Q4 2020 Adamas Pharmaceuticals Inc Earnings Call
Duncan to the autonomous pharmaceuticals fourth quarter, and full year 'twenty 'twenty financial results and corporate update conference call. At this time, all participants are in a listen only mode.
<unk> and answer session will follow the formal presentation.
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As a reminder, this conference is being recorded.
I would now like to turn the call over to Peter <unk> Investor Relations Representative for Autonomous Pharmaceuticals. Please go ahead.
Thank you sachi and good afternoon, everyone on the call with me today are Neil Mcfarlane, Chief Executive Officer, Vijay Sweetheart, Chief Commercial Officer, Chris Prentice, Chief Financial Officer, and Dr. Adrian Courthouse, Chief Medical Officer before we begin I would like to remind everyone that this call will contain forward looking statements.
What you are subject to risks and uncertainties any statements regarding future events results or expectations are forward looking statements. Please note that these forward looking statements reflect our opinions only as of the date of this call.
It takes no obligation to revise or update these forward looking statements in light of new information or future events, except as required by law information concerning factors that could cause actual results to differ materially from those contained in or implied by such forward looking statements are discussed in greater detail in our form 10-K filed today with the SEC.
Especially under the caption risk factors I'll now turn the call over to Neil Mcfarlane.
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Neil Your line is Lawrence you May go ahead.
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Neil Your line is line. She can go ahead.
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Fantastic sorry for the delay and thank you Peter good afternoon, everyone. Thanks for joining us today to start I would like to take a moment to personally express my appreciation to team Adonis for their professionalism and unwavering dedication to making a positive impact on patients' lives are.
Team has worked diligently to advance the business in line with our corporate strategy there.
Their efforts accelerated our ability to bring our products to a greater number of patients.
I am pleased with the significant progress we achieved in 2020 and have continued into 'twenty 'twenty, one, especially against the backdrop of a challenging macro environment.
Let me recap key achievements that strengthened the foundation of our business and outline strategies for continued success.
Then I'll turn it over to Vijay to provide more details on our commercial performance.
Total revenues for 2020 increased 36% as compared to 2019, primarily driven by a 30% increase in GOE covered product sales and the addition of royalty revenue from sales of names Eric beginning in the second quarter of 'twenty 'twenty.
This strong sales growth reflects the sustained execution of our commercial strategy implemented in late 2019.
Turning now to recent progress for go covering <unk>.
Earlier this month, we announced FDA approval of our supplemental new drug application for <unk>, covering adding a second indication as an adjunctive treatment to levodopa carbon dopa in patients with Parkinson's disease experiencing off episodes.
This is a significant accomplishment, reflecting go covers robust clinical data and doubling the size of the population for which go covers indicated to approximately four to 500000 people with Parkinson's.
With this new indication go cover is now the first and only medicine approved to treat off and dyskinesia motor complications in Parkinson's disease, both of which significantly impact patients' daily lives.
Now for key updates around our intellectual property.
We've now settled patent litigation with Sandoz and Zaidis resolving the first filer and the challenges for both up go covers available stress. These settlements demonstrate the robustness of our intellectual property and gives us the confidence to invest in go covers future growth.
When we remove potential litigation costs and agreed to acquire the global rights to <unk> E. R through our settlement with us Mark of Pharmaceuticals.
With ownership of the product, we intend to publish the phase III data in 'twenty and 'twenty, one as well as additional post hoc analyses of the phase III data for go coverage, which we believe will further differentiate these products and clarify their positioning in appropriate patient populations.
In conjunction with the close of the acquisition of hospital ex E. R. We amended certain key terms of our royalty backed loan agreement with healthcare royalty partners, providing us added financial capacity into 2023.
Lastly to expand our operational strength and industry expertise, we bolstered our senior leadership team and board of directors.
Looking ahead, we enter 2021 and a position of strength and are excited about the launch of low coverage, new indication and the integration of Oslo ex E. R. R.
Our priority is to build upon our 2020 performance and leverage our operational capabilities to support our long term growth.
I'll now turn the call over to Vijay.
Thank you Neil and good afternoon, everyone I will begin my comments with highlights of our performance in Q4.
Outline our commercialization strategy for the launch of the second indication for <unk> for the treatment of Parkinson's patients with off episodes.
And provide an update on the ongoing integration of Boswell ex E R into our product portfolio.
Starting with performance Q4, total go Cauvery paid prescriptions or T. Rx that exclude product from the free trial program were the highest in 2020 at 8165.
This represented year over year growth of 14% versus Q4 of last year, and 5% higher versus the prior quarter.
Full year T. Rx for 2020 were 31070, representing a 21% increase over T. Rx in 2019.
In Q4 patient visits to clinics continued to be significantly impacted by the COVID-19 pandemic.
We are therefore very pleased with the strong tier ex numbers seen in the quarter.
Further we also saw the highest number of new paid prescriptions or <unk> for 2020 in the quarter 510 in Rx, representing a 19% increase versus the previous quarter.
The growth in numbers of new patients coming after the strong at our ex the results. We reported in Q3 highlights continued momentum for <unk>.
We believe our strong performance was the result of disciplined and consistent execution to advance our strategic priorities.
Raising the urgency to treat which we advanced through patient education programs, featuring our patient ambassadors.
Effectively differentiating go cauvery through our sales force activity and digital campaigns.
And improving access and customer satisfaction through services at Golf club free on board.
It is notable that in Q4, our sales force achieved a significant proportion of the pre pandemic activity level, 50% of which was virtual highlighting that our team has effectively adapted to drive growth.
We enter 2021 with optimism despite the complex situation with patient appointments the remaining disrupted across the country.
The resources, we have put in place to give us confidence in our ability to navigate this environment effectively and to adapt quickly.
We are also encouraged by the vaccine rollout gaining momentum with prescribers and staff expressing confidence in allowing sales representatives increased in person access.
Switching to the recent FDA approval of a second indication for recovery to treat off episodes.
We are excited about the launch of this label expansion as it makes go covering the first and only product indicated for both the treatment of off episodes and dyskinesia. The two extremes of the motor complications spectrum.
We estimate that this expanded label more than doubles, our addressable patient population for which go calvaries now indicated too.
To include those who experience off dyskinesia or both.
To elaborate of the 1 million patients in the U S diagnosed with Parkinson's disease around 700000 are treated with levodopa.
Of these patients and estimated 200000 experience dyskinesia with or without off episodes.
Go Cauvery as the only product indicated for the treatment of dyskinesia has been addressing the unmet need of these patients since approval in 2017.
In addition, another two to 300000 patients experience off episodes only.
With its second indication recovery will now be able to address the unmet need of this new group of patients, thereby significantly expanding our total addressable population to four to 500000 patients.
We believe that our opportunity for growth through this launch is significant for two reasons first in the absence of having an indication for off episodes payers had not evaluated go cauvery to treat off many payers create criteria for utilization directly based on indication.
This approval will address prescriber hesitation related to payer coverage and access barriers, allowing them to choose go cauvery to treat off episodes.
Second identification of patients for <unk> in the past required documentation of dyskinesia, which may not be seen in patients struggling with off episodes.
This approval offers the opportunity to address these additional patients and used Google free earlier in the treatment paradigm.
While there are other products indicated for off go Cauvery is now the most differentiated product Ah Kee, which S. Bedtime medication with two indications that could potentially help prescribers avoid the compromises previously necessary in managing their patients with motor complications.
Our product positioning and branded campaign are robust and even more relevant with this approval and we are intensifying outreach to rapidly inform and educate prescribers patients and payers in the first phase of the launch.
We are unlocking the significant opportunity for <unk> in a highly cost efficient manner as the additional addressable patients are treated by the same prescribers in the same clinics that we currently call on with our sales force and reach to our marketing campaigns.
Early feedback from prescribers and patients has been uniformly positive.
With thought leaders, describing this development as an opportunity to change the perception of <unk> from a dyskinesia drug to one that addresses both dyskinesia and off thereby having the potential to become the quote adjunctive therapy of choice for patients with motor complications and quote.
Translation transitioning to Osman Lakes E R.
The team is integrating <unk> into our product portfolio with current patients receiving uninterrupted care.
This endeavor demonstrated our ability to integrate and commercialize new products an important indicator for us.
We are currently maintaining the level of prior promotional efforts for Oswald Z or through a tele detail team.
With its indication for drug induced extrapyramidal reactions in adult patients. We believe Osman ex E. R can address patient needs beyond Parkinson's disease.
While amantadine IR is currently used in many of these areas Osman <unk> ZR is differentiated as an I R. E R or immediate release extended release formulation, providing high doses directly upon ingestion, followed by a more continuous extended release.
We are conducting a comprehensive assessment of the appropriate therapeutic areas, we could efficiently target to grow the brand simultaneously, we're evaluating organizational synergies as we complete the integration from distribution and patient services to digital promotion and our free trial program.
We intend to provide more color on our plans for <unk> are on the first quarter call.
2020 was notable for its challenging circumstances, and we are incredibly proud of our team for adapting seamlessly to this fluid environment and remaining focused on our mission to serve patients.
I will now turn it over to Chris to provide an overview of our financial performance.
P J and good afternoon, everyone.
Please refer to our press release issued earlier today for a summary of our financial results for the fourth quarter and full year 2020.
Total revenues for the fourth quarter of 2020 were 21 million, which includes go cover product sales of $19 8 million in royalty revenue earned from dams, Eric of approximately $1 2 million.
Product sales of low covering the fourth quarter increased 21% over the same quarter last year.
This was driven by approximately 14% volume growth year over year.
R&D expenses for the fourth quarter 2020 were $2 4 million compared to $5 2 million from the prior year quarter as we progress through the final stages of closing out the Etfs 50 went out to multiple sclerosis program.
SG&A expenses for the fourth quarter 2020 represent the execution of our commercialization strategy for <unk> in a fluid environment.
Current quarter, SG&A expenses were $33 million compared to $30 3 million in the prior year quarter.
The fourth quarter of 2020 includes approximately $5 million related to one time charges for the settlement of patent litigation associated with the acquisition of the global rights to <unk> CR.
Cash and investments as of December 31, 2020 were approximately $83 4 million.
Subsequent to yearend, we closed our $7 $5 million acquisition of <unk> as well as raised approximately $7 $2 million through an aftermarket common stock sale.
Net operating cash burn for the fourth quarter was $10 3 million a decrease from the approximately $10 9 million in the third quarter of 2020, and $18 3 million from the prior year quarter.
This decrease marks sixth consecutive quarters of reduced net operating cash burn, which demonstrates continued progress on the top line as well as thoughtful expense management.
Now, let me turn to our outlook for 2021.
Consistent with our experience in previous years and typical for specialty products, we anticipate an impact on first quarter product sales due to benefit plan resets impacting the Medicare part D coverage GAAP as well as commercial co pay deductibles.
We expect the gross to net percentage in the low to mid twenties for the first half of the year and for gross to net percentage to decline over the second half of the year to the mid teens.
As we announced in our press release, we expect R&D expenses for 2021 to be in the range of $5 million to $10 million as we focus on maximizing the opportunity for our commercial products.
We expect SG&A expenses for 2021 to be $110 million to $120 million.
This investment reflects the team's ability to leverage our existing commercial infrastructure as we seek to help patients who could benefit from the launch of low coverage new expanded label.
As it relates to our litigation settlement with osmotic ACA and the acquisition of asthma E. R. We will make modest and gated investments to promote the brand with the objective of making the product accretive in the near term.
Maintaining our SG&A expense range consistent with prior year spend while capitalizing on the expanded indication for <unk> and commercializing a new product in <unk> E. R demonstrates the team's continued disciplined and thoughtful approach to investing in the business.
In summary, we expect total operating expenses for 2021 to be in the range of $115 million to $130 million with $9 million of spend related to stock compensation.
This is in line with 2020 operating expenses of $117 million of which $6 million was stock compensation.
That concludes our prepared remarks with that I will now open the line for questions operator.
Thank you.
At this time, we will be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May Press Star two if you would like to remove your question from the queue for those using speaker equipment may be necessary to pick up your handset before pressing the star.
Rockies.
No ma'am please poll for questions.
The first question is from Marc Goodman from SVP Leerink. Please go ahead.
Yes. Good afternoon couple of questions number one is can you talk about the breadth of prescribing doctors just how that's changed over the past few quarters.
That's for a second.
Any feedback that you've gotten from your sales force just with regarding the new indication yet anything just curious if theres been any feedback whatsoever, and then third just talk about the additional SG&A.
From year to year.
Are you talking about.
Just an additional $10 million of spend for the new indication and everything else is the same or maybe you could just give us a little bit of pushing pulse growth. Thanks.
Thanks, Thanks, Mark it's Neal I'm going to hand over to Vijay for the first few questions and then I'll ask Chris to address the SG&A question as well P. J.
Thank you Neil.
To your first question Mark in terms of our breadth of prescribers.
One of the highlights of our performance in 2020, and our disciplined execution of our strategy is that we've continued to see new prescribers to brand every quarter of the year. So we continue to expand our footprint in terms of prescribers are choosing <unk> for their patients and that.
It continues to remain a focus both breadth and depth of prescription are an important strategic focus for us in terms of the feedback on off.
The uniformly positive feedback comes in through the sales force as well in terms of the interactions with physicians.
Go Cauvery.
Perceived as a dyskinesia only drug is now expanding in their mindset to include off time. It is seen as a highly differentiated product now being able to address off without worsening dyskinesia and we get that feedback as well and we have started to see evidence of prescription prescriptions in the early phase of the law.
So we're excited about what we see.
From an SG&A expense standpoint, so the range that we disclosed today is $110 million to $120 million, which is consistent with the same range that we were disclosing a year ago. At this time. So we feel really good that we've added the off indication as well as the integration and the commercialization of awesome lax and still stayed within that range.
Actual expenses in 2020 ended up a little bit lower than that range. As obviously, we were all impacted by Covid.
And lower travel et cetera, So we're certainly being optimistic that we're going to get back to normal on those aspects and then adopted.
As well as Osman <unk> stayed in that range.
Thanks, guys.
Thanks Mark.
The next question is from Stacy <unk> from Cowen <unk> Company. Please go ahead.
Hey, congratulations on the progress and thanks for taking my questions I have a few.
So my first question is on the covered commentary you provided wondering if you would at all feel comfortable commenting on 2021 consensus of roughly 80 to 90 million for the product.
Potential pushes and pulls to getting to that number or alternatively line.
You might be comfortable giving guidance and then my second question is from Vijay If you could provide some updated commentary on that settlement right and maybe some expectations of getting drugs to this broader set of clinicians.
What are some of the commercialization strategy that you and your team could implement thank you.
Great. Thanks, Thanks, Stacy I'll ask Chris to talk a little bit about our.
Our guidance and when we might feel comfortable moving forward that we can switch over day to Vijay Chris Yes. Thanks, Stacy so as we think about guidance what's important for US is that patients have the ability to see their physicians on the cadence that they want to and obviously that has been impaired as we've.
Commented previously on Michael J, Fox surveys et cetera that that's a real challenge in this environment. So as we're able to see a little bit more consistency there we're going to feel a lot more comfortable to provide guidance at a later date.
And switching to the the other two questions Stacy I would say with respect to your second question in terms of a broader physician base as we launch in the off indication I want to clarify that we see the bulk of our additional patient addressable patient population being treated in the same clinics by the same.
Physicians and we have a sales force that is designed to address this opportunity in a highly efficient matter. So we don't see us reaching a broader physician population.
And then in terms of the fulfillment rates. We are pleased with the changes we've made over the year as you know one of our top three strategic.
[noise] priorities has been to improve access and customer experience. So the changes we've made it go cauvery onboard have paid off in spades with our increased fulfillment rate and we've maintained that stability.
At the end of 2020.
Okay.
Thank you so much.
The next question is from Jason Butler from JMP Securities. Please go ahead.
Hi, Thanks for taking the questions.
I, obviously, it's still early but any feedback you can provide on your payer interactions since you got the expanded label.
And then second question.
You talked last quarter about the progress you've made with the in office free trial program and E. Prescribing platforms can you give us an update there and then just lastly, I understand that you said you'd give more updates on the osmolarity, our integration and well on the <unk> can you just give us any color about.
To what extent have you trained your current reps detailing go Cobra about awesome, let's see yard is relative positioning versus <unk> in the near term.
Thank you Jason.
Let me begin with the feedback on the peer interactions. These have been interactions we've initiated towards the end of last year and to be highly positive they're focused on our articulation of the highly differentiated clinical profile of <unk> and thereby highlighting the value proposition that <unk> brings to their patients and.
To their prescribers and it has been well received and the conversations are happening at this stage, it's still early and it's focused on the timing of 2022.
As you know that's the cycle that we're in right now so we will keep you updated on how those conversations go to your second question in terms of the E prescribing.
And what have we seen with the new.
New ways of prescribing that we've made available we see a market increase in physicians utilizing those new ways of prescribing <unk> to just give you an idea. These matte methodologies up the vast majority of our prescriptions in the early part of 2020 before the pandemic, we're coming in through our faxed from.
Friction form as it were and now 30% to 40% of our prescriptions are coming in through electronic or through the phone.
So I would say that the in office samples that you asked for have also been extremely well received and flow and have been a critical element of our increasing our breadth of prescribing with our physicians, which is a strategic focus to all the <unk> E. R E.
We are keeping <unk> E R promoted as as through the prior regime, we are maintaining that promotion through our tele detail team and.
And and not through our sales force and we are focused through our sales force and articulated a differentiated clinical profile of <unk> coverage and launching the <unk> indication.
Okay, Great maybe just as a follow up there Vijay what are you what are your reps are communicating to physicians when they're asked now about.
The fact that you have both balls <unk> E R and Anglo Cobra or.
Are you getting questions from physicians about the use of the two products yet.
We do and and and and the answer is Ah is based on what we've communicated before and that we see these two as distinct products with a distinct clinical profile distinct indications and distinct potential for use in patient populations that are different right. So we have a we have articulated in our.
<unk> addressed that question in a similar manner and we direct their questions to our tele detail team for more assistance.
Okay, Great. That's helpful. Thanks for taking the questions.
The next question is from David <unk> from Piper Sandler. Please go ahead.
Okay.
Hey, guys. Thanks, just a couple.
So first I know of.
I've asked this before but wanted to get your latest thoughts here on contracting.
And the spin.
Specifically youre thinking on the need for it or whether you are going to be opportunistic.
Regarding payer contracting.
Just help me understand your latest thinking.
From that vis vis the payer landscape that's number one and then secondly.
I know Neill you you've talked about ultimately getting the company too.
Profitability, but I have to ask.
Or are you looking at.
<unk> assets.
That you can tuck into the commercial infrastructure.
And with business development in mind would you even take on some R&D how are you thinking about all that philosophically.
Great. Thanks, Thanks, David Let me ask a VGA to tackle the payer question today and hopefully we provided you with a little bit of macro.
Lens to look at with our gross to net guidance, but Vijay let me talk a little bit about payers for sure.
David I will say, we are committed to making go cauvery as broadly available to patients as possible and our focus is to remain engaged actively with the payors are.
Even through this COVID-19 environment to ensure that <unk> as broadly available to patients as possible. We have focused our conversations on the differentiation of <unk> the value proposition of <unk>. The kind of unique profile that <unk> has with these two indications and we're having positive conversations so far.
We will keep you posted on on how those conversations progress Neil.
So David Great Great question and to your to your comment in regards to cash flow breakeven and our ability to continue to be capital efficient in what we do we plan to continue to be capital efficient I will say to you that we are now in a process of launching a second indication for <unk> covering we've just.
Acquired a new product in <unk>, we've integrated that product and kept our focus on what we do.
And our mission around taking care of patients no patient has been left behind that was a great learning for us as an organization can we can we.
Effectively integrate new products I think as we look at our current.
Our focus it's around go covering and the launch of go covering integrating <unk> E R and executing on that we will be opportunistic in the future now knowing that we can check the box of of acquiring products integrating them and making sure. We focus on patient so stay tuned for the rest, but it's about go covering the launch ago coverage and <unk>.
<unk> at this point.
Okay, great. Thank you.
The next question is from Tim Lugo from William Blair. Please go ahead.
Thanks for the question given the GCN dynamics that Chris outlined so we expect Q1 to be down versus Q4, I know that historically been kind of a payer coverage.
A lot of.
Similar therapies.
I'm just wondering if that should again be expected given that 2020 was.
They have an off year.
In terms of assets.
Thanks, Rob Lee and Africa Cobra.
[laughter], Yeah, we can use off in different ways, but thanks for the question, Tim and I have to say that we made tremendous progress against our strategy in 2020 without a doubt.
Strong execution is worried that that is a synonymous with what we talked to each other about here in the organization.
When we think about how we're coming out of Q4 with our highest and <unk> of the year in 2020.
Momentum is key.
Coming into 2021, and we're feeling good about that I'll ask Chris to talk a little bit about the dynamics, but our growth in that guide.
Guidance is not too dissimilar from previous years, and Chris will talk a little bit about that yeah. Tim we do expect the dynamics to be similar in terms of that transition from Q4 to Q1 and it really is having a close to a low double digit GDN in Q4, and then you pop up to something in the low to mid Twenty's in Q1.
So for that reason because we're so heavily part D. You have the reset of the coverage gap you have commercial co pay deductibles.
<unk> New plan year dynamics are what's at play here.
Okay understood.
And given.
I guess this is a similar question was probably been asked before but maybe a little bit slightly different perspective.
Can you just describe maybe some of the initial physician experience for those who are riding go Calvary for the orphan indication.
As you know.
The weighted indication for so many prior quarters.
Has that changed at all for those physicians if they are prescribing is specifically for off.
Yeah. So we are still in the early days of the launch and we are tracking that quite carefully. What we are excited about is that physicians are starting to recognize that this is a large opportunity for recovery to address patient needs within their clinics as we have estimated it has doubled our total addressed.
The bull market and it is being seen as a differentiated option in terms of their experience in prescribing for off episodes versus dyskinesia. We are starting to see the prescriptions were tracking them and we will will continue to monitor it.
Posted on this forum.
I understood. Thank you for that.
Sure.
Thanks, Tim.
The next question is from <unk> <unk> from Bank of America. Please go ahead.
Hi, good afternoon. Thanks for taking my questions just a couple from me.
No one's really.
I asked about NIM Derek on the call you up I just wanted to get updated guidance.
And you guys on how to think about loyalty there and then top level as you.
Embark upon of monarch E. R. In terms of detailing are there any learnings from what you've applied Hugo Calgary that you think could make.
Promotion of.
<unk> malek easier or have uptake from faster.
In this situation now that you've kind of have done this once before with another drop.
Thanks to the great questions I'll ask Chris to talk a little bit about our <unk> Zurich.
Business in and I will tell you just before I hand, it over to Vijay as well there are a lot of learnings that we can that we can take from Argo covering experience along the.
Line of as we were on.
On our listening tour in late 2019, and establishing our strategy a lot of those learnings I think can be applied here too. So so Chris.
Talk about names, Eric and then we'll have good day.
Sure from a NASDAQ perspective, I think it's important to keep in mind, it's a mature brand.
We started earning royalties in mid May of this year. So Q3, and Q4 were our only full quarters and they were both at approximately $1 2 million. So I would say that that's probably the best run rate I can give one to think about going forward.
Thank you, Chris <unk> and I think in terms of the learning now that we have asthma Lex <unk> reported in the portfolio. The major learning is around the articulation of the differentiation of these products right.
At the at the first glance everybody seems to think all of the active ingredient is is amantadine why would these products be different than amantadine immediate release and there is a big difference and so and a big difference between <unk> and go coffee and I think the FDA recognized it with our unique indication and our indication statement.
And so articulating that differentiation articulating the patient types that are appropriate for these patients to be too from the different products has been the biggest learning that we're applying every day.
The next question is from Serge Belanger from Needham <unk> Company. Please go ahead.
Hi, good afternoon.
Couple of questions from me first can you talk a little bit about the persistence rates for Colby <unk>.
<unk> sample.
During the pandemic relative to pre pandemic.
We expect from tend to move on all of your Tam increases we have a label expansion.
And then secondly on Arsenal ex I think when this product launched back in.
Clearly 2019 standard.
Scene is moving out of potential.
Competitor too low code reboot, maybe one that could.
Lead to some confusion since it was another amantadine product.
Just curious.
Now that it's in your hands whether a.
Total corporate consistent benefits.
Okay.
Thanks, Serge I'll ask.
Jay to talk a little bit about the persistence and also.
How we can continue to differentiate Oswald moving forward P. J. Thank you Serge I would say.
Persistence rates have been drew markedly consistent.
Ever since our launch and through recovery on board. It has been a large area of focus for us, particularly during the pandemic, we do not want our patients to struggled through getting refills and physicians in their offices to find any additional challenges. So we have seen persistence rates consistent.
Throughout throughout this period of 2020, which we're very pleased about.
With respect to <unk> being a potential competitor I would say the the launch of asthma legs has seen limited impact in Parkinson's to date, and therefore, I think any confusion that might have existed is being actively addressed with our differentiation message, which is why it.
It has been a central pillar of our commercialization strategy for the last year and a half to articulate the clinical profile and the efficacy data for <unk> coffee. So we see that as resolving itself as we continue to commercialize.
Thank you Serge.
Sure.
Ladies and gentlemen, we have reached the end of the question and answer session and I would like to turn the call back to you Aneel Macfarlane for closing remarks.
Thank you Saatchi so in summary I'm.
I'm incredibly pleased with the tremendous progress we've made to deliver strong growth ex.
Spanned our neurology portfolio and strengthen the company's foundation.
We enter 2021 in a strong position and I remain confident that our continued momentum will drive long term value I want to thank you for joining the call I. Appreciate your time and I look forward to updating you on future calls.
This concludes today's conference you may disconnect your lines at this time. Thank you for your participation.
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