Antares Pharma (ATRS) 5 Nov 202020 Q3 Earnings call transcript

Company Profile

Participants

Tram Bui	VP, Corporate Communications and IR
Bob Apple	President and CEO
Fred Powell	EVP and CFO
Pat Shea	SVP of Commercial
Anthony Petrone	Jefferies
David Amsellem	Piper Sandler
Stacy Ku	Cowen & Company
Elliot Wilbur	Raymond James
Matt Kaplan	Ladenburg Thalmann

Call transcript

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Operator

Ladies and gentlemen, welcome to the Antares Pharma Third Quarter 2020 Financial and Operating Results Conference 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 live questions. [Operator Instructions] I will now the conference over to Tram Bui, Antares' Vice President of Corporate Communications and Investor Relations. Please go ahead, ma'am.

Tram Bui

good and operator, you, morning, everyone. Thank we and operating today, announced our results financial XXXX quarter achievements. third Earlier A copy Relations of today's the press release and are Antares Web in the conference slide available the of Investor section corporate site. call presentation for

revenue in demand future future patients to remind of and supply, like statements this our provisions Private and the the will financial the products, on Safe company's the except COVID-XX related future of development regarding ability their achieve development XX-K with They activities in to future forward-looking on approvals materially. updated our actual mitigation filings begin, call statements slide risk Antares' operating and time recent Form Reform some the and markets including slide business programs, prescription NOCDURNA, statements update this financial does and and measures Antares SEC the today's development the Act for could forward-looking press Securities contained launches, in The any and and our of These is prescriptions, undertake company any and two, results, and presentation product product our during Form revenue, and after release, statements cautions X-K. and the from that U.S. those to and of or as identified Harbor new we in or of XXXX. Examples conference to listeners and Litigation as call Before the to other hereof, volumes, within economy business, include result impact information, conference call and share pandemic on periodic including implemented our providing required for contain market results and and future our results other FDA obligation guidance, reliance not of partners' in a in law are today's new of global on this on financial expectations are condition, information accompanying to activities, I'd products by conference actions time certain overall to XXXX and statements. of of product our undue circumstances response XX-Q new uncertainties ongoing date filings to the forward-looking made the the meaning of the products, our described as and as Form regulatory investors clinical trials results forward-looking date place not future these operating statements efforts. forward-looking revenue subject growth, outbreak, events differ the otherwise. and

President well me Powell, Officer; Vice Shea, Commercial. as Bob and the Pat Joining Chief Executive Executive Apple, Chief on Officer; Vice Fred Senior as Financial today President call are and of President

conclude the review tactics provide portfolio. go review on a commercial slide will more business, three. a Bob agenda for in-depth on with strategy Let's Fred will will Please will CEO, our over Pat before the your Apple. Bob slide for with lines turn Bob then opening and financials, Bob? questions. call to closing I detailed and the of our discussion and proprietary our our through our turn four, and begin then comments will high-level to up

Bob Apple

Thanks, morning everyone. Tram, good and to

third business of partnerships. illustrates our across quarter opportunities we the We operating quarter believe financial growth XXXX, another to our record proprietary tremendous the report we are excited which and portfolio of results with for and have

the development and XXX% almost the revenue. our grew total almost $XX growth of we the XX% year-over-year COVID-XX employees, immediately our and by Street Ferring quarter, products, nine-month effectively Pharmaceuticals partnered XX. the our we announcement brings our Furthermore, of X% and pandemic million, million our products, September manufactured communities This and a with NOCDURNA growth our of commercial on royalty the total from to share, serve. to with the another over revenue the and record for reached adds income partners' million, quarterly recent our of contribution to product partners beating for from million portfolio, than expands cash physicians suppliers, year-over-year, strategy. and proprietary estimates, for revenue Throughout our months more $X.XX their to or almost a third portfolio operations portfolio, proprietary $X supported XX% the one XX% programs, increased injectors increase Furthermore, patients Our revenue auto year-over-year year-over-year. and U.S. licensing we ended of proprietary lever also our our nine quarter development $XX despite $XXX impact and million by with year-to-date of per ongoing products net from generated from

to to $XXX X% support million, of As compared we growth $XXX which the growth represents revenue to which highest driver slide our for third most our we continue XXXX. portfolio significant between of company. XXXX our the margin initiatives, diligently let of me to of guidance five, represents work our on with XX% full-year and are quarter full-year business to that With proprietary growth achievements, million overview the reaffirming the start is

data. healthcare market prescriptions believe for the XXX% also in an months increased The year the demand versus of XXX% last third to testosterone the based in We year. relucting same resonate patients our painless easy-to-use offices XXXX, XX% crowd already and leveraged platform injections, periods type nine and pandemic, branded professionals. to a and adoption the remains continue detailing September on XX, onset wanting non-emergency growth virtual our steady replacement physicians to the connect social quarter virtually remains steadfast not at support presence and potential further third media same of at-home XXX% healthcare product, therapy testosterone to patients their volume, and versus While contributor, of testosterone a any we existing on last quarter waiting XXXX, into continues and ended were with messaging and fastest XYOSTED and IM the revenue facility on nine our and period switch We will has the to flagship will with of expand, care. the of product the with strategy and believe Total market for for growing OTREXUP rooms and the venture for and XYOSTED based months XYOSTED. in IQVIA

provide proprietary Shea, restrictions, XX-person to that manage the wave virtual immediately in openings opportunity on As frequent we our with asset particularly organization, With and in sales nighttime expand U.S. urology success pandemic urination. me efficiency We a phased a through stay-at-home We our re-launch and We NOCDURNA, Pat? excited for opportunities NOCDURNA which effectively urology basis, our insight our to more recently the opportunity able to our we have and as to a as NOCDURNA, company XYOSTED. this grow actually joined prove one we with Pat visits more commercial strategy sales great between be and force believe with continues licensing of detailing to we We're strengthen in-office translated portfolio for hits strategy minimal as and of their presents me talk going physicians, into its force launch of that therapeutic about garner announced the brings believe the signed provide launch which U.S. their more let in-office commercial we expanding portfolio hybrid development. our for a With forward through of space. that, believe agreement orders, and treatment leverage varying of as into successful our slide goals met of the well presence NOCDURNA. Commercial, Senior to an VP the for the continue who with our summer, second will be Pharmaceuticals NOCDURNA, corporate portfolio XYOSTED, upfront more can business six. the Ferring our payments, a our

Pat Shea

Bob, disease. will and their suffering patients proper therapy etiology proven physicians two and patients that nocturia the as execution and we detail-sensitive both With state as excited NOCDURNA underdiagnosed improved morning, pull-through. the polyuria potential and of physicians on perspective, commercial that's patient Bob's nocturia disease I eight NOCDURNA which awareness a a well a strong opportunity a to everyone. undertreated. well NOCDURNA for commercial number would the is good like XX% by XX% excitement from from you, of From a prevalence U.S., the and recent in of to to as due represents clinically coverage product reiterating high large-market insurance we between re-launching to identification treat the XYOSTED, We're to the as large the and overlap to start benefit are NOCDURNA of phases. to attention licensing for account targeting and based Thank believe of underlying representatives specialty our nocturnal reintroduce

launch soft currently is phase underway. The first

with targeted group sales These We whom targets, have deployed and of a NOCDURNA. trained of XYOSTED conversations prescribing team are are urologists. healthcare some current already engage professionals also our to in

just to re-launch, situations improved to be the interest As seeing receptivity early yet practices access NOCDURNA. NOCDURNA believe urology will It's key in we with these due to already I providers, have and the existing an has offices and mentioned, where in relationships high. we're representatives'

NOCDURNA issue seamless, On been the pull-through. wholesale meeting there the no supply with chain prescription has of our been transition front, has and partners

payer Antares to customers agreements. access team NOCDURNA with market Our existing working our is currently to our add

segment. patient XX% NOCDURNA will Our covered Currently, approximately for commercial or primarily commercially is ensured of the be better lives. focus on

re-establishing the that XYOSTED for sales We Early awareness, generating been remainder only and launch our out year for has enthusiasm. the not objective great of soft NOCDURNA week NOCDURNA, feedback renewed have plan-of-action positive are with this implemented focused but very we We to last well. demand. rolled of as our confident for meet team the approach brand will

and and our demand. adaptability The efforts well introduce program believe of envision but broaden second intensify start as to our well. our we NOCDURNA initiatives to Overall, as brand providers we to awareness and only commercial increase year education the believe through phase initiatives effort. quarter and tactical multi-channel where programs initiatives delivered we state next targeted to We and healthcare NOCDURNA disease as re-launch education patient with be targeting providing in plan first tools accelerate efficiencies, educational as amongst XYOSTED critical broaden is highly will to all point awareness, and awareness a and efforts synergistic and trial call other of adoption the not

While new are top given the rate. patient strategy will the in growth quarter, starts, the strong three-product potential, we drivers a commercial third XXX% a market in With prescriptions we believe sales. refill maintaining net of year-over-year and a continued growth in XYOSTED strong for total accelerating portfolio, demand continued remain XYOSTED for are key now implementing and priority our growth

In made QX, XXXX have the We we're fine-tuned strategy significant field believe this depth activity last which to months with the a focus across and to XYOSTED environment. to pleased country. to on their our It's prescriber our an the base. conditions, behavior. progress calls number targeting we we we flow strategy launch plan sales From have of over primarily within estimated the have prescribers engaging prescribing highly call perspective, a increased see potential prescribing deepen in-person and have driving customers force dynamic very of the in access patient offices, improved increase encouraging several as despite since

on very through throughout monitor in-person are virtual priority, conditions. year. most the continue and adjust In closely of state both summary, and proprietary activity a we growth very continued and environment. local the the continued with and It average pleased while and navigating our challenging types growth based continued delivered calls business on virtual remains with of and recent to the of time personnel call hand re-launch of will returned believe growth to to flagship of as XX% continuing focused driving nationally is the field sustained critically stay of sales to remainder XYOSTED. via our for organization exciting on commercial integrate you. I'll back our Bob, we professionals of important our We while in-person calls, we'll an remainder top the our Safety shows health Our have be our our execution data tactics. providers, to NOCDURNA,

Bob Apple

we other development experience internal proprietary having NOCDURNA Pat any investors the decades call re-launch by like. to portfolio and sales hope of continue to I new XYOSTED we believe investors extensive commercial pipeline. what potential development our opportunities force, our Pat's ahead and on for understand the Fred. With prudent of a opportunity lies focusing join look could and pharmaceutical Thanks helps our better also spanning explore three expand corporate our program a will successful

seven. slide urology the see endocrinology have and in we we the as As for on assets in of two in noted early past, are can you stages development

Our pre-clinical program, development. XXXX, for meeting pre-IND early formulation which stages pen is successful the We had the program. with refer FDA that endocrinology still and development a we a of rescue is year to as this this in

to agree for identify we able a on While and NDA eventual were pathway XXX(b)(X) submission. development an

asset continue FDA the the IND we of develop formulation, and in to first plan to we As half to next year. garner the with our submit success the

Our pre-IND meeting later as first of the hope the which IND initiate that to this formulation we XXXX, product. refer with follow XXXX. administered a to urology as and get at half FDA of a study injector is feedback and an human the filing in of development expect an year XXXX second asset, first We in in half to weekly a from potential in auto

that a robust that, a are overall partners we eight, of on and While me let which these represent transition potential partner opportunities. With over pipeline assets to business our growth now our slide also future believe our have internally growth. also unappreciated is with commercial development we developed driver drivers,

our a treatment and Mylan's our their with and market our nearly XX% which with Their It our First royalty represents see remain generic achievement Teva, to business. international combination drug-device and Teva generic countries, share for share of of to opportunity is milestone Antares pandemic, Teva's are shots have device and and U.S. generic the cost with the go first the multi-dose but launched also split recently top EpiPen. success the contribution multiple plus of technology garner a launch from expertise its to margin a recently eager with Even teriparatide partners we our the provide Canada, partner in on is collaboration Teriparatide XX% the EpiPen is another in U.S. the our in significant itself. market, the success -- the XX of this on attractive with and foremost, Europe. European testament to pleased teriparatide and goal Teva reach revenue also commercialization approval share approval quarter EpiPen given we in of pen Israel. platform growth we support was allows of to used The osteoporosis. delivery a more potential in we the approximately for expertise

While approval insight supplied the product U.S. we into provide Teva, are any at additional to had the potential we regulatory time. previously pre-launched unable in to this

Makena. briefly comment also me Let product on our partner

this to for the the contributor this disclosures, their whether continue will a it currently the proposing hearing. As product and FDA, market AMAG to According with to Makena requested take Makena to the be FDA's grant remain recent future. in will supply first from announced has reaction on notice the foreseeable our Makena last withdraw which for and market, the foremost hearing months, from decision FDA their is to month and market expects request the a can during the we the is process still will in growth. and product AMAG time, to AMAG AMAG

be PXYXX had potentially stop symptoms who excited we self-administered with selatogrel a attack Turning our rescue continuing heart selatogrel preserve onset will development an suspected some and of the development Idorsia. to partners, rescue fast-acting our deliver a heart on antagonist at to previously and now to of pen the function The the remain work for had MI. with patients programs to pen of

for bridging prepares while studies clinical our delivered study reliability and Idorsia usability initial initiate. the completed have conduct devices to them a have to clinical We QuickShot we device where

global to as as successful next year the for in this comments, given market opportunity. the Idorsia the of are importance trial a Assuming coming initiate we their significant well study product registration potential bridging enthusiastic

on of I'll company. discuss the make With for an good for pen. progress rescue program able represents Regardless are we For future. project the this of will another believe that right a we Pfizer, that, call with the we anticipate We the to to program to undisclosed the development to provide continue now, lack opportunity in its over detail Pfizer the able financials. on we Fred be more timeline provide to market large hand near development definitive also

Fred Powell

everyone. morning, Good Bob. Thanks,

the results financial Let enthusiasm this strong nine to we reported quarter and Bob's morning. me reiterate date operating and third month for

quarter, or from third reported $XX sequentially of income. than per and more both our share, meeting XX% income million, of the the During $X by $X.XX XXXX second expectations net for grew to we total net and quarter revenue million street revenue

the In addition, and amounts highest the both in quarter our company's net net revenues the income represent for history.

was the starting a for number quarter nine. review from and $XX increase product period XX, XX, now development three of detailed the September Total XX% third financial million more of and in results XXXX. royalties slide $XX.X for XXXX ended months revenue provide months same nine license activities on an September me compared million to XXXX, ended generated and sales, in the Let the

million, nine comparable from months compared months XXXX, XXXX. Product increase September period XX% September revenue same ended representing XX, total the million For three XX% sales increase the for period which ended XXXX. for were XX, $XXX.X the in was $XX.X XXXX, in $XX a million the to a represents

nine attributable generic sales Teva. increase in devices pre-launch by the XXXX in Ferring $X as development the of XXXX to that of offset three XX, to XX, for product million and sold Partnered XX, ended and rescue sales XX% to and and of Remember $X.X OTREXUP, both the nine XX, months from XXXX. the months XXXX, the in selatogrel million $X.X XXXX XXXX Sales September million XX% representing million were September million our Teva period million revenue for the quantities proprietary primarily for the to product devices was and three months $X.X The and sales the period partnered XYOSTED product ended needle-free development three in sales proprietary same and XXXX months September XX% ended September $XX.X ended and decreases three month revenue revenue as and increase pen three of million to XXXX. decreased XXXX were the XX, September programs. the attributable divestiture and for products an in generic comparable and in September periods products, ended These the XXXX. and teriparatide the the The of XXXX and continued same compared for XXXX, the million in nine for was is the for the increase to net three months months September million three months generated ended comparable For $XX.X September nine were of to months Pfizer increase periods sales $XX.X Royalty from to XXXX months months for an development compared in $X.X $X.X Licensing for the in and XXXX. as Ferring needle-free for increase Idorsia million to nine previously the The ended September in period months EpiPen compared XX, the licensing million nine was million nine and ended the auto-injectors. compared to XX, XYOSTED. ended XX, sales pen of $XX.X million, million in was the revenue generic ended XX, $XX.X and a XXXX sales announced the devices XX, nine nine decrease company September compared and XXXX. XX, $X.X ended September XXXX growth for in $X.X three $XX.X and to and XXXX.

$XX gross XX, million royalties from $XX.X was decrease as nine $X.X and net the royalty injector, million period ended months in September the primarily to $XX.X the XXXX of XXXX the million royalty ended AMAG XX, For was royalties The profit in for ended sale was $XX.X XXXX. The three September primarily XXXX for their and auto million their increase million in attributable the subcutaneous million period nine revenue month in proprietary for in to for the XXXX, to decline and sales EpiPen. nine on was profit compared from increase same months in attributable XXXX partially of which Gross the Makena September $XX.X product an by and ended XX, offset months was then revenue million generic September increase XX, $XX.X sales. on and XXXX. Teva

compared stay-at-home travel orders quarter and related net the a of a or of same XX, income result to compared income Our XXXX. to million to $X.X period share total for $XX.X XXXX ended, $X.XX the of per as $XX.X compared period of loss Net in operating nine per 'XX, operating comparable million marketing months for period The the XXXX. three period million decrease of as the $XX.X the $X share million $X.XX was income $X for $X.XX in $X.X ended XXXX, to September third of as expenses was was million primarily and XXXX. period compared operating restrictions to expenses net or of Net various the compared reduction million to XX, the decreased attributable for same third as nine-months nine-month $XX.X in in XXXX. per expenses of the a and the $X.XX or incurred in decreased to comparable the share period Total to or XXXX, quarter the in XXXX, COVID-XX. XXXX in per September share for million, comparable costs to sales million

This we where represents quarter five out last the the have of positive income. reported also fourth quarters net

our balance that Finally, growth support we we initiatives. have strong a believe can sheet

cash, September September million, of investments million As XX, of were XX, to equivalents, XXXX. and $XX.X short-term compared XXXX, cash $XX.X as

almost of generated million now Bob? back Bob I'll have remarks. the year. million of for period a the turn from this last a the in $XX than improvement for from call million is same months We cash nine closing first operations more $XX year, which in cash $XX to burn

Bob Apple

of XX. and believe sustainability, advance business to delivered record profitability, Thanks, We our cash future on provides Fred. as and with and the that support organization. will strength significant of growth, upward the continue results is quarterly our indicative our generation, side reflected strongly closing, we outstanding In diversified revenue, continued momentum

with While that our have we partnerships Idorsia, also advancement portfolio XYOSTED. NOCDURNA an represents growth of pipeline, Pfizer product another their of beyond to and remain Teva, now with dedicated the level expanded

As opportunities that enhance portfolio. growing rapidly additional to value. we outperform, are We we we our for to business not expect to for shareholders is reflected in will a our proprietary our continue further believe look building market

the pandemic effectively how appreciate business, As that the continues we to of can dedication Operator, the employees do a we affect has you changed. now open our as obviously navigate I world questions. line for

Operator

Instructions] comes [Operator first Please And Petrone you. of Thank our ahead. question go from Jefferies. Anthony

Anthony Petrone

a right, All good everyone you, on quarter, doing thank and hope Congratulations is morning. good well. and

Bob Apple

Thanks, Anthony.

Anthony Petrone

this to and writing follow-ups. start the the that XYOSTED? are in a of What are at or dig Moving we Bob moment and with how writing can bit, terms the NOCDURNA the expanding was here X for and currently NOCDURNA? prescribers maybe a review I'll maybe and detail all is in helpful many throughout so, Pat, the into of quarter, for you synergy, the ultimate penetration in will, target rollout, And few Phase again, is if what have urologists

Bob Apple

that let All Pat? Pat well, I'll right, question. handle

Pat Shea

sure. Thanks, Anthony. Yes,

now virtual or we targets live. calls we're X,XXX also actually perspective, making on, So, NOCDURNA calling right targets. urology of from have, X,XXX around those are on physically About that either a

the base from up building the coming all around prescriptions back group of XXX-XXX which a to of kind remember, this One volume NOCDURNA prescription of over about that in a next urology gives couple want from we total somewhere the good start per to us months. perspective that things month,

a So target a with urology and from XYOSTED we NOCDURNA that a just then out primary at or mentioned. standpoint, that call call, group secondary look primary I

Anthony Petrone

currently maybe terms little press sounds and bit -- there for how little get in the and it NOCDURNA, to to of many like target are bit of a is a you Okay, writing X,XXX.

place, XXX So underinvested history and to is really it's tactically, X bit the is deferring the the why in in what looks marketing? to on of upside, delta, why was and on expand per prescription count? it tier coverage prescription it settled range, and monthly is this the is to perhaps what plan month It so the like a DTC and maybe path XXX

Pat Shea

Yes, sure.

of this effort space a a of So the did therefore we clear number kind was not strategically different brand at behind it put a strategy both for answer as I'll perspective out of the was of of components, from product. looked robust those urology that kind reasons, moving and Ferring

more of going of going have a crossover we of confident access to. we open So, us, feel is XYOSTED, and within force doors feel, up of we relationships growth. we're a different we patients, BPH have in a presence from to bladder one, execution bit [restoke] for where [ph] overactive of ton this a to that's pretty patients, feel where that that nocturnal areas a, focus going effort therefore lot because to patients, and couple talked good all polyuria, of with practice that that carving an that a have group Number around a we said, the urologists standpoint, we sales the out

offshoot -- have the in in patient, of misdiagnosis pretty that first we the year again and undertreated feel some first fourth is of This sorry, a going I'm one highly important. really bladder population. to overactive reaching aggressive next execute and we both the and time to we educational to campaign, to Second, through come fact to prescriber is piece, the is which so is social feel a and starting BPH, Perhaps activating wave, bullish quarter media patient more very efforts, with the that little the out third starting the we have prepare and bit where patient. underdiagnosed the on put is, into in the place then going of a that second second an and/or that's quarter, to be pretty

also focused and educational So -- prescribers, media it's effort very a assertive patients. call group patients, front I'm physicians the physicians social sorry, of and both activity to an with on and prescribers to effort it's a robust

Anthony Petrone

That's very helpful.

Bob Apple

I And, would Anthony, that… add just too

Anthony Petrone

Yes, ahead. go

Bob Apple

be If a mention I a so standpoint, you also want testosterone fits to underscore nocturia, who dual from low strategically have with take importantly, and a for patient this a step back, us or XYOSTED. this not we but product it's could -- or have hypogonadism -- don't and perfectly it People and it.

where has with job a the we this for that are have sales the impact launch, XYOSTED Our area. couldn't therapeutic in asset relative we a today patients, get better a organization that product an and is in physicians urology so, for felt done an with and fit and the to fantastic immediate they we believe can we

job, fit team the again, the So launch points and relaunch the currently the was of sell. NOCDURNA, or hope the probably we really outstanding one type of us for to call we're products relative best could the and is think about we but of excited going for our an that we possibly do to

Anthony Petrone

be of both side around 'XX? device the would And this a and see COVID one Thanks on of reacceleration into you royalty and think That and be we quick out on Very a how IM reminder again. mentioned just payments there then a of, reminder quantify helpful, structured and back wave you counts up? a be to second the generic side, subcutaneous is now the Forteo, I'll will driver still way as year just of One in. that and XYOSTED. part sort on do case patients getting two Teva you IM of over maybe was Bob, COVID. the the patients timing quick of and because a XYOSTED, there, are so follow-ups into from jumping latter to in hop for many how would look a Fred,

Bob Apple

continues calls, continue So, and to honest, get -- presence the much XYOSTED, Anthony, coming starts. their but we as we at be more physicians far at we're to new in pre-COVID detail still sales in-person not with with they aren't to on team our patients patients. levels as as still new The as the those were for past, levels but are in almost pre-COVID patient more

we're concerned. it to again, see month to-date really as we So building which October, are of haven't and in starting prescriptions was as the best far that our product, mentioned,

using just injections, an patients those important are for those the the it replacement thing they plus and lift the those office, to where the at have therapy, our that's put of going can our is because IM they on importantly, nice a a lot were switches, start getting pandemic getting into stories patient XX success IM XYOSTED, say really used those to product been COVID. they us of business, percentage it's who use get large painless patients injections, that's and doctor, and were for prescriptions surface along growing they XYOSTED and very testosterone over at seeing we're So, once-a-week look during switch to percent home, patients, we easy when to they But it's the to is use, of of IM much with come they what so are because even injection, virtually IM and scratch all that back new product. are starts, starting X million so were to a a there though year superior those the prescriptions really the their we're

we're it's on is got proactive switching hardest physicians, is that getting being therapy. now injections, of key, getting So, switch seeing if the [technical lot same seem really its big because coming those more us the during and for difficulty] XYOSTED of they're to which a from now hesitant got we from team do with the get patients were want that thing aren't are more on deeper a his they prescription Pat where is, that switching patients who going talk messaging think key physicians. growth COVID new -- component If continue that's growth, IM a trajectory our do they growth doctors second -- to of our bringing and done to but complaining, -- look what and XYOSTED physicians is we really to writing because we to continue, already satisfied, of that and you take the future expect forward mentioned writing on for. forward. those from, and and That so, Fred, to their was was on trend patients we business We to that early the question? switch, really

Fred Powell

Sure. Good morning, Anthony.

first sales. the royalty international get Regarding report waiting to Forteo, Generic we're the for

agreement started or know We actually since expect announced the a period we and they selling with of third would the do we product that Teva payment quarter days receive after the a -- report, would XX royalty the is that we royalty after report that end report quarter, where that have receive XXXX, but the actually the once don't receiving we in amount in of Teva for come royalty, we then to have what November. middle We of the time. would -- of

have just to the but end and manufacture royalties quarter, Teva, we additional follows to their the a then the devices, those so, sales, future, I Teva. XX the as that. when for arrangement, and Teva device time the recognize the XXXX. At to payment devices to get get there after have unusual for the it those pre-launch royalty standard payment that quarter them then sell said, days in shipment we Regarding we'll sales, will of terms revenue and of for ended, we materials nothing In report we'll the in us; the of just we'll after sold

Anthony Petrone

again. Very the queue. I'll helpful. in back Thanks get

Operator

comes of Sandler. from Thank ahead. you. go question David next The Amsellem Piper Please

David Amsellem

guys, questions. thanks a just Hey, few

I first, XYOSTED and late. -- So, on joined

Number and about can because talk just say intend on intramuscular you testosterone more at how also leverage lastly That's be are XYOSTED the potential process your your can business in I reps more into to you pulling aggressive talked the versus reps of in two, your you That's Testopel that then, getting are what's in us other field? like to expectation and more injection number thought if from to actually -- how offices? infrastructure, and words, understand for still but commercial are apologize to looking you you commercial add you In of one. these gain of addition you development, fewer clinical the benefit this, virtual, two, patients your fewer NOCDURNA? from of and talk to stage many can -- number and assets offices? now your can stage assets reps So, Help more field say assets your there.

Okay, thanks.

Pat Shea

is just of physicians country right field. the in in of of Yes, Pat. David, in ability XXX% of their just sales Thanks our the the for first terms the to are front face-to-face varies across address It get question, representatives versus active part virtual. this to now

feel in at an The the types as things seen of XX% evolve to From over did relative Bob of a it to a we'll time. average, it because data of we improvement returned a brand opportunity territory to over just We're vary seen where to has time, improvement our have couple and looked to guess was code eye that we've on closely targeting keep that we IM an the in to some other XYOSTED, -- basis fact over place and an injections calls have I really to does months. next We about the but about some the zip earlier nationally switch in-person that territory, talk have great come last folks nice zip watching products, perhaps and perspective to a code, on on of point providers. dialogue cases, have those. with we relative receive weekly with from don't

another of types look activities sub-targeting the that and encourage doing type area folks able about over and then, over the Testopel delivery. we success benefits to continue some those and that we summer, to And the some area an we'll as well, continue XYOSTED, switch at fall. conversations team where that we're definitely had physicians targets, is that that at with of to to look the summer of have to Testopel that XYOSTED throughout the had was and versus So,

Bob Apple

then, how your business we development, on will aggressive And be. based

XYOSTED our we're they're is sales We is a in a where strategically, relationships. XX,XXX-foot trying we're really or OTREXUP We're opportunities, looking relationships now team hopefully because of success, on besides and endocrinology they those continue we one focusing we're the teams what aggressive XX% sales is is from leveraging access, build in that lot there, that sales the urology have business and assets, that at having and with off -- when few team of to look good really endocrinology focus they're -- on in that multiple value out those want to to NOCDURNA be urology, and the development view at doing and and have what those then, doing very of The assets of we are we through physicians. so, where is areas. that's

that looking completely to already to additional or the moving decided going but that have our and we building forward assets for to for various either review products we team under the development. those business reasons, forward pass at are opportunities, a are product it's assets dedicated a at going We on our but in that's at component strategy key are FDA, to So, we at NOCDURNA, market, we is looked look portfolio.

what we sales team then we like when earlier we're at to look back get revenue, clinical with can and stage do versus and get Now, can I growth, NOCDURNA and to value our is start more stage we the and products, so so with more trying marketed we think assets really did more products build success look we very so revenue the build at as with near-term, the forth.

launching be where downstream data it earlier may not to had approval phase assets, one want positive pipeline for want XXX% waiting would committed difficulty] as grow we the studies we -- or so, past under want that and grow, be our know at review assets say focused. can [technical to been be have companies right earlier three -- they've -- to to and themselves, phase proof they're two, also the stage things study on second. the where very further really is look be phase or they're at their I of have Near-term in been I ability two either we looking with or that is three business when they're we'll So, we past assets and all and/or and we're assets that already into our we approach assets, say to development doing or further one clearly, positive go now, now concept,

development. our the So, external opportunities corporate we through internal well cover as that want make continue the development because we we of sure growth to as to on gamut portfolio fuel

David Amsellem

look in seeking assets give your flexibility terms follow-up assets, question, So, not will a streams your key as of but of asset in Bob? to more you in you sneak order boost I can just add to monetizing So, for cash portfolio? also any your add consider you or position commercial royalty

Bob Apple

revenue of using We or look and through royalty this robust because are best for to debts in and way type do the streams whether through dilution. company at it's or any our pretty all the which to limit like different our revenues, shareholders wanted for our try opportunities possible we

we're depends particularly finance So look size how at when the have those, we so, in which avenues and the we opportunities, is clearly on really royalty like and at. the and we have won a have their also streams in can pipeline of to be into it company royalty something obviously lot depending a going with on EpiPen look of them, looked of value they we own and opportunities also others, market then that

the or really need a on to sales and work an right opportunity, determine can the well I it's going sure the royalty the how to It's It's turned our when company do to to team. not I David, say our bag. stream. and that a have at we're fit then ways We say at to make is look these, and think We the this of been the can we find we for finance So, of can asset. and we to assets equation. is generate company, focused it, just and sell down need initially various do what finance it going to we to because a is finance what fit want need assess part we and haven't cash point going any we for how will

David Amsellem

Thank helpful. you. that's Great,

Operator

you. Thank

& question next comes Company. Cowen ahead. Stacy Please of from Ku Our go

Stacy Ku

we QX about and Appreciate as XXXX, the questions. taking terms What from disclose demand could my in Thank the just of one about morning. Teva? you. for thinking Thanks be of EpiPen clarification device how but all point and can on from prepared the quantify a remarks, think details XYOSTED, you Makena should Good dynamics? you we expected me, EpiPen on

Bob Apple

They units the share really market we so the strong was month up XX% up last QX which QX, at us, that Teva so. obviously According for in had a in about EpiPen, say roughly strong can Sure, for a Symphony, and units had going the end what for of a XXX,XXX to royalties QX, devices into XXX,XXX or in share from XX% that. did market is which that's QX. about they quarter in to translated

the clearly, which overall you or another a that the increase, So, when also market the was overall, but but product company, back-to-school and product, by includes another rescue was the there third EpiPen from grew market Year-over-year impacted COVID. in market, at itself down XX% Teva Mylan the for in it, was period. back-to-school quarter look XX% both Teva's pen

So, they lot really added of from products. both those share a in of success taking market

job. did down Teva market, a in the great really So

now only market, home but the particularly or QX that XXXX, right Teva It the and need become away at quantify a the the performing. aren't going things well people forward work, October's, does a the product the do EpiPen they're strong previous going problem drawn on think would -- get if as of if and so, outside for is again, the go with if keep spikes and doesn't way does forward, so tremendous get we we to if product be to have long it that very pandemic, the does or know, was there's we EpiPens. out there changed, can't consistent shutdown impact is the into with we'll continue eye a people an access can -- more impact with solid to has thing I October say far cost patients, I been as of Going expect they're the COVID, only and but at

Stacy Ku

a then Makena, follow-up on And clarify.

Bob Apple

revenue continue shipped, we pretty were they in or can shipping the thing revenue are we're product for only that rate. patients to were amounts AMAG what physicians. product say and we the the consistent sales for to Makena, with that or is huge that provide product The

next to process. again, much to exactly will on intent We'll request provide has take of during could will only the to The but very we're responds some relative how seen sure. of AMAG the the the that product in the time, but it FDA's we products, the a how be is for period then and position and challenge the QX. confident don't take, really we So to a time shift do been pretty about stated they AMAG have have by continue we and continue extended process time ended. year dramatic to recent pull AMAG FDA, review been know function their thing that that into can to know haven't public publicly Makena, statements beyond their they supply FDA product is public take to

it So continues…

Stacy Ku

Very helpful.

Bob Apple

you. Thank

Stacy Ku

Thank you.

Operator

Wilbur of We Please you. Raymond ahead. Thank from our James. go Elliot take next question

Elliot Wilbur

Thanks. Good morning.

prescribers that of NOCDURNA. XYOSTED, with kind label not Bob really for of NOCDURNA products or that dig prescribers prescribers, and back question nocturia. want if overlap are I provide terms around synergies prescription able relative I fairly if under of XYOSTED of high of practices to but in terms manner. be as to and for not in there go not prescribed the may ask pattern wondering being First amount that, an large but question a XYOSTED provided in to into yet for leverage whether urology wanted sort sure of call mean, of have base inverse but I a you to the products I'm a respect the you in with opportunity off Pat, out additional into terms existing had commentary chance to fairly to significant may you've there's of nocturia obviously of the just XYOSTED,

Bob Apple

first staying I'll prescribers a sure. overlap we're In strong NOCDURNA. on that. that with phase, the that have core XYOSTED, clearly answer group of Yes, focused

we we responsible not XYOSTED, broadening distracted sure to we're at will certainly brand. off super we're ourselves look that's we going approach. of Phase a As way that to X, make in doing that and it driving get course Yes, move flagship into want the to and

into kind XXXX. of of as that refine and to we So, at start quarter that look started have first we to we'll look

Fred Powell

can there or bag forth. that are nocturia, that their think that they of XYOSTED prescribers Elliot, I a for co-promote take a covering And into heavy look other we or business at is to doctors too, segment are whether are and development see look if if in NOCDURNA so there companies

we of see plan we how NOCDURNA, with point, we that a learn patients, about reps, is covering we can more up more urinate, more or in So, essentially there's it. an as that we At the to at our we're having getting other we not explore night and a -- and about not people is see and patients suffer area U.S. once segmentation affects our is obviously nocturia, XX more there could to if footprint, is age, but opportunities that current add this from lot reps you if million than to that as which value. add cover more

like size, or through sales force corporate what our that, maximize standpoint XYOSTED. starting think to trying can maximize proposition where out turns opportunity, to So we to understand it, want be obviously a we value current is patient development that to writing are we're doctors want somewhere we if how this but expand through really we the best from we with just the are to as and

Elliot Wilbur

Okay, thanks, well. question ask of a Pat want to and follow-up as I then

optimized, strategies and current it would of it to there's would question large XYOSTED, get done on going -- don't or things Just to relatively broke, respect want if observations around and the XYOSTED obviously in, that as are kind outside of it, there there's the is that there that of anything you your to expected. injectable seem accelerate ain't on very similar message a OTREXUP OTREXUP both and obviously, but can plans originally game not the necessarily but things be looking sort with may well, not you fix high-level of be that sort conversion probably the think to methotrexate sort form be further converted market, to well for see what there the extent and whether has of

Bob Apple

sure. Yes,

XYOSTED. with start I'll So,

three that touched since the I Some right, and part of that and I force who group most or great segments, group, key maybe observations data. in group around into to we're XXXX that's written opportunity that for it's to focusing overview and really that the in a folks. think effort and physicians launch, have We deeper us prescribing go field against deploying brands up on even four into our we've this XXXX that recent feel we with those core sub-segmented

a who deeper brand going tried we those opportunity. is So, already great believe to with have

year The the perhaps digital third focus the we've media assertive looking we standpoint second was social as piece alluded is evolve to only a next piece is new and there. number surface from scratched more space in And then and in being one face-to-face is into this calls. the environment as

We those our now try tactics with we have we've hybrid -- are to start. business the Everybody done virtual and to this time, also that, to the start and want order job is great from evolve catching tools dual a platform because doing to evolving and physician. those to over approach up in looking is right,

what More with see that we an -- see and group of is group around XYOSTED. to three us think focused I on to small is that go there that areas of we as that obviously brand. focus for and So, come key right and in prescribers to physicians. we're OTREXUP, those have well, maintain core are we deeper can set important a do OTREXUP, the very

a majority sure We are can focused spending there, XYOSTED. very are time sustain and really drive making growth we robust we of effort dialing in but of

Fred Powell

- I in Elliot, know, the look XYOSTED upside from strategic at clearly worse a think we upside OTREXUP of when XYOSTED we OTREXUP, opportunity. when look the do standpoint you that versus any it of at

XX%, now you don't still remind So, don't It only on it's flagship team how add team, about or and -- even divert want profitable you at for attention sales a will our everybody to thing to divert are the so, we if we OTREXUP's the XX%. XYOSTED, focus XX% but is right looking about call product to want one sales company. about now and improve it the of but sales our down members, product to performance, I'll go of were some

think So, right is NOCDURNA that we of than going putting still are behind will we profitable. those go-forward energy It's on then and more what product energy to do asset. try we the I because valuable that see get believe but we by more rheumatoid Patients basis, around or for still assets use XYOSTED rheumatology much again overall, thing OTREXUP, be and OTREXUP arthritis that it, to have both to all continuing forward upside it. Doctors more still utilized look as out use a we and can we for ahead. think of doing

Elliot Wilbur

be you Okay. incremental the provide re-launch directional One question to directional investment income with relatively small, flow NOCDURNA? any but would quarter Fred, be commentary any Understand cash last can and respect support helpful. required of commentary for fourth there trends operating in the it Thanks. operating the to could given

Fred Powell

Sure.

fourth where as historically quarter. the at we Clearly, quarter in XYOSTED as from as quarter the or both quarters coming of looking unusual see level looking don't into cost of same momentum comes seen we larger I quarter, strongest at now, Now, operating see to and at the fourth well margins our quarter, our the to our have it as investments, quarter When for so, products. still anything. quarter the opposed are stand through clearly continue fourth to we're third support, anything expenses building and and drivers EpiPen, looking third been those we've biggest fourth

to One highest going looking the as margins the that we're year. end proprietary about So, the we products forward, had margin. saw we continue thing clearly

that Next better margin a auto-injector. our year, NOCDURNA actually we that has than will to with see continue

expect third continue to Idorsia as when so, on has that significant terms as quarter well done, the quarter in side, go work selatogrel to pen third to into development really dollars; the our margin business hope came piece that's the it continue XXXX. would of really development partner as drive and started and the had our quarter we of to the component Pfizer dollars, we the margin ramp to year-to-date being products XX% So, up comes would dollars development product in significant the in that the lower for of fourth

competing proprietary partner almost So, you higher products you have pieces and the with if will development. margins, plus

XXXX think where now because look the when we seeing at business, think I and of overall, a taking XYOSTED will on the I focus right growth. we continue you're So, of and those improvement in NOCDURNA see margin are from both have significant

Operator

you. Thank

Our question go comes of Please Kaplan Thalmann. from ahead. last Matt Ladenburg

Matt Kaplan

bit kind you and kind exit Hi continue that can even zero sometime organization? and What in launch the as I the virtual during guys, and questions, we quarter. more pandemic that the to detail the continue to think of on a or terms expand congrats the to forward have sales put and you momentum XYOSTED situation year? you for on in of more growth as pivoted place pandemic little your learnings minute, learnings in that are systems of continue as give product, product the into the next progress wanted see you been you going what COVID-XX to you the you thanks us the taking that can for and in a commercialize

Bob Apple

to Hey one Matt, Pat. I that to want give

Pat Shea

folks of we've platform and learnings six months extensive our that have very, benefited of those able launched terms right? and sophisticated the right the activity, balancing Thanks who we very of calls what Matt. from last with out the are gate, to virtual Yes. in And capture terms course of over I systems learned rep think the it's we doing very great mean effort are virtual of we're a calls I from the are question, in the face-to-face that well.

number quarter to to guidance of types this hard when in targeting they're of sales embraced fourth safe have writers face-to-face, and of with terms can't, an in they to in can a of prescribers to given the platform, way packets, virtual face-to-face we've so, they our group our effective addition to getting where pushing what really out we've number XXXX force a calls, in of the go deeper, strategy and So, that and virtual for virtual. but they the calls both and fine-tuning also done they're

taken across the applied and now representatives. country tactically learnings that entire we've XX those of all six months So, with have

terms all allow across patient So, team provider our center, also promotional campaigns virtual is giving fourth providers front face-to-face there out in in and a that's as better clinical card request said, the campaigns have the pretty seem who is we're is and information, information, lunch-and-learn text variability certain for to that we a high, play, to we and not, to of messaging play are I guidance quarter. copay letter using to tools chance and a others. see high, that that email that and information, virtual traffic country do is pretty with information, they're and who email than always Anytime

Bob Apple

And I the you I adopting would historically little what commented business, was really you say is how think I that platform it, and absolutely I to platform, don't virtual use change going slow see man, that, technology, and industry post continue a industry the know, in COVID. like going been if successful we're they've we've been the virtual to with a back, pharmaceutical meaning

COVID We done you doctor, front normal it, had learning we're part single I the in once the your do a can you think had was with and efficient, to it of to comfortable are time. of that industry people and can detailing, it forward, doctor, better that job more be and well, you of the actually everything get we're going don't job that think the of see clearly, as they process have in seen and an is you before in now and with virtual front just to becomes be I have every front doctor be learning technology

calls as it mind of of I when to combination see There's element a doctor right? to key detail, think products to launch, will for continue our end, a I productivity a that think that momentum, in-person, think focusing doing for both. using from more two, in great get we're the as blend, get and from more that that how of it going and and think of success, they're and to but be of efficient more doctors able our I of be three product year year top is be prescription, the and touch-point we're hybrid I going being get always to we're the virtual well people to can going forward, platform -- for like a calls reps, more going and a at using so, more to definitely by by write by particularly You XYOSTED, going reps

Matt Kaplan

very helpful. for the Thanks question. That's Great. taking

Bob Apple

you. Thank

Operator

Ladies that Q&A concludes conclude will if Thank in queue session. further conference for today's That there and no you Thank participation. your today's gentlemen, questions you. are the call.

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