ENDP - Earnings call transcript Q2 2020

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Operator

Good morning, ladies and gentlemen, and welcome to the Q2 2020 Endo International plc Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Ms. Laure Park, Senior Vice President of Investor Relations and Corporate Affairs.

Laure Park

Thank you, Crystal. you financial us results. thank second discuss and XXXX quarter morning, for to joining our Good

Vice Financial Joining Coleman, of of Executive President on Global and and me today’s CEO Endo; call Commercial Operations. Mark Barry, and Patrick Officer; are Blaise President President Chief Bradley,

are the XXXX in the and in under forward-looking are securities We U.S. a covered described I you the Reform Private release in to Act and Investors to laws, at our endo.com. Securities slide U.S. made accompany that remind of changes, webcast, subject Canadian and statements online uncertainties press have as are Litigation well any risks and posted like management and prepared the Canadian would that to applicable the presentation as filings. presentation today’s other by materials section and securities

including like release I’d the most of release therein. to Blaise. last reasons financial the Endo’s in earnings for our contained GAAP this noted our financial In earnings Blaise? that comparable are financial accordance prepared we by Investors turn night, call, encouraged may addition, otherwise refer Form now non-GAAP press directly accounting not other Endo’s report X-K measures the to issued SEC with States on financial course call in measures and principles in the for with measures non-GAAP reconciliation are furnished from current in The companies. non-GAAP the unless presentation. those measures be accepted non-GAAP different to United during that to of used over financial review to may generally measures and is

Blaise Coleman

for thank morning you Well, early good this call. morning, for joining and us everyone,

of I the and times for a our the by results provide on I’m saying our our to revenues and Also is agenda our our followed quarter are want supply performance, quarter. truly Slide If Then will we our address of provide for quarter. thank delivered team quarter me expectations the financial snapshot start what update discussion chain in in our financial the team to in communities, of business move segment strategic customers. with I’ll on second consolidated the priorities. an Mark our update second their X, people our evolved quarter what second of efforts the pipeline. start tireless supporting Let of full for third adjusted and everyone. by prioritizing and X ensuring entire Endo year our on for proud EBITDA and a and XXXX. safety an Slide resiliency of challenging

of increase to Second revenues, Sterile to by activity and quarter certain infected primarily year, was decreased the reduction segment offset resulting patient COVID-XX related compared in $XXX significant a segment branded in pandemic. with due to inventory due in revenues This physician revenues from million an stocking to visits decreased channel of office X% of patients office COVID-XX. treating VASOSTRICT, largely Injectables anticipation prior

adjusted to mainly mix exceeded EBITDA year to our generic lower adjusted increased well compared in favorable performance of expenses. and revenues quarter as Second Reported as operating previously quarter product consolidated branded in million expectations, segments. to due our $XXX changes the of communicated due the prior

due portfolio period to declined XX% second XX% the same Slide impact XX%, quarter, revenues The by revenue quarter XIAFLEX’ was Turning the COVID-XX. to XXXX. revenues the to year. in The to in X. In decrease respectively, by the and of compared Products segment decreased compared in second prior branded Specialty

physician faster virtual level pace in re-openings of effective including engagement, execution, recovery combination terms communicated combined This, approach with a and the to specialty visits. In portfolio, previously higher patient quarter. office our volumes second to a demand much in our expectations due were in of commercial greater the resulted of than physician stronger and a in-person

the date by to encouraged interest of we’ve continued recovery willing treatment. level very demand seen underlying We’re the of strong seek patients and to

Our in prior temporary to and has due the product primarily period Established supply disruption, the declined XX% competitive pressures by same year, been compared Products to which since resolved. a portfolio

Injectables Injectables Sterile treatment segment to lower our grew anticipation communicated volume needs channel increased infected lower the XX% resulted utilization the the than quarter. by XX. COVID hospital in for of compared XXXX, certain of Our VASOSTRICT to inventory previously potential revenues expectations to revenues driven quarter patients due with which primarily were growth of Sterile from in significant during second by strong stocking segment sales quarter VASOSTRICT, due

to X. Moving Slide

the revenues segment The recent second Generic quarter quarter competitive of the underlying Our performance offset product impact the impact certain the to the second decreased in XXXX. partially during compared by of reflects quarter events, by X% launches. of

in quarter impact second Second discontinuations. stronger markets to than quarter fulfillment. decrease revenues the previously better following prescription pressures certain certain were as accelerated International in for second expectations revenues prescription due product was to segment International our quarter well competitive of due the The first trends, quarter XXXX communicated as primarily fulfillment

Slide on our minutes to strategic an to going providing X. We company’s update priorities Turning want spend few forward. a

deliver many As you products history to patients. in pursuit different needs constant to types the in of company address know, of order Endo develop as has evolving long its of a a and high-quality

market, Qwo a of impending into and proudly we recent evolution entry With company. aesthetics U.S. approval our FDA continue the as our

strategic evolution, we As evolve cycle only of now our is next preparing priorities too. natural are it this for

guide make quest every strategic priorities to our to serve create in for value decision long-term sustainable Our stakeholders. we our

strategic priorities. through walk a take Let’s to evolved moment our

expand Our first enhance and is our portfolio. to priority

and a durable sustainable shift a more customers durable investing portfolio to our and more build portfolio differentiated are long-term differentiated creates new. benefits not and This value. that to is We

in XIAFLEX our and management of date investments. capitalizing our portfolio current pipeline our Given adding our in our to What investments priority. strategic opportunities to is investments this cycle transformation Sterile in of portfolio external accelerate to a We new forward and internal through and aligned this combination the increased with additional Injectables on our focus fully development on of ways look opportunities and is Qwo, investments life our opportunities. approval identifying

second priority work. Our to reinvent how we is

embracing future conduct all the it, how will new innovation day, to drives we we our better the studies, a are critical future us further our of This because we promote be need customers, in how with move and This the change and our all of We development strategic accelerating improve or priority opportunities how we change be increase products ways in we create to serve up is work reinventing is every success. rate engage effectiveness our and meaningful working a opens how customers, our our us environment, with will physical our our productivity. value we clinical of do to accelerating world virtual we from it to whether a work more for for manufacture stakeholders. exciting how to to by

sustainable priority operating our force we priorities, Our members, to and goal driving we believe essential team live to a deliver in, deeply priority Endo be our all is of communities create we our will way stakeholders. In third place priorities our strategic value in that our From is on for benefits in first a good. long-term this to those of the two with work all for to our customers, stakeholders. ambitions around our

drive successful against execution evolution future to continue these a our will success. our and company believe excited our priorities as strategic We’re

Turning to Slide X.

addresses approved to first our the portfolio, approval by the a and that treatment As for and underlying is excited and medical we’re injectable option we work FDA expand of the entry into only of enhance the the our recent cause cellulite Qwo provides cellulite. Qwo of and impending aesthetics. non-invasive

and are bringing we also option the of XX, high Qwo, address opportunity in the turn exceeds treatment Qwo market. encouraged we a aged this beauty sizable the We innovative target has population treatment awaiting look enter to the medical body X We U.S. to accepted the an If growing response Qwo we million XX growing as for XX industry to the XX injectable potential approval with widely date, Slide market aesthetics and to aged market. and Qwo forward XX. very could as to unmet reach believe by need potential million as X, women and contouring see to market. to to

actively team. management to success spring force of our We’ve launch sales XXXX our the begun of for long-term already and continue sales our hiring Qwo. prepare recruitment We with the

into unbranded move the of inclusive launching fall, we we’ll awareness condition consumer As an activation plans, and be media channels campaign. social

in closer to We physician-early preparing will is Qwo��s experience are which injector finalized XXXX. robust and begin early launch will pricing Product still physician date. and announced finalizing be a being training, for program

patient populations presentation from focused on pipeline. and Moving in strategies. X, plan well ongoing Starting injection rollover generation these as technique and target studies responses and to studies our data our are analysis and clinical durability. with to publication and our and key Results remains discussing on dosing, Slide development studies as Qwo,

We’re Phase are fourth believe study currently study in The which further healthy progressing, label volunteers, may vasopressin clinical we PK in a running help expected understanding physicians. plasma final our on VASOSTRICT clearance quarter advance is expansion I year. and of and results of of the this

the adhesive to plantar over the fibromatosis the both We achieved milestones capsulitis, development programs progress for of last XIAFLEX patient the treatment for dose month. and continue make with on indications first

Turning to Slide XX.

population treatment case performed and With complication-prone to pain Patient fascia frozen Plantar capsulitis opportunity a over plantar capsulitis, majority patients plantar to shoulder non-surgical fibromatosis in restriction to capsule an pain, and opportunity. on have believe more data shoulder, in as rate an all be represents U.S. motion annually, surgery. build annually. surgeries nodules In fibromatosis a treatment is standpoint, performed shoulder both plantar From in fibrosis differentiated of painful. adhesive Claims large associated the to are feet, and option and of bring portfolio, suggests patient option for in need XXX,XXX a capsulitis results seeking also the are approach a address potential unmet a the U.S. the patients majority we there in invest durable with thickening nearly for the innovative condition. currently an have of adhesive only to As are we X% or presents surgeries and the the a a adhesive X% do and the prevalence represent symptomatic XXX,XXX market cases, over and who treatment. attractive can the potential

in goal clinical ultimate with our improving advance the studies to proud of these patient We’re care. indications

XX. Turning to Slide

before, we Sterile you of Sterile level our of pipeline We our more increasingly revenue that have durable higher a strategy. opportunities Injectables profile. believe Injectables a can growth As is reflective our and said see differentiation

regulatory product we is for XX% for needs Sterile Injectable differentiated of will And our or that XX% of our products. believe filings opportunities we in products. our can meet care. pipeline help and patient customers more potentially estimate of pursuing to new are improve the Injectable We be Almost Sterile evolving R&D XXXX,

strategic product anticipate based Nevakar, is the such XX to with pipeline potentially partners, XXX(b)(X) differentiated supplemented products. Our relationships provide critical in launching by approximately first hospital Nevakar XXXX. We third-party five as care which XXXX. launch late in We plan products and we

the received from ANDA During generic a the complete FDA second major letter on our response quarter, we CIPRODEX application.

currently the developing are FDA. to our We response

me company’s turn discuss financial let our provide results Mark and call financial the further the Now over on to to guidance. update Mark? an

Mark Bradley

Blaise, and good you, morning, Thank everyone.

a summary XX, on First, from per that second earlier, operations a company million revenues On continuing not basis, financial GAAP will primarily diluted on was our that GAAP income will second compared basis in of On of of on in per non-GAAP of $X.XX was snapshot Slide was $X.XX third the covered increase approximately and a to basis, to of or diluted to lower review in primarily were the basis quarter $X.XX quarter operating on XXXX. see loss share and from quarter our per second share product mix favorable so $XXX $XX income in Slide XX in the and million second XXXX, the of results. was the $XXX in basis I the change continuing a diluted approximately of or This a expenses. continuing year again. quarter operations adjusted you quarter quarter to on guidance. segment from Blaise but share This the financial in operations charges well in as $X.XX of quarter from quarter XXXX a million second attributable quarter a the a compared operations million diluted second or due XXXX. basis provides not second per an $XX XXXX. increase taken or asset impairment compared a full share second as second XXXX quarter income adjusted to continuing of

share year the third the do these be of is are to in range half and full as different to of Generic between quarter. both the Also, that, significant quarter expected number by to a in billion, to $X.XX. Injectables well diluted implies significant $X.XX and between segment, by decline the resurgence declines revenues not our to COVID-XX be in from revenue, decline We launches. contemplate estimates scenarios, from percentage the primarily channel guidance third to per the of compared $X.X in COVID-XX are second driven midpoint declines adjusted of be These a $X.X International and our impact segment. operations that XXXX decline single-digit XXXX expect $X net expected a and driven of growth while continuing in providing billion segments, income billion impact be implied due events This to total expected With product partially EBITDA offset revenue. and between Branded assume destocking and the from new expected reflects said year. XXXX our a competitive guidance by total timing respect $X.XX and high Having billion, Pharmaceuticals Sterile as we adjusted the they

adjusted Our mix. slightly in assumption primarily assumes year to gross our of of is full higher shift sales due XXXX, The an a XXXX midpoint than XX.X% gross adjusted approximately to margin XX%. guidance margin

including continued Qwo. We areas operating XIAFLEX a XX% which revenue percentage growth, expenses our to investments and approximately XX.X%, in core will also assume as of adjusted reflects of be

adjusted we impact exchange. $XXX to Additionally, the inclusive be approximately interest expense of of recently $XXX million completed assume will debt million,

our the XXXX to Finally, we be XX% rate expect adjusted tax effective in XX% to range.

low a XXXX, our we million per adjusted between decline $X.XX. total range be third income As to and the $XXX million, and XX% operations segment, implied inventory in are by by $XXX to second is $X.XX million destocking between million, reflects discontinuations. continuing This in certain decline adjusted quarter to Declines channel be between compared expect expected $XXX to the net of for our in Injectables implies and share respect to of quarter and product be Sterile be guidance segments, expected XXXX revenue to competitive diluted XXXX. driven the significant in from our revenue, driven also a segment, expected to by and $XXX With levels. International EBITDA and third the midpoint decline which mid the are Generic quarter in quarter. expected physician our physician-administered be toward continue an demand products to offset our for declines These patient activities as increase by partially returning Branded driven continued increase and pre-COVID-XX events

times. XX. expected the debt adjusted year approximately first the to Our third to reflect unrestricted is assumes segment guidance Slide as This million was of X billion X.X% adjusted of XXXX. net range. and previously of to the Slide of months Switching XXXX expenses flow operating to half ended Advancing a an revenue third prior XX% second of adjusted phasing summary total unrestricted financial adjusted the approximately full and enterprise up of a assumptions We the in in XX% leverage and X.X $XXX quarter and for effective of EBITDA tax cash rate to results payment wrapping gross cash debt quarter discussion, the ratio guidance XX second million These with adjusted expense year. X.X% margin a $X.X the XX%, approximately to the of of of approximately discussed. in quarter an interest revenue percentage range, and $XXX

million approximately flow expect in the payments year prior unrestricted For the full be $XX million. $XXX we to debt of cash to range to XXXX,

settlement million make of and for fully payments We end into mesh expect funded legal be qualified the will approximately $XXX in to and mesh this the fund expenses, assume year. the by

to and expect approximately announced opioid-related expenses also legal in settlements. We million incur $XX previously opioid

Laure? manage me turn Laure our to question-and-answer let period. to Now call over back the

Laure Park

you, can question, have Thank the Instructions] we Mark. [Operator first please? Crystal,

Operator

from with question Gilbert comes Truist. first Greg Your

Greg Gilbert

Two parter upfront.

terms don’t about in how that settlements. Obviously, have VASOSTRICT are thinking the facts Blaise, durability lot a First, exclusivity? we of of you have of you

comfortable like around new secondly, maybe of to in? to So people’s risk best existential you and form fits given eyes, an worst-case the and tell the a ability opioid there? investors of the what elephant room, sort company mission is future to pivot the in many And make sort would your out of and that’s the through towards understand in company in what can them see this somewhat still is, light more risk branded an how of the that case in

Blaise Coleman

for Sure. Greg, thanks question. the

to not VASOSTRICT. the on a I here. going of that. doing on able litigation, PX we’re – to be with start – status There’s through the the work against say we we’re work right continue lot mean the Let’s now, to the

settlements, is – of. a had trial this set a have which aware have a in with the January. We date trial trial we standpoint couple And point. we first been have Eagle at of everyone is right And don’t now, from

going continue we find where at and that’s defend IP. ready can settlement. But to hope So that to constructive work that. we if not, stands, we’re we’ll And that a to be

premix had about of earlier the different One in two recently we’ve �� bottle – is second we things management before. the In We’ve on had terms of the life the talked cycle happening. VASOSTRICT, approved. quarter, this the

launch by launch the going get then So on of that we study that’s And an year. PK the as to And we also, we strategically. timing safety readout the before, opportunity around as us. end for have think which we’ll the mentioned on, that, that about I VASOSTRICT hope

So with move important things be will two we those forward VASOSTRICT. as

have we that continue continue matter. around to work constructive listen, to opioids, conversations of In terms and that

best think all not to parties settlement. do if will that we to But involved. be constructive a optimistic that, ready if again, interest the that is able to, need we’ll and to We in to find of able defend going are We’re that ourselves that. continue forward we will we be do we’re

Greg Gilbert

Just a a to for VASOSTRICT. profitable Is as is franchise things could have Or that more not it several follow-up possibility, conceivable large VASOSTRICT a considered? you that years? all

Blaise Coleman

a That’s possibility.

Operator

line Your with next question comes Randall of Markets. from RBC Capital Stanicky the

Randall Stanicky

you’re you you look – EBITDA of just And that? about better that back how a going we back step overall spend And are run should growing be would the as the on how well. Are thinking about that half the this be helpful you forward? at understand, Blaise, that Is strategically to for thinking the planning then new Is help the we aesthetics platform? the if Qwo much down, one looking Great. Can business as strategy. us rate year, products? franchise? could quantify you for aesthetics How add additional then your maybe product a half

Blaise Coleman

don’t from the comment in Sure. spend. you thinking Qwo Mark, question terms terms the back applied what’s half on represents why on medical aesthetics, one. an standpoint? what of how and And back question on other about the that take then I’ll of the half In EBITDA we’re that

and we’ll the quarter. launch of continue sales have that We first. in I in that that remarks, towards to our – commented on quarter the we mentioned investment one that. started Randall, of that latter can the we third have terms haven’t into is So sales part of hired fourth one, more tell you for team on the the as start with let’s then we that, What prepared management progress recruiting force and team,

So way standpoint. about think that’s it from a to a phasing

to is we something doing focus Qwo do add that U.S., the of It we the we’re through opportunity not with best doing there? part us excited have business, because to that business focus U.S. as sense that that’s that the product. of we’ll will our products about development. What’s complementary move make what now absolute that in aesthetics? launch right today. terms our of our our are incredibly on we’re to forward awaits medical and strategy But that is Listen, In and our the question with

comment an on is you do in absolute launch EBITDA? today of Mark, great focus want spring Qwo to on XXXX. the the of Our

Mark Bradley

Sure. Yes.

quarter sort reasons. run is it estimate don’t a basis – fourth for but reasonable we – quarter, establishing I any a is we fourth quarter for couple the that of So rate of think don’t fourth believe that a think for we reasonable

expected in First, fourth reflect visits to a then. offices Branded because and by back not really rebound be to specialty XXX% full quarter physician our doesn’t are really business

year the doesn’t any the Second, next also fourth quarter XXXX. of other product or in launch consider launches new Qwo

generic competition, that of in we in increased that, Qwo or any course, competition future. investments it future. pipeline consider be also might additional be in investment offsetting consider our in Now expecting the fourth expected And quarter may generic doesn’t that doesn’t the

Operator

David question comes of from Sandler. Your the Amsellem with next Piper line

David Amsellem

on aggressive planning mentioned the And normalization. I term? on some opportunities. the of that Obviously, you – there plan opportunities to year. be to to XIAFLEX, going XXXX? how your expansion then that there’s the of wanted into are focus And talk other you So in talked XXXX? procedure – on is secondly, for on you’ve get normalization beyond leading for you explore? longer And can about, second what about your you wanted to spend Can XIAFLEX additional you disruptions potential spend XIAFLEX are and disruption But regarding half thoughts pace thoughts comment of into normalization

Blaise Coleman

Thanks, Great. David.

Patrick about me to talk it Let over XIAFLEX. to turn

we with but it second forward. Patrick can think in were we going talk pleased we As what about mentioned prepared in we how the saw the quarter, about remarks,

Patrick Barry

to began the improvement. nice did XIAFLEX office activity quarter. and procedures the saw And, reduced Thanks we for did – accelerate, We saw earlier We in in procedures the began the activity But were early XX% frankly, across in significantly. to place, the as question, in fact shelter Urology the quarter. patient being David. impacted. between earlier patient impacted reopen – as obviously XX% quarter. with Yes, down in closures being was saw XIAFLEX elective industry, states and show really

it’s specialty better in looking as has bit And the his would we’ve anticipate office well. do And traveling we’ve and the pleased of administered as to patient prepared talked we so a about mentioned at I XIAFLEX recovery, normal we with been would IQVIA activity analogs maybe as been in continues data. say I pre-COVID to comments, resiliency this. very Blaise some little and other that And return call, earlier than procedures very the that would showed levels. say we

now, XX% at contemplated levels. anticipate resiliency. about as by that, impact We would mentioned, recovery to comments, would was and another we or type that tracking COVID that. to we’re I And not surge Blaise Mark would pre-COVID a his either that show are That’s – in here. continue not And that prepared right so think, of currently preparing for of

So recovery we then steadier year continue that XXXX, into we as would a the anticipate on. close and having going

Blaise Coleman

your And your of then, have. far, by absolutely is questions XIAFLEX. part fantastic David, asset Yes. XIAFLEX, around an on second we

we that asset really that, to possibly and that and to through the get looking in development, invest out to in and are on-market as pursuing going are fibromatosis for in which and standpoint, that adhesive opportunities against against we our from indications. continue talked marketing we plan. those. to maximize to that opportunities a fully a clinical continue those we are capsulitis, that we’re that is we’re other And at fully development From can. are now plantar of fully going invest We’re potential about invest going selling development right there to XIAFLEX, our then But fully standpoint evaluate we’ll and earlier two the those value all continue

Operator

line comes next Leerink. the Your with SVB of Fadia from Ami question

Eason Lee

second on on define Would for in a to what what successful when may. in first break if Two, And as to pretty maybe returning Eason step then launch? like in levels Maybe much down looked Qwo. a love guidance I The to you on the then do plan QX. How invest launch? implies for Ami. you And even? could you is you margins. This think normalized question QX more big know

if that of is Just quarter? we product or think mix additional there reflective should curious is things this about this some

Blaise Coleman

Great. Thanks questions. those for

about Patrick there, like turn go Mark. we’ll Qwo. the talk gross margin we On But over one, have looks it what before success we’ll around to

the me breakeven, going comment not going talk We’re when we’re but to success. be we turn believe over setting to on let it’s how to Patrick for up it about to launch

Patrick Barry

Blaise. Thanks,

spring still planning on planning – our We’re launch. XXXX

And prepared launch physicians. adoption But excited opportunity, so consumers We where is going a comments. is given his I we’re activating for the XXXX us. Success on Blaise for to a we that by that certainly guide not mentioned see medical transformative represents those are an us launch for line and sales. Qwo milestone, us, do top successful to we as category. way It’s that’s where new opportunity to in in physicians. a opportunity a wide-scale this amongst plan a launch really aesthetics-focused again, think we’re such And a

got market. You’ve a burgeoning injectable growing and

treat the You’ve contouring to cellulite. we have market. got Qwo, to injectable And own create the a growing body with opportunity our category as first only and

prepared we’re Qwo and treatment about So to a in consumers for cellulite. to invest and a amongst execute and way for as adoption establish us, HCPs, cornerstone it’s

Mark Bradley

see around respect down And you our in mix, the as due business third Yes. and step third indicated, destocking with we to in to to the quarter. and expect really the quarter, that’s the margin primarily Injectables that Sterile that’s

Operator

question the with Gary from next Nachman Capital BMO line comes Your of Markets.

Gary Nachman

various And And CIPRODEX. XQ? much First, could to contribute detail launches you the impacts on mentioned did in will with persist new more how forward? provide Generic, then you ADRENALIN a for CRL in second And the going you major that quarter? think how

explain the Just issue what there? was

Blaise Coleman

Sure. Thanks, David.

had competition significant that things. amount to of impact mix standpoint, at in two a destocking regards is One which to But was we related third piece impacts from the saw bit we stocking a with of did we contract market because a then QX. – related was really also, little price. ADRENALIN, the step the QX year-over-year into the down in we So to come an see did And COVID-XX. see

is ongoing competitive a standpoint. there be some will is that from there effect piece the So knock-on

of terms did going CIPRODEX, In comment get not to on CRL. really major I’m that. We a

that working FDA. response our through We’re to preparing the and

was launches. Generic question last on revenue much on Maybe... Your how

Gary Nachman

yes. launches, Generic New

Blaise Coleman

comment Mark, Yes. Thanks. can you maybe, And on then that.

Mark Bradley

Yes.

of order magnitude, like So the quarter. in was launches $XX the probably impact of million

Operator

of Your comes the with Annabel line question Stifel. Samimy next from

Annabel Samimy

a Had couple.

for the could And data clinical of if for additional us be kind – programs are that data how sort out what on extent specifically on some XIAFLEX, product. it’s you – for I’m of of obviously, right what the on going that also – lay now, can trials on be real-world Qwo, – of that – could the some we releases the expecting for additional you the programs might might the an programs wondering look that frame extensive Just improved that the the and trials? could we trials

So movement X is II Phase for What would how each of program be Phase expecting Phase indications? you into going extensive from be straight – to III? is the those III,

Blaise Coleman

Annabel. Thanks, Patrick, to one. it then and XIAFLEX Qwo, on I take the I’ll Great. turn can over Maybe

Patrick Barry

Yes.

by data doing. me the the everyone the and into XXX works giving XXX thigh going Let quite at just consequently trial. the work. technique looked We’ve I that proud technique, start as be a gave which techniques, to taken particularly clinic, of the injection buttock us additional And in injection outline generation trial, brief the insights injection we’re different because also we in work then which it’s validated important got we’re maybe which into what that have to think we’ve

and buttocks And both so aesthetically-experienced patients. is trial the non-obese XXX and thighs,

in data, this the we launch. And mainly generation next part get as anticipate specifically latter year. the so XXX, going an of XXX next we’re data year, that into of of and you’ll year got the some will get we’ve we to early see comment going you emergence publications start general to But closer part into and podium of the and our can And works. because plan to culminate our timing presentations as not in on

with so the is and running And much our pretty parallel generation all in launch. coincided data commercial

we specifically the RELEASE-X obviously as be So commercially, complementing additional and enter cellulite ever, and are as marketplace we’ll into largest we get trial launch. trials, around have with we that XXX RELEASE-two, to closer landmark which data,

Blaise Coleman

that plan adhesive, inform that multiple really in patient programs, move first XIAFLEX the Yes, we’ll as scenarios, Annabel, other scenarios. very there on the we development all got – what do and opportunities. we have just is under development for these potentially, we’re and the for than in on is studies cases, two I approval quicker like But what all we us. And approval do some to like. on dosed really forward. of scenarios it both for Under option path paths, get this to opportunity currently that the would But to our a promising plantar say terms looks is

Operator

Your Rich from question Nathan Sachs. of line with next the Goldman comes

Nathan Rich

mentioned the to in I becomes also maybe just year? about up kind of to for you talk education should how this that plans partnership, Qwo level setting marketing for that Nevakar of the back the could kind of maybe XXXX? launch you’re the with half talk in then about about start, Blaise, the available you Could just drugs think year. you think later the come you Qwo opportunity And product on your market? early we partnership of your And and expecting launch once first as high

Blaise Coleman

Thanks, Sure. Nathan.

then about me Let and the take to it to turn talk over Qwo Nevakar. the question, I’ll Patrick

Patrick Barry

Blaise. Thanks,

Now the cellulite behind a of first that Qwo, have mean treatment available FDA. it’s for the we injectable approval lot and media injectable on successful and there the for the pickup us approval approved of was by I first the Qwo, only

we to top obviously of amongst mainstream PR channels as trade, it’s that mind. media to sure work as will well the continuing make that So be publications

in a survey of do mind of good keep our Poll consumers. some of Harris to of to the try we’ll mind, Our the of things that to is top example minds continue fresh

As we actively around start transition finish more awareness. to up this year, condition we’ll

both a awareness to really new year, the to ramping commercially, And and up so and more be of activation into as branded an create Obviously, the more condition we social transition we of will strategy around we’re digital get cellulite. aggressive would consumer that strategy.

year. so And of are committed activities get tracking to the we to we’re towards step building would up we see early category. our and new level And us we’re product as out in into around committed the building spring. of activation really And the availability market you the really and investment consumer

Blaise Coleman

question opportunities. – strategy we upfront, on providing Injectables. around We differentiated on Great. is our the then, as Sterile really Nathan, Patrick. Thanks, And your said Sterile focused Injectables

around capabilities that include really And products. of in And strong. ready-to-use, Nevakar the some space, are opportunities ready-to-use those

about are I’ve to excited up five have so potential really not fits one launching have than excited opportunities, profile we’re going other there, at it a XXX(b)(X) lot we of the about we going about. coming the that. And are the we the which the opportunities I’m end and say year, to say, be described, just to really

Operator

President turn Endo. like no I to to time. at would this conference the CEO am Blaise questions further of Coleman, back showing and now I

Blaise Coleman

we forward. and forward your the with in fantastic of company, Great. We and appreciate look providing please for And joining this have to you as updates day. move you morning. interest Thank continued support us a we

Operator

for Ladies Thank and have a today’s wonderful participation, gentlemen, you day. and this conference. your concludes

all disconnect. You may

Endo International (ENDPQ) 6 Aug 202020 Q2 Earnings call transcript