Earnings Sentiment

Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.

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Sentiment Distribution

   

Earnings Call Transcript Word Cloud

     

Bullish Statements during Earnings call

Statement
One of the most encouraging signs of our success and maintaining the brand is that in the first three quarters of this year 210 physicians prescribed branded AMPYRA who had not prescribed it in 2022 and that resulted in 303 new prescription requests for the brand
And that they use incented compensation quite strongly, quite firmly to ensure that we're being rewarded if we are doing, if we're meeting goals or exceeding goals and that the opposite is true if we're not
And I expect that we will get better and better as we go along here in a more normal environment
We believe that that is highly encouraging for the growth of the brand and also indicates that the various programs that we have been putting in place over the last year or so have been having a desired result
The second question is, what measures are being taken to better forecast and improve performance? In what way is management being held accountable? Ron Cohen So, in terms of projections, I'm assuming that the questioner is referring more to INBRIJA because I'll just remind people that we have had an excellent, a really outstanding record of accurately projecting AMPYRA ever since, I would say, the first year or two after launch
The INBRIJA TV commercial that we discussed earlier this year has been performing very well
So to summarize our priorities for building shareholder value first on INBRIJA, as we noted, we have seen sales increase this year with a 15% increase for the first three quarters over the first three quarters of last year and we believe that our commercial programs are having a desired impact
INBRIJA has now surpassed apomorphine as the leading on-demand treatment there and feedback from physicians continues to be highly encouraging
So that's been the track record
And we seen this especially in the 38% increase in INBRIJA new prescription request for the first three quarters of this year versus the first three quarters of last year and we believe that’s going to be a leading indicator for future growth of the brand
Finally, with respect to our ARCUS inhaled technology, our team has shown the ability to create shelf-stable mRNA formulations as well as various proteins, peptides, in addition to small molecules using the inhalable powder technology
We've continued to execute effectively on our strategy to maintain the AMPYRA brand against the generics
These increased by 10% over the third quarter of 2022 and for the first three quarters by 11% versus the first three quarters of last year
Esteve continues to report high levels of enthusiasm for the product in Germany and in fact, I personally was in Germany last week meeting with some 50 key opinion leading Parkinson's doctors from both Germany and Spain and I can verify that based on my conversations there, there was indeed a high degree of enthusiasm
Net global INBRIJA revenue was up 6.7% in Q3 over Q3 2022 and 12.3% over year-to-date September to prior year-to-date September
Those were up 32% over Q3 of 2022 and for the first three quarters of this year, they are actually up 38% over the first three quarters of 2022
We have also continued to see an increase in new prescription request forms
The physicians find that very important and very useful because they're aware that using INBRIJA successfully requires some training and education up front and this is from their perspective it helps them because they have limited time in the clinic for training and so on and this is a great adjunct for them so we're looking forward to seeing the results of that as that continues to roll out
As the launch in Spain to date has exceeded Esteve's initial projections
We’re continuing to maintain the equilibrium as we’ve discussed with a flattening of the attrition curve and we’ve also been exercising a fiscal discipline
With regard to accountability, if you look back and if you followed us or you want to check the previous proxies and 10-Ks, I believe you will find that the board has been very attentive to making sure that management is held accountable for performance to goals and to shareholder value
So we have now shipped smaller boxes of INBRIJA to Esteve for distribution to patients in hospitals and based on my conversations last week with the physicians as well as Esteve's market research, that's going to make it more affordable and easier for physicians to initiate therapy there
That was a 4% increase over the same quarter in 2022
SG&A was essentially flat the same quarter last year and $12.5 million or 15.6% below year-to-date September to prior year to year-to-date September showing our continued commitment to lower our operating expenses
If we go to the next slide, these are the dispense cartons and you see that Q3 increased by 4% over Q3 of 2022 and by 6.5% for the first three quarters of 2023 versus the first three quarters of 2022
Last quarter, we adjusted our guidance on OpEx for the year downward to 93 million to 98 million from the original 93 to 103 million and we’re continuing to work to implement additional efficiencies to lower operating expenses further
Welcome everyone
Since we launched the commercial in April of this year, the commercial has had over 9.3 million views and very importantly, 270 physicians prescribed INBRIJA for the first time in 2023 after they saw the commercial
       

Bearish Statements during earnings call

Statement
We believe that sales will continue to decline as we've said but stabilize at approximately 60 million plus over the next several years
And so, it was difficult
And the difficulty there, which I think we've discussed at some prior calls, is that having -- we launched into an extremely aberrant set of circumstances, mainly the pandemic
The launch in Germany has been slower than Esteve originally anticipated
It's been challenging
I'm going to show you another slide regarding that but it's related to the fact that revenue in the third quarter of 2022 was unusually high and it was in fact it was the highest of any quarter of 2022 and also it was partly due to adjustments in our gross net calculation, but as you see here, the decline was just 17% if you look at the first three quarters of 2023 over the first three quarters of 2022 and that compensates for some of the lumpiness we see quarter-over-quarter
The difficulty, but with INBRIJA, that has not been the case in the last few years
That was a 26% decline over Q3 over 2022
It was difficult to factor all that in
But Esteve has had to adjust its marketing to account for Germany's unique reliance on in-hospital stays to initiate therapy for many patients
And that throws a monkey wrench into the usual metrics because you have a situation where for the first two, three years, we had patients not seeing their doctors, doctors not actually being in the office, people switching to video
   

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