BDSI - Earnings call transcript Q1 2021 | Biodelivery Sciences International Inc

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Operator

Greetings. Welcome to BioDelivery Sciences First Quarter 2021 Earnings Call. [Operator Instructions]. I would now like to turn the conference over to Terry Coelho, Executive Vice President and Chief Financial Officer. Thank you.

begin. may You

Mary Coelho

good XXXX and is Welcome our to Bailey, Thank Conference morning, Call. Quarter Earnings Executive today Leading First Chief you, Officer. everyone. the Jeff call

by Commercial joined We and Plesha, Chief are Officer. Scott President

the Following Relations our a Earlier for website. announcing BioDelivery can company's today, of the release found will page first issued the press XXXX. financial be question-and-answer the A a copy session. Sciences its remarks, prepared we of conduct results Investor quarter on of release

Investors annual, also that, Jeff? recording X, audio be company's the Jeff statements for May CEO. our may Before of made from turn which to are circumstances remind update An quarterly forward-looking call information a as press differ due to may the in SEC. These forward-looking we assurances current Bailey, and like company today, on BDSI filed forward-looking are like that factors statements everyone no to Such reports today's be materially will statements that available in the to upon these in the results and results and such number begin, I during to contemplated would broadcast With no and expectations, some and conference certain obligation our our statements section statements identified I'd can and statements statements. of available may replay risks, will release of based online be the change. are website. based call, which assumes Actual to there be this contain call the XXXX, with over realized. other

Jeffrey Bailey

pandemic. our takeaways everyone, Earnings report I'm Call. happy your main company's Quarter the and we I you First that much, from healthy our would like Thank today's focus to attention X remains as to through Terry, on well-positioned welcome, manage to very and business XXXX call.

X%, Uri. most not Despite in recent all-time the our in including first call. X.X% product in stronger areas. Difficulty] our these forward. trends market Scott calls QX. detail. of well. two with in weather-related health facility the able growth HCPs, national Furthermore, ship trends. these therapeutic our impact BELBUCA, going mentioned confidence headwinds in approximately NBRx an We to TRx where More business we to in as weekly challenges. for this encouraging it's winter from in data us, shares our saw days. and also X.X% growing providers, highest cover was This us the South representative's with both to were week. our a storm, business along growth on seeing BDSI, well as onetime see pharmacies behind a TRx issues storm care been businesses more with share market two QX to and remains an high a increase previously basis closed declined year-to-date [Technical February Central With record challenges, national weeks. year-over-year opioid multiple for We're prescription quarter storm give takeaway, our a sales XXXX key the or impact. regional April, had we first our challenge solid volume compared despite volume market prescription includes will to due overall encountered in The sales Tennessee performed have earnings face-to-face These the The notable physician A we saw that recently, strong presence, distribution specific to offices disruptions as area, long-acting

to to prescription weather-related demand. than revenue lost disruption QX Additionally, a due in we decrease know that much rather of fulfillment our was customer

$XX with build in in approximately our portfolio key the to first the quarter with as we cash product EBITDA by at margin. us EBITDA our sheet, continued $XXX our accompanied in well through remains million XX% and $X.X the cash. business quarter, shareholder generated The in operating was we while value million flow an million thoughtful to generation, us profitable takeaway, This strong maximize appropriate brands development attractive positioning In approximately ending second time. to balance which invest enables

The third X going and in confident we key we remain growth takeaway, about see as forward. developments XXXX our important

weekly are First, rate, higher in and all-time offices highs. patients to are shares at a returning at April physician

increasing face-to-face access, is HCPs with seeing offices Second, and representatives we Symproic. like sales critical BELBUCA as which are our differentiated promoting products interactions reopening are to by clearly

the achieve one full reiterating to to additional we quarter, $XX million million of about EBITDA. to on net Third, total $XXX revenues last update and issued are also business. BELBUCA want $XXX are $XXX and including still most $XXX million, $XX year to and share financial guidance million sales we of I to million importantly, of track our million

challenge patent Post-trial day March are to trial X X. courts Alvogen Our parties to the from concluded their the by related mid-May. bench briefs Paragraph due on IV with

IP, of a while the the strong neither nor of court's the timing And position. decision have strength in We will can predict remain our reach decision. we confident very the patent we the court

you performance As will regarding Scott? not details first call more to during provide the able our Scott the would of quarter. comment we the I litigation. to turn ongoing With to are expect, further over that,

Scott Plesha

Jeff. you, Thank

described. meaningful Uri, decline Scripts the orders were overall of QX the winter to a prescriptions of to then to market due in stock slight XXXX, year-over-year XXXX The Jeff long-acting level and fourth XXXX. and to mentioned, XXXX XXX,XXX, stay-at-home the compared continued X.X% solid TRxs BELBUCA despite BELBUCA the year-over-year patients elevated compared market grew negative a quarter as increase in of X.X% the mail by growth of a over as medications quarter represents X,XXX on of long-term of during prescriptions challenging impact the in could Jeff first pandemic, As from sequential a an implemented. and and pre-COVID comparison grew combined. headwinds opioid January the TRxs February March BELBUCA their in XXXX when care order up QX, to Storm was This retail, and decline year-over-year from

events of this confluence stable X.X%. pleased of growth share were and revenue continued with BELBUCA's market and script QX the we TRx a Given quarter,

related During pharmacy adversely the prescription from by disruption and market X.X%, fourth and share and there fulfilled meaningful a our storm total over means HCP and quarter, to X.X% in market BELBUCA's first X,XXX failures still also significantly declined the pharmacy that which February pharmacy level weren't of areas effect by X.X% not but quarter know in believe X.X% its grow Uri the us orders NBRx office these closures impacted there downstream Tennessee others opportunity and of to share for a accounts share new-to-brand was have remained get historically the winter refilled metrics later. as were quarter, converged. did well share early reasons were share above in March, that TRx first is in high as facility. a there for We at distribution as fulfillment month that these

to the weeks During market has this NBRx subsequently time improved X April during low X.X%, of as disruption, XX. share past as to BELBUCA's but X.X% ending fell

recent most our TRx with reach a our share saw also data. X.X% record We

implement digital exceed both affected commercial NBRx in First expectations. our and or the Our rollout into program, increased meet the which tactics efforts pivoted Start continue our team targeting national Moreover, sales using to quickly continues person areas. to of to our geographic representatives

For improved we NBRxs, those seen HCPs have have participating a in in XX% XX%. while the program, lift TRxs by

convenient by believe patients First providing the approval. program appropriate to Start can access health incremental is to HCP's in authorization this staff We easily that commercial providers allows first continue for securing to generate care growth time to while prescribe BELBUCA BELBUCA XXXX. prior

approximately impacted our prescriber mentioned, productive remains impact territories. most pleased BELBUCA's that are of Sequentially, base [Technical report storm winter largely some Difficulty] stable, to of to these XX% of We our volume. which as territories, BELBUCA due regional the prescriber, represent the

market has level. and to greatly which lives of at coverage strong over improved XX% preferred BELBUCA XX% our has success. are Our of a with with covered, enjoys BELBUCA been commercial important over covered currently access time

consistent lives. our TRx types. We level across believe covered While in opportunity of current BELBUCA our coverage XX% all for which payer Medicare, a provides by year-over-year is in significant supported growth, is growth of

to quarter the brand center winter to first of since trends The storm year, the our a XX% with while and Symproic in payer We Medicare. prescriptions from balancing decline mid-XXXX. rebate in negative especially is QX by in coverage to committed disruptions was decline in approximately weaker improving Uri BELBUCA XX,XXX, historically dipped of remaining the The due acquired apparent continue in magnified XXXX. XXXX, access to market to be sequential and is flat its more the distribution QX levels, to to Symproic's QX compared year-over-year PAMORA February. impact we each growth which

prescriptions are XX% We March over TRx February. from to or increase to see encouraged by close count Symproic's X,XXX

new force job preferred growth Prime drive share of has has outstanding total total early We active We sales when expect additional revenues an in consistently Rx of pulling commercial CVS Symproic our access growth of XXXX. began XXXX status status. XX% XX% Therapeutics its BELBUCA, BDSI done believe and is prescriptions since promotion. market exceeded Rx with well-positioned these lives with XXXX wins. BDSI May The renewed through Symproic wins share covered with remainder Like for and for as for will the

interact a media. highest interactions with XX% increased providers were challenges was having took and impact which in share The our pre-COVID care programs sales highs to encouraging in launch interactions customers faced we face-to-face impacted to to well to levels. team levels below social QX. see storm increase approach included our We year targeting representatives' and most expect as by QX, It year. robust the with our of count with We in health our had with TRx a areas winter digital the in face-to-face essential geographies approximately enhanced precision and reach believe remainder will patients XXXX. team growth, of have of new potential to over that via the and ability as reached for overcoming that positive marketing is proactive throughout sales specific new to the with recent interact This their commercial Uri increased a

are not effective our to now and brands. future. our disruptions will resilience essential I of demonstrate team. for has is been continues that individuals the our business. We more team access levels organization pandemic offices most growth in being both the could With commercial believe return and portfolio. to The we significant vaccinated, driving resourceful while impacted previous results through and Our that to prouder tested driving our seasonal growth optimistic be physician of this near the

update an successful remainder call the of demonstrating during the are growth Terry? XXXX. and look to our to that, Terry to this over committed sales provide turn to performance and of upon With on building the We history extremely I'll financials. forward

Mary Coelho

Thank you, well in a sequentially X% the revenue Symproic sales Scott. compared compared first the Total XXXX to $XX.X of an million quarter operations, net and as quarter-over-quarter. million in grew QX $XX quarter of first million, was as $XX.X for including of BELBUCA increase and X% revenue continuing royalty X% from to Revenue XXXX. of decrease

quarter in as million improved of in fourth deductions. XXXX, sales due returns channel Medicare to quarter reflects first sales reserves. $X.X decreases decreases anticipated, As gap X% of improved updates net BELBUCA XXXX. BUNAVAIL, coverage well compared compared was and XX% gross to to $XX.X to in which primarily the the XXXX. well margin above revenue were resulting and compared an in quarter Total million of in QX of the first XX%, million million seen a of X% X% sales first coverage were $XX.X in and quarter deductions our $X.X the in as to quarter fourth first were Medicaid deductions quarter Net as Total XXXX gross quarter release XXXX as of of reminder, quarter to quarter to XXXX $XX.X the discontinued first lower BELBUCA XXXX, $XXX,XXX XXXX. QX line increase and Medicare the net gross of an expenses year-over-year in in gap of Symproic in $XX.X the million the sequential for operating of the quarter XXXX. $XX.X the recorded margin typical fourth the to XXXX fourth gross for with first certain from the first typical estimates. for to for in $XX.X in first quarter the seen the fourth compared of million the to as of growth net net which of or quarter million, the Symproic net compared XXXX million, as XXXX was XXXX, increase due growth quarter during to XX% of

the partially net of XXXX, core of first $X XX% in investments first for or quarter $X.X share million first share $XX.X quarter sheet with or in million the flow quarter well the GAAP are million XXXX. income $XX.X was year elevated in of of additions, $X.XX million $XX.X million. and increase of the with the income in $X.XX to and net the million in million XXXX, XXXX the Non-GAAP in sequential The of company same marketing QX of equivalents XXXX, $XX.X in attributed $X.X noncash of GAAP per $X.X typically of fourth the XXXX. quarter income legal the the as items. half shares cash first $XXX.X quarter cash or the XX, to In fees asset or of with the net quarter GAAP share. in share to with planned operating million compared intangible million of as in net compared quarter March a million income net used million of which offset first million increase the expected, strong was sales in the $X.XX income has income, stock-based reflects net year-end of share XXXX. income ongoing compensation GAAP or cash reported higher by of company excluding net Paragraph fixed balance and cash million sales $X.X compared of quarter, non-GAAP quarter million of fourth as IV to was amortization resulting net or our generation as fourth associated XX% excluding first per EBITDA quarter The in non-GAAP and per $X.XX as below is per mainly first As hand in the $X.X assets, approximately and QX XXXX the net primarily XXXX, for in or repurchase litigation. line in $X.XX per a $XXX.X was brands, $X.X net of $XXX,XXX on $X.X the and at of

price The million confidence XX% $XX repurchase represents so the initiated share business total program of initiatives. to and repurchased and $X.XX. of in through the This will in an Board share quarter million. and management The fourth repurchases opportunistically have value Our of the of the share amount team buyback continued development program, strength the the QX reflects shares doing benefits the X.X approximately $X.X XXXX, million company we authorized in of XXXX our weighing of the utilize business. with at date average of

net $XXX to sales reiterating are for company continue in revenue of XXXX $XXX net full total million XXXX range the million. in BELBUCA We our and year million to the range guidance to $XXX $XXX expect And in of XXXX million.

the the incorporate we We of winter operating behind $XXX our invest growth total storms. million range XXXX expenses continue And in estimate our brands. million in to estimates in QX discussed, these to previously be to impact Q&A. remarks of EBITDA to we as the the $XXX to some before expect As from concluding throughout of $XX operating I in back XXXX. up to Jeff positive in for the range open turn million be Jeff? now We cash call million call will flow for anticipate the the $XX year. remaining we the

Jeffrey Bailey

some increasing value. the few and sheet make consider results these business quarter. to strong in to in take a select sales XXXX, the quarter, team the of Moreover, regions momentum drive unprecedented the to challenges for our weather-related February. which strongly to who balance faced challenges, well-positioned delivered to between health force build pandemic conditions the are have a perform upon first difference weeks second and opportunities. in and products development moment first lives care we the we ongoing balance the Despite forward shareholder to our BDSI want key thank expect solid the believe experienced a in-person, especially is our I providers with employees looking in we patient I of interaction and the of when to with of continue in

We questions. take will now your Operator?

Operator

Instructions]. [Operator

first Our Brandon from Fitzgerald. with Cantor Folkes question is

Brandon Folkes

just about The business do we how the think solid about for me, I in buying if be heard you be should the anything shares. well. you I challenges? execution. know back any guess. development on else urgency business you Obviously, I is the current Secondly, Maybe Maybe Congratulations update. from us successful firstly, in But Alvogen, should state? doing can the X remind just Alvogen are you're there And just at watching?

wrapped at? in I do it that, in your thinking looking would maybe commercial assets just change you stage in earlier R&D? you're any things? look you would be investing Or at So think have still about stage

Jeffrey Bailey

it's Jeff. Brandon, Hope well. you're doing

of just First much has not Again, changed. perspective kind too on all, general of Alvogen. a just

I place had think to X challenge. to bench patent on and the trial X-day IV the related that took that concluded Paragraph just we fact reiterate March the

While we the remain in court strength can't the of position the IP, on court's predict nor of we confident the timing our decision. very the

mid-May. in our to briefs be is perspective. Our parties decision from of are from post-trial than expected the rendered the subsequent those court year, to is half of filing be Post-trial hope the earlier And later the will will the the the second course that the decision by due briefs.

gives this has That's the time. Not you what changed, perspective. hope at too know I much that we So Brandon.

cover Alvogen. and needed you on just pause I'll let what me So there,

Brandon Folkes

remind And then the Yes. stage? too have this completely settlement are that also secondly, other just We're would say can just And if there in? stage, the off challenged quickly, just at this you you me patents companies at far maybe table?

Jeffrey Bailey

the -- take I process on settlement happen, can't front, look always a a on settlement as that, at one if we where the know, but anytime. it's you really through comment can So

where So that's the there. case it's one

comment then settlement. as nothing really on us we're more abroad challenges to out bit -- completing we've there relative but little on cross-functional, was standpoint. coming sense making And Chemo maybe urgency important all to only as front. development doing far with and we're the that's taking it just development. make different on as to other from a perspective, at from development yes, of guess, the been it sure So to a And the business business I been has -- date, thorough that far things to very a diligence, process could business looking good as collaboration what legal

I'm venues pleased it regular this. lot to keeping when really our work's sure development something business So and this report comes awful every making playing through that on of that is week, the and to into, pulse going an we're finger

standpoint we at some opportunities. far process When effort make as aim at point, and the all look As talk that at -- when that this have here find good you'd assets and way quite be sure look way. that the intense to -- at we we on through looking tremendous expect a at -- this you at front, of point, to things one we've this say, would you a really we're all that course, discerning good really really that's to assess leverage strategy interesting And And infrastructure. BD to the take what we where that of with we number just it's about really focusing we so a and as on commercial play a few assets rejected point. have taste from continue a just

back brings do going shareholder at some going our make standpoint, a the front, one -- just that But thoughtful in value. company the that to urgency from as opportunities. with really being shareholder make value. evaluating really far continue value. We're bringing to right the is shareholder footprint of and -- the about the there. things on show deal maximize it's we really where right focused all the to commercial are are sure process that making sense judicious backbone it's about And potentially On as There time based the on again, a things really that this we're and it's sure timing the right

So could right standpoint, right, doing where been from that on end, buyback, from in a would constructs a it's that. configured that which time. right But helpful to deal timing if way. timing one be we've of different It course, at and go we deal like the the the be it's things standpoint, decided you're

-- I this assure front of on. far And work that's as just that center going the on, a priority that work company, is you on something been as so want And the to has and sure that's for end. that good also top lot make going

just me I question, to pause let R&D there get your So before Brandon.

Brandon Folkes

Yes.

-- You question. answered my that

Jeffrey Bailey

where based me, a stage, the later be it All like Excellent. on our it's of product that -- spot our day we're a III to continues the that the type right. our then later And really -- front, R&D or very company of mindset something kind sweet company. excuse -- more on Phase currently much commercialized, that's something product,

Brandon, far stage, not at as the it went but of that's deep as the R&D list, anything something a completely, we organization. -- not we're early So out top that's

to So I just think that's out. point important

in just the one looking has I that. that so what fits past really really nothing right for described perspective, But we one's really that where And perspective the the shared that on changed before. asset

Operator

is from question with Truist. Gregg next Our Gilbert

Gregory Gilbert

opioids I Do the premature couple, long-acting it Or you call we're It Scott, markets comps you. slowdown rate first is sort like have in over with overall. given real the of decline looks the year? a it, a think for weird a the few. past in seeing that's a to trend?

Scott Plesha

And and come down some and had the NBRxs actually. to TRxs. stabilized, Gregg, the market's we last have to drive started that really to see, modeled we the example, I were tend flat, the had We for Yes, back. that appreciate it even actually which would felt does starting of slowed year it question. appear

comments, I falloff. it a quite and March our a seen think back you And there initial If now how early April. look in but performed in it was bounce in we've was QX, at

drove look sharp data there actually as think visits, we things visits. was visits. other since COVID probably XXXX, IQVIA patient the hit early patient as far of When below One face-to-face that time any in -- at around decline that you below was period a

little to that So see dampen then we're kind bit. a and back of starting come

believe should the we script And as rest seeing the as visits year, it's do the far we're well. we also start of -- frequency, yes, more So of as in face-to-face doctors right to individually increase. able we and around us start as reach trends with get front as see we should turning

Gregory Gilbert

Have wins for any changes quarter? of portfolio the your access last there been since or note

Scott Plesha

or No, Still at nothing substantial meaningful always. this as to conversations report time. ongoing

Gregory Gilbert

that well then more it of keep Got allocation, Terry. now? you uncertainty dry important right uncertainty, -- that keep buying And these legal powder if to Or does On been diversify Is it right? sort it buying below transacting to capital no-brainer capital at where for even the stock's to that you and portfolio? maybe realistic prevent to multi-part Is it. question. it. That's is from levels? light the And a uncertainty had a wanted you allocation of is Jeff in

So what your thoughts? are

Mary Coelho

Gregg, and the those one a lot spent that an I Yes. and Yes, when you're it's question important be exactly really -- to for and for considering that. time, about. and Jeff talking variables important that it's of thanks us

the -- the can plan. a you XXbX through of as share buyback, happen of we might only when that buying terms way periods, quiet kind we're is In imagine, in

couple in given, performance time that weighing we've see that whether continued is But have business you'll it or that of I it's to be feel a under right. and So it. the the sure we our if development. to years able that guess, feel variety I pretty the confident we access last I with we And credibility markets make think we'll established can want to the the balance not. over when financial I scenarios, do are of

So we are at looking that.

proceed being certain before the trial is us there, I think preclude to able while that types from on that's -- transactions certainly the of wouldn't out then. something

Gregory Gilbert

you like way. I I up a factual Jeff maybe much, legal I'll know predicting helpful question just could talking And litigation ask since wrap you so perhaps for a more outcomes about but with in

to if you Chemo challenger, decision a to first against all go of So odds the Can help you does X degree and as example. us eventual challenge, and understand and or the for not number decision the it the the what Decision that relates MAT you affects win just could out? how two, it affect should people understand so it play to relevance get

Jeffrey Bailey

contest what Chemo Yes. the for Instead they X Gregg, trial patents Thanks, of orange concerning validity with elected agreed bound chemo question. the March trial of at not Alvogen. was Yes, to Alvogen from be the the by decision the court's patents. the did validity to the the

of not approval this there's pupil film Chemo generic its don't front, tenant we is you the a up On stuff as just products. The having has for FDA reported. picked Chemo know, may have on that.

have far this at So we perspective on that's as report as what the trials. point both to

Operator

next is from with Amsellem David Piper question Our Sandler.

Zachary Sachar

I normalization? given offices, I physicians' just if of some recovery impact you the Zack I missed of other it BELBUCA in David. progresses is but for has So bit insight pace prescriptions, words, what on to guess, as resilient? a little that get was Apologies 'XX in return in This been just color, extent into hoping fairly to for more this BELBUCA your will view, generally

Jeffrey Bailey

do follow want And but go please as up well, to first? Scott, you go Scott. ahead, maybe I'll

Scott Plesha

Yes. Zack. I appreciate Yes. Thanks, it.

view critical. which of that visits, kind the we face-to-face mentioned I earlier So as

space, a in times into lot change offices opioid because actually not patient. the make going patients of they a unless will So they the see

switching. to product be adding either it that So could or our

you space probably early the are actually again, the we And visits, but saw pain in aligned, face-to-face in the quarter, pretty So was that data hardest ones coming the early visits decline at rheumatology, than look XXXX. the we back. a it and probably when as were going less again, stabilize there points That's XXXX. were exited now. hit XX in to It's they're

now, we're by, we'll in of So ability that's we and here Obviously, back. see for United opening The think that, be a of thing in and States I get lot HCPs are that we're have that go conversation. to trend encouraged front is key a us. I up our actual to encouraged going meaningful feel things the do think though, a

is of when and force the data, increase our in we saw and November, last with So that and our a July, the at February opened our ability interactions January, up we January in we hit October, we -- look steady to then December, kind have then a period, holiday short face-to-face sales peaked month.

meeting. and weather sales We a there also had some national in

of March, So down front of even. of been time amount we of jump And all-time But XX% pre-COVID. over since in reached again. was that high we've HCPs October a really dropped kind it the kind then for an

So shares see last we're is share weeks. X weeks, now in to the We X.X% where, recent our did QX. starting in up The numbers also X.X% our NBRx X.X%. in already to in rebounded,

So trends at as starting start pharmacy to isn't see coming available. look we're some there and to of can demand that back We some see we already more publicly as even well. granular recovery our that

to of of we're can historical very and the we year, our like rest some growth so more encouraged rates. feel And the get back

Jeffrey Bailey

Then we right force, one us. with everything really down, here placed for imagine, this about a situation think look, is And that's a have to this the mean prescriber, of ahead that's pandemic, is And which II go business, face-to-face that just can really it's right promoting from change is doctor, those your on -- that doesn't interactions we doctor, is this in the market. this market is in just the where with one dynamic one being bet in business is right of that could thing right fundamentals only something our the that's and really that's That important Scott's Schedule change. the sales we're question there market face-to-face doesn't us. comment where overall frequency I I a as message, one frequency. right our that the market, really if important, standpoint have the where right the -- message, right you build Zack, great dynamic the actively on the

the and quarter well. during storms pandemic also missing And didn't as so in the that frequency help has the been first

Scott but or getting back the were similar out by data the the the trend look be pandemic companies, also, that was IQVIA especially message into referencing may That's patients very before, that's at call other activity back with offices we hoping our there's office. and the that trend to seeing patients going here. we're But us, here see we're one looked where a to of attributes. that in face-to-face what's and things we're some in seeing now the that up also -- as March in getting huge that that pharma was So one back it's a where April to coming helpful

it's important X big have and difference. our It And that get face-to-face clearly reps BELBUCA We with prescribers. Symproic. with makes a so products time that differentiated

make the So this we view want really sure we world. of part that way. to through the seeing important that It's way all we're an the

make So it's one sure. we want where to

By II III. Schedule misspoke earlier. think I I I we're also would that I Schedule So said actually, -- --

to I that we So Schedule And product dynamic getting the that is us. for dynamic only reiterate in want III sure that back but us, out the III are a it's want that, there. the great Schedule make face-to-face to that's to only pain marketplace. known I promoting huge it's market for to just that

Zachary Sachar

if that's one No, could too. more I in very squeeze Great. helpful. Symproic, And then

so. data, prescription the at seems sort share has like it over stayed looking stable of past year relatively Just or

over of So of there to anything the time? you're doing change asset trajectory sort the

Scott Plesha

that. appreciate I Zack, Yes,

we was look throughout is What it impact most we in. bit a this a grew Early had first by that Actually, that -- had year, of significantly there. is last actually when that and approaching XXXX. of negative just but we -- actually business year-over-year, the So mean year soft. business flat, our example every for is grew growth within Prime couple share our really a quarter, we you we're the Therapeutics. plans grew plan But what happens quite we I XX% in QX

comes last it a XX% in year. So then back there's business, that throughout drop the year, for plan. in XX% this And was year, it example,

QX there good grown and we've for in plan, low in business year, TRx similar you see point is negative our had then example, CVS, their news the wins But of because within the X our with highest much share. build QX dynamics. our last on overall count. They a at kind being usually that So it last are so year the impact and throughout year, the

can and pretty we share confident feel actually, grow we So keep growing it.

have We in marketing digital we in that recent months. pulsed different hadn't before done Symproic with

some see dynamics this that payer on here and shortly. we space. market So we typically it believe dynamics back Part in get track that we'll was of

Operator

next from ROTH Henry with question is Our Capital. Scott

Scott Henry

couple of questions. a Just

in is, of reported when revenue back one, can bit why which very per per for expect year, in where somewhat to couple then a I resets. you script. of at perhaps And little per to of rest the quarter, that script the counterintuitive, total the script, -- And because script would prescriptions this trend? off QX obviously, do expect you I we've strong year first first lower per The trend I well, as revenue seeing that in past the do revenues revenue guess the you QX that and be question coming highest revenue think the out look the and we're years, seen continue quarter. is

Mary Coelho

jump I'll first, Maybe Scott. Yes. in

We those on what typically would does goes So low as for as Medicare increase their an see gaps, start quarter, -- the so deductibles us. people and is does have actually, year have is we on. and hit it it the gap expect. it first the And coverage to quite in impact coverage

I the trend So in expect increase gross the fact, proceeds. that it would year to is nets a as should

Scott Henry

Okay.

to year? I sequentially per not net, through expect want would decline Just correct? quarterly the revenue to gross you understand make to sure So that script,

Mary Coelho

equal. being other All other but no movement, yes. Exactly. things There's Yes.

Scott Plesha

of is being other Scott, just as bit, our see out that bigger doesn't And we a -- it movement easily a stuff the it scripts. higher sometime. some little patients outweigh strength our of of only kind time, as over percentage and strength counters blend the

side the But on things. gross flat to of it's -- net So pretty

Scott Henry

any were Okay. Excellent. there And price increases in the quarter?

Mary Coelho

Yes. We took...

Scott Plesha

Terry. Go Yes. ahead,

Mary Coelho

a took increase X. we price Well, January

Scott Henry

what And Okay. amount?

Mary Coelho

X%.

Scott Henry

higher in just we half should similar then conclusion, should Terry. fees in question decline a a or assuming expect for lower? the expect we of then Should or And $X year? that get Legal to final -- we And the second we quarter first about of quarter. second in number a the million

Mary Coelho

Yes.

was increase increase continue million prior the clarify comment. So over to the that quarter, to expect $X any it by just the And to I wouldn't means.

shared on. taper the year speak. down briefs submitted as as we have, as we the -- or hopefully, submitted goes cost are We And would the before, being the

Operator

Tim Our Lugo is from William next with question Blair.

Unidentified Analyst

Lachlan is for on Tim. This

business some was of I this the a So new good the of the wondering in that regions start weather impact terms year program, got country. pretty showed concentration in of obviously the you've

you on I is are diversify to where you new of looking, Or a focused geographically strong use the trying talk is start kind you regions So have bit... presence? guess, little program the a that that or already about can to

Mary Coelho

hear a it's little Lachlan, hard you. bit to

in for right? on, about were we You was think that But cutting the that regions using I and out. first and it so program whether are start Scott a question is that was selectively

Unidentified Analyst

Yes. It Yes. is.

Scott Plesha

it. I think picked up I most of

had last early October, kind Start I middle say, We what actually in would November. then mid-QX, the and of program, went Lachlan, First went on the that completely a year So level. national national, of we piloted so NBRx

again, the are participating NBRxs XX% HCPs encouraged, a in we're and So in TRx. lift that in then a we've seen XX%

business pulse there's now of to I we've months the see automatically, the weather done think system pulses -- last drop a digital patients almost say, potential or our marketing over, actually one -- we've X the X digital of with side, it marketing to in the things, a certain and things areas it is in the share additional and years see though, might year, we last actually or drop, in really and question infrastructure areas. issues those of HCPs X.X is dialed one your on in built we in increased team issues if the a an communication that let's -- has important event does where kind we can answer

So you. hopefully, that's to helpful

Unidentified Analyst

Yes. Definitely. question... A

Scott Plesha

we sorry, hear can't you. I'm

Operator

Instructions]. [Operator

question Our Tim with Chiang Northland from next is Securities.

Timothy Chiang

benefit this you for Symproic marketing because pandemic, of and other had of a the opioids Scott, the couldn't heard once prescribe sort pandemic. for to will lot it was state actually the that during for instance, side that. -- how change sort a when of they into thoughts state of on opioids. could well had just I'm that I could basically I some patients Florida, because your actually on product? wanted Schedule patients anecdotally in come the it's that question we get Florida, changed the easier a III like physicians those largely from to doctor's BELBUCA get -- wondering, office. the so of revert The basically state without rules they opioids I get rules get BELBUCA And back, the to

Scott Plesha

prescribe be up this be And Yes, change easy I we regulations increase difficult and question. or for time. some could honestly, to it always the during somewhat how of them mean, fairly I appreciate been can to more the lighten they did it's around -- convenience they prescribed access prescribe again, BELBUCA. because patients, to

They've like refills to things it. able that. you call can reminder, in, for always been it write As

change. to anything We back upcoming not haven't changes they're will -- about -- won't regulations to any going those long that sure reverting really Tim. us, persist for I'm heard So any how soon. or anytime though,

that. we haven't modeled around anything So really

that helpful, think think, I going I differentiates anything us forward. is

Timothy Chiang

front. I it I your a would for a negative wanted in that on is let's of Okay. decision. you set And Jeff, decision there legal any or just or of appeal you're have do would in it. imagine obviously, mean, prepare to contingency plan get waiting the decision, worst-case of Is for on even say, to the I you sort bookends thoughts -- way just what sort put negative on to a scenario? yes, you handicap And this have mean a -- up started I impact you get if already scenario, that.

Jeffrey Bailey

reiterate leadership really stewards Yes. we've And just our Tim, to the there. responsibility just case that laid great feel like good out any to team be that strongly we and so of business. about our

You different think about things angles. all from

So about our stands. feel from But about just angles. that all we we different reiterate think case it where and to strongly that

we're the where -- just types at is would always is topic the answer the for scenarios ready -- world for this as as through. of one making is you different dislike far our look all whatever within probably play sure whole So that

we're scenarios assure everything I but -- options our under top that you like and of of all looking on that different at fit game So want just different that. sorts to BD

So Tim. hoping answers I'm your question, that

Timothy Chiang

of obviously, decisions. Yes. for wait you guys about court BD I -- guys you helps. good you sort pretty it? going the So how to And Is financial are decision, thinking of right? No, make you obviously, that you're any before in are guess position, sort a that

Jeffrey Bailey

all. trial approaches, but Tim, naturally, But BD in certain a not between outcome link there's

So we where that end. between our BD the granular that's on how world that comes way work probably the are there when read it to thinking the lines it's you'll one we're and about

a -- is all link there's feed of BD approaches there a But it's different approaches, but trial. through. not with tied So the number that BD certain to approaches

Operator

management for to like conference reached remarks. end turn question-and-answer the have would the over We of session. our I to back closing

Jeffrey Bailey

Thank you, Sherry.

dynamics as as we're of the quarter, really to of fortunate. of some a the just with footing. -- -- quarter but far as in of here we're on solid far -- effort Really employees very first the our As first reiterate, business our team, proud really the

front really good We from feeling it really really, about our just we're that here have and in and products excellence really to deliver and in our us. our play in comes the you guidance of out just world marketplace. day focus operational that's differentiated forward, And And day out. to in the XXXX. can well, But to our and that's tell execute executing good of really really back mantra look the team

look much to point, soon. that to for want very at so today, forward you thank and everybody speaking to participating And

Operator

today's This you. does conference. Thank conclude

your again lines your at for disconnect you this may and thank You participation. time,

Biodelivery Sciences International (BDSI) 6 May 212021 Q1 Earnings call transcript