Earnings call transcript Q1 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, ladies and gentlemen and welcome to Impel Pharmaceuticals First Quarter 2023 Earnings and Business Update Conference Call. At this time, all participants are in a listen-only mode. Later in this call a question-and-answer session will be conducted and instructions on how to participate will be given at that time.

As a reminder, today's conference call is being recorded.

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

Adrian Adams

you, operator morning and good everyone. Thank

as could today to general for are financial our delighted key Pharmaceuticals' business XXXX. us for you that results, and to commercial call We update Impel in provide highlighting of join earnings Impel quarter for XXXX as remainder addition well to first the a review priorities conference the

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

Michael Impel leadership ascending operations record in evolution. team thrilled his track pharma, we leadership this and our of to at and our brings development, caliber critical and to join of of and have someone capital executive raising, management experience are business phase

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

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

I be would cause that differ forward-looking statements. the to also subject during that are making uncertainties risks results to and statements in actual the company results you the forward-looking this may that call, like to discussed will from remind

quarter like to performance year-to-date and with first I where Trudhesa. our I'd Now summarize turn to X Slide will number

opportunity market non-triptan this that that of increasingly Firstly, I growing from with becoming within tremendous and is remind coming newer would year-over-year branded exists the growth to migraine of XX% market. like large everyone This options. a most

of on neurologists, target current branded highly physicians. prescriptions. and a prescribing headache physicians this primary generates sales talented made we've force market, with this XX% predominantly group Within a target commercialization Together, high all care specialists, of adopted XX,XXX focus strategy

XX,XXX announce normalized in-market pleased journey XXXX we over continues XX% of which by demand first prescriptions, million, driven strong consistent Trudhesa to to progress, $X.X Our are of were with reimbursed. of quarter make and over revenue

by a PODS XX% This to per or achievements prescriber of Importantly six form foundation rate leading fourth XXXX. indicator through our as key the added size date versus refill starts were stable we of low prescription prescription, a an quarter These for base. high up solid XXXX. of new patient XX% in expanding to continued and solid range, and growth the momentum move

With Trudhesa turn said, with to to number our detail. in now let us Slide X begin performance commercial more this review

growth of reaching quarter, fourth left increase on slide, mentioned over continued we new patient are show in this side starts X,XXX the robust of the XXXX. versus As in hand first quarter the delighted to XX% an

of distinct hand two Now, at side time momentum know the the the looking shifts periods. you will right at slide,

of to second momentum that force March and of began The search our latest first year. move quarter of the take patients this the is XXXX, as is provide this third is compass field as period, quarter additional April post-holiday more XXXX. us in hold, or expansion and the the we new in late in with through Trudhesa's specifically second in It

our to now Turning Slide next X. number slide,

that's in this generated have increase slide, date, To more the than just the and over hand prescriptions, throughout saw reauthorizations. XXXX resets of dynamics left XXX% you higher time products the seen we and however, On XXXX. note the first same small a see nTRx, given normal of net this deductible growth was significantly quarter-over-quarter we In we with normalized year, like last not pullback side XX,XXX consistent did price. a will quarter versus all surprising first quarter

impact QuickStart making higher targeted an did net on producing free pressure prescription, price adjustments to These this to program. unit a adjustments, per added Moreover, goods proactively our volume. have we by while

X. number Slide Please now next refer our slide, to

evolution our As measuring to is we targeted our market previous and over success believe way share appropriate mentioned our time approach of by calls, targeted the in given within most commercialization, group share physicians. first evolution of XXXX, X.X% XX among quarter of Trudhesa prescribers Therefore, see continued launch share months of Trudhesa. the in we are to market reaching just of already into delighted the disciplined

depth among larger XXXX. our prescribers, continued Driving of are whom high proportion a neurologists for growth critical success in value is a prescribing of factor

continued surveys. share few have now You prescribers X.X% branded share gains sign the prescriptions, XX% that will who focus, know, top believe a achieve a we that of predicted accounting neurologists in Trudhesa for with significant independent amongst investments Trudhesa and clear can our by

number to X. our slide, refer next Please Slide

after PBM key secured consistent we lives commercial XXXX, course just XX% quarter. enabled of quickly This in improvement in reimbursed launch. contract the XXXX, fourth that securing of percent and contracts quarter in the the over of payer remember launch prescriptions the You'll in at peaking under XX% of first

have with policies, established fourth steps rules are goods and XX% Now the payer we taking from of XXXX associated to the continued seen reimbursed jump of in percent quarter in XX% momentum to free and improvement April. the first XXXX with prescriptions in program to XXXX with our the of quarter tighten business in XX%

for remained our lower XXXX. solid high meaningful in revenue the Importantly, have with together consistent XX% rates, a refill increasing reimbursement, provide and solid growth rates range. refill This foundation in

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

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

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

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

to so seek campaign camp where are early. now many drawing face common the unfortunately Slide dependent The of taking number that new final still we medications. campaign this in backdrop pills against commercial allow Turning when branded is DTC challenge on launching XX, patients slide market oral our section, this our taking is target highlights does often not patients targeted life Efficacy But [ph]. the efficacy that. always

late STOP key just for impact platforms Trudhesa's and We in excited months what attack. authentic media versus our influencers, these efficacy heard lives. to Phase the migraine. the We're And ability trial demonstrated taken the an tremendous bring patients awareness great when of experiences past of raising X on we even their has XX to via relate like good in directly looks deliver into patients XXX to social treatments

across XXXX and strong talented, a members dedicated our off team functions all continued patient I the is contributions. for and would start, like to thank successful their professional focused to Impel take to opportunity all this and

like realization. versus sales revenue would our provide the net refer This now for for XXXX. the increase higher XXXX of the first overview same volume $X.X brief results due first Trudhesa net quarter million Please price period is XX. slide, of to to XXXX. financial $X.X of for to The improvements in product quarter a Slide next million and I number our was in

commercial quarter period million our our to and $X.X versus the development program XXXX. development expenses is focus million quarter to for resources pivoted our same The research than $X XXXX primarily we of personnel from costs supporting costs of first were and of R&D the and operations the first as decreased for and Research decrease due redirected activities XXXX. in rather

Selling, The expenses of $XX commercialization due XXXX expenses up increase spending million in to period SG&A activities. administrative XXXX during support general is for compares first primarily XXXX. the $XX.X and the Trudhesa quarter with million, of same the to in ramp were in which

or reported Impel share to $X.XX same quarter a $XX per common first the net a $X.XX million loss for For in XXXX. share of common of million period the of $XX.X cash loss to or compared discussions near-term. net we per XXXX, the and additional $XX.X the of had finally, this, as March ongoing and have And of are cash of the regarding in progress XXXX, million. XXst, equivalents sharing Related company optimistic capital

with XXXX, with XXXX second Trudhesa XX, provides strong first the remainder the indicator of These in we summary new would we final which journey of growth and a through quarter particular a of patients, performance commercialization in this as momentum excellent of the price XXXX. are remain growth Trudhesa performance pleased and XXXX. like evolution. with the With close and After in in the providing addition net XXXX, number for for our in full importantly, first lead year-to-date catalysts first of the in continued outlining ongoing to quarter of I that, slide, quarter Slide Trudhesa priorities solid in to our year

focus and share price the of in key target remains prescriptions execution the ongoing Trudhesa on gains Trudhesa resultant in on the among and of potential to priorities activities continued fuel optimistic ongoing and additional as our opportunistic continued commercialization Impel's development. our evolution impact with net positive and Regarding aggressive our XXXX previously additional net business following and accelerating value ongoing the positions, do our growth; and regarding we in revenue securing near-term discussions growth, financing assuring mentioned, interest have capital progress buckets

guidance based finally, I our XXXX. would for like momentum to for to performance date, then prescription and on And reaffirm the Trudhesa

midpoints prescriptions XXXX. of range over of would delivering We continue in the which anticipate represent a to growth XXX,XXX, XX,XXX to XX% the

Thank can you. give line we And valued to the questions. your will you Operator, the please open up instructions? now

Operator

Instructions] TD [Operator you. Our Stacy Ku comes Cowen. from first question with Thank

open. is Your line

Stacy Ku

good to Hi questions Michael welcome the for team. our morning. Thanks taking and

still if how the XXX just it's first continued per know this net about net I few, we a by should end? curious of of year just price pricing XXX that so prescription the we improvements reimbursement, So year? the should to think via expect evolution

you of Can through the additional clinicians to Second, about targets to Trudhesa think more just little about about how targeted them have you been talk you Trudhesa about benefits? nice given bit Thank the keep to and you. force? of reach Have the all gone many of also as think you impact all mind. to that see able kind just sales prescribing reminding the top a DTC times

Adrian Adams

a and to Stacy, and I do around thank recall to we DTC evolution. launched invest had when in of on questions net we to Trudhesa, questions reference were I'll point around you. Well, take price the your ask that. going comment we steps second first lot when Len

out And clearly So on is with of of to aspects is Trudhesa. patient we able being campaign. the delighted DTC the of that awareness that broadly raise to happening on are experience roll one this kind

I been the what we've has think this specifically, More force. increased building seen productivity sales with already is on

have we articulated benefits to of obviously patient of parameters of force year, sales of the July, on evolution our efficiency last force seen seen. of clearly of increasing that period productivity kind XX broadening sales of and we stats impact we've think covered significant kind from some the and today, that in prescription amongst and our the manifestations and that of the indicators lead As and August call, I XX efficiency broad that we've last new particularly

targeted our with positions. clearly it Now was strategy, initially X,XXX

see I over but our targets the existing super that the roll time. only we starting positions. increases population out today, in we've breadth of XX,XXX increase to additional benefits are to to I also of target As as the we've targets course significant we Not and the are mentioned universe, that think within seeing productivity also the target and broadened depth within are continuing prescribing

commercialization, a targets, our in it's of focus. and with to and about smart, foundation but the approach broadening utility super losing again, prescriptions depth Not our the the building target of targeted, increased kind So base all of disciplined population. sight physician execution

evolution this time. more in as the we seeing this in doing but seeing, a at that are with growth growth, pleased for to very we're we build is significant lot marketplace, us are is which So there on point

that first with Len, relation evolution. some the just maybe broad you comments on impact that we've make to made can price during the on changes in quarter So the and QuickStart

Leonard Paolillo

question, the Sure. Adrian, for Stacy. and thanks Thanks

of from XX% So, the slides as the of the increase end prescriptions percent QX. able at on approved been you we've to saw

in And quarter. going first evolution good Now in of up lead to April, to very at in the XX% net XX% the settling price. to that's a

over up We XXXX. tick course expect that to of percentage to continue the

$XX of first concert that, is co-pay, eases into $X in as co-pay as $XX your down to the first we amount offer pressure with deductibles that away quarter get That the from buy there's patients. buy traditional a on reimburse and often from a which co-insurance reasonable down. down higher leave highest In the and you more the to a the pressure or quarter, and get

our move also help to of net going price the that's north through So move rest the year. as we

that mentioned. that to $XXX still range about you So $XXX confident we feel very

Stacy Ku

Thank you.

Adrian Adams

you, Thank Stacy.

Operator

moment for our question. One next

Securities. Eddie with comes Guggenheim from question Hickman Next

line Your is open.

Eddie Hickman

morning, questions. Hi, and Adrian Michael, for my taking good thanks

the seeing So starting. DTC you scripts, about second surgeon this talked now the you're reimbursement the and higher post-holiday now quarter campaign in

So I'm think wondering if those going should that Thanks. towards versus metrics the and of about most be of to important script end guidance. any you the those how guidance in we driving you think higher end provided, the lower are revenues

Adrian Adams

right in in of the as and the, think on had the Yes, knew we there it's always that that many has And confidence council quarter trajectory. well that clearly and very guidance terms I first to indicators important the mentioned that we range, are momentum that, second going the call, towards lead you created we we getting momentum And important. really in tracking on different the that have. are gained reaffirming that was that be

going And to the is and only time. importantly, building in we our together target consistent over new in very our that continues and terms the building nicely that's the prescription rates prescribers. in population, in increases increases seeing significant that fuel to patient very, But are high be patient start consistently base very essence are physician broadened the is we driver growth I new of importantly, refill going of very of key of that new think important, course with be starts, gets prescriber not very up the the seeing, which

paramount. I've all different in and execution launched products is time focus learned the over of course that the execution the I've is what disciplined So

So lead indicators. these that's we are why focused on key

and confident very importantly, quarter, in confidence as momentum and are we first April we've moved not we So raise that of only that we that and guidance May. saw based the through given but is March that on into strongly

don't add us know thought want I you that. confidence. the whether So that gives to And Len, anything to

Leonard Paolillo

No, I think you said it.

they expanding comment patient would prescriber -- we to is is make as they once very rare I it don't the about meaning a I don't put think prescribe. prescribers, we the lapse, continue the Trudhesa, where add additional that they only notice they, base, on

expanded driving prescribers to in depth, that And new we only efforts also sales the force so, we make they'll to prescribe continue not but confidence and adds know the because gaining Trudhesa.

Eddie Hickman

would the these launch. point is are And some starts guidance? a to has stick first wondering, I'm consistent, of to Got be to like providing script it's consider tracking the Thanks. in gross and at to like, gross seems it. as you what net like been then, seems guidance couple that year, or to And stabilize, pretty it this going be pretty, if scripts quarters you whereas to with net revenue fluctuating,

Adrian Adams

in this time, on we're going be I point to guidance. prescription think focused at

value kind reference drive net year. obviously -- net of into growth moved we've this of as the the the revenue of to clearly from fourth think call of course the first and kind and program this proactive we've I year, made through quarter this to QuickStart over additional of this on our evolution price

But So I the thank we've guidance we'll evolution we've which through that gone quarter to of given point over time on at had, the prescription feel reassess that want in we with we're quarter, continue do clearly very first transition think this that the then pleased for time. course continue in clearly question and that. that we to with the you

Eddie Hickman

Adrian. Thanks,

Operator

my question not, for up actually, I'm And apologies, just queue moment. one a I'm

Sean question next Our with Jones from comes Kim Trading.

open. is line Your

Sean Kim

on have Yes. a taking questions. you for guess question Hi, my I thank DTC. I quick

expenses? GTN, DTC just first you a you're if rate and in price? the curious price your from you're step compared seasonality on net the marketing the steady the do for seeing campaign curious back on net you if going And the Just evolution underlying to typical out or year's net sales if of price, improvement seeing quarter on to you. up Thank last net much how of kind expect

Adrian Adams

question. first the take will I Sean. you, Thank

I I I -- activities. over got of think just back stepping to when any again, clearly, we DTC think I we think of mentioned, timing we the launched, a lot when as questions

the much pleased the kind advertising. aspects get being that is a of aspects, importantly, influences the of social across very are clearly rolled which this we've not on utilizes and we media able the leveraging obviously on program. it So program television is out as very count And patient experiences very to This well.

So it's kind disciplined direct-to-consumer a advertising. very effective approach cost of to

broadening awareness, importantly, But only the all awareness, broadening experiences very of means this the of experience, effective very the as to statistics being the a not well. physician a but importantly kind patient's of very and point

not cost So with only product. this building supporting, very prescription effective overall of on being the evolution again, a way we see as but the

Len, may So price to the to but net something you aspects that, add of address want also again.

Leonard Paolillo

think accurately. I No, components DTC addressed you the

the that about as price lever we're that first one you to made continue On we consistent QuickStart our quarter. free the the evolution, is make, with adjustments goods the talk we net making And the we've of as progress in can see, lever.

of consistent stable. The and other levers are our GTN quite

And so continue consistent to expect of on co-pay throughout improvements as as make the we XXXX. see we the the the progress easing continue we QuickStart, to the see burden to gross-to-net, and traditional

see we'll So for over think evolution I do an that sure. XXXX

Sean Kim

thank Okay, you.

Operator

any time. any this call the I'd over closing turn questions not at for further like to to back I'm remarks. And Adrian showing Adams

Adrian Adams

second year to Thank you to operator, healthcare our progress our professionals create as the serve. quarter patients, we morning. forward and for obviously this and call thank shareholders continue We on do look joining you this we strive continued all updating you later for value and to us during

a indeed you nice the rest have very and Thank much and weekend. thank good you. So of day a

Operator

this Well, presentation. today's does ladies gentlemen, concludes and

have now You disconnect day. a and may wonderful

Impel Pharmaceuticals (IMPL) 12 May 232023 Q1 Earnings call transcript