Neurocrine Biosciences (NBIX) 5 Nov 182018 Q3 Earnings call transcript

Company Profile

Participants

Jane Sorensen	Executive Assistant
Kevin Gorman	Chief Executive Officer
Matthew Abernethy	Chief Financial Officer
Eric Benevich	Chief Commercial Officer
Eiry Roberts	Chief Medical Officer
Geoffrey Meacham	Barclays
Trevor Brown	Robert W. Baird
Philip Nadeau	Cowen and Company
Paul Matteis	Stifel, Nicolaus
Anupam Rama	J.P. Morgan
Charles Duncan	Cantor Fitzgerald
Biren Amin	Jefferies
David Amsellem	Piper Jaffray
Jay Olson	Oppenheimer
Alan Carr	Needham & Company
Jeffrey Hung	Morgan Stanley

Call transcript

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Operator

Good day, everyone, and welcome to Neurocrine Biosciences Reports First Quarter 2018 Results. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during Q&A session. [Operator Instructions]. Please note, today’s call is being recorded and I will be standing by should you need any assistance. pleasure the my Kevin over now Gorman. is to conference turn to It go Please ahead.

Kevin Gorman

thank joining to Abernethy, you with And call our afternoon. Good for In Officer. forward-looking our Officer; Eric our Medical statements. Chief Financial Commercial Eiry we’re us. Chief Officer; making Chief Matt going our today, and Benevich, be Roberts, here I'm

Harbor. So, Jane, could you please our Safe

Jane Sorensen

to on including, Copies not statements, the differ Yes. but are of in of this actual page forward-looking subject are obligation made which forward-looking Form statements. the forward-looking and that the forward-looking press in be made in cause course Kevin? implied be today may on is update Any and we or as these concerning historical disclaim not the statements release. materially today's Information, may and the limited filed company's to, Investor contained report statements by Certain call statements could only contained uncertainties. factors quarterly in XX-Q risks are visiting obtained filings, conference website. SEC Relations statements, to by date, from that company's those to the results today's any company's

Kevin Gorman

Thank you, Jane.

another So, on we good multiple enjoyed fronts. quarter

coming one grow, and this to the continues in INGREZZA thing, years. First focused past where quarter on product ensure quarters and continued that in this growth was to we the substantially investing we have

our of on the launch an evident awareness increased addition be this the give of of also always, two Jnana to existing is results our patients for condition physician you As exciting research past of and spectrum, have on from bit. more and endometriosis on caregivers. TD and with by lot of quarters, to Eiry the detail programs, kickoff progressing investment, a of we all in in AbbVie the And among you continued Eric commercial we’re our dedicated seen will the collaboration expanding in the of BD commitment both going a more sides to our pipeline efforts the partner, In and side And TD our shortly. updating in just Therapeutics. the and now clinic. molecules is ORILISSA then, to the education

to Now, for our shorter prepared we're want have plenty we questions, this so time a your of remarks keeping time. bit

And so, updates Matt. let's with our start with brief

Matthew Abernethy

during expansion, and assets sales afternoon and our Good Kevin. you the call. continuing third joining pipeline, conference our earnings market two Thanks, progress quarter serve into for INGREZZA. introduction our the to dyskinesia and discovered internally with force thank We made new develop XXXX of quarter great for tardive

on QX impact patient by steady seasonal expansion our million earnings year. with overall our call, increase consistent for highlighted we the and slightly of TRx the to product During $XX.X second approximately net months were the of XX,XXX XXXX, script for sales quarter in product in scripts sales. to million $XXX.X This saw compared and Through in net first being flow sales short-term our aligned from XX,XXX quarter QX $XX.X what second X,XXX-script to reflecting INGREZZA $XXX.X XXXX, period increase million of of XXXX. volume same million net The resulting and to INGREZZA last tempered product force scripts, expectations with growth compares the the new third had with sales was quarter conference dynamics. nine

the the partially a D is from decrease in $X,XXX mg offset script quarter. script lower continued Part as in per experienced of benefit a slight hole. per QX impact revenue $X,XXX the scripts donut approximately decrease QX, of for the primarily from XXXX The decline XXX the filled per to Medicare approximately net in reflection Regarding third script we capsules, by being

as earnings profit XXXX, diluted per product sales. financial during the milestone net and recognized our share. a result INGREZZA million for growing the $XX.X for the Net $XX to of for or ORILISSA approval quarter third FDA our quarter, the of $X.XX results of income Moving a third the million AbbVie was we quarter

Excluding $X.XX diluted or the the was net income third for $XX.X milestone, quarter AbbVie share. earnings million per

led quarter investments, to investment strong $XX.X a This exiting of cash us bringing million to cash a and in increase million quarter. position $XXX.X and the

further drive flexibility financial us evolving and great long-term strategy to our shareholder provides externally, that internally Our value. profile company’s make to investments, with align both

both to believe pursue We will to are remain within we but to neuroscience. important opportunities our disciplined medicines investment, exciting in to continue very well-positioned internal and external develop approach and discover

quarter fourth about Now, the a few of XXXX. comments

saw On front, topline in data GOLD you see Tourette our T-Force from earnings on should study release, our December. you as the clinical expect to syndrome

our pleased by patient in For fourth steady quite increase to leading volume remain INGREZZA, during demand, script and new the overall progress expect continued we quarter. an

and remain the you'll slightly remain sales new INGREZZA Our our We items script. coordinating the handoffs. activities, excited territory training of remains activities, expansion last on radar pertain revenue our on our growth how sales potential us our our force long-term the key from TRx focus our XXXX. do and these will at Eric, net during colleagues to incredibly to The tempered of force position per by but our quarter, about heading as into all expect hear formal including sales expansion

being decline. We capsules filled continue our as scripts XXX to to expect mg

an others QX with associated in to there gross channel year-end with result elevated accounting our discount a industry, as consistent be dynamics we inventory. net expect to of addition, in In

million. million range XXXX, expenses guidance as to guidance for $XXX to to operating our million Regarding compared $XXX of previous narrowing million to our $XXX are we range $XXX

investment research Eric With the Commercial announced updated will I that, two a guidance and clinical with collaboration force programs to call now Our sales includes recently range our to hand new in Benevich. expansion, Chief Jnana Therapeutics. over expense our Officer,

Eric Benevich

with, Overall, dispensed prescriptions joining time net Matt commercial staying patients serving $XXX QX This our Thanks, healthcare really us executed call. am total with of and especially while exciting Neurocrine as for and commercial tardive sales expansion. another Matt. And I over results an you, was sales strong I'm dyskinesia quarter us XX,XXX proud on on with team. and million. extremely third the with of focused for providers, for pleased results generating and we our our everyone, is approximately awareness thank team's at said, efforts and quarter our team QX INGREZZA in

our build In launch. use was barely scratched terms our within market. TD of drivers, surface. consistent potential growth prescriber new add we expanding we month, new a in starting of we at we continued believe prescribers the prior pace have lot INGREZZA year-and-a-half the prescribers Each untapped continue approximately showing existing a a for and patients remains base. practices. There quarters, treatment are INGREZZA into their with to our And And demand

continue you sales The was provide announced by to of potential of this the Last approximately me expansion the the as April, we of driven team strong high underway the professionals. develop sales initiatives had early some additional on to Let uncovered to market thousands decision uptake phase plans healthcare by expand in XX%. our opportunity. an update our team specialty launch

to with size the the to desired to Given call our and needed of their providers, became interact and cover it team frequency, support ability expand reach appropriately. that obvious we us healthcare our TD opportunity the with initial to

onboard our will building beyond. now expanded members. train territory opportunity been The the XXXX sales team now extremely Over expanded approximately We with our high and have hires X,XXX busy and and and have TD to settling into been ultimately team convention investment over believe new high-performing grow screened months, team. XX candidates team is new new we their be the INGREZZA our our busy reflects and integrated past quality we six sales in market in force This customers the alignments. to our well-positioned about franchise hire,

learn campaign, About pilot very of program help TD,” a an with enthusiastic support understand the the ways pilot their about TD resources aims patients a educational and conversation as The Another and I campaign of which “Talk digital run country part provider being and about television markets in is available of handful initiative the their TD. around test. healthcare am recognize caregivers is manage a to now launch a about and to have symptoms,

the determine educational reach we campaign extend through more the broadly if monitoring We’re the XXXX. disease-based impact to of

INGREZZA. educating and So, patients about providers in summary, and we’re dedicated TD to healthcare helping

the combined reflected medication when the XXXX for We important believe as psychiatric once why tolerability, label have strong day without a preferred rapid profile complex of good XXXX. medications considerations is efficacy, QX and to We that’s box one a momentum attributes for into look TD. are full-year to TD. finishing with such attributes and Product no INGREZZA sustained selecting common carry forward a We titration, most favorable our INGREZZA. the in warning are strong and simple with treatment treatment for capsule product these dozing featuring compatibility

on call to the our you Eiry turn programs. clinical our provide I’ll Eiry? development an So, with with that, Medical Officer, to update Chief Roberts, over

Eiry Roberts

call. And to pleased to this our Eric. good clinical everyone you, development Thank progress across afternoon able on provide quarter I'm programs. on an update the to be

remain As also in late topline is later our with study PLATINUM progressing in this Matt year T-Force XXXX. track GOLD read plan, T-Force to we from the earlier, stated out data clinical data study on December. to expected

submission progress during great opicapone XXXX. anticipated team quarter to NDA addition, continues In the the toward second the make of

focus new want highlight today's announced today. hyperplasia, our clinical congenital two CAH, to or programs I on and the During program call, adrenal

recently in change with pharmacodynamics study For the providing patients. decision the This the patients compound, this made to we to flexibility With proof for our of tolerability participating clinical to the path of to discuss sufficient of number anticipate CAH in forward first additional hand schedule an We of novel We meet as concept year. program, for plan the designed dosing and adult total CAH. continues more pharmacokinetic, the in from study, sharing the Phase of evaluation quarter is patients goal ongoing study. progress. the this II in to from patients the assess next NBI-XXXXX to for the for evaluate treatment increase with potentially data with convenience FDA a data and study

role today. that now internally treatment portion new another disease I'm X, We knowledge the plan ascending and target, with in clinical we completing study subjects Turning announced study vesicular for the filed states a single to potential monoamine a VMATX, of to inhibitor that in as discovered clinical XXXX. an a our VMATX of transporter several of in we the on programs programs, Based psychiatry. novel, have quarter compound extensive targeted development evaluate of pleased IND Phase the of neurology unmet this initiated I high anticipate fourth share the to healthy to needs. dose this disorders two for we range during and

healthy in Phase This compound. and randomized discovered, CNS In dose double-blind addition, for study profile dosing first-in-class, of evaluated the pharmacokinetic IND completed compound internally safety, single I, ascending a study filed subjects. tolerability and an in we the an

to this significant range exist next currently reflect from clinic. are address the that benefit unmet studies design compounds to has these this company's program. of the and target new in the and later analyzing to The to still by neurological novel now, We of of provide the across will a the data discovery back the a the very our to and study integrated comments. potential CNS getting within sharing neurology modulates in forward seeing the encouraged and/or additional closing novel Kevin commitment of disorders of the remain psychiatry. efforts, call the in inform our in we're innovation patients year. we in proud heavily and this in continued parallel, needs progress very compounds compounds. efforts INDs I'm over psychiatric to These designed With the these continue to with development clinical research We invest you our preclinical and that two for including some I look efforts teams development for clinical the and target data hand research as about of to identification of part with the In potentially diseases. and compound excited

Kevin Gorman

Thank you, Eiry.

as I'd up company. see, facets questions. we’re so, can is the it And progress to you like now of in your open all to What making right do

Operator

[Operator Instructions].

from Meacham comes Please Barclays. Geoff question first ahead. go with Our

Geoffrey Meacham

so Thanks question. guys. for Hi, the much

Matt. for whether or you how and data, those The on broadly I is some a or with have good physicians have one X but further follow-up how can data Kevin. augment know in the extension the community? few study persistent it ask And this changes I resonating have on trends wanted known KINECT on INGREZZA Eric to Just is persistence. for trends rates, I well

Eric Benevich

it’s Geoff, Yeah. Eric.

the a if been few important meaningful has which, to have available the had long-term since within work a patients we think since extension we trial, durable baseline understand One especially to TD encourage I look end data improvement month. is to saw and have at it us we’ve point patients at the course providers double-blind think an out weeks. that adequate significant from the phase that data, returned always a impact were continued and to for XX understand label we the weeks. our remained for that the is I And, you of to that really symptoms of them open the when valuable launched. certainly, treatment that other removed helpful, patient But into their physicians can and INGREZZA give it for over it’s within we

the a durable of work that responses directed. long as show to as part quickly, to valuable patients messaging So, you it's medication get INGREZZA our really that can continue as take been but

Geoffrey Meacham

coming which, the and economics from obviously, Okay. And Kevin, and improving. is you have two for elagolix today, the compounds INGREZZA announced you pipeline expand have new

to with help of you new versus compounds, at capacity? much and just to Do wanted point? the inhibitor externally or licensing you maybe INGREZZA VMATX I look you a new are a full feel opportunities priority with pretty ask the for just these Maybe other this just maybe capacity question. So, still at are like, at is overall, willingness there looking strategic you And indications. us

Kevin Gorman

Yeah. VMATX. is actually. the in and our what that Geoff, It I priorities priority in goes appreciate with actually our of leader VMATX, of INGREZZA, chemistry And, investment. the just but this not biology obviously, we’re to VMATX the question are

pipeline. is we is in always and Number done to have our though, the of have order have mid and doing. that pipeline, the and we what invest number one case. later collaboration, Jnana expanding the heavily with continue that, the So, do here of to our breadth two and capacity exactly that's the be that active. within new our add early two, stages what that’s you And in going And, to priority we is we're that And be pipeline, of the here we're see company. compounds adding stages what on is we still extremely coming relationship no, to to the but going to in, our depth

we’re is that clinical of capacity to up to that up set not We us. be those nice things and Well, here do was may You how do clinical trials. were wondering Phase did that. trials III the it ready Phase have do one we some opicapone. additional able with opens to very with III That

making going about also there. in INGREZZA, Phase great trials IV We’re don't that we progress through often with talk and we’re so

capacity, We have more externally. capacity if and bring right needed, for we will the opportunities on

Geoffrey Meacham

Okay, thanks.

Operator

Brian next comes Please Our ahead. question from Skorney Baird. go with

Trevor Brown

in on preliminary received study sort design guidance of terms you is of could be if had This should questions. trial you've or been FDA? plan of of how the do that’s to leading what should us the Thanks for Then be? third timelines we cohort? I'm the any and Brian. what for the addition Trevor CAH you you the Have to in through on also, Phase walk interpreting wondering the discussions design Hi. proposing extension III what seeing

Kevin Gorman

Eiry, how about you taking that?

Eiry Roberts

Thanks the question so Kevin. Certainly, much Yeah. there. for

a with CAH had in progress So, the seen well recent start-off, we've the months. program, trial the slower-than-anticipated we but really

And are we're the with so, progress we happy now. making that right

are we know, as chronic anticipate patients you take as of much early a lifelong dosing potential convenience possible. therapy. And their medication of exploring molecule being interested such, CAH to we flexibility As this as and need and pretty this with in

next of that to an that's that by in the go this do of And in trial. dosing with trial additional and year We so, FDA still Phase – a program trial context as currently matter of clinical time. biomarker-based ongoing the that we on we of discussions like proof only or the a doing plan at are our design looking current sometime that data have would including will to next III the year with to longer optimization with assessment the the for decided other a of the agency it hand to we that be question other at go Phase the discussion to the believe program duration potential of steroid proof-of-concept endpoints in but in are as data beginning our regimen confident current study, design, and ongoing endpoints early for ongoing Obviously, agency the planning year. we foundation time, we the this concept in point be III of fundamental at of we will in

Trevor Brown

Have I you for seasonality follow-up, a yet if just in any And INGREZZA? could. terms seen new of Great. starts

Eric Benevich

QX in it with been that growth. in This is consistent seen steady. I pleased my been been but comments, the believe very quarters. in what starts has touch with on It’s we’ve Eric. And patient I prior the we've

Trevor Brown

so Thanks Great. much.

Operator

comes Philip question Nadeau Cowen next from go with and ahead. Company. Please Our

Philip Nadeau

taking I the design afternoon. for or and for in to ask arm? my in study. doses How question. the remind Good GOLD T-Force us the X are determined patients? on want Thanks specifically the you valbenazine Can X X, those the trial of

Kevin Gorman

Eiry?

Eiry Roberts

Thank you for the question.

XX weeks, the of means design learnings undertook trial our in by with design. fixed duration then week previous optimization a six week optimization is GOLD through escalate on patient. T-Force a first for the So, able dose dose is which studies dose of the on the their And to primary the confident goes for patient our they and smaller occurs. out of the the from and is are optimization patient very week And this trial or Tourette, each the that we each we four. for six then, two background, is dose weeks trial trial dose individual to of endpoint And based remain when

FDA the year; will then, for forward the those the As that, and of take the path on we discussions following from about sNDA. said, we this data I the to at for data end anticipate having

Kevin Gorman

should was that you the same Phil, trial familiar when we very approach. which the were tardive in We dyskinesia. X our study, first design sound took doing to study pivotal KINECT

Philip Nadeau

Got for it, script us? large was So, disruption? be impact Any okay. Eric, How for impacted disruption? helpful? you script mentioned happened the quantify QX how if And you trends. sales of Eric. large growth, the much sense then, just the disruptions of some one would seasonal in possible, – was follow-up those that that actually how was Can force

Eric Benevich

expansion their of expansion through of the substantial XX% spent lot of of to, lot a know but we quantify I’d people were by our the force had time sales increase do that size where out love of managers involved actually that We with it. pulling force the we jobs. with a this day training. We involved can't our assisting an – nature We going with candidates. a screening had involved sales We recruiting. of

to to with know quantify just I'm there really And we all performed. pleased territory the steps certainly, that, it. So, distraction, and alignments. change we that magnitude that of Everyone training lot that calling have changes in a been minimize of is that’s that that. where we’re off on territory. We who for person made all past we’ve forward Certainly, took the team phase relationships my way And busy customer off But of is a handing account. now go now folks we’re can't and time is really the our this now hiring past their potential got new in certainly looking getting of terms this. and when through there’s you

Kevin Gorman

was either Phil. a to Eric or launch as like was to that very we we curve it’s any this, expected or exactly the this how out specific amount thing proud quarter. just did really in one to described, that, with on had up. And to And accomplish growth much just as continue aggregate, but a we’ve But in curve. and It’s helped measure pressure really is on expect alluded pressure, tempered of add continue able to, slope see to some there of I’ll what steep of hard In variables line growth. how much the what team tease question we and it of the go Yeah. growth to

Philip Nadeau

Great. Thanks taking my for questions.

Operator

Stifel. question go Please next comes Matteis Our ahead. from with Paul

Paul Matteis

Thanks much. Great. Appreciate questions. so the

question that Eric's versus like what persistent. quarter growth were XX% this over was starts sequentially on seeing XX% patient last you're one interpreted I quarter. but Just something with comments new consistent, script

reduction I this due Eiry. any hurdle on reading Thanks androgen meaningful or is that or would then, the I be am for if CAH, rate change in other clinically delta a on with sort for or you And question the right separately, get so And biomarkers cortisol about looking what’s rate totally thinking to there that or a of you're what’s something that differently? had is refill meaningful some I at? a compound? was of that much. So, or declining clinically XX-OHP you wondering excited that – in should idea

Matthew Abernethy

Paul. first Hey, let I’ll in there. Matt. and It’s your Eiry question jump then I’ll take

see, earlier tease slowdown what new for Phil, So, growth did is demand. tailwind. exact the of steady growth when it's with really on as exact you But the of and quarter, said, then a and patient like apart cause our sometimes said we dissect very Eric to I a hard cause

the from the timing refill pertain those to when rates up the And to impact matters other much differences variables QX QX. patients in show how sequential right, they two quarter. then, and you're of Sometimes,

your mentioned in math. that’s the you So, as comments,

Eiry Roberts

question Paul, CAH. the around for Well, thanks,

in degree would levels. of As area in I about biomarkers. in refer we can changes of with to that were be context of clinically much excited is moving allows this if you a to the get that antagonist inhibition saw you we very know, in single as XX-hydroxyprogesterone of had discussion. study in thinking about now similar there’s dose would then And days deal study XX% anything worthy to of are XX new state we which molecule not previous that been over reduction relevant forward with CRF-X in very so published the a is change. to that women clinically and did dosing, we a what we'd a study a And our us steady population to that I approximately see think using of able previous with CRF-X, that ACTH the a be certainly relevant XX% certainly and a But great be

Paul Matteis

thanks. Okay,

Just is also of too? XX-OHP looking changing are kind top of steroids at that regimen stable to or the on burden clarify, in a in you change steroid

Eiry Roberts

is studies, changed. current burden steroid the the not In

forward, think, physiological have this for return whole run with the over able high-dose long obviously, doses this opportunity glucocorticoids to to of take period time patient because, physiological the patients medicine in moving I time. is detrimental long glucocorticoids – more to significantly that to for of be the are condition over a

Paul Matteis

Okay. Thanks That’s so much. helpful.

Operator

Anupam Our J.P. Please comes next from ahead. go question with Rama Morgan.

Anupam Rama

in Hey, going guys. quarter dynamic comment dynamics color Thanks so into XXXX? so question. well if about can much any on Aceto noting the competitive for thinking as you’re Wondering how as competitive that Thanks taking with worth you on much. the

Eric Benevich

Anupam. Eric. Hi, It’s

company that comment another myself. doing a We from in lot there's customers I and, this obviously, is hear don't So, don't category. on they're certainly, what

launch. it’s as to our TD and in growing off franchise we've good prepared to be I comments therapy most the a the the start patients. we’ve undiagnosed yet note leader. And our focused untreated barely ourselves PD INGREZZA TD we’d that significant INGREZZA penetrated is my pool of market and really staying important on with gotten We’re and mentioned preferred earlier that

investment Kevin that earlier. we’ll am business and talking confident months I about continue was really great product and the very that to coming in think We our the I have years. that's grow a And

Anupam Rama

Great. Thanks question. for our taking

Operator

from next Cantor ahead. go Charles Our Fitzgerald. with Please Duncan comes question

Charles Duncan

the one with traction questions question congrats or neuros neuros, with of my of the what question in more target a of you on of people? taking versus terms for number regarding Thanks And cohort you Eiry. had good getting psychs maybe then with new quick and sales. guys. psychs I last in prescribers, would INGREZZA of for the kind and are less Hi, versus for sales Eric prescribers progress another increased past? quarter Eric,

Eric Benevich

the for Yeah. question. Thanks

said that balance So, you I understanding there no. business? would promotional previously our sort in or I'm of say any about against shifts the three psychiatry. neurology. right, We’ve been The quarters prescribing efforts of mix patterns have if are against going of

We’re customer what continuing segments. essentially, to I high additional identified territories, thousands those potential mentioned course nine the of obvious of that that to of reach support months and ratio became is everyone into the our and we both go six we’re desired had earlier having over healthcare of but we customer able us to first with we with of wanted. it professionals that the frequency smaller that deeper couldn't With launch, level

this really allows on those frequently so, individuals And expansion more call those to cover audiences. us of more to and

so, ratio about just It to both that up. have still the deeper earlier talked holds think those And us go I that segments. we in allows of customer

of The there emerging involvement emerging you for any neurologists. care mentioned appropriate and an the health differential that social an really staff, customer it success. other movement know document, in disorders but is what’s it don't centers really sort the as induced and that's of was, abnormal or about et psychiatrists about dynamic tardive to behavioral found the team, we particular. if the And and educating cetera, educating diagnosis, how movements big we’ve than look the what of patients can everyone of customer is require about really just allied to and what our Educating get focus type, nursing in that does workers, more part been qualifies especially I so and of a importance driving our types. certainly learned the extended the about professionals and the general in importance dyskinesia, health that's

Charles Duncan

the to am would relative And With of I terms in Tourette's that then, color. helpful just with Would kind it syndrome T-Force wondering broadly? T-Force then, That’s be thoughts Eiry. be sNDA driven? patient Thanks, perhaps quick PLATINUM the data, of the sNDA GOLD what you filing with studying broader just in added T-Force one anticipate or a an regarding Eric. data for more the the you're T-Force you're patient timing. Would picturing population. or population GOLD data out And GOLD Thanks. coming

Eiry Roberts

Thanks for question. the

be necessary may that for case base the two trials our understanding the clinical So, sNDA. is pivotal

as So, and read that T-Force of PLATINUM next out mentioned, year. T-Force end And T-Force will include PLATINUM. the at GOLD would I

it's data. study on we a will adolescent of in do so the strongly being That's that to said to the we single the we appropriate path basis having the the really and advocate the have in indication for think pediatric forward treatment go from then, if for at for we the strength of GOLD However, that, hand sNDA we T-Force Tourette. profile it's trial. the the to data and our as look with population with to for anticipate of risk the benefit And that important FDA studied

Charles Duncan

thanks information. Okay, added the for

Operator

Biren Our Amin from go next question Jefferies. Please with ahead. comes

Biren Amin

Yeah. questions. for my Thanks, taking guys,

Just rate And on are in rate How you seeing INGREZZA. – compliance QX? is use? off-label QX one compliance relative to the question any patient

Eric Benevich

for Hi, to question. Biren. next you seeing week. And look forward Thanks the

we compliance. What their As a it said use no what change as earlier, compliance we’re are. their with relates drug INGREZZA, of who with finding compliance, rate to level patients of higher are dramatic normal than on in is antipsychotics bit

would XX% previously that studies did to patients, launch, XX% rate compliance their actually would we around saw of prior the time these we’ve of our drug. they when said take to As we be

but no QX. compliance see to rates continue QX to from that, meaningful We above change

compliance we about dynamics in of rates usually is QX, impact bit more in As just QX of before changes. talked a in there plan because

remarkable of QX. didn't see but compare a difference to QX compliance QX any when a QX rate, see up, bit from step you you a So, we may to

force to for incentivize it's they're As we do we before, said it anecdotes, isolated and use, very here to our about something off-label we’ve relates off-label. cannot sales And but promote use. that not either push do anything obviously, we, as off-label

feedback just purely get we say be or anecdotal do and it is shouldn't considered what widespread. here on would So,

Biren Amin

question Got it. Eiry. for a maybe then, And

T-Force second As had on as PLATINUM need and you FDA design Alkermes randomized may Have design, looked FDA you're using discussions receptability in a withdrawal mentioned, trial you at you trial something depression? the the compound recently given with possible a with that trial. of the

Eiry Roberts

Thank you for the question.

interaction earlier T-Force the on at think, As not we was year, in time. the mentioned, that any basis the initiated of I in point with PLATINUM FDA

within ongoing by design trial of part Abilify. different from patient previously a that is Also, the And T-Force this asked It which Alkermes we PLATINUM of of the that receive entirely commitment a has the depression know trial a in is and medication, design study then as patients trial treated that that to for when either part the the do patients However, then, they trial. FDA that do which XX active was weeks; randomized different the important answered trial program. of their to group are population we withdrawal around this as parallel are performed from to the know believe have very out responded answers part sales that question or force we randomized is placebo really control. the in

different design. very So, in it's its

this the design. confident in We’re putting package designs indication, those so and we’re that we’re before the in We confident for know has the asked FDA together in here.

Biren Amin

you. Got it, thank

Operator

David Our go comes Amsellem Please ahead. with from Piper Jaffray. next question

David Amsellem

Thanks.

So, I have landscape. question a payer about the

expect of gross-to-nets? the you to this the will payer question, you should restrictive antipsychotics the talk can that more the three you Thanks. that as be expect the extent And, extent to mind in years which label that approved, I And think about in corollary for So, bearing landscape grows to a expansion widening to Tourette's, long-term and how more as landscape to that the will we two that? in evolve? their there's or you that, next restrictive already setting in a get do become payer over how that see guess, three what's you landscape about a is really might footprint tardive, INGREZZA

Eric Benevich

topic. Patient been us. early payer coverage the part our Okay. in of Hi. is important with said And we’ve – we've and this important launch. I to pleased the access before think an It’s

and X So prescriptions patients the XX written $XX over been of have three filled out far, approximately, or quarters per month. less of paid

So, this down. It into and and affordable basis case-by-case going is let continue to that the evaluate year it enhance doesn't our through going on drug forward, monitor contract where that can we’ll and to that We we said the we’re access we’ll opportunities is sense XXXX. payers guard balance with continue a a mean accessible. this of to contracting and landscape makes to

it’s it's success on to something make Tourette, patients. it’s the important I dynamics INGREZZA that little potential so to so a With there. think, the far, that’s critically sure regards into for front. accessible the to get But payer good of So, early, to

approved is that mentioned options. That treatment there are You true.

underutilized, result. significant some they're and challenges a as there However, those are treatments, with of I think,

did going and work in credibility down got likely, TD, built address what And patient the with leading And our understand and the But of potential utilization with path populations. TD, challenges approval up lot date we a again Tourette of so, PDUFA the pairs in to we forward we or educating with the clinical the the prior I work to the Tourette. that with them to want to quarters profile about planned company, in go might that in our in payers. those to do how that we’ve think months have once we’ll about payers be of that valbenazine of medication really some we INGREZZA up potential about eventual INGREZZA

that, think early it's to I stay but little bit on So, tuned. comment a

think a once the I to we’ll have say more further down road. get we bit little

David Amsellem

helpful Thanks. color. That’s

Operator

comes question with Please next go Oppenheimer. from Our Jay ahead. Olson

Jay Olson

guys. terms how profile its then, from to on inhibitor plan talk about one valbenazine And next-gen you and/or will pursue? of Can new two VMATX differentiated Hi, clinical clinical have in follow-up you programs. the be Congrats the I indications your question.

Kevin Gorman

little be be and this, going can going be for I those that. going and to that into detailing out Jay, not what is think to – frustrating, are a not we’re but same INGREZZA. understand, the know to you compound, we’re not first it I’ll be for And jump reasons, the in clinical we’re the we’re on VMATX competitive detailing after clinical I that going between going going can indications to bit reasons, new inhibitor differences

You'll learn more different ways. this in about two basically

I we’re we you're Phase As keep track to it – that going we how studies. starting and you're hear That's the that on, multidose, programs, we’re to have going going into IIa progresses then we're through going Phase are progressing here.

see, go clinicaltrials.gov to going we as will that’s be You to see populations, you're into patient on elucidated. going then that

So, down competitive the to not going further much be too we’re again, until for we’re line. reasons, data releasing

Jay Olson

just if you. still of And could follow-up, XX And net single INGREZZA. those totally us Can there. strategy prepared I were then, fourth the that some dose? you think and of few the bit a patients expecting doses two to you're impact net in taking you as that of idea thank there? INGREZZA the also what what were in have a to in third then, communication give mentioned think pricing to you a understand a widen appreciate the were mg I fourth I Okay, an there who one give idea quarter patients mentioned your you quarter convert might remarks the of us the Can XX on all gross little mg quarter?

Matthew Abernethy

question. the And bleed Yeah. going and we to throughout was the quarter, Thanks, I that range out that said I year. in appreciate mix if our said of down expected recall, and believe digit Jay. mid-single the scripts Last we the continue door, QX, you to in

it. what is phenomenon but had this we just So, expected, highlighting

this to now that partially the quarter into in that and progress we’re continuing year. digits unexpect and So, to single progress through next through lower and

net we your go accounting, think it’s to and probably accounting as going it who to you relates time. it, inventory would get about has, the this associated And down channel dynamics to $XXX consumed you if at continue have script get to over the expect by. to it with to So, point recall, benefit where per revenue that is – call then, $XXX going channel inventory, to

because that's or donut any know as your dynamics. that revenue, gets has books hole largest in So, consumed on of assistance recognized first the end co-pay commercial typically which the channel sitting you at of year the been inventory the quarter, hit gross-to-net

around hand, but end below right carry the as the come estimate of the going not we inventory quarter. through on industry weeks have to work as we’ll disclose two we of to So, standard, that to exact

Jay Olson

Okay, great. the questions. for taking Thanks

Operator

Carr go question next Alan comes & with Our Needham Please Company. from ahead.

Alan Carr

the questions. All bit bit having more you're in specific my – will taking And then, disease about talk awareness. you're those Jnana impact right. what about for and I'm more Any a Thanks you the hoping come deal hoping direct-to-consumer that’s sense from early a maybe comment what of can wondering, markets? that? to

Eric Benevich

part Yeah. the I’ll the I Al. guess, first of Thanks for question. the question, take

state it’s that unbranded I do education we’re It’s opportunity about disease television as digital. to TD” excited So, called well pilot. both a and About the mentioned earlier “Talk

number abnormal their to anti-psychotics visit to get them that visit the to the we've experiencing ad with dyskinesia, that what is about dopamine-blocking audience, movements, on drugs, action psychiatrist more, educate and But, and educates to individuals essentially, the you, be website there. So, content that the may information if which the to an can actually have speak you website to see I encourage the you more. to call want involuntary or learn or develop be been both tardive call to target their kit neurologist toll-free is and/or the primarily done learn

the and encourage their caregivers patients to these So, both movements with TD might vehicle to that prevalent between we and is able and just population educate us to to the their conversation for loved believe a have diagnosed ones them the and TD. be gap another be ask, and physician tremendous there population, is this a

those initiated for conversation opportunity. people company, and the provider the the by win So, about consumer on is win hand getting the it's and also appropriately TD whether are one by this excited or one, the are we’re then certainly on happening other diagnosed, a as conversations as patient but is population that a the for healthcare with the long

evaluate impact look at program tuned XXXX. for more educational of this as So, we and rollout a broader the stay in

Alan Carr

those to tracking this. tell it it’s early was, select of you're where there too sounds like markets in answer The any

Eric Benevich

returns we’ve about Yeah. that this this this early about conviction enthusiastic opportunity. that I we’re investment, market. say an made tell, to election fact That’s but our with TD I too are would commensurate think, the certainly, Yes, promising. early the joke. And, is it's

Kevin Gorman

to one. XXX than of are scientists them family us. drug a are the your team on the about Jnana, one proteins in impressive they real And carrier And more Alan, transporters. SLCs, able as very there are found company. is which the dedicated is second to have solute There platform conventionally, of was been study which Same cells. built a on by to question, only discovery first at of Now, quality Jnana. membranes This part targeting

VMATX point of a reference, an is SLC. As

is, a obviously, of systematically in the Jnana unbiased fashion. in now addition, broader very this So, that protein we’re in. an research transporters can target And interested SLC repertoire

So, assay but platform, I your think only your SLCs these that, of you you’re drug multiples not for biasing ship with in rate higher the not should the deal discovery first in because be can way. time, any

So, are multiple molecules to small collaboration working targets discover we in of disorders. this across CNS together Jnana with

Alan Carr

much. very Thanks Great.

Operator

Please Hung next comes Stanley. Our with from Morgan ahead. go Jeff question

Jeffrey Hung

Thanks taking by questions. the for

sales follow-up. those visited? For proportion in And field, customers they the been what Then, of hires their customers have have the I a multiple have new visited already any of times?

Eric Benevich

folks given in geography, been terms existing of introducing also through result and or making so called and enough. not going we’re on legacy occurred have handoffs. so We realignment. in been relationships. on There's So, impacted. the shrunk have describe of changes on There process person folks. where – that’s a had reporting there's a we that that territories expansion has been, territories. the of prior the the in been calling We the process in but been They're that weeks. has field I sure promotions a for the new the changes of been this saying to only customer relationships. been effecting for have would the sort been customer those of all There's called previously, I'm customers new of also frequently The into in helpful them process salesperson obviously, as to expansion, that they've did or that not have the approximately few previously XXX this way stepping is transition a

really very feedback There's new a can The that for the So, high were at the a that is just US the was in of only there events it’s I really There company. things. education room a a where day been a sponsored the at was lot that over that We a was certainly, traffic, really But turnout had conversations was a pleased psychiatry And, weeks it's good last, tell and been at booth, see few positive. high in healthcare palpable. the I sponsored you two – this folks occurring. a Orlando activities. of standing a were Congress have separately, had good and that program the to by congress. mix our only. was Neurocrine. excitement, now. professionals in attendance. we where independent And, promotional really was different before I Psych has by an of next theater I had But medical was think the were week grant out a thousand that number down That product booth booth the field traffic

medical the what the So, high feedback and terms and the from from interest and the getting community. certainly new a doing legacy of lot team in we’re people we’re the both and of enthusiasm from response

Jeffrey Hung

as And begun thanks. and XX% you Great, you about this neurologists or coming is script psychiatrists has over go psychiatrists underlying you're and But specialists neurologists, into from then, about XX% both targeting. ratio deeper time? the of change volume to talked still the

Eric Benevich

deeper all to able at that would still psychiatry recognize because frequently proportional just it’s we’re professionals just see or go we as weren't there both neurology to high the that and to into we like. call we activity. So, And was potential able healthcare as

expansion, to the very that alter still with is forward. points sales days So, monitor call going things to the and expect, very that same. ratio or force early split given I going time. business how dramatically It’s but don't pattern, over it’s continue yet evolve the of the call We’ll

Jeffrey Hung

Thank you.

Operator

additional we for additional Thank this turn have at you. remarks. it time. I'll appears any or back closing Kevin questions It Gorman no to

Kevin Gorman

you Thank much. very

another can in out this started I a good you us. lot last As as we This is, quarter. of yet see, made for progress with, quarter

of remainder year. are additional to we looking forward important the strides Now, making in this

progress the foremost, trial, CAH and with and of INGREZZA, changed continued lives GOLD of whose be new can patients the T-Force increasing two with then number products Tourette forward. pipeline the and readout First moving

to very and plate. talking to the you year into be forward about. look we’re the say at on to And the lot next in conferences. with want speaking just there's our So, a There's remainder you going we year with of a I that lot that

with So, you thank I And care. that, your take for very much attention.

Operator

This We participation. your conclude today's conference. appreciate does

day. any have disconnect may You a and great time

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