TherapeuticsMD, Inc. (NYSE MKT:TXMD) Q3 2018 Earnings Conference Call Transcript
Nov 07, 2018 • 04:30 pm ET
Good afternoon, ladies and gentlemen, and thank you for joining us for the TherapeuticsMD's Third Quarter 2018 Financial Results Conference Call. Following prepared remarks from the company, we will open the call for questions. I would now like to turn the call over to TherapeuticsMD's VP of IR, Nichol Ochsner. Nichol?
Good afternoon everyone. Thank you for joining today to discuss the third quarter 2018 financial results and business update. This afternoon, TherapeuticsMD issued a press release announcing our third quarter financial results. The press release is available on the company's website, therapeuticsmd.com, in the Investors & Media section.
On today's call are CEO, Robert Finizio; CFO, Daniel Cartwright; Co-Founder and Director, Dr. Brian Bernick; Chief Commercial Officer, Dawn Halkuff; and Chief Medical Officer, Dr. Sebastian Mirkin.
(Forward-Looking Cautionary Statements)
An audio recording and webcast replay for today's conference call will also be available online in the Investors & Media section of the company's website. For the benefit of those who may be listening to the replay or archived webcast, this call was held and recorded November 7, 2018.
With that, I'll turn the call over to TherapeuticsMD's CEO, Rob Finizio.
Thank you, Nichol. In 2018, we delivered three new drug approvals, a significant achievement for any sized pharmaceutical company. Our first approval was for IMVEXXY, our bio-identical vaginal estrogen product that contains the lowest approved dose currently on the market for the treatment of moderate to severe dyspareunia, a symptom of vulvovaginal atrophy due to menopause. The second product approval was for ANNOVERA, the first long-acting prescription birth control that is patient controlled, procedure free and reversible, providing one year of protection from pregnancy. And most recently, the approval of BIJUVA, the first and only FDA-approved hormone therapy of bio-identical estradiol in combination with bio-identical progesterone for the treatment of moderate to severe vasomotor symptoms, commonly known as hot flashes due to menopause.
Since launching IMVEXXY in August, we're seeing strong momentum and a fast ramp in paid prescription. We've taken a financially disciplined approach to promotion, focusing our efforts on market access as well as health care provider offices to drive awareness, adoption and adherence to maximize the value of every patient. Based on data acquired through our copay assistance program, total IMVEXXY prescriptions through October were approximately 28,200 paid units dispensed to approximately 12,800 patients. I'm very happy to say, in September, we had approximately 8,400 paid scripts; in October, we had approximately 13,300 paid scripts, which reflects an increase of 58% month-over-month growth. From a compliance standpoint that translates to 2.2 fills per patient. The average for the previous two dyspareunia product launches during the first year was 1.7 fills per patient. In our first four months of launch, this early data suggests that we are already exceeding patient compliance with 2.2 fills per patient. These results parallel Vagifem's initial launch in 2000. You can see that we aligned with Vagifem's first four months in unit sales on the slide being displayed currently.
Moving forward, our goal