Biodelivery Sciences International (BDSI) 4 Aug 212021 Q2 Earnings call transcript

Company Profile

Participants

Terry Coelho	Executive Vice President and CFO
Jeff Bailey	Chief Executive Officer
Scott Plesha	President and CCO
Brandon Folkes	Cantor Fitzgerald
Greg Fraser	Truist Securities
Zach Sachar	Piper Sandler
Scott Henry	ROTH Capital
John Boyle	William Blair
Tim Chiang	Northland Capital
Oren Livnat	H.C. Wainwright

Call transcript

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Operator

Greetings. Welcome to BioDelivery Sciences Second Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. the Chief to Financial turn Vice Coelho, now and President Officer. will conference Terry over Executive I Thank you.

You may begin.

Terry Coelho

is Leading Thank you, quarter call Officer. call. second to Welcome Chief today the and good XXXX morning, earnings everyone. Jeff Executive Bailey, our conference

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

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

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

Jeff Bailey

much, call. and second you XXXX our Thank company’s to welcome, quarter everyone, Terry, very earnings

sales There team long-acting on will well continues takeaways are the XX% increase the strong remained of second trajectory as prescribers strong in business today. an total to as growth. sales by robust of quarter, we BELBUCA market quarter-over-quarter to LAO remain all-time in was resulted market The of BELBUCA cover is Despite one, including brands X,XXX, increase to business with quarter for and and a share in quarter year-over-year. second well net increasing continued complemented the interactions I all-time market in opioid unique of X.X%, between remain Number the grew visits. XX,XXX net and prescribers COVID, improvement volume with softness growing prescriptions drive normalizes strong want second overall an XX% encouraged that an long-acting growing of opioid that Our our business XXXX. very an total the patient serve by which of expected us a the BELBUCA prescribers prescription growth growth manage This in-person three year-over-year, year-over-year. sales slightly high face-to-face in BELBUCA growth representatives remains aided our the during at XX% by our very main prescription market high

growth approximately or shareholder sheet, The cash solid business a of of in in some strategic flow operating $XX.X million $XXX a attractive through and generation in we development. business margin. EBITDA, the million $XX approximately operating prioritization execution two, cash. the we and balance grew us management litigation first our through forward. in XX% the was quarter, invest generated costs, which EBITDA in careful excluding us the maximize million In of by time, to accompanied enables value ending an takeaway This number to quarter going market $X.X million quite with future continue gives LAO and second optimism combination our in strengthen time prudent Key which expenses, with

The ELYXYB. acquisition the rights of and U.S. the takeaway, I and to final Canadian announce third to pleased am key

what strategic attractive product fit to series ELYXYB ELYXYB deepening in of into BDSI or market, to a neurology. we the presence portfolio to the our pain for neurology and protection intellectual The It logical platform adjacency excellent without first our and our property see opportunity migraine of and is by oral diversify has by FDA dynamic steps adults. the build for XXXX. an with an in solution only growth expanding the represents ready-to-use migraine into a aura franchise. treatment is approved acute in

market. share a shareholder For revenue the value infrastructure. to and is anticipated migraine to going leveraging achieved few existing I’m and of of planned highlights XX A substantial drive in first quarter evolving ELYXYB the much will in the while differentiated well is you, delivered with growing participate celecoxib company’s and meaningful clinical It the that a XXXX ELYXYB speed in launch, our formulation growth molecule is of approximately in trials, Tmax onset with minutes. known

the ELYXYB, ELYXYB, our be within receiving attractive the of it conducted, track those commercial the has record of ELYXYB be team achieving quarter to well success, or headache to will pain which achieving agreement post-dose team’s creative a commercial leverages patients of space. affairs existing In approximate The Most terms months migraine hours of XX benefit pivotal at was as and the placebo. acquisition is infrastructure, as for The Symptom XXXX. estimated expertise among strong greater medical the significantly anticipated percentage launch, of two our studies patients first from X, launch the percentage in our to in is greater compared receiving among hours in Additionally, receiving compared Bothersome was patients to two freedom MBS significantly patients placebo. those freedom post-dose receiving two Study

migraine be we place working to fourth of quarter. follow additional for QX, at a potential pain pediatric early potential acute deal for more and a take will patients opportunities, commercialization QX including the the much anticipate Importantly, the ELYXYB we in in which various indications on acute the expansion expansion treatment or Day of Canada. We label and close BDSI/ELYXYB in late in Investor expect to will early treatment

with provide brief Scott, you Before wanted turn update. I a I over to legal to

On share at we challenge related the briefs were patent our the three-day with product raised to parties court’s post-trial trial on strike defenses on earnings the IV Xrd. copies moreover, from launching XXth. agreed entirety, court well by quarter enjoyed call, from time its their merits. granted bench the Alvogen that and motion the Alvogen May two March in in As subsequently court as on Post-trial three as that first completed first concluded cited. with XXth, its improperly arguments its the BELBUCA decision the invalidity Alvogen for Alvogen and strike the trial documents June patent Paragraph to pending a generic requested BDSI our briefs,

We developments the these we directionally and decision positive predicted are the neither of timing in rulings, confident latest the pleased very strength the will litigation spite decision. the In reach court’s remain can of the nor court IP. with our of

not are Scott? the to over that, provide With the further quarter. comment litigation. performance turn of the call I regarding ongoing second to We during our will able to more details Scott

Scott Plesha

Thank you, Jeff.

for XXXX in TRxs second second quarter TRxs QX XXX,XXX almost levels. down flat high IQVIA relatively in-person QX combined. quarter-over-quarter been retail, were by X.X% new mentioned, levels, which BELBUCA the in of We remain despite over increase BELBUCA in XX% and QX the grew Jeff QX LAO their in X.X%, XX,XXX pre-pandemic of market of of long-acting all according care order compared solid have to fewer lower year-over-year share growth XX.X% and The during long-term in with XXXX, XXXX. and a This mail BELBUCA’s by and market BELBUCA clinic continued to to market to growth, TRxs which near visits, first represents compared a grew up visits prescriptions recovered from pre-COVID prescriptions script pressured to contrast rebound and compared pleased XXXX in TRx X.X% quarter. year-over-year specialties, patient sequential staffing its opiate pain in QX to to the has practices revenue and quarter X.X% to As in

which of metrics prescription grew these share converge. X% historically quarter its opportunity new-to-brand to second quarter, of as above from meaningful X.X%, by significantly there’s a total the X.X% X.X%, remained TRx means share the in During BELBUCA share, first grow market still

healthcare BELBUCA approval. enable providing the most start was XXXX, to implemented commercial prescribe to the to patients efficiently program. It while of Importantly, NBRx of from XXXX the count X.X% to QX an QX NBRx HCPs time increase prior by is and quarter staff we consecutive for increase is providers to intended the since BELBUCA the recent count down saw quarter the while our securing BELBUCA, convenient entire to This an X.X%. third QX from was for X.X% NBRx access of first program authorization first market now appropriate

a First in XX% generating start a extremely in been an program. XX% and the lift TRxs tool in HCPs those lift has useful participating in NBRx

monitor initiative to brand’s to impact the continue to this place trajectory. BELBUCA’s keeping it is the the of growth prescriber build Continuing XXXX. We base to end in and of important anticipate

X.X% over We report for and to new our for quarter. in growth vehicle increased pain practices. by high expect first view improve prescribers, increased by pleased an prescribers that to patient X,XXX encouraging grew have as prescriber to the prescribers within impact unique quarter We growth extremely are visits year-over-year second as face-to-face also this XX% Sequentially, the a our brand. time

commercial commercial strong XX% with balancing year-over-year reached We and of XX,XXX TRx covered while is and with Medicare. with BELBUCA Medicare to of to coverage This consistent or coverage all supported which XXXX, access is of across highs from an BELBUCA especially covered live TRx rebound improving BELBUCA prescriptions a significant QX XX% a provides growth, enjoys payers. payer in to X% new XX% currently a of of approximately remain are lives. in increase level BELBUCA, levels, QX attractive Symproic by X% and which market grew year-over-year Our Medicaid QX committed our access QX XXXX sequential coverage while XXXX. growth to both rebate for at for payer opportunity covered, preferred level, has levels. compared in types

our XX,XXX well increased to X.X% status a continued growth for of increased with NRx We NRx positioned QX, XX.X% lives, status. count high second to at share commercial for covered as Symproic Like Symproic XX% for expect during Symproic BELBUCA, the new XX% with is quarter. count preferred brand. in NRx

expect increase the brands share year. job wins PAMORA in declines the rebounding in market call, growth our as some during of markets PAMORA historically stated in well played BDSI and pulling new formulary the a plan improves force in have quarter-over-quarter products and we through reach XX% throughout The during Prime remainder QX before The QX the we highs the Symproic rebound the XXXX. sales quarter, that coverage TRx during a to QX year. renewed as done therapeutics, outstanding As role count

As are leverages track logical based for Terry? we our on Jeff an our adding to this QX and pain I’ll financials. product our current portfolio. provides ELYXYB our XXXX Terry I’m of launch Moreover, the call Certainly franchise. provide on to focused avenue with team’s successful half With it another turn beyond. existing like extensive a clinically product our are well-positioned and adjacency to confident execute our to second on infrastructure we’ll the remain to portfolio, in that, update launches. over be acquisition proven very important as be to product record a mentioned, that strong we of able XXXX. The expertise, for we excited of team’s commercial much our experience of a a commercially-ready growth believe

Terry Coelho

all-time of Thank in modestly XX%, of an XX%, second modestly were Total first QX the compared revenue increase $XX.X quarter quarter increase BELBUCA quarter the generated an you, the of to in the in second second of of revenue Scott. net the to above million, XXXX second $XX.X the million net of quarter of and in million $XX.X above high quarter sales net an million, $XX.X XXXX was XXXX. of compared and XXXX XXXX. for

included accruals. deductions of sales a As in increases of gap, XXXX of reflects primarily decreased as Medicare seen $X were Net increase compared well typical of gross-to-net XXXX, the million, first coverage second first year-over-year the one-time compared growth expected, quarter for to QX benefit for X% a BELBUCA in to XXXX. to related quarter to XX% as and quarter due the which second Medicaid the Symproic gross-to-net having quarter as

in benefit As the increased expected, increases to the reserved goods during the XX% Medicare in second to one-time gap, $X.X of included update due due of million typical channel the Total Symproic inventory. the Gross during for compared the second cost was associated QX of XX%, recovery gross-to-net our for of well coverage margin margin seen XXXX. margin estimates. XX% quarter with benefited the quarter previously quarter second first as deductions quarter reduced a XXXX impact to as a gross-to-net gross having the quarter of and margin to from

return We QX operating associated our million in XXXX going $XX.X were of gross expenses in include margin to second compared the expect the in second $XX.X typical range million, higher XXXX. mid-XX%s operating XXXX the forward. expenses to in case. quarter of PX of litigation $XX.X XXXX, million costs to more quarter the Year-to-date and with Total

EBITDA sales, share million of of always, income XXXX. June $XX was repurchase compared or and $X.XX a sales in and the quarter QX million million XXXX XXXX, BUNAVAIL. of net excluding the million in increase $X.X with first in excluding stock-based a of to second million increase as million $XX.X $X.X $X.XX $XXX.X million million income we cash share. has equivalents the cash one-time for net and that to quarter of sheet, offset of was certain $X.XX XX% net when XXXX, through period $X.X compared was XX, The the on shares, to was resulting discontinuation of net Year-to-date, cash $XX.X expenses. $X.XX continue XXXX of or an partially the of per share, XX, GAAP of quarter with as or excluding Non-GAAP transition million when the $X.X $X.X net $X.X second in to million by year CEO the associated the same the $XXX.X of as million June over in in million and intangible strong costs $X.XX share and $X.X of million company net is used or or quarter balance per operating a XXXX, compared income hand items, of of of first GAAP cash non-cash net in in Operating closely As as second to net or with of of per of quarter flow of income million per $X.X to generation of increase and income assets, non-GAAP as net XX% the prioritize QX $X.X XXXX million second or quarter and the XX% quarter share first quarter compared compensation in net sales income manage of reflects or GAAP second the amortization XXXX net XXXX. XXXX. compared million, income well in impact in non-GAAP for an GAAP per XXXX. the $X.X $X.X

$X.XX. value reflects team an strength the our program XXXX and of approximately the share buyback the of repurchases X.X the repurchased to-date million. quarter million This and in shares of late the million initiated Board of management XX% price average amount represents $XX continued fourth total share in of authorized confidence QX business. of have Our we the XXXX at was through The in $XX.X and

in total slower maintaining XXXX While of our $XXX $XXX full million. this net of quarter, sales at guidance XXXX $XXX for the end market million past $XXX expect LAO of BELBUCA the in range commercial are our expected the normalization revenue observation net we than to of to of environment range lower guidance after million, million to the the we year revenue be

the storms. discussed, incorporate these previously winter QX estimates the in impact from As

expenses We continue in $XXX range ongoing $XXX to to business be estimate million for of million. to our the total operating the

of business. payment positive $X upon an an of upfront flow to XXXX. in from million milestones to cash operating sales. $X in additional billion ELYXYB for from of in in the ELYXYB conditions, Reddy’s to the HSR with sales period of to modest be up track payments closing Hart-Scott-Rodino million transaction achievement net under will or BDSI of of tiered Antitrust company EBITDA rates net deliver with million closing the XXXX, Additionally, the August digits remains Improvements Dr. on along make the range XXXX million for high-single $XXX million quarterly Act. applicable on the the completion low-double million, $X X, $XX including The be ongoing to satisfactory Act will customary earn one-time expects from net $XX ranging subject in The on upon achievement sales sales is a acquired ranging digits. $X $XX waiting million out to

ELYXYB its strategic retain With going and any these remarks updates at attractive financial acquisition the up to a as strong Jeff acquisition for turn call concluding for this the of Jeff? call I cash guidance terms company to to we The allows the now its maintain and back future will company the ELYXYB, flexibility forward. position, will a open Q&A. date. for the of result transaction before share some

Jeff Bailey

employees results. a dedication Thank take to continued moment you, to I for thank want Terry. our driving their and

a continued our to platform we’ve ELYXYB diversification. step take future assets to neurology. and establish been and and is this growth contributions next form able As within the to for result, the entire a BELBUCA success Symproic, foundation important team’s with growth the ideal

are this next We excited for chapter patients, BDSI our about healthcare very shareholders. providers, and

take will We questions. now Operator? your

Operator

Cantor [Operator first Instructions] you. Please Brandon proceed. is from Folkes with Our Thank question Fitzgerald.

Brandon Folkes

to and question the to my closed. But firstly, taking ELYXYB go acquisition a very congratulations that, label for encouraging expansion to Maybe, let’s Thanks It’s hasn’t and be the heard I on there. working acquisition. you’re on going hear. on quarter Hi.

are just questions don’t a your here, it’s view of of may kind measured in assuming you then, terms or and year maybe is XX-month a the think R&D patient of return and Thank more So your much. the you rebound this very these patients secondly, do front -- just in terms go And maybe Symproic, both demand if high in all? funnel shift of in XX-month of ask both sort BELBUCA guidance later recovery I’ll a up of mind, level, towards sort on at a longer and for happens over bolus you you to contract? in some my

Jeff Bailey

Hi, Brandon. Jeff. today? you doing It’s are How is

Brandon Folkes

Thanks, Good. Jeff.

Jeff Bailey

Okay.

second take sorry, take look at ELYXYB, we to when your question a am So going here. I first

me one. Let that just tackle

the So, see we growth. markets when the what this happening, you a take as we a do back coming growth measured look at see with

LAO slowed there we really BELBUCA as So we is just market gradual make out see gradual But and we growth that’s has that that for to been came play. into Symproic. this a something that both back coming pandemic put see The improvement. do want sure that during a the and this

encouraged the happened really by market. the We’re as second in as what quarter far LAO

gradual part we you first asking question, and when on So my cut you So ELYXYB? that. I have optimism it. came first of And you for apologize of part that could a good of your bit question, to the repeat too, the out end

Brandon Folkes

Sure. No pursue label you problem. going And I you’re to expansion work ELYXYB. think on mentioned

commercial a been has execution BDSI company R&D. almost with historically, Just, no

So sort great? changing R&D, any your just that in the is that company strategically, Thank would with color first term you. of term R&D expansion, be of longer just glimpse terms view for into the around this view label a on maybe longer

Jeff Bailey

I got it. great Yeah. No. That’s question. a

on something it as of So, and as label this that’s somewhere we’re and primarily that, it’s expansion also is that need unmet well. certainly required as focused pediatrics is an part

hand-in-hand. goes it So perfectly

it community need really sort it’s it’s making I logical ELYXYB getting data where the nail that sure where It’s of this observed. for it. wouldn’t is development one you’re next that a end that the requirement, basically as one be end. deep into of -- the necessarily this one great is looking world but of really where to and pediatric we’re the our for and at we the So part the step on view This also FDA opportunity.

market a about great really it’s So opportunity.

the But road now ELYXYB, as we’re out which is pediatric. excited a deepening this laid as one far with goes, far additional focus we it’s about great just into as our over really next down that to right executing this, focusing where, us aligns As time the step here. label for this on neurology, really really really strategy

we’ll unmet acute keep And very our down going The also as it with as But as to make just ELYXYB, pediatrics, really a goes because as we and with pain We we migraine more here for much the our have step, potential profile had road. that because assess step. that’s as on with optionality also first very, we something obviously, some go so that far after need. sure do fits that next a then we ELYXYB see nicely. work adults we’ll great ELYXYB,

question, your Brandon. So, hopefully, I answered

Brandon Folkes

No.

You did. congratulations and again. Thanks very Jeff, much,

Jeff Bailey

Yeah. Thank you.

Operator

Greg is question next Securities. proceed. from with Please Truist Our Fraser

Greg Fraser

and folks, the morning, thanks Good for questions. taking

expected work? other pain is variant you cases areas, slower tied to picking chronic factors think recovery, do there the the market in rebound the certain than at Delta On are up

Jeff Bailey

one? do want ahead take go Scott, and you that to

Scott Plesha

Yeah. Great. Thanks, Greg, for the question.

lot we’re quite little with comments, the of with visits of patient a on bit practices, still. of we to then down satellite as feedback HCP about patients visits downsizing of go Just gap in our you in imagine, them give that staffing, bit from what out and still lot and was reductions, XX% IQVIA a are of there can down we a doctors. leaves and and that at We specifically, my when And kind share offices pain up is we a guess, now. where mid-XXs. there mid-levels occurring the that’s mid-XXs, little where see face-to-face background telemedicine prepared pain in saw It and you marketplace. more data that And are pain we peak there’s the well. and with And bit getting while back a triangulate a occurred is and the the within that in of seeing feedback COVID, a we’re qualitative the as in of see team this. constantly closing lot pulling I right

specialties them, via we treatment not doctors less in make in likely space regimens of are patients’ pain productive that what’s to to changes across NBRx and the also as all what that telemedicine. out know is front mid-levels So and a without are there bears

about think up. about trying staffing, I -- to So it’s staff really

hearing hiring. sectors a in lot we’re think across challenges of I

open these that think to the just in up as readily able possible. out space. not as bearing satellites They’re I

We’re encouraged.

open We’re in some see getting access starting them we’re and to up offices.

We in a haven’t year seen sometimes. maybe

things improving. So with quarters kind was time are patient market that being which the that without is many, leaves And of visits helpful. Hopefully coming market. think bit But was the going up in a even LAO back we like the I the stabilized itself X.X%, market little of a feel first think I it completely, many divot. that’s up,

Greg Fraser

you. Right. Yes. helpful. very That’s Thank

help see On us the about treatment sales thinking acute can oral new potential? aspect, the understand where how you sort migraine you you’re and solution fitting into of the paradigm

Jeff Bailey

We patient, just eyes part out a the our clear of something to making at is see actually, there’s obviously, But truly it’s far a as as million we migraine But benefits in important comes activity it’s lot are physicians really us, ways a CGRP market, market. open many everybody decisions diligence this noise, really in point as XX noise, over that, on because there, super growing play one. fact which fitting, differentiation, when annually. that key It’s of lot there’s is to through. this the that of as is that into the a state we direct-to-consumer all patients really very far advertising, it wide X% that go big is with patients

difference to way us also mechanisms is that profile from that that the adults are a a the fits solution, us market positions treatment and to team. quite research the approved experienced also of be of able if on farther around I our FDA to do the to with differentiates looking and only marketplace oral want see well. we ready-to-use this head be that the I hey, our really us playing an of action, acute talk me out migraine I’d that, it your to oral crutch our in put what of experience helped into Because the team be of being from that Greg, for a just end. remiss the physicians clinical lot solution with really little of a part our we delivery question bioavailability see that think with We’re for didn’t different where share, I makes big really that to a that,

Officer, leadership look five has are a couple product eight at take you on headache and and experienced of migraine. the neuro many migraine. have he’s products in of Chief space, A launched in in our a He have team experience leadership triptans. migraine. leader If a migraine that launches, opinion and we including key in has Also Medical of here, physician, team Smith, the XX the Tom developed we also examples products commercial this

really few the Tom key in play with take the important be getting also again, to the well. to out is part that you as has of question key all our a So it into back with, so to It many as are in, part we know different question a which but fits marketplace. market back tapped in about we this diligence, But your super into, look the opinion how when far a how leaders, getting the to that that the ways. is -- at ability leaders really know able your to answer key space about relationships fits

great further far So want feed fronts. I many to we the as And opportunity existing really again, really it it a very fit the CRM digital when in to capabilities. expertise super effort. and desktop as play, we’re with comes our here far tools, see also on it a on infrastructure, prescribers efficient, as off take using targeted really as that which but high That’s in see really our fit we our step to also makes it’s focusing

and things some so really uptake the that on what’s BELBUCA with through good and been of have We proven BELBUCA playing that with there.

always aspect quantitative that developed is how that, really So, see hopefully, see fit it’s the we through we Greg, extensive qualitative. research and marketplace market We products that your into about the been based on thoughtful very there well takeaway [ph]. a quite bigger see just and a are tuck-in significantly is that is than, we on some fits is the something this ProX that opportunity this end product, market we’re, not listen, when

some have mentioned as will the five migraine put fourth XX on of you is come is ELYXYB, early to something, question. before. go deeper -- refined I We we’re market things But market. your on to that, more from quarter kind think we this that with that have back in standpoint perspective about a whether an the times number going so than aspect ELYXYB/BDSI Day bigger we to or one is for four really that of our be this will in PAMORA answer

at competitive in but market amount tuck this you significant no low ballpark this that share open low again, market, $XXX dollars this and market to And the single-digit garner -- have landscape is if that this certainly, net share, So, is eyes in your end. here a garner of garner wide revenue. this to single-digit about in million if you perspective, around just

good a So, pretty situation.

it, we’re about Greg. So pretty excited

Greg Fraser

you’re it. spend add to incremental guess of Yeah. study? Got to and types reach of Thanks that. pediatric the sales sales well now. the the you plan for a about marketing And think as on product, than calling for reps broader as neurologists do group should I we R&D how

Jeff Bailey

all, Yeah. is spend. When you think for year about, well, first this of modest

great reps need. really take the I of --really engine as Terry, the there. focus I’ll and -- is the focused in right a is that this the thing, footprint so. more that of it you at current well growth total want that’s as sales would of that not think that elaborate deal we on So second. of things I mothership as number get now the on But current experience about that, we lot that critical very think even your we can look important BELBUCA. far that’s a that on, on serves to a an eye sales footprint, much the we the But maintain we of is BELBUCA, BELBUCA growth especially have we to relationships keeping and lose the just one have

this huge So trust that’s really one. on

caught current potential relationships data, migraine done within to up digging the the data. And because will and universe. so Scott, and serve very for these team on the there’s it’s But as us same far really as great a some really see our interesting has well, nice job

good. really that’s So

So do dedicated that highest start. important does or smaller sales our on prescribers. focus plan approximate place sales but that so sale to We neurology, ELYXYB will that’s XXX on a team territories, migraine an the

potential they sleep eat, every and highest these focused drink just up ELYXYB. and people absolute the and are So day super just get who

have we good experience with So this. a

We within potential force sales also there’s that that targeted also. effort that see some BELBUCA

we So like also. that

So they’ll certain in What have we targets well. the second pay be BELBUCA to type of population as able on. to promote patient position, a

described. modest spend, that’s we’re as where So talking now this the about like far first sales look where the I that additional And you I are bring we we just take as of a really that year goes. launch quarter, on that’s with resources right at, said, will the

Greg Fraser

Great. Thank you.

Jeff Bailey

Greg. Thanks,

Operator

from is Sandler. David question Amsellem Piper with next proceed. Our Please

Zach Sachar

the Hey. Thanks. quarter. David. Congrats This on in the is Zach acquisition on for

net I in light other does in guess a of be you’re the looking within this Just types at? are wide of might of you neurology? in you acquisition, of ELYXYB mold transaction the terms for fit hassling terms assets generally the kind what of So looking

Jeff Bailey

situation So quite at for logical pain. talking described take what like my a next the now as pain we where been experience a neurology, it’s as adjacency it’s as Venn far we’ve TOPAMAX some neurology in far going have the when you about What are far with back great those to as the as so as diagram between is we time and as look products. two ULTRAM that, overlap and far J&J a right to past, as

way. in So that it’s very similar

that as success that past. for in important see a that happened well know what’s fits really and reason the we as this as really formula a far we So is so

As comes that, see its shareholder with we on to what back at up in of chew to as the really very enough going the of so something But it be only right course, shareholder of far value as it really other might the we’re always on potential right the ELYXYB, brings on standpoint far that minded so see much based is look to road, have ELYXYB to-date, now down we’re what that that going value. come because from curious as, to thing that now as we’ve own we stands far things seen. much we as open

that continue. across, are if as assets we there far As we’ll come other

make that a anything process something scanning through. plays the that there, quite value. we’ve that want are to it’s look we We also it’s that something that’s really sure had at world But that do we brings what

certainly that wouldn’t ELYXYB very got we something I where that soon. now, going anytime from in but here and sure. here end, ready and right keep anticipate will drop excited So to we for have it’s on scanning there’s and to else do on that’s something value access to what But we just enough the that’s universe us one is of that actually the say,

Zach Sachar

sense. I then That Yeah. quick in more if Thanks. sneak one makes on one BELBUCA. And could

in of front of and particular, D, has aggressively made sort in the on philosophically you on payer here? terms Just changed contract a Part how anything

Jeff Bailey

that want Scott, and do to you go ahead one. take

Scott Plesha

Sure. Zack. Yeah. Thanks for questions,

mentioned, one approval to see prepared appropriate my at And we balance of look my we’re I -- think, trying I that’s access. maintaining XX% do with encouraging in again, over rate. comments, when Medicare, gross-to-nets is, as always things we the

actually, look XX% So D. commercial, we in in Medicare. better it’s in XX% if our Part actually have have Medicare rate coverage, approval lives covered you We at a

have still as well. to and patients it access access affordable it’s So

prescription and would we’re we’re that’s making not coverage, some that It but Medicare able to rebates we up sure balance, make to time over I So not open that providing literally are think doors growth. could important. trying in we get

so and it So that’s that where about we’re thoughtful being is.

the haven’t door. We closed

getting avenues but We’re to to very different coverage, wider nothing to time. trying still to hard approval, report getting I’m and working sorry, this find

beginning are in learn a and when of As of know, kind lot I the of typically. you is you usually in wins about announced Medicare believe QX, year know take those you things effect probably

this said, but So, I nothing as at time.

Zach Sachar

Thank No. that. Yeah. will with I you. leave

Jeff Bailey

I So Zack, the expand What with of should a team venues lot very that. for experience good math. brings for results said we’re the thanks questions. has a doing and really impact has The on our team lot the Scott careful. that, company? what regular

do your one math So the where, it’s we question the is all really time. good one and

So business it’s make really sense. only that ones

a for very it’s Zack, So thanks question. But, the process. prudent

Zach Sachar

Yeah. No problem.

Operator

next proceed. with Our is Capital. Scott ROTH from question Please Henry

Scott Henry

I talk about… give Could of like you Thank participate. you A to to Terry first, couple a questions. guess, good and morning. chance

Jeff Bailey

Yeah.

Scott Henry

then the we first, and it should question why in it was down about was is, SG&A -- notably quarter, how going the it S think down … we forward? should think and about

Terry Coelho

Yeah.

So, thanks, Scott, for the question and the opportunity to answer something.

mean, year kind combination the kick well. as spend, investment the being legal early the also and off in typically that in We’ve early was the you trial part a PX -- you quarter So as spoken the spend about I of have we’ve it’s marketing year talked about and as every of year things. you down, with of higher

have the So been compared quarter. I quarter look you when those would last drivers say to think at first second let’s two

guidance the same terms given we’ve in guidance forward, of the still Going the SG&A holding we’re where our spend.

continue -- that. think, spend, still you yeah, sure can the what I make in that well prudent we’re prioritizing doing to revenue I expect we’re think, mean, line spend, considering keeping and you as that tracking I is we’re it us very how we we with,

Scott Henry

seems never that in is, gears significant such question buy back in be for doing then that view obviously, front for that how we you the Should confidence the well, a going case kind tough patent a shares the perhaps, as and event a of of event an to but should of is of front share question. or we that about it you decision know. buyback is, event? company in But, you’re color. front And little unusual? that think shifting Thank Okay. And a BELBUCA

Terry Coelho

be… Yeah. may I there guess,

Jeff Bailey

Oh! You Terry. first, go

Scott Plesha

go first, please. Terry, You

Terry Coelho

our No. to this But -- ahead, does just look, I business. was Jeff? go reflect in the going say, we confidence

Jeff Bailey

of the that, at what the case. It’s confidence also been about in the and has with if legal confidence take just very in And us It confidence look the in beyond goes the part viewing, aspect us it, the front stock just standpoint, front much just business. just of road is that’s the well. you it of just growth and of a legal merely as

on think very Scott. you’re move it of just something move, prudent very So our But we has the that thinking calculate way, was end. that to it and take I it prudent think we’ll was right been a a

Scott Henry

at about Is small questions, we couple the a just that think picked it there? of perhaps, the And a market in of when May and share, I BELBUCA, accelerating, down look data kind March in kind and and noise progress Great. script or June. up bit in but April, Okay. when then slowed little penetration in should

Jeff Bailey

future and we also the to when getting that the really be on getting the see really new offices, huge of pain. sell, that BELBUCA ties But, that build in yeah, Okay. But and very is patients huge something Also back to this optimistic that mean, that representatives is have a we’re that that’s are first, is Scott able we face-to-face our huge back capacity that offices have into. paying run combination back time your And this their time, the patients office, improving, -- talked into getting challenges to which attention -- patients we I much Scott, to to also into us about on. that are about but really to you face-to-face close the into is it’s really that that. getting the maybe something some bit

and demonstration and takes product that through. about all good staff but play face-to-face how a to the use the there’s to office the So stuff,

the we something So ball stock of in what you the on the very was described, towards we is moving did really we describe quarter, back that there. months the direction it end seen the right that you see well that

it’s go too in hand. really where So and that. I This that. closely key think Scott the about is spend complicated face-to-face a lot so and key. here that monitor they because that, something that’s hand something I we nothing that’s -- talking sell It’s probably time of

on and makes be able big representatives are -- Our really that to and who docs connect a that able customer in front good, get of they the when time a to difference.

going to pandemic. positive And see to were is an else that through that to you’re making where that the moves so encouraging We Scott, relative add you there as well? want anything forward. some really as sign with we

Scott Plesha

did by I July didn’t July we at the well, seeing that during said. But actually and was viewed carried highest on week share basis. our February. IQVIA, week after public. with weather We see to that week I all lift substantial the of as end The monitor we’re activity a We amount. that’s as weekly QX, week of think activity higher our a And into in our agree Jeff had that. with the and highest, second numbers it outages a because face-to-face reps actually is closely I XXrd according versus the Scott. This do many is kind actually the our QX of was we -- everything

kind I stands which but it even So TRx a kind share seen averaged of X.X% we’ve recorded inflated. have X.X% then the first in spread more we share. and our NBRx couple in TRx has between QX. really and week even And NBRx was And X% recently, high, weeks think artificially the then of last of a is nice all-time that’s important March share

forward. believe we So nice the going that growth towards point

Scott Henry

you force, thinking just targeted ELYXYB, question, reps, sales how a mentioned smaller Should clarification, -- with sales Final define smaller. I for Great. just smaller to you Okay. XX XX potentially curious think, the be about a we force.

Jeff Bailey

Yes.

will a I it’s would you get about very about it. that this that bigger the bit I right Day fourth number way will than targeted just than what think as refined described. ELYXYB about to -- at think say, point, It’s it. to probably that’s about to think yeah, you far after that you good way that’s bigger just But just it and -- bit quarter. highest think, But the early If happen as a a deciles to more think

So perspective. you your gave to hopefully Scott, now, for give I enough

Scott Henry

for you Thank taking enough. Fair questions. the Great.

Jeff Bailey

Yeah. question, your Thanks Scott. for

Operator

Tim proceed. Our Please William with Lugo question is from Blair. next

John Boyle

congrats on and is execution. the strong execution that while Congrats for on strong maintaining This Tim. guys. get such it quarter deals, you the John were on impressive to the during especially able Hey, done,

as than is you that that some as was the to Delta just update us, to to that’s the the or on in a overall mentioned, can pandemic. midst back the have other first, have holding might two with us and you questions others And up? from little as second, be team any wondering Do slower you ramped Thanks. what’s out sales potentially versus give rebound? market I insight planning why virtual just field the appears markets how manage be if of the returning some pain So pharma

Jeff Bailey

some have the with visits and back baseline is side that that we take some so other the down. laggard and for about, rheumatology the closed were as scaled going a visits really met really in far seem we far where patient I way their offices the pain hours It’s deep something the And and pain really we’ve on were obviously, focus what’s make pain the areas out this. that that just first dive the and lot Terry, But different attention it’s to data was by patient it’s were and it’s close part, will through. COVID It together, on is for them there and our all you to different some rheumatology and deep Scott going the staffing went a compared they take satellite really of It’s part. COVID, brought from because you through to narrowed visits paying during that did I what’s good that laggards. is that this understood important pre-COVID and back specialties to. leadership very pay therapeutic about ways. sales that But were been all going is of before on we versus a Scott sure several consultants really of pain a with office two as on it the really did Scott, now. for and we with managing alluded to patient be something into us geography attention back. COVID, down that before, laggards And about, great second there, the coming much coming as deal as of But

systems out a as John, capacity, of there. that’s the were key in wanting really, starting they being workload gradual. the go care some to physician behind from But to really those with That and on So something and that do get back are key going where starting drivers very some as bit areas to back. things But going that into part versus see see capacity the some limited encouraged see scenes we’re being seen come about come patients to what’s about there. starting it’s far we’re are we’ve We that the here. workload the of to to as being capacity we and see

question? of So, question checking hope the to about on I promotion. before your that you But, I I turn I’ll mix okay? Scott answered be just John, part with talking did answered

John Boyle

was Thank much. That helpful. so Yeah. you very

Jeff Bailey

Scott, to All over Okay. right. you.

Scott Plesha

Yeah. Thanks, Jeff.

other John, and this, our part saw trends that virtual So, an we’ve back the up mix, that things we as actually promotional the think, interaction we improvement is of on in more have better go open seen I face-to-face. that’s and access, down

conversations big our sales is of percentage But force have and that having making really part have up and really that. of the are presentations even, year. now a have so are have So of done to -- send I since of system they where -- interactions with has we every really you place our live improved so individuals a it’s face-to-face, over XX% rep now direct that we -- now interactions gone live and are on out And see last to interactions emails always that’s That’s that can portion follow-up our like way. mix in interactions. you things

John Boyle

much. Thank so you

Scott Plesha

are Thank You you. welcome.

Operator

Capital. next from Northland Chiang proceed. is Please Tim question with Our

Tim Chiang

you a side, that on in well bit done so celecoxib. have guys XXXX, work a this a have maybe this on of when molecule what product Jeff, have do will competitors, just Care market, you’ll sizable there quite work lot But a Managed known obviously, little Obviously, think of wondering, to you the sort Thanks. but about of you Oh! here just are coverage? in good ELYXYB could more to a Access. just launch get and you’ll I’m you bit Care just Managed much you in talk play early need

Jeff Bailey

well are you doing hope today. Tim,

ton question. this. good did work We of So on a

sales, that, and as as due and this different to far guess experience everybody due I functional You marketing areas, of to The payer stress very environment. diligence is comprehensive lot to chain, medical, less the also has can diligence all a team supply process. imagine a

has we So we’re that sure reached way ready payer this. that see we product a the deep us. were as way key a for really to our contacts own only It’s research as the out this did in -- at us, did makes are difference appropriately make where and for on to that the thing we approved looking And really forward differentiation. getting FDA us really key solution a We ready-to-use a to we oral the going dive. there’s far world that space. that position well It’s with big one the

this we’re that’s that one think points, product world, product just just something relationships, with And back the to want a we the due payers where, bring positioned the to and been time there. also so the differentiation payer But through up see We on team our that as greatest as existing access, if really us. expertise the very as so again, through really well it’s But to it’s positioned. us it’s that access in. able here. part we’re to, diligence. this there, of every set not us, team at step it we’ve that but that far from attractive Scott, is to is as something please more and payer thoughtful that of one But add, the pick able reason I able and up so learned to have keep challenge. go as our you’re we’re the able building infrastructure, being weigh we to But the to a that’s It’s comes in can going back Also, launching when there. think key it our far ahead of you keep know access well standpoint get you you piece like our be well

Scott Plesha

No. the Tim. question, Thanks for

this. We’re launch excited to

One in yet. things the rebate the exciting was that place structure the was been the hadn’t and platform asset of put about price

players, control can what And large kind we if affordable the at generics for with lot is access, market a we’ve branded. think look of highly franchise, and level rebate getting successful patients BELBUCA that’s So of And our done over I with very access also a also also at that. market, time, in it’s we’ve a been you and reasonable.

in a sure but we that level like, we’re the also I what some make would not a with team said, think structure in consultant country take pricing structure understood operated payers, through So well. have work only we of then of did VP confident, and and the helps and largest in probably with payers lot who’s as physicians, the rebate a really that we work, this and quantitative work the us going it Jeff on

very… So it was

Tim Chiang

guess, you quick those maybe BELBUCA territories have up, you you small But with I highlighted cover, ELYXYB. sales and right, what you’re force Symproic? complimentary, market your I be a mean, will of just sales that And already Jeff, follow to selling and in kind existing

Jeff Bailey

effective as with Absolutely. disruption cannot what have could here. thing really efficient, It’s We we that as this what that’s so approach have made to far special just BELBUCA. something afford

that is not relationships. to those going to current the intact That’s allow why we’re territory very much We’re happen. keeping

connects that we current that neurology, also, that have look And footprint Our into well. they’ve hard deeper on that very with and those also that just worked with BELBUCA end to sure been well. and some as at neurology, see so our reps potentially to the ELYXYB fact build going make potential

going are very as down which think this us a doing the but where to we good something do. it’s road big as far on a with momentum of We’ve go focus one the BELBUCA really it’s I to what before. and like But the fit really have -- the and ELYXYB, road keep sure we we’re helps So something very, this lot really to keep thing. focused course, of and We’ve this about Scott been that exactly before, execute both I on. both to one, experience really make is been ways. down this everything grow

Tim Chiang

Thanks. Great. Okay. Congrats.

Jeff Bailey

Great. Thanks, right. All Tim.

Operator

with final Please is from Wainwright. H.C. Livnat proceed. question Our Oren

Oren Livnat

folks. Hi,

could You’ve therapeutic to anything think be test harder obviously there’s areas? Would you and by loss but dynamic, mentioned logistical that potentially population was really just you I’m LAO unemployment addressed to maybe extent trying that hoping different, do just out differential to little about rebound more issue bit it that an with some that. to was COVID if tease What most market speculate of other regards and a I a insurance? you’ve this is I be you might driving versus underlying about times. hit demand that fair population if change capacity think couple versus a

shuttled For off do that opioid of volume LAO that some then? this suggests anything example, IR is to volume you something more the displaced do temporarily see in have accessible been and or I follow-up

Jeff Bailey

of everybody the thinking. topic really and together that the Okay. such important deep sales into pulled to Oren, those an team on go are really good part question, actually because leadership it’s it’s we why

the or think, down treated minds we another. one -- it and when way see were just underlying we their to pain, people that. it’s that far was to the -- asking Back get So you back It’s of handle because a it some that. the that -- an their driver. insurance, our primary are being of boy, really other offices where really as back something really It capacity lot same the business coming a as are had came about we beyond going to way out questions issues coming there to to and a into COVID, volume going do they’re primarily, there get find

we’ve with with primary what’s some weekly to in your one our geography, where cases, some other sure hear sales they that are there capacity some from the calls stay impacting just But that going also things way, on that. on team leadership close the it’s in about in There’s mentioned, challenges put going some what market, things geographies. very Let’s deep this play. driver you learned is are

really We where some here. encouraging go point. from signs, that’s do so, the highlight about we And important this though, at see to thing

are seeing about it’s now as as back IR change we in the as the IR, is actually, we the the point same about Scott because Scott went similar situation happening did Your I one seeing and deep far may a dive. data, a thing, where that to wondering were IR be a and far interest that goes. as trend

So group. that that’s this Oren. possibly landed, to we could speculate so had everything that and end we where We’ve was on on

that’s helpful. hopefully, So,

Oren Livnat

someone LAO know, general, when Texas terms not there think And sure I -- asked is geographic or of you those there. it, in if you seeing those are I had storms, chunk your addressed or business a are is, differences, in business concentrated? rebound are where less in that meaningful of a nationwide? have I’m we and wondering hit the geographies that you highlighted I’m you maybe particularly good in earlier, market of hard,

Jeff Bailey

Scott, the do field you want far what one as team? as hearing to go and from we’re that take

Scott Plesha

Yeah.

see area. So, at not first as the well. areas team, in decline QX there’s the a for large to as those discrepancy when across really the really look But a as large us I rebounded country at Oklahoma we quarter from well Texas, now, Oren, got very did the feedback our we’ve have and our data, look in point your --

So it’s market has. the come back in QX as

market do declined I has know the year. every So

occur which just way don’t it’s is they’re the that’s because in even to offices, thing now different acting lot and the now office back a into therapy, is [Technical think patient acting an right on again, down I Difficulty]. of staying getting acting, somebody’s short the right short that are long visits if these capacity changes on not

you or they’re if [Technical of think switching that I to if they’re challenge and not is you’re -- large those So less they’re about changes change systems, delivery the molecules think make likely reluctant some if that’s to Difficulty].

Oren Livnat

quickly I sorry ELYXYB. Okay. on real may, drag And if but I’m here, to on

you prize obviously, Sorry, migraine now there are your with percentage like, your overlap that pain Are calling what the scripts you alive some kind Tim think had treat as in covered sounds the the sort you’re to ballpark, obviously, market centers your tangentially and by even it second current even promoted there or are If with position? migraine on footprint, regard I there. if like, it on migraine of neurologists, business you out current footprint? your guys keeping now touched is you to But well? think BELBUCA. of eye of in on with do what

Terry Coelho

I mute. think on Jeff, Yeah. you’re

Jeff Bailey

Sorry Yeah. Oh! that. about

share. migrate? ahead That’ll few a audience Scott highlight go can tricks. just potential for our potential We with numbers current see Sorry that about But, definitely has with why you that. he on there. don’t the Scott, that,

Scott Plesha

to Yeah. Happy so. do

space. or haven’t is yet that, too to at and you’re with and there’s you infrastructure of the the of this Oren, times fine treating middle captured structure so here. within pain that’s even our of that in the over data be training migraine. But decile look and pain current yet finalized even high So, a And at and targets in anything prescribers back market, level like migraine current -- that’ll practices in migraine, X% lot with if market is if experience lump within look on headache in you predominantly of kind a looking we go pain lot

Oren Livnat

the of market, XX% It for sorry? some is

Scott Plesha

X%. About

Oren Livnat

X%. Got it.

Scott Plesha

Yeah.

Jeff Bailey

Yeah.

Scott Plesha

And that’s why…

Jeff Bailey

a of that focused prescribers. why team focus highest would on very the That’s we the have

Oren Livnat

Yeah.

Jeff Bailey

if fast, at right sure we of time whatnot. have was to the that BELBUCA and didn’t sales support think way too make access try things market look I thoughtful. did -- the built It’s We over you to build the we very out team size our

Oren Livnat

the Day. color. Look to forward All Investor right. Well, thank your you for

Jeff Bailey

are were mid-decile Oren. would that the much established yeah, that these years. us just that those Thanks, And help to is with migraine, over that so say, just I with relationships relationships those add

the got wrap strong? that’s Okay, something excited up. to any questions? us so gate need think We to out us about of So get other we

We hour. the Correct? of at bottom are the

Operator

Yes. This concluded. is Q&A

do closing your may remarks. You

Jeff Bailey

Excellent.

everybody want today. participating just thank I for So to

that keeping now us we of of But BELBUCA follow have day. as asset a Symproic, that, and momentum could forward can that differentiated us. rest includes today in is great very very as really is ELYXYB road Day, that in that to that’s to just growth in the we diversified we great right what a about I a engines to sure with ELYXYB of and you that that just of addition focused the on the a More As soon. you as and that early far strategy find front good in the also of you make questions helpful. very ELYXYB of you and think, have team thank as But going speaking the front and excited tell, portfolio participating our for front have we’re about that to an look that’s happens. far you’ll tell Everybody fourth quarter us

Operator

conclude conference. does This you. Thank today’s

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

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