Alkermes plc (NASDAQ:ALKS) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 08:00 am ET


Alkermes plc (NASDAQ:ALKS) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Alkermes Second Quarter 2020 Earnings Call. My name is Melissa, and I will be your operator for today's call. [Operator Instructions].

I'll now turn the call over to Sandy Coombs, Vice President of Investor Relations. Sandy, you may begin.

Sandra Coombs

Thank you. Good morning. Welcome to the Alkermes plc conference call to discuss our financial results and business update for the quarter ended June 30, 2020. With me today are Richard Pops, our CEO; Jim Frates, our CFO; and Todd Nichols, our Chief Commercial Officer. During the Q&A section, we'll also be joined by Iain Brown, our SVP of Finance. Before we begin, I encourage everyone to go to the Investors section of to find our press release and related financial tables, including a reconciliation of the GAAP to non-GAAP financial measures that we'll discuss today. We believe the non-GAAP financial results, in conjunction with the GAAP results, are useful in understanding the ongoing economics of our business. Our discussions during this conference call will include forward-looking statements. Actual results could differ materially from these forward-looking statements. Please see slide two of the accompanying presentation, our press release issued this morning and our most recent annual and quarterly reports filed with the SEC for important risk factors that could cause our actual results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise the information provided on this call or in the accompanying presentation as a result of new information or future results or developments. After our prepared remarks, we'll open the call for Q&A.

Now I'll turn the call over to Rich.

Richard F. Pops

Thank you, Sandy, and good morning, everyone. So we're now midway through 2020, an unprecedented year in terms of the health and social challenges facing our country. In this setting, we've actively responded to protect the health and safety of our employees and to help ensure that health care providers and patients have uninterrupted access to our medicines. We were pleased with the progress and execution of our business objectives in a complex environment during the second quarter. Three strategic imperatives currently drive our management of the business. The first is commercial execution, maximizing the opportunities for both ARISTADA and VIVITROL and preparing to leverage our commercial infrastructure with the potential launch of ALKS 3831. The second is aggressive development of our most promising pipeline candidates, focusing on those high-value opportunities that we believe have the potential to drive significant value in both the near-term and the long term. The most prominent of these is ALKS 4230 in oncology. The third is efficient management of the operating structure and governance of the company, with a focus on rigorous expense management and careful prioritization of our investments. Taken together, these present meaningful opportunities for value creation in 2020 and beyond. COVID-19 continues to be deeply disruptive across the country.

In response, we've evolved the way we conduct our business to suit this new environment