IMPL - Earnings call transcript Q1 2022 | Impel Pharmaceuticals Inc

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Operator

Good morning, ladies and gentlemen, and Welcome to Impel Pharmaceuticals’ First Quarter 2022 Earnings Corporate Update Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. Instructions on how to participate will be given at that time. [Operator Instructions] As a reminder, today's conference call is being recorded.

to Business call Officer, like Chief to would and Financial Mr. I turn over the Impel’s Now John Leaman. Please, go ahead.

John Leaman

Thank you, everyone. Raine, and good morning,

are as call, could Pharmaceuticals’ you XXXX commercial review delighted today results, quarter general We Impel as corporate financial for well our join first quarterly a which during us conference and we providing will earnings that update.

Officer. and Paolillo, from Adams, Impel’s the Commercial Board Adrian our this Len Chairman and is Chief morning Impel Officer; Joining me Executive Chief of

Before to accompany have conference can we like a slide website call which we begin, everyone that our I'd remind morning, www.impelpharma.com. at presentation our be at to viewed this

If a link says, that here our call this synchronized webcast to on may Click listen. slide you deck website, listening access the you on to choosing on page your are our telephone, by

Moving forward-looking to the cause will are in remind will forward-looking that and also you the like Adrian the results making uncertainties during would turn subject forward-looking I to With I company differ Adams. this statements. over from statements results that to to call call, risks Adrian? be slide that the that, discussed statements. to actual two, may

Adrian Adams

joining year. and of number on and good and March our next year I'm and please you, since fourth slide corporate made all our in commercial Thank indeed slide, XXXX that, three. call this pleased quarter progress full John, thank and refer you both excited for the to morning, earnings you everyone, us. With update to we have

patients, patients the with relief. tolerated Despite TRUDHESA. specifically unmet to and consistent migraine and this, who deliver year-to-date. more Impel need market growth opportunity pain of is migraine the predictable, for and large continues As clear remains many there need remains This for dynamic you robust know well and

part the As one, growth is the the not also close April, to at XXXX. total prescriptions of point This into through times continued see the of At end cumulative quarter only this quarter on but sustained two. X we've of in strong end the that you early slide, cumulative trajectories with XX,XXX. launch prescriptions seen exit reached can

branded at to and of TRUDHESA the end a of rights is April. since X% into XXXX approximately end seven This number TRx of share acute the of has launch months our Additionally, among TRUDHESA. doubled just

wanted now four. Turning commercial and to disciplined our TRUDHESA. this to targeted with slide of strategy number remind take I you opportunity to and focused

primary when see laser-focused neurologists this care You universe, launches physicians you sense of XX% just have neurologists of headache relates are that within slide strategy, important heard prescriptions around their are our those me a follow support being X,XXX physicians. physicians. strategy, it GPOM you have exclusively come of targeted this care can specialists. XX% physicians, high-prescribing XX-person XX% written since further you data. approach group makes to this before as primary sales mention on as see, targets target are majority disciplined Over all our a on force X,XXX and these that physicians. can And And large respective made we that key is high To focused, X,XXX of are prescribing over and and focused X,XXX this from neurologists on

and a all know, broad as fundamental care is success managed products Now, competitive you also critical driver for pharmaceutical and coverage.

made Liaison Medical had both the on access timely market in X, expansion Science work platform, access market of on were our with policies we program DataDirect from next shift XX% have progress continued and since periods, commercial in approximately front. our This to program quality together of slide quickly to and innovative see place through we excellent is launch patients able As slide, access to secure reimburse coverage therapy. of the contracts, teams, Based and have downstream the covering lives. allowing on the you we pre-launch our immediate can number post-mark Bridge

per as We to see slide which, we this that you for the and early particularly you historically are X. prescription showing in pleased to quarter reimbursement. in report that grew pleasing XX% continued average these patient now been the and year. been number month-over-month week move the XXXX, slide, next as refer anticipate of our late first know, the third Please steady of can has this through second number quarter of have percent to volatile improvement On seeing shipments prescriptions evolution. of is that slide, period We metrics, reimbursed

know that a slowdown. temporary You April will short

market growth the TRUDHESA in XX% treatments, XX%, which declined and However, outpaced and respectively. the acute migraine April by overall

to delighted based increased seeing for in on we X,XXX this refill TRUDHESA growth past heading of Importantly, both, week, the continue with trajectory over prescriptions into the has data first momentum are on May that show week remain Based prescriptions. are we performance just in prescription Internal new May. this will confident and that reaching Pharmacy we

prescribers now Super Turning which number the high-volume four prescriber illustrated Target with and respectively. by also have and consistent groups XX% increased doubled we and the of In activation We're only XXX%, nearly slide, our to our of next our Targets not first Targets. prescribers, X. Target our growing months just XXXX, and total our slide Super is but our pleased ability to base in add new

you but also from strategy. can observe reflect As in deviation targeted in not seeing this the an this Non does our prescribing, also Target we're increase chart,

Non least at in Target prescribers same a of fact, Target position. In XX% Target Super as account, are the the or

understands working and is of team importance the field the office. Our experienced entire highly

surveys remained This rates, depth rate would pleasing competitive patient study TRUDHESA us own On our around migraine. migraine we slide, data refill indirect prescribing see sectors for in is now efficacy have consistently XXX This my the you consistency is are X. consistent arm is is and confidence launch. this XX% at is looking refer important and the growing data, other our number than while products which slide, gives this will are next and seeing mark. activated. continue. our and on slide the strong that rates satisfaction of we rates treatment performance stage This other patient will what towards STOP data again reflection an Please remarks. refill at with the measure reference I clearly physicians' X this with from showing The Phase of the higher incorrect once end of the trend encouraging to more of TRUDHESA and data, growing very refill and this continued the influencer TRUDHESA, high another account in as an is key The of important of

and our Turning now X. dynamics optimism believe to like the product. market to strategy I with reinforce that slide we commercialization number would important reemphasize our with Trudhesa support some

again preventative of Trudhesa of as churn opportunity medication either XX% in show the by significant triptan, the Symphony calls, rate XXXX XX% that this efficacious This on our from need some we another a the represents as that patients have with as XXX,XXX consistent for discussed of of lives. stay of back gepant that or better, for like on patients January trust of data recent XXXX when an on from approximately also shows gepant February the continued on churn to data product We drop acute continues had products the the XX% over I a time the find opinion, addition example, Ubrelvy see initiated As predictable over would away as patients we many churn that a of around This period, To after product of we incredible step put to the and of dropped market or these more emphasize to see to as in serving put remind their most previous The switch in therapy. and product. a on the or the Trudhesa. the using off product point, strong to off capitalizing refill these market. on in in chart maintained the of gepant XXX,XXX failure to start would serving that patients over in next received can in believe patients at efficacy. the or are switched patients I the Trudhesa to Trudhesa. approximately XX% to Symphony we Trudhesa, get perspective daily patients they to consistent you

or to Trudhesa X weeks, Trudhesa remained Turning this as complement further market triptan now have X% establishing replace slide over consistent to we Little as prescriber feedback. amongst section, base. option prescribers. would to in final increase slide This XX. the has post like our overall in number illustrate either an to important progress of the I even past has continued Trudhesa our captured

consistency fit into John? prescribing. our to XXX post earlier review to top the of our have With at that capture, of the financial that prescribing, we and those the share data XX%, to for that, maintain again, looking This time consistent. of and the when addition, algorithm first turn increases reinforces to market that In grow remained expand their has John prescribers call I'll quarter treatment our prescribers the over now Trudhesa adopted Trudhesa, triptan results XXXX.

John Leaman

which XXXX. were due general of ramp-up the you, was marketing product $X.X of slide, Initial of On first first as study began expenses our primarily the see to for slide, Phase refer and the October revenue closed. was to will clinical for the same Trudhesa the in million, net million in of the Adrian. results now commercial XX, XXXX of launch. XXXX. to for next specialty XXXX Trudhesa The the $X.X launch. activity in The you to Selling, million. of for for Thank our commercial million quarter financial administrative with to SG&A number Research the period of next quarter XX. primarily period The was our for shipments number for support due versus $XX.X in the Please first and quarter slide X slide the XXXX of quarter was $X.X decrease a XXXX, XXXX. million first reduction expenses ahead and of pharmacies were $X.X the compares expenses development Trudhesa September same increase spending

common of per For compared a million or net the period of of million per XXXX. for a first or $XX.XX the quarter of XXXX, to same reported common net Impel $X.XX share loss $XX.X share loss $XX

cash now which operations resources of had additional fund turn I Adrian? the the XX, would million, into and some company sufficient to provide As the March and back to of that, XXXX. will over cash to company make With remarks. equivalents Adrian believes closing like XXXX, to financial $XXX call

Adrian Adams

Thank you, John.

development turn your to remarks like our I number I want status closing, slide, would and timings to a XX. attention do Before slide few on make with to INPXXX. the next

than olanzapine, most we reduce The numerous of XXX,XXX that that which agitation has INPXXX with of area year. autism use technology platform. with are of possibilities potential for Firstly, the that the has aggression, study adults as the swift onset our healthy marketed year's easy pleased need cycle a administer, currently to believe we sufficient plasma on aggression demonstrated tablets. least levels reached provides is We and for Zyprexa of with fast acute and twice disintegrating in that INPXXX is An this autism agitation faster to action duration ideal excessive intramuscular tranquilization orally sedation, untimely without to with spectrum of disorder, I formulation see first to again, as peak like planning in XX slide, prevent recurrence in the last to desired significantly final slide This I would INPXXX, results as for at medication shown currently rapid times visits visits olanzapine injection. INPXXX clinical additional risk line unmet approximately this, and a refer targeted brief and CALM a there the clearly pursuant during to has an initiate technology is we’re And some this is Phase deliver quarter is the ER serious POD discussion concluding the as XX, its but is to to study and to underscore treatment of broad emergency Phase our X INPXXX and of used with the productive room now Please interactions. therapeutics, which intramuscular patients for next proof-of-concept acute events Impel limited the year. INPXXX. of has adverse We potential first minimal the were FDA number remarks. with POD believe comprised following drug XXX approval for for goal TRUDHESA. slide,

by penetration As on and in patient prescription with our physician delighted we have managed a share receptivity. call, progress and are supported covered position position large with universe targeted today's strong to we TRUDHESA, market a care on solid excellent and growing date

quarter we on partnership seeing, the and a XX,XXX XXXX, Oaktree TRUDHESA have Operator, runway with we we rate plans year instructions? valued to pleased TRUDHESA, communicated With solid technology previously growth forward. delivering recent into your delivering Capital, of assessing a can business opportunities questions. going also cash but POD give for of us within development leveraging laser-focused full not to total only that, guidance please for would with that XX,XXX I prescription the enabling IMPXXX also the have XXXX. good second We're with remain confident like for execution the and you commercial be With open prescriptions prescriptions that now call up the the are between and with following been XXXX

Operator

Cacciatore from you. Your Ken first Cowen. Thank Instructions] from comes question [Operator

open. is line Your

Ken Cacciatore

progress congratulations Hey, metrics. nice the and good on internal really team all

questions. a had couple Just of

The actually which if speak year. fairly last I and and to But around you we dovetails looks peaked pricing, could where we hopefully first out healthy this is where your around managed secured peak year was out like saw they commentary pricing. Nurtec Ubrelvy care. to It wondering

then those around was pricing $XXX you was acquisition? Can about some ultimate know to specific. just around you could of I going you're not Adrian, products, perspectives the And the XX% billion, feel it think about on market. in it's just still give Biohaven Rx. also, get the TRUDHESA? We $XX.X around to if you talk know price how wondering, I per reference

the means around you billion. general, valued in about that talk, Can implications billion were like thoughts So, so acquisition around it? for $XX CGRPs much. though, I an $XX your oral or guess and just this Thanks

Adrian Adams

straight question comment that and and ask and that think address obviously, good acquisition see Biohaven's Vlad news strong and the the with did pricing very aspect. Len away to I'll I I'll reflects team. Well, we then clearly, Okay. execution some on Clearly, on his

And the think you I I that think perspective, I and do And you that in from opportunity with that. it end, your successful are that also very as we think are to with reflects, And are M&A market. that lot that think there a of I can progress execute migraine clearly, but large indeed going in that. point where clearly, the particularly, is doing recognize given thing market important most for noted different players a as that see to view commercial prescription my company, market within perspective. in think lots that's of particularly Impel. along products, congratulations So, the from well we growing to I'm including company, excellence that possibilities, and we a pleased know, I by the this exists remains the any always line. the market acquisition seeing I be a of point, that this From a is possibility

that control. If control what will that is by seamless, noted right And control Our execution can we TRUDHESA. that focus own that we that that. sales thank now, getting year, on well the focused we'll million rest -- excess the we're and has TRUDHESA very to it really see for of But on peak unfolds. what up how things destiny But than others what is with what control is flawless and will $XXX be making rest question our sure we be. the those you in can a potential

then John or aspects Len, of the perhaps comment points. pricing, to maybe reinforce can you and want two one On might

Len Paolillo

Thanks Sure. Adrian.

think follow Nurtec pretty to curve So, we're Ken, I that closely. going

prescription their to you a launch, heading this and about we're five price. where $XXX keeping having for per GTN XXXX then first quarters blended XX% four with look If about into the a of year, at

right the in heading we're direction. So,

first do As of mentioned, the to pleased and then throughout our see net that evolution the price we're quarter continue. you we expect to

John Leaman

gross price and just point we per we and as on by be the XXXX Ken, to want end that year, the of sort your of our net of to beyond. the reinforce where prescription I them prescription our like end $XXX what to move of go evolution to should of at looks per target XXXX

Adrian Adams

Ken

Ken Cacciatore

Thanks, so much.

Adrian Adams

your that questions? answer Does

Ken Cacciatore

up the progress. so and you, No, that's all good Thank Thanks much. great. keep

Adrian Adams

Thank you very much.

Operator

you. from [Operator next Chico Wedbush. comes from question Your Thank Laura Instructions]

Your is open. line

Laura Chico

I for if here got respect apologies, migraine were little to two script you're morning, seems here, but you Thanks some headwinds bit good to definitely comment and already, could rate, I believe high. some think overall upon there gross you the scripts if versus you in Hey, at taking on of XX% -- refill but your April. distribution your a also competitors? exiting down guys. And Wondering missed curious I Adrian, also question. with on I've reemphasized made this right net, the which was now, the network then pretty volume. a in were comment

if could curious, that? there around Just add Thank you for drivers in very you commentary had you much. any

Adrian Adams

you. All right. Thank

good the early Laura. On -- and very a morning you to

refill as profile And TRUDHESA the product. view, human On in want pleased predictably end, mentioned, consistent manifestation efficacy in it And to And our the this the rates, with very rate. and way. a that's they clearly, very of think refill an think maintained appears a we've of I high because patients. be want is aspect the are on a to consistent the I of that kind you we of offering indirect efficacy the clearly, patients demand in

specialty very when prescription think with think important you're get network I within we and delivered to they product time days, a a quite get of day a them. And distribution very two patients part from of Phil that I CarePoint. perspective, directly is period short use right a a a clearly, to distribution within being

but that remain them give refills can they the that the they not they only also that sure our makes to get efficacy that therapy, clearly, need need. So on

with particular, it they comment different Len, are of in those working But maybe patients you all is the We're us. need to that. quickly components driver well And the delighted as I on distribution this get the question, refill the rates. for second network product to driving want in to it. is relation to So And extremely as of think it. are

Len Paolillo

Sure. I in that it quite mean robust a just April, interesting, new you branded we and it's perspective. flow March patient across products. saw generic a saw soften bit was And from

widespread. it dynamic. even And historically similar you pretty year, last was look saw you a kind to So very back of if

there driver where in patient and the years, So always we this I at thing The might determine interesting to April. last what COVID previous wasn't. been the saw new it's now, and just simply that year you think are is we hard what year flow kind as of influenced look have

it's and clear we was to think year. flow we'll prescription thing, very year, But rest patient that see flow new was are and that, pretty and seasonal that healthy I short-term this not. of throughout it a confident the the continue

Laura Chico

just Thanks, sneak I on Len. term, believe helpful. to And device. more to switching there. you're one kick the off at That's in could the preparing I looking longer very study XXX. if I know you're But

Just relative once these results, you wondering then how to we of of kind change get little interpretation device comment these things? bit a Thanks. if could on a might new

Adrian Adams

forward. as again, And the scenario Yeah. And know, Thank the been productive assessing with clearly, a XXX the hold FDA, discussions unmet we're we've in significant interest with that. we need. of you of moving for lot having you pleased well very

important the show development very, device. maintaining that, of at enhancements kind device, device We will the is the with product very, that to similar commercial I of to the XXX actual portable recognize if we one actually to commercial looks with we're forward, very of device TRUDHESA a that the the to going develop it's using be is think important. key And phase device. as very that, very small really, the device

tweaks, sure, proof-of-concept So X or inputs of based a of we what study. we'll two uniformity see But remain will from one lot kind on any the of get I'm device same. Phase the the

Laura Chico

Thanks.

Operator

you. Thank

from next Guggenheim. from Hickman Your comes question Eddie

Eddie Hickman

question morning, and the on congrats launch guys. for the so Thanks Good far. Yeah.

XX to what XX,XXX are at So months getting next over if see the the to talk in range? as much three confident scripts, to of growth by make then of a may XX,XXX. penetration the You docs how quarters, saw prescriptions that end you of what sort current writing targets, between or segments? I'm expect that of And penetration those we of type additional in so levers is about that guidance in written to to a your guidance follow-up then seven sort And slope within could due increase you're of just curious higher the wondering the should the much to you next new nice determine terms in just docs? of being that growth lower over wondering, seeing of like growth new of current docs, versus two up how

Adrian Adams

we much. a during seeing in of And perspective. as the particular that the on three very in that strong think with Okay. evolution the good very always I this of momentum months the we Thank kind call, early We're first clearly, I've on at of best year second I you very latter mentioned we're launch based very think relation strong mentioned performance. prescription kind Eddie the confident and end XXXX. of to that recognize May quarter

second doing indeed, it shape curve think the that and to And year. will doing of year first I for that the is the this expectations. overall and quarter help to

confident So kind at higher XX,XXX remain not range range we But be execution. the relation good to meeting clearly, of that within we year. increasingly of XX,XXX to in best and to and only end strong and finishing of that anticipate, confident the with for

predictable kind general the the more the So in is worst of that generation dynamics we delivers moving marketplace, equation and very those the churn on we confidence turnover efficacy refill into are are show and I efficacy strongly and data, the a TRUDHESA, is way metrics is market with really consistent, of to we think the is think as our and noise of I in the because the – – come a we're based is with continuing think going seeing in delighted in that forward. a think – relation to trends different I again, grow this rates the lot all and indeed that robust, seeing in the very over the on a I market,

seeing question said that assess we market. to in move the do not invest with influence might in are obviously, of footprint as the that we're always of leverage As What the that size I've investing market. that the to it XXXX, market doubling increase or continuing, within we well our relation kind range. we is, time potentially know, And your our in momentum what as sales base And frame. think relates at we keeping force continue in into to doubling the sales where will you to seeing in to I with finish access or the plans force increase this we in XXXX plans, the towards look the that that see in amount we whether into opportunity to the gradually strong momentum and

our are want be on the these totally clearly, part, I that basis. an assessed on you maybe maybe control. then, of talk about. And And all third So, onward to will within in it think

John Leaman

Sure.

we of and high prescribers. refer to emerge with seeing of the that interesting So of expansion additional have among among rate the current stickiness physicians, as kind of penetration our it patients, kind mean a Eddie, we they're targets And of both the obviously a critical. the around was very I really think data along refill point I think there's behavior and similar question we're very writers. I

In be all of X% fact, our prescribers patient lapsed, haven't within eight consider we are last. less weeks of starting would of started meaning their than to what a they second

added and prescriber that that high XXX super targets. April, to They So depth. drive have the we XX to added -- going very prescribers -- we confidence every new in we they're continue

And easy be do it's hand of breadth prescribing is more for that in we because they drive maybe say, going to me go important depth or so hand. not it to

note, depth, continue in that as we prescribe chart. prescribers, the new and As add you drive to they

we So comfortable that feel in and that, will but field to momentum, very market our need based continue receptivity continue. we on the the that activity

Eddie Hickman

Thanks, Great. John.

John Leaman

Thank much. very you

Operator

question there time. And at no you. Thank this is further

continue. You may

Adrian Adams

morning. us operator, you, for Thank joining all and this you thank

We you updating so for continue are professionals you. on Thank we year, to forward to that shareholders our value patients, next looking much, serve. Thank indeed create health continued care throughout we call. and to progress on as we'll you and you, you the this talk our

Operator

call. for Thank this joining. concludes all And today's you you. conference Thank

You may now disconnect.

Impel Pharmaceuticals (IMPL) 17 May 222022 Q1 Earnings call transcript