Release Date: October 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Given the increasing rebating in '24 for VASCEPA, what are your expectations for net pricing pressure going forward in the short term? Are there any additional trials or data points that could enable greater reimbursement coverage for VAZKEPA in the EU and/or China? A: Aaron Berg, Executive Vice President, President - US, stated that the U.S. market has seen increasing rebate pressures due to generic competition, but they have maintained a 50% market share. They expect rebates to continue rising but believe they can still compete profitably. Steven Ketchum, Executive Vice President of R&D and Chief Scientific Officer, added that they are conducting subgroup analyses in high-risk populations to support reimbursement efforts in Europe.
Q: Can you provide some color on the momentum in the rest of the world in terms of revenue, and the growth dynamic in the EU? How do you see the net price for VASCEPA in the U.S. evolving? A: Aaron Berg highlighted that they are in the early stages of launching in several countries, with positive responses in the U.K. and Spain. They are optimistic about growth in these regions. Peter Fishman, Global Controller, noted that in the U.S., they are experiencing pricing pressure due to a shift towards Medicare Part D, which has higher discounts.
Q: What is the status of the share repurchase program, and how are you prioritizing capital? A: Peter Fishman explained that they have approval for a share repurchase program but have not yet initiated it. They are monitoring business and market dynamics to determine the right time. They remain focused on cash optimization and prudent investments.
Q: How are you approaching business development opportunities and potential pipeline assets? A: Aaron Berg emphasized that their current focus is on executing with VAZKEPA and VASCEPA, particularly in Europe, where they see significant growth potential. They are committed to expanding access and will consider additional products in the future.
Q: Can you discuss the impact of recent regulatory approvals in Australia and China? A: Aaron Berg mentioned that in Australia, their partner CSL Seqirus secured a pharmaceutical benefit scheme price listing for VAZKEPA, and they expect sales impact in 2025. In China, their partner Eddingpharm received regulatory approval for VASCEPA, which is a significant milestone given China's large market for cardiovascular products.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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