The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: Great. Thanks for the presentation. I guess I want to start on the bottom of the slide where you mentioned the plan for significant
cash generation and an increased focus on capital allocation. I think you talked about expanding Alkermes' own capabilities but also
potentially returning cash to shareholders. What form could that take? And I guess, over what time horizon are we contemplating
here.
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: Great. And expanding the pipeline in a measured way, what's the kind of -- I don't know if there's an ideal mix between kind of
internal and external expansion. And if we think about business development, maybe you can just touch on what Alkermes is
interested in from a business standpoint?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: Got it. When you talk about interrogating the sleep/wake cycle and yielding additional candidates, is that additional orexin? Or is
that sort of outside of orexin?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: Got it. The updated narcolepsy type 1 data you just provided. When should we expect to see kind of more detail either kind of
conference presentation or publication or we could see more like efficacy details?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: Got it. And then maybe switching to NT2 and IH. I think you talked about potentially a similar next step trial design for NT2 as you're
looking at NT1. And I thought you said something about enrolling more IH patients for safety. Is that in the same study? Is that a
separate study? How does that work...?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: So in an ideal scenario, if you're starting Phase II in NT1 this year, when should we think about seeing the results of that trial?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: Basically fast forward to think kind of commercially. Can you just talk a little bit about where you see orexins fitting into the treatment
paradigm in narcolepsy?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: Maybe coming back to some of the 2024 financial projections you put out there, including the, I think, 30% EBITDA margin. Should
we think of that as a sustainable margin? Is it possible to kind of expand from there? I'm trying to think about the balance between
like kind of continued top line growth, but maybe also more R&D investment as orexin and pipeline kind of moves forward?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: So maybe kind of coming back around to one of those growth drivers of LYBALVI. Can we spend a little time on your strategy to kind
of continue driving the breadth and depth of prescribing whether it's the number of prescribers who have written the product? Or
do you want to see writing it and kind of where that could go?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: So is the growth we've seen so far benefiting from the DTC campaign that you started last year? I think you talked about kind of
taking time to kick in. So is there still more to come?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: And what do you estimate the mix is between schizophrenia and bipolar?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: Is that dynamic or...?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: And maybe on the reimbursement side, where are you or what's the current formulary positioning? And are you in talks to improve
that positioning at all and kind of related to that, how should we think about gross to net this year relative to last year?
Question: Jessica Macomber Fye - JPMorgan Chase & Co, Research Division - Analyst
: I think we're about out of time, so we'll stop there. Thank you.
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