Release Date: April 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q & A Highlights
Q: For Opzelura, could you give us some more color on the gross-to-net for the rest of the year? And what is the latest review you see in both AD and vitiligo?
A: (Christiana Stamoulis - Executive VP & CFO) The gross-to-net in Q1 was at the same level as last year's Q1, around 60%. Going forward, we will not be making forward-looking comments on gross-to-net. Our focus is on maximizing the potential of Opzelura, maximizing net sales versus looking at gross-to-net in isolation. (Matteo Trotta) Regarding the split of business between the two indications, we see a consistent 40-60 split over time, where 40% is non-segment of Vitiligo and 60% is atopic dermatitis.
Q: Could you comment on Jakafi growth dynamics going forward given IRA and shift to the out-of-pocket expenses for patients?
A: (Barry P. Flannelly - Executive VP & GM of North America) We're optimistic about the continued growth of Jakafi, benefiting from the IRA with the small biotech exemption. Starting in 2025, the reduced out-of-pockets for patients will help, but we don't have to contribute that 20% to catastrophic that other oral drugs will. We expect Jakafi's growth to continue, driven by PV, GVHD, and stable demand in MF.
Q: On Jakafi, you mentioned that you see very little impact on Jakafi's share from competitors. Can you talk a little bit about whether the competition has changed the average duration on Jakafi?
A: (Barry P. Flannelly - Executive VP & GM of North America) There hasn't been any impact on our duration of therapy or discontinuation rates at all, certainly in myelofibrosis. We remain the market leader. Other JAK inhibitors may be used in the second line, third line setting.
Q: I had a question on povorcitinib and again, commenting about another data set. But I just wanted to get your insight on the reasons RINVOQ head-to-head study against Dupixent and AD and whether or how that impacts perhaps your view on the potential of povorcitinib across various dermatology indications?
A: (Pablo J. Cagnoni - President and Head of Research & Development) We've seen the data from RINVOQ, which is impressive. We have internal discussions about the potential to extend the trials of povorcitinib to atopic dermatitis. We're encouraged by the data from RINVOQ and are contemplating developing povorcitinib in atopic dermatitis.
Q: Maybe just start. One, just following up on the prior BET question. Can you -- were your comments just based on the clinical data you're seeing in those concern of AML? Or maybe can you speak to preclinically because I believe that BET inhibitor from a competitor has shown genotoxicity in some preclinical assays. Has yours shown genotoxicity?
A: (Steven H. Stein - Executive VP & Chief Medical Officer) Our BET program was in the clinic a while ago in solid tumors. We've treated close to 200 patients to date and have no concern as regards AML transformation or any concerns that we've seen in that regard. From a prior preclinical work on things like AIMS assay and genotoxicity, we also have no issue.
Q: I wanted to drill down a little bit more on the Jakafi dynamics. What's your explanation -- or I guess what do you think is the best explanation for the sequential downtick in total Jakafi demand?
A: (Herve Hoppenot - CEO & Chairman) In Q1 versus Q4, there is an increase in the number of patients treated across all 3 indications. The unit growth of Jakafi sequential to Q4 and versus Q1 of last year is there and fairly visible. The reason for the sequential growth versus Q4 is that there was an abnormal free drug ratio in Q4 that has been completely fixed in Q1.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
