ADMS - Earnings call transcript Q3 2020 | Adamas Pharmaceuticals Inc

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Operator

Welcome to the Adamas Pharmaceuticals Third Quarter 2020 Financial Results and Corporate Update Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] I would now like to turn the conference over to Peter Vozzo, Investor Relations representative for Adamas Pharmaceuticals. Please go ahead.

Peter Vozzo

Thank you, Ryan, and good afternoon, everyone.

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

Neil McFarlane

you, discuss performance Thank Chris a and for Good third Thanks quarter our everyone. Peter. today. in joining Vijay us afternoon, the moment. of details will

of few I Before would do, areas they highlight like a key development. to

During the business XXXX, the advancing with corporate our make line the continued strategy. to third Adamas in progress team quarter of

resilience, demonstrates have to patients would express creativity like we appreciation personally an response, to our extraordinary shown commitment mission time. during to employees Our my their for I a dedication steadfast this which challenging and serve. the

ensure still total entire to highest patient is in levels customer to the support. and Patient despite the reflect quarter. Parkinson’s sales and new added XX% months of supported current and nine patients, this community, our led same on of tirelessly of the versus XXXX, headwinds number affecting well. we’ve that new in the pandemic. XXXX our This three patients prescriptions growth access I period the the As quarters health first working to exceptionally increased to first proud organization environment is care providers in the product service has the fluid I’m impacted adapt The adapted team prescribers. of a the in of

number paid underpinned We continue XX% and sustained product persistence. quarter, levels strong the in continued new of the pleased of our by to quarter. the over that third of achieved increased to We commercial execution realize of in prescriptions sales the benefits in growth third high priorities, the patient second I’m note quarter

We and continue to hear meeting that from and need. is a significant benefit physicians GOCOVRI unmet patients providing a

a In product of royalties include addition financial NAMZARIC. now for full to results our sales, quarter

XX% presentations QX goals. As same result, leadership a industry Adrian presented increased for our full to effectively of the our million third corporate addition Anna Movement us accelerate to GOCOVRI and Richo. Corporate further a These we with provide quarter, the strength addition quarter operational the allow as advancing Jene Medical year. $XX.X Officer, dyskinesia, of Jill post least OFF two GOCOVRI of to revenues Quartel at at harness our increase thereby company Development This strategy that the Congress. achieve our efforts and bolstered expanded experience evidence reduced with in years, time the differentiate in demonstrating analysis total data the to last We over quarter, Society efficacy Disorder Parkinson’s hoc prolonged Board patients Dr. and potential of will In GOCOVRI. for Chief expansion the long-term with as Head for our

in approval to and uninterrupted This our of new for received continue application GOCOVRI drug a As supplemental geography. new during active an the crisis COVID chain us to approval our ingredient we a for supply important patients. provide manufacturing supply pharmaceutical achievement, for further supplier for allows FDA diversify secondary

potential which lawsuit. pending remains be insurance by settlement to As expense we paid approval, agreement, This securities court and class this understanding management. announced to entirely avoids carrier of to memorandum a earlier subject a will our and signed week, action distraction we’ve settle

and significantly efficiency with with cash has we capital operating us increased to revenue, strategic burn expenses to Combined for have this committed make enabled future reduce product five are as been growth. over investments disciplined We last quarters. the

cash benefit XXXX. the of call we the to to our remain In allow our and the of turn in the to fundamentals I’ll confident the year the making head into growth and us potential towards and business value and GOCOVRI, on balance over end as investments Vijay. I we continue outlook. shareholders. are long-term continued sheet remain Given available of summary, believe now now will patients the deliver we to strong to

Vijay Shreedhar

with today. QX and of of you, good despite begin prolonged highlights treatment Starting comment performance. that total I commercial of I’m performance last program Neil, product QX were our on representing impact Thank the of QX pandemic everyone. with year-over-year from prescriptions paid afternoon, of you XX% growth year. the patients. GOCOVRI X,XXX, on execution free-trial strategy in versus Parkinson’s the speaking and our exclude will with be the to pleased strong

prescriptions. high-risk the increase of volume are the an recurring in The demonstrating an paid free-trial and number of reopening the reflecting pausing recurring a strategies of supplemented physicians’ patients the clinics patient’s direct nation several of new is further four-week been This prescription QX, up or the of number new analysis we believe, that to XXX quarter increase quarter, growth shipment prescriptions are an periods. use. sales Despite received in this a paid influenced In representatives. allowing and offices patient last the new the in to to change previous in the there paid prescriptions open This as in the prescriptions impact our we total alternative the was prescription product total and, decisions. positively performance were consultation prescriptions were signs that versus still we the reminder, paid with starting quarter, sum prior and enhanced the lower QX, a prescribers to impacted cumulative previous encouraging working demographic quarter. The home. with states begin our by heavily patients ability new initial and serve, program in-office QX the of the As prescriptions various and disruption to In quarters. visits X% XX% reversing across in are trial during versus represents has is of stages to free-trial

to ways the GOCOVRI of of created for new platforms through were phone. such as XX% received also or ways prescriptions prescribe the HCPs new QX to at e-prescribing We over X% utilizing the these start versus year. under XX%

the the rate first, of and audience different with ambassadors we to and To dyskinesia on recognize processes, a a initiatives QX that increasing flow patient advocacy dyskinesia durable the clinical third, started programs and and and reducing conversion differentiates improve and thereby Parkinson’s and patients diagnose patients other outreach circumstances. these center without consisting effectively health our are physicians, between experience. and now delay, launched are communicating who caused to enhance group and urgency urgency educate our These was personnel, conversion in through GOCOVRI, the a XX%, to remain reflects our this reported. access care overall the for demonstrating coordinators are ambassador appropriate patient therapy. ensuring on with customer patient subset barriers changes, XX% impact to strategic from caregivers to on program the in The increase seen value of economic result benefit to treated therapy; of GOCOVRI previously subset answer to As the QX quarter: fulfillment by focused intensifying of second, results of the we GOCOVRI participate positive thereby speaker the QX education an the patients, impact disruption OFF; Parkinson’s pleased the in three We treat in questions priorities community. in functional these and on rate

local regional the robust advocacy disease delivered from organizations. members educational representatives educational and of through multichannel interest our We and state complements This have these campaign. seen messaging sales materials programs in effort

virtual beginning of leaders improvement Our the to interactions providers rep sales speaker force health of These in by level details as our local resulted significant our we the with of delivered well care an the year, interactions their speaker according conducted programs the sales These and QX. opinion of force versus in achieving live a bureaus. had consisted activity a performance on environment. as at mix proportion

"GOCOVRI in streamlined GOCOVRI This research branded campaign adoption the Parkinson’s and help effectively patient-focused shorter navigate coordinators process HCPs further validated extensive campaign scores to To physicians motivational unique virtual difference received of and an quarter. out" GOCOVRI breadth to We these environment. effectively and the the The getting the digital campaign presentations prescribers ecosystem to getting new we stakeholders surveys through satisfaction coordinators multi-channel a new the adapt customers. initiatives new to steadily the fielded indicating both and GOCOVRI the to from with community. perspective, fulfillment to and is speaker for between facilitate is articulate the differentiate their GOCOVRI. high its market also through be brand. being highlights new care deck launched believe relatable supported increased of patients to through delivered engage and quarter emotive access safety From GOCOVRI. profile and a effective, up access in with We efficacy to a effectiveness our clinical patients more the care field launched specialists we value,

of cost-effectiveness, health payers GOCOVRI. decision-makers highlighting long-term that and includes We and clinical new to formulary value the are presenting information durability data economic differentiation

with in situation and latest seven the appointments this and As continue the shelter-in-place Foundation patients, after see disrupted of patient XX% and utilization, patient we based situation engaged reporting first patients a The with mix patient of underscores We telemedicine country. months survey see Only from across fluid currently the impact we increased reporting has to on expect in a for Parkinson’s complex this have sponsored remaining Michael in-office year, of visits and the data this health disease XX% we patients XX% enter change appointments of which telehealth the cancelled of vulnerability the future. J. Fox foreseeable survey. QX, a the orders. nearly care prolonged

expect pre-pandemic as to prescription well. return do we appointments patient As to so growth levels,

tools are and the we emerging launched moving durable pleased initial commercial forward hybrid these recently are with we the We in environment. confident success solutions tactics are seen have an have with and

adapting we to are with patients and Chris We and team the to opportunity of are around our provide for Lastly, I before. for day, more unmet in than dyskinesia environment an OFF impacted results positive the need, XXX,XXX it turn their States incredibly today financial addressing our now execute ever seamlessly of patients is will the every disease impacted performance. continuing drive effectively significant to and to proud on over overview by being United remain focused GOCOVRI for Parkinson’s who new to large.

Chris Prentiss

quarter Total revenues today to good and sales refer press NAMZARIC which royalty our favorable third the sales approximately issued Thanks, gross net of period. release were growth includes of same million the quarter the year. the driven Product Please the of $XX.X revenue our product XX% XXXX. This quarter GOCOVRI compared in for a everyone. year-over-year financial summary the earned prior afternoon, as Vijay as more number for GOCOVRI third increased quarter million, new and in a earlier by well paid from $X.X year, over $XX.X last million. approximately third volume to quarter the results XXXX of same of reflecting for in XX% of was to adjustment the prescriptions

for Walking quarter million first for of will the into with for half study to of to relate R&D the in final R&D current fourth compared quarter costs $X.X the the the third expenses $X.X to open-label quarter MS third This expenses XXXX. the study the program closeout the complete XXXX, run program. the million XXXX. extension impairment were quarter ADS-XXXX During for

XXXX $XX.X the expenses in were expense year includes to million compared $X to prior quarter. compensation. to We million full for million are the quarter R&D adjusting $XX.X of which year $X SG&A $XX third guidance stock-based million, our of XXXX million

SG&A GOCOVRI and current quarter on focus expenses opportunity new to to environment our implement going Our while in maximizing the forward. tactics current for continuing represent continued the succeed

expense our to full which operate local million. million and to $XXX practices, environment hybrid XXXX we due SG&A to are we million, continue stock-based be $XXX guidance year compensation in to reducing physician to As includes expect of a $X rules

well for management million, investments guidance was September As reminder, our expense at was XXXX, to million to a continued cash approximately last operating third million million $XXX With the demonstrates This remarks. $XX.X the decrease in of and reflecting a quarter burn That the of line from I and line the to $XXX million million XX, were the burn as the our the quarter from quarterly quarter open that, of for our our quarter-over-quarter Cash $XXX compared now beginning year, current Overall as investments. $XX $XXX top ability estimate decrease our $XX approximately XXXX prepared thoughtful the year. expense second $XX progress will as prioritize concludes million. proactive of questions. to diminish and continues as cash approximately to down in on XXXX. of Operator? is expenses million, management third total

Operator

first of Amsellem from [Operator David question Sandler. from Instructions] the Our line comes Piper

Zachary Sachar

the DTC you getting marketing expansion? then and on you more are that’s Congrats the varied think will invest is And how paradigm efforts Zack label couple coming and in in for to slot episodes initiatives if on expansion I you just sales like you? This up. possibly? becoming treatment obviously in the David. Hi, end you. quarter. do do had that grow Parkinson’s the label also, on up GOCOVRI that more in, your Thank do Where current a OFF expect marketing is

Neil McFarlane

Thanks, Zach.

So, from decreases in is our as profile both products that episodes. well of is today. That the affects OFF data as Parkinson’s clinical all reminder, label clinical dyskinesia a GOCOVRI’s disease it differentiated well decreases as currently in in other

physicians We indication and will it episodes for those expect statement, into indication to OFF allow us patients. allow better diagnose elevating our that better to treat find clinical and by access

expense other direct consumer. in to Your was efforts in and question regards to

Chris Prentiss

section I appreciate data already our highly I the Zach. clinical clinical say have question, the Neil already. the the label with said, profile OFF we in differentiated clinical for a would as of

the to We expect message have that targets physician we that delivering now. same right continue to

expenses OFF. will we label have with we for very get when that a responsible to So respect additional plan

Zachary Sachar

Okay, great. Thanks.

Operator

And there on are the line. more questions

Our the Blair. next of question line comes Lugo William from Tim from

John Boyle

on Tim. John the is question. This for for guys. Thanks Hi,

improve from So, there. you’re some you improvement initiatives if two to wondering and where any see patient for working color us; on on persistence just first, that you just potential can provide

for – considering have Second, I’m increases increases pricing do if future? you the any room wondering or you if you’re just price Thanks room in have any any

Neil McFarlane

I’ll John. the question. to Thanks, ask Vijay persistence address

Vijay Shreedhar

enhanced particularly that first initiatives, We on patients patients provide to GOCOVRI for through have hyper-care through three various the our the months outreach they GOCOVRI. coordinators who to onboard in care

free get the their second the month they through is first is prescription, trial, usually first The month their a first is third and month to usually paid when refill.

see. that hyper-care with the is persistence is them terms period direct-to-patient ensure the believe of So in incredible remains actions initiative GOCOVRI priced, extent question, price the of it’s is possible. of ability we’re it where to that, that GOCOVRI, feedback have shipments offers of utilization. in We optimize for future and provided experience don’t all from that and which largest levels where communication we’re to speculate getting that patients we the the our ensure high the that articulating those critical communicating well, maintain for to as initiated all we also we months, your believe enabling to that to us that through persistence We We’ve and the our enhancing to three a and on drug them by. of second compliance appropriate is stakeholders very that value importance to product. high very To GOCOVRI message encouraged on communicate we their

John Boyle

you much. right. so All Thank

Operator

SVB from question Marc And now. the we from queue do one right in Leerink. The Goodman comes question line more of the have

Rudy Li

Hi, for this is Mark. Rudy on the line

the a calculation, questions; me the on that it first, have help double congrats quarter, gross to based net Can solid quick the you to because XQ So, shows digits. below just be my in dynamic quarter, royalty. estimates quarter. is in the you two understand to on $X.X for quarter? that’s rates the regarding based related Is a and still We royalty paid as double-digit on prescriptions revenue only that Second about million that quarter? booked full in new talked

Neil McFarlane

to Rudy. address Thanks the for Hi, questions. Chris ask I’ll those.

Chris Prentiss

Thanks.

heavily Part mix, it population. influenced net, to we dynamics the relates gross same payer we from D are year, so really the as last our As where are saw by to there the

our So there. influences liability that’s what

the bit down through drops As it we liability, their quarters donut back higher the of and a see then the quite a of people half year work first rate year. really the hole in two in

that play patient year new well, by and out we’ve again driven starts. So this really as seen also it’s

So the piece as year the an there of to the second relative lower having then related of starts prior that NAMZARIC. the had over there team a patient to well. first volume go impact AbbVie we say the for I new to And is completed know getting as really royalty I quarter. would they’ve to appreciated the thing would is last that acquisition at

it with $X.X our noted, quarter quarter, – was first you royalty As million. this full

still It’s changed a has Nothing double-digit are correct. low You royalty. there.

I this have also mature a time, brand. vulnerable as a is is that think go we we estimate is I this and really They this would best serving during what the forward. note are population

Rudy Li

Thanks very you. helpful. it. Got Thank

Neil McFarlane

Rudy. Thank you,

Chris Prentiss

Thank you, Rudy.

Operator

At in questions. this time, the no is one else queue for

Neil McFarlane

deliver thank want I bolstered this team, remain quarter. the leadership company appreciate on shareholders. and the Thank dedication In our call. and team we we to performance We your time. focused to we quarter. our you and patients for you. execution, entire joining Thank of again their summary, speaking you next the Adamas strengthened for with foundation to look I forward value to to

Operator

conclude And conference today. this does our

disconnect. all may You now

Adamas Pharmaceuticals (ADMS) 8 Nov 202020 Q3 Earnings call transcript