ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) Q4 2022 Earnings Call Transcript

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One, we know that the long-term care portion of the market had a more profound drop as a function of the pandemic. Frankly, patients residents passed away and we saw that trough in the middle of 2021 from which we have seen a steady increase in census over time, slow but steady and that’s been driven by new residents entering long-term care facilities. The reason that’s so important to NUPLAZID is that is the time where the signs and symptoms of Parkinson’s disease psychosis are identified, it’s a great opportunity for NUPLAZID to be chosen as a treatment. That sort of dynamic, coupled with the fact that we have had the real-world evidence from the Kumar S. et al. study in the second half of 2022 and that really preceded some of the other studies that are being introduced in the community setting, have provided a strong basis for why NUPLAZID is a logical voice in the first-line setting for those residents.

The two of those coupled to create our highest bottle volume in long-term care since, as Steve noted, the fourth quarter of 2019, the highest we have had in the history of — for long-term care. I think that it’s fair to say that, that segment has led the way. When we look at the in-office setting, we still see in-person patient visits down double digits. So using the same logic, the challenge there is, physicians really want to see a patient face-to-face if they are going to prescribe a branded therapy. So we are encouraged that in-patient or in-office visits are dominant and we are not seeing much telemedicine anymore. We would just like to see the frequency of those visits increase. I hope that’s helpful.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Tazeen Ahmad from Bank of America Merrill Lynch.

Tazeen Ahmad: Okay. Hi, guys. Maybe another trofinetide question or two for me. How should we be thinking about the initial days of uptake? So you have got patients identified, but for meaningful uptake, do you think you are going to need a J Code or because of the rare nature of the disease and lack of any therapies, that won’t matter? And then secondly, I know you will be announcing pricing at the time of approval, but what’s the appropriate range that we should be thinking about for modeling purposes as we get closer? Thanks.

Steve Davis: Yeah. Thanks so much. Brendan, do you want to take these questions?

Brendan Teehan: Sure. So thanks for the question, Tazeen. In terms of the early days of launch, let’s be clear, we definitely want to establish trofinetide as the foundational treatment for the treatment of Rett syndrome and we will be working from the outset to ensure access. If you look at other rare disease launches, you will see that there tends to be high demand that’s mitigated by some of the logistical issues that one would handle, particularly access. The second being the time it takes for patients to get to their appropriate physician. So for us, those are counterbalancing. We know there will be a high interest in prescribing the drug. We know that payers have proven receptive to letters of medical exception and an opportunity to get patients started perhaps before they have made a coverage decision.

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