CLVS - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Clovis Oncology 2020 Operating Results Webcast Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to Ms. Anna Sussman, VP of Investor Relations and Corporate Communications. ahead. go Please,

Anna Sussman

much. Clovis very call. everyone, welcome and you Thank fourth Good quarter the Oncology joining conference fiscal to for you us. morning, year Thank XXXX

this clovisoncology.com. it seen You've If news our at on not, likely website is morning's available release.

CEO, Officer this will is being reminder, next our for be may Harding, following: will corporate review Patrick for clinical Medical results XXXX. year's the open Lindsey Dr. the Officer agenda available detail. webcast. lucitanib Scientific Patrick of Chief during recorded available commercial more and during Tom our President and will Officer, program; website both will Dan and answer remarks will several the and few Mahaffy, call on for cover closing Lindsey time the Dan, today's live review in milestones Muehl which accessed questions. call our our in will includes update during financial Then conference weeks. the progress. a our to the then highlights Pat, and Financial Then a we'll our Chief will Remarks Rubraca's be make and anticipated and As FAP-XXXX Dr. the Rubraca quarter be call discuss Thomas Today's Q&A, the and archive Rolfe Chief

including federal business laws, call, make expected forward-looking may securities we concerning statements outlook please conference meaning Before today's begin, the of during we the that note our plans. within and statements financial

statements. those actual described subject and forward-looking cause that materially risks uncertainties from to to All statements the results are of these could in differ

review pandemic. and the the effects the risks filings uncertainties of of number with results the our a could actual associated and differ Our to refer the a full business. due for to SEC duration Please our with recent of of including factors, extent materially COVID-XX

any forward-looking as no speak to statements. on revise of which undertakes Clovis the obligation are update made statements and or date only Forward-looking they

please financial to discussing conference cash burn, website. found release, Additionally, non-GAAP disclosures be related are our note this today's be a today's news during on Required can measure in we'll that call. which

over Now, Patrick to the I'll turn call Mahaffy.

Patrick Mahaffy

Good everybody. welcome, your and Anna. I time today. Thanks, morning appreciate

sales We were COVID-XX of based performance access practices, in patient down which to XX% effects XXXX, our the ongoing data overall year visits given January diagnoses, with are XXXX, in approximately on now began Even last compared to we've March and diagnoses patient pleased patient seen. January this oncology year. on around

COVID timing including predict. extremely data versus at top year and initial ATHENA development lucitanib clinical LIO-X year, first half for combination for in FAP-XXXX placebo in providing medical positions the for the sales which as recovery the currently from difficult initiating milestones meaningful not programs, of and program the in are year. announcing the of XXXX, XXXX this are presenting I guidance in to half efficacy meetings pipeline advancing our the and progress the second We ongoing line Rubraca arm for am XXXX, made monotherapy the Opdivo effects us with pleased this the later of this data

Turning update. now commercial to a Rubraca

course, Our global the over the XX% million prior XXXX quarter the year detail. periods. net fiscal comparable greater $XX.X of year $XXX.X and respectively up revenue results fourth Dan, was for XX% describe million, and XXXX, of these in for will

and practices practices diagnoses impact going oncology as impacted in-person office fewer new programming to this increasingly were of revenues XXXX of to course by strategy as announced will To reduced our clinics communication oncology virtual patients accessed ultimately we We that environment, of their can changing continue, fewer be access effect which adapted meet additional access it -- peer-to-peer believe address for and due going much reps. patient quarter academic even In-person practices activities has That the easily these was once prefer commercial to patients a on substantially visits the reduced interactions. COVID-XX those COVID-XX to accelerated Over targeted. will time. promotion more last the to already this and virus. preferences. digital strategy to be what to in-person controlled, is trend in-person community-based toward and is embraces own programming, An fewer accessible the reduced pandemic approach remaining that hybrid communication will and a visits, sales elevates be digital

new We strategy we a an adopter are oncology be early marketers. common and that for believe this are, of in increasingly that energized trend about fact, will

have industry across months. In recent in the fact, several announced similar changes companies

in are this from with continued to this hybrid prostate sales practices, particular customized the US the updates still a in we indication, physicians the to contributor in indicators grow provide US program, this regard ongoing but to impact the to growth accelerating goal With of meet, over early the progress little goes wanted on they from hybrid way We as over the resources providing revenue model. resolves time. strategy Rubraca in to of indication the virus performance prostate their meet adopting modest as It's order better year QX, to a will on to of while be QX. utilizing

third pleased is very progress that our in Turning to to-date, lockdown currently the Europe, COVID-XX we're place. with despite

on care. the US difficult and the diagnoses of impact to on visits impact the COVID-XX longer-term patient and cancer is it cancer As predict in patient

a utilizing our in We primary allow. have been smaller regulations in virtual each And have Europe. of organization communication as territories commercial

to -- countries regulations digital each national to seeking clinician as our our are United among country a While for clinical hybrid vary prescribers. and States, tailor reach we compared European better the strategy to

Dr. clinical over topic to discuss a to of Scientific we FAP-XXXX Now half which program, turn move is call Harding, Officer the the growing as Thomas development our first let interest, XXXX. the me of Tom? during Chief toward

Thomas Harding

I'm all. And with Thomas Hello, a it's to speak you Pat. Harding. pleasure Thanks, Dr. today.

in targeting particular, next our program months. few compound lead which cells, of into cancer to therapy tumor peptide radionuclide delivering uses injected to in tissue. Peptide-targeted bloodstream, radiation-emitting to has normal are When we peptide-targeted doses the and cancer clinical As to peptides mentioned, radionuclide patient's we Pat the enthusiastic isotope, expect our about attaches while very FAP-XXXX deliver high a to the tumors. specifically into development therapeutic enter sparing targeting radiation

are most our is CAF FAP-XXXX, that compound, licensed part with our activation lead cell as we one on protein candidate expressed ongoing XB which fibroblast which of Our therapeutic FAP targets collaboration of fibroblasts Pharmaceuticals cancer-associated or is FAP. first represent the solid abundant play or highly in a breast, tumor colorectal initiation, tumors range role majority Cancer-associated lung, making potentially cancer a components across pancreatic in metastasis carcinomas. critical target therapeutic progression fibroblasts resistance. in tumors and wide of including of found a a and types, suitable and

that FAP the recent have certain cell types, the be tumor can on FAP-XXXX mesothelioma, such example, a For of and demonstrated elements. addition resistance such functional promote studies expressed fibroblasts. expressing tumor consists confer immune-based potent and progression sarcoma as, PD-X blockade. two therapies immunosuppressive cancer-associated as, CAFs activity may to the to exert and In FAP in PD-LX also cells

used Depending PET second, targeting binds will patient attached study, into be and imaging for Phase I/II imaging for the the allow selection the the for CAFs isotope attached, and can FAP-XXXX study. First, be isotope In site radioactive And peptide FAP-XXXX of LuMIERE inclusion to radioactive patients that attachment for used selection to on be the a specific use. our on isotopes. expressing tumor tomography positron can to gallium-XX that of FAP therapeutic or emission cells.

year, cell damage be For radiation and that FAP. therapeutic show attached lutetium-XXX. that the isotope presented FAP-XXXX DNA and last ionizing will beta particle a potently causes including the models, studies, selectively And death. agent, to animal mixture ESMO FAP-XXXX of at biased Non-clinical

addition, the LuMIERE to program. and look clinical meetings. part development to of FAP end expressing We as data in additional two new for preclinical imaging with evaluate applications FAP-XXXX XXXX as expansion In observed antitumor as FAP-XXXX was in and for types planned at with future efficacy of agent, models. treatment sharing a multiple submitted investigational support to use tumor tumor We FAP-XXXX drug therapeutic of our study forward lutetium medical global an a use cohorts, at

INDs short for FAP pending manufacturers of were the each select in treatment at clinical from agent effectively imaging to of data the sites of real-time utilized the as will agent which, patients serving become FDA by targeting acceptance effective, half-life site. The Our our clinical imaging gallium-XX nature extremely LuMIERE. the to expected are by CMC of be

X LuMIERE also FAP-XXXX linked start alternative alpha-particle be and expansion determine in Our therapeutic Phase to to are cohorts in combination Phase studies radioisotopes types this are to is study planned the including, half under and year emitter a potent planned FAP-XXXX studies tumor first of multiple the development. consideration. used X in of of to dose

will immunosuppression priority. be fibroblasts associated cancer expressing PD-X FAP of role and blockade in combination tumor with the PD-LX mediated Given a

at In in is currently a with X this are Results with selection Phase imaging for UCSF FAP preclinical cohorts. to enrolling addition study is to tumor of generating multiple from our expression evaluate expected and types study are investigator-sponsored program, underway help along our to FAP-XXXX tumor we patients. own data separate inform types currently expansion

clinically to the In are on rights. we to leader of we were discovery radionuclide a the case, additional planned the solid that to have Lindsey Lindsey? opportunity this radionuclide subject the I'll which therapy for the And a a Rolfe develop our FAP. to and also at in reasons In addition, targeted global therapy for be to collaborating our collaboration. field to drawn we and of tumors. over Officer, first emerging including, we'll for course, XB peptide-targeted about directed three the And radiotherapy the We now Lucitanib. targets of opportunity are turn Pharmaceuticals Dr. peptide-targeted to this program have program many be for treatment pipeline discuss call Rubraca enthusiastic Medical Chief targeting the targets we to discovery

Lindsey Rolfe

expected and Thanks, in today I'm here glad with Rubraca morning. be XXXX. some Tom. you clinical milestones to for of to Good the discuss Lucitanib

as of the combination to any population review study PD-X the ATHENA maintenance designed HRD advantage well ATHENA. in intent-to-treat the evaluate design. I'll both take potential is to and of population. monotherapy versus PFS placebo and from a we number we XXXX announce terms positioned maintenance. Phase diagnosed monotherapy top-line are the required two on of patient front-line placebo independent of the to versus expect achieving Rubraca ATHENA uniquely X,XXX study Rubraca, clinical believe in statistical X in in moment to monotherapy population outcomes, in the the switch although same combination evaluate patient newly setting or in PARP With arm Opdivo in to maintenance the monotherapy data Rubraca analysis timing plan ovarian events. PARP therapy we as versus of a in PARP the as advanced the frontline study and is ATHENA one half Rubraca all-comers cancer dependent is first of exact second For inclusive first-line ATHENA,

in will versus expected second results versus Rubraca of populations. First, we monotherapy probably the plus Rubraca a year Opdivo results of see see Rubraca XXXX, placebo of the later the then all half or in study will all And in study to the HRD monotherapy down populations. Rubraca we in first of opportunity will first-line evaluate each an entire study intent-to-treat truly believe these analyses, the we population maintenance this and differentiate setting. offers outcomes including in We to step Rubraca the then In more population.

and Xtandi is being a States XXXX. Rubraca half X comparing United in CASPAR types tumor is for the at this the Pending sNDA potential study the X,XXX on Dr. across be lead may National in readouts file a BRCA clinical mutation. with Phase in of enrollment Charles data novel Rao; with and shortly first Alliance earlier, Xtandi for evaluates plan patients enroll to mentioned indication part timing are solid of in for gene placebo the The achieving these FDA, file first-line is Rubraca, available, Rubraca an for potentially recombination Rubraca Once to opened study study tumors this the by investigator top-line milestone. mCRPC Phase Dr. regimen events. including I for associated Rubraca Based Clinical sponsored Ryan; for approximately Trials study acknowledge deleterious in genes recurrent institute. is I'd CASPAR the And which X X the in to PFS XXXX our data Oncology pan-tumor As to tumor-agnostic our driven for with HRR interactions Cancer just like registration-enabling evaluate an a milestones study team of population. and continues Continuing the the The with we our trial homologous patients. gene study labels. dependent the LODESTAR Arpit repair maturity or could are we targeted Alliance all in would and patient the on for results thereafter. the collaborator and as approval this all-comers of by XXXX ATHENA end Phase newest study to

discuss in derived combination cancer factor anticipate updates I'll gynecologic Xb/X Opdivo. and Lucitanib Now The expansion receptors study meetings through is The Clovis-sponsored and ovarian growth inhibits one lucitanib. growth study the we lucitanib to expecting we're three. endothelial interim presenting inhibitor, Phase of which cancers angiogenesis medical the receptors LIO-X with Phase LIO-X portion and XXXX, cohorts. receptors factor alpha factor investigational from in endometrial fibroblast our growth is which and vascular evaluating patients beta one in results study three platelet study at X enrolling the in include is a through

clinical on remains trial to Lastly, that report the on I'm the of effect front, our minimal. enrollment development pleased COVID-XX

trial compliance call integrity participants the regarding team very to agencies fiscal financial FDA conduct Dan discuss to year over our work minimizing of who other to and investigators whilst to COVID-XX, the and GCP during maintaining We risk the trials. guidance, continue and with safety of assure trial XXXX and quarter turn the I'll adhere we're and the with regulatory the provided tirelessly to clinical that, fourth results. to have And to grateful our

Dan Muehl

XXXX our represent of product net product revenues revenues revenues Thanks, XX% net Lindsey, the million for million. includes of and in $XX.X net revenues for quarterly quarter included million QX product which hello, million, a Rubraca to QX everyone. of product of XXXX. XXXX, QX, $XX.X and reported in including We $X.X US Fourth This net the ex-US in reported of net XXXX, ex-US $XX.X in QX which sequential over growth increase net of we from million. US indication $XX.X revenues revenues $X.X from million net US prostate and revenues of

$XXX.X Rubraca increase $XXX of XXXX, global of for net fiscal fiscal we compared reported million XX%. For in year product to million revenues an XXXX, year

ex-US, net effects US an US in million For QX which QX the million increase $XXX.X predict. $XXX.X to XXXX, difficult in XX% including and million this respectively. net $XX.X million to from increase X% compared a ex-US in included which Sequentially, product revenues increased XX% product $X.X totaled revenues of and XXXX, our the to COVID-XX which US revenues encouraging and remain net and XXXX, of sales, is in ex-US given

we on this sales in adjustments to Patrick at flat net full net XX.X% estimate Gross time. range But is revenue globally mix metric totaled XXXX For are Gross likely was for This fluctuates to noted, depending the this the quarter-to-quarter high-XX% the in XXXX a XX.X% reason, between mid distribution and and QX on US future to from to as last year. not in relatively globally the Europe. and providing seems revenues. difficult guidance compared XX.X% quarter. QX XXXX to

the to increase net European US to proportion global correspondingly. in increase will revenues As gross

to QX to and down QX lower from and same year the XX% distributor XX% slightly the increased Rubraca percentage fiscal QX. the prior spending in totaled compared and of million due million development for at XX.X% quarter $XX.X the and inventory XXXX the comparable million decreased free the to $XXX.X clinical XX.X% $XX.X QX, in versus compared respectively year and decreased for weeks of million expenses XXXX. Additionally, periods and trials. to Research primarily XXXX, in Research X% $XXX.X year for end in sales goods expenses and periods in development US on QX for

same compared expect compensation XXXX. reported comparable compared $XX.X reduction in during Selling, XXXX. QX fiscal or $XXX.X Further, share, $X.XX loss prior $XXX.X $XX.X million QX $XX expenses year and to $XX.X administrative due expense of $XX XXXX, million a and quarter or Selling, to the for to per full COVID-XX million periods year for for globally million the in full included $XXX.X periods compared be compared to the comparable overall development We million savings XXXX share. per and of expect in net and decrease to efforts. million of loss the $X.XX net totaled share-based $XXX.X $XX.X $XX.X to XXXX, We to net down of loss the general quarter research We million of $X.XX for the the for to XXXX cost fourth compared and year, net million and full year and lower year for expenses the million year loss $X.XX for decreased compared the expenses XX% million XXXX. year both to loss XXXX we a XXXX. expenses or to year and share reported Net compared with administrative XXXX. XXXX general SG&A and million situation per million in a and QX of $XX.X of per fiscal for share, or for a of full of XXXX periods

discussion cash. Turning now to a of

aggregate approximately to As we $XX as trial had equivalents. of Sixth Partners cash fund financing under cash million down December ended revenue cash XXst, XX, And of draw burn we months including in Street in had million. down for and QX in from of at QX XXXX under the burn XX the million. equivalents operations cash December up unless and of have cash available notes and sufficient $XXX.X $XXX cash XXXX. our December expenses ATHENA ATHENA the any company's on agreement burn cash maturity amount and million anticipated Based equivalents, Cash was million $XX.X was available, million financed convertible quarter XXXX had XXXX to of XXst, early earlier drawn $XXX.X financing and from X.X% principal the to of the XXXX, existing cash we repayment XX in XXXX the spending to their million, clinical $XX.X the $XX.X believe remaining of we fund million, $XXX.X trial. LLC, September the sources the months the of XX% XX% ended burn Cash

our we SG&A combined longer, expenses and we considerably in both As burn the product XXXX in and trend been payments XXXX One this have on expect lower cash of reduced and compared prior working purchases we saying our cash reduced have continue years. to point. have XXXX. revenues on year and last for with increasing approvals our inventory and R&D efforts to and over significantly lower milestone last These burn

or shelf registration have in we could do see up to the for by securities We so a offering we statement it. next $XXX sell any registration would shelf. have statement will any have You conduct effective the plans the SEC filed not an any that under declared the case day And in to under be million. to immediate before

an So for provide and intended us housekeeping this biotechnology measure is important common the in companies future. to flexibility

I'll to Now back the call turn Pat.

Patrick Mahaffy

the pleased year. to pandemic we the Despite Dan. in with during XXXX, global evident related performance Rubraca's the Thanks sales challenges are

recently With of especially the the changes believe for when our we strategy, impact behind to announced COVID-XX ongoing growth we us. U.S. are is commercial well-positioned

filing data of cost as supplemental meetings, LIO-X gene a on the Our pointed LODESTAR the second candidate line tumor-agnostic Rubraca sufficient for targeted for initial out, us NDA. half positions potential in Phase several combination the lucitanib data remain in disciplined from medical study the Opdivo top commitment control and lines front half peptide we the for monotherapy Phase regulatory clinical anticipate treatments burn in efficacy the XXXX burn than XXXX from focused therapeutic the Dan of XXXX at And -- X and our be in and data of key from milestones in FAP-XXXX, XXXX, by XXXX, we planned cancer LuMIERE ATHENA which in will versus reduced the XXXX in and setting initiation XXXX in ovarian from for X/X development clinical, study first XX% radionuclide cash we XXXX. of placebo development cash that our Rubraca include achieved of lower an as pipeline portion targeted from this example study in progress XXXX a still the XXXX, of in

operations forecasts, joining. with will any we on Finally And resources into current believe sufficient be revenue you expense happy have for early to and have. Thanks fund we XXXX. answer may we that, to our based questions

Operator

Kasimov First Instructions] JPMorgan. question with comes Cory [Operator from

Cory Kasimov

And taking you of morning of kind for ask up. combinations? guys. expect Hey, on follow on how the program. you hold Thank believe FAP kind the development I the much I monotherapy And good of front, the you one to can to into you on biologic have the the approaches rationale? things wanted most about do potential of be side advancing talk questions. that focused versus combination And

Patrick Mahaffy

that over -- turn to and follow-up. a going you I'm have

So Tom you why don't take that?

Thomas Harding

be work Cory. question. our all the Hello, Thanks for in LuMIERE on monotherapy. the focused majority of will The

least find the immunosuppression. Australia. different FAP-XXXX the we ongoing And make And into in that will combine be potentially move of is PD-LX a a addition driving blockade that, data, obviously So fibroblasts Phase monotherapy. for other PD-X focus augmented. on associated once and inhibitor The cohorts inhibitors own caused there the pathways a our rationale given is cases compelling in in will in focus is all us in the radiation Phase you dose some into there this by PARP or as repaired with five may to alternative then that PARP role But combination some with to of including PARP-related damage Rubraca. with and by X to combinations are some expansion DNA with sense, X, at move cancer addition studies monotherapy therapeutic

I we other top list, So but are are to of PD-X considering. that think the there rises our candidates

Cory Kasimov

across types you. helpful. you efficacy in? how tumor the That's demonstrated pan-tumor just follow-up will types is ultimately no overall just determine it number efficacies, question which then it the the matter Is is or What Okay. of study. that's LODESTAR for And registrational? Thank whether this show is the many tumor

Patrick Mahaffy

Yeah, Lindsey?

Lindsey Rolfe

a activity But well level Rubraca show for a demonstrate think that also activity types There'll be response we'll have threshold a be where need both. FDA. We tumor bit for as will to already will to I acceptability isn't by of of genes. a across be those rate. of there it indicated range

across those depend because separate will both perhaps things we're also of don't has forget it looking five and So on genes. more complexity

Cory Kasimov

Great.

Okay. Thank the taking you for questions.

Patrick Mahaffy

Cory. Thanks,

Operator

question Next with from Wainwright. Ed H.C. White comes

Ed White

Good questions. morning. my taking Thanks for

just we the just be prostate? Rubraca market? said about growth. you in perhaps So sticking you in -- wondering seeing modest are prostate, points penetration thinking what on had the And that should sales are how you for in I'm what

Patrick Mahaffy

Yeah.

So there the data. face And we are been label issues didn't line mutations given have AZ the the of achieved of multiple even they earlier breadth where including that of course this has therapy.

NCCN trial do virtually continue trial on the a the their and than urologists both Now inappropriate. that broader disadvantage reimbursement that have continue medical we be allow ATM next And active do relatively focused from year. in been for data or and the in well urologists have calling whom would oncologists. the is data of The short have would And growth calling we group a BRCA prescribers in tolerate and small will base. we trial. experience will we -- anticipate does have who include until off TRITONX earlier which for patients anticipate both though, in guidelines And completion patients. albeit chemotherapy the of can't likely on submission line disadvantage. we a But Participants because that term

Ed White

the have within data are event? -- to data just FAP-XXXX. it interim to perhaps months. see And a Could that, I XX expect on a XXXX the from to question study said Phase starts, I believe looking Once Thanks, you possible some be the data we for second Okay. you this or year, is had Pat.

Patrick Mahaffy

going anticipate we data trials-in-progress maybe Yes. I data any next from type sufficient include at but I thing, doesn't a a be right? have meeting trial. don't would a year, say would presentation that formal that set, to is scientific the

we get the people how in to are interest doing. going that to sense some Given aware we're want of are the program,

sufficient patients But do describe we've once of and be general extent would to imagine some begins We decided our able events of any haven't quarterly number tolerability on reviews enrolled evidence perfectly how the I that. or we'll directional to the and provide we'll activity. to trial calls,

Ed White

possibility study, Pat. Opdivo meetings ovarian last the on later ESMO, endometrial combination present as this Thanks, year. in question as timing? data then, the just that medical a Okay. in to just reasonable I'm for by perhaps looking see possible at you're is early And the it's wondering, my with if to ASCO LIO-X with interim year

Patrick Mahaffy

to abstract submitted submitted It's course ovarian serious an up ovarian we ASCO. it. We've But of on to them accept an abstract arm. the for the arm,

ovarian hopefully, be data ESMO. from slower endometrial present the is to anticipating than little able a which are we rolling Right bit So arm. now, we'll the submitting initial ovarian to the

So that's our now. thinking right

Ed White

Okay. Thanks, Pat.

Patrick Mahaffy

You bet.

Operator

Next question Choi comes from Paul with Sachs. Goldman

Charlie Ferranti

a imaging question identifying everyone. patients for the see Do LuMIERE Talking with I you're isotope morning. quick FAP This had our gallium the program, these modality. you, talking just for forward? identifying this of on then Thank about you, imaging Hi forward, of question. start, identifying so taking much patient-to-patient you as of taking on PET a sort way, -- much foresee or patients of going Good of a a to that is question. eligible identifying basis sort blanket Charlie would Thank our going Paul. well. patients as about you the study that way with use in target on types this you is kind for tumor would continue so way

Patrick Mahaffy

anything or a correct first and said. crack take follow-up then I'll at you I this Tom,

those It don't entirety treat what nuclear cohort Phase For medicine. of XXXX. labeled a practice we I I the we the we that, patient, in the of every I've seen. screening and and how treat we so for I/II, gallium heard Phase me we've see many the times anticipate know with what is the expansion tell physicians

to and for practice an PSMA-XXX approved its of be that Lutathera. true if how image is however, Whether seen. approved course approved remains to it radionuclide And and that's similarly embedded ultimately be it is will treat So, first second. the gallium today

which gallium, is We are half-life And imaging a longer has than complicated. a we an be a that as evaluating half-life even modality. might have easier little considering minutes of which that is little copper XX are other modalities

it So, that basis both the PSMA-XXX. -- is lutetium gallium-based Lutathera Tom? and has been imaging for

Thomas Harding

I perfect. nothing was to That add. have

Charlie Ferranti

much very you, Thank guys.

Patrick Mahaffy

bet. You

Operator

comes Bank from Ahmad Tazeen Next question America. of with

Tazeen Ahmad

for Thanks a morning. good maybe Hi, for taking question. couple Pat, my me.

about the the to do to appreciating you the one if offer And some you it first broader would is, have you year think of be a normal would talked guidance for from study your that is, the sales of label I up immediately, any your position progresses incur in data label as as maybe I that kind from PARPs. and sales having Thank COVID, physicians education? especially The move competing do to guess or would as year that other to your approved vantage point ATHENA you. would to expectations positive, with appreciate regards with is view back that long relates more the it then a it in change require as as benefits But impact position second of that the relates question physicians you was a later in to environment the that year? a we be

Patrick Mahaffy

the including will year. over evaluate question answer of And of may. we script even talk guidance, we that in that the did To the Yes. about the we course that

the visibility, would the that the providing well community in we as as are the consider aware the during become later pretty next investment prefer second good early guidance. year. we that If We investors of we had in definitely quarter it or comfortable that would quarter call we and provide middle year

So Two, ATHENA well-known the expect were regard enrolled in trial maintenance. fully data. community -- that's frontline trial a it's It's is amongst participants US. our the they in run well-known the with are that we one. We'll XX% that And of hundreds There and the ultimately just did maintenance, to second third half anticipate the publicize XX% market data, got that to in hold. year. which share this second-line confident as we we we we we to of top line in to a

launch we year to are And the olaparib extremely model prescribers some toward subscribers We us into of line and be more top drive Rubraca next prescribing extent helpful habitual Rubraca. to we for that maintenance Zejula us more from hoping with the of would targeted experience the as or over change course that hybrid this to create allows year. habits prepare away

we will of setting are So yes, anticipate setting. course. line But frontline the data competitive at as least be we on depend second the be will there in in will as I education

Tazeen Ahmad

then frontline? you for And you in if start promoting SG&A, any Okay. expect would increase

Patrick Mahaffy

in There marketing. pretty well-known the the to It's the we community anticipate a -- launch. that number spike an be We mainly not small you. don't of prescribers. a be would frontline And Rubraca anticipate related line huge increase. visible exactly it other what to would prescribers would modest We may to to. talking the in think maybe knowing But people is a office-based now I marketing than support very some course, expenses right the selling in personnel we'd about be of increase data. know not are second

Tazeen Ahmad

Great.

you. Thank Okay.

Operator

a from have [Operator Piper Instructions] with We Joe question Catanzaro Sandler.

Joe Catanzaro

Hey, guys. Thanks here. my for taking questions

So Pat patient still mentioned that you and down. visits diagnoses are

to think wait? you've move differential when seen from the you when impact wondering from away setting about physicians if versus and that getting treatment Just we a especially watch compare maintenance

Patrick Mahaffy

-- they May April probably in when practice get missing is don't or have as would next longer, have extent if cardiovascular immunosuppressive in States. appropriate keep patients pretty you're effectively Maintenance this model. due better supported I it's was a all do before to And sure than Patients was to presentation, different hard five reduce wait. the it's still lesser far then which longer, visits. why practices, round only part is note actionable continued I the with out at the time the companies than far for I'm any maintenance you setting modest that frontline that months of referred where make their people It actively no view of reconsider them hybrid frontline concern a management in down away therapy about reaction had I to Matters to this on those wait I it. we of people nervous success. and was enough -- effectively patient who think in it of to time good them date. of and campaign our or called by maintenance office chemo. get missing who COVID It's either number some office to are are moved to issues. far risks the They rather hospitals on visits to GSK like. it some can watch keep to for your underlying the think We medical again suggests of now follow -- That that it patients the digital chronic of not but isn't we are an did still and are that now, in were just some it a being from campaign. of data maintenance COVID COVID watch to to waitMeaning that a in access if is try setting only this of as oncology. we approach in clinic we and placebo time wait. We clinics launched treated and when not visits patients United the to as we Europe will Hopefully vast physician go others but or option, and their remind It about now physicians is watch in broadly where in which the the watch in started by or is they about is maintenance

setting. class. to the has It the So plague will including it it while that continue that issue an appears for the frontline is class a plagued

of over they your telemedicine. but this to I COVID are know don't -- I adapted recovering think So exactly they'll the to course question have continue if year. Practices have I don't I adapted recover to answered things

now as not normal second despite surge until back of is April bad in whatever So I But we'll as the it's January. occurred -- year. they and it's if fully half were this that things December May, in as be the are don't think to

Joe Catanzaro

a ATHENA anything just remind trigger And question. if and the would of us whether Can Okay. That regards you versus I for with the this helpful. housekeeping year follow-up could little financing Got it. maybe ask a repayment? ATHENA Rubraca is agreement readout to you placebo later expect

Patrick Mahaffy

that No. It's Dan that the would approval right? trigger

Dan Muehl

we the 'XX. of regardless fourth the starts And approval time repayment of in - quarter Yes. the Yes. frame Exactly.

a approval payment by gets could just of possibly the -- affected it's the only matter that be. much So is thing how

Joe Catanzaro

for taking so my question. Okay, Thanks got it. much

Operator

at And to Sussman turn the Ms. I'll over call this for time closing remarks.

Anna Sussman

Great. Thank you, Sharon. you We in Clovis. for interest of thank your today each

have of Breanna a in your can our accessed call it Again be and clovisoncology.com day. beginning webcast have via XXX-XXXX. good for questions will you a hour we you If me an call interest about please any at and (XXX) This time. (XXX) at replay at be XXX-XXXX follow-up available and days. appreciate XX or Thank

Operator

concludes today's This call. conference

You may disconnect. now

Clovis Oncology (CLVSQ) 23 Feb 212020 Q4 Earnings call transcript