ASRT - Earnings call transcript Q4 2017

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Operator

Good afternoon, and welcome to the Depomed Fourth Quarter and Fiscal Year 2017 Financial Year Results Conference Call. Please note that this event is being recorded. I would now like to turn the conference over to Christopher Keenan, Vice President of Investor Relations. Please go ahead.

Christopher Keenan

Thank you, Jenny. to and conference results full today. welcome Depomed's to announced and quarter fourth year afternoon, our call investor discuss earlier Good XXXX financial press of our earnings at depomed.com. covering now The on website investor period available page this are our Investor the and release for presentation of With are and Anders, Matt Officer; Gosling, President Vice President Arthur and of Jack Executive Officer Finance. Financial me August and Moretti, President Chief Counsel; today General Vice and Depomed; Senior Higgins, Chief Vice President Senior like statements and would the contain those are matters XXXX; and you discussed on the plans; for I outlook Cambia to development to that that not that Zipsor; and remind historical this related financial statements the commercialization Gralise, facts. call uncertainties, forward-looking of risks company's involve including other differ from results future performance. predicted and may be an results results materially indication recorded considered the of not should Actual XX-Q sections on file ended and risks XXXX, will quarterly later reports These Factors Risk and that SEC. with December fully this Form section our the other described the the of we year our XX-K in for and are Annual other XX, more week on Form Report information call update disclaims made future this Depomed any of as or new forward-looking a to revise developments. on result statements any or obligation updated only only guidance policy with by fiscal goals the for issuing year document. and press Depomed's the guidance to provide its publicly guidance accessible a is or current or SEC update and guidance financial on an filing reconfirm corporate in to a release provide to on XX, are balances based cash, as and December equivalents XXXX. investments References of current cash EBITDA XXXX. adjusted operating expected company's today, total February non-GAAP XX, including revenues, guidance, All the of to earnings nonadjusted and as related expenses, are that product over that, to call Arthur the With turn Higgins. I'll

Arthur Higgins

welcome. good and afternoon, Chris, you, Thank and

aware marks company of my many X-year was some When Depomed. anniversary next I faced challenges. joined, I month with the know, As you

the from done The as was strong the headwinds refer report NUCYNTA, needed growth over significant and creation. the edges is were X on we more that However, maintain, not to to a extent dependent expected. highly those for those to against we at pivot was the what discovered strategy And already. past best pillar, grow change was strategy, completely that and but the and I company We and one that what is made we've a the help position one And challenges strategy pleased a of value that new strategy company that than X exactly was pillars. transform days. it that of shareholder XXX build. our faced have quickly greater pillars progress executing of would I'm to and sustainable has

receive discuss is Our from franchise, we NUCYNTA. assume deal and build on grow and maintain more of to deal, upfront pillars the and maintain I to remind in goal announced would new franchise. sales. each Collegium Depomed strong now franchise you, responsibilities neurology pillar, and NUCYNTA like specialty X commercialization royalties record in received $XX all and will will under orphan these In associated distribution detail. the our with Collegium a To with of revenues our million Collegium. December, NUCYNTA all with this our a pain connection

is constantly royalty months' and a now still the important royalties vehicle of was and sales force first agreement Collegium reached. highly years, per Collegium us protects $XX right note quarterly. after, for with deployed force up commercial which terminate termination a the product, $XXX of NUCYNTA million. year, of truly Xtampza giving the between that management that see February X excited and the It field million fee. also equates they and sales after gross For a XX% minimum this payment And sales to is supported care home is as to in believe $XX.XX allows sales, fastest-growing are we've this pain notice minimum ER, are of received does asset managed expects has basis, release in first important XX% and a to Depomed mid-February. XX% net $XXX and under believe to sales NUCYNTA on that, leader payable to Depomed strong minimum of until will Collegium right, after an leading Their the to above is emerging with quarterly pain the the In committed this of XX% opioid. shared payments we to paying is special X the million by termination, partner Collegium event early energized million. that lockbox branded a Depomed office, building daily and their million this approximately minimum agreement. years The We year of be extended this created In on XX% $XXX company. of would early $XXX is early by training sales a purpose force field of receive have into XX mechanism Collegium selling million to infrastructure. agreement a has the NUCYNTA. a and sweep in net We receive

Xtampza now care customers. that Both executes to Collegium to expect the release the NUCYNTA the by expand continuum that and products possibly extended-release Depomed We promoting which by on uniquely together, NUCYNTA NUCYNTA offering definite Collegium complementary immediate transaction, desire actions. NUCYNTA, molecule; sales overlap enter best-in-class market and treatment companies and a current the with is Collegium with is targets the mechanism fact be from address companies a requiring to with to significant helped with With believe for their there's by this the market X greatly of opioids. patients their believe force to share transition between positioned of secondly, of both

our from approximately is grow which XX people. In September, to promoted and to pillar, sales This our Gralise only neurology neurology second we force franchise. pain our to now force initially Cambia. sales and XX Turning increased late

prescription attend return the in the of our and to was cap to to the to and the neurology we by sales real first began only great my a national However, role it force, With promote We pleasure play. growth. in opioids, I introductions stabilize is you firepower tell gel January, team has neurology looking we confidence. can have NSAID of to of they the franchise January, In then, full end believe year, our this physicians delay now that believe Zipsor also Zipsor, a to necessary form.

in-licensing to franchise quarter, through we're growing this and committed acquisitions. As I also last mentioned also

seeing opportunities of remain additional this are interesting X a of cautiously number product onboard We optimistic least and bringing year. at

this to year planned Our by the goal the overhead is be EBITDA still company's franchise of of all end absorb that positive. and the have

Cosyntropin's first payers. new NDA November will new Turning needs geared filing on high-value, This cosyntropin look and towards then the January build in The later year will meeting like the centers products our to and we forward asset for indication trial product anticipate a is high-touch and an are early portfolio. XXXX. Slán if physicians be with strategy to in focus transfer patients, franchise. in-license sharing expect orphan just franchise has will products the XX today's our our was this orphan We for first now laid specialty to and held XXXX closer clinical In to We that in investigation Lazanda second sold been filing. The cosyntropin build the large launch is XXX across our a enrollment. agreement or Medical the late of indication underway about are or third patients The leading parallel, a we U.S. this orphan-specialty trial really approximately investigator-sponsored conducted And spasm. infantile indication. open that to NDA more for synthetic foundation approved, specialty pillar, which go-to-market where to supporting to trial academic enroll rights into

of expect headquarters. chosen location announce We shortly current be making headquarters progress This are half announced size the our square location. our on also and to XX,XXX relocation the approximately new feet, will good previously

the easier specialty pharmaceutical In recruit addition locating will savings part be country of make the we for move, to to a executives. that talented it make we'll to this also will

number We pharmaceutical at of join very our onboard a talented us executives new are who will location. welcoming already

to our new is site sometime goal quarter. fully Our have third operational in the

XXXX. litigation, our look in XXXX infantile made in already our our half We the our closing progress drug now cosyntropin, executing to secured of on move the of the our forward debt, agreement business to the milestones, Turning the important headquarters, with growth includes half X jury milestones commencement new for trial NUCYNTA a of new into our opportunities. executing of with Collegium We the for the refinancing X first commercialization neurology cosyntropin investigational new which spasms. goals second first trial in to of to and of our the Purdue development and our NDA franchise submission very return for -- indication

for shaping the goals XXXX can are these our now the you that delivering the for this we confident but over 'XX. As be in and to call would financials. up profitability a like to see, busy and review I in against in a turn very XXXX improved is I am Augie positioning potential year, to company of breakout

August Moretti

respect to XXXX certain GAAP to to certain release by Arthur. I the mention reconcile explanation press of quarter, our XXXX, as the our as first financial $XX.X measures our be Total were the followed that million. GAAP refer expect guidance, measurements we periods. will for measures revenues GAAP of Today, to I few non-GAAP quarter well today's well in measures. company's non-GAAP with you, I'll highlights year that continue tables full to to that our guidance. and for and as results ended non-GAAP fourth future XX, from quarter a our financial review the Thank fourth measurements, Please December which present outset at want XXXX as discussing an

million For shortages impacted NUCYNTA certain NUCYNTA were $XX of $XX.X the franchise the million, negatively total sales were XXXX up in dosage fourth from 'XX. QX Results of strengths by for of ER. quarter quarter,

is partner informed trying While their NUCYNTA for they catch to has that plant with Depomed's operational, manufacturing up fully are ER now backorders. us

As there certain spot of strengths have ER. been outages NUCYNTA result, a of

While on supply return mid-March to should this that believes based current company may levels that normalized the XXXX. information, continue into the by future,

million, Lazanda date. fourth down of $X.X Gralise from after of Turning Slán in $XX.X from receive in to conjunction divestiture to with Lazanda quarter from to were revenue the that million million, ceased the product on 'XX. Cambia million announced $XX.X sales QX quarter net $X.X $X.X the 'XX. of had million, of quarter of QX net we portfolio. sales the QX $X.X had November fourth million X, in sales down In down remainder previously 'XX. net fourth

$X.X million the had QX Zipsor net from 'XX. of sales in $X.X Finally, fourth quarter up million,

other to Now the ER the result our on weeks of portfolio overview. was XX% respect with for products averaged for of a interruptions goods supply decreased this of of net were X during of sales. wholesalers the the at Days third quarter. Cost by the quarter days. and approximately over XXXX X quarter of the up wholesalers QX from during for slightly third revenue, hand NUCYNTA was approximately quarter fourth XX% quarter X at hand and from is end on days to Days COGS XX up XXXX our in as where

you sales, is approximately of rest COGS the X%. XX% net COGS of portfolio is for for of know, most approximately NUCYNTA the As and

Non-GAAP million quarter stock-based $XX and consideration, expenses. quarter. is the to GAAP for was administrative Turning was $XX.X million general GAAP the expense, million, excluding fourth the $X.X million for quarter and fourth comp fourth and respectively. quarter were expense contingent for 'XX. quarter SG&A selling, in 'XX And million, EBITDA $XX.X R&D QX. up non-GAAP of and of for the from million $XX.X fourth $X.X was expenses finally, that

ended look a were Total GAAP XXXX, year for to revenues full the at $XXX Moving million. XXXX. XX, full year December

$XX $XX.X were million full $XX XXXX, in year were million, million And $XX.X franchise year had in XXXX. year NUCYNTA from in million XXXX XXXX. down of million total year down net sales $XXX sales -- in Lazanda from net XXXX, million, full had in million, $XX.X of full down $XX year million net of million, $XX Zipsor had excuse $XX the XXXX. me. from up from sales million, For $XXX net sales Cambia down sales full in full from finally, Gralise XXXX.

sheet. on balance the Moving to

million XX, using from $XXX debt. consisting December equivalents marketable quarterly at was $XXX and approximately for our As the At of or year-end, million million $XX.X X $XXX of XXXX. increase a of convertible debt securities $XXX outstanding were just we and million under of million million, $XXX million debt turns of $XXX Net balance had debt cash, QX. secured of EBITDA of XXXX, cash our end

on budget. the of And revenues Guidance are based is assumptions. Now operating in turning is our our based to There guidance. future number budget product a year expenses. uncertainties for estimating XXXX large and on current significant

complete For a later discussion direct guidance, Factor you the Form our file Report relevant our we this of will section Annual of that I to risks week. more to relating the to on expect Risk XX-K

commercialization are NUCYNTA we responsible we for total January commercialization of with revenue. our not giving no longer X, We the As are guidance Collegium closed franchise, XXXX. on agreement on

for the results in in related NUCYNTA January. Net in of the portfolio Also, reflect XXXX of million will quarter to periods $XXX COGS slightly the be Collegium for products closing. XX to royalties we So sales $XXX neurology X range when first our the days sales XXXX, below performance. expected in to will for we the and reflect XXXX million, from be flat minimum XXXX for are the to report reduced three for January

in we As million, portfolio of impact expected to $XX million to the trials reduction be non-GAAP $XXX to mentioned, force growth of million. minus $XXX range to This expenses in reflects GAAP the marked expense expense in of accounting, $XXX R&D to expenses million of be a adjustments Arthur stock of reduction nonrecurring GAAP expect to of R&D compares Cambia that pediatric our this XXXX. XXXX the SG&A $XXX and to be be expected $XXX million. million of $XX million. $XX relocation our second of GAAP have consideration XXXX are are R&D expenses, Zipsor. expected elements will marked in the for back expense are half the to reflects costs, from NUCYNTA, for $XXX million headquarters. The this Non-GAAP expense SG&A Non-GAAP of SG&A range and reduction and compensation, Again, is a contingent to XXXX from SG&A non-GAAP principal million. and purchase

to not different a Non-GAAP increase for turn by other measures. We to year's I'll comment our pursuant Collegium $XXX adjusted responsibility retained million have the million, $XXX close $XXX to trials financial be non-GAAP on an The expected from with million. pediatric NUCYNTA EBITDA this financial is measures that used are the over Depomed agreement. be standardized by to and, financial therefore, not be measures methodology on comparable the by based may from any call non-GAAP Arthur, calculated concludes prescribed GAAP I'll to back used may and discussion. companies. you. non-GAAP

Arthur Higgins

is I Thank transformation you, hope well Augie. that you underway. agree all Depomed's

business effectively were portfolio how only You how to an company strategy development. force volatile the We opioid with get they had of that or ago, but was appreciation promoted. looked a company participating achieved. products, sized. we pillar was growth have ago field XXX no have only were a in had X been good market wrongly clear effectively had NUCYNTA for not neurology of XXX We days being in to consider much a that that days today the versus

improved profitability XXXX. believe for I deliver ask that against in to a for position with company was in location to operator open start opportunities. a in we challenges the a talent. just attract set headquarters potential milestones with of difficult squarely made large With new to and would And that expect you, and shared to call I have X-pillar too the we it Our of ones XXXX, will we our pharmaceutical the and now as breakout our that strategy new addresses that that we Today, questions. the like specialty said, clear XXXX all our year and

Operator

[Operator Instructions].

is David Your with Amsellem PJ. from question first

David Amsellem

question. high-level a just So

neurology and on at of a looking volumes and eventually, the pressure portfolio exclusivity. down significant I'm losses the road, So

you're margin So tells of making business. on us it the in here that much the way

where you here, assets. in me So about just NUCYNTA what sort question, over on it vision an your overall you a these transaction, to of this term? particularly strategic And you we of sense back? begs of long area focus give continue the think Is wake just scale know the neurology the could the will given

August Moretti

one I the just gross Augie. is that to products these want XX% here. terms this in that And David, margin of are interject analysis. point is financial

David Amsellem

aware your I'm operating about the margins. gross talking I'm margins. of Augie,

Arthur Higgins

entire Yes. They mean, I said, the David, neurology of way positive. that Augie I as think modestly. overhead. cover, has of mentioned, at what the the looking to are building actually lot grow all spin on off organization cover other we gross I the of still of the and businesses, I products mean, the we're overhead business bit be a even they can a will and margin

but either And we assets. can So strategically on be real a us enable can a why basis, really additional thinking play, importance. we're in it that it's of platform importantly, bring think that to role more that's to

in neurology. capabilities have We

And -- in We this asset, positive that value can portfolio. additional to if attractive have in and keep our cash our maintaining this be we bring for flow something in can business. just driver X us a be is I real think

answer, very keep So we to think long our focus intend answer short this a and strategic, on our is is neurology we to which do business.

David Amsellem

I if sneak just in And may another.

to product? What may It NUCYNTA is number the obviously, or an generics that think are thoughts stabilize there? seller impact two was is on important And or Gralise, do in your on number grow was which product. have specifically may was last is Just after -- LYRICA do important year. you your of what not can -- what -- your -- you volumes it on an

Arthur Higgins

walked away the important what's last when is I from look at current before we these performance March, products. effectively neurology our Yes. Gralise, products, including of Look, I think arrived we really

of couple of months. not promoted until last all getting year, essentially, were they the So for last

of lost a we lot ground. So

these all Cambia we grow were to we XXXX, If products, you promoting look to three were back products, and Zipsor. when able, David, Gralise,

So take comfort some from we that.

role. we that's with So why appropriate believe can we promotion

As -- situations new And to the this not have of appropriate. are CR that small patients going not effects generic, a LYRICA LYRICA. share LYRICA such we because of been market the have is LYRICA side and where moment, effectively in tolerate at that the even a we do the

So can to we emphasize tolerate pretty for insulated continue solution. we that not that do we're LYRICA, once-a-day to and patients have from that offer a we that believe

Operator

is from next question Stanley. Your Risinger Morgan with David

Onusa Chantanapongwanij

Regarding cosyntropin.

cosyntropin? that of file receptivity terms in on expect indication to you So formulary And needs spasm? elaborate have second, the little you access first, you when to payer be what And bit get we what are expecting should once can before done approval? Could and the the on more? you second for infantile a data lastly,

Arthur Higgins

Okay.

first the the the the was -- question the first was the sorry, -- On I the again part part. on on -- of first question missed

part with the second was data. The payer, part

first the of The on the -- remind was? what was -- first you part question question me part can

Onusa Chantanapongwanij

Yes.

kind of what first file. The steps was -- need that you yes, question before around can you to

Arthur Higgins

it all necessary. That. Look, information we we Yes. that's the the indication, believe that sorry. for first we Yes. I'm had have clear made

simply know required We first we're to in submission. the So the support preparation what's phase.

clinical question this compile no. are or in done? So that at what answer submit was, is stage. studies the there do And and the to have form. additional we is needs that's doing an data what appropriate The to we it But be

from we the a -- the to expect already to to to question. the And I And payers are interest interest. on see anxious high discussions, I've an of you third a support As receptivity, can lot there's continue to in of begun been sorry, who tell and get forgotten payer market. payer XR alternative we've level and

Arthur Higgins

Data.

second, think The I [indiscernible].

Onusa Chantanapongwanij

have the [indiscernible] data scale. you'll at When

Arthur Higgins

Yes.

this infantile study. X-year is the On spasm, a

hope we be of as years about I probably benefits available from get -- even with X.X to as opinion case, indication. with So into we believe But of this that our formal is to the registration that questions. very obviously study to be effect your will one product somewhere years start I this the commercialization we answered product. talking centers we would in the we prior later And are -- think doing, expect year now. again, X data strategy, getting paper this using a familiar we're in XX that academic leaders will spillover to have getting

Operator

The next Stanicky with Capital question Randall from is RBC Markets.

Daniel Busby

This questions Randall. development. Dan business for couple of Busby on A on is

you franchise, do that force an to Or the if anticipate number existing on-market First, up add sales you reps have scaling detail the your product the XX-rep of as would to capacity further? neurology well? would

Arthur Higgins

going that's be Look, Yes. obviously to circumstance-specific.

the have. type we've we So force them of products the existing could within we moment, we looked the field believe at cover at, reasonably XX comfortably personnel

We it's may sales where have of XX representatives, major XX add like force. of upsizing not our we something a to couple seen have a but situations to

business. So will that if that gives right be us find the again it accretive to some our product, can confidence immediately we

Daniel Busby

second at Okay. of on Great. or But that refinance there in your are you that before way That's complete development? moment. mentioned amount that? the to fair impact helpful. year. business have know any have or Does plan And you've then you the flexibility potential half transaction a you've that of I incentives mentioned other this after the to you one do the debt any

August Moretti

I think us half to would to be able borrow goal from work. that and second perspective the establish our the PD of flexibility amounts hope we would additional year, direct that that to would a in to give structure support be it's our refinance our

Operator

is from Your Henry Capital. question Scott next Roth with

Scott Henry

when it start to get penetrate, may stabilize given going just is for But expectations and before reps going hard going to generics. product share has questions the but continues It I've want that, stabilize down the been I a it increase. I it? A upping least worse, some going the it look, Arthur. you just been for keep not on to stabilizes? company And a And be on at you is I while, hearing But I've -- to this getting is question -- franchise. been any Do since very couple XXXX. I covering think the to inherited a while. guess, decelerate. for see to of your now guess Gralise Or we realize market my about of that

Arthur Higgins

that's Again, good Yes. a very Scott, question.

look we -- what tried to the when to we worst of has stay the is, you say our own enemy. think really lot have been our behind back a inconsistency Gralise been with I we brand. And only issues

pretty very it's a a our belief in at brand lot Time been a that essentially the see in the our neurology that, our -- portfolio positive. us hard. will expectations be even business And we've be realistic that We're year, as promotion will it's by expectations. or our even problem It's the EBITDA problem is entire half allocating this again, -- for the wrong. is the So of than promotion slightly a that to more problem year, second business the and is more costs for -- or this at down. level brand outlook against A total or moment. importantly it's But all of right we problem. of flat this you prove of

cash at very it's this may business again, could but solid and a this stellar positions business a additional to time look in a would to time, what it bring our in an asset at which be point I not call, still -- flow differently. contributor So us

happening we are haven't doing news the So not very It's that we've that historically. aware heavy what's deceiving here that plan good comment lifting obviously we ourselves I is very think, Scott, something something But of. do. on some to been predicated based got a We're we inconsistent seriously. with is the take

Scott Henry

that Okay. for Thank you color.

to ER. gears shifting NUCYNTA Just

If at Or data, the mentioned by end of of there kind You on prescription going look that the should weekly of product roll correct of that mid-March. of a function at supply seemed else over I the January, there? to in something is really capacity? to manufacturing issues -- terms the share. Is sort

Arthur Higgins

December, way the IR have IR. I experience spot through IR in issue a through best you to January. have we ER, problem improve ER. improve. is was as supply pretty moved know, to at started continued month and the with versus we significant outages and stable was to And early It look you January. we Again, answer not do that The Scott, did think if as

a also the and in the world in is the of So ER we supply believe marketplace. that's sees believe all I of Collegium bulk that the of impact how function

Scott Henry

steady Okay. the more really a should trying That's we Cambia been question. Are color. Certainly, gone, NUCYNTA -- I've we focused helpful And neurology important. And become think just a growth Zipsor. since a increase heavily a that on they reps should better. growers? they the How while to lot does additional think about It's those about should they should lot I'm sense get and But IR with those growth? of Final franchises? how look of franchises.

Arthur Higgins

touched very of that them. But -- Scott, we do I and on physicians think are Gralise, you speak important a in compete just Zipsor highly very on and another both have out very determine them the large point. juries I believe Cambia to ourselves. And markets. use that

more Cambia that have any inability little So and and grow Gralise. to think there's that we in actually Zipsor, a may upside that may we offset

So I Cambia and think we are pretty Zipsor. with optimistic

Operator

question Your from Koffler next Mizuho. is with Irina

Irina Koffler

Your NUCYNTA.

that, fact to million the are and And I NUCYNTA levels little lumpy expecting fits another in And your this of you inventory wanted still quarter this that follow-up to be just would starts? to then $XXX confirm, I inventory NUCYNTA. down? the plant have expect a the meaningful due subsequently if disruption on and then year? works worn you Would royalty So to have from the load-in Collegium a first stocking the receive in

Arthur Higgins

Yes.

of the will market upcoming demand. comment What the That's be or you in give first is The what as do NUCYNTA we important to, very, to quarterly from perspective. control at going really their our here going on today, the the quarter. million inventories is from not perspective call they a $XXX perspective and can secure sure, I'm basis very forward are point to on you, with end they tell will going is, I of Collegium,

Irina Koffler

inventory? the And

Arthur Higgins

is their at that their inventory this to going not give they you -- when call. comment the year upcoming sure responsibility. market the intend on they color at And they Again, I'm conference some what do. will I'm to

Irina Koffler

is. it March some follow-up If do they point, the a this return Or EBITDA the status? turnaround you if running walk kind would with supply, negative from at expect guess breakeven, to it? I its to of in then away And Okay. with normal potentially, they expect, grow will agreement you the on them that are

Arthur Higgins

first Yes. this put all, pieces. into we've X Look, think, got to I of

part months' gave be mean there And even my number we would the termination, early months after XX in first million. The That is, was that's I XX would commentary. was minimum an with would receive the that if notice. $XXX

even we the So that's again, from point is attractive product performing a and today, -- perspective. numbers is that significantly two, this believe below transaction very one. Point Collegium's still where

So of not NUCYNTA an say additional from having and termination. -- we a Depomed. ever can synergies is that the portfolio if in Collegium moves and We now there this as early benefit logic is logic compelling. that to many believe able And that strategic be highly course, this result if that it there would commercial never are to return will of

Irina Koffler

around may just I more one in sneak If cosyntropin.

market, for your you competitor, another So lower-priced company. another the product product into time there'll likely be launch the by corticotropin

would market, differentiate there's weigh on if X So you can maybe yourselves? low-priced how offerings the you in in

Arthur Higgins

knowledge, a to says Irina, outcome. a our market and cosyntropin the will I we on market obviously is comment year, that's the first on to, will abreast guided with of different competitors. first you've submission got to saying. are of try based we not what of if think other And we on stay But our consistent to end competitor be have piece what be information we make we market. we companies should intelligence And an which reach then can't this

Operator

Higgins. At to I'll turn the further this are over back Mr. no call time, there questions.

Arthur Higgins

Well, you joining continued faster-moving the that creation. interest is update And entrepreneurial progress more hope you today I you company. to new again. all forward in you value improved thank Thank and Again, for I our and your and agree the as look to Depomed profitability shareholder leaner, on deliver continuing we a for us company.

Operator

That concludes today's call.

You may now disconnect.

Assertio (ASRT) 28 Feb 182017 Q4 Earnings call transcript