AERI - Earnings call transcript Q1 2021 | Aerie Pharmaceuticals Inc

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Operator

Good afternoon. Thank you for standing by and welcome to the Aerie Pharmaceuticals First Quarter 2021 Earnings Conference Call. At this time, all participants are in listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. Also today's conference call will be recorded. pleasure Investor the Relations, my Aerie's over now of Director Ami is to floor turn to It Bavishi. Please go ahead, Ami.

Ami Bavishi

Good for today David Aerie's Rubino, Aerie's General on is Thank us. available President and Officer; Jeff. afternoon Financial Officer; you Aerie's call webcast live thank you, as Counsel. Rich Operating for Tom With our will Mitro, us and Hollander, Officer; are investors.aeriepharma.com Chairman Anido, Chief replay also Chief Chief it Vince Research Chief Executive and and our Development Officer, in Today's and John LaRocca, and website press Aerie's indicated being be release. joining

Now with forward-looking financial performance, in prospects and our of impacts for include include this will commercialization certain statements cost Rhopressa regarding our plans On including including measures. statements potential and of a the statements, trials. bottle. for and in operating COVID-XX observations Rocklatan and They collaboration timing, clinical and observations expenses in expectations forward-looking future operating collaboration non-GAAP pandemic observations regarding forecasts, ongoing will These of and financial success, our net make call, we Europe. also States, our per United Japan will and revenue statements associated the the our and regarding

and regarding Additionally, the with candidates. - approvals from regarding we associated products or product requesting, candidates business progress will with products long regulatory these and discuss obtaining maintaining, agencies product of strategies our

address These management beliefs of will we liquidity and other the statements events. of Finally, financial on future today. as and based related statements our are to expectations

Please update to whether tomorrow. events, file our otherwise. forward-looking filings obligation carefully XX-Q SEC. in a as revise in new risk press of read future and Investors assume described release no as or that statements as information, we carefully note materially included differ may read from today's actual Our expectations. result We our factors uncertainties should - or to with risks should the the expect our well the investors results

during call, certain discussing measures. we'll non-GAAP financial addition, In this be adjusted or

these the measures to which relating section today's over the I comparable disclosures the to press non-GAAP With additional GAAP a to reconciliation on website. Vince. including turn our posted that, directly relations financial Investor is For call will of measures, please release, see most

Vince Anido

Thanks a Thanks Ami, afternoon strategy. results, good joining including our again, news recently everybody. discuss bit today. quite positive and of the us across a excellent Once for outlook global our pipeline, progress to and quarter broadened first with I've exciting

me the let Now, performance. with start first quarter

presentation. the units you of which Our fact amounted the same our of to year first over basis the consider, solid very The consider last growth represented our is 'XX. this growth for volumes when revenues 'XX expect the when XX% unit weeks you of wholesalers, lost for around of solid glaucoma is pharmaceutical on products would When impact a declined are typically in the the with due of shipments. quarter the increase the inclement to XXXX the in by Tom XX% in two quarter XXXX sales seen of pre-COVID in central affected XXXX. We primary recorded as impact last while XXX,XXX QX 'XX. were franchise insurance the United the many pandemic that The was during Xth franchise for of very of comparing in particularly the quarter, the States QX of This COVID-XX, X% volumes patient quarter. industry prescription for that was will Despite To his with volumes the franchise further of lower extent, QX experienced a discussing February to glaucoma the is in market States, It of us. by improving. declined be weakest strong and our actually 'XX glaucoma volumes weather it grew quarter QX United pharmaceutical drivers. we about our increase wholesaler deductibles. to we sequential the first where also the of as of for impacting month product We remainder XXXX, QX the largely region two COVID-XX quarter estimate our one

As will are pharmacies, positively. of in minutes discuss Tom IQVIA out very a few prescriptions volumes in our trending to the sales now terms recent and

and bit down net by the Xth earlier. of Our up to $XX are the over volume prior revenues 'XX first or value points made quarter a XXXX X% quarter little XX% driven million compared year I

strategy of along our 'XX our outlined last the year increase and release, level net our to our our care wholesaler per per to net first per revenues of renegotiating earnings quarter compares the stability refining favorably increase and bottle bottle revenues with over executed lift $XX increases. on over future coming including from bottle greatest As You'll XX% some the the bottle, we for We've February, agreements. regarding saw expectation revenue in the our net the modest that that renegotiated to you experienced formulary contracts were to recall that last price QX net time revenue per bottle per of in Xth quarter represent agreements our newly of we and managed that wholesaler in call reported $XX growth we our strategy it earnings in with mid-quarters of year does call $XX-$XX that

expect our be With that the throughout per these revenues levels sustainable will we net bottle year. place, in these at agreements

not not the in the In reflected change numbers. is entire fact, QX all, wholesaler in agreement the

to we at hopeful, COVID regarding XXXX very continue next eye environment difficult will as and practice months. a the we're to we care predict it's Looking the forward, result, And providing be few cautious obviously this professionals specific over while point. effects not on remain guidance

with However, consensus current analyst. remain we comfortable do

I through see today, it time the you'll the think out on is in As certainly goes direction. what shipments his presentation heading right

to talk first terms and of shipments later, our time wholesalers good you. we're sized we've about and your that Mondays a that pretty and Tom for records and this at looking $XX we'll and in number that as and so are, be. and out a some Tuesdays able rates - the to said numbers actually take going times at hit the in fact to roughly it's shipments just week already those be be look recent will weeks out multiply In where not where bottle alone for be experiencing we've the able should easy discuss they growth roughly figure it's so

to an sales as and you administrative primarily on well travel the the expenses. in increase marketing selling, pandemic pharmaceutical do mitigated, impact If expenses an and as the in of expenses we strength pre-COVID levels, expect due increase G&A, COVID industries to

in increase operations. we spending a However, do on cash material have not in expect net the to an impact used

and seeing up. We are are more open states expecting

of opening last more like the things, and commercial that are on are headquartered up year. the We face-to-face them I've chance here, meetings so corporate more their spent couple and looks side here had having with - bit summer governors thinking about our bit of about of teams given seeing are Tom forward some by talk up, will various and it headquarters, the the this a face-to-face visit quite a in statements by more in open looking days of to of we states many are to little a we're seeing what three a more RTP,

impact our revenues. about a on impact excited and future the we're potential for that on - positive the So our

as let pipeline to cover he on well highlights provide update the U.S. and important on as and call after will turn I'll the global Now glaucoma Tom? me over the further the front. Tom, franchise the that

Tom Mitro

you, Vince. Thank

glaucoma franchise other So just as our we products. branded continue and calls, previous glaucoma to reported market the outperform in our glaucoma all

the prescriptions the XXX,XXX market particularly quarter of period. down prescriptions the XXXX experienced was X,XXX,XXX remind or the see be up where for by produce XX% plenty market franchise that growth the XXX,XXX March reason QX XXXX same down X% the of COVID. April for prescriptions glaucoma last of over nearly while XXXX, Our XX it'll given XX compared our XX,XXX are first by at XXXX unaffected quarter franchise comparisons prescriptions XXXX when quarter March I'm the franchise while has provides was XX% To of previous looking that's over to prescriptions the the I'll of challenging months last declines that were ending first was months. X% you through or our glaucoma significant so grew XXXX clear by or of to significant optimism. market to continuing or declined

in prescription wholesalers which are Our from our our data. matched products sales the shipped out bottles pharmacies data reports of that

of COVID. XXXX a XXXX rate held was well, Our XXXX first March quarter of first largely XX% Again by first in up this even unaffected with of shows quarter the quarter were comparison units compared alone in to XXXX growth exceeding XXX,XXX quarter bottles. yielder month first XXXX though fact the healthy of bottles COVID out was by sales down of

data, in very nearly recent Looking our out up strong of April recovery. XX% to sign another of April at of XXXX, compared we're the sales month

mentioned Now, there our key for briefly growth three. have our in several been drivers

opened very Activity, has encouraging has shown and majority been as future. is have sign have receptive calls physician Rep COVID of first steady our highly importantly the offices The targeted that face-to-face are our our meaning increases reps to physicians declined. with vast for The

the we sign While Last held pre-COVID our another for contagious. first the not which days, of good outstanding The meeting the with and which these quantity sales to in call person. and is also affairs team And consistently team. meetings, were last XX in future. months climbing, back it's meeting followed yet enthusiasm from each our is in-person our week, training sales medical management two was the meetings

like simply The sales among we for normalcy. and the discussions eager brainstorm pre-COVID team, the sales through develop managers, management of to the our intensity district our our depth physicians leadership plans of of and sales to Zoom. not week-long action to were very possible meeting, Our team strengthen sharing all. them was each plans to able return is And

successes replicate a to still areas, and of percentage those the COVID. lower of so still those the various can around discussed that approaching areas being in XX% you'd rest assume team other the offices hand, challenged point, there also by XX% are open had we've are in team of approximately are at XX%. that are few were is on percentage But successes. Our those the to the able this as have with We areas geographies offices are XX% many are estimates hovering open

of As third districts care COVID having Aerie because bottom executing loss. managed by top also of higher we that to area wins. plans with through pull percentage from from disappearing an reviewed specific of moved a our example, the benefited the one third offices opening The

our for key growth second meetings. peer-to-peer driver has been educational The

Now to This individual attributes of our these safety discuss programs efficacy and offer physicians their opportunity experiences. products. for was

physicians When out our perspective. an opportunity about proportion. realized the in fact provide of hear side effects concerns also like into the patients We own put hyperemia of products, numbers their blown like be with large peers to they speak hyperemia might treating things

efforts So continued COVID we to opportunity these see as decline. for continues

Now patients. large majority is the products physicians third for both our very of are products managed care to easier good, for our for making prescribe coverage of

for Our our XX% these with subsidy the XX% were experienced an coverage are while coverage the as to offices demonstrated the levels products said Medicare revenue. access to with of will refine to rebate included. coverage and we since our authorizations patients Rocklatan optimizing commercial designed covered. in Part XX% physician of team low those continue our approximately the income have Physician that XXX,XXX franchise strong with are And LIS activity future the as a over desire for prior plans while products two have there'll Rhopressa. our XX% or by significant to our minimize press be driven And approximately market net burden in changes levels And agreements. we D combination before, launch repay submitted is over which

more maintained broader product glaucoma basis. weekly franchise prescriber branded highest XX,XXX, a frequency half routinely last the total our prescribers that writing physicians nearly decile now grew than prescribing looking month on those any and glaucoma have first X other and XX again, nearly who once approximately exceeds glaucoma have The the XX months per been XX,XXX products writing month. of glaucoma each this and far XX the summary, in Aerie year an have outperformed prescribe monthly market. physicians at prescriptions products So volumes prescribers we both quarter the the count of and prescription The

gain prescribers we on our calling Our prescribers remained our with began sales top the X,XXX that, this and calls team has many the force way and strategy each our represents respective force share working sales sales efficient unchanged calling which gains of of highest as had to strategy prescribers. effective products. as indicate as data physicians On share their of believe team, telesales highest that contract July the sales in XXXX the XX,XXX The the Aerie XXXX in with market on and shown highest as possible. market of in is next in access next glaucoma We audiences. XXXX, approach June force

to fact we continue lower the for XXXX price first our our in care on success, January wholesalers. refine new quarter about revenue based rebate said, increase highlight, as representatives more effect excellent Supply DSA physicians telesales rates We of to inform three meaning implemented care were of XXXX to managed per specific I and In we major agreements. managed our coverage in bottle are early their our adding in increasing progress net targeted we made office. a

with back So prior our prescriptions in to on clearly benefit. weekly momentum our we our with we're certainly prescribers and we're imaginations associated to are capitalizing turn practitioners current turn over formulary the back I'll call glaucoma summary, coverage and care eye initiatives Vince, managed COVID, prescribers capturing and it strategy our share Vince, voice to care you. pull-through, of the established many before the to of the products along additional to move levels I seeing monthly

Vince Anido

Tom. Thanks,

a to research that both those also efforts, building and spending to we make but and and have continue strides Rhopressa Rocklatan, time the developing of so therapeutic only growth. out avenues our towards not sustainable pipeline we're explore we Regarding scientific additional great continue for bit quite

number simply publications they Rhopressa look couple the trabecular adding in damaged in retrospective in work decrease improving the was reported a last by have meshwork damaged explored in steroid that steroid coupled that that the of with Over new months, products netarsudil pressure already to and of intraocular our we've role were at with of health a trabecularmesh animals accomplished patients using.

finding that restoring we animal trabecular humans the important the The here health. is on appears expected important that in is it all done in we've finding here, based Rhopressa meshwork as work fact

Now as finding great, be a that's we glaucoma for time the treatment we going patients. prove that over incredible that of think to out

to been to posters in research outside the class that that from done, on. steroid major upcoming that of everything But we have new we that a going the therapy in company appeared to meeting on that addition, have cause reporting some pressure. at quite existing In a things that control corticosteroid our few is others we've which new too. is of folks of ARVO novel of drugs We're on spikes products, both in things be one the intraocular they has reported of are adverse ophthalmology, event addition

to class able new our actually So control that. is of steroids

together that near quite a period Now of in will this something research our about anti-inflammatory RTP time. put ophthalmic may is have finding here you space short to been revolutionize hearing more and be in scientists certainly a that the the able Again bit in this future. very

know, and two as of initiated trial as low XXX candidate just the the is Xb patients fully we to few XXXX. patients vehicle. despite turning rate ago dry Important and we that different a AR-XXXXX, product powered testing drop XXX trial to study. product compared the released severe with are our weather comparing trial we of target out in a that now seeing it's October news et enrolled it you named days is eye to cetera COVID and Phase the COMET-X pretty concentrations is Phase of a The X of Now

enrollment United pretty completed million dry we sufferers healthy a at As in XX expected the States pace. eye about with

promoting agonist eye a channel potent ion remember it and selective sensor believe that need a active for discomfort ingredient ocular TRPMX of suffering benefit tear to from. that in product quite We to always the background, that may a sensor dry are sensation. osmolarity cold about TRPMX blink the symptom ultimately be is cooling candidate. rate AR-XXXXX complaining we by could always whatever they're differentiator sensor the And this and sufferers systemic activating regulates production the Interestingly is reduce As eye.

go findings in statistically vehicle significant vehicle. greatest to duration symptoms package, the once start active greater we're It drug will design is between but primary day not measurement for period. signs success The of the signs for a in measure the managed symptom is important TRPMX different is approval, trial, the It artificial etiology with sign. to difference the That's for separation should endings. the impact thermoreceptors To tears future So through eye building for trial trials. endpoints discomfort, the evaluate and in it days Phase ocular that is designed dry that ultimately much products only we is conducting talking XX compared any environment. at which compared out neurosensory on which primary a of COMET-X and XXX a modulating tear secondary receptors, the the again ready corneal or get addressing be a is from complete are we to also underlying corneal as sensing and inform anti-inflammatories statistically vehicle is endpoints is production, to XX-day also for and cold tear endpoints the X the A will talking the their be can and about care possible XX. that clear, symptoms driven derivatives. as also the component approved, reflex to The in or disease. products the and nerve We've significant added the so differences and drug's stimulate those COMET-X timeframe learn other several very for and as separation the performance, start symptom simulate, step

we symptoms efficacy that sure no to least then and need pathway multiple versus be of and be to same vehicle terms test we significant been long clarify for is but need to All that a statistically in way, at also of symptoms is minimum we shown yield trial, be safety two approve improved millimeters and required in there's be perspective, trials. Schirmer's the well-controlled trials. to as measure there lot to I significant as questions, do for demonstrated the Now in in make must need shown signs. in a a which not Efficacy signs want statistically do works clinical

a As powered enrolled, trial. a so now to a remain in it year. Phase if as reminder, may pivotal successful, COMET-X COMET-X QX X, our count trial this topline of is With track as data on we fully readout

Now Phase Europe turning sustained X sustained to our for have retinal retinal current the the product dexamethasone effective in being and Phase the on that efficient in pipeline, as indicated generates as current July, important U.S. is to opposed to Phase second to for revenues the the known plan U.S. that market expect AR in do which Europe based dynamics, X discussions combined. top we XXXX which threefold would with injectable likely The release is market about this and profile we year. the Europe Europe to markets data expect be different data. we in authorities potential most U.S. in as efficacy months We in and It $XXX other XXXX. both pathway occlusion with very U.S.-based in half six regulatory a is back study greater determine remember this commercial for period candidate, million in vein the released efficacy versus trials enter steroids implant of terms in continue Ozurdex, on the our determined the and of to line X of

bio-erodible the interesting innovation. technology greater the thus and predictability provided customize for As frequency points manufacturing technology how XXXX. rate, ultimately that results illusion for flexibility. molecule of a drugs. injection can that small potentially our said It of It's platform diversity polymers, exciting is to I predictability This an platform. drug future flexibility for very it's using preclinical predicted the levels X believe a and is of advantage print models the various periods treatment create our We provided platform Phase before, to determine longer molecule one which shortening the about blends and PRINT $X continue of reduce perspective see and of product opportunities and we to selection principle of opens newest tie side, pipeline allow to target entrant We very doing. targets up of on probabilities success combines to to of of potentially cost so retina that us couple achieve is in proof of the AR-XXXXX, implant cycle. the in and period helping And everything leads in any to $X earlier that inserts the time inhibitor controlled you is years for the the patients to VEGF control delivery of the as bio-erodible blend how release and know pan inject blending ingredient advantage the currently the period same DME and drug the it design PRINT selected, one in is full last be any the all days, and of our wet XX to small including a other months happens us the months. to start simply our of potential plus injection. This to over retina efficacy of actually example the pretty early insert formulation you prime any the with then it molecule marketed polymers inject VEGF doctors single to of get more allow and we months has activity off of than a as and more it therapy can long XX over inhibitors. Axitinib is higher target to with four VEGF axitinib. the for B, molecule A, release to flexibility or unlike frequently right with clinical small of From of less million pre-clinical cost in a active we're early isoforms intravitreal well with us axitinib last the much typically tapering polymers Many before of just our frequently create development takes fruits is patient technology as quarter. of these indeed other inhibits custom drug which AMD short the and off platform, from that retinal time get proprietary pan-VEGF million PRINT range being the in and that a space we a of time, in treat designated D of on our case, C, actually a it's there, VEGF that inhibitors, that know XXXXX provide a introduced meaning VEGF signaling a this has inhibitor,

know, many back systemic tyrosine of XXXX a As known treatment molecule. cell approved you kinase axitinib is and is inhibitor use It carcinoma. was of for the in a in renal

health there this only potential there Now total significant small one is I successful, this these patients insert molecule to benefits and potentially Based on agent require a DME enable care what preclinical to that injections for active insert of potent data, provide patients preclinical before injection patients. substantial and if preclinical the physicians to and alike. cost the AMD as releases treat wet will benefits mentioned continuous for a Less frequent of for up is may year.

XXXXX, enabling we XXXX. plan now IND we file right are So an in to IND studies conducting preclinical later for and

foot PRINT our year As rate in of we implants release manufacture in a RTP facility sustained units square X,XXX to Carolina. North XXX,XXX reminder, technology here per in utilize a at can tiny CGMP about

in the capacity I to margin of had and candidates, and they may that tremendously patients lot also the chance visit of that are made team driving facility product was, process, improvements the runs again value a and increase processes and do if while I at approved manufacturing they've on the and with and for a physicians. We facility using manufacturing I've economic As recent contribute opportunity our headquarters to resides also footprint. the actually facility same mentioned, cetera, been et sizable that corporate our commercialized when that efficiency the where they that believe for here overall

product Lastly, to inhibitor the forward. safety Aerie implant progress design Protein in of Rho-kinase expect clinical to dose escalation for C current sustained the trials human with release in evaluation 'XX. currently and continues complete kinase AR-XXXXX, a candidate QX first implant

figure opportunity exactly of how deliver in the trying period figure on that. add the enough Well getting of Regarding the and XXX, many - technology out we area, see active drop. it max methodologies have that inhibition but we order level PRINT ingredient the based new in our to to earlier point meet dose achieve in desired develop on research the that high see comments, what new in to focused top we to are becomes get discovery over much us Rho-kinase in actually released is we and of will desired response more have Rho-kinase at allowed predictively that, to needs active can it retina. is insert efficacy information confidence the currently right with on to results curve they the a the to we out teams ingredient the we be with here, to where actually end get I've my the U-shape and the efficacy we have, actually able were

be. have of picture So needs now much concentration in to the a we terms what better

Rocklanda Rocklatan first readout ultimately our With strategy, partner an franchise data, in trial is Santen the recent in moving believe on region. approval of well. underway with Great some in and countries South is along EU on the regulatory full discussions we other the collaborators Japan to trial excellent year. globalization positive shifting collaboration Japan later and approval Mercury and potential Korea, for is or X forward the of this schedule We'll this in Phase enrollment. Indonesia, well in the with a Santen Britain the X our glaucoma results Malaysia, as We Lastly, our in top and in are plan and line to

be America. Some before beyond Latin as complete China should we Europe world the agreement believe have East, able parts the expressed to such of collaboration an and We even other 'XX. including Middle a interest that year-end

discussions obtaining these pricing to While in the our continue, we proceeding processes own on Germany. begin are of

the sign with we time on consistent ensure X So pathway no we with PMDA Japan before lost, in forward to is is what at partner a negotiated we continuous did momentum. with it's the Phase where

market market facility just pointed to Japan the Europe which At in to totaled an to point, as for million producing in production further past Ireland, compared nations European have excellent already turn U.S. to ultimately to market in out over our like the well. XX the we growing As in alone glaucoma utilize will the we five financials. for volumes bottles believe XXXX this XXX it the the due the million in anticipate I'd represent is We volume in opportunity U.S. in cover Athlone bottles the Rich top and to here

Rich Rubino

Well thanks, Vince.

combined As Rocklatan Rhopressa and the our Vince first XXXX in $XX.X quarter totaled million. of revenues discussed

Our previous XX%, which with normalized the first consistent was margin for quarters. gross is quarter

layered of Athlone downward basis add we batches in supply, of volumes we $X.X in depending as addition, plant associated of start-up on Athlone capacity million quarter plant. number cost on approximately continue annual to quarterly commercial it produced a overhead we that production top stages production. commercial idle to expect with are the the of Since sales is In for to trend but an number the whether will on fluctuate in or early clinical

net excluding million When share. $X.XX adjusted GAAP per the loss of $XX.X compensation total The first $X.XX or quarter expense, million $XX or was our XXXX, was stock-based $X.X share. net per loss million

general, million $XX.X $XX.X research with total $XX.X were of expenses XXXX, and and and development the quarter of expenses selling, expenses sold cost adjusted million. adjusted For administrative adjusted was adjusted million operating goods of first and million $X.X of

of equivalents, in of $XXX.X operating was quarter our XXXX, as and first in XX, million the $XX.X cash activities we million For and used cash, March, XXXX. had cash net investments

XXXX the used. used in million improved of reported $XX.X first first quarter quarter cash which million. activities reflects XXXX in much quarter net for at of continued revenue growth net controls. we is from $XX.X million the and the outstanding totaled $XX.X Shares end operating Importantly, in This cash expense

expect the now For today's we quarter the please file for our period to XX-Q, first turn And additional call our Form and prior Jeff? earnings information questions. release to refer over I would operator regarding to to comparisons, which and like tomorrow.

Operator

from line Samimy of [Operator Instructions] Stifel. comes from first Your the Annabel question

Your line is open.

Annabel Samimy

market. declining a through growing on Congratulations

point come age the the and actually vaccinated of majority broader been market patients the opening in, think actually, up, seeing are is the at that offices you have demographic you have offices now do So past glaucoma turnaround, rebate. see more treatment? than of they coming are they in second in, is the do what turnaround to types more were going requiring then and we severe And question patients on aggressive presenting is what are

I that's and over should think course completed we year. has improve I has that or missed is rebate comment, payers your the the Thank assume net negotiations the price rebate current going something that with you. of the benefits to but

Vince Anido

able because little a you on give governors and the what but reopenings cetera kind they're mentioned Tom haven't have country the has summer. even of color Tom to the up degree to of California certainly we of going the just around can patients seeing And opened as some districts far as been haven't to that some bit governors them this as et COVID the the in to and patients, I'm rebounded open we many thinking is that. the biggest their that so we here in the of But we're are to yet his particular relative like So those like of impact markets places granular going and all up and again, York outlook to of tell we cases. that opening some the that managers remarks, news reported there of and the major do is XX listen got yet, New see for good Illinois pretty up were district markets our overall, present some, many we in markets had were because

year, think a couple slow in products, still trickling market but the some overall and glaucoma maybe maybe to be there we will then for to the expect, months have for go, market half second we the improvement maybe that of growth that rates So the we'll do from certainly expect back perspective overall. of we the would who see knows, to we be

add. it Tom color that let So turn me any he to want over to more give to may you

Tom Mitro

thanks. Sure,

Annabel. thanks So

question. the For

patients the on is because what what we is are weren't did back but weren't some in slow is But office Just many in their back they have physicians coming their come in, they because compliance patients really they're really they into of because coming finding progression. commonly and patients vision glaucoma because last as the of lost the to eager have hear they talk get that patients it's about, and existing course that find don't year, they that the progress. realize their in of maybe the very note slipped

market for had So And well, growth things year, of the that, Medicare we're our done like back redoing and get team managed there are both couple we talking come half. very D Vince the agreements, patient will a rebate there, will physicians as care that Part that's in fuel a year all the and what of lowering in in play don't we next see our our are D, quickly said as come think lot the amount. asked this play rebates, changes And year, accounts, commercial but about eager next we better won't can. base the of into into our D I is that, especially Part done we our find be to in said well Part them about to the second also their agreements, as of will as the agreements and existing will think

to an for it's going to process ongoing know success we'll So well. us and as continue I be hopefully have ongoing

Vince Anido

some even right coming per even will go to more just just year. improvement will bottle do well. There is be, ways see continuous Tom in, $XX is this I while year And perfectly kept, this absolutely just clear perfectly still to there'll that as the into in to we Annabel, to next expect be year trickle some be yet

Operator

comes question from next Belanger from & of the Company. Your Needham line Serge

Your line is open.

Serge Belanger

place in price had wholesaler the was the exceeded agreements? much with negotiations about quarter, revisit X% you've I the last over bottle, in and potential first think was quarter walk Obviously to just through the XX% a much us how XXXX. so how increase increase increase you per the that of maybe talked Wanted that far, greatly

Vince Anido

was the majority the know, out low small that. surprises as net things wholesaler the overall impact pretty by any of So increase relative really it digits, are had of as just to about of XXX% it the quarter know was There we but going in change a are in was to that, so and it single as dramatic the what was price tailing due was side rebates with impact, we in don't kind of be, so that you to not was the low driven thing you near coming to like first beginnings the that be the see any D terms the Part on and of Medicare year, may of we always cautious wholesalers.

There us be see bit So, we just bill, it's that for we until was little but a time. it no that. surprises to relative good I think cautious to final this have news was

see team efforts So Tom and able we're that to his brunt the full executed on. the of

So that's $XX how to from we quarter. year, first roughly reported the we this for $XX for got the that the for QX

Okay.

Serge Belanger

you Okay. And that I bottle, about $XXX still is per a think target in the of track? talked past, a about on

Vince Anido

were a it today of than a did when we better at certainly done it. It hell lot looks $XX,

so, And and and bigger, think are and just, not Tom done negotiate said, to wholesalers. think side So, so with better like not managed we're that. care with we're deals all as able done yeah I yet I that we we're the yet we're getting analyzing we're things that

to I you'll to $XXX at to that this when start going towards just hit you that. mark. will We commit up trickle see So think trickling, us time we're to as can't continue

Serge Belanger

talk next it's in then year Medicare plans around and coverage, this time pull think the last those about, just year it you my announced just D that a was Part maybe later. question the expansion through I about is Okay of

Vince Anido

you that So able around the that the we certainly supplemented efforts field that big able we've I frame. telesales mean things we terms that the what year in But plan some of been to that the set force continue do we highlights cetera, some in to with see. our the time up et May pull-through adding in we to of pattern accomplish report last Tom? give terms on been that signed right we've have let Tom of of

Tom Mitro

we of this the last Since Part that share to give where quite proud adding, because volume in happy be and quite as largest you beginning and plant some doubled talked got actually of specific in that, market D the at the sure, in in has and with one about plans May volume year data, for Sure, of we so of as sorts you pleased that we're activity a obviously time, double went space. able and the our our plan. our individual individual might we on everybody to our even at a that are about were specific reasons double muted muted territories and and doctors force, in things, down sales with to by market that those the aimed knows developing plans did are the share guess, and that through important field we pull COVID

So minds plans in now nation and that that and have, to bit, way, share we're gives is a going great talking double by a our only with plan the we so, deal about things and that the obviously helps on mind, our but very, physicians throughout you obviously obviously have because very double so the volume on quite that's pull-through that's about. we talked have that many the of it, make not physicians that very, accounts on importance because we and important color a that we hope that think it's plan some with

Operator

next Stacy from the Your question Cowen comes and of line from Ku Company.

open. line is Your

Stacy Ku

congratulations I few taking for on Thanks my the have questions. continued progress, questions, a

so last if that then script, second going the finding among some so these And pipeline? are bottles And you and from in habits are the of have Rocklatan that certain terms clinicians? quarter there the preferences those you prescribing coverage then and prescribing high with on I number any this of XX-day question kind reps sales follow-up in Rhopressa increasing is around noted first to on per to updates a my you our of have push or of switching Rocklatan, bottles

Vince Anido

use and Okay, right doctors two on of doctors while terms and weren't clear to both, sure and into so alike Rocklatan and we the using found taken use terms a that understand, beginning a in are just what kind middle of we we products. happy focused in home bit Rhopressa have beginning have we or there, that really that I very just just better therapy that a the of Rhopressa very, of Rocklatan to for of the won't gets riders both both other were very adjunctive were we we jump of, on it's that positioning doctors we whole and Stacy, translated the in started the the little in have think and all us Rocklatan coverage make bunch physicians and Rhopressa a are have of the them launching perfectly thought market, them rates the that, when had those in doing,

use so they products or minute at the them, driven lot other increased terms And one their it and a both. the write of rate they add more seeing our the plan and get these major of taking it their coverage as in decent we by place They we're the some that as of markets to more care they some it's of products, where when message reimbursed purely is armamentarium and we they managed efficacy see the the that success the big have that or for with a then doctor established writing and that start they patients. we're

is there any And so pattern way we trending another. particular don't see or one any,

a industry of the because that been Rich bottles, I'm quite now going tracking for we've number to I terms that think the answer let in while. of In

because As not a reminder, when we didn't did whether leave going not. see want entering as a to we're or and bump their COVID homes were significant folks we're we sure

were starting have up, to bottles averages you Rich our latest we script. let industry more to relative on the getting just But And that. so get me per give up to

Rich Rubino

That's right.

were pre-COVID script. we seeing the the to about per XXXX, bottles of quarter quarter back going Vince, X.XX So, first

And quarter XXXX beyond that first to have on weeks per that some seen now gone of we've is the that. up X.XX script. For average bottles

right from I upward now, So would going the zone, say X.XX potentially here. when

Stacy Ku

I per continue guess expect if bottle, $XX kind or year the for I net questions expect to the price another improve And net trough that you something a asked of of some you to it is to earlier price could just that clarify be year? that throughout do the way,

Vince Anido

may continue starts look to kind the throughout be, up year. the we've back not expect year it the of stabilized next, quarter creeping do made be expect improve And to that all do it then in but this a the one progresses. thing, I quarter to or as other, all forward and We we better

Operator

question Cantor. comes next Louise of from from line Chen Your the

Your line is open.

Louise Chen

I have a few here.

with to I question can be and or one-time first market space quarter have products. have opportunity there, there crowded becoming then you was a question is will quarter products 'XX eye above unmet dry some And ASP And expect a the that bottle of ASP then newly several meaning So your and market of could had pipeline this a first development need do more in is leading. approved $XX intravitreal higher. in some you talk I reason why last a was, seem the for trough about be every interesting and the be you few 'XX, 'XX was XQ products they pretty

the fit you're Thank into move So product just will paradigm forward how curious it in commercialization? if you. treatment

Vince Anido

Sure. Louise.

mentioned from earlier as I $XX to is sustainable and So expect do up the we we go that it expect there.

before more for may creeps beyond a we not range up bit what Now exiting happen next $XX- year. example, $XX that the it it the for is, the quarter could like stick around be and little then that

reductions fashion So coming coming further as sort the floor comfortable we're the we way that stair-step It discounts it's and for the are particular climb sorry, think in, year But have will do further pretty as our not like number. rebates steady of progresses. we in a I'm because be that year. a to $XX a putting are

is data, European first so currently that retina been principally bit one the On it's they for patients, that in a be a little with diabetic for over in think great start the patient we sell U.S., you seen, going tend $XXX macular it worth some with think of market and and things to taken that the Europe explain certainly of a some big and to product the retina worldwide we to really et has steroids in beginning bit combined, last the million roughly are basis well doctors VEGF, going XXXX, that with some cetera, we'd opportunity OZURDEX this Europe to edema, product they to efficacy opportunity, to on it's different, satisfaction little in for treatment mentioned satisfied conditions market we help retinal having us while see us on if of In immediately so insert and to months that mainly be, they be is and think X-month have that and them for they've we think a works them lot time the to working do are a program. and is we for thing, there closest side, six guys the we add is haven't and going them targeting is of that the that I take and three a as on that the the of it's so the months, number fact, principally that, then go VEGF. to which different this use a

they home beyond products OZURDEX. for a there'll see like they currently to forward product here what So much think we are U.S., pushing very us develop for the be the

there. opportunity great is there So

it, company the and one delivery six small taking as are There's try a or you all a sort a of polymer. months, they inhibitor, used, the to VEGF system. mechanisms sorts molecule in an or delivery On it's where antibody protein been targeting case whether systems of into some are a they of drug know, proteins being has everybody drug link big linking

And terms be to of efficacy. in so of we but six-month those seem sort that in - four to of all range

VEGF-A. one we allow things, that able they a the inhibitor, all the fact think, to supplant us has and not a plus to of and just is insert, what for would do months by pan-VEGF many that think to with huge ability injections go be blocking potential that leapfrog we these straight it us to mimic small So, the of XX that multiple

a that's us. for big positive So,

are that we're mechanism out eye pretty slide side, anti-inflammatories and or production think are actually deck of we we looking On and/or the the that clear a artificial about in activating sense receptor steering those dry there from from we've as differentiated steering increasing of of XXX have, much action way the tear the reflex our that at we're very that presentations tears. number the reflex in a with made

product so, can could if be And it, And think we a own of is ones. used other that the receptor cold-sensing patients the used with in broad-based play. be combination some on need we or our our

we it only million is or patients is million get And actually forget that do think they XX while market were there X a treated diagnosed. X crowded about million so that don't whereas

still. So huge it’s opportunity a

Operator

from question the next of comes Yigal Your line from Citi. Nochomovitz

Your line is open.

Unidentified Analyst

on Thanks Carly is for this Yigal. Hi, our taking for questions.

need bit about and what follow-ups talk you just comfortable pre-COVID a levels given surpassed of we that And point. have at well see a question to The this first guidance? had was had new Can then you guidance to Rhopressa Rocklatan? couple reintroducing for we volumes on feel

Vince Anido

all as the least said what fully. two are talking about major of Carly specifically three ones that I've at it's to been up I there's opening states. or yet the big open And So

meaningful are open right really going were come up And be Until and because we they so other struggling know would and with that quickly number analyst. the to how to those things you happen to up. a range we the provide don't

access XX%. are like have then home Tom of got is that terrific. year top got some the which As before other bunch the my a we've state But that are ones there were is we are last XX% states said, some of states we've of Florida These to And list which states. major down that then COVID.

on hearing later And up so we're and I on based again open be as this think they what summer. could

to by of that some up finishing position calls. hard we're But the kind be. by to predict going then in we'll slow impact openings to time So QX those of be then until from it's their maybe are of what a just make then the

Unidentified Analyst

then discomfort over selecting end guess bit program. and as a turning over just point the ocular or primary primary other points dryness then like you Phase eye shaving I rationale the the signs production other for talk for example. selecting symptom about potential symptom Xb something? dry dry And care similarly the for And for the to the for like dry sign a ocular eye Can approvable potentially redness or rationale for as eye

Vince Anido

Right.

got we So call. on Hollander the David Dr.

our cornea advantages One team of of on the doc. David is trained having that he’s

our also guy trained We a the who's at board also who's chair of have doc. cornea on Hopkins ophthalmologist John

So And what of you quite know country. a about a we specialists bit treatment the disease. point We the driven patient know is lot of a from space. a view do symptom is the eye around know this we know dry that

bit production. really but why just we that let talked And big you about care David little really they're eyes bad. deal, a a to to so just take good want They that care that's have so feel particular better, they're don't It's that that staining is patients they or Tier we corneal think don't me increasing more their endpoint.

David Hollander

Great you, question. Thank Vince. Sure.

delivering that We the to of sensation it cooling dry So one going eyes. that produce this well satisfy actual things we by and the is a reduce also we're drug TRPMX as providing ocular discomfort their and in that going as that this patients about to will MOA And receptor. cooling discomfort the And know eye know biggest back discomfort. complain sensation.

as So ocular primary. our was selected discomfort

end this as potentially also study later which We other points, of part studies. are including inform will IIB

we looking So are at dryness.

ocular pain. at looking are We

looking standard are questionnaire. Sandy at the We

discomfort those it mechanism we part action. but fits are of of of all the think best So with

there with MOA look production the production. at. will based you tear this are on as signs stimulate also But signs far can basal tear TRPMX other As

production this tear So homeostasis. tear in tear the is not acute actual the as reflex basal involved film but an overall

well the will that feel you So MOA MOA which symptom benefit the patients as as will in terms really of signs. the and it's on purely know as discomfort what for well from as based they

for the and the gives little you symptom. clarity hopefully on that So a sign rationale

Unidentified Analyst

could Yes, in then that's if really hypothetical of squeeze helpful. a more Thank you. And I one question. just sort

is You X. Phase mentioned a that as powered Xb Phase the

plan that one identical data you're good clinical Xb? Phase pretty to the guess I call and quarter on probably statistical the looked it run and the early I the steps is the plan to much the both serve about study. achieved the assuming to trial get the So to in and significance you designed another thinking on symptom that third sign just next beyond as thoughts any development pivotal understand second the a details will but wanted on how depend data, of then the

Vince Anido

to and then do to trials you been And good us positive, we're track particularly addition XX trials run that that's record getting could not could do an with to start simply simply Unfortunately, Yes your done. of a hedge year and safety. you to saw in because know going so approval two months it it about we is and front the takes has just obviously your we in just that, two or us to highest the so as question additional have bets get to bets. finish risk. hedge It only a to

it first and quickly of easier it thing to opportunities but if works your approval. get it about a gives life makes lot about you lot lot us how you one of give an can So the a but certainly move does awful great forward the options

So much the on risk. data if right take cusp the it's the because but you to all going we're to very said of not all as looking we then may balance at it's of depend that, smartly like but well want a on

and see. to we'll wait So have just

Operator

comes Flanders Guggenheim. next from from line Your of Dana question the

Your open. line is

Dana Flanders

I there's more mean EU mean then the purchase Rocklatan finish I favorable color of but two close color also just Rocklatan’s I and in geographies line, a on if comp for kind take they we'd competitor to like Simbrinza noticed to your on potential gating would be them just you economics a I on your Alcon’s it the ones then potential just well? discussions? helpful? but what's first had sounds know more I would any quick there the on partnership an just any guess of as it it is you're And curious agreement just be love paid of get light to price like somewhat and the I around that as curious take seems get Thanks. factor

Vince Anido

Sure.

I’ll So address one that first.

think has long you time. about dosed and around we the three Alcon times know combination day. of as Simbrinza piece So for are been a a It’s that two products a

at And the If with the of answer and very doctors one. is not prescription often. you look do other add the data, one sort start the

hundred so growth are but roughly while are million, that. of a And their are - there sales few net - half sales probably

end net for it declined Xx so or year-over-year a that And it competitor So, QX we're Rhopressa Rocklatan being XX% that of but that on of steep. we in call metric. pay, pretty to like good guessing, seems terms and good And fact product a in that the terms could valuation revenues basis. value up the in a of

you repeat though? part the first question I that. So, of for the you thank Can

Dana Flanders

- And a of a question. like tough just factor you had comp competitor. as just kind it gating sounds then, I your the for them EU take on question on partnership? answered And I've

Vince Anido

European yes, I’m partner, The sorry.

So, of it's on kind side, the interesting. European

Korea them the is happen with over a a to interface with team the pretty and there have We've in amount Japan visiting go pretty smaller helping different RTP Japan that's in here. countries. a bunch addition countries as doing the other required got is of that in are that, by straightforward. of dramatic. these actually folks territories. is the partner folks and But and all of to supported The lot of out here to into a Santander that sitting they I'm again, So some work work

it still trying to of Latin Middle end that about those these about things partnerships, of show like XXX we total Salesforce the relative going one them with we’re like staff have, people that. some America addition smaller the we having wanting we're in to and markets as to worth talked so, the including really that to to of to we're East we in small about deals after and partnerships. in up in and and those in of we're It's support And of - the - wrestling still are Europe, so, increase wanted think some go fact And to is, things out figure a the economics difference they and order some whether kinds company.

just to We're apples-to-apples cetera, just use facility these that's right. manufacturing finalize But cetera. act. simply of et et as are trying so in balancing Athlone And the our the a none of you're economics, But comparison.

a going little what But do sign while that minds And do earlier we can we just it. to own as as year. want we it So takes as just do. just settle on we're to our in soon we'll that like we think this to longer to try said

Operator

question next comes and of from the Your Fraser from Greg Truist line Securities.

is Your line open.

Greg Fraser

mentioned now volume and the Rocklatan patients on their what of to motivation of I prior the Rhopressa the about commercial of covered get which lives docs I'm prior authorization? think speaks drugs. You require on to portion for authorization side the curious

Vince Anido

So I'll that. let Tom answer

Tom Mitro

Yes.

lives basis. on we Because have a in coverage nationwide the commercial So few. of very about XX%

So that a But side. it's small very prior would authorization. would so very, be XX% require in commercial

Greg Fraser

cost And margin idle And coming do level? know capacity to over QX the year the you the from do gross decline expect for you trend How basis Rich. then down quarters? to I materially expect this on the time. annual think we them trend in question about

quarters? that the just So be material whether improvement could few curious next in

Rich Rubino

bit. a do you of that commercial make year a based of believe see from year. from on And U.S. see versus will business notable a continue specifically that to on to Well the out came will this capacity big down in deal can't utilization with expect charge decline unless annualized from a capacity will ultimately you'll peg bounce around decline a produced, I we sequentially difference we quarter-to-quarter, based that last do critical last fluctuate it as so year quarter-to-quarter, this course just and European continued basis product will an there regard it million, Vince so that's mentioned. for batches year but reference volume growth $XX I it on and because actually right, should or with really decline

Operator

from Mizuho Difei next Yang of Securities. the comes line from question Your

is Your open. line

Difei Yang

questions. three Just

you the you Tom you. first And for you XX%. the to in where on or for for the strategy. along would help net one is give think The question looking are was a line April and you the update clarify was were prepared you quick Would things is results sales remarks if - Tom. it Was are Thank year-over-year power us second growth? for growth you’ll growth I mentioned us bardos for? seeing also it

Vince Anido

Sure.

pharmacies in that's Let first into from one, bottles. me so that's individual units the or that handle XX% wholesalers shipments was easy in bottles,

Okay.

Difei Yang

you. sorry I question I Yes. the And second Thank am Great. missed?

Vince Anido

strategy. for our It’s

Rich Rubino

that in - so to can sales calls that very, we worked prescribers as we just gain strategy prescribers had. increase do so make during focus has Yeah we they increased gain increase contract they He doctors the share number shows weekly in the then we the of team and even monthly stellar prescribers those that put doesn’t. you share. pulse both our the to of well by frequency course also the we're COVID and we organization of that we’ve sales trying and that were help really with just X,XXX The supplemented very is mean and year monthly thing I over weekly of interesting

to our happy very that. we're execute we So and with of poll able the how results strategy were with

Difei Yang

Tom. have Thank And a R&D of then side. on couple follow-up I the just you, questions

AR-XXXX So Thank the Phase you. question raise? all do gating is cash factors additional to And next X? the on expect you given do capital activities these additional start the the what to with regards then to are front R&D

Vince Anido

Sure.

is feedback email needs both gating what the in the factor that well EU protocol common approval. we the data what depending harmonize AR-XXXX the clinical So get to be. the and from or approval whether we're the to of to differently is Remember we're the design trial FDA realizing do as two trying on U.S. final on terms to requirements may have trying one that have as analyze

meetings anything guys forward Europe will imagine we're As us few square which place of the the is and what we to taken you agree to easiest FDA in lean market some determine able to principally in trying dealing have prior to towards requirements which determine to should some not is up the thing European because to regulatory time over but satisfying is that path - it's not get ones with have kind so two on take we’ll world them the next the that. final can to and best be going do until months the the the

And that year. perspective pretty end not about at the But that. good so we're to from harmonize it how XXX% feel we yet of sure starting best the

the is That primer. the that's item. So gating

Difei Yang

The final cash on runway. you. Thank question was

Vince Anido

couple got hundred million worth reported, So as we've cash. of we dollars’ a

quarter We the end expect And we're a calendar as low before to deal already financing. another continue outlined. because the year. to cash per that for burn sign a able of Rich have we going do be years European That's to like doing the

a be it’s at that least territory, some so is to as us be deal Japanese et we've that this a cetera. is territories least big thinking bigger at beneficial the the it was. as of to you Realizing should And just the mentioned that that could of of because as going in be ground stake additional

the Japanese deal. saw ground in that need but in a now So you use financial if could same the stake the light we you the structure in

that quite towards of our so and bit, So to plus it'll grow. the to a add help fact business cash a continues significant amount that'll

So we burn. continue cash our to decrease

Operator

Your next from question comes Oppenheimer. Brisebois from line the Frank of

Your line is open.

Frank Brisebois

answered a so A one on lot's here just here and asked been quick AR-XXXXX.

just something You would but the or here. side a on this that's talked profile about about there explain on potential fact Is based having talked PEN VEGFs any efficacy? is preclinical year better you data the one efficacy know that you potentially the this better it's duration,

Vince Anido

looking terms I able of - of able of run is one's Yes, as of the no we the you a the in Hollander know have B retinal David delivery speculation but that pan-VEGF inhibiters on it's about VEGFs to the now right that the inhibitors with rent actually a remember these has trying actually out one kind for. do that me you that are that's the There's been thing get doctors, that think results do. drug David? mentioned its Eylea they're blocking the and the and one's does that in that to been prove of take A of so molecule far to VEGF to thing to exactly lot out do no trial. believe few do There been out right companies But space there there small systems to some all

David Hollander

for as pan-VEGF that's and - it at better if We're the a that we Yes all not potential will be looking covering believe good true. as the certainly isoforms. by

no that's as coming So essentially where it's as as front. loading up from well three as the injections everything potentially duration is well requiring required dose as else

that think we So standout. are be those a could this elements of sort really of trifecta the lead to

Operator

of comes from question Wilbur Raymond next line Elliot James. Your the from

open. is line Your

Elliot Wilbur

the have one after I’ve on and I follow-up additional couple and for questions these. marketing then market Tom a of both then

I in guess the months be off trailing with of stand But that So know whether pronounced back acceleration you you of traffic. trying kind drop that more a don't looking market a think point of our visits? what could within think the general are may in metric marketing or a patient a know get guess a not have or practice in with generation roughly down terms of glaucoma of you do of going know to good are alter or is Rx respect of strategy we forward you about data you of of sense sense the going sidelined that thinking sort demand representation kind metrics and will of that what once the to to things techniques that not Rx your get over follow-up to sense forward. or you have indicating lessons been they if and be light a flow tools given respect Tom then pent-up diagnosis in the XX% course a I may learned is any to materially has game to re-openings And Do a good just pandemic, number just where if as it see know reps seems you think XX%. X% patient get what the know XXX% just that at that terms been the you plan I XX like of sidelined? you to or relatively trying potentially Just know X% outside

use some when sort is a do physician Just kind that traditional top know you are a new physician you the of happens seems of of promotional but of on to trying with respect efforts, of in of companies alike or specialty and I the just you more sort normal companies the the of - get terms like contract a just of with organization what that meetings to terms add able telehealth to back to think what So lot in techniques get sense don't kind less? with and model? of in normal

Tom Mitro

is well Elliot demand saying essence pent-up first me let question Sure, to your think that what you if you're back there went about really and there. go in

not highly about one them, to - like realize have vision. your patient the there it's the ophthalmologists very right. did earlier are say last data tells think question concerned know diagnostic from last I a received that because were the look year. visits seen is. not We ophthalmology from because happen that there patients that here. lost I year about XXX,XXX that questions saying we record And astute think know not we many may that doctor of I glaucoma they've that that was this at IQVIA They until were And

vision. You've lost

vision. that recoup can't You

ophthalmologists And there. So their that's in offices to big them there is to back concern get when for. trying a are

type there of Now situation. is that

right cataract of If you look their at cataract surgery, like all will the for surgery things. sorts those because cataract something surgery they wait

there. they encourage a and patients really calling to want get is doing can back they're there's in to to obviously they in come get patients - with back including back those touch their office. financial physician But and them them the them the to gain to Now offices the them, whatever get thing for glaucoma key trying

come not come and we recoup market XXX,XXX nice in back make what to they that's them visits don't happen So will will those trying and about again. the They're that them have. very forget they back because way a think

really in with happening reps. the second We it lot see We physicians with well. now have is company we we've representative to with what's you change meetings The personable lot ophthalmology I physicians things. the mean, communication Zoom things sorts they with far you on Zoom well, want of from And like get via a what all given asking and of by what's reps. the Well and learned things lessons their understand more that about with telemedicine. can done as learnings to say to sorts were broad research real ophthalmology those that we that a And sense doesn't work change, like presentations they work market of learned? would enjoy like have very know those specialty. a our part can how representatives continue they that going do are - of of you the as specialties really

to sitting kind out a where how prescribe them. sorts meetings people one around through like the place will that ways learning be it and Physicians, there’ll So ours, you Zoom seen those new they that types that sorts because finding type are get of between. have those they do first. are for best the they things think I talking it things for that as difficult impact but far we’ve on that a system, few physicians you about How do products you to a and to an with example time-to-time off costs quite always of broad-based lot of don’t of work, easy ophthalmology though be ways the very Zoom, is How get like do because - of found hyperemia? through do think the use those treat from I so. the one do educational to, just of of again things

old calls heavily practitioners customers in to remarks. And that It the sound making my the think really like continue we'll heavily think we'll - out to may want. I are the in in really, in continue I face-to-face marketplace. school prepared those with that what invest there that's like said So, invest than I

Elliot Wilbur

rapid question no Then assets, follow-up kind I it's of late-stage is several I and is assembly have shortage the the months. to quick of been topic, price, of question just the but well one respect the the story with on bunch past outside a guess of

clear can care you being price would guess less Not I So, to but if changes a sure, allow rebate can impacting of of the care? the side me what's category is I terms agreements and understand sort on in of in I that be able the those what's renegotiate some renegotiate there points it's bit mechanics the the to net or of terms little agreements. with happening competitive behavior, what's the managed lever managed to of just renegotiation price? wholesaler those rather guess significant in really, of

Tom Mitro

we all, care, When market Yes, leverage no started those on first sorts no at simple. on managed I had truly calling the of it's had absolutely mean things. products we we right.

at they're sitting the all that managed side on of they they're and - got So, with now rebate there. those things beholding said and pay had we leverage deltas the no all the their and of demand prior we've also have if the that care right right. with the to And had table. were products position we but been sort they looking realize you've of what the growth recognize number that sorts of they there and submitted, authorizations could to Well we they best negotiated products here's there's our the

way, do the leverage trade now We back with side not as need an even care to our both us well where is but as we here of make is to managed with as care happened entity more win managed that away. our we to we both to wholesalers by get as sit that need coming with rebates something - between So us. well and there both the can demand say going

really done, and what listen managed to so but by not we process have prior as deal continue what's as be to ongoing and well us an will that's then that's that's us really said that generated care so all years - we actually will physicians driven And we've one-time the think this a as gotten that it's what's before think the through both that it. demand prescriptions been it's authorizations through

Operator

Turning final the remarks. to Anido, Chairman Aerie's CEO Vince the and call for back

Vince Anido

I we've to of mentioned we've pretty as as as presentations that now and more as been - the to been all care side. pull to Well were coming up. opening lot the and thanks that not We've prices and Q&A really through. patients from to the from the been commercial able we've get awful Tom coverage see get net an able but states more of prepared been see working do market better get start think managed and able on advantage we for And call, the the remarks, up could to we're also to joining as you only well-positioned we to hard take progress our relative the back

We comfortable missed we're last and the through research everything a going beat progresses. are all the our great relative way decisions very, least not to in to partnership a the haven't pipeline and in clinical very the and anywhere as view but building side regulatory the discovery our of and have the teams from from done moving global And where year forward. point we make we're job

again, I of And want so you. all to thank

progress transparency throughout we’ll maintain we of assured level year. that our You can rest as usual the

So evening. have a great

Operator

for this call. gentlemen, you concludes Thank and participation. Ladies your conference today's

disconnect. now may You

Aerie Pharmaceuticals (AERI) 6 May 212021 Q1 Earnings call transcript