Neurocrine Biosciences (NBIX) 7 May 202020 Q1 Earnings call transcript

Company Profile

Participants

Kevin Gorman	Chief Executive Officer
Todd Tushla	Head-Investor Relations
Matt Abernethy	Chief Financial Officer
Eric Benevich	Chief Commercial Officer
Eiry Roberts	Chief Medical Officer
Kyle Gano	Chief Business Development Officer
Paul Matteis	Stifel
Biren Amin	Jefferies LLC
Jack Allen	Baird
Anupam Rama	JPMorgan
Jay Olsen	Oppenheimer
Charles Duncan	Cantor
Phil Nadeau	Cowen and Company
Vamil Divan	Mizuho Securities
Carter Gould	Barclays
Evan Seigerman	Credit Suisse
Tazeen Ahmad	Bank of America

Call transcript

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, everyone, and welcome to today's Neurocrine Bioscineces Report Q1 2020 Results Call. At this time, all participants are in a listen-only mode. Later, you'll have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note, this call may be recorded. I'll be standing by should you need assistance.

to program pleasure Gorman. to my is turn over the Kevin It

Kevin Gorman

you afternoon, today. joining good much, And Thank and for everyone. very thank you us

with Officer; Roberts, our Head Medical Tushla, Development Officer; Abernethy, is Officer. our at Gano, Chief Chief Investor Chief our Benevich, Commercial Business our Eiry Relations; Matt Kyle Here our Officer; Financial Eric me and Neurocrine of Todd Chief

Harbor started, Todd, could statement Safe please? get our we Before read you

Todd Tushla

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

Kevin Gorman

your current with our I'm Todd. We're dealing vast all we going we sure statements Yes. are the Thanks, very like all you our to opening questions. so call are us take can that keep of brief, amongst majority situation this here. of

wellbeing community our than constantly through comfort ever. – more friends, very and safety wellbeing our found I family, and and currently now emotions your and of coworkers, and crucial the and how are the to as work of how mind our between switching proud We motivation for industry concern Your am country. then your of

Today, this through approaching to during take briefly work time. how we're you been our we've going

calling support respect serve, principles, our for our for employees of we their importantly, families, and patients future. workers those upon in we overriding and call the will the the and now support on be Our healthcare safety and that

a is our only disease. evidenced for pipeline. very not approved position, week's we of the have And medicine, but in our strong and treatment Neurocrine ONGENTYS, with fortunate progressing importantly, announcement, as third by expanding and last financially Parkinson's

throughout businesses that You call our hardship may tone acutely aware measured they good by find We're and be the and our our not may do numbers and more our we take felt individuals fortune sacrifices deserve. and the many of being than progress lightly.

Matt? and take that, briefly you With on comment to financials our QX through April would like I our Matt performance.

Matt Abernethy

Yes, thank you, last Kevin, and months. of the you good afternoon. many Great. Hearing several from over

how make like said, a positioned is and we feel years medicine TD navigate to by the opportunities with including balance patients with the and pipeline sheet, for are solid difference INGREZZA very a challenges with come, Kevin tremendous of to grateful approval As to in of growing a the Neurocrine created a ONGENTYS. field have fortunate to recent clear in neuroscience COVID-XX the

ensure to team quarter, the dynamics our INGREZZA. did commercial managing an job payer-related remained patients During through the excellent seasonal on first

total we with In fact, in resulted six scripts, these during million and both momentum unique a accomplishment of inventory, that we the weeks $XXX channel prescription is sequential total great in first dynamics. saw – efforts increase These had Adjusting which in product first new strong quarter considering results XX,XXX quarter. the the sales TRx. per last approximately in

our was per revenue growth net expectation. line net the for with sequential in the On front, TRx impact

$XX million. of P&L, with the our income Turning income net GAAP track profitability and QX non-GAAP net to continued of million record $XX of

well over development to pipeline in opportunities. sheet, and $X balance to billion investing us the business diversified positioning continue INGREZZA On grew cash or

and $XXX million guidance to million and non-GAAP our range SG&A to GAAP This to non-GAAP respectively. $XXX million previous respectively the to $XXX million and general expense million GAAP expense of $XXX COVID-XX. associated R&D and delays compares $XXX $XXX with million updating to guidance We're $XXX million to and due $XXX million to

As the long-term about patients dyskinesia. many we of remain to the more INGREZZA, future extremely have forward we look treat opportunity optimistic to who tardive

the encouraged to remotely, In from than so we through has network. Even patients our originally which April, actually NRx we field far a been the short term, of testimony derive the rates, specialty are our pharmacy and INGREZZA’s teams the INGREZZA working are impact continued strength by refill benefits less feared. with to treatment

am Eric ultimate I our it Admittedly, through impact our the thus extremely how is customers team fully understand COVID-XX, of commercial far supported to the that and still but proud crisis. early too have

to will Officer, With call over Commercial I our Eric? Eric now hand Chief the Benevich, that,

Eric Benevich

Thanks, in Matt. with team momentum conditions. the cover QX. to the I'm very by commercial dyskinesia. of I'd that the of commercial It's many keep results our challenging like delivered QX. suffering were helped caliber from more start off importantly INGREZZA of patients from entire to excellent thanking to able tardive happy the highlights And employees thousands for under our up they reflective

discuss two I'd commercial I important our business milestones. Before results, like acknowledge to

the anniversary of INGREZZA’s recent three-year approval. is first The

launched more remain As we patients we we how the Matt long-term month mental dyskinesia. today about importantly sit optimistic opportunity dyskinesia to tardive But many with patients here very we've awareness as week. since said, upon amazing health for much thousands perhaps more It's and to INGREZZA. help tardive and observed reflect accomplished

a by Parkinson's fluctuations. product have two we on the for later the new the will to Eiry granted pleased A benefits FDA received of manage Parkinson's second second, for ONGENTYS medication disease by approval call. label very patients community. embraced believe commercial medication be from help weeks patients with our And ago, called elaborate we that and will on strong with ONGENTYS. motor approximately this I'm differentiated better the the FDA

with new Parkinson's this we patients are get to disease to only year. launch new extremely a to treatment the chance enthusiastic opportunity and later You option one drug, this bring about

was half quarters. two of a year, our business Now, on again, to results. tale Once this QX

the payer calendar included our QX, of half re-approval health team year focused seasonal resets contributions healthcare on patients reauthorization commercial INGREZZA requirements, helping of out dynamics and was laser switched related plans. pocket patients During for headwinds. for and patients providers overcome first when These

The delay of did With TRx by job great well helping evidenced minimize new patients factors refills can and for to collaboration combined persistency disruptions effect a teams potentially planning as strong teams, momentum. starts. delay field as patients and extensive existing steady these as across our of treatment

through move we the As quarter.

we in NRX patient uptick Regarding last like half the new of a starts quarter. saw year, second in the nice numbers

to health of customer communicated previously our field the we policy. COVID-XX, work in took including in teams our home we employees, to response As mid-March implementing facing a actions by starting protect from

the As policy psychiatry country this implemented, and clinics in shut began neurology the to patient visits of restrict severely down altogether. or being was around person new many

remote In health to COVID a from with in same remains and time, directives, enable in to TD, product order to public our effective education, technologies assistance. we diagnosis treatment. burgeoning reimbursement deal presentations the pandemic TD help are people concurrent two our field catastrophe. continued support mental same get and a to we customers and suffering to shelter our realize health the crisis, Despite struggling manner, mission XX At the widespread the pivoted current teams place productivity of INGREZZA the

serving strong are with relationships who patients. a We such an to hired healthcare to experienced dedication providers fortunate have field have and team

Our know to to that to some and starts. talk to Despite INGREZZA someone we is to. to term, space, recognize patient on adapt a needs especially can customer business rapidly people an the only step their the on new offer our sometimes when the within know flexibility have have efforts when our will impact the new to sympathetically to listen in COVID-XX in likely the give this support and awareness evolving customer environment, near insight they to that, when support

suffering as coming launch reach drivers The treatments a with expand accelerating of to in TD distant mission grow team, is team's the from to INGREZZA attractive TD have reengage sheer Neurocrine conviction strength will of be into high Parkinson's face to product of soon hopefully disorders with our to opportunity We're transitioned years. from field ONGENTYS unmet eventually and in to the multiple remain movement our single delivering months prospects momentum the our enthusiastic back I'm not about commercial customers likely on I key and in hope very the offering face company product for and and continue excited we growth people the future. and at we help profile when the for of INGREZZA our the of commercial disease. company patients. too in need ready a

Chief with Eiry, call Medical I'll to over So turn Officer. that, colleague my our the

Eiry Roberts

who other the service to convey begin, I time. for own to of gratitude Thank But during challenging of this their and on I the on you, my add the the with continued everyone to our clinical like this continue FDA to professionals provide all I call. frontline Eric, on work level hard high happy thanks and to update health pandemic. programs. engagement also before afternoon so good I'm care would Neurocrine on to an my thanks to want

process was team A off treatment patients than navigated ONGENTYS Our FDA levodopa/carbidopa regulatory experiencing Parkinson's of once XX, the treatment little for we to two disease, ago daily as less for as impressed especially through adjunctive weeks the an ONGENTYS. April with the approved on recent episodes. that approval partnership the with

or COMT levadopa enzyme of disease. ONGENTYS current a standard an of selective breakdown treatment the for is symptoms catechol-O-methyltransferase involved goal key Levodopa/carbidopa in inhibitor of the bloodstream. in is Parkinson's the oral in motor

can ONGENTYS experience increase reduction walking the treatment motor between more tremor, Through as motor Parkinson's effect at in control of results inhibition time wear administered to also including and time blood off progresses increases may disease time But off an improvement dyskinesia. symptoms prolongs and which selective troublesome levels on therapeutic movement, day with COMT, PD, levodopa/carbidopa given once disease difficulty in its bedtime levodopa/carbidopa and therapeutic of as for and a slowed and doses patients of in in begin their consistent without a patients during therefore occur. the off such adjunctive therapy an

few FDA team Shifting the months, diligently for the COVID-XX with our timely ONGENTYS. important now, bring past on recognize gears to treatment like clinical over our new to this pandemic our including the we're living impacted Parkinson's I'd this across own. And worked approval with many to achieve has disease. trials patients to industry excited option who

RESTORE-X last patients of registration NBIb-XXXX month We Huntington's disease; valbenazine the paused chorea enrollment Phase The in temporarily treat in in that for to announced disease. studies. new three of ongoing study X Parkinson's registrational study we

efforts with and we to the Crinecerfont In these these data the to in of order These that measures initiation and are the adrenal include patients congenital generated closely adults and well positioned these study needed for all appropriate new efforts protect end, make and new to pose our pre-study managing this hyperplasia. to study temporarily safety plan to initiation to as through is the and both during effective conducting studies of is preparations be our Crinecerfont on hyperplasia. enrollment Phase the investigators working the pre adopt half all ready our second our safety studies continue monitoring with are global ensure ensure and initiate X studies for It and We're that however investigated from determine tasks the fronts to congenital these integrity study to important a year. we technologies in to times. on safe as in priority launch study participating trials, On clinical to manner. single it is we top progress assessment ensure to adrenal ongoing these to new pediatric of To when for all sites to while note, do of reopen of using challenging registration that to studies soon as current so. the for of safe trial enrollment, virtual participants studies how clinical that

epilepsy mid two for rare stage with Idorsia. in studies our exercise option pediatric pending On of the

presented be online of the X the recent results with proof-of-concept the CAH meetings study patients cancellation of Phase in Regarding Crinecerfont, ENDO live meeting at following classic June. adult schedule for ENDO will the

of in engaged X the on Phase adult recently forward of advancing the currently this Phase also treatment study for We option second year. much moving ahead novel end we're with in study which and Crinecerfont X this half required to patients with CAH. the patients design provided We FDA implement of adult global look for clarity registrational interactions needed registration to in the

ultimately In while predict timelines closing, to the challenging have on it pandemic what of kind is our will impact overall. clinical

mid-stage have currently plan by year Our on programs for ongoing registrational end. full programs XXXX unchanged remains to three

my patient at lives. mission all and thanking enhance Neurocrine efforts colleagues I'll dedication to for suffering inspirational relieve close and company's patients’ by their truly to our

that, hand back With to I'll Kevin.

Kevin Gorman

and Matt, Eric. Eiry, you, Thank

statements do and for will prepared your are ready it to that questions. So we take

Operator

Paul time, At of this take Matteis our question from Stifel. we'll first

is Your line open.

Paul Matteis

questions script that per saw Great. results? wondering in the Thanks Two me. funky so qualitatively if confounded at in much quantitatively comment could for things you and the taking dynamic average for XXXX my I quarter. that patient to maybe congrats XQ, XQ on relative you or that from was least

And I by then your in on separately, struck just April. commentary guys' was bullish NRx

You guys usually the maybe then are conservative of tone. kind kings that being of conservative and beating

you little far more thus of in terms with INGREZZA bit what Thanks detail maybe just exactly a could you're much. comment So so NRx. on seeing

Kevin Gorman

of by and Why question? question. part on don't start for you out? first we followed Paul, stab to Thanks Matt, Paul’s the do want the take Eric, your

Matt Abernethy

also per sure, patient we had Yes, perspective, that. into time the a RX this significant in year. We this a kings. since calling heading appreciate we been patients same the for And even had Thanks QX as of a number in could there as refill the we year kept us double question. headwind. for significant the Paul. did rate last patient compared From as have And quarter flagged to that year, for if last headwind a potential for we the QX is

you can I drove place when quarter, the that per actually first So channel you a TRx were bit quarter. in since a in what in results teams in think normalize the increase for sequential for rate higher that this a refill actually had inventory, you we see patient our saw

So a did the they job a job. it by of was heck excellent team and an

Eric Benevich

This Paul. Yes, is Eric.

about your that question, So of we've to feel the we half good answer the into second carried QX. momentum

As good I QX mentioned quarter perspective. was from really a in an NRx my prepared remarks,

one was we've of quarters to date. it had fact, best In that the

adapt. directives hit work a basis, a policy had pandemic and Now, and home from field widespread obviously the going We implemented country into teams we in states to the QX, in shelter-in-place were across our pulled implemented out.

good rates was NRx, saw the we really what to given However, and we an had this, there yet consistent despite we're very momentum, But about we that watching things about our in certainly seen wanted this the days but that to long-term expected to certainly be convey tardive dyskinesia. we've doesn't terms affect it opportunity expected optimism in It's And good all less our what refill carefully. far. of would business and with INGREZZA see thus than impact feel dynamics. early we

Paul Matteis

of met you terms to right, QX Matt, And you. relative QX? Thank last year, Is rates, not refill correct? that in

Matt Abernethy

a And Yes, of across surveys – quarter, volume for visits that's correct. you for sorry read is significantly I have the down add is also the on patient that industry, NRx would only lot different the if significantly. April, down as call the gone thing

say XX% most think I between, XX% decline. and

aren't those NRx point. So tightly this around correlated our is, commentary at

too to formal back when call early really It patient back QX picks it it what's my still going is and But look I in in make on depends remarks, like? person. to opening on as mentioned people and as start and Eric said, flow prepared up up a

So thanks Paul.

Paul Matteis

Thank you.

Operator

take our Biren next We is question Your [Jefferies will LLC] from line Amin. open.

Biren Amin

QX. and million Thanks guys. you just QX added Can inventory for taking about Hi $XX in you think million in questions. my I $X another levels? had, think I you talk maybe about

to to typical six understand I want around think just weeks. So average where lie, is you four

that. So maybe if you Thanks. could just address

Kevin Gorman

So, one? take Matt, you to want that

Matt Abernethy

sure. Yes, Thanks.

the example, ends, perspective, orders predict channel or a based day variable. on of from Tuesday. most a the it Monday be and So Even very difficult for inventory channel it's quarter can highly to upon our

more or the may Monday, a stocking of depending at there on so on be it lands the a if Tuesday end Wednesday. quarter little bit And timing,

inventory results that So you sales Biren, to and in normalize when QX around you really for QX for XXX. channel place we had normalized XX same also

TRx. sequential weeks. But such – to increase gross it's two However, within discount right to channel, to a still in around discount days gross our period, big it's since there’s on a hand net a leads our from perspective net

Biren Amin

seeing, that's with a to maybe doctor. starts the naive what we've naive on from guess Okay, you existing the switching see got given are treatment therapies I from that on harder COVID for probably epidemic and treatment versus percentage you're helpful. describe to then that patients it's can patient prescription go new And comes patients, in

Kevin Gorman

Biren, Yes. Start we'll have that. Eric. with

Eric Benevich

activity. In assume little very market Yes. The been that It's tetrabenazine. is that about and starts of INGREZZA. then deuterated that environment. driven still how that the educational answer The current we efforts, of the certainly not information. so patients work case past, switching. undiagnosed identify looking with And don't new been that's talking and at of patients. have majority our on, previously that I much kind benefits there's we've the having treatment has vast probably clear been that educating of done research in in assumed about them by driven I this by providers you're risks of to has And the this

tack talking of in including of sectors on a that an kind in over psychiatry to was drop last, seen in certainly we've so But just visits substantial bit neurology. patient what by uptick six a in the offset let's that's different say, been little Matt And been healthcare, partially weeks to across or and telemedicine. there's about,

dynamics patients so symptoms, can TD that cetera. patients monitor they certainly we've on et and in continue our to currently INGREZZA Understand And made are help they for assess those to to efforts how understand universe. how providers can

patient a explain And been, decrease where our been proportionately Kevin in why business. hasn't through times may so dramatic the partially it as that these clinics, there's even flow impacting in said,

Kevin Gorman

talked just Eric as about that, to on add I'll telemedicine. what Biren, And

any clearly has increased in that the Going was the before from ramped there. most specialty other COVID, That up than telemedicine specialty. utilized psychiatry

in at been Eric telemedicine we've this. we've been what for that a looking meant, even years And so prior to this, couple of studying is that's

that. And they talented so able with experienced and were plug into salesforce, an to

Eric the is, always has and treatment, has quarter. reasons of not why the put is here nearly we're cautionary early what done, one I But seeing is, into be. said, And we still that it Eric done NRx in think I'll had would feared that statement is Matt not this as the is the this

and we and stay to is top just going throughout of to this happen continue what to on quarter and so need And see adapt to beyond.

Biren Amin

you. Great. Thank

Operator

Brian Abrahams Market. from next is Our of RBC Capital question

Unidentified Analyst

on [ph] question. Leo is this on taking Hi, Brian. question CAH program. the had my a for I for Thanks

to the been that you're steroid the feedback to what normalization on looking you I know to regulatory as and wanted like has Just And as a pivotal might an endpoint compared recent quick biomarkers? reduction and have up use at trials a are of in run. sense well. potentially planning steroid something follow comment And

Eiry Roberts

for of that here. And patients calls and several extensively on and question, thanks terms as did are with meet ACTH with as XX-OHP It's FDA Leo. design in the the planned they in of Eiry do think So we [indiscernible] used the very management we of I levels before, said we've hormone of actual study, important, the are and the believe CAH.

In addition, the impact glucocorticoids dose can will that's continue have understand exogenous we antagonist disease. ACRF-X to on the believe important to to control it the be of that

of about that is the trials.gov, design study clinical study in Phase the single of study And that looking year. actually I study global be that on that and pivotal the and we're mentioned, we'll That's a As there'll once second be lot we half in there. towards the Phase endpoints implementation at X more obviously moving adults. a this X posted information of are finalizing –

Unidentified Analyst

to know in the broader I of I maybe the perspective. previously were global up And has go that to identification economic more evolved alone mentioned had the going. is and I how perhaps just pandemic you for can to you that here and want thinking on Thanks. if just outside given studies know macro global if and going follow a conditions strategic

Kevin Gorman

territories in know of gone. want still plan more alone thinking. the territories both that hasn't changed ourselves. We that this registration a Phase very in both it's that how strategic from aspect, take doing I'll Eiry, commercializing and do X in you to on at So the all that part first doing talk about our trial

Eiry Roberts

investigative very Absolutely. research a I the the mean, we have of U.S. committees working been closely the and our ethics very and with that contract in external this have in organizations also second and implement in that form partners working we've globally broad reach the Europe with regulators and sites in ability selected and to teams are obviously with those year. towards we're half the of

Kevin Gorman

Yes.

regulatory we're You CROs, our the signing ones you with is the of do second this And work for throughout trials EMA one trial and able them that in say some it's the we've going partners are surprises. all programs been that And extremely have not that that working responsive with to beat. we are pleasant it's found be highly both time, have pleasant They've surprises all effectively been currently to the whether all half. I'd all during we starting the – with agencies do even of here, the a of telephonically. period get up of they working the missed certainly outside sites, clinical FDA, whether that and

Unidentified Analyst

That great Thanks. very was helpful.

Operator

switch. question want Our Tazeen, Ahmad America. Tazeen mute Bank to of check you your from next may of is

is open. Brian of your move We'll line is And Skorney Please Ahmad, line once switch. Tazeen again your open. Baird. next Your mute to check

is line Your open.

Jack Allen

associated they're in seen Thank past? bit Jack if plans the is in the insurance for And little government could insurance? Brian. how potential patients there the just one Allen of economic many as the to government U.S. the shift the there versus trends macro and talk to any as unemployment was INGREZZA? had payer one. commercial broader mix kind you This playing quick of out about you'd kind for questions. increases with are you. a taking I our risks of wondering the of if business are see Thanks we've And how I

Kevin Gorman

public population, this bit actual when we payer at said proxy higher the a our for all private a this Not originally looking a We saw Yes, anti-psychotics actually so XX:XX drug. we older it's we and talked had Jack, surprising in here. approximately our that a for what bit between as not arena payer as mix patient said is patient the we launched have about along mix. population is public because have

as and with You that as broader are what COVID far happening issues is going raise point good on. a

Right evolving in a our Washington now, in-house what happening we on do continuously. through both is in throughout and capitals. also keep and I here. government state We It pulse relations can I we any to intelligent than to react we think that make don't forward you looking have will statements here involved And say do say? we're appropriately. and Eric, other more what's monitor,

Eric Benevich

that Yes, can the our patient's I'll regardless only to thing other unchanged. INGREZZA insurance the to sure is that remains access status commitment making get add of they

Jack Allen

Awesome, thank so you much.

Eric Benevich

Thank you.

Operator

JPMorgan. Rama We'll Anupam next to move with

open. line is Your

Anupam Rama

gating quarter. of for and on question guys, of thanks and here half back the to year. opicapone Hey the so getting on product factors A quick supply launch, launched much. the the of a the the so thinking taking congrats the in resolution issue about question actually the sort Thanks

Kevin Gorman

Yes, contact step probably we'll you thank like at have so of into and them on what supply are COVID do process launch summer in BIAL, plans each tell in we'll We discussed that. our many and responsible the We a which companies who top in you seen they environment. impractical about itself give of early our and we'll tuned, for as chain stay is of the timings. ago, and had years that this Anupam. you close XXX% as had it being that, through a in to conference, seems rectifying in update launch that's partner, that supply rectified. chain we But an early makes an pandemic in and are with the – you've with And January, for back stay incident us

Anupam Rama

Got you. it. Thank

Operator

Olsen question The Oppenheimer. next line open. is our from take We'll Jay of

Jay Olsen

you and taking on the congrats through working Hey, this for thank question. pandemic

physician I I unexpected new to patient if wondering supported was program. patient think could in attribute the new And transition consumer education. of you by to online INGREZZA starts you the said starts any your strength your was for education

related physicians then to was way to who wondering practice INBRACE your there's you if use I any telemedicine? new could program And to patients that, refer

Kevin Gorman

you, Thank Jay. you Eric, want to.

Eric Benevich

that patients, are still to Even is them opportunity and that is and of contributing lower the educate well. many we thanks excuse to their believe effects coming QX. though last we've them face-to-face and visits Jay, me abnormal patients think a into the or question. encourage years that of unbranded the disease momentum there out that towards education done try continue of to talk volume three out contributing cumulative everything over for The the having physician the sustained we as mentioned certainly of you possibility of QX be I to about to Yes, QX seen that having could about talk the TD that's program targeted that PD Certainly is movements – and state to we've that that dialogue.

been pleased that face-to-face very thus they've very really and customer that support. that strong strength able and been relationships cumulative from that move to QX of out coming QX model thankful we've I is the doing. far. quickly said, we've we education Ultimately have effect the with And a hired an seen we've they've And in-person really remote of the that we into such and pivot got the seen to that team been everything like remote productivity really we're very

Matt Abernethy

to in it last was this I this in clarifying flowing rates to saw picked second steadily. then Similar back you Matt, we had a back patients is as quarters got Jay, a bit QX, tale first up were for Matt. more slower make is two couple interactions the and of first also the comments and half everybody. the want half This of just of as quarter ramp year the where of to normalized refill quarter Hey

Eric COVID-XX. just to nice a have, nice did prior mentioned, trajectory as So we momentum,

increase just to is I not to just growth or comments our in in how I I NRx. the sequential context, be want seeing NRx clear, want not make question. ask about we're And are of sure a of out you April out think, out of taken

we like better a But NRx anticipated sure dynamics. seeing, had that changing I other are the questions. to given couple than wanted we We clarification given make has said, provided

Jay Olsen

super you local refer of you. are able TD need helpful. a Thank doctors’ to to that's to And Great, practicing network patients them? telemedicine who doctors

Matt Abernethy

to the talk your currently. neglected to the question. about not I sorry, your The is No, answer with doctor. PD of call to last action part to talk add Yes,

that's evaluating opportunity to been certainly is have we're if patients their on specific physician and a We in discussed there direct area an towards educated TV.

stay So tuned.

Jay Olsen

you Super, much. thank very

Operator

of Charles from is Duncan Cantor. question next Our

is line open. Your

Charles Duncan

and Kevin congratulations revenue a brief a and commercial had team, you taking guys. then And good my question pipeline question. on thank quarter. I Hi a questions. for

the about qualitative early people it may early, that of to then the is to June, to get May Was think you’ve prescribers discuss April Regarding in kind any about relate for wondering interactions be May? there or kind in guess, least quantify, with really And maybe and Matt, at question, versus question, would are I'm what way to difficult early versus you're anticipate more, the if the what that I to flow? in of you it commercial you them? clarified folks but having previous early NRx talking early say just April,

Eric Benevich

Yes, I'll take your question.

at and certainly different across entirely. rates in at or home was And change doing was both visits we to started access through went And patients’ doing. customer happening into our times. think there in part we're field emergency early lot was as that and and facing adapting to So support tail different more April, and lot to down the there the office we of time the more a country the March of that what of restrict that only essentially I practices see shut a at team

tools we them allow would have Our to equip new technologies or team, quickly them those that field needed to with interactions and pretty remote to their enable with customers.

our to trying so we're the a furiously period support speak, with to there be trying of And time and lot to a they do frankly, what where patients. changes what their very making was support were to fly, to do we to able with of customers so were on

changes Certainly we learned the to teams. sales bit we bit effective. was a I our a field available terms was made settled over of reimbursement think And about rhythm. less fair certainly and some the resources were what April course that that working, in into of our what a of

point the feel looks that that what So of relatively having. like in state types terms it's of steady and interactions at this like we're cadence I a

certain does a can we're so fair starting to in loosen of interactions as that face-to-face now of how we're what et with do see cetera. of on, However, look types to re-engagement bit terms in customer doing starting like, safely, states planning the restrictions, are so and we up

the going past, what that can bit the a shifting the and think in with to kinds where pace. like we I so how those is little looks at we're future like engagements we and what customers start had focus towards have So of do to

Charles Duncan

and impact will, supportive see on crack, our and That's an of if let use versus helpful a little you psychiatry. being thinking launching one easier you possibly the neurology Eric thesis year? in of this in of say if said, year second to That psychiatry a ONGENTYS me about later nut wave, you, telemedicine bit ask

Eric Benevich

then perhaps can as well. that. Eiry on And comment comment I'll Yes

Kevin and need the see is the as drove in of number was there that you large within gap that. support providers. very this, especially areas. of pre-COVID between that of mentioned, there that was a number a One psychiatry a So factors And number psychiatric telemedicine rural of patients utilization higher versus there's

the medical engaging geo mental state across a to And these so services many in clinics of help or could had county their these a health that telepsychiatrist provide patients area be remediate to resorted for away

to utilized already what some we saw what place of standards by restrictions was the put have and really physician specialties. government. And saw higher COVID-XX other was degree relaxed the in just in that that pandemic were a that we The accelerated. than the So been

For they in engaging example, to clinic, et it be via the psychiatrist patient circuit used network remote to be with a be had closed had to TV that a cetera. essentially, the

via are patient be phone. frankly, the home, And is at these psychiatry The portion at these good now some as of of well. home could physician consults tele

happens extent to what extent things or to is those lifted, remain what So once they psychiatry? go to part understand core what will a of back were What we're telemedicine emergency trying dynamics. do declaration pre-COVID, towards

many some ONGENTYS. we're doing understand certainly, that telemedicine on time. we've trying could on previously. neurology is that been this did how better we other had are And TD companies prepared understand launch affect probably and the than work that impact also we and to But because INGREZZA franchise impact work on and the for we to our are leverage able our an I potential with some think, eye keeping Certainly, we something to been

Eiry Roberts

community I'd that definitely is that, it think the correct further terms disorder, a preparation launch. the adapting neurology to to the And a historically Eric, clear employment both of setting. study to in that approaches. community, interaction At ahead in through try through for is only their Yes. thing I telemedicine has our this serve also different been in ONGENTYS psychiatry It's movement through is in least of add with order the rapidly that very and patients way Huntington

to the that advantages, population the will that And already in their be with of one relationship and I those neurologist known a will ONGENTYS many of is think, the will already. be neurologist patients have

their so in that the patients professionals seeing treatment and additional healthcare techniques that to are assessment adding of support options. that or we a including setting clinicians remote of potentially use very and enabling there's technology And effectively, changing are lot

Kevin Gorman

question? answer did your we Charles,

Charles Duncan

Yes, you Kevin. very Helpful color added did. Thank and you Eiry. much Eric

Eric Benevich

Thank you.

Operator

next We of Cowen Phil and to will move Nadeau Company.

Phil Nadeau

for thanks taking questions. Good afternoon my and

prescription the numbers. clarification on question one First

increase? if and an what or correct notes wrong are you're our TRx in figures are increase. queue our had on I that that QX is QX basis you on were that we I they TRx Could think setting believe XX,XXX there a are denoting QX. in XX,XXX you you calling sequential

Kevin Gorman

Yes, TRx TRx so inventory. the numbers channel implied our or include

million call for we it in So represented, in build QX, an that where had TRx little example, inventory $XX XXXX over the quarter. a around,

reported inventory would TRx. implied quarter XXX need by XXXX would XXX of reduce million around to or type and $X then you level TRx you which build, represent our channel this had So

Phil Nadeau

second were And that's earlier the on seen when is in then lag the suggested patient that NRx Yes, the from past helpful. you've noted be April, is the the NRx physician to NRx a by trends when commercial. in and you can the some visits actually in seeing lag April in actually the partially you're trends before that NRx are and there realized a Is or any hit? March chance COVID due patient based becomes on of to those that

Kevin Gorman

to Eric, take that? you want

Eric Benevich

there a could cases is care their pharmacy prescription be time. on is some from. Yes, of site days couple in patient or the a depends It weeks. few a It certainly the and what a getting of bit lag of

as the So were likely prescriptions part beginning in very that would written been saw that March. But have at momentum of were filled the said, we uptick and that things QX in but It's the still really of early as into very carefully, and feared, we and as the through to half QX. are carry continue environment. external changes the significant and nice a interactions we second April the filled of latter impact was did dramatic we given monitoring in sometime not

Phil Nadeau

taking for my Thanks Great. questions.

Eric Benevich

Thanks take Mizuho of question next Securities. from our Phil. Divan Vamil We’ll

Vamil Divan

Also, that question. level? picked stocking and mentioned to Maybe [indiscernible] try just the in patient just Great, maybe just benefit actual is really then you questions. thanks so the the one That million at inventory, channel? clarify that that or to up does include one you pandemic much, for taking channel $X

priorities business some my are potentially more to just curious development? not to pandemic smaller does the side. development differently, well? And business impacting then as Thanks. it anyways opportunities actual withstand Maybe able I'm with companies question on the pressures pursue or was that companies change your

Kevin Gorman

take to first want you clarifying the aspect? Matt,

Matt Abernethy

we Yes, in getting note see our or patient to March. not nothing inventory significant change our in level. And It's is any did note, to in also pharmacy patients how not actually network. channels at channel the the just refills, were

associated impact COVID-XX. in So I would chalk up a with QX very little

Kevin Gorman

want you BD? about talk Kyle, to And

Kyle Gano

about There's your our top with I the here. be people outside. really outside course in right end make internal pipeline, on and our And of in can interested of question continue now some though, doing opicapone interests so much Little we great an of bit our INGREZZA Yes, captured so only lot for signs in investing internally. time interesting door. to things we're happening sure we do a

there. on we're going So what's learn get smarter on out trying to and

see continue we course are of to and if of look partnership opportunities. So other there types

look interest with if current of to the in intellectual engage pipeline discussions and important that you types are internal technology Strong to companies. property, that's I platform partnerships recently, of interest things programs, are something those in the you that our some of and think the our Xenon, things our across very of other Voyager, see is science, that Neurocrine. are we that that struck at cornerstone

Does or that or for. that large follow-up are your question the looking they're do whether a So small, pieces those we're have there? answer you

Vamil Divan

company's the know guess like or I curious, Yes of feel, also on manage seen I if kind maybe way their availables? maybe have struggling I you to as more you comment just don't a through conversations change pandemic? was I starting smaller can

Kyle Gano

Yes.

seen haven't yet. We that

but we are their think making the haven't to adjustments. business most happen that road, of people those might trying to Not down and seen understand the how yet. change can't just say I that

Vamil Divan

Okay, thanks so much.

Operator

Barclays. Carter of next Gould take We’ll question our from

Your line open. is

Carter Gould

And Or had more think Kevin you the of good a reengagement I as just see, guess, that first Thanks an a just maybe phenomenon? or some afternoon. of hold engage kind are opicapone, back until synchronous is a bit by guess sales performance. entire type on given sort maybe congrats you bit looking Great. expectation in you'll with that given your with for little color taking I that managing none the I Eric, reengagement to maybe person of during payors, all the INGREZZA out-of-the-gate formulary sort to about little here, time then or on you've guess, question. Thank you, force better as for sort guess, delay I you'll our going force here and access more? sort the the And you of, guiding it's expectation region? And see the like in through the principles just of that, is sales for, think clinicians. and

Kevin Gorman

and that they or bring this to such our question. relationships these they they're size be that first most skilled has when And highly allows Well to as very part of the I the real in that skilled that have – are the part opening of customers said same them the we they that's reopen. to briefly They're skill and force sales as is, experienced part we his to fortunate during just even closed a INGREZZA your built this going Eric remarks, take in to has even their that times patients. difficult interact, engage using of when have

can probably more a bit it's gone? how into Eric go But about

Eric Benevich

to it learning been has opportunity continues a for has launch, and learning that us. been said certainly a evolve. Yes, We've this this

our if that just think the I increase one of entire with is you a field company organization. as the adapted of but really too hallmarks we've way sales much. the organization, almost not can't really the across It's as the communication, sort to of communicate

an in company And terms lot been so with certainly, the changes. or personal distanced to and has future their issues with everyone and being of these organization, people the own of deal really the country navigate concerns personal – helping of physically all a us and and circumstances, pivotal as communication about key that having

like, haven't And terms I reengagement. I it's how that's, reengaging is that going of into asynchronous that, before, In a you but out. face-to-face again, process which term play of think, used that going to I heard field back and the

the a to planning as number – like office well what have into clinics team various our care back our different health headquarters. internal different as of into bringing home into that settings are the helping us to going teams We internal looks and for prepare back

happening same already, And seeing parts of states at not different are Changes lifting some are the pace we're in the that country. restrictions.

what number time going expectation probably being individuals in as reengage able of months that is occurs weeks their is well. to terms the a to like likely looks going over so customers. with be And of evolve this to in that a that And our different over country parts to is process of

ONGENTYS, we're want in launching at looking your the The fact second opportunity. the or third of maybe related and to part year. that take latter this was half we the to the of of Certainly, really advantage question

they them gives we're patients. engaging Parkinson's we've the a medication to You introducing us manage time certainly, plans a and additional about Parkinson's the of understand ONGENTYS. those payors got how so the to label, terms for with And treatment place to plan But regards fitting in prepare. see and into in the that and how have educate we're can current more paradigm this engage specifically, to class with always payors labeling to we use we where how opportunities these now

neurologists that up have importance our leading to to the that and So the fact we're months efforts COMT our of date. the on inhibition PDUFA continue in educate to going as we been

Operator

of Seigerman Credit Evan from Suisse. question next our take We’ll

Your line is open.

Evan Seigerman

Hi and all. the Thank healthy. staying I Congrats on safe all you taking are for and my you hope questions. progress

growth getting feedback know model? driving the touched the as can you just Are the on I on same virtual color more So now sales provide trying you're level you the during this, from on follow-up of rep they're on but ONGENTYS launch. And times? effective interaction a getting then on reps if physicians INGREZZA, really normal these I'm versus understand in prescription to engagement? still

Matt Abernethy

and in as we expect move than doing we working the they as and Evan. excel they're of quick what closed can patients a dramatically – so and anticipated first home, and, over along. about, you it they our efficient you be you seeing, as to with offices they put talked thank – to they're nevertheless, keep the job could what sales continue just I’ll COVID. doing as the not imagine, a of with But were This to reps has prior from take or they to again, force as many Eric. had Eric reducing the remarkably better Yes, this,

were structural that, all efficient clients. So their say can't they reasons, they're as no, that of for I with as

clients, are many their of with However, efficient. they as

So it with that, to Eric. over turn I'll

Eric Benevich

have bit you're TD on about. additional regardless calls board And Calls can say area Yes, And gone in all also Evan. what the I have And gone little market. of down. think I provide that's across our I a customers true calls, talking of color, generally HCP therapeutic down

replacing with found meaning through customer, we're and the engagement is instances, have getting with presentation. in to a more longer quantity some quality, educational we're However, that what time go we full that, more opportunity

pivoted the programs tools new able so towards into said, And team, we them to and conduct gave these resources March like remotely. of early educational and April, be our to I end

in We leveraging job peer-to-peer terms activities. physician that also far, pivot nice had I make utilizing and to of parts of educational done think, to able speakers programs, resource country of we've And being thus peer-to-peer the a available.

those customers. though that to we've volume to it we've engage is customers reality we But the even less the what are that quality high the longer than are the call to. is to certainly, very our able used that used certainly calls no So that way adapted for they of be, practicing with seen

Evan Seigerman

therapy? the we Okay. launch, ONGENTYS follow-up that patients market are addressable Is on beyond this therapy? the total we those on inhibitor And a all should think patients for so Or just asset? about how who PD on COMT to should now think levodopa/carbidopa

Eric Benevich

you the on labeling look are that if for are at off-time experiencing ONGENTYS, for levodopa/carbidopa. So it's currently patients that

them About an currently So there's levodopa/carbidopa on on thirds of adjunctive roughly two one treatment are and million people some in the with U.S. about Parkinson's are those disease. preparations, sort. XX% of of patients

on So that's experiencing patients motor are substantial it's really our addressable number. a levodopa/carbidopa Those and patient that that fluctuations, population. are

Evan Seigerman

you right, guys. I All that color. it. Thanks thank appreciate for

Operator

Our America. Ahmad comes Bank Tazeen final question of of from

open. line is Your

Tazeen Ahmad

much. so thanks guys, Hi

I see Can have. we it be Thanks apologize talk this, to expecting earlier. Maybe already you CAH squeezing end at June you haven't about on relates to guys for as about X what the and Sorry if me here. should if presentation? about talked your you

And I that Give is really a the not rest it Is the pushed what better wanting environment is of for you of talked to XXXX? to about Thanks. also the into sense follow-up wanted something get And be time us opicapone. launch right. year? until to on going could the

Eric Benevich

take and Yes, I'll question. about opicapone your the launch, question Tazeen the then part Eiry I’ll have your of part the talk first of first second about

we through without contact said that they for the and been And moved an the an there in manufacturers responsible so about that I early to launch With the our at incident to supply of give here, that our worry would in to timing never as opicapone launch, the publicly running summer. January, launch, we've you as about supply. short BIAL resupplies that a will have is timely come involved in we'd who – contract that patients BIAL, incident our have us COVID drug we update that was fashion for with constant And being in of had one the sure after of chain. make partner,

Eiry? So

Eiry Roberts

Thanks, Tazeen.

by full And the be in so Michigan of set Arkus the cohorts second starting terms pharmacodynamic an in that days. from with data the data levels University say presented Dr. measures in of are we tolerability the Rich adult present will anticipate the And data dosed data of single with from on And in this data. for of pharmacokinetics, by XX our in June very that included X will were X, the study, and with the proof-of-concept half hormone that FDA were ahead meet March, adult four subjects we’ll that global and of and I safety the from meeting are moving encouraged we're we hand, year. the study, did study. end our which we registration which Phase

Tazeen Ahmad

take? the Okay. us idea of enrollment an how expect And you long adult can for give you study then to

Eiry Roberts

to the the the continue can will Obviously, performance. we'll clinicaltrials.gov We is half point on, any working as on detail study around haven't different and current our the terms that in at and our adjust second be monitor given imagine, particularly ongoing once the year, you posted actually the information expectations have accordingly on this several been time. And situation. size, that in scenarios, sample of in in of to we

Tazeen Ahmad

thank Okay, you.

Kevin Gorman

Tazeen. you, Thank

Operator

Kevin would our I concluding question-and-answer concludes for to Gorman to remarks. This return session. the like call

Kevin Gorman

really I today. joining And you. appreciate of thank the call Yes, do you all

a of couple things. Just

on or our don't Neurocrine not company, efforts, While an anti-infective therefore, virology is directly read SARS-CoV-X. a

that work with May had this. community, note mental However, health are is it's of to important is mental in deeply our mentioned, the impact to health profound, expertise and this and and mental our very And where we Eric we as putting month. health pandemic that's extensively on and efforts the work

that of our really rapidly two have to we also So part you've they like better spent quickly the and come and in as months, past. as I'd the the say people seen heard, have to always changing through pandemic, adapting

both under to early in call Phase now I Phase and very for the condition months And temporary and we've X, field or long we We're in actively – X. the were albeit last call work, there. when which work returning the and office But home the these preparing the term. to continuously X, is very beginning and that Phase under is I'll different on circumstances what done from what is

company has not vision Our our our work, for our patients changed. and

Our change our be and discovery, is and not patients. the medicines this will will And goal bring develop ultimate always to that's in pandemic life-changing course. unwavering

So you and I and look I'm you want goes care, I by. thank for together looking to getting as more again time to being with really Take to today, with very you thank speaking forward you probably much. importantly, But personally. forward here all

Operator

results Neurocrine This QX does XXXX Bioscineces’ conclude today’s call.

your disconnect lines. now may good everyone And evening. You a have

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.