Earnings call transcript Q4 2022

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Operator

Good morning, ladies and gentlemen and welcome to Impel Pharmaceuticals Fourth Quarter and Full Year 2022 Earnings and Business Update Conference Call. [Operator Instructions] As a reminder, today's conference is being recorded.

I would now like to turn the conference over to Impel's Chairman and Chief Executive Officer, Mr. Adrian Adams. Please go ahead, sir.

Adrian Adams

good and operator you, morning, everyone. Thank

results delighted Impel Pharmaceuticals' are quarter business full and update. that a to review you for today and financial commercial XXXX us join year well earnings general fourth as provide could our We as conference to call

Chief and Joining Financial Interim Impel our Officer. is Rajiv and Len morning from Officer; Amin, Chief me Paolillo, this Commercial our Controller

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

on If you from the slide telephone, may you would are by our like in results listening forward-looking to our Click risks on that that may be this choosing making synchronized I subject call call, differ Here that a that the page link and statements. uncertainties listen. during to on will your the webcast also this access website statements results the company are you to deck discussed says forward-looking actual to to cause remind

for will performance call I then full an before in the for morning, briefly the year to and commercialization and the year full I early our performance provide in XXXX XXXX. summarizing the During commercial of overview of Impel's first some covering financial results addition indicators XXXX. of Trudhesa priorities in this positive the XXXX, review core will fourth quarter highlighting

commercial let's review said, to With this begin number now turn performance to Slide with Trudhesa. X our

in expanded force This almost last quarter of was second professionals. increase XX% represents prescriptions versus growth quarter XX,XXX side versus This to sales or the prescriptions you from sustained X. written before a in X alone. the XX note XXXX this will sales a we slide, quarter also XX% left-hand increase our XX with the quarter normalized throughout On

this was right-hand with delivered prescriptions of year XXXX. the growth since commercialization side over slide. first This Trudhesa. of in Moving Very to normalized XX,XXX pleasing full the the consistent quarter-over-quarter

Turning slide, now to next our X. Slide number

and we appropriate given time calls, our our As I've share commercialization, success targeted in physicians. the previous most our of market by group approach within disciplined to evolution is mentioned targeted way of over measuring believe

therefore, prescribers to X.X% Trudhesa fourth evolution quarter in We share XXXX, already quarters launch. are reaching continued share see into market of delighted, of just X among the the

XXXX. our depth high-value proportion prescribers, Research, from larger factor neurologist and of a Spherix report creation Trudhesa, for XX% success of of the share predict critical of amongst neurologists the in positive prescribing and both experience is opportunity. peak According a Driving for reinforcing continued value physicians a to growth a course, patients

in our at increase illustrated and third look previous we in force sales this Please Slide The as reinforces the progress XX% of patient growth, the growth next Trudhesa the the will with new XXXX. of number slide expanded growth now this, of quarter. in fourth and starts quarters on and versus our the respectively, accelerated XX% impact slide, take refer early important quarter X, first to a indicators leading where closer

to You expansion post that have quarter note our on will are starts number force. of X X patient quarter sales continue we seen robust pace surpass also our growth the new XXXX and our

are prescriptions down slow X deductible As resets slightly quarter refills. expected, quarter normalized and as authorization total prior from X down

pressure our refills. free goods have on to [ph], we Additionally, taken tighten predictive nonreimbursed program leading steps to

on will these having the see the as changes desired However, you are on effect slide, the business. next

next X. our Slide slide, mind, please number refer to in this With

quarter XXXX, launch. the under over prescriptions percent of consistent X. quarter of benefit secured of first You remember the that key reimbursed we of at This XX% and the contracts lives contract in XX% XXXX, quickly pair managers after in improvement securing pharmacy course enabled launch in in commercial peaking

reimbursed and established Now February, free-goods our January the XX% taking and XX% respectively. program of policies, in have to and are in prescriptions quarter XX% XXXX, to seen from payer the percent rules tighten with with associated jumped steps we in business X

our in the solid reimbursement rates The meaningful refill since remained in every XXXX. increasing launch in quarter consistent a high rates solid have Importantly, provide range. growth low revenue and foundation XX% for and refill

Turning now X. slide, Slide to our number final commercial

business gepants, and very away dynamics from monitor drop and continue the these high off Ubrelvy, that around to or point a at percentage therapy. We Trudhesa. on Symphony to of favorable for in show specifically market Nurtec source continues data patients switch products some of XX%

this contention consistent is efficacy that Given our for of or in patients rapid indeed they're products, migraine are tolerability not with that prescribers the and reason the for churn looking and treatments. primary these acute continued sustained the it finding is gepants

of triptan This a Trudhesa. the specifically, with market a source half in from churn pool more significant opens opportunity gepant. for The a eligible up new over coming patients business ongoing Trudhesa and half and, of large from a for Trudhesa diverse patients approximately a remains of

We that most efficacious, Trudhesa added and option. as therapy non-oral reliable existing an often also note is to

these dynamics with already. XXXX momentum We with the all in are and Trudhesa market pleased seeing we are

was refer like in fourth XXXX. brief Slide number net million $X.X would to The for product the our fourth now provide results to the overview million for a of XXXX the quarter of versus and I same year $X XXXX. X. for next quarter full financial our revenue Please slide, period

Trudhesa For million revenues net and and the million, XXXX, $X.X ended XXXX of year respectively. product $XX.X XX, reported December

development same launch. fourth period quarter calls, million XXXX. of versus of past pharmacies the for began Research Trudhesa were October $X.X on mentioned specialty and As in to ahead XXXX $X.X XXXX, million the of shipments of for of 'XX September the expenses initial commercial of

quarter XX, study due XXX XXXX of to related decreases XXXX, $X.X increase in million in Trudhesa. during the clinical respectively. return an and XXXX and the as FDA from $XX.X a is to research million X new For due received development XXXX development and fee clinical $XX.X ended application These offset expenses and XXXX reduction by in were development INPXXX. in III closed primarily years December were decrease for of The drug was the partially expenses research spending Phase to in million, Trudhesa and the the STOP expenses

and fourth the expenses same $XX.X million were in for million with quarter general compares the XXXX of period administrative XXXX. $XX.X which Selling,

the commercialization expenses years in to ended support respectively. ramp-up December primarily SG&A For million, due and XX, XXXX, XXXX were $XX.X with XXXX million SG&A and is to Trudhesa. the increase spending the activities $XX.X in expenses The during

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

or year Impel of per a for per to the XXXX, $X.XX ended XX, of period net December share loss compared For same the loss in share $XX.X or million reported $XXX.X net XXXX. common $X.XX a million

like equivalents summary And and With number of outlining would finally, business XX, as $XX.X that, addition in had company our of in I cash of XXXX, close XXXX. our priorities December million. provides Slide final cash XXXX, Trudhesa's slide, with performance to to the a which XX in

of prescription a of overall XXXX. momentum indicators in are first all We continued Trudhesa with together solid performance and performance provide pleased full the year in lead across what with revenue commercialization. for The its foundation was growth overall

impact physicians, a Impel's the securing in result development. way share in to evolving and in is price positive revenue aggressive and and, core additional accelerating on and an XXXX, our focus net gain financing finally, opportunistic prescription priorities growth, regard target business disciplined With amongst

Thank the to share And the XXX,XXX, and to line I you our Trudhesa range finally, for XX% like XX,XXX now XXXX. in up to delivering prescriptions XXXX. will questions. of would guidance a which open your for midpoint valued would prescription represent We over we anticipate growth the of

Operator, you can give instructions? please the

Operator

Cowen. question Stacy Ku [Operator line with comes Instructions] the Our first of from

Stacy Ku

the And progress. on congratulations

have we questions. a few So

business. million. to what for to get your XXXX we're million, consensus? maybe are roughly There now, First, expectations right $XX down seeing $XX Right --

you're you you we feel about go Just net XXXX, talk the providing, how that As prescription step-up since about year it -- of about in good consensus you might the pricing? a can QX. for assume guidance nice the does from terms think think

question. net what well look your pricing like us year understand first help this on just thoughts So the might as consensus? That's the as

the the we you're can just reached Is approach learnings? additional there with be And there some seasonality is what then terms our you should question, appreciated. of last habits? we year? And should most thinking talked how What So as then prescribing adjusted? about patients, had think goals successful? we Any addition of seasonality you've think the about color about visits is, seasonality? be about commission being a Trudhesa, from Any this force second any some would What's I now that's Is that so But and far. how sales experience about in talk seeing you've year? question. know updated second the

Adrian Adams

questions. clear very and, those much for you appropriate Thank very obviously,

comment can we to evolution, on giving the again, range in consensus your it relates out the But are consensus. And I in are question, recognize always that of comfortable comfortable price to you to as we reiterate, on as We Len? are a any Can into to kind clearly, that consensus, the first the in And point net consensus we've aware I build kind one mute? our uncertainties, a maybe seeing with that this try would is that. et it you cetera. of can time. hear? you there particular we're at that range. year, overall on with say that be consensus that, seen think revenue there of Len, we we marketplace. I clearly think of that And Len? in prescriptions, Are relates

Leonard Paolillo

I to heard. am not be be I should on mute. able

Adrian Adams

Okay. you now. We hear can

Leonard Paolillo

Okay.

nice is are percent X:X net of quarter, you mitigation bottom stable. approved. a our first co-pay we've improve year. gross to steadily have net line the the through The item As rest of the to And right throughout line levers increase price. in of prescriptions been The our will that the that a [ph] seen almost very saw

net good pretty feel prescription. XXXX that about to we per make progress around to throughout that price $XXX So the get we'll

Adrian Adams

And think, have On May, necessarily a we one and are feel the which be July your to market market, tried there on seemed you last of not whilst we but the back we -- to a That as is seasonal and certainly, of the products did in expecting June, back prescriptions Trudhesa I was I'll was recognizing to a you we your are marketplace range seasonality, impacted that kind one years question, not obviously going migraine third think softening period third recall, some that year Thank within that. that It tracks which seeing currently second that But are saw then you, over out obviously your we products we as one-off. see impacted lesser in know, range but come that, all looks in given, will obviously guidance back not I Len. not in on any kind of as if in broad put and a question we the the marketplace. almost to gives again, you'll seasonality, all We it within explainable of the that said, trend. a the -- comfortable a analysts. much do extent seasonal the amongst uncertainty to kind that, clearly, moment. with

to physicians very gives towards in around address levels reiterate, the point professionals, able with which we'll more we launched that physician much think I be disciplined well a I with and to I'll about focused, think allowed base the consensus neurologists access with target very of and accessed smaller comment we ask to X,XXX sales that, approach efficient with as XX% marketplace, to to The when moment. increase overall gives higher just number to physicians strong to target And of a XX,XXX XX around which XX% about clearly, XX about and of around physicians. targeted care primary Len productivity those additional amongst us to So market. drive around about high-prescribing territories as access X

July which of place delighted, And of year. were the in obviously but last put at reps we we end

the significant benefit gains moved terms into to prescribers lead productivity that quarter very And to year, first importantly, quarter we And efficiency, productivity relation some prescriptions. overall continuing of to we're fourth started prescribing. new the and see we and As the those the of growth into indicators of this see of as got we the year. depth in in of

that sure into seeing the increase of all as that manifesting actually went So our the well. of assumptions sales we're add size you And to some in marketplace. Len, in want color additional force, I'm

Leonard Paolillo

Yes.

able to to that that, we've the on to our to add been targets. increase you've think frequency I So got key

these Adrian are territories. the our I helps force. only more. new have able of mentioned, not one because is sales smaller we keep mind. and growth reps awareness top general significantly And territories fight to that's visit As XX-person we brand the geographies existing in of saw that battles in with that but And still accounts the mean

And a clinicians of so therapy. that very is keep ensuring in frequency providing a Trudhesa part patients they're mind treating major of as as as place well their specific top

you I see source business our could of is diverse. think

see can taken you are lot both also late attack. However, because Trudhesa, be that a the because an efficacy value into from getting of of patients it but could

can attack. sensitization when of that the is One and late important unique reverse central it virtues very of an into DHE even taking

in consistent messaging, the continue continue evolution. specific tool a very in to do professionals be will healthcare quarter, peer-to-peer first see a the valuable we prescription very which pull being good it's education clip at to and So patients really that having in important through to meetings to to that and

Adrian Adams

having Stacy. and activity right all at and much with you, out to that bought incentive the et direction. think, Len and place are going got the Stacy, new new lead those touch moment, did all bit the driving what compliance obviously, disciplined important professionals I very the the And prescriptions cetera prescribers Thank very what's with with here? our is clearly, the schemes on incentive for we've sales incentive quality of to in sales mean, are -- in aspects, we force indicators else appropriate those schemes on a right drive very, little of I you pleased very

Operator

Our with next from the Hickman question Eddie line comes of Partners. Guggenheim

Eddie Hickman

anticipate would like you the more color Congrats and over at bit And of see you the the the on I year that you need might cadence? you specifically gave, to targets or force a the that that come lower to what on going to terms And are inflection happen And any were have range? all what provide range? that then in on sales a to in Adrian, the can over need like you of follow-up. to the guidance progress. end a steady of end get year into higher do if assumptions all

Adrian Adams

Thanks, kind it Yes. what in guidance think, you place, range of the from to relates And the again, clearly, that year productivity as last on Nice moving to seen to enhanced of the call we've overall and course put point think this seen Eddie. we over we've sales fourth see I year, quarter of the like. we last into the professionals. the is just made, newer that I I

that reps. still So we we yet the clearly, significant see of productivity to part -- that think see XX build additional kind of which do from I

in I think that manifest terms to it on of start guidance will range. prescription impact

of and can any generally particular course one think I lot clearly, in last and marketplaces, awful year an there's from that -- well So within as happen you know these year.

make see our trying so to that but obviously that breathing us that are reflect feel event that good that any within control guidance much and be we to room range. that. in to we're we just ability So about outside But the managing happening our sure range meet uncertainty the clearly, able that and, of -- aspects to overall gives

the on to course those growth And quarterly course should quarter, based steady where we're the professionals and that quarter the the went over additional to -- in that seeing came how year, in sales just end think, in target Len, we to at the productivity guidance the saw add clearly, relation of that course impact we to anything an of dynamic, And seeing legacy see. we at like the on of we the this particular, that consistent we that X I'll we kind trends we're not the and impact XX the and target back you that of additional And But an that, in lead looks our moment. go in XXXX, of will -- during of if already have that XXXX, other point? the I feel add through through else enhanced of as think we the one range started fourth it's where trends have which physicians would come physicians as to points. evolve data at one but particular I

Leonard Paolillo

rock to an I is think as important 'XX, solid look in through throughout we which has refill been metric rate consistency watch. 'XX the the

prescription consistent. is very has per reimbursed forecast PODs Our on also that lever that very, important fills an been and in

So those levers, in. very feel confident X we

momentum. which our a rates is you'll in over a patient typically of new certainly we are start another. lapse, building at QX the leading our stay without once if refill they than the growing is are see and patient But to weeks more prescription QX look very prescribe QX that good look new previously consistent, rather is growth prescribing that do per because Meaning they starts for you prescribers. are prescribers PODs which shared sticky. with the go bit And things you We've one, If increases to in indicator, meaning softer. sign X rarely continue number

depth we as the And to so have well. drive that's that

depth additional get we them, then And confident among it's be that them. when we'll very So feel to we prescribers. the new drive able

Adrian Adams

as happens But is the execution. and and investments all that on Commercial marketplace discipline, with this our in a over of focus a is anticipated, course Eddie, targeted anticipate what And we Yes. financial discipline. time I demonstrated the on focus of we've part first what-if as if think don't your things of point to that. scenarios, quite we weren't well what all, clearly, key

we productivity. of from lack Then the necessary particular that at to take But will we point to start the in I anticipating of event, clearly, what feedback see So unlikely think. time, our that. we're be we a that not the in event consider actions kind

the marketplace within continue overall many way. that which has for been consistently years in is and digit one if I many, think to the projected looks growth at double

of growth of look in to which us churn source together and the continued that -- business the starting operating, in forward. the all market in at in to optimism market, all the kind that, relation by non-triptan dynamics of the of is we are strong see, the which we kind gepants that's the where that moving market with As the of driven we are over with to leads this segment the being execution give

way of monitor a that's been perspective, impact want again, of one for we is But every to we be spend, always to the handle a event on parameters that can and see think I the which things had clearly, the spend. business my downside both able a philosophy, the we that core we need react from dollar the philosophy, to. the that all And in accordingly, the means we P&L of upside different on that and in the on

-- in you disciplined Eddie. So part a that, business that's questions. the But a Thank way. of much for very running excellent and obviously

Eddie Hickman

maybe one follow-up, Len. quick And Great.

I'm the that our -- this year of to at expect should over If well? be units around to is that that X shift like number the you that around change? month. looking getting as is Like -- you per X year? sort prescription? going over Or Or Do per patients number of unit like flat

Leonard Paolillo

at that expect you to X.X. to X should consistent No, stay

Operator

Wedbush. question line of comes Chico next with Our Laura from the

Laura Chico

what question. cash kind I'm the And that? share the to further you then if wondering as of expectations? little is strategies breakeven? last if on comment on revenue are to of up extend your Spherix could comment for you the kind you data needed a current And I'm of the level what following guess Adrian, peak could I mentioned also runway? on estimates. And wondering bit

Adrian Adams

what's On that the and cash think finished as I with cash million clear $XX.X runway, the we articulated we've is year equivalents.

the we year. as quarter that, our into release morning, gets this third of press in this mentioned So us

financing are relation runway I forward. we to will that clearly, discussions that strategies ongoing think moving enhance to us and So looking have allow in cash

that. the think we and as forward, maybe on build into going that think, to we've will to in relation important I think, this breakeven, clearly, make invest I got relates activities it be that. comments you some in background moving can as to Rajiv, on just continue So opportunity And I

Rajiv Amin

Sure. Sure, Adrian.

a million terms getting think in I So revenue of to around point, breakeven we -- $XXX of $XXX range net a to to need million in at revenue. be

Adrian Adams

branded And comments relation it a in some back to your again, as then relates we made, whilst acute we've very and of evolution we've prescribers think kind the to sales on X% share number always share with those they looks X.X% very the projected have potential that's that would that [ph]. based I've the -- measure that if where this segments that Laura evolution see, close see pleased And comments the to all to stepping [ph]. share with these. X% given achieved with guidance if kind our million of success I with. the in the familiar of that excess that key in that one a market of and gepants. revenue just Spherix, you're the on obviously is in X it's we we mentioned potential, that a know that And terms so operating I market, peak that, peak market we've just And just not market XX% market triptan to amongst already and competitive we're If overall at sales what in patients patients, XXX lead of of post is of got of price marketplace, we're in

the there continue potential opportunity, not the does first that with whilst So those ongoing of could number market, and product XX%, in is dilute that, will always churn some is thing Trudhesa. into numbers the opportunities very invest change the for we execute, continued that assume one you this points Spherix to create over optimism it to this if the is with real

of going see not to projected evolution the that that's revenue market kind with towards drive share tolerability consistent peak and we efficacy overall the and Trudhesa it's potential. Secondly, profile

very nice for that that So it's gives not future. optimism the us

the thing is And share. and as things, invest schemes practice into market know, opportunity think important make execution you and with sure to that and and drive you strategies I all incentive as appropriately most that that having

think and this evolution to further we've and forward I that the again, increasing and towards very pleased enhancing that we're seen peak So potential. year to look the into with date future we'll sales

Operator

question Next Kim Sean line the from comes with of JonesTrading.

Sean Kim

got just question quick I to one gross discount. the on net

I been quarter improvement noticed quarter the has So of the that of the in the and this what fourth terms wondering rest year. to gross some first in trend there in net. I the just am be of year might

Adrian Adams

Okay. Len, do on you want touch that? to

Leonard Paolillo

a Yes, of co-pay as in Start of well a Quick Sure. quarter. that approved That's as the by card co-pay mitigation patients. were there the certainly as much for pressure less was result approved prescriptions fourth improvement payers both the our on improvement percent versus

reset to As providing go patients the on QX. you benefits maximum card That move some through out-of-pocket often the a gross begins on down, co-pay to does burden year, and in their hit net.

diminish. That and going we across have our see our previous in begin said, approved card. seen brands, XXXX. to while card to So the escalate is years continue jumped, did bit throughout the more a And as most on going on to the percent to co-pay is we pressure percent pressure co-pay being approved

So evolution we should of price net throughout very 'XX. the course see good

are very which schemes care of is lever which to or again managed and net, gross stable. the our Our contracts government a levers all are distribution other business

Operator

back to over to Mr. conference Adrian now hand closing like the Adams would I remarks. for

Adrian Adams

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

continued We professionals base the continue to we'll shareholders are look as in much for value looking for to forward very this to forward and serve. the May for call you. you we be updating in near create Thank on we time you indeed healthcare future. what during our progress our patients, to Thank first will and touching strive morning quarter your

Operator

call. Thank for you today's your This concludes participation. conference

You may now a have day. wonderful disconnect. Everyone,

Impel Pharmaceuticals (IMPL) 24 Mar 232022 Q4 Earnings call transcript