ADMS - Earnings call transcript Q1 2021 | Adamas Pharmaceuticals Inc

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Operator

Welcome to the Adamas Pharmaceuticals First Quarter 2021 Financial Results and Corporate Update Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. 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, Paul, and good afternoon, everyone.

me Chief Neil Prentiss, Commercial Officer. with Officer; Chief Chief call Shreedhar, Vijay Officer; the today McFarlane, are Executive Financial On and Chris

also Officer Chief during We Q&A. Adrian answer the to questions Medical Dr. have available Quartel,

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

Neil McFarlane

Thanks everyone. our commercial turn performance. will first quarter. afternoon, provide on details it to Good more joining overview Then over Peter. of you, us today. I I’ll for an Thank provide the to Vijay

launching to adjunctive as differentiates taking approved the indication only dyskinesia medication patients with April, data strategy provides and Academy a to treated, Neurology’s by prescribing first the engagement The therapy an OFF the patients in presented we strong team. Adamas with a for and emotional was increasing their episodes the treatment approval Parkinson’s The episodes. In raise growth February. following OFF social SNDA opportunity Annual we complications stakeholders being called the and disease of to to of of episodes education of and deepen motor impacts and of levodopa/carbidopa by the advanced American In of at patients of Adamas prevalence widespread The the Parkinson’s launched response based negative number and Parkinson’s for in Picture as set with experiencing expanded in number complications, and findings expanding More motor treat label Parkinson’s. dyskinesia. patients quarter the broader a levodopa approval GOCOVRI first marked second care of understanding SNDA continued these of OFF highlighting partners. the awareness people national to Meeting with by We physicians and program and our the of commercialization Time with GOCOVRI execution our

GOCOVRI’s dyskinesia. published motor emphasize highlighted Additionally, easing people activity analysis, new data with of Parkinson’s. improve – that complications on-time sorry, to These GOCOVRI we ability this in GOCOVRI’s without availability data any hinder role GOCOVRI’s often that quarter daily the

Osmotica and As We on of subsequent commercial in patent ER, settlement organization. successfully litigation product to closed OSMOLEX integrated following we steps GOCOVRI, our of several foundation the continue the of with with to progress the strengthen we took quarter our the front into the our business. acquisition the make

Adamas, have a manufacturer. we remains commercialization Osmotica transitioned While sole to

the Parkinson’s Royalty quarter with induced extrapyramidal discuss both first strengths to our challenges drug back Further, with of we a filer to we terms in expand commercial and OSMOLEX beyond will Vijay minute, ER GOCOVRI’s As patients Zydus patent Partners. plan footprint key Leveraging for benefit amended reactions. agreement of and disease. HealthCare the our loan litigation resolving settled the with royalty available certain during

to a support capital strategy. improve raise financial to with successful our In addition, we took growth the our opportunity flexibility

Moving to on the pipeline.

treatment we the modified achievements made in we to extended ADS-XXXX, will two of further our investigational seizures issued of Last investments patents strengthen as our our our were to believe to recall aligned assist onset strategic defer which to business program. in for patients with capsule this our operational QX are ADS-XXXX, a new decision may we XXXX, growth. our portfolio, us release grow partial we leverage efforts with month, commercial out-license product epilepsy. for You continue in goals our capabilities the summary, support In long-term partner foundation and or lacosamide

We’re I’ll over to year. turn call to to the progress. review our an looking exciting Vijay forward commercial

Vijay Shreedhar

launch good commercial begin made strategy highlights and performance. indication have ER. the and my the an for OSMOLEX with Neil, with focus with Starting will you, of progress performance comments afternoon, update QX Thank I in we of with our OFF provide the everyone. particular the on on

continue year-over-year me our in begin claims To and appointments by pandemic disease context, patient primary through choice decline XX% of a treatment most significant the of in the environment patient of in the achieve in that of performance for several to levodopa/carbidopa impact negative disrupted QX complex QX we fluid parts Parkinson’s of country. seen remain put strength in for marketplace data highlighting progress drug Let the a on the which patients. was the

by prior teams growth year our total year-over-year in and despite pleased environment, versus X,XXX growth of GOCOVRI new after with QX a NRx coming was XXX QX strong XX% versus reported results sequential the for ***X-X prescriptions our offices with we results strong force improved We new sustained are steady NRx coming This with QX after the last execution. and interactions paid patients by QX, possible. March, patients. gain of continued pay that to growth prescribers QX growth engagement We reported in high reflects this for We highs continued NRx versus in the and sustained strong QX well strong reaching momentum highlighting the execution. QX, ***X*** increasing performance that evolving live previous teams new adapted and in our to where highlights commercial sales digital numbers believe total continued from There was and team we over reflects NRx. excluding campaign free believe or commercial XX% Simultaneously, program from QX TRx quarter prescriptions increase access challenging prescribers quarter, versus to with trial both momentum our our report in grew highlights aided live X% continuing XXXX, situation the product interactions momentum the our or to GOCOVRI to XX% to in GOCOVRI

to We in by new prescribing that increasing encouraging with physicians We an increasing also leading comfort in-office of and signs believe and momentum access saw this thereby stakeholders. led better to in increase to this visits all patient medications. vaccinations

of it launching motor and first expansion both the patients. OFF are GOCOVRI as treatment their excited product the the complications this the of label previously episodes has be prescribers Thereby made Parkinson's helping Turning to the two authentication, necessary compromises managing we only indicated spectrum. dyskinesia, avoid the to in and extremes for

days, positive stage these still seeing While at we that our we're early of launch. product believe signs are this

see diagnosed a we dyskinesia, First, spectrum entire both. with OFF mix complications patients of GOCOVRI, the spanning being movement or with prescribed prescriptions

expansion most early OFF for While QX in the GOCOVRI prescriptions are episodes. remained into dyskinesia, signs of treatment these of

seen demand prescribers to a increase have new increase a brand. in and we the through in prescriptions Second, significant continued

OFF using been dyskinesia. processing Third, experiencing processes front and we criteria and patients have seen same approving GOCOVRI, the payers reimbursement have that on episodes prescriptions for for the for

to access have of economic getting XX% indicates with formulary are which payers regardless makers are at formulary presentations plans. we patients the health delivered clinical Meanwhile, we of with engage XXXX continue to the cycle As discussions, pleased approval status, health rate, and value part and drug. decision the major of payer GOCOVRI our to

XXX,XXX to that due With significant this for expanding its to the the to the quantitative GOCOVRI, from we of in clinical addressable for population estimated profile. XXX,XXX differentiated authentication, with research QX GOCOVRI and market XXX,XXX approval market confirmed the potential an research feel

is into to ensuring the sales and integrated access focus of by the patients unlocking We the brought Adamas multiple ER product OSMOLEX the across ER of with the after OSMOLEX, differentiating also and portfolio and brand. expanded new successfully and assessment first for represented the urgency, the product the Transitioning commercialization settlement to Our complications, completed patients team to our opportunity Consistent receiving opportunity OSMOLEX motor care uninterrupted the product. therapeutic raise market fielding acquisition. existing to the values, GOCOVRI range of a patent efficiently educate to analysis, for we indication treat this demand quarter treatment the with opportunity patients campaigns dystonia. areas. dyskinesia including adult of unhindered the Based in stakeholders, tardive to to multi-channel QX for drive force our see in conditions, to and findings of on extrapyramidal reactions

is practices. immediate pharmacy the with familiar use to release products and psychiatrists due Our focus their branded initial their who process are current who prescribed amantadine on of in specialty

IR/ER day practices Our who analysis from benefit amantadine a a these in could option. identified once patients

resource ensuring Beyond we a are to investment disciplined existing access with plan. being patients, gated

previous team. on maintaining we're teledetail calls, prescriber promotion the of a for As ER level with communicated OSMOLEX

team I financial of over the now our modulate for serve marketplace. on focused quarters, to turn in Chris our approach that performance. are will overview remaining our in our the proud coming to see will an fluid to the of with remaining And present continue incredibly to priority. our we We a patients. QX it mission provide GOCOVRI on based we situation results

Chris Prentiss

million, first of which same NAMZARIC press in of for million. provided. today and Please Gross Product for first is quarter XX% XXXX. results quarter for our product $XX.X our good summary everyone. million, to earlier afternoon, with the over financial Vijay, includes GOCOVRI GOCOVRI issued XXXX $XXX,XXX primarily revenues guidance volume quarter in product was were which earned quarter of the increased for OSMOLEX by first quarter of approximately growth. of we to sales of Thanks, the from and driven the ER XX% $XX.X refer release last the year, revenue approximately sales range the $X.X of royalty line sales net Total

year, as quarter, for R&D remain year first coverage as Our for integration balance quarter expenses declined million, mid-XXs D out the quarter second quarter quarter. multiple half the compared prior as the net we well to gross million expenses to were the million prior $X.X in through the mid-teens strategy, to move at for OSMOLEX execution Current year the second the of the GOCOVRI of of quarter first for ADS-XXXX represent $XX.X and SG&A close Medicare expenses the low year ER. compared our for as to the to the the $X.X XXXX patients gap. sclerosis of XXXX Part of program. of SG&A the for commercialization million $XX.X expectations were

continue $XXX.X near will Cash a in the accretive of XX, be term. in the in our XXXX, being We approximately we're and to focus million. March on investment disciplined business as investments with

combination the of as offering, of a patent litigation as of during settlement $X.X discussed previously acquisition sales. raised quarter, have a we well million first approximately stock and $XX.X common million ER, closed equity our at-the-market public As through and we OSMOLEX

Our discovering as the investment potential achieving the guidance for full reflects execute well on ER. disciplined we the XXXX for as OSMOLEX expense thoughtful, in business, GOCOVRI as opportunity

remains great line for OFF opportunity the for with about This confidence that and position, right While our fluid, ahead With expanded give prepared questions. recent the label of have concludes us that, environment team's the cash our performance strategy remarks. I strong will us. and the we the our Operator? episodes, excitement open

Operator

[Operator Instructions] Thank you. you. Thank

Our Goodman Leerink. with with from first question comes your proceed Marc Please SVB question.

Marc Goodman

Yes.

mentioned all, two just I patents. the new sure make you I when first of got XXXX you want product, understand So to

saying And going indication better not the before which rates, to really no So it, getting going guess internally, payer development whether the secondly, bring I through do about it's about about GOCOVRIs that ON, And dyskinesia or thinking you whereas that either whether you just Is rates. one that the they're on for this OFF, getting you the the you partner new commentary addition? still reimbursed the back a know going payer now business then, to weren't. to more out in is the And not now, it's just internally. product are the that helping. right? Can how how I time? idea You're it, to license you indication go right really, can access do matter want ask for, comment things it second, is you're maybe or to you're you're

helping is Thanks. So from indication payer a at perspective. there's – this least it's clear that you

Neil McFarlane

take Vijay Thanks, the Marc. care over the it XXXXX I'll I'll And of hand GOCOVRI. for questions to answer to access questions.

absolutely So right. you're

we evaluating believe been XXXX and two our product. of have efforts to potential being patents new These are value a opportunities. partnership continue partner We XXXX moving issued exploring the will in

in We not internally. will investing be that Vijay?

Vijay Shreedhar

the things GOCOVRI Marc for say them Thanks, in approval update the the approval question. and the terms Sure. authentication to second perspective, with make our aware payer of of formulary first files the of the indication their indication. will for to for and was one we rapidly, from I OFF did a move

happened So that rapidly after pretty approval.

we've is, with are that Now, seen is being those approval OFF then monitoring prescriptions the one for. over receiving to that rate as prescriptions we're and good XX-month it going seeing episodes we patients. And since through diagnosed The provided being fact those identified news payer going getting access and prescriptions OFF been and the is XX% are and is with patients have and through episodes or they getting proud the period. We're very things of of paid what indicates are that for last they're and we approvals? dyskinesia

too soon carefully. we think respect I is be to that with happening little what a monitoring and will it's with OFF

Marc Goodman

Thanks.

Operator

you. Thank

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

Lachlan Hanbury-Brown

on for This is Tim. the for taking Lachlan Thanks questions.

rights prescribing been the expectations, of indication, of the the interested daily, field us And over sort help Can any what been but hearing it prescribers start You all, kind you've yet what's hear should in terms second then of I throughout like to all, yes, of new realize the we the increasing new as that you a mentioned, balance providing year? major set pushback you've of to you've expect of there's conditions with be year. of that the we'd from patients if just growth commentary saying our there. the been not

Neil McFarlane

Lachlan. Thanks,

continued saying, I'm pleased with strong Let execution of GOCOVRI. really the off by me start

As in in GOCOVRI with that that we've Also work very we and but we're I a And XX% a of launch good of patient quite we carbidopa/ us had over perspective, performance the strategies year had on of. momentum proud for OFF remarks that mentioned year-over-year continued start coming the to a about our saw quarter is will claims, environment. another the any with XX% in a have complex strong quarter really fluid decrease we talk little a out continue prepared of very Vijay prior levodopa showing XXXX OFF, a growth the claims. think pushback.

Vijay Shreedhar

Sure.

remember In so to the been symptomatic these that indication, OFF of far. is important there of an all of terms an management of patients aspect the there's varieties available options of treatment with have established that

will of the connectivity and time. and between patients, dyskinesia it education requires the So of OFF and comprehensive management education that take

from market one number will symptomatic or in early we management OFF we've symptomatic that get patients motor progress launch, have having pleased pushback to leave said management in potential, we're that's comprehensive it's the days we the dyskinesia recognize is, clinical recognizing management that, got with So physician to with practice where the validated have potential the a to early and significant extremely the spectrum. we of of of change complication But see and seen the the research across that. the I

Lachlan Hanbury-Brown

Thanks.

Operator

Thank you.

question. proceed with comes Butler Please next JMP your with question from Securities. Our Jason

Jason Butler

taking way impressive. of driven new in growth you, NRx the questions first were all, demand say of can way of me what quantify and percentage for let the the, patients’ in in couple Can A from the quarter. – those what the any any of me, quantify those label? proportions Thanks the or by was number congrats looked all you, on

Neil McFarlane

are But the coming we pleased diagnosed prescriptions that are what patients Jason, The or alone. are with diagnosed fact seeing we consistently majority OFF with with OFF also were we with patients dyskinesia, dyskinesia. came who what from but saw, is in

growth an to breadth are important depth us strategy forward. consistently is on focus of moving started we've So prescribing And patients continuing is that our about that giving great optimism to what as growth the for mix we and prospects. of see

Jason Butler

mentioned hopefully And period. ease appropriate? continues now dropping, Was saw you holiday restrictions what in was, quarter? did an are expect then we at great. the see And of uncertainty, in all be this cases it Okay, as a pandemic and XQ in-person terms impact headwind if the you to improvement any do we to obviously spikes Obviously, extent it post detailing? as

Neil McFarlane

of It depending varied what situation of parts country, the country. is. this. good remained But news the the parts ahead on win in is the has Access in local

been maintaining sales level a have activity of for force at while. a We levels pre-pandemic

a that the increase to overall. mix of leading important QX see total new live is aspect with virtual calls as is calls we to encouraging but of live it the March, being in which have in the started Now both vaccinations and – of access greater momentum that proportion calls, the we've been high with the making seen is a in a is

Jason Butler

one just Great. from me. last then Okay. And

of detail essentially terms clinical be considering plans how ER the ER, the in promotions publishing ties tele targeting effort. to to when drug you’re maybe sense results. psychiatrists mentioned of for might that In the that how the detailing Any OSMOLEX the of and consider you your and or also sensitive in-person that value about OSMOLEX

Neil McFarlane

Yes. Jason, thank you.

the and the little it able see investment I’ll maybe Vijay gated the latter OSMOLEX talk hand try as potential we So then to for off discover we about to be opportunity to start bit ER. a to approach in the I’ll with

terms data In the we of OSMOLEX are into moving Phase publication. to X that committed for ER,

us doing it job actually data a Adrian that that of and and call unwinding on team are he great analyzing We’re the with today, is his ready but for today. publication. getting

in that domain, physicians. the again, for the get products and hope we clarity some to differentiate will hope we So public which provide further

Vijay Shreedhar

label. into in are OSMOLEX are space. quite a with Parkinson’s to of to identical label we OSMOLEX, and and patients respect beyond disease release we amantadine that’s And expanding to off the there reactions IR going adult going promotion excited With be first immediate the extrapyramidal

better. we that in options has space that such OSMOLEX potential that patients have it the assessed have IR, and ER to we serve as recognize So for indication

the planning carefully However, I’m forum are OSMOLEX we move we on investment plan gated posted, still full And and goes our GOCOVRI. to for potential as on. and with many keep discovering on sure maintaining this we’ll you are a forward focus time

Jason Butler

Great.

I could the one quick in quarter? squeeze if GOCOVRI one. inventory impact of for Sorry, last specifically Any

Chris Prentiss

no change quarters, so by days shifts Inventory can couple to significant a between of there note.

Jason Butler

again. taking Appreciate Great. Thanks all the questions.

Neil McFarlane

Thanks, Jason.

Operator

you. Thank

Our Please question. with your Stacy comes next Co. Cowen & with from proceed question Ku

Stacy Ku

and for taking quarter. the my questions Thanks Hi. on congrats

between versus seeing so now expectations being First, that adoption looking dyskinesia OFF? this you authentication by see year? acceleration And And versus quarter, right your in OFF it’s to encouraging the the of also are early are what the QX, and split payers. the forward current an both reimbursed for for is

you if you could helpful. clarify in XXXX payer and So Thank you. would there be there negotiate changes as will any be the contracting expectations

Vijay Shreedhar

delivering commercial of commercial complex with is had Yes. we fluid this think start in of strategy building results continued in strong And we year continued QX. of our a reflects saying, very last at end on and good is that something pleased Sure. the that is proven with the the a I would that I validation makes and feel we’re that and momentum are seeing and execution Stacy. growth strategy off the of environment. QX us

of quite the as our compounded we’re that about all launch fact feeling for beyond and prospects a well OFF to Parkinson’s As our disease, are about good footprint, which the with get the expanding year. us that, excited start we seeing positive

these clinical we’ll The else conversations. we’re In have a and monitoring to that them had payers been your how very engaging is been ensure positive presentations conversations patients. good. for question, prescriptions OFF with terms second multiple think and fact payers to the We’ve of access have approving keep I sign in with they

Stacy Ku

Thanks.

Operator

you. Thank

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

Zack Sachar

David. for this questions. is team, Hey Thanks taking my on for Zack

on hoping the from to free couple for your program get GOCOVRI. was a latest plans thoughts Just for me. your trial I

any indication program as commercial in you investment if you helpful. additional the do strategy societal long place be such normalization me, here support new how keep your Thanks. plan sort marketing you to For in this COVID? expect your thoughts to just after remind sales a of of going would could on and latest then And if

Vijay Shreedhar

Zach. Yes. Sure,

we program. to free trial trial new want new free of Let new patients for have program. to it And base new continue intent provide designed physicians to continuing on me to and working to expand program the opportunity we or that begin to to coming the tremendous continued that is product. QX trial coming board see the The is bring we’re clinical physicians the And on new is see prescriber the have And who patients we patients. our with on and that and from experience board. evidence is that

So new there, keep of continue as for long the terms the brand, trial board. we we will on patients prescribers to in new the as and growth potential free

sales and In marketing expense. terms force of our

OFF in previous from that We said who same will call, being physicians the a treated by same practices, an analysis, we diagnosed that this the in first we additional with of we’re as being say the clearly we right-sized patients on, because are we believe our sales And launch. opportunity. results in few of months unlock force that that of call are to the seeing the with hopefully

good feel we it. about So

Zack Sachar

Thanks. Great. Okay.

Operator

you. Thank

question with next from with proceed Our your Please H.C. Ram comes Wainwright. Selvaraju question.

Unidentified Analyst

[indiscernible] this the I’m our and that marketing’s trustee regarding with your Selvaraju. concomitant Ram drugs. could Thanks questions. if GOCOVRI taking include is both on feedback’s formulary some treatment granularity a you physician wondering ER for future and for been what these tandem might OSMOLEX of provide Hi, on for

Vijay Shreedhar

is patients. the indicated is them. different two And appropriate first products on of back and two with their our sets, that products strategy with bring that patient indications and both two of we their just different ensure groups the be different – to clinical these to can educate an these from that two that grow think to and hearing serve indications recognition are with two groups data marketing I we’re ability addressed

Unidentified Analyst

And on paper. may neurology frontiers I if your useful. question, in recent a Very

future on-time than across any that you increase Are and envisioning you a measuring rather an non-troublesome without dyskinesia standard categories. clinical You in presented PD a troublesome board? show unique this the will analysis in trials whereby become

Adrian Quartel

how the neurology it. depends I’m standard, new a becomes field not on sure that captures that Whether

more is to are important is what that what’s think patients. important capturing we I

meaningful So analysis. for is really any we That’s what’s dyskinesia good how patients. on-time did without the

showed I in on-time. think significant improvement that what shows GOCOVRI that’s we

Unidentified Analyst

the Okay. allosteric Therapeutics if may Thank quarter how their upcoming and familiar you’re competitive evaluating you. levodopa wondering was I viewing of trial PD modulator? their regarding you’ll I the landscape And with a induced Addex just dyskinesia. next Phase final Xb/X one if

Neil McFarlane

program. We we’re in don’t year competitors the approved the But approval, episodes all the GOCOVRI. to that’s space approved their the recently education the say of who an we’ve been and much in really have with been disease track that as we’ve there’s last in OFF the community seen familiar. So so, what have or both these programs. is OFF developing incredible for along products ones awareness I helpful have found ones products the ones over like that recently discontinued about the and for increase the

Unidentified Analyst

our very for questions. right, All useful. taking Thanks

Neil McFarlane

you. Thank

Operator

There are like I further to closing at for no comments. McFarlane floor time. would to questions any Neil this back turn the over

Neil McFarlane

to the for days updating great Adamas. employees want to These of calls. their dedication questions our future time to appreciate patients. improve exciting your you on our thank and and day. mission, forward look for operator. are lives I to you, Thank Have a I

Operator

today’s concludes This conference.

disconnect you wonderful evening. participation. your for at may time. a Thank lines You this your Have

Adamas Pharmaceuticals (ADMS) 11 May 212021 Q1 Earnings call transcript