Alkermes Plc at Morgan Stanley Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: James Talbot - Morgan Stanley - Analyst : Great. So let's start with orexin. Maybe just to take a take a step back and what led you to focus on the sleep market and really from a couple of different perspectives, like what was it about the patient need that you saw in that market? And then also from an Alkermes perspective, what gives Alkermes is really the right to win in this space?

Question: James Talbot - Morgan Stanley - Analyst : So I mean there are a number of programs being developed in the field. How do you look and recognizing it's early? How do you see 2680 fitting into that field and where do you see the points of differentiation?

Question: James Talbot - Morgan Stanley - Analyst : Great. So you put out detailed data on NT1 fairly recently. You've got data coming out in NT2 at the SLEEP conference later this month. Could you just maybe frame what we should expect in terms of what we should -- what we'll see in that dataset?

Question: James Talbot - Morgan Stanley - Analyst : So you started the Phase 2 program NT1 and NT2, the vibrant studies, and you've now announced that you've officially kicked off enrollment for both of those have kicked off the program for both of those two studies. And can you first remind us just the trial design, what you're looking at in those two studies? And then second, give us an update in terms of how the enrollment or at least the initiations progressing?

Question: James Talbot - Morgan Stanley - Analyst : Fantastic. Last one in this area, like as we look beyond 2680, what more should we be expecting from Alkermes in terms of additional developed developments in the SLEEP area?

Question: James Talbot - Morgan Stanley - Analyst : Great. And let's switch to the commercial portfolio. And I guess before we get into specific products, I want to touch a little bit on the guide for the year. So at the second quarter, you reaffirmed your guidance for the full year. Could you give us a sense on how to think about the shape of the financials, both on the revenue side and the cost side as we look forward through the last couple of quarters of the year?

Question: James Talbot - Morgan Stanley - Analyst : Got it. That's extremely helpful. And let's talk specifically about LYBALVI. So you had another strong quarter in the second quarter. I think growth was more than 50% year over year. During your earnings call, you noted that you'd signed two new contracts that gave you access to another [50 million] live. So that's great news. How should we think about these contracts in terms of the impact on LYBALVI's growth trajectory going forward?

Question: James Talbot - Morgan Stanley - Analyst : That's great. I guess from a total covered lives standpoint, where are you at this point? And as we look forwards, what's the opportunity for more of these contracts to come online. Is there a steady pipeline or is this going to be quite lumpy?

Question: James Talbot - Morgan Stanley - Analyst : Got it. You talked a little bit about the trajectory for the cost base, I guess specifically on LYBALVI, right? It's a place where you've seen good results from putting effort behind the brand. How are you thinking about the commercial effort behind the product to this point, both on the sales force side and on the D2C side?

Question: James Talbot - Morgan Stanley - Analyst : So you mentioned the Karuna products, the KarXT date is coming up at the end of this month. How do you see that? Look, I mean, obviously, we need to -- that needs to get approved. But assuming that gets approved, how do you see that impacting the market, impacting LYBALVI?

Question: James Talbot - Morgan Stanley - Analyst : Okay. Let's talk about ARISTADA for a moment. So we've seen some softness in the long acting injectables market. We've also, frankly seen one of your competitors individual just discontinue their own long-acting product [PERSEUS]. Could you just talk a little bit about what you're seeing in that market specifically? And then how do you see it evolving, right? What are the rest of sort of the opportunities?

Question: James Talbot - Morgan Stanley - Analyst : And just to finish the proprietary portfolio. Maybe on VIVITROL, if you could just give us an update in terms of what you're seeing with that product.

Question: James Talbot - Morgan Stanley - Analyst : That's great. I mean, given the size of the issue on the opioid front, what's the constraint that's holding the product back on that side of the business at this point well? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 04, 2024 / 6:35PM, ALKS.OQ - Alkermes Plc at Morgan Stanley Global Healthcare Conference

Question: James Talbot - Morgan Stanley - Analyst : Okay. That's helpful. Switching to the royalty portfolio, I think you covered some of this earlier, but you've lost the INVEGA SUSTENNA US royalty as of mid-August. Can you just talk a little bit about the rest of that franchise. But I think there's not more durability with the rest of those other products.

Question: James Talbot - Morgan Stanley - Analyst : I think last question for me was really on the BD front. So look, from a BD standpoint, I think you're in a very strong position, you've got a strong balance sheet, highly profitable, commercial organization development, organization that can be leveraged. So look, I guess with that as context around how you're thinking about the BD opportunity and I guess from a few different perspectives, areas of focus, size of focus and then in terms of stage of development, where are you spending time?

Question: James Talbot - Morgan Stanley - Analyst : Great. Any questions from the floor? I think with that any closing comments, Rich?

Question: James Talbot - Morgan Stanley - Analyst : Great. Maybe with that, we'll close. Thanks. Thank you both for joining us.