ADMS - Earnings call transcript Q2 2020 | Adamas Pharmaceuticals Inc

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Operator

Welcome to the Adamas Pharmaceuticals Second Quarter 2020 Financial Results Corporate Update Conference Call. [Operator Instructions] I would now like to turn the call over to Peter Vozzo, Investor Relations representative for Adamas Pharmaceuticals. Please go ahead.

Peter Vozzo

Thank you, Gabriel, and good afternoon, everyone.

Before we begin, I would like to remind everyone that this call will contain forward-looking statements, which are subject to risks and uncertainties. events, expectations future forward-looking regarding statements results are or statements. Any reflect that this only these note our call. forward-looking of Please date statements opinions the as of We except as these by law. or of undertake information required to in new events, statements light update future or no obligation forward-looking revise especially Information that our with discussed are in actual detail in could the results from today differ materially under statements concerning contained such in Factors. SEC, forward-looking XX-Q Risk factors Form the filed those or cause to implied caption by greater I'll Neil now turn McFarlane, Chief the call over Executive to Officer.

Neil McFarlane

thanks Thank would here joining progress. second quarter you, key the like Peter. Chief Prentiss, Good I afternoon, a Shreedhar, Vijay in few areas Vijay of performance Financial I'm everyone. Commercial be discuss before And and to Chief of and they will do, Chris for to our details pleased our our moment, a Officer; us. highlight with Officer. Chris

to XXXX, dedication am During performance commitment. And pleased of I of pandemic. to the colleagues the second that goals. to posed and want achieve them quarter team thank our the challenges in the were by deliver towards corporate the light their performance advance I COVID-XX able strong business our this for continued ongoing Adamas and

rapidly organization, things to an As we've on been identify the focus and able within our control.

from ways of new our working. adapted have results to and well positive We see continue

fulfillment. with areas, continued adoption; to and progress to in to confident patients executing urgency to critical to GOCOVRI, in Although for I realizing we who which ability improve I'm large to on priorities are differentiate us expect the solutions priority the the raise on addressable and strategic GOCOVRI. and our to our the evolve, to access these external focused to rely on environment remain to three continue pleased grow, am delivering to opportunity drive treat,

we to strategy quarter, differentiate key milestones the During achieved GOCOVRI. second two in our

on If PDUFA as GOCOVRI application levodopa-based episodes portfolio. action is demand for and our a covers growth In time people XXXX. driven a in accepted patients that date OFF with reducing motor patients GOCOVRI full supplemental adoption, for support reduction GOCOVRI new complications the with strong on by of off disease will to reflect for we which issued moment. anticipated covers This sales approved, for time time appropriate patent their being Parkinson's patent elaborate in First, new for in demonstrates in received of review the good in QX, strength our better IP off PD benefit a is we a increasing for X, Parkinson’s physicians The a of the treatment February amended FDA that and GOCOVRI’s to treatments receiving method drug levodopa. product disease indication Second, second treated therapeutic be achieved identify patient would option the and and physician Vijay therapy. in spectrum

once in upfront quarter, and product In long daily to results the previously recognizing addition Donepazil. treatment a for royalties collaboration our we our to These patients sales, Midway received. who with now moderate-to-severe addition from through in in began include began are Allergan that we royalties royalties disease milestone NAMZARIC, for Alzheimer's are the taking financial payments XXXX. standing

operating clarity we strategy. In of continued execute summary, commitments, our we in cash our dynamically business. made With sheet, resources half GOCOVRI, the during priorities. on and the confidence have the reduced our first R&D with strategic progress substantial on near-term we our of term available our to of the disciplined believe be to XXXX growth drive burn, our resources growth to balance continued on We expenses a and near investing cash

continue business. to our the on COVID-XX will monitor We of impact

value delivering and to ability of confident Vijay? and the goal Vijay. remain the achieve to in our employees our of will in now shareholders. patients I our for over call I turn resilience However, long-term

Vijay Shreedhar

Thank to and on I time. Starting in rate that last factors: of versus I'm a brand. increase persistence, improvements how will commercial execution continued products free fulfillment; disease. GOCOVRI X,XXX of you with we recurring driven growth prescriptions paid with high exclude continuing reported disciplined representing QX, XXXX. our continued GOCOVRI refills as performance pleased This XX% highlight program to with a we momentum is everybody. QX, from months, unusual XX versus three new impact total RRx bringing rate versus to the have performance, at of RRx begin reflects was highly of speaking comment in today. the and to and QX TRx paid in with in for to steady the quarter. the with which of In or and recovery be people X,XXX as by value strong quarter the saw XX% prior we at XX% was good this remains our afternoon, persistence performance Parkinson's trial focused year-over-year propelled and well you, strategy refills; patients the QX or of Neil, an X,XXX, through XX% and demand by the were QX TRx high prescriptions The strong year, patient overview

reported our to free between to initiatives XX%. compare processes. conversion other to In of XX% rates prescriptions coordinators the to improve GOCOVRI reflecting the terms two trial to paid center XX fulfillment and continued the of We to quarters, in XX% impact care positive fulfillment last and improved into rose from

as prescriptions. their to We their with refilling on the of at prescriptions. current of to any either caused tactics those status or on As refill shared GOCOVRI track did several disruption communications ensuring carefully the patients recognized to trial on our prescriptions and in call, paid we from the purpose not implemented and the clinics, onboard experience enhanced patients burden GOCOVRI from this well free of as our additional stay shipments refilling transitioning patients might've orders mitigate team rapidly to impact patients QX our the home potential

that QX, adapt to execution these pleased pandemic of GOCOVRI. to to rapidly initiatives the prescribers’ the and to started GOCOVRI patients new minimize to enabled the continue are on continue on stay we on strong We impact ability get treatment. of benefit from on patients In

As to I there an XXX quarter, providers the given new approximately XXX speaker the programs there prescriptions In as the engagements, Strong in their NRX on clinics execution on have and opinion in a pre HCP our as saw delivered level quarter, quarter. continued or our that is demand, speaker we the believe order the this drive all which positive, prescriptions virtual we salesforce the patient were the impact well leaders XX% of been during last in on stakeholders by our market previous this Around GOCOVRI. therefore salesforce decline this throughout quarter. visits half new impact NRX mentioned of for Despite paid challenges to time. pandemic with faced resulted activity healthcare maintaining interactions bureau. front through in

them can trial not to team case an prescribers process this authorization office and logistical coordinators free an offices during GOCOVRI the patient's prior ensure program, directions We begin to through navigating patient. through brand barriers support free access pathway provided prescribers we requested to campaigns period. digital resources with also weeks care allowing the to in issues additional prescriber support specialist our as education during provided for to field or and continue were adoption The the GOCOVRI. supplemented consultation, information four quarter, to previously a Starting the initiate trial Further, or a ACPS this home. access

environment. hybrid be both options made to have commercial a tailor We for designed

the advocacy We seeing – new prescriptions, with organizations, for patients The activities newly virtual also effectiveness is designed the physicians we and of submitting robust of new targeted highlighted quarter. prescribers collaboration prescriptions increase by continued to with participation addition implemented direct-to-consumer GOCOVRI. our even also the promotional believe caregivers. activities our We pandemic ways brand patient communications also with through lockdowns the these of programs by utilizing in the virtual drove during

forward, focused remain priorities. Looking three continue we strategic on our to

the disease off. and functional caused diagnose through treat and on state urgency the education disruption by increasing dyskinesia to First,

the to and customer differentiate appropriate GOCOVRI and Second, effectively And patients ensure the enhance are economic third, barriers communicating on started to overall clinical health therapy. access, reducing to experience. value

into we situation successfully and executing our are lean on part and innovating in QX QX, priorities. our navigate in fluid, the on experience to we early complex As of based iterating continue a

and As start that appointments of now, utilization with of since visits continuing we year. NRX, patient telehealth the the to see impacted be patient than in-office a at of the of mix number remain overall lower

do to levels the the pre-pandemic environment commercial we've tactics that are growth we launched meantime, will as emerging are in future. confident the appointments NRX pleased with and foreseeable We in response that the sustainable to we the well. tools our the solutions moving seen with are and that hybrid, forward initial durable In so success these and for return pandemic expect that patient

to nimbly We are continuing focus patients. incredibly adapting to execute these serving unwavering for effectively with proud on an uncertainties of our team and

unmet opportunity now day. to every focused large, overview performance. reemphasize We being addressing I remained our will to Lastly, off GOCOVRI. Chris remain an with with of our by around will provide and XXX,XXX over impacted financial to I need dyskinesia that patients on turn addressable this it

Chris Prentiss

product XXXX, were $XX revenue NAMZARIC. of the digit with and release of NAMZARIC the revenues Vijay. XXXX. Thanks, a royalty which through from began our to everyone. $XX.X a double Based XXXX. second sales Please afternoon, net low includes issued of million summary approximately of May And of today XX, quarter earlier recognizing for Allergan, our our earn earned press sales on we on for GOCOVRI financial good agreement refer quarterly million, XXXX $XXX,XXX starting will quarter and results for royalty of XXXX Total second

of reduced of based expense $XX With activities extension run well XX% period. lower As the was increase product compared adjustment were quarter was XXXX. R&D range program, R&D for reflecting study, to the quarter prior ADS-XXXX of year, $XX which open-label million end number gross for for growth by as the beginning compensation includes for R&D new of will term year. $X our to commitments, development walking This for approximately driven to million XXXX slightly the of in we've sclerosis the to quarter from second the to than completing XX% million prescriptions expectations near teens, second of impairment $X.X million, same around net sales the the clarity guidance million in expenses which continuing our as the paid the our on at were the of volume XXXX was million second multiple year. this year, through be R&D expenses GOCOVRI, million $X.X million. $XX over year-over-year. focused our $X of the patients with quarter last our the $XX The mid a full stock for

quarter compared expenses million second in the prior of second SG&A the were XXXX $XX.X During quarter $XX.X year. million to

Our continued expenses SG&A our represent GOCOVRI. investment in

execute While slightly a well from management as the prior structure of a hybrid we reflects year environment. cost lower combination as the in decrease cost activities, as

We With our believe now a reduction and were quarter a remarks. approximately approximately burn reaffirms which million, for a make That $XXX line the based the prior $XXX We $X are maintaining for our the guidance strategies stakeholders. million million. million Cash XXXX concludes June in $XX, to questions. will SG&A the that be decrease appropriate XXXX our for our estimate investments compensation will includes as impact to stock making investments that cash we and XX, that from was $XXX are in cash $X the million the million, meaningful open position of our $XX prepared second I tactics quarter. million. expense from previous of of Overall

Operator

the SVB of you. line Our of [Operator ahead. Rudy go Instructions] come Leerink, Li first from question Thank please will

Unidentified Analyst

[Indiscernible] line from the on Mark.

question in the on congrats first two quick I So regarding have Parkinson's. second quarter. GOCOVRI

of about million give And second did the have for can for prescribing us how of trend the change color like their The some prescribers, about in first high COVID-XX R&D is GOCOVRI. $X.X change is the and the prescribers. you volume we prescribers SE

like and much sense spend spend we for for Parkinson's? want a how get Thanks. we MS Just to much how

Neil McFarlane

thank Vijay ask prescribers. And volume terms I'll about little prescriber, words. our touch high of kind to Chris you. base in the a I'll But in trends ask bit Vijay? appreciate talk to I OpEx. Rudy. then Thanks, our the R&D

Vijay Shreedhar

Rudy Thanks question. the Sure. for

to we are we our in priorities. disrupted strategic with highly strong continue pleased against pretty QX We a what environment in a despite execution that see saw

brand well. In quarter even would highlight as the continue add continue entire I period. who that patients are for to new way we is terms to current what this of prescribers prescribe our third prescribers all prescribers prescribers, to the during new through And

quarter versus the are we So trends encouraging of see our quite strategic executing both and to are focused that's priorities on now. Chris. that And we are these why during watch. validating

Chris Prentiss

Great.

MSW those terms are side, delineating So GOCOVRI. both and between on the considered of in R&D PD,

you look projects, listed they out various GOCOVRI. our XXQ if break So the and both we at are under

don't there. we guidance specific So have

that open-label remind to study year. have is we that Just continuing the you do the throughout

R&D think $X first we And about $XX million million of about year. the six we And million months. guidance, we so for the far for when to have the spent noted, we so as $XX range

Neil McFarlane

you. That's it. Got helpful. very Thank

Operator

Your question line next Butler Please come go JMP. will of of from ahead. the Jason

Jason Butler

Hi, extent rate can Did for you couple in trend new prescribers? the existing what throughout end talk give how see the the of towards And ads on growth on quarter you driven XQ? versus higher expect congrats can I the a start? about progress taking patient And to thanks you about questions and that color than GOCOVRI, of quarter? the to at the a guess was growth by quarter. then prescribers you that the any new

Neil McFarlane

Hey, as words the for Jason, well. thanks kind

Let back that me in over tools back diagnosis we business of maybe of the year, QX stab the and lot saw on of implementing in now take QX, The last been into a at were QX QX. off we've and a a the XX,XXX really the QX and trends foot quick of been we've executing tactics of level.

quarter. about strategic So of are three saw really little I'll our we is the growth that And all QX the ask it prescribers? versus to in expectations and trends the performance. the What for talk drove a existing of new that around bit Vijay our areas

Vijay Shreedhar

NRX it Jason, was as the before. say reported an QX. saw NRX have enter all proportion business as I would question. scripts as of remains, impact our way during of business QX. into you, returning quarter Thank the we the the we The for – that on our QX And relatively largest through part business remained we fluid

won't well. this we've in QX. to we've we is out that and a need This wide our there seen proving is off. this huge navigated and NRX as we tools that an month-over-month we highlight, given visits improves in seeing or in to early reduction And And have of are QX, within impacted except get into are to patients. the patient comment that we seen have what and not pandemic. confident on will I not tremendous particular be the well, unique that something or COVID we and durable is by the what are pleased Now either a trends serve have us. about is seeing broader our physicians, environment that surprising dyskinesia unmet because overall seen. growth virtually beyond And I way teams out. impact And number the experiencing to NRX with resources a the person. there an as industry There to and we've pivoted the tools return, XXX,XXX And success we patients are and rolled quarter return we fact remains that entirely as always that our what and are even into opportunity the sustainable that patients the place put are is in

priorities. excited our a saw about we're pointed the as growth validation of out, we QX strategic And Neil we So in as that see that.

Jason Butler

ongoing remind settlements know in could on of quick of of generics that the just I generic you if challenges what from durability or follow-up And royalty great. NAMZARIC, us terms for any Okay, add could stream, about just a relevant the the products? we

Neil McFarlane

statements first really In of course that like regard, now feel bit a to are the we and want a to take with durability Allergan in partnership the solid. that talk in that AbbVie first stab NAMZARIC is and long-term forward-looking and you of terms Chris, I'll pleased partnership part this at that? about of and little Jason, the regards in our

Chris Prentiss

royalty on question, a receive to double low Jason. through sales expect NAMZARIC we your of answer to so digit Yes, XXXX, net

Jason Butler

for Thanks the great. taking question. Okay,

Operator

line comes Sandler. with question the of next David ahead. Your Piper from go Amsellem Please

Unidentified Analyst

you my this provide think of One the for given where in you the that Hi taking [indiscernible] in, already GOCOVRI on the in Could is on on one [ph] the quick Thank Parkinson's target treatment any from question. me you is flat color management for time David. for data GOCOVRI. everyone might especially Zack label.

product? I So the sense label what Thank think guess basically, the expansion drive be is for usage that will the actually you to and uptake able you.

Vijay Shreedhar

differentiated the among treatment product management off proven increase that for thereby dyskinesia and because would GOCOVRI options today to – Great highly remains options highlight pharmaceutical and it's on to reduce question. available time only the physicians both patients. I

So highly patients the physicians. unique clinical about is will tend do allow additional What faster, talk much their to because who the, identify patients off are the indication profile. it's these label to with a more on experiencing physicians episodes

So and identification as the with the think I discussion simplified further. gets off be, will into more be will of complications, patients dyskinesia

– see in it the place treatment of terms therapy paradigm patients as for adjunctive for its therapy. we levodopa choice of on an remaining So

Neil McFarlane

Thanks label. I’ll therapies a Raising for to best and and GOCOVRI, with driving around improving color the fulfillment three urgency allows or to and us them. bit barriers and really and access that decreasing on about the This improving to is label identify allows the raising little decrease just one about Zack. the last treat by pillars access that their patients or us add adoption, Vijay. extension for This appropriate differentiating be physicians into we right. talk many more these

Unidentified Analyst

Great.

sense. makes you. that Thank Now,

Operator

from William go of the ahead. Lug Please Blair. question of comes next Tim Your line

Unidentified Analyst

the us. on congrats quarter; the Thanks strong John from team. That’s and to Hi, on Tim. for for questions just

on new have in digital prescriptions? you're outbreaks impacts you regional any of wondering pandemic just what for effective how time as if around So those engagement changing wondering And been your first, Thanks. emergency can the side? driving starts been color and second, new just have give new us kind over seeing efforts

Neil McFarlane

I'll the tell terms place when start I you patterns patterns with the over second we And all are see prescription the and will question in of look map. that what first. we at national really

correlation considerations, is see clinics being officially think and to which I more patients states and open closed our local there impacted because are open not. regional no welcoming versus which we analysis from and are by versus them

of closed, – correlation a states the open So GOCOVRI. terms see on will not you there's in versus correlation at look to not a if you CDCs’ are which clear report

So on which clinics we local see conditions have which and clinics adopted open it relatively the and are honestly functioning dependent are patients. seeing and and what than telemedicine others better are

see closer where So we that's correlation. the

couple terms its to our And product showing differentiated the like robust, have how had populations. generated. physician We've most we're our enhance all reaching impressions increase We're we're of and engagements also interest digital conducted with collaboration our clinical as they profile. of and seeing We hundreds messages get In awareness those of of digital participating quarters having of GOCOVRI. performance, patients have our We encouraging virtual, in them, of advocacy signs therapeutic see attendance patients a groups. been that quite importantly programs value option execution us turned in about in see few the ago. now out talked caregivers a a option really good we've to as of the GOCOVRI, GOCOVRI well of is strong to tactics engagement among strong maintaining them levels. high and We numbers

quite we're encouraged So by that.

Unidentified Analyst

and Thanks again. congrats right. All

Neil McFarlane

Okay.

Operator

H.C. will Selvaraju Please ahead. the go of question of Wainwright. next from your line Ram And come

Unidentified Analyst

same well, patients you catch catch Do from a [ph] of Rx’s expect coming Blair started for with the thing open? new questions Ram. couple up expect this do A as period on Rx see there economy Hi, once is you to with up and see to me.

Neil McFarlane

Vijay.

Vijay Shreedhar

Yes.

have appointments, economy So, make the open improves, make one appointments the physicians RRx’s to we the and being what of that And us. unique live way telemedicine to these been entirely the either by said as the these physicians. to expect with patient I It's expect before in to their demographic industry we of environment terms those have the ones an appointments patients appointments. is of to to starts broader with wide to profile or normalize highest the visit, the as because person not especially given patients phenomenon this their serve, to as and they a NRx’s see normalize not as be that the impacted risk able patients speak when pandemic. or another, to kind COVID patients will we vulnerable start in as But tend is,

home not making we're ease to appointments, that up, but expect staying surprised not things when So things we and they're normalize. entirely

Neil McFarlane

our thing put just and are Vijay previously, in people honestly, have towards tools The both about will me that the executed, ago, gives stepping I quarters we continued Give me it working to executing real up a for future that to our And tell quite the execution, back are show durability, we've that these QX. positions pulled are might at times. this hybrid folks are really and but management from and I'm that employee see a to they've that entire be as – one environment, grateful base, – and what start talking competence areas are well We as the The we team, identified to we resources going I confidence right? wasn't our started and I three how through focus when you in all off team their against. as lot that – more challenging in is who mentioned diagnosis of working to who Blair. this that tactics diagnosis business of something starting and investing – not people add in best the the how the the have we our that successful. the

Unidentified Analyst

efforts FDA approval? on lastly color. appreciate I a to little And can the regarding had me, you discussions that give your expect with you at marketing all us great. post the color do And the just for then change Okay, your you've sNDA?

Neil McFarlane

– accepted I’m clinical are a got Those the that's today February episodes our label go dyskinesia. of files. the and the XXXX, in we And clinical of have our our with will to data, We PDUFA XXXX of of label, XXXX. there off pretty we Xst treatment section – easy, sorry discussions they and

that us think appropriately to I it to with allow full be fully mentioning that motor statement are that EMRs addresses indication will the ensure able have spectrum we complications. of the

we'll but what change it double So down, we're won't doing.

think treat the out the will around I the is dyskinesia that's to terms messaging GOCOVRI and product there that off in fact and approved benefit remain. only of its clinical

Unidentified Analyst

Okay. Great. Thank you.

Operator

further no for turn have call time. over now will We Neil the Mr. remarks. I questions at this back to closing McFarlane

Neil McFarlane

next to Gabriel. patients. summary, adapt of you, for our on In And we we Thank implement focused for to long-term execute growth We've able continue benefit we working new of and ways and strategy the believe remain GOCOVRI. been our goals appreciate forward have quickly the to your value We the call resources our and time. and you. you speaking joining everybody Thank shareholders. near-term the look thank to execute deliver both strategy, for to and to again people want quarter. to patients I with

Operator

conference today's concludes This call.

may disconnect. You now

Adamas Pharmaceuticals (ADMS) 6 Aug 202020 Q2 Earnings call transcript