TXMD - Earnings call transcript Q2 2019

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Operator

Good afternoon, ladies and gentlemen. Thank you for joining us for the TherapeuticsMD Second Quarter 2019 Financial Results Conference Call.

Following prepared remarks from the company, we will open the call for questions.

I would now like to turn the call over to TherapeuticsMD's Vice President of Investor Relations, Nichol Ochsner. Nichol?

Nichol Ochsner

everyone. afternoon Good joining financial for to our discuss Thank and today's business quarter results update. second you call This afternoon TherapeuticsMD quarter issued a press release financial announcing results. our second therapeuticsmd.com Media The the release is on company's press available Investors section. website & the in

On Dawn Finizio; Cartwright; Financial Robert Executive Chief from today's Commercial Officer, Officer, TherapeuticsMD call Chief Chief Officer, are and Halkuff. Daniel

reports can forward-looking Actual during be will expectations may contain call would to everyone remind conference results current that like assurance be due differ upon that statements. no today's from statements Such contemplated I and statements based such statements factors as press the there SEC. These certain results statements made filed to these materially of and are forward-looking in may realized. statements a on our some forward-looking statements identified release are of number circumstances available and annual which today change. to based to our TherapeuticsMD obligation update in other with are and information company the risks, and no assumes quarterly

recording the An of also the section Media and call Investors & online will today's be available conference website. in audio company's replay for webcast

For recorded webcast, or August held this was be of and who XXXX. to archived the call X, those the listening benefit replay on may

over call the turn TherapeuticsMD I'll that, CEO, Rob Finizio. to With

Robert Finizio

thank Good afternoon call. Nichol. for Thanks everyone, you and today's joining

are to quarter. We report solid a pleased

$X.X this of As see range in came year at of to for revenue our approximately quarter guidance can you million second on slide net $X.X X, the $X.X above million. total million

quarter second up this approximately $X the quarter, IMVEXXY guidance of to range in in revenue million. the compared Net to year. financial for was revenue $X.X came $X.XX previous as million our at of above IMVEXXY net million XX%

at in revenue and quarter. $X.XX quarter. launched approximately the recorded the XX in million approved FDA approximately April partial We drugs net in for BIJUVA came on revenue net $XXX,XXX Combined our for BIJUVA

of $X the later came review results our vitamins, Dan million. guidance million prenatal range will net revenue more quarter above to $X.X the in in financial detail the in presentation. for approximately second $X.X the to at financial Moving million in

the Halkuff, to in Dawn would like Chief more turn Officer to I discuss now Commercial call performance detail. Dawn? to over our

Dawn Halkuff

Rob. you, Thank

Let's with the is total since which July June. XX,XXX, launch the Total This of pharmaceuticals. were with prescriptions dispensed growth IMVEXXY approximately continues XX our to on increase start progress a month historically for months quarter or month XXX,XXX of are good is slide prescriptions over XX% of IMVEXXY given through summer approximately units X,XXX an the months X. start XXXX. slower of on for July

strength We the crossing average also to July. volume continue gain with weekly over month for XX,XXX of

shows which X launched trend to for a pharmaceutical Slide much launches. IMVEXXY restrictive curve, launch the with less Vagifem time XXXX; in continues that

a the of volume of our trajectory, real-time than to We to also launches continue Intrarosa other month more more each to market only continue launches of in those of are category. and X%. more in the some recent Osphena category launch of our provide on we now share perspective the translated in To the June volume doubling This outperform, the in in strength outpacing them approximately outpace products June. recent with we not

billion Despite market generated worth? volume slide the market than XXXX, entering in in to So, VVA in revenue. share multiple this, market let's does To understand gross VVA turn and what the the X. more achieving $X.X generics

being with a this for the potential only This X% market significant treated. which marketplace, reminder, IMVEXXY. a is revenue of As is holds

the trying see over average we we on per volume strong X, In continue strength fills IMVEXXY of an adherence. Now our patient rate. first moving unit along staying to IMVEXXY. to with refill in patient. demonstrate and are IMVEXXY are continues X.X growth slide year, to and seeing Women

X.X fills a averaged women those that possible for XX. In fact out one they of have started ago, year

average had and fills launch topped of as at comparison the X.X product fills per For an topped per in Vagifem matured year. of out X.X fills year first X.X at average of of year. average the out creams an an Vaginal

slide potential marketplace for the fills share tie net Let's per to in it and key unit, all of X on variables together to based year number per turn revenue on the achievement. of average, financial IMVEXXY market

can five of you the the look fills, four per difference fills, or at in purple If six left-hand see between side slide, the circles fills you year.

two years. in few further the per revenue right estimates, see over the you the may Moving right achieve unit to and to percentages market IMVEXXY net then blue, different next can share

In that have market achieve penetration net and X% would of revenue we a $XXX, fills $XXX at average an XX% at already business our unit taken year, market assuming share four million year. first per we we achieve per

worth to already If opportunity way net same five per at unit The towards look the are refill focus chart down market the on and optimizing. per $XXX we lever per key you fills $XX the value our bringing with million $XXX is share is one next well with percent a total of each fill year, year million. additional and the

Now, Increasing coverage how that do payer we fundamental get to achievement. to that is peak opportunity?

top X, to top second quarter IMVEXXY. payer coverage no There the have front, was slide adjudicating change Turning on seven commercial period. during payers we for in the

determination third coverage quarter. from Aetna, CVS the expect during and We

with In addition, in we Kaiser. now discussions are

Part D XX. approximately D for six top on The lives. account Medicare pharmacy Moving plans all to of XX% slide Part

with mentioned, last has United. IMVEXXY preferred status As quarter

would similar Medicare D preferred other cards submitted ensure accepted have Part for bids if with Copay the range be used payers. Part a $XX. preferred are copay approximately cannot four Since contracts Difficult, of large We at this

XXXX decision cycle coverage start the or coverage time adjudication in to on the third/fourth January before quarter X. for frame with remaining expect We

versus for in IMVEXXY coverage Medicare payer the with the to shows by quarter IMVEXXY lowest quarter XX% by increased in additional progress adjudication one second the top from overweight area overall no to category. IMVEXXY rate the population, quarter slide on the the adjudication adjudication first is our XX% being turn date rates with Overall, Chart impacted XXXX of Let's payers. XX. type the second to for for

payers last D chart approximately Moving see most to January or this by improve adjudication with on securing before to percent payers of established. to fully once has X, forward fourth and importantly commercial begin and in X securing expect Part we third top to XX-plus quarter been year adjudication the few coverage our

So Turning for to IMVEXXY? XX. what's next slide

improve of our prescription. As we remainder revenue support the look net well forward believe per our to will events that growth several we we XXXX, as volume as have

third have top the coverage the remainder and of third from mentioned, coverage expect commercial we have remainder determination the quarters, plans. expect top we determinations payers Part the to D and in As commercial the in the to of Medicare quarter, from fourth

by line we to have we of to the growth. category In We we we publications look direct-to-consumer we IMVEXXY we quarter, begin both the marketing for BIJUVA commercial secured quarter, have IMVEXXY Society majority line highlighted plan in important American fourth and supporting to growth. also These be will the will Menopause program coverage. are of just optimization as that on as an to and initiatives optimize drive bottom the North top premiere IMVEXXY. fourth with and launched Also potential card focus sponsor time the the some share copay to continue anticipate as our of milestone just

which move on started for Let's XX outlines Slide April to our XX. on BIJUVA. launch BIJUVA, pathway

was for build sales During on IMVEXXY the the force coverage payer continued focus as main second we to BIJUVA. quarter,

For territory initial approximately directed of sales phase per each the our on was to BIJUVA. XX representative launch, focus prescribers for

the BIJUVA we In into to fourth coverage the compounding has channel BIO-IGNITE partnerships. BIJUVA quarter, addition, once further plan payer been introduce our in through established

X,XXX approximately X,XXX metrics BIJUVA a on XX, launch. Moving written July on prescribers for approximately of to have slide Prescriptions total X,XXX prescription since BIJUVA reaching XX. approximately a patients. Through for total

slide for BIJUVA. for payer turn XX coverage let's Now to

BIJUVA much to quicker smaller population. patient IMVEXXY than is D population reminder, a and a As process Part payer younger therefore the due

OptumRx and are our launch. That August announce the happy BIJUVA to top in our now adjudicate BIJUVA payers for on to quarter adjudicating brings X. We for of first began to of United four total commercial Healthcare

and discussions coverage the decisions quarter the in on make commercial top of by the the with end will the of are each payer We remaining slide listed payers XXXX. expect fourth

to turn Slide Let's payer rates XX. adjudication on by BIJUVA type for

from BIJUVA up of our second rate For the May XX%, XXXX. quarter adjudication for overall of XXXX, in XX% was

You up the with patients quickly more than of IMVEXXY adjudication BIJUVA our that majority given moving see rate is are can commercial.

fourth As a reminder, of this coverage the we year. quarter expect in decisions all payer

expect We once improve to adjudication approximately coverage XX% to established. fully see has been

to XX million Let's discuss compounding XX XX BIO-IGNITE compounded move the to market. Slide the prescriptions pharmacies to with million partner E+P access in to to community-based annual our the program

BIO-IGNITE model live, be and national established they the BIJUVA pathway the launch in our IMVEXXY in volume reach now between as women and XX well critical the BIO-IGNITE in XX and to pharmacists contracting channel continues accounts launched stage. of part given XXX We support. vetting the of with the prescriptions as the trust a the the have with for process

In the we the seeing rates addition with track to channels. provide IMVEXXY us or BIO-IGNITE we are our increasing our seeing early that right strong are confidence are distribution, that in These BIJUVA match indicators what exceed in other we refill on launch. for

the the slide left-hand Slide move share IMVEXXY fashion as can net XX the you estimates to at the shows you per similar market right. on see slide, the potential potential different the side revenue. net the net of BIJUVA In in revenue revenue and a unit percentages of to

FDA-approved revenue scripts separate net million estimated million the and market market size estimates a XX of the the estradiol calculated compounding progesterone doses end of plus X.X only definition low We of the of using scripts.

safety, when can use is compared a achieve products see or As the that FDA-approved efficacy, BIJUVA peak to proven offering by products convenience values compounding unapproved range of and off-label can significant. best-in-class with of product you

for Slide XX for next Turn what's BIJUVA. to

this We the quarter expect coverage cycle year. fourth the in commercial of complete to

BIJUVA Society plan be and program. American importantly, North Menopause expand We will also BIO-IGNITE highlighting the at to data the

to Like in fourth coverage and card when first half XXXX. begin copay IMVEXXY, anticipate direct-to-consumer optimize beginning commercial expect to accelerates with our quarter, the the of in program we

with XX Slide to ANNOVERA. move Let's

women's USA Annual Best XXXX nomination fertility. Moving category. represents managing to Nominees Award month, ANNOVERA is am overall progress seeking in choice ANNOVERA in in announce this to their Product that birth Foundation Slide Galien I last the the XX, and Pharmaceutical category that exciting for the for health. Galien We among believe underscores announced Prix proud the ANNOVERA innovation control The an women

the significant Across variety specialties. previous award we nominees their and of translated board, past to We have are winners good that highlighted it of clear respective these delivered has several in by a innovation in that is the across and opportunities winners some of company the categories.

also Turning slide the to the for procedure. her ANNOVERA value health choose first the value market is XX. shows of have the valued can choose category in contraceptive without category invasive change a and billion. the largest need time, to on of the With a which women's the to FDA-approved long-term contraceptive $X an This slide to at product have woman mind

Moving to turn potential our ANNOVERA, slide launch for to catalyst approach and XX.

per set annual for and for have slight NuvaRing strategy ANNOVERA ANNOVERA. our We a on price am I WAC pleased announce pricing $XXXX milestone unit responsible with discount to aligned at an to at the key a basis.

is initial activities. our stage, in keeping Our on production batch the for us pre-launch track packaging

our XXth on new a We for contraception have the discussions started potential designated have started FDA ANNOVERA pre-launch the with with and including method payers. of activities discussions to be

formularies multiple and In Massachusetts. Harvard of our price, to well-known Blue only the most Massachusetts; the Pilgrim can few their us slide, of two announced have Blue we Shield weeks, see added Cross payers short as have since a in on you including

focus overlap patient being available as launch, Starting product by menopause first category. in At XX,XXX in and market quarter, this and a official with of communication our initial full commence we will ramp will introduction, the the ramp end our XXXX. direct-to-consumer the quarter well that up of test will the launch the prescriber year given units to with be targets of influence fourth manufacturing as national in on learn

Slide opportunity the is small market. of for market the even a ANNOVERA only large significant XX outlines addressable portion if achieve control we which birth

The future. and the chart control. market net achievements moving could market the chart per in percent ANNOVERA are the different revenue side birth On right unit for of left-hand different top achieve to overall outlines of the share the the

percentage birth As revenue the we you shows for only unit. new opportunity revenue prescription we a market take depending if a it the illustrated net prescriptions chart be control, potential can million the would million net XX annual $XXX X.X% see, $XXX if NuvaRing achieve new per The of million of to on sales. bottom value for the overall of

more We about held Medicine information will Society in the for at ANNOVERA present mid-October. being American Reproductive

second Officer, Let me call more review now our Cartwright results to detail. our in to the Chief turn quarter over Financial financial Dan

Daniel Cartwright

Dawn. Thanks

are results financial XXXX included in quarter the Second today. issued press release

key slide me a Please to Let points. summarize few turn XX.

cost IMVEXXY and revenue $XXX.XX the drive the price revenue second acceleration. mostly million we mentioned, of payer believe The difference sales program. net the quarter. have approximately our $X.X between Rob for WAC our is driven generate higher was net The contracting average quarter. WAC Once approximately As from by will assistance per for unit scripts of IMVEXXY our we significant co-pay net revenue revenues completed and

during BIJUVA second year. launched the We of quarter this

partial revenue approximately our BIJUVA of net quarter commercialization first During was $XXX,XXX.

product for guidance total was of million. revenue above $X.X million second quarter XXXX Our to second FDA-approved coming approximately the quarter in $X.X financial $X.XX million our

revenue in of our prenatal $X.X approximately vitamin million prescription $X.X from company's second quarter of the guidance $X.X million XXXX, XXXX coming was Net quarter the business to for million. above second

XXXX million, in guidance were million. approximately XXXX quarter Total above $X.X $X.X of for to million revenues second of second financial the $X.X our quarter coming

expenses compared quarter of for increase to in and increased $XX.X sales, These of force the primarily including higher for the operating the is SG&A -- our expenses women's to approximately the year's reflected launch marketing a and of million personnel for support quarter changes This due with the launch for commercialization second second were quarter. sales costs second is of compared of in commercialization health approximately $XX.X quarter to which IMVEXXY XXXX. commercialization of This BIJUVA. reflect Total XXXX, prior support XXXX an expenses BIJUVA. expansion the to primarily million,

one-time we non-operating our approximately debt more Street extinguishment previous Sixth charge favorable facility loan expenses the refinanced of of term as In second Partners. million a a $XX.X TPG with into quarter, included for

and Turning to million loss for share. $XX.X line, second diluted the the net bottom of basic was $X.XX XXXX our approximately quarter per or

extinguishment $XX.X share basic share, charge XXXX. per approximately for the diluted and $X.XX and per approximately million the Excluding with diluted debt, or for $X.XX the $XX the was net second second one-time million of loss basic compared of for or quarter quarter

XXXX. finished the of to XXXX approximately million As XX, with approximately move we with $XXX slide $XXX.X cash we million in XX, second December quarter compared at

this capital products. three has of our Our support taken non-dilutive company year significant steps the FDA-approved raise to commercialization to additional

upsized with $XXX Street the closed Partners. additional million as was Sixth loan non-dilutive initial April, $XXX In we a of on million with upon designation term TPG The funding million facility ANNOVERA $XX an available funding of achieving prior $XX another of ANNOVERA of by XXXX, FDA IMVEXXY, the net XX, fourth for well $XX revenue to as in million contraception or and BIJUVA from category December XXXX. new the as on million upon quarter

not a I question triggers would common covenants. that like and these to clarify, draw are

loan provides with favorable XX, June XXXX. profile Our of amortization a no with repayment until scheduled facility us principal

of we million. ex-U.S. upfront and July, Theramex the our license we deal yesterday, closed In payment $XX.X with received

coming the received over the two net regulatory We and have million milestone non-dilutive a sales are also capital eight will these well access upfront potential to eligible and payments to of on royalty additional as $XXX months. as sales. Combining debt receive tranches over Theramex, payment TherapeuticsMD the from

for Please guidance. quarterly turn revised to our slide XX

as are and our the our to quarter million. the million quarterly third stated, results And range with net raised FDA-approved reiterated we vitamin quarter. Rob for guidance for products to $X.XX a pleased our our of have We business for $X.X revenues guidance

guidance Our $X.XX total will to revenue the TXMD net third increase for range. million for $X.X quarter million to

our reiterated for million guidance vitamins $X.XX fourth guidance XXXX, raised we FDA-approved and our range previous of business products stated million. our quarter a to $X.XX financial the For of the to for

will total to for fourth Our $X.XX million. the million TXMD to $XX.XX guidance for revenue quarter move

XXXX Slide the full XX year on guidance. outlines impact

$XX.XX financial million a we to beat, FDA-approved end our to for Given our million. second of range guidance quarter revised $XX.XX year products

our guidance $X.XX $X.XX range to Moving to full business we year prenatal vitamin are million million. for increasing our to

revenue TXMD full on move guidance This increase year. $XX.X the Our based guidance total guidance of for revenue previous to $XX.XX for net a million the to will year net the million. versus full our midpoint represents revised for million $X.X

remarks. to for I Rob would back over call turn like to closing the now

Robert Finizio

On pleased are working the menopausal QX we quarterly point, a solid and produced XXXX. of to Dan. progress QX our confirms will menopausal completion in strategy At that This Thanks, is positive for this with confident XX closing, slide adoption. contracting come we're process share both and our payer market clearly execution has results. in a products

on to three us is meet positioning ANNOVERA and XXth us the QX products to revenue million. FDA. and access needed time in another our will with contribute the This to category will time allow revenue-producing with guidance the $XX us give also discuss

the of overall slide products. of illustration to turning in opportunity this And is an company the XX based for three on value FDA-approved

$X of women's to multiple the sales. TXMD next company look In get on days, can you a care. to to at billion a being of you well in there new XX transformed be are parts will the potential have way its health when to product leader and the sum peak the paths As see three

the that, call the With I'd like for operator turn to back to over Q&A.

Operator

you. first from Thank Our Cantor comes the [Operator line of Louise with Fitzgerald. Instructions] Chen question

Your line open. now is

Louise Chen

here. for on my the quarter Congratulations and thanks questions Hi. taking

side? my question do question ANNOVERA. And you is that generic the you the potential launch the some hear people second by expect are then designation first you. of and And us is, last in launch will Thank is any of covered ANNOVERA CVS for this? ask impact then way? So IMVEXXY if commercial regarding When for regarding your to on NuvaRing question on

Robert Finizio

you So, add three, and to tie Rob. and please anything I'm Louise, going jump-in. it's if Dawn to one have together

XX reasons and the follows. separated methods. There different started With with already various FDA. is are We the the have by XXth as currently be contraception, methods category, to they the process dialogue is of

contraceptives. oral me pills A one of XX-day example. an supply give control method, is Let birth

the is different birth method even contraception. pills of progestin that considered same have a of control supply XX-day A may

other ring which is a that long-acting and NuvaRing only ANNOVERA believe market separate ways versus is it three-week constitutes clearly a in ring precedent of given the out XX-cycle under the a ring, the number different we So category.

to process they so determination positive the have the naturally it they very be they Once are all assuming think, XXth all that change on of designate and should have do Women's FDA. runs follow Health the it. to a undertaking payers And The it category Office would process make at and website, literally the the we this their we as follows. is is

and we you number will out a the had payers a this first to us time, have see you We for of And As it of cover number states as guys well. XX covering the know, states. listed big it product. just can in as to they're reach

bullish very product. see ever we're different So it it. different since NuvaRing is the progestin, – don't it's whatsoever. And cycle. a certainly NuvaRing equivalent. not on is We a NuvaRing product. know, going market long-acting the birth any do would not a long-acting. ingredient this This is a We product. is generic the be short-acting having in only control on a generic different It's not this see impact generic you product as It different

very As as hear to if and CVS ask any one. I Aetna have for that goes, other guarantee we as and it, you and the you them hope we're expect CVS that far quarter. it get comments can't from I'll we best. as far it. – CVS but bullish We're we'll on very on are goes Dawn on positive But – this

Dawn Halkuff

Nothing to add.

Robert Finizio

questions? Okay. answer Did that your

Louise Chen

very Yeah. Thank much. you

Robert Finizio

Thanks, Louise.

Operator

Thank you.

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

open. now is line Your

Annabel Samimy

progress my taking Thanks question. there. for great Hi. And

the meaningful blocks on already. start processing we're Regardless in expect payers X-month step-ups given I of claims that think to the some CVS point some these adjudication now that these a do past pretty should Just and of see we're at IMVEXXY. you

packs? prescriptions from in I change from where it on net versus at you or seeing switches? affecting seeing of separate still more separately Are point? you off-label BIJUVA most compounded are use mix products? new are Are the separately or the you you coming Are the from seeing this synthetic seeing of you starter E+P have starts? you Then seeing Then price seen maintenance any guess

states count I understand there, if guess from plans? pickup And would that but guess I aside a on I that have didn't ANNOVERA, cover this And you the by covering we're number I just just -- then mentioned classification, you had can to understand here. And want think of of help states these automatic the want and us I regardless. an quickly these I process to just is it a many your you to there. how number process

Robert Finizio

Absolutely.

Annabel, going I'm to… So

Annabel Samimy

[Indiscernible]

Robert Finizio

I'm to take going it I'll worries. for over no turn Dawn IMVEXXY/BIJUVA. No, ANNOVERA. to

So quarter yes, of we do and expect step-up adjudication in QX continued this quarter. next

we -- have on left three So commercial we payers basic side. are the

from dialogues can't and but CVS it bullish count as We one two They hear So quarter. with we're could on say or no, guarantee them it. it. just to on We're them. we Kaiser. We Aetna expect opened positive this

system had don't As it commercially on Kaiser cover a is closed it D they progress Even you know without some though they and good access. Part cover there. we've

And the will We we'll Part your expect QX. on And guys most. I D one, a hang actually decisions side, we in in I every be think We get might think you not but that. rest hat QX. couple we'll get here get On can The think bullish. we're most. again single

enough have there. We color

that commercial with as with BIJUVA payers, addition the payers. of In as will be to far we the done all goes

can QX. our no As stats you early in impact there's can here see adjudication you D Part see almost by as

just have October. in another will And huge. We or the decisions. BIJUVA QX Optum and we of commercial is two so three a So United, or got three last we'll I number come believe which get in and will

commercial Part process And be races our for and for QX But in to reimbursement. if these of BIJUVA I shareholders be coverage off think think done D get know will drugs. full I I payer proud don't get I the will most. is and all. Again, both expect for the with we'll we'll what the we with

where from pill only sales coverage after recently had the Optum per to we we reps that the this got month market. to QX market reason we reason only BIJUVA, allowed have and our a As gone There's for two far and prescriptions on doctors the until only in as up only very call first we've come XX% The only territory, XX United there. that okay. of is we've

the and all have So your to BIO-IGNITE your revenue. and of distribution into go will channel eat IMVEXXY expense up into the even revenue additional

we're But coverage. FDA-approved only only and being until QX until doctors off going said XX the holding with after So solid pill on market. we territory two they're that that after have per

fact And you adjudication at coverage. it's we XX% in look if actually our XX% BIJUVA, had only though for even

So, it's happen where situation just of the coincidentally. getting you population covered more that have with prescriptions to these you're the

So, even and obviously IMVEXXY Part D months will out will commercial BIJUVA both and of that that XX%-plus and completed. next in the be five both again

Dawn Halkuff

Okay. BIJUVA point also I are And XX% the one or -- XX% more from are of important think the just maybe on writers IMVEXXY of sorry that is that writers. writers prescriptions

And much volume. the playing getting is overlap that and of for us out where we're so, so

last had to… on ANNOVERA and question you the So was how

Robert Finizio

Starter versus maintenance.

Dawn Halkuff

question on the versus repeat maintenance? you starter Can

Annabel Samimy

maintenance that Yeah. a net would There and to the new did or proceed switches question was how the patients affect you're the price I than have over that -- rather regarding seeing starter patients just might whether pack more time.

Dawn Halkuff

Yeah.

So so are obviously of starter. than Annabel, of our more lot maintenance we see the the strong, we see because a refills

of But see I some share of are will some showed the we again, Day. refills Investor we the be others, that the the market majority think think mix switches creams data of have. the I our on share that and that and some we amount at some of market from getting pack we given maintenance continue to

Robert Finizio

to have raw The if starter as label reps percentage. another really you you're their channel even the with the the cycle, pack it's and amount the coming normal says you cycle until a a finish up to of start that push is product. starters. give discount hopefully coverage. that get And We'll And payers just the from

you're if -- is making essence of coverage, you're starter bit in money, So, coverage, money little pack, whereas a there and good on you're if a giving money. losing no there's making

Okay?

Annabel Samimy

Got it. it. Got

Okay.

Robert Finizio

here that'll QX, QX. go So transition forward in we as

Dawn Halkuff

So the in moving on ANNOVERA, process your states on the automatic. the works XX how to question for

some have thus adds of seeing formulary that what putting some you're automatic think there is payers on us been immediately. we I on the showed far

is some we the at of do nationally the at there's with though a payers, But copay, once make mean big a approval. the states clinical works us decision conversation have reviews without says the the national still put But regulation that it. that they cover regulation automatically. automatically through they few or to a it states will whether on those would level, some it way is the those The in to We there to we that have that do just with doesn't have get to state those get course cover states. and have cover months, ANNOVERA then over lives copay they

the So have we leverage whole category that a through control just And us table. IMVEXXY. process, BIJUVA to than is just birth but holds process to get and shorter the just much a lot of that gets

Robert Finizio

you population And standpoint, how asked states. many from a

of equivalent, states states I another the here. XX XX% obviously is country. generic women the approximately the this coverage outside population of age And is copay-free XX% without a to the is women. is that is in of which rest there which So women, of the is I mandated believe million believe none million it XX that XX

quite not it's half. So

XX%, just XX%. Let's say

So it's thing Maryland, is and -- Washington, great good the way all Illinois. And the national really to big play fast. these states, start plans, are California,

will category the get really their of those no payers designation the impact, lot the but walking the XXth the because XX this have in for it XX especially states XXth leverage other method just you or of other looming states states category would. So with heads, with a over

pushes So it. on feel to really the table payers it we bullish so a get really to something done and quickly,

Annabel Samimy

so you much. Great. Thank

Robert Finizio

you. Thank

Operator

Oppenheimer. Jay [Operator with of comes Instructions] you. Our next Olson the Thank question line from

now is line Your open.

Jay Olson

you for designs of update majority made plan to were may just a regarding that Hi. like Thanks there. some progress and for and are to your opportunities seems significant in follow-up the you Aetna. they not X their CVS have increase were here On covering now negotiations we access. you than And it that later, less month you taking I July made the indicated comments wanted on question.

wondering be indication So color CVS to coverage or I coming any on that you if decision was and could what's there Aetna with may comments going quarter. any add this and commercial there your was a

Robert Finizio

the It's Yeah, there and been we're thought. next like on acceptable Part on to with and do commercial sides. stuff. taking little good a side. lot a to we preferred trying We preferreds. bit than going longer longer group D. the to taking the There's They actually just their want them. get did preferred we on just didn't over for commercial It's for And a non-preferred go They've We access. in there we mergers absolutely. and where are both pretty situation the side it's want

do there. where I've we I our our get go We us it. phone and and to shape guarantee we'll we're all were good great payers. decided rang once thought they think before situations in in not we out cannot shape of with had of

that not So will feel we it. quarter. do decision but it's good And be about that guaranteed, believe we this made

Jay Olson

Great. Thank wanted… you then for that I also color. just And

Robert Finizio

you, Thank Jay.

Jay Olson

view for showed than sales the in ANNOVERA. reported second the ANNOVERA. just to if wondering NuvaRing. $XXX for quarter follow resilience that And on was million, which opportunity NuvaRing wanted were I expected of quarter higher Merck changes if your I of up the could second significantly I

Robert Finizio

has and yuck there Jay using that gone. significantly a accepted is a If XX friend the being it, herself, ago rings that is are really not beauty that with women. the of she years was uses it -- it's woman's vaginal growing right. of Kind factor

cycles that a oral replace not we're vaginal full But of and to long-acting going ring a section user. Like, option. their a not every every And have we XX control over IUD for now, fertility for every menses. have cross are year and or of to women their want those contraceptive. So we're

being said, us. And very category think, for well we progress, NuvaRing's positioned vaginal are blazing with kind control. I the of for birth getting that with trail this accepted And

for we differentiator of lot our all of over, certainly the the NuvaRing will everybody. but women versus hope, of differentiation those And not a them. product, not attract product It's

category, tell I you million, this not $XXX see X.X%, got annum. Dawn? up, of per to anywhere that's piece of we -- if to big as a $XXX you, a that's just a put that can But And numbers product that is the anything not add, you very million from with

Dawn Halkuff

Hi, are opportunity. me confidence necessarily and change that places and our the to I I only Yeah. add would the doesn't in But there see, outlook. thing it ANNOVERA two Jay gives is, like

is to One confident, the acceptance they're And sales. and as growth category, the continue feel is we second long-acting which market, of ring continuing that the I so the see well. of that to strong see the

right of And as middle just we in mentioned, Rob sit that. the

doesn't for outlook. confidence. So, me, just the increases It it change my

Jay Olson

again for Great, my thanks questions. taking

Dawn Halkuff

Thank you.

Robert Finizio

Jay. Thanks,

Operator

question-and-answer now to would remarks. today's back closing to, Rob concludes I call Thank you. Finizio the like This turn session. for

Robert Finizio

Thank And you joining for all with our you. Thank quarter. QX look following up to we next call. you forward

Operator

conclude participating today's This for you does conference. thank in gentlemen, and Ladies today's program.

all great may day. have You disconnect. a Everyone,

TherapeuticsMD (TXMD) 6 Aug 192019 Q2 Earnings call transcript