FGEN - Earnings call transcript Q1 2022

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the FibroGen's First Quarter 2022 Earnings Conference Call. At this time all participants' lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your first speaker for today, Michael Tung. you. Thank sir. ahead go Please

Michael Tung

you, RJ, Vice at I'm Tung, afternoon and of Corporate good President Relations everyone. Strategy Michael Thank and FibroGen. Investor

enrollment, otherwise. the and regulatory research our call Chief after Scientific Eisner, on Q&A. would Enrique Financial include Juan Officer; collaborations results, me call with Hunter, Executive of you Each description FibroGen are results of Chief press risks information, Conterno, our our www.fibrogen.com. call the risks Officer; material our John whether and the actual Chief XX-Q. can Astellas, Joining uncertainties other more update Graham, our Enrique statements today's remind of would results today's as that, our a about undertake and other guidance, call which related and projected I results can Dr. future With in forward-looking trials, our Thane to at and Enrique call of webcast and A our including statements release potential the to SEC, China but conference Operations. website those for Chief with risks these most FibroGen's our Such in FibroGen. over and like AstraZeneca turn today's section certain forward-looking and commercial Mark CEO. to reporting to be remarks to regulatory obligation to of events Chief Vice our not differ Senior found forward-looking President from Enrique? up may statement. the open results like today's Commercial filings result Dr. on to, Wettig, to will statement financial Medical a FibroGen's I Investors remarks and format limited complete we recent Officer; made that call on Officer; statements, does activities, financial Form include, Officer; any that be design, of XX-K events publicly Conterno, that business conduct for business strategies our our and operations, of subject results prepared and and our any Juan, new development initiation, The Chris are and Chung, matters. or update clinical includes is cause The found business not and could materially from

Enrique Conterno

of internal the outside opportunities. novel explore three quarter our call. you, Thank I Juan to pipeline in to two, advanced ensuring will first afternoon LAPC, and additional today's three, most number innovation review number in with development the of research productivity accelerating our needs, your or number muscular developments in medical our patients commercial the pulmonary for then indications questions. chronic unmet open after of in kidney significant to success first on earnings pancreatic U.S., disease will that fibrosis, summary accomplishments Slide On and and U.S.; with create Mike. to Good X. XXXX provide significant Graham, call, shareholders will the the everyone while welcome pamrevlumab important is cancer, patients one, by for a or dystrophy, Duchenne which or call locally IPF, executing and CFO, level three and the our FibroGen path programs we forward increasing leverage external positioned high for with of unresectable Starting quarter XXXX. and idiopathic financials value a continue advance accessing roxadustat expertise of DMD; focus: the areas

diseases and X. focusing opportunity. for trials LAPC important significant III of DMD. wholly-owned three high indications, unmet move a clinical on Now each need constitutes Pamrevlumab these market pamrevlumab a Slide value and clinical trials Phase IPF, medical an on is asset represents Each let's to one our in

As we decline. on It enrollment patients our with reduction demonstrated study. ZEPHYRUS-X. muscular Phase Phase PRAISE of III our LELANTOS-X study, which quarter Phase of in as LELANTOS-X the continues in to non-ambulatory forward meaningful we ZEPHYRUS-X II III in Enrollment enrollment announced, pamrevlumab of of quarter. expect LELANTOS-X, a lung and idiopathic XXX to second based expecting their trial our readouts want patients III pulmonary be first dystrophy, ZEPHYRUS study for DMD, the trial the clinical study team to efforts. the development I Duchenne enrollment Phase in ZEPHYRUS-X updating and data Phase We function we patients progresses. And completed to is largely second III of ambulatory ZEPHYRUS-X you in our in of trial that Phase in clinical DMD look have This pamrevlumab with is is complete XXXX completed clinical III very for exciting recently fibrosis. with The and X, thank

cancer. advanced to Moving pancreatic locally now

limited therapeutic be in been I'd As size, in over results the the product sizeable therapies U.S., pancreatic by XX%. spend net the ZEPHYRUS regions There immuno-oncology approved PRAISE of and failing Slide IPF IPF If Pancreatic opportunity. therapies perspective opportunity two with two almost needs in number the prevalence decades therapies opportunity oncology, the these of in analysis for IPF. on Phase across In non-metastatic the remains the middle has significant is treatment discussed and need with see an for XXXX. plan a help to there demonstrate in FibroGen. EU, XXX,XXX IPF, combined we decision, Phase with cancer, low pamrevlumab survival. event-free with in unmet with the survival half on the characterized tolerability. cancer advanced generating each our to FDA, very we to update top-line will demonstrate the and benefits it standard sentiment an given minutes the provide continue approximately non-metastatic with disease of trial year. we commercial rates desire areas, of XXXX. with similar market IPF we pancreatic a will potential options. There see disease-free later overall the disease diagnosed of revenue year primary there $X late-stage China After therapies significant a two for like care. represents column, billion across prevalence limited in Similar last of additional XXX,XXX and the patients advances Japan, consultation creates second a a activity significant this development one a of on Despite significant setting current we with three have approved Depending improvement produces whether With as X decide almost III in endpoint IPF few major in of the progression of represents highlighting for this which expect survival community the if beginning pamrevlumab will the a locally a first trial, this with can meaningful patients greatest survival over to challenging unmet the data II the to continued the overall making Regardless, previously, to is file pamrevlumab and now limitations quarter. current interim program five of believe survival approval. patients the the the you of in can to the in an we around results that diagnosed accelerated and cancer the opportunity

And look opportunity. and LAPIS said an up pamrevlumab Phase we forward enrolled to a in trial finally, column, As fully the III DMD treatment third earlier, with pamrevlumab could option. we provide market new section the is of the we seeing if the snapshot wrap important

approved so community. trial of the that three by pursuing, indications experience they to is nature devastating loss with its progression, the commonly side needed effects ambulation. of disease of current With the standard progression an we're While as of that troublesome continue disease lowest LELANTOS patients is corticosteroids we're deal and as giving the the and diagnosis care, program can hopeful DMD to therapy DMD the the lead the relentless of clinical prevalence

at demonstrate can We clinical have While believe muscle patients is There DMD. need the changes an function therapies approved are therapies help of dystrophin the meaningful increase prolonged these or DMD families. improve and that clear ambulation downstream may exon-skipping antifibrotic of pathological improvement for small in be progression. patients symptoms their to mechanism of pamrevlumab that by the and can a levels, targeting targeted the they disease and currently solution yet a a produce in proportion

Now on roxadustat let's Slide move X. to

approval Netherlands, the in treatment for Following EVRENZO symptomatic kidney Germany, and the disease, with of associated UK, chronic European anemia patients Nordic countries. adult of Austria Commission Astellas launched has with the the

the path roxadustat a in AstraZeneca of early first-mover discussions other CKD positive forward the EU relative fund in for market have to healthcare find expected, Despite and EVRENZO of opportunity been is AstraZeneca, this Europe The development positive. has of While commence major prescribing advantage significant pending slower with other than uptick will been anemia has reimbursement decisions. been EVRENZO from year, providers significant, important not later in Launches the able to an further we HIF-PHIs. feedback CKD anemia to has U.S.

X top can CKD MDS in It's roxadustat development an with continue first that We admin we of to address XXXX. expected continue need roxadustat with patients to important believe of note for anemia. in half the Phase data line

Roxadustat renewed in the beginning, China. January two for was years, to NRDL now XXXX. Moving another

As expected, with the this price relisting was accompanied reduction.

reduction. total on than see the This the joint of greater NRDL $XX.X by price reporting increase first million in we China and volume compared which Slide a by quarter, can flat roxadustat to are FibroGen by is X, first in the of sales was distribution driven offset entity, you recent As net XX% quarter XXXX.

expect by in basis. $XX.X growth in a was on significant roxadustat for China into China, details growth in We revenue the driven FibroGen first the sales net Juan the for U.S. dive of finance will GAAP portion quarter roxadustat full volume. further million product update. net in year

be sharing treatment measured roxadustat ESA for products one Turning external all updated the data branded the which value category, as now to roxadustat. anemia, CKD Slide on includes number market X, on to continues by

leadership continue We to as a to expect fast this at pace. volume roxadustat continues grow category

Of provides as well as on leading Next year-over-year listing the anemia, December, the is in as unit ESA table right. is in on growth market chart driven been while the its the the on roxadustat, snapshot a growth original Slide X left, slightly XXXX. roxadustat the of has indexed roxadustat CKD since XXXX unit the note growth reflecting up, expansion by brand that consistent NRDL to

Now worth in COVID on minute a taking situation it China. the to is comment

some in aware, a impact trial an seen we including on our you're spread in Beijing. the lockdowns where China. to have of number and demand have As roxadustat have of impact COVID Shanghai of China, not we cities, Thus seen an been in reduce is clinical involvement implemented far, in

continue over will difficult it and turn closely update. for monitor are our situation our with we time. We to thoughts during to now will financial the China call I the are as this evolves. CFO, the our Juan Graham Juan? employees And

Juan Graham

Thank you, Enrique.

the in the anemia like in ZEPHYRUS-X, with team I Duchenne been our as for to remarks, our evolving Before to muscular thank to well patients my Despite continuously tirelessly financial CKD, been working team trials challenging I acknowledge also has of trials that to pulmonary for China in dystrophy. FibroGen our challenging of trial to treatment forward. has efforts of an China. idiopathic I themselves for clinical provide fibrosis, team and enrollment COVID a the clinical would LELANTOS-X clinical able environment, as complete support want treatments of move

access this first roxadustat want nonetheless in I impact to achievement increased while has what result NRDL the the offsetting had the price quarter. we and significantly volume efforts to was mentioned, acknowledge during expected. As this

XXXX, for to Now for at related $XX.X in quarter as growth is quarter, allocated We EVRENZO with our follows. of revenue recorded million anemia XXXX. the a for total revenue development with or $XX.X CKD. roxadustat Russian payments of first quarter-over-quarter. of treatment revenue, sources in the planned $XX.X quarter for million the and $XX This million of to getting China $XX.X in revenue. period roxadustat of to The $XX.X $X.X sales for and into in same license We as Astellas million from as approval in amount associated breakdown patients results adult recorded was the the XX% million net compared are compared revenue million Federation the representing first product million symptomatic milestone

$XX.X the of with we for quarter, codevelopment development the as with our During also revenue partners efforts recorded XXXX. compared first $XX.X of million to million associated quarter roxadustat during

compared active owned China, or due last or revenue jointly FibroGen deeper bulk $X.X results recent significant Astellas year. total by XXXX the as reduction of is of flat first previously Finally, revenue we AstraZeneca stated to same roxadustat NRDL sold the recorded XXXX. product our period sales This as million in to offsetting drugs and $X.X business as from joint million of net million in Enrique, pharmaceutical to for operating $XX.X increase the into remaining renewal. Diving drug roxadustat the ingredients the roxadustat distribution in roughly to quarter compared XX% resulting of the price volume entity by JDE a from was first the for quarter in

China sales, range to the the be we strong was net encouraged the during million to net total $XX.X first roxadustat market JDE Revenue operations continuously roxadustat have FibroGen’s experienced to in continue sales guided. XX% this continued from for XX% consistent the and penetration for which We JDE’s price quarter, expect the with the of from by transfer growth China, net sales quarter. as

we in estimates due per GAAP. During million released U.S. revenue to future deferred our $X.X this from recorded quarter, as change

communicated As estimates balance revenue. of have the future based past, we fluctuates the FibroGen in on China deferred in revenue

roxadustat direct to for a in the the quarter from sales from $X.X As of net recorded FibroGen JDE sales distributor $XX.X and FibroGen result million to million revenue China.

XXXX. by the P&L, trials, with costs continue we $XXX.X R&D costs million programs. quarter for down Phase X our pamrevlumab first drug were As million This expenses $XXX.X to is expenses associated clinical in including costs operating driven the our primarily operating in supply supporting increase and compared

accelerate to our year-over we maintain continue SG&A continue ways program, focus line. flat as to for control to cost related pamrevlumab our on look also activities we to evidenced While strong by -year

loss cash $XX.X accounts first equivalent, diluted March $X.XX the $X.XX During and At diluted basic year. XX, of net $XXX.X basic quarter or million shares for the reported or net and XXXX, investments of both million first loss was and quarter million cash, loss compared to per as $XX.X we shares per last net in receivable.

we to look be to previously ending receivable communicated our of $XXX an is investments, forward, we accounts in range range over As cash the million $XXX – $XXX which ending cash, million. equivalents, of cash XXXX million improvement $XXX to estimate balance of million, the and

strengthen initial look While we we'd continue back a we our to believe position for opportunities readouts, turn we're data key over appropriately to Thank financed you. cash to with are options Enrique. consider call through array over wide to pamrevlumab of like privileged we now as to the time. And

Enrique Conterno

potential good. three unmet committed well in cancer you, to and very dystrophy. pancreatic advanced pulmonary we Juan. Duchenne Very in locally first-in-class unresectable Thank development idiopathic And closing, medical in perform medicine X remain with significant to Roxadustat advancing muscular China. continues indications needs, pamrevlumab in of fibrosis, Phase

believe for this have is Astellas submissions I forward geographies. in partner moving U.S. additional benefit review patients in would regulatory under and with access of we exploring commercialization other We're options Our to roxadustat treatment. having in Europe, from the roxadustat

have $XXX to approximately to million and expect $XXX.X million strong to with in cash. cash million we end Slide financial on XX, in continue XXXX As a with $XXX shown position

position long-term options to We to ensure strong sheet cash success. properly financed. multiple we have further consider are and to strengthen our a But have balance our

are privileged We those a look able be at number opportunities. to to of

Yee Now with Thank I comes Michael from [Operator of turn to call questions. Jefferies. Your you. Instructions] to the like line the operator back would first question the for

Your line is open.

Michael Yee

Thanks am Hi. update. Appreciate Mike I the Yee. all.

there? and respect us shortly. would not then then to to in is positive, an interim what and next disagreement back something one would would Or say If us hear you to the update. and go pamrevlumab have there. is you not question us you you to the FDA remind know We an comment to what? AstraZeneca the step roxadustat, nothing an tree it's you'd what made it's says? of on second have positive two III. agreement the with remind What just Phase questions. later going With or very if a if I next then another coming cancer, Can scenario to the step having come is and Just talk of important a pancreatic you. there is sort up Thank And say you're about there yet is announce FDA fund be and or

Enrique Conterno

Very good.

thank for – me Michael. question, your you Let

part your has first address for AstraZeneca Clearly, me U.S. on the Let exclusive in the in of question second the U.S. roxadustat rights roxadustat.

that So And we have anemia myelodysplastic readout Phase of half in we anemia to due relating forward CKD. find call, next to expect – the first product mind the in Keep in for to continues. and AstraZeneca trial work in to this as syndromes this myelodysplastic for U.S. FibroGen together III a we path our the – year. of –

As with roxadustat have as and we the meetings before, FDA. at we look had we've mentioned

provide allow Eisner of little what more So we the survival able is clearly answer question plan provide required, forward – with do move path event-free are different clinical trial I'm now with going funded will to to forward. to of Eisner your to to Dr agree here? what think a to the that be and we be in scenarios a and a Mark in the terms LAPC color. on there order AstraZeneca will So is interim provide this to he on an but need

Mark Eisner

Yes, the for question, Michael. thanks

next This analysis. blinded. will about we said, at meets The analysis so, this you be I an will FibroGen in independent safety will with they DMC the or me will QX and as event-free DMC independent us the data plan as So review inform interim conducted an If of inform And able consult remain survival. we statistician by and and receive stringent, be data as steps. potentially will FDA then will CMO not the whether criteria. to predefined, efficacy

is approval. accelerated and survival overall just continue an to then the continue will would be agreeable, data year. to survival. and in consider would regardless, for And meet the we these filing If able to just to if So should you predefined we the not, later then FDA the update overall trial criteria trial clarify, we

Michael Yee

you. Thank it. Got

Operator

of comes Your next William Andy the Blair. from question Hsieh line with

is line open. Your

Andy Hsieh

for Thanks my taking great. Oh, questions.

usage the think we done just about So I pamrevlumab. the of for potential are of if wondering know, have between I looking distribution three pancreatic One kind the Gem/Abraxane the standard specifically TAM is cancer two. provided there on you is, granularity FOLFIRINOX any two market care indications of appreciate the I'm as there usage. sort pamrevlumab for for you across research the really and

Enrique Conterno

Yes, Clearly, that the are is trial. a being really important therapies that are question. the those utilized background in

So pam Abraxane/Gem on FOLFIRINOX FOLFIRINOX control is the it in or arm. one of or arms the top in Abraxane/Gem vis-à-vis of

So pancreatic is - it what something basically cancer. of unresectable seeing is clearly evolving we're it's that matters locally a somewhat or whether and is a advanced – that metastatic really But amendment split. has which It trial with been is ensure our in varies patients. geography. FOLFIRINOX over increasing we background clinical why an therapy was available time, to made that for that usage

more some Thank during your turning maybe more conducted and in this for and you interest. call. we update we've our research detail will further So, provide next

Andy Hsieh

And obviously XX% pharmaceutical Thanks. of familiar for us for the is question, my second increase then kind usage it. a of Got Western who unheard in of. with are is kind markets more

China, appears and Slide QX. to HIF the number go be So X, QX from looking point to just ESA we an as at inflection there dynamics kind of market about in

ticking as dynamics. up could curious the head with Just going seems usage has provide we down. been that XXXX? It us Roxa into has information additional the like any market ESA been about

you of sort could there. appreciated much context additional will provide be any So

Enrique Conterno

growth growth NRDL given we our and the phone. when is overall Chris China, of going because you overall in China roxadustat, reason share as reflection to she not the And slight it's in share, measuring in we've we The is share. now, but roxadustat on a impacts Yes, a value I the know are volume. ask Chung, she's seen why reduction that seeing roxa. the value in think, we're that to see it for with price overall in comes of value the China call market I on continued the mentioned, In the I'm decline

to Chris started in ask you the as to like maybe more provide some going performance So QX. on if our I'm how we China year color in

Chris Chung

you, Thank Enrique. Absolutely.

year the result China in we off very price NRDL. So started with the decrease of in XXXX as a strongly

was As uptick that rest affordability above all addressed. been think lower issues priced There the of know the I pricing very has low proposition. strong very roxadustat of volume year. a course, or The with Duchenne. the There been is it's value XX%, you of of for has

very we for XXXX. to XXXX. are So and is optimistic expecting we this momentum of believe over of do we about durable net XXXX We growth could the what continue rest be to

Andy Hsieh

know Got difficult it. Thank you, for you it's Chris. very much. I

best just there to wishes in you. hang So

Chris Chung

you. Thank

Operator

of Your comes the from line with next question Yaron Cowen. Werber

line Your is open.

Yaron Werber

for think taking. Maybe you in was and couple to I look so can ZEPHYRUS-X just what in you TKI previously. Phase a distribution are receiving in moving ZEPHYRUS-X us expect study. Great. the to sense the II, about where percentage the do IPF you Phase to maybe you studies. then you maybe you. when dialysis to it's of I a on with pamrevlumab Thank hospitals CKD When more as population, of for that a patients start questions. naïve III Thanks China, of now X placement X% much believe have – secondly, What the or you and in the terms of And – it in give pirfenidone a do expect on your of be targeted about market. XX% at were based community and

Enrique Conterno

I'm good. Eisner Chung first to then answer the will IPF second three question study. on Phase question China the and very Okay, and Chris our on ask Dr. going answer to

Chris Chung

Thank Enrique. you,

of if one total the potential, [ph] in has market since ESA increased. launch actually with market provided the you've at has to slides thing, So FibroGen with time respect over roxadustat that looked adoption and China,

the was with [indiscernible] the believe as we not previously is need same that not So, market, unmet very the medical ESA. market ESA addressable significant

a is size. So growth in market we there think net

very ESAs adoption the segments, market. still we well get in there's we the would front in opportunity not in have people who the of market growth currently to market what the us terms three and Obviously, on think tremendous at one curve look of we're the like in as as are hyporesponders, of percentage performing early ESAs. are the you If dialysis

as incident In We dialysis as the the a market. market, that are in market of very, that peritoneal given oral doing well very have well administration the nature we clear in oxygen, advantage. The and past open ESA to for in was we penetrate very efficacy non-dialysis wide is market the because a it clear ESAs have it market. over difficult and safety advantage

still So adoption early the I as on think adoption total the market we're grow expect and in curve very to we continues.

Enrique Conterno

So regarding your…

Yaron Werber

either if spinning is I thought any Or Is to there in just and Enrique, or sneak discussion? can to selling there China. monetize JV that question, business core maybe you'll it out any to keep your it? that Zeneca? it a on by Is

Enrique Conterno

Yes, business I have clearly we think, a in very right strong now. China

Mark your answer are of IPF. on have now plans to I'm part this there second such the stage. no going question at So

Mark Eisner

Right.

program Phase is treatment So III have IPF just to treatment to treatment and patients mostly one treatment enroll everyone, two remind monotherapy, explicitly the experienced the discontinued patients but be is in naïve does pamrevlumab suffers program allows naïve therapy. experienced who suffers going ZEPHYRUS it

function. side patients treatment tolerability care it’s because think Ofev per noting their failure most with lung other standard than GI, things from worth rather discontinue se, that and or progression I of though Esbriet, of effects of

both based know is respond similarly, we theory expect potentially to level and to what on naïve our patients this about pam the experienced to actually disease. we So

Operator? So thanks for your question.

Michael Tung

Operator?

Operator

sir. Yes,

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

line Your open. is

Annabel Samimy

I had Hi. Thanks couple. a my for taking question.

discuss any an with any you I can or can if landscape the from for that you’re go it from So you those coming are – trial the in getting with arrangement improved to And potentially supportive. CRL. the And side. I that to results, that Is maybe earlier survival acceleration? it’s have question trials there like like you patients patients? – from And resective QBS support having AstraZeneca draw prior any trouble share from second those trial cancer, on there to lab data the a guess, seems could patients FDA then pancreatic the it updates bit competitive the the overall when patients the seems now the obviously has U.S. resectable

some clause maybe detail side, what do of So And there is onus to into have or for exclusivity, can that be you kind AstraZeneca go they the they Thanks. exploring? non-performance go? have given about any from you of let options some may proceed kind on it

Enrique Conterno

Yes. question Thank I Annabel. second the the ask your going first and answer roxadustat. for to on I’m will question question, LAPIS you on answer Mark to

Mark Eisner

for Yes. the Thanks question.

the part it. the endpoint. of So continue survival, just will primary the to the we remind is trial endpoint that note everyone, to of LAPIS outcome, important the But the EFS OS until Mortality regardless is is of overall and it’s trial OS of part endpoint. EFS

the interim to specific updates your earlier we’ll the able of be OS evaluation analysis. But trials, don’t we specific terms share question in time. of at part about be And updates the in this on at will that any from that future. So have

Enrique Conterno

Yes.

common U.S., exclusivity Clearly, that, in as Regarding question need the of your correct. has and you make this is very in of to part of the which commercially reasonable efforts. in they agreements, second are part rights AstraZeneca type

So for thank you questions your Annabel.

Operator

Your next with question from comes Jason line America. Bank the of Gerberry of

open. Your is line

Unidentified Analyst

This for our line Jason. questions. Thanks for is Perry the taking on

volume have get the difference an you year. I previous in volume the discuss you non-dialysis wanted of or to the said also this increase after question XQ I is. then just And from IPF could XX% But quarter seeing whether and just XQ XQ on to the between increase previous And then patients idea First, I breakdown XXXX the XQ XXXX guess, and and between quarter? know the to other is XXXX. brief I from dialysis what that. volume you’re growth pamrev patients one

Enrique Conterno

of question I’ll seeing Yes. talk start are question. your it about And the increase. ask in have to talk part comment business with to on we then about the one of a color the maybe I where when some to Chris first qualitatively China comes

Chris Chung

Sure. you the Thank question. you, Enrique. for thank And

spike this significant in So spike. to is there believe We with the January respect a just unit part, growth. is in

prices that NRDL in something durable. the So about. which into demand, which happy we’re February January was We January seemed believe effective be March, was implemented to created X. into a spike from is of very percentage growth continued The

was the believe in volume I was increase first It terms quarter In XX%. the QX, the to relative of question. over

there’s with just China the significant clear, So level. to the – local reason don’t is is don’t reimbursement how holidays, at quarter-to-quarter a quarter because growth calendar national of the of because a in why tremendous comparison we because do quarter-to-quarter, budget be the seasonality done we in

focus So on not why I quarter really This is one compare that. one choose quarter XXXX to over XXXX. we did

of to dialysis in on the more population. we is adoption significantly In number were dialysis, about segment which this patients adoption, pleased NDD the than is treated reimbursed NDD, of growth in terms The because believe which much for make the would very see government. picked sense we up XX% by

to price affordability is the reimbursed. is be And XX% could be oral the tends it So much very less advantageous equation XX% sensitive. also NDD feature to about if addressed.

your [ph] is which increase expected see I happy bring, we very you. Enrique, a hope to price answered So question. in back we’re the to very to I lowering high NDD. adoption what

Unidentified Analyst

thank no, you. Yes,

Enrique Conterno

Yes.

Sorry, Perry.

roxa of China as may sales an seen well and as some another Just points performance to impending and the revenue highlight was anticipation highlighted I a Chris in I of movement for of point renewal, NRDL in dynamics think have well to as in with QX terms related you right. QX, think roxa and associated major the in

compare So to QX QX, difficult given all dynamics. to those

I But this revenue so that forward. continue in we mentioned, piece think to Chris analyze perspective happens please we’ll seasonality and provide – QX. as as to of move and to, due holidays this addition In on, the

Unidentified Analyst

And helpful. brief very That’s Thanks. a on Okay. pamrev. then just question

that So majority it expect size, curious more away – move $X like the market pamrev unsuccessful that that of it – or from so the is the covers, typically proportion the like intolerance. of that care, that, then of to so I you care the current sounds therapy share or of off the then of treatment the of the I’m guess the due And to that standard size, of of taking are care? proportion patients kind – patients standard entry standard either increase are market terms that just with sounds about are it in in patients and billion current current of do

Enrique Conterno

Wettig assume to of I’m the going Eisner yes, to same answer second some question Dr. of – refers what commercial question, current now looking on side. standard answer the the I terms have of I’m your rates Yes. are at care, the of and Thane question failure the and first to ask your IPF to and first going treatment in

Mark Eisner

firm I Yes. trial. have of It’s a question. given don’t mean it’s think can the I good ongoing really We an estimates Phase X patient And of really as ZEPHYRUS-X but with you the appreciate that subgroups, be those end by will subgroups course to able all the do the speak we that I and we program of we’ll generate. data different overall. think of to

tuned. stay So

Thane Wettig

what a times to starting either of just but your and pills where think nice stopped to other with upon multiple reasons we one a when that’s of there to or host could chronic within Thane due for around are pamrevlumab we therapy, a day. year And said Mark just documentation says other I the tolerability, pretty it administration. it. able a question a whole good is based advantage this primarily its who about anti-fibrotics after involves on due associated reasons have of taking patients Perry, especially really XX% a tolerability multiple to have aren’t tolerate guess follow that patients hi, And and

they of from, think setting, anti-fibrotics, us they anti-fibrotics downsides the potential the clinicians as want well but we of that really least they a patients tolerability. anti-fibrotic as pretty market. as how And sure make It’s are there a who downsides in number terms where that benefits because the have will relative it’s the at that who to don’t that progressing, is existing capture issues come both weighing therapy benefits. understand have patient think they primarily the to the quickly of are categorized of a with to outweigh research we then indicated the share clear treated ability the that In expand because we get with to from patients mild, believe are

progress of the not off of with being severe or also there as who so the or tolerability who for probably There’s who that patients categorized patients portions the And disease they’ve larger not the stage XX% portion of again because patients reasons. to therapy treated. current then favorable treated risk anti-fibrotics other fallen also current are are view of have either aren’t the with moderate with IPF in are treated mild because anti-fibrotics. don’t And decent benefit clinicians even a the

patients both So an have once to onto on gone an we would’ve otherwise available well ability is as gone capture an capture would anti-fibrotic patients anti-fibrotic. think not who pamrevlumab as we’ve got who

Unidentified Analyst

It’s Got very you. it. helpful. Thank

Operator

further no And to line this are the like back over to the any time. would remarks. now questions additional I and call closing phone at for Enrique there turn

Enrique Conterno

enjoy We Very call good. much Thank you investor everyone. FibroGen. and your day. participation in much. you appreciate very the in your today’s Thank your Please interest to very rest of

Operator

call. Ladies this and now today’s conference and you concludes for may disconnect. you We gentlemen, thank all participating

FibroGen (FGEN) 10 May 222022 Q1 Earnings call transcript