Biohaven Ltd. Q2 FY2020 earnings call

• Launch of Nurtec ODT: Exceeding initial expectations, with net revenues of $9.7 million in Q2, over 40,000 prescriptions, and a 52.6% share in the NBRx metric for new-to-brand oral CGRP therapies.
• Clinical trials and pipeline: Robust pipeline including an sNDA submission for prevention, aiming for a dual-action treatment for migraine. Utilizing modern media approaches like partnerships with Hulu, Twitter, and IBM Watson, and patient-focused campaigns with Khloé Kardashian.
• Financial position: Secured strategic financing of up to $950 million, providing a strong balance sheet to execute long-term growth plans.

The company's only product segment is Nurtec ODT. In the second quarter, net revenues from Nurtec ODT were $9.7 million. This represents 100% of the company's revenue for the quarter.

No specific financial guidance regarding projected revenues, spending, or earnings due to the early stage of the first commercial launch and uncertain economic environment. Focus is on building market share in the first 1-2 years, then aiming for profitability.

• Impact of COVID-19: Challenges in accessing healthcare professionals and patients due to lockdowns and shelter-in-place orders.
• Regulatory and competitive risks: Uncertainties related to regulatory approvals and competition in the pharmaceutical market.

Q: Payer dynamics and 2021 negotiations?

A: BJ Jones stated many contracts extend into 2021, and negotiations with payers are going well based on Nurtec ODT's profile.

Q: Pipeline and zavegepant?

A: Vlad Coric discussed zavegepant's potential in non-migraine indications and upcoming trials, with the program branching into different directions beyond migraine and pain.

Q: Payer coverage for Medicaid and Medicare?

A: BJ Jones mentioned strong progress with Medicaid and ongoing negotiations with Medicare, tracking ahead of expectations.

Q: Vintage cohort of April starts for Nurtec ODT?

A: William Jones stated refill rates are in line with launch projections, with no early signs of patients abandoning use.