NBRV - Earnings call transcript Q1 2022 | Nabriva Therapeutics plc

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Nabriva Therapeutics First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time.

As a reminder, this conference call is being recorded. I would now like to turn the call over to Dan Dolan, Nabriva’s Chief Financial Officer.

begin. may You

Dan Dolan

company’s and we’ll refer business [Phonetic], Nabriva’s you discussion. Goshen on for be afternoon, Welcome providing tab everyone. the presentation, presentation found for Thank as Investors are using call and can and the a and earnings conference quarter will to under The those webcast to slides today’s that the first today’s posted you, XXXX good update. where discussing the We Events recommend be the be slides in and website, www.Nabriva.com, Presentations section. the we

that slide opinions Before These cause we company. of contain only differ. to begin, our to I that actual on webcast this date statements call. conference forward-looking two, statements this are everyone forward-looking results call will could and statements note remind reflect uncertainties Please as that subject the like these the to about of would and risks

to of or future statements that no differ information publicly or cause revisions events. or undertake obligation materially light to new in results actual any revise will could We to of the these outcomes Factors release results forward-looking XX-K our those recent are discussed the SEC. in forward-looking in filings or statements forms from greater periodic detail on X-K implied such in reports other filed with expressed by and Form on and our most XX-Q

now Officer, call present Ted to Turning then with I leads briefly comes and Q&A some the back through provide of CEO, overview final over before Nabriva’s will and Schroeder, a Executive our Ted agenda. Ted Chief start commercial to will will commentary session. Nabriva’s Schroeder. quarter, review let’s a highlights financial turn afternoon’s I three, update an slide this from the with business run the

Ted Schroeder

joining and Dan, to you afternoon. you, Thank our call everyone this thank

the continue begin we on make were first the five. progress to during quarter. happy with slide We Let’s

successfully additional three SIVEXTRO Merck years. extended we morning, agreement As our with this we announced for an

XENLETA performance. second through revenues with were and a with our by four SIVEXTRO We provides in fibrosis. announced and we by lifecycle very extension of least this the year growth it line rest We main cystic SIVEXTRO at with continued the we carry Merck We top look made quarter progress development, accelerate of through excited commercial on into to management priorities business continued opportunity development, Starting XXXX. revenues. focusing securing to the opportunity momentum three the to as growth to maximize today for our year this positive

see As we on very continues focus the were progress, current for growth, results. prescription to infection strategy growth. we into great To accelerate further peak make the We pleased head team double-digit to to performance, [Indiscernible] prescribers, our SIVEXTRO’s as skin the we seeing increase year-over-year strong season. as are top sales aligned the SIVEXTRO’s

patients patients, optimistic evaluating we cystic XENLETA on fibrosis. this in enrolling from of for isolated aureus, good XENLETA, pharmacokinetics CF strains MRSA, in safety of program. of to XENLETA of progress the Based Phase against prospects the staph activity including making trial, we I were and Turning our the patients were with potent

a stream its data pneumonia bacterial community If could CAP, important successful, company. to another become for team for or readout track on in the with acquired revenue prescribing. on to still regards are We is patients for With focusing drive pulmonologist XXXX. XENLETA the this efforts

CONTEPO. to Moving

each suspected or multi-drug confirmed MDR by treated treating with infections United it getting said or what priority million reiterate need CONTEPO are large UTIs for States we the with in a that estimated patients resistant an is a year. organisms Let in for the We to last the States remains X MDR people caused quarter. unmet company. and me complicated remain There for United approved committed for

and inspections company. we revenue will Spain. complete to We contract on we business secures regarding the in potential Italy continue success additional are that is their is bring explore FDA to at the subsequent manufacturing future it believe the And and to company. commercial engage opportunities to lastly, for extension in-licensing This plans SIVEXTRO value with into agreement with Merck we development partners continue other our stream the would of this, with a SIVEXTRO, example Based fit our also consistent infrastructure. a great exploring that as opportunities

to of We opportunities partnership the and rest discussions advance Europe for the also world. in for XENLETA continue

of seven. extension slide is Moving maximize provides SIVEXTRO. to XXXX SIVEXTRO least can allowing update, to continued for investments found Nabriva. benefit Merck meaningful opportunity to revenue commercial be This extension while the with the date generation, from agreement our which through to our Announcing a on the at milestone us in

extended XXXX. three-year three-year sales, XXXX and through additional reminder, term for and our Merck the commercialize with SIVEXTRO with and think of marketing exclusive and been was United can for relationship to in Nabriva the distributing our initial Nabriva We of certain a signed an marketing, December in solely the the importantly, collaborative extension States December United in of part be of has demonstrates amended States brands. periods. its of term successfully XXXX SIVEXTRO Merck. least the the further responsible distribution territories the agreement as Under for The at provides the agreement, July a agreement As SIVEXTRO ability and to this

Nabriva. to prescriptions. significant a of the call to universe drive growth the SIVEXTRO months, SIVEXTRO into expanded the expect ABSSSI have contributor and long-term we awareness be capitalize on To heading to peak continued additional We momentum,

to more The our As alignment XXXX our strategy representatives by in based our territories the ABSSSI expanding left we on prescribers April sales scope our that slide. specialties, X the dermatologists leverage believe be a SIVEXTRO maximize primary result, decision the to across seen this top opportunity effect and optimization We and focusing inside on podiatrists XXXX can This brand. positions side slide the will nearly as opportunity coverage and SIVEXTRO we sales of and as have be ABSSSI eight, the of physicians. investment on including into various went to opportunity believe Both hand of prescribing on of team near-term maximize strengthens well sales seen care decided targets. the our the focus targets. as highest to field the efficiently

the You further growth can also the that -- we that some note of an efforts, To noting nine, and of peak an performance. and prescriptions prescription historical slide We see were a by the to XX% higher these that force the We on season SIVEXTRO worth seasonality, quarters. the is incremental SIVEXTRO aligns heading gives days continued XXXX demonstrated strong ABSSSI. XXXX now HCPs that does seasonality quarter during results higher have ongoing impact coupled commercial able more has not deliver a commercial confidence the into on It us year-over-year the driven volume first to SIVEXTRO quarter. entering sales of have increased our you’ll effort has targeted historically appropriately execution. SIVEXTRO during believe for especially for SIVEXTRO aspect first growth our highlight mute been what us into in SIVEXTRO’s head the as think we with

returning our levels of historical year. run SIVEXTRO quarter We the rate by sales, of peak guidance this third are sales therefore reaffirming to

data may an provide both demonstrated for significant formulation, were fibrosis. marked activity oral well initiation as with aureus need in opportunity and of an update. treatment another to month CF cystic was trial the Now look and this is Slide turn Dan attractive staph enrolling. let will XXXX. achievement believe an how a I with encouraged unmet in treatment sales. in forward XENLETA option presentation for remains to Dan? additional who fibrosis. Because trial in the is peak in the medical XENLETA would patients CF over the we intravenous company like Staph last cystic treat difficult XENLETA for available Phase readout a If to for and option patients to rationale for infections. We provide our an I talk CF about million chronic Dolan, aureus exploring financial has provide out XX it population. The anti-MRSA our a me our could with lays MRSA $XXX tolerated. We successful, back CFO, now

Dan Dolan

Thank you, Ted.

As of primarily the million I’d demand double-digit to earlier. some to the the touch reported quarter consisting quarter. highlights of versus We like of turn quarter with net sales we in growth on total of Ted XXXX, for $X first of SIVEXTRO, slide highlighted first XXXX, XX, key revenues which

into the XXXX. first cash the compared cash of exited cash flat remained the by SIVEXTRO improvement our quarter runway the expenses quarter in significant which with equivalents cash operating quarter the to million operating with in the in providing generally provided XXXX, coupled in growth approximately operating year. prior fourth first $XX quarter line Our leverage unlock and when continues of XXXX adequate driven burn and of well top to We

on to corresponding increased the XX, prescription the quarter Total the second trend million slide beginning the by by P&L XXXX, of a to change and the the sales collaboration in agreement in the SIVEXTRO revenues recording P&L to of in year-over-year, demand fully year. first SIVEXTRO Turning accounting quarter $X.X we our and of revenue in from trend the prior of cash flows continue positive net compared XXXX. driven quarter see a increased in on to the positive

was a a As recognized quarter one collaboration of you’ll as recall, the the revenue. SIVEXTRO’s XXXX last performance, of first Nabriva percentage where

P&L. SIVEXTRO’s increasing recognizing XXXX, launch increase corresponding The stable, second continued environment. launched NDC of in total our profit quarter $X.X the resources. the to in trend X% of We our period improved investments of year-on-year leverage our $XXX,XXX targeted performance we net of high of approach With towards increase in million disciplined since macro committed just in remaining in as operating expenses highlighted remain our the operating Nabriva on inflation with our sales pivoted This focusing during gross the of a NDC. with less operating than is SIVEXTRO expenses XXX% a by

we on NDC. are existing operating With positioned at to a our agreement and drive trend additional from benefit and investments extension years, top promote our continued SIVEXTRO SIVEXTRO to in SIVEXTRO launch of distribute our the an Operating infrastructure. three continue Merck we least of with since have the made leverage cash to positive the well of for burn

to we had our has with XX, of a I’d the growth like As continued SIVEXTRO turn positive time. impact on on of how highlight slide operating the our approach over impact allocation, burn resource to cash coupled disciplined

decrease XX% prior cash the Our versus a reflects the first burn operating from year. XXXX period same quarter

have driven XXXX first such one-time by is had greater of to burn these in contract data as premiums, We point the driven year, the annual other insurance than and items. a first annual quarter that quarter of renewals, the annual XX% in was the of It burn historically higher payments. operating out by one-time payments, cash important

This SIVEXTRO. SIVEXTRO impact has had of recognizing second XXX% in launched quarter the us net launch. since pivoted benefit we mentioned XXXX, towards the burn earlier, As cash our NDC for positive of operating a NDC, on sales which

Additionally, CMO to minimum we up of tied renegotiated a our give purchase less near in additional in the resulting XENLETA us XXXX with cash inventory, term. inventory flexibility, the in in quarter of third

XXXX, more this discipline over focused exited inventory in were the quarter our in we SIVEXTRO operating to cash the NDC, operating we first one-time now burn. of expense the minimum our we As will I see the back the presentation the benefits items revive and continue of Net Ted. realizing to of purchases, XXXX, turn of allocation. benefit

will then into session. For the Ted closing next Q&A some the remarks, make and of a some make call, Ted? head we’ll part

Ted Schroeder

growth XX ahead Thanks, Nabriva’s drivers looking and Dan. currently summarizes the to Slide future.

our to infrastructure. the team grow with brand execute incremental the our the Merck providers The extended call, agreement on worked engage now with has which leverage. operating As diligently and fully is on healthcare commercializing reengage ability to today’s a dedicating necessary revenue SIVEXTRO, add very to and we promotion to commercial of by franchise, SIVEXTRO result outlined funds

evaluate plan ex-US and of year, towards development growing this the the With CONTEPO least us until further strategic SIVEXTRO XENLETA top we pursue opportunities, feel have for partnerships also the in SIVEXTRO trial, XENLETA, US the continue with foundation and of that, agreement infrastructure possible that to advance business to we XXXX CF after approval. solid On the enrollment leverage strongly we extended place. out at extensions gives

would another so can to for to growth I XXXX the to line back Operator? quarters. be expect questions. like the We for with call forward now in to sharing over year operator our the your Nabriva open and we of we turn progress look you upcoming

Operator

take our Byrnes from Markets. Carl we’ll question And Instructions] from Capital [Operator Northland first

Carl Byrnes

million our available assume have Just a you cash sheet, looking looks at XX And still million, balance -- from the X like I added like do it million looks well. Thanks. from up the then approximately XX it financing. that it from Lincoln have Is rather, fair as that? flow that’s agreement? Park follow you to And

Dan Dolan

in Yeah, activity item. the to so Carl. seeing for line you’re Thanks Hey, probably credit of that that’s on the well flowing the had as ATM, as we some what the quarter, line question.

Carl Byrnes

Got job quarter maybe you third those that million where going be on guys basis? amount a bringing first burn, was the the adjusted change, XX quarter of anomalies, is it. was that down, the Great. And first bit in an in sorry, done What ex think, burn sort to higher, in quarter it would in phenomenal and which have the was Again, X adjusted fourth again I million and burn back change. the quarter in the Thanks. of because a you then little the anomalies referenced.

Dan Dolan

million, one-time burn half XX the So those first kind million. in items, the related in quarter the so of said was the about to XX of half of call,

Carl Byrnes

Thank it. Got Perfect. you.

Operator

from comes next from Our Wainwright. question Ed HC Arce

Thomas Yip

Thomas, Hello, is Ed. asking everyone, for questions this

congratulations highlight any Merck. in previous if versus first, SIVEXTRO terms new there’s Can there on agreement, the differences? the if So with agreement extended any differences major you

Ted Schroeder

thanks the our under and same own where NDC. the No, the are exactly it’s fully for Thomas, responsible you promotion, agreement for question.

Merck we So we book product net sales, goods. the and the it’s all purchase cost from all the and

or there’s So or anything this no an milestones royalties acceleration. This agreement. is really additional in

up the one of recall have year for agreement, would come with from period. at you’ll end original the If this notification it Merck year a renewal

bring extend certainty as to I partnership, outstanding agreement Merck to SIVEXTRO business. of since to the together of entered and a we into more the the this think got result we growth

So the gets on ‘XX least the through us under that the we’re takes at end as three additional added and today. operating terms years of ‘XX same

Thomas Yip

first only you overall profit but pointed Got in quarter quarter about it. million. Thanks for so sales clarifying. revenue And was SIVEXTRO as was X.X net regarding out then question a next X million revenue

quarter? of some there adjustment is kind the contra-revenue So in

Dan Dolan

Thomas. Hi,

took so an for product some adjustment yeah, So dating was [Indiscernible], we up. the coming

for reserve now was The on get a up reserve conservative, So in was that product under belt. which the quarter, be the we our to coming so took expiration took an offset. us, to we it

Thomas Yip

Okay.

there So in $XX,XXX [Phonetic] I total. will guess be about

Dan Dolan

Yeah, That’s was. -- it’s about it it’s ballpark. what

Thomas Yip

Okay. as then given any I one out there, half last safety And metrics for study is cystic question, in Phase the study can look study one next approach And that year, first of there that other this in a we Thanks. to? data fibrosis. as investors forward

Christine Guico-Pabia

you. that metrics such capturing. No we’re Thank

Ted Schroeder

vitro contemplated Officer. these and patients Yeah, get was the it’s that’s currently And what that’s dose different yeah, for keep PK and there’s Christine, are Thomas, PK adjustment, are same a that that’s physicians and other those and marketed, -- so Medical Chief our a really focused -- modeling in safety, for particular we’re some so DVI what looking as -- it’s so longer. dose non-clinical is of -- is will we looking the for, and we the have be PK treated data in on have reused -- -- non-clinical several well, not be some there’ll but will data, preclinical studies just other patients. at as work, such dose those that studies, safety CF And be it’s not this mind study that not we’re in kind but

category. the we much expect longer puts rare a disease wouldn’t of would type than really day of of So which we more that, into a five something expect utilization treatment, course

Thomas Yip

study. fair so the of Right, a to kind say stage set for it future

Ted Schroeder

see -- like. we’ll it’s Yeah, what data look the

full but moment, move regulatory of there gauge trading a will depend certainly there’s we’ll factors. among At we at a on not clear but into think, or data a community program point, is paths lot the the I path different the forward. and data this publish whether we’ll forward development a not reaction

Thomas Yip

progress questions Thank for Understood. and the looking this forward to again you taking your SIVEXTRO in year.

Ted Schroeder

it. appreciate Thanks,

Operator

I it [Operator will no program have Instructions] time, Ted the appears questions back Schroeder. further over And we turn to at this

Ted Schroeder

appreciate look continuing market Appreciate Okay, in rest Have kind of and ‘XX. you. the been the I day the Thank everyone. forward attendance to results evening. of and throughout know well, thanks, your I wild rest exciting attendance. a good a it’s of your

Operator

for participation. Thank program. This does your today’s conclude you

at Have great You disconnect time. may day. this a

Nabriva Therapeutics (NBRVF) 8 May 222022 Q1 Earnings call transcript