXX size large antagonist or development for

attack plug heart Patients Every put first a may approximately heart survived aggregating have stop a or prevent carry experience recurrent had quickly from the the with is are will a risk year, very injection To product at another Unlike an artery. X.X immediate attack rescue extent then and attention. a preventing EpiPen. platelet they patients blocking taking recurrent potentially work platelets circulation sticking heart in symptoms an intend and simple. of them, If medical a patient just Thus, things Americans minimizing to a have for who the selatogrel to would due and perspective, medication, previous to XXX,XXX inject of XXX,XXX The oral have another is and their from they have or potentially around like a seek pen million selatogrel self coronary concept attack. selatogrel MI. MI. together MI heart attack,

with tolerated. PXYXX to as breakthrough potentially the is Selatogrel stable According acute an was to current would such be coronary rapid patients Phase patients study, drug This in disease. was a oral Idorsia, and as X two product tested Brilinta. treat also rescue studies according or demonstrated Plavix the which, therapies, artery it used in in platelet addition well MI authors effect as well MI, of the to acute to inhibition experienced chronic a

X preparing formulation the for currently responsibility of recurrent combination suspected take treatment product clinical on obtaining study at heart intend Idorsia will label commercialization enter to Idorsia followed global a development for is will and agreement, Phase our Idorsia study pay bridging terms attack. a Under license the for of by the of pre-hospital a FDA or be into and a approval. assembled responsible Antares pending plus a the targeting license supply commercial for and end and global foreign fully Idorsia agreement which to approvals regulatory product supply of Idorsia will product separate under cost for global margin

in product Idorsia a territories. patent selatogrel an negotiated all the is that already note S. U. obtained important receive in the with commercialized It patent of XXXX. has net Antares will global to protection for royalty, sales expiring

this excited We potentially are be and on with pleased extremely chemical working Idorsia new lifesaving entity. to

study, trial from of to XXXX for bridging potential outcome Assuming Idorsia we later a guided has their positive to their a this X Phase would beginning study. devices the clinical year initiation anticipate as supply

our late is filing Forteo generic through approved could on XXXX. near-term some Continuing be ANDA in accelerating catalysts. pipeline Teva's

Forteo and the X.X reminder, that Lilly’s will to status. to Teva first still million a total. According pen Forteo in fully global XXXX U. with XXX maintains S. sales in XX-K, substitutable As believes billion achieved be up file making generic

us from with receive approved, the product Teva cost we margin, a and agreement opportunity and If provides plus high-single-digit believe mid-teen royalties to for significant then us. for the to represents sell percentages. devices both at Our Teva escalating

our development of development finally, earned continue And by Pfizer as the rescue XXXX. evidenced to revenue in progress an undisclosed well

then receive to subject sales end product of Pfizer we plus reminder, with product. escalating mid-single-digit royalties digit fully margin, to cost will and a As on commercial percentages packaged ready from the approval, double at supply FDA

the once more receive We we Pfizer. clarity will provide from on estimates timeline development

to going turn call over for I'm Fred? now, outstanding And details to on our the Fred quarter. fourth

Fred Powell

Bob. turn Please to Number Thanks X. Slide

XX% represented on which guidance revenue full Antares, upper end the was over our and to today's million and approximately call, increase mentioned of exceeded of our XXXX tremendous Full million, was revenues success. XXXX $XXX reflect $XXX million, Bob a have As this year revenue. earlier XXXX year year for $XXX range

addition, as we income our ongoing recorded quarterly as from operations, first In well income. net overall

of and XXXX, let my million for $XX.X XXX% by expenses operating and ended million me fourth XXXX for financial of was year in start So XX, full XXXX. to detailed overview Total our $XX.X December months a breakdown revenue three the revenues compared increase. quarter providing a

ended total $XXX.X million a year increase was $XX.X the revenue reported XXXX, in the million, December For over XXXX. XX, XX%

compared the product XXX% $XX.X quarter, Total fourth quarter sales XXXX, fourth in for million increase. the were $XX.X million to

and Importantly, of revenue revenue total of percentage total continues revenue. fourth accounted product quarter for grow to XX% as

$XX.X XX XX, XX% to XXXX, $XX.X increase. in the months million, sales product a For million XXXX, compared were ended as December

XX, the which proprietary in quarter totaled launch same XXXX. planned commercial December $X.X continues of as the product reflected three The totaled growth third Sales million sequential versus quarter. for of and million, months compared revenue $X.X million ended go to the our OTREXUP $XX period XX% fourth XYOSTED XXXX XYOSTED as to

commercial proprietary OTREXUP, XXXX. the quarter other fourth quarter of versus XXXX XX% product, Our grew of fourth the in

Pfizer and For and Licensing XXXX, Teva same totaled XXX% period increases XX to versus was three pen million in Rescue were $X.X fourth full million the revenue the Pen for year primarily revenue periods programs. The $XX.X million and full in XXXX, and for quarter $X.X million a the for million and XXXX. for OTREXUP versus XXXX development $X.X compared month the XXXX, million $X.X year was the as of XYOSTED for $XX.X the increase. development from

compared growth an well development, see Idorsia revenue in Pen ahead with Rescue Looking a was million to Pfizer the phase period as same Pen. XXXX, XX% for the the to development next the Rescue we to continue of revenue $X.X quarter XXXX, believe will activities increase for million as $X.X we around Royalty entering the increase. fourth in

and Auto three and increases a to from the royalty for The net For significant royalties sales on million the was compared in Makena full their of month XXXX, the of on XXX% from increase. million a AMAG year XXXX, Injector. primarily generic to revenue subcutaneous EpiPen attributable XX $XX.X their revenue Teva royalty sales net recognized were $X.X for periods their

ended $XX.X million to in Gross $XX.X to XXXX, XX% profit as million XXXX for revenue increased up compared a was as profit million for for to XX% expenses compared XXXX. December the at XXXX. of from total the XXXX $XX.X percentage reported XX, in $XX.X quarter December were million year Gross fourth XX, Operating XXXX. of

For sales the XXXX. launch of the to expenses year The were marketing December XX of expenses $XX.X month to XYOSTED. associated million additional as XX, operating for primarily and attributable million ended three XXXX $XX.X for with operating period increase expenses was XXXX, in and compared

the second quarter, we For consecutive quarterly operating income. generated

the $X.X which loss income same sale from in period operating our of to XXXX, compares million $X.X the of XX, the for business. gain million December $XX.X the favorably ended quarter XXXX, operating the needle-free the was very For million, excluding

income operating was quarter $XX.X of needle-free XXXX. for compared business. million total XX XX, a million Total gain operating XXXX of income from excluding compared profit to fourth $X.X million sale million months XXXX, ended in to $X.X the Net the million $X December for the net the for was of XXXX the $XX.X as loss of

of For loss as we of $X net compared XXXX. year to million million XXXX, $X.X full recorded the loss in record

was quarter as net fourth per XX, Net earnings to compared share $X.XX December per share the for $X.XX quarter for XXXX. of the ended income

a December XXXX Pharmaceuticals. needle the free net for $XX.X month gain the that and XX our $X.XX per to share per product XXXX. the reported For ended of XXXX, reflected note to XX, of Ferring a of the net we loss of loss period line sale versus penny the share XX Important month million of from three periods results

$XX.X compared quarter, and at $XX.X were At to XX, short million the of the end cash million fourth December XXXX. term investments

million the term total During the us we debt Capital, appropriately XXXX, million In of the bringing XYOSTED. gave non-dilutive adding means cash. to fourth $XX launch our financing balance quarter XXXX, $XX in additional we million. our invest necessary an Hercules generated with restructured debt the $X.X in sheet, outstanding This to loan to

year We guidance the Finally, be scenarios end from net earlier $XXX providing year this we full any the to a AMAG’s range lower Makena. potential revenue which for without issued revenue million, revenue AMAG’s of guidance, million $XXX XXXX includes achieved Makena. believe of can a of XXXX range range

the Of physicians FDA AMAG we auto the provide to supply will course, to while product. continue Makena to the work and patients, and injector for with the their on to continuing they resolution access distribution

quarterly revenue. the the successive But over year. of growth guidance of XXXX, we revenue every beginning increase XXXX quarter to year be in first XYOSTED high in XYOSTED range revenue industry of XXXX also similar in XXXX midpoint the XX% the always represents plans we reset believe as each will general, and for of for perspective, will the quarter a From deductible expect the lowest pharmaceutical

Bob. back I'll Bob? now to the turn call

Bob Apple

And I both is both the noticed, organization. and are haven't through really flu if suffering and from bad you Thanks, cold Fred going Fred. our

progress results the outstanding the for I we and see you an that for challenging on We growing this believe continue a been But our Slide has the our can successes for financial So apologize we our X, coughing reflect voice in year and had and very here. exciting to Antares shareholders. business. and time as commercial made

our range. range digit revenue to are guidance uncertainties products. XXXX our announced million, of revenue revenue deliver one $XXX growth around to advancing We midpoint on partner we committed $XXX the success, that for in commercial XXXX revenue royalty for full-year and overtime. in focused believe growth despite rate a product of revenue XX% poised average guidance to we future from pipeline. We of million We double into With our product driving our translate remain company our are will and at pipeline

manufactured Overall, in and our as Antares a and syringes auto our XXXX and year China. not devices injector for successful incredibly future believe put beyond. solid U. an locations worth XXXX a for are foundation in of the mentioning place was sourced proprietary we prefilled products result, in for the that have probably are It’s S., three we growth from

This Thank line open a session? for please you prepared concludes could the for my Operator, you. remarks question-and-answer today.

Operator

our Anthony Thank you from [Operator Petrone instructions]. We'll question with first take Jefferies.

Anthony Petrone

look maybe on at Great, and being considering the the we at so congratulations into year XYOSTED, XYOSTED just on patient X,XXX just patients when new that on actual for refill a actual good great XXXX. the I'm as rate. doing just versus on the XX,XXX to starts physicians. company year selatogrel, wondering Hope luck exiting start everyone’s up and there the Maybe well. just when well we’re prescribed, and put

you large heading then we be year begins. what can Just for sort the maybe uptake that think TRT on expectations and when think XXXX, injector peak within begins? you auto of the the do penetration you into be the when selatogrel that the the will do XXXX sort up X into are look that within How and back through once where substantial Phase that the of number specifically half be think study will go of or study study can And how market? follow

Bob Apple

basis trend around a very XYOSTED. of on are new critical question XYOSTED. you starts to Obviously, at. look patient growth your part first we've what need for a positive and us, monthly weekly on a And NRx on really for So, fortunately of the continuing seen basis,

those doctors even clearly number the therapy growth write surface is patients. the who focusing What continued to on getting testosterone are see in writing to expect for of are that We today. patients more We area. of scratched that on haven't we're

believe. patients had unhappy is XYOSTED, market, on we were doctors -- to were who initial the or injection to part not year now start the is complaining, the because means at them grow definitely they they're new the on need felt But we I we switching they're who that and who look when on on that to those the XYOSTED their in complaining. think best it the of really continue just to getting And are think IM so therapy, unhappy, what's mean focusing success I wanted put are to doctors product, that happened get that there they product not Doesn't aren't so patients. is those IM, messaging patients we those on

I to many me patients over new specifics seen give next can that say again, of every hard see lot at a week I can't new had and how But big for kind It's trend you have ours success that even point. getting focus we've as we is, of number the expect in this continue. it's all of a year. to know we patients to and

is are from until to going of the October XX% starting about the that XYOSTED a at I again, really get mentioning things worth we're quite it's September XYOSTED. or So that lives other didn't all a bit which And happen standpoint, on easier product. for year, insurance with get well commercial patients thing is last now think that covered to

for four three once doctor frustrated two out it always four, to a much when adopt. out to easier And starts that of if get them writes they filled but that don't tend I've into get a to product become maintained of you prescription, a get

that on almost XX% the feel fact that I have at we're see so we really we’ll that growth good coverage. just that continued so rate, based And

that's -- your question. for that So I answers think

patient These say things the the study the Idorsia the final are going XX,XXX enrolling that. with that responsible the for X we to been is has been and and study, who's FDA. patient doesn't be patient a and And and Phase of the For about run had meetings, they're every the know already U. number a globally, for we're dealt through S. look would clinical that when don't will a that They've that's to that number, a on attack outcome an out obviously communicating heart happen but estimating where it's end with obviously I program. pre the fact on FDA. a attack. like the they're but selatogrel patients based heart selatogrel, regulatory once the is of

number anticipate that of around patients So needing some of patients I would use those XX,XXX think to of selatogrel. percentage

with X it’s early now And FDA Idorsia it but the give goes so right Phase and update with estimate, we'll where see as an starts. the and

Operator

next Raymond take from with James. will We our Wilbur question Elliot

Elliot Wilbur

detail touched thinking you prior I of share number of specifically respect to this about XYOSTED and about talked altering us Bob, co-pay or the they just you on potentially additional changes of response how maybe some of the the of have pass marketing evolve program and the the to anything then extent, with frequency, high deductible you've some some may course the depressive share impact support but with in first the kind get you of plans know plan in over terms XXXX, in previously to your maybe could in and doc’s DTC media. targeted the of to quarter, could to social initial effects just any

in Just color of the a plan XXXX. game to little overall for bit changes more maybe marketing terms

Bob Apple

like standpoint. So far a that as messaging first, been as as marketing pretty to standpoint spot I'd on and physician much patient has a say the

seeing it's The levels real business, then once driving the valleys steady to peaks be changes life are XYOSTED driving the and its those easy that message. to So a and painless, that use in the are the isn’t patients of week. many there fact the demand are going of it's in lack

All us the of of selling with for patients. biggest are and those still XYOSTED physicians attributes component with

of XX% said people plans. with deductible of high the have are peak, Elliot you on also the patients in all resets is at and co-pay beginning country you year, importantly, that every Now their like who are in that mentioned about

per getting $X,XXX they year an of so coverage start to typically any they or before for burn through have And deductible average $X,XXX drug.

happy of is plan that months co-pay thing high patients high persistence that and help to for that about we've short seen deductible get period time, where we've happened one through support those happy program. sometimes. with we XYOSTED patients, for or probably have great to the even those to done drug to just that a then pharmacy doubled a And were the a co-pay lose co-pay it, compensate or with go on we've didn't What have increased that $XXX didn't few people and want to their help with spend we’re our we've for want were they We three months. for were and very worse they support to

And so really so we've or increased support, accelerated far and has persistence. co-pay results shown good the which

think about I we year. months this have XX% of think a in very high I of persistence rate first two the

very we're with So that. happy

Beyond about we social definitely services utilizing where that, standpoint from up product. are and and banner XYOSTED receive you if stepped a searching our for media other messaging media, a likely you have social LinkedIn will ad our testosterone, Facebook, online for campaign

we programs, big most so for getting and think the first And those the year, we're the resources social in we what on where Obviously, where what a focusing to ROI worked, were you is support. aspect those we're spending. so see we're didn't and work media pushing co-pay

continue where authorizations, that deal the The is have doctors increased thing other in-house to helping just with too services, just adjudication prior generally our we helping we've them

office, signature them, if down there written if instead a reps, authorization our reps. you have certain their from they or script there under call things where handling when chase to a is want gets it prior of adjudication needs to

XXXX we're your in earlier, going the do detailing more what into I we're point we expand prescribers that's to to seeing growth our gives reach more doctors. Elliot, field. so detailing right reps is the the And that continued It get to can now. think more time And spend our on

Elliot Wilbur

question trigger disclosure might programs, on Any the XXXX. that give might or visibility or And as clinical of of the molecule? something of such during a like sort some pipeline I the of a want little to more trials the identity that undisclosed some bit activity filing of into up ask that movement the around in course IP such investment some follow

Bob Apple

quite and sloping our with So really undisclosed on Pfizer on there's you're I is mean, program, think program referencing of a which bit the our I going investors.

be I think Clearly, program so with is that studies forward. conducting And will the moving clearly the year this all Pfizer. we

on whether clearly in not time committee it basis, And what is. Pfizer meetings we JSC how emerge joint as to to trials filings, when when regular it's product or we're and we're disclose for other sure so publicly is. right whether they're the product have to looking or some ready a clin talking we're it's it's But meetings, steering in what that going to

We're will activity make happening hopefully that's really we But I lot it able to from that but to will on. about evident probably are. a it it's be what Pfizer, is. And excited that the what product as light the based Pfizer, get to green wishes it their the announce more we out once there's what program them is want product asset, want their with we we working obviously and we're on respect there a of think

Elliot Wilbur

during on methotrexate and Any atopic maybe XXXX? that points decision pregnancy reached

Bob Apple

we at because not good Yes, asset. think It's out-license opportunity. I asset. viable footprint, we -- the that have urology products GP looking an general to We a it's it's a We're our really where We in endocrinology, into just think offices. very some and even on. product we're focus we're drive that really believe that portfolio a area trying commercially areas those

And then where continue least are there. that efforts opportunity at -- and great there's product. see partners we'll so health, think for in companies I any interest focus that to will and atopic, that potential area a for to if look got think women's it's initially, going in our maternity We we we're for that

Elliot Wilbur

you trends units? sales Thanks. the just course in of that or color the sales could a question last quarter, also GTN Maybe strong pretty over into was Fred. OTREXUP XXXX. increasing showed adjustment And in actually or with the effect One commentary give strength possible for us some the the insight extent specifically any correlation share GTN on whether to

Fred Powell

Sure, the no I’ll question first answer quarter. reserve And OTREXUP that first. the the during one, was really adjustments

expect to we to remain in When a the as Certainly see look and going for XXXX. gross to looking to we're think of the place would the in same it's growth go XXXX. for year, take still into growth stable volume expect at we all that not we continue the calculations into XYOSTED, we end have we continue growth I fairly steady to take this growth dramatic we where would were at We net from see XXXX. OTREXUP that but

that And I individual because of the components. say

we had writing doctors that when As we you sure prescriptions actually first of the remember, those that actually XYOSTED free, product, a to because significant we for were had filled. first amount wanted bill patients launched their make

As mentioning, Bob to we their not doctors and receive was then prescribe didn't want XYOSTED. patients

has And in so gross XX% down a net to total calculation is have coverage. over as now we come percentage the that

the opposite as a quarter much year, beginning have support flat than to would net the to full the the calculation the our percentage the rebates. than is of side low that rebates percentage pushed mentioned, support year. of fairly during expect we we year. the year, entire remain co-pay plans be higher fourth What Other deductible the been for for co-pay for high Bob as over doubling of going the gross in during XX% amount relatively were the our And rebate

overall, Individual to XX% taking But change about to from XXXX the to line. dropping revenue in So would overall, the components of be place a change. I see we the XXXX. expect I don't of same end net much see that the may

Operator

Piper our take next Sandler. Amsellem David question from with We'll

David Amsellem

have from XYOSTED the speaking. do that XXXX terms we you are in basically mix versus provided metrics you assets today the Can here broadly progresses? in gels. of an And are evolve how prescribers who calling expect about patients in infrastructure sales versus testosterone secondly, the given and you've naïve that where those injection IM who nice sales place, How who can you as were for to looking then some switching mix were active on bring to men's those usage leverage just in Thanks. first that better infrastructure? talk health in you the past as So for sit you on

Bob Apple

XYOSTED writing earlier that were was in beginning And I the half year, patients percentage still as question to being mentioned where I So first were therapy, great of saw as on and part -- with in patient was very therapy. were going sign, obviously therapy far for comfortable very that continued starts. your We were XYOSTED because metrics they at comfortable our clearly doctors new that last high new the then the being as a for line again, I'm doctors first comfortable patients. of patients believe therapy. the our new That being XYOSTED which very over later were our first-line

switches the the We and of IM, an we're trend easy a this latter its a of to year -- prescriptions of are where standpoint, year, which sense. our shifting from IM. It's makes once-a-week, injectable the painless product part toward versus more great seeing from last have use, it's seen

switches I XX% of XX% therapies and and patients XX% the seeing interesting, about are are our seeing patients new or believe we're then, penetration so on it's And from still not about then IM gels. a we big

will And still us the And still a when within gel. I they're very of the for a try gel choose new needle the fortunately if months patients an given is try I'm with they phobic. that's so, When or generally non-injection, say, it. three the choice they're I'll versus hey unhappy because think men injection because gel the

But switches the So early see tend we some be in to on. patients of still treatment into later go the gels. they paradigm,

with overall still the patients. first but Clearly, smaller the percentage that's inkling sometimes

of the sales again, is market more aspect, up all that which seeing, on IM our from the to it XX% just piece are coming wrap of IM we're switches, is good, of prescriptions. around So because

part a can of it's large the very that attack. we So market

to have write testosterone question of sales strong representatives about some as who for special regards we XX force health, second calling medicine/general and practitioners your well on urologists men's a our endocrinologist as products. With obviously, on very

big a as for us organization. asset an is that So

very been area. approved be the So to looking we have they may on not may assets focused that on focused market or where get outside companies be therapeutic that of looking at already asset on are that

And surge so of for an have those we engagement extensive BD or assets. types

XYOSTED the looking sure in if make our that in we acquire another the XXXX. that products bag asset growth getting are we to what rest so asset, assured in is we the is right at challenge. do wanted of more clearly doesn't sales and putting or it the hurt that force of But so And license

David Amsellem

that on don't to just follow to you appetite comments, And take up bring you have that a me an to it characterization? fair are asset significant sounds R&D where Is going to on those an risk. in

Bob Apple

X at can. more don't -- I definitely have are assets. but focus mean commercialized we clinical mean you right reduced No, we license with just looking want mean doesn't our of at on -- I look our sure we even seeing risk comes Phase on as asset are build least down that really so that and whole it it. Well, clearly the right kind we X clearly But think make and along to has drive assets already based the that -- on looking I wouldn't more we sense passed assets really Again It's now is that it profitability that have. failure we our maybe clearly as even we're pipeline it's assets look make that through of at trend where a Phase for to you upper what much what development asset doesn't balance to at us. we of that

Operator

We’ll Kaplan with Matt take our question Thalmann. Ladenburg next from

Matt Kaplan

that selatogrel bit XXXX XXXX to internal the more PTH, with products to a It market? the and timeline pipeline So adding respect product to there's XXX your as in to to your there XXXX guidance for new with kind kind in talk guess I of appears dig stream. and about revenue new want exenatide, in kind I of or terms and respect the potential lastly coming guess no mix royalty XXX. little programs just equation that then of to product to though of

Fred Powell

that launch with see the year, going the of the that you're middle Epi only first of issued At XXXX, And expect of the continue built our being for growth part do that the in the remember the most this for be XXXX, year certainly with full fully where there. launched answer in half look we the to guidance. I'll upon. really and the guidance we a when we XYOSTED part really grow had dynamic the that back it, was same you of we time, if our is at to took guidance exactly we right

driver we So of that a revenue. would significant expect to our be

the some of the potential any the from risk a Makena. revenue having I be in through obviously would we're we as our already Makena where year. in can Taking mentioned, look guidance, second that at of as And month of that hit coming our lower end without

see has be that's have anything where it’s to XXXX, -- for for at. really So announcement the we built Forteo. that Teva not made you comes so end some we lower We could do the have will why to approval certainly revenue model products there other it and When into we upper in -- would by XXXX. We our XXXX. did our into would that hope expect of end that guidance, it not would that an an would come would the of guidance. end that come that our be not certainly upside

Development some as taking product. again the with and will a growth place to year-over-year. continued expect we expect earlier be strong from Epi with bit that we would is increase we'd mentioned that royalty I little get And will OTREXUP that again, going

built the overall how So guidance. we that's

over With I'll to turn the products other Bob. it

Bob Apple

that the with coming soon. just clarifications. So that keep We FDA that market. On recently no had is there's they're the announced indication to don't product the and first, anytime the product a AMAG on couple know market Makena, off working

beliefs the whole have, the the year that price markets than year, the We market, Makena believe So -- less or the our guidance down not. didn't we for whether reflect whole is any we for to AMAG is an can agreement on a market. the lot a with that to great the the product product of value and come and has and physicians, hope patients FDA keep

reflect guidance same thing, should Forteo Secondly, not on belief. our our the

it's why in unapproved for And assets don't first It's believe to being And launched, Lilly. that be PTH. not The do feel and priority asset it we not guidance. found the that product think guidance, unapproved most unapproved about We until in very still asset. both it's substitutable of a that we very products confident that's I And there. Teva. it's it's important guidance approved put can our would if us. not market be to approved. asset assets a is Our fact fully know not become well just approved or great very big we really We it's doing they we our put for a for a believe prudent generic -- in first

clarify So I just wanted to those things. two

XXXX Idorsia, we Idorsia its year even very like not large started very or taught they is It's based what on launch. haven’t again, or patients but so. of potential early, they're Phase of a On believe the has targeting yet approval us X a XX,XXX this it's their other in type so, study, element

to coronary understand magnitude of longer be it people so But how or And artery only asset more have term attack, the not that's make for people is heart large, us. product may impactful sure so of suffered that a may just the that disease. have also pipeline for a who asset value but we want of just the

So of it of novel a launch. we're potential it's heart period us really attack us, excited for about around that time excited. concept revenue gets But some that. during a really before And we'll pen, the approval significant development see rescue

think yet we really as guidance get later, then when clearly, of to given a they Pfizer, or But really that timing. going ‘XX it. any in little everything timeframe, when disclose a maybe sooner we it's and the they haven't it's function

is how the I think timeline has and to of the it for a nothing Pfizer so with do in a to Idorsia. will FDA transaction fast regulatory the lot from XXXX review or as clearly standpoint product product the

diabetics but approval, itself besides It's as there's million, still we'll generic for I Teva is as so $XXX a use PTHs, for people us. still large it exenatide committed not and first diabetes. the line around XXXX product and go The that for obviously one single the doing the for product will product XXXX potential still -- to still the older And BYETTA nice has be across but think an just products have it. still that hopefully -- approval well. for it's sells, in of getting so

Matt Kaplan

effort. any marketing GP that should programs on focused of detail terms add we detail, in you’re on to could just focused indo-euro your additional When more then pipeline? your internal And that internal have

Bob Apple

open filed. We the have IND as we wrote one well in I pre-IND work on those working assets. for are year needs -- products that very to formulation you'll we to our until XX-K, right announce not would are We're early on urology. one we that obviously this some now, think have what meeting assets So doing And we're two and successful. that in endocrinology stage. they're see focusing our different those be We're

our we're to have them marketplace. assets at looking in we challenging As look the in pipeline, for more value at more order

whether there's the pre-development the And assets, or design. generally obviously, in risk more stage, so clinical just formulation it's the with challenging

pipeline, our footprint focus we continue so commercial is. on where our And to

pre-IND to I to think, we on what with again, meetings we’ll filed able we're have are looking IND and an announce hopefully the FDA. be they to have those assets once evolve, assets if

Matt Kaplan

mistaken? I in programs, internal guess urology on program you're working And I on was previously, the there a or am that space

Bob Apple

get not you of early information provide that guys. give focusing, we'll as update it's was to are more we're really to again, that's and our No, area -- and stages we it XXXX we there, where But are because out-license asset. in potentially we looking

Operator

take from We'll Petrone Jefferies. Anthony next Instructions] [Operator for our question

Anthony Petrone

we Just fourth quick anything XXXX March sit to I as think just outlook where the in just baked up orders quarter terms follow the and XXXX I and just range in referenced it as to gotten the earlier, Makena, wanted in relates Makena today. it you but is on know to of you've the it's in here relative guidance,

Just Thanks. Makena. update on

Bob Apple

which our last year. did AMAG. than I million, substantially of they gave what that think $XX obviously million to to I is guidance $XXX less shipments They continue believe

it’s us haven't for And be guidance, we and an we're rest patients. FDA to will in clearly revenue range seeing hope for hopefully again, it AMAG. and to the the I think available supporting say but physicians more until can place really XXX, to Makena gives But with shipments that the announced and about XXX expect and from clearly and that product to yet. not related of our we that it we -- did year they the continues see to we keep to good last they for asset keep come agreement QX market a see Makena But year. AMAG

Fred Powell

expand bit And just little to on a that. just

expect So of say of quarter though It's off year. as the do not orders. through have and no it they're we year. for the We go first the the cutting rest orders after rest the more certainly it

XXXX. So we all production for of continue to see throughout orders Makena

Operator

no I'd to more are closing at queue Jack time. questions turn the this There Howarth over in remarks. like back to call to the

Jack Howarth

joining for us on Thanks call. thanks Shelby. again And today's conference

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

Operator

for today's This Thank your you concludes participation. call.

may You disconnect. now

Antares Pharma (ATRS) 3 Mar 202019 Q4 Earnings call transcript