Aimmune Therapeutics, Inc. (NASDAQ:AIMT) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 04:30 pm ET


Aimmune Therapeutics, Inc. (NASDAQ:AIMT) Q2 2020 Earnings Conference Call - Final Transcript


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DeDe Sheel

on assumptions and are subject to risks and uncertainties that can cause actual results to differ significantly from those stated on this call. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Please refer to our quarterly report on Form 10-Q for the quarter ended June 30, 2020, for some of the important risk factors that could cause actual results to differ materially from forward-looking statements made on this call. Except as required by law, Aimmune disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

And now I will turn the call over to Jayson Dallas.

Jayson Dallas

Thank you, DeDe, and good afternoon, everyone. Thank you for joining us today for our second quarter 2020 financial results call. I hope that you and your families are staying safe and healthy during these challenging times. The world and the U.S., in particular, has been in constant state of flux since March due to the pandemic. I think it's important to dive right into how this pandemic has affected the launch of PALFORZIA.

We were well prepared for the launch following PALFORZIA's approval at the end of January. Prior to the declaration of the U.S. national state of emergency due to COVID-19 in mid-March, our field teams had visited 3,000 allergists and were fully implementing our REMS program.

As we entered the quarter in April, we conducted market research with 150 physicians and over 400 caregivers to understand how they were thinking about PALFORZIA in view of the new shelter-in-place requirements. From this market research, we were pleased to see that the demand for PALFORZIA as a treatment option had not diminished with either allergists or with caregivers. The results reinforced our expectation for the long-term potential of PALFORZIA.

With this said, the research also highlighted that allergists anticipated that they would have an average appointment backlog of two to three months to work through once they reopen their practices, implying that it could be late summer before allergists began scheduling PALFORZIA patients. As we reflect on the second quarter, each month needs to be reviewed individually.

In April, the majority of allergists' offices were closed, and those that were not avoided starting new patients on therapies. Allergists were consumed with the likely impact of the pandemic on their practices and on their business. In May, the focus of allergists changed to how best to reengage with patients. Some allergists started reopening their practices. Our field force and medical science liaisons began to reengage both virtually and occasionally in-person with the allergists. As allergists' offices reopened, the majority had a backlog of existing patients to treat before taking on new food allergy patients.

June was a month of inflection. The majority of allergy practices around the country reopened in some form. We saw a steady pickup in all of our leading indicator launch metrics. Specifically, we saw an acceleration of allergists and patients enrolling in the