Journey Medical Corp (DERM) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to Journey Medical's first quarter 2025 financial results and corporate update conference call. (Operator Instructions) Participants of this call are advised that the audio of this conference call is being broadcast live over the internet, and is also being recorded for playback purposes.

女士們、先生們，感謝你們的支持。下午好，歡迎參加 Journey Medical 2025 年第一季財務業績和公司更新電話會議。（操作員指示）請參加本次電話會議的人員注意，本次電話會議的音訊將透過網路進行現場直播，同時也會錄製以供回放。

A webcast replay of this call will be available approximately one hour after the end of the call for approximately 30 days. I would now like to turn the call over to Jaclyn Jaffe, the company's Senior Director of Corporate Operations. Please go ahead, Jaclyn.

本次通話的網路回放將在通話結束後約一小時提供，持續約 30 天。現在我想將電話轉給公司企業營運資深總監 Jaclyn Jaffe。請繼續，傑克琳。

Good afternoon, and thank you for participating in today's conference call. Joining me from Journey Medical's leadership team are Claude Maraoui, Co-Founder, President, and Chief Executive Officer; and Joseph Benesch, Chief Financial Officer. Joining for the Q&A portion of the call will be Ramsey Alloush, Chief Operating Officer and General Counsel; Dr. Srini Sidgiddi, Vice President of Research and Development; and Louis Donati, Director of Market Access.

下午好，感謝您參加今天的電話會議。與我一起加入 Journey Medical 領導團隊的還有共同創辦人、總裁兼執行長 Claude Maraoui 和財務長 Joseph Benesch。參加電話會議問答環節的人員包括營運長兼總法律顧問 Ramsey Alloush、研發副總裁 Srini Sidgiddi 博士和市場准入總監 Louis Donati。

During this call, management will be making forward-looking statements, including statements that address among other things, Journey Medical's expectations for future performance, operational results, financial condition and the receipt of regulatory approvals.

在本次電話會議中，管理層將做出前瞻性陳述，其中包括涉及 Journey Medical 對未來業績、經營成果、財務狀況和獲得監管部門批准的預期等陳述。

Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Journey Medical's most recently filed periodic reports on Form 10-K and Form 10-Q, the Form 8-K filed with the SEC today and the company's press release that accompanies this call, particularly the cautionary statements in it.

前瞻性陳述涉及風險和其他因素，可能導致實際結果與這些陳述有重大差異。有關這些風險的更多信息，請參閱 Journey Medical 最近提交的 10-K 表和 10-Q 表定期報告、今天向美國證券交易委員會提交的 8-K 表以及隨附本次電話會議的公司新聞稿中描述的風險因素，特別是其中的警示性聲明。

Today's conference call includes non-GAAP financial measures that Journey Medical believes can be useful in evaluating its performance. You should not consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP.

今天的電話會議包括非 GAAP 財務指標，Journey Medical 認為這些指標有助於評估其表現。您不應孤立地考慮這些附加信息，也不應將其作為根據 GAAP 編制的結果的替代品。

For a reconciliation of this non-GAAP financial measure to net loss, its most directly comparable GAAP financial measure, please see the reconciliation table located in the company's earnings press release.

有關此非 GAAP 財務指標與淨虧損（最直接可比較的 GAAP 財務指標）的調整表，請參閱公司收益新聞稿中的調整表。

The content of this call contains time-sensitive information that is accurate only as of today, Wednesday, May 14, 2025. Except as required by law, Journey Medical disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn the call over to Claude Maraoui, Co-Founder, President and Chief Executive Officer of Journey Medical.

本次通話內容包含時間敏感訊息，僅截至今天（2025 年 5 月 14 日，星期三）準確。除法律要求外，Journey Medical 不承擔公開更新或修改任何資訊以反映本次通話後發生的事件或情況的義務。現在我很高興將電話轉給 Journey Medical 聯合創始人、總裁兼執行長 Claude Maraoui。

Thank you, Jaclyn, and good afternoon to everyone on the call today. The first quarter of 2025 represented a major milestone for Journey Medical as we introduced Emrosi, our best-in-class oral rosacea treatment into the market.

謝謝你，傑克琳，祝今天電話會議的各位下午好。2025 年第一季對於 Journey Medical 來說是一個重要的里程碑，因為我們向市場推出了一流的口服紅斑痤瘡治療藥物 Emrosi。

Today, I am pleased to report that our first quarter 2025 net product sales of $13.1 million included approximately $2 million of initial Emrosi revenue, and the launch is off to a great start. Additionally, our in-line products continue to perform and remain contribution positive, providing a strong foundation as Emrosi gains market traction.

今天，我很高興地報告，我們 2025 年第一季的淨產品銷售額為 1310 萬美元，其中包括約 200 萬美元的 Emrosi 初始收入，而且產品發布取得了良好的開端。此外，我們的線上產品繼續表現出色並保持積極貢獻，為 Emrosi 獲得市場吸引力提供了堅實的基礎。

We believe that the positive initial response that we are seeing with Emrosi's market introduction gives us even more confidence that Emrosi will become our flagship product and enable us to become sustainably EBITDA positive later this year.

我們相信，Emrosi 上市後所獲得的正面初步反應讓我們更有信心，Emrosi 將成為我們的旗艦產品，並使我們能夠在今年稍後實現可持續的 EBITDA 正成長。

Ahead of the launch, we showcased Emrosi at the 2025 American Academy of Dermatology Annual Meeting, or the AAD, which attracts over 20,000 attendees, including top dermatology KOLs and high-prescribing physicians, nurse practitioners and physician assistants.

在產品發布之前，我們在 2025 年美國皮膚病學會年會（AAD）上展示了 Emrosi，該會議吸引了超過 20,000 名與會者，其中包括頂級皮膚病學 KOL 和高處方醫生、執業護理師和醫師助理。

We hosted a productive exhibit booth at the conference, educating attendees about Emrosi's superior head-to-head Phase 3 results against Oracea as well as the product's favorable safety and tolerability profile. Attendees were especially drawn to before and after photos from our clinical trials, illustrating the efficacy of Emrosi's unique 40-milligram modified release formulation, which is comprised of 10-milligram immediate release and 30-milligram extended-release minocycline.

我們在會議上設立了一個富有成效的展位，向與會者介紹了 Emrosi 與 Oracea 相比更優異的 3 期正面交鋒結果以及該產品良好的安全性和耐受性。與會者特別被我們臨床試驗前後的照片所吸引，這些照片展示了 Emrosi 獨特的 40 毫克緩釋製劑的功效，該製劑由 10 毫克速釋和 30 毫克緩釋米諾環素組成。

We believe that the AAD meeting helped prime the market for the Emrosi launch, showcasing the product's superior clinical profile and key benefits. On March 5, we announced that the Phase 3 clinical trial results for Emrosi in the treatment of rosacea were published in the Journal of the American Medical Association, or JAMA Dermatology.

我們相信，AAD 會議為 Emrosi 的推出做好了市場準備，展現了該產品卓越的臨床特性和主要優勢。3月5日，我們宣布Emrosi治療紅斑痤瘡的3期臨床試驗結果發表在《美國醫學會雜誌》（JAMA Dermatology）上。

The publication featured data from our two Phase 3 clinical trials, which demonstrated statistical superiority of Emrosi over Oracea and placebo for the two co-primary endpoints in the studies, IGA treatment success and total lesion count reduction. The article also noted positive and statistically significant results on secondary endpoints, such as the reduction in erythema compared to placebo in both studies.

該出版物採用了我們兩項 3 期臨床試驗的數據，證明了 Emrosi 在研究的兩個共同主要終點（IGA 治療成功率和總病變數量減少）方面優於 Oracea 和安慰劑。文章也指出了次要終點的正面和統計上顯著的結果，例如兩項研究中與安慰劑相比紅斑減少。

JAMA Dermatology has a high-impact factor among dermatologists, and we are very pleased that our strong Phase 3 results were peer-reviewed and published in this prestigious journal. We also welcomed the March update from the National Rosacea Society, which revised its clinical treatment algorithms to include Emrosi.

《JAMA Dermatology》在皮膚科醫生中具有很高的影響力，我們很高興我們強有力的第三階段研究結果經過同行評審並發表在這一著名期刊上。我們也對美國國家酒渣鼻協會 3 月的更新表示歡迎，該協會修改了其臨床治療演算法以納入 Emrosi。

These updated guidelines were distributed to approximately 7,500 dermatology professionals across the US and mark an important step toward broad clinical adoption. We view this as a strong signal of confidence from the dermatology community and a catalyst for increased market uptake. As we discussed on our Emrosi commercial launch plan conference call in February, we actively call on approximately 83% of dermatology offices that prescribe oral rosacea treatments.

這些更新後的指南已分發給美國約 7,500 名皮膚病學專業人士，標誌著朝著廣泛臨床應用邁出了重要一步。我們認為這是皮膚病學界信心的強烈訊號，也是增加市場吸收的催化劑。正如我們在二月的 Emrosi 商業發布計劃電話會議上所討論的那樣，我們積極呼籲大約 83% 的開具口服紅斑痤瘡治療處方的皮膚科診所。

In addition, the vast majority of prescriptions written for oral rosacea treatments come from dermatology offices that already prescribe Journey Medical products. This high reach and strong brand equity have accelerated Emrosi's penetration, and we will expect this trend to continue.

此外，絕大多數口服紅斑性痤瘡治療處方均來自已開立 Journey Medical 產品的皮膚科診所。這種高覆蓋率和強大的品牌資產加速了 Emrosi 的滲透，我們預計這種趨勢將會持續下去。

Emrosi represents a strategic fit into our product portfolio. We are already demonstrating strong uptake based on the initial script volumes. As we work to generate strong brand awareness and positive prescription trends for Emrosi, it is equally important to ensure that payer coverage is also expanding so that we can translate prescribing momentum into product sales.

Emrosi 與我們的產品組合具有策略契合性。根據初始腳本量，我們已經展現出強勁的成長動能。在我們努力為 Emrosi 打造強大的品牌知名度和積極的處方趨勢的同時，同樣重要的是確保付款人覆蓋範圍也在擴大，以便我們能夠將處方勢頭轉化為產品銷售。

On our fourth quarter 2024 earnings call in March, we noted that approximately 20% of the 188 million lives in the commercial payer segment had access to Emrosi through their health insurance plans. Today, I am pleased to report that approximately 30% of covered commercial insured lives now have access to Emrosi.

在我們 3 月召開的 2024 年第四季財報電話會議上，我們指出，在商業付款人群體的 1.88 億人中，約有 20% 可以透過他們的健康保險計劃使用 Emrosi。今天，我很高興地報告，大約 30% 的商業保險受保人現在可以使用 Emrosi。

As we build demand, we are also making steady progress in securing market access as we recently contracted with one of the largest commercial GPOs to include access to Emrosi for the multimillions of members through its customer health plans, which will begin July 1.

隨著需求的增長，我們在確保市場准入方面也取得了穩步進展，因為我們最近與最大的商業 GPO 之一簽訂了合同，透過其客戶健康計劃為數百萬會員提供使用 Emrosi 的服務，該合約將於 7 月 1 日開始生效。

Additional payer agreements are expected in the coming months, further advancing our market access strategy. And with that, I will now turn the call over to our CFO, Joe Benesch, to review our financial results for the first quarter.

預計未來幾個月將簽署更多付款人協議，進一步推動我們的市場准入策略。現在，我將把電話轉給我們的財務長喬·貝內施 (Joe Benesch)，來回顧我們第一季的財務表現。

Thank you, Claude, and good afternoon to everyone on the call. Our net revenue for the first quarter of 2025 was $13.1 million compared to $13 million for the first quarter of 2024. First quarter of 2025 includes $2 million of incremental net product revenue related to the US commercial launch of Emrosi.

謝謝你，克勞德，祝電話裡的各位下午好。我們 2025 年第一季的淨收入為 1,310 萬美元，而 2024 年第一季為 1,300 萬美元。2025 年第一季包括與 Emrosi 美國商業發布相關的 200 萬美元增量淨產品收入。

Our gross margin increased to 64% for the first quarter of 2025 from 54% in the prior period due to lower overall product cost of goods, mainly related to product sales mix and nonrecurring charges in the prior year.

由於整體產品成本下降（主要與去年的產品銷售組合和非經常性費用有關），我們的毛利率從上一季的 54% 上升至 2025 年第一季的 64%。

R&D costs were nil in the first quarter of 2025 compared to $7.9 million in the first quarter of 2024. First quarter of 2024 includes Emrosi-related preapproval and milestone payments. Looking now to our SG&A expenses.

2025 年第一季的研發成本為零，而 2024 年第一季的研發成本為 790 萬美元。2024 年第一季包括與 Emrosi 相關的預先批准和里程碑付款。現在來看看我們的銷售、一般及行政費用。

SG&A increased by $2.1 million to $10.6 million for the first quarter of 2025 from $8.4 million for the first quarter of 2024. The increase primarily reflects investments in incremental commercial infrastructure to support the Emrosi launch.

2025 年第一季度，銷售、一般及行政費用 (SG&A) 從 2024 年第一季的 840 萬美元增加 210 萬美元至 1,060 萬美元。這一增長主要反映了對支持 Emrosi 發射的增量商業基礎設施的投資。

Continuing to our net loss for the periods. Net loss to common shareholders was $4.1 million or $0.18 per share basic and diluted for the first quarter of 2025. This compares to a net loss to common shareholders of $10.4 million or $0.53 per share basic and diluted for the first quarter of 2024. We ended the first quarter of 2025 with $21.1 million in cash compared to $20.3 million at December 31, 2024. Thank you very much. I will now turn the call back to Claude.

本期間我們的淨虧損持續存在。2025 年第一季普通股股東淨虧損為 410 萬美元，即每股基本虧損及攤薄虧損分別為 0.18 美元及 0.18 美元。相較之下，2024 年第一季普通股股東淨虧損為 1,040 萬美元，即每股基本虧損及攤薄虧損均為 0.53 美元。截至 2025 年第一季度，我們的現金餘額為 2,110 萬美元，而 2024 年 12 月 31 日為 2,030 萬美元。非常感謝。我現在將電話轉回給克勞德。

Thank you, Joe. The first quarter marked the launch of Emrosi in addition to several momentum building activities to support adoption of the product, such as our exhibit booth at the AAD conference, the JAMA Dermatology publication of Emrosi's Phase 3 clinical trial results, inclusion of Emrosi in the National Rosacea Society's treatment algorithms and establishment of payer coverage for a significant percentage of commercial lives, all less than two months into Emrosi's launch.

謝謝你，喬。第一季標誌著 Emrosi 的正式發布，此外，我們還開展了多項活動來推動該產品的普及，例如我們在 AAD 大會上的展位、在《JAMA Dermatology》雜誌上發表的 Emrosi 三期臨床試驗結果、將 Emrosi 納入美國酒渣鼻協會的治療方案，以及為相當一部分商業人士建立了付費保險。所有這些活動都發生在 Emrosi 正式發布後不到兩個月的時間。

Our dermatology-focused sales force has been fully trained and is in the field building the Emrosi's brand and prescription demand with existing and new customers, in addition to continuing to generate demand with the other prescription dermatology products. Early indicators are encouraging with over 660 unique health care providers writing prescriptions for Emrosi to date. This is a testament to the effectiveness of our team and the unmet need Emrosi is addressing.

我們專注於皮膚病學的銷售團隊已經過全面培訓，正在與現有和新客戶一起建立 Emrosi 的品牌和處方需求，此外還繼續為其他處方皮膚病學產品創造需求。早期指標令人鼓舞，迄今為止已有超過 660 名獨特的醫療保健提供者為 Emrosi 開處方。這證明了我們團隊的效率以及 Emrosi 正在解決的未滿足的需求。

We are confident the launch will continue to build momentum throughout the year. With strong initial revenue, improving margins and a solid cash position, we are on track to accelerate our path to profitability. Looking ahead, we are focused on expanding access, growing prescription volume and publishing additional peer-reviewed data that further supports Emrosi's clinical value.

我們相信，此次發布會將在全年持續保持強勁勢頭。憑藉強勁的初始收入、不斷提高的利潤率和穩固的現金狀況，我們正加速獲利。展望未來，我們專注於擴大獲取途徑、增加處方量並發布更多同行評審數據，以進一步支持 Emrosi 的臨床價值。

We remain committed to creating long-term value for patients, providers, and shareholders, and we believe 2025 is shaping up to be a transformational year for Journey Medical. Thank you. Operator, we are now ready to open the lines for Q&A.

我們始終致力於為患者、醫療服務提供者和股東創造長期價值，我們相信 2025 年將成為 Journey Medical 的轉型之年。謝謝。接線員，我們現在可以開通問答熱線了。

(Operator Instructions)

（操作員指示）

Scott Henry, AGP.

斯科特·亨利（Scott Henry），AGP。

Certainly, a lot going on. I guess, first, it sounds like the Q1 revenues for Emrosi was largely stocking. Going forward, would you expect revenues to reflect demand? And any thoughts how we should think about 2Q if there'll be a lag at all? Or just trying to get a sense of how we should expect revenues to be reported.

當然，有很多事情正在發生。我想，首先，聽起來 Emrosi 第一季的收入主要來自庫存。展望未來，您是否預期收入能反映需求？您是否認為我們應該如何看待第二季度是否會出現滯後？或只是想了解我們應該如何報告收入。

Thanks, Scott. This is Claude. Appreciate the question. Yes, we wanted to make sure that we had ample supplies to stock our distribution channel. And that's what we really did in that last 1.5 weeks of March.

謝謝，斯科特。這是克勞德。感謝你的提問。是的，我們希望確保有足夠的供應來滿足我們的分銷管道的需求。這正是我們在三月最後一周半所做的事。

And we wanted to make sure that the dermatology offices that we call on have sufficient supplies into the pharmacies that they typically utilize with their patients. So we were able to do that, and that's the $2 million that you're referencing there. So they're stocked.

我們希望確保我們所拜訪的皮膚科診所能夠向其通常為患者使用的藥房提供足夠的藥品。所以我們能夠做到這一點，這就是您提到的 200 萬美元。所以他們有存貨。

Our national sales meeting with our team, our sales force took place and their first official day of really launching the brand started on April 7. So from that point on, Scott, they are certainly pulling product through the distribution channel.

我們與團隊、銷售人員舉行了全國銷售會議，並於 4 月 7 日正式啟動品牌。所以，斯科特，從那時起，他們肯定會透過分銷管道來拉動產品。

And of course, we expect additional revenues in Q2 to come from that as well. We just have not decided to give any particular expectations as to what revenues could look like in Q2, for example. We're in our fourth, fifth week of launch. We love the way things are going, and we look forward to giving some, hopefully, very good news at the end of Q2 regarding Emrosi.

當然，我們預計第二季的額外收入也將來自於此。例如，我們還沒有決定對第二季的收入做出任何具體的預期。我們已經進入發布第四、第五週了。我們喜歡事情的進展方式，並期待在第二季末發布一些有關 Emrosi 的好消息。

Okay. Great. And then one question on the legacy business. If I pull out the $2 million, it looks like the legacy business was down about 10% to 15%. Do you think that was a quarterly, perhaps some noise in the first quarter? Or is that more of a trend? And really, can you just talk to Qbrexza and Accutane as the biggest drivers there?

好的。偉大的。然後是關於遺留業務的一個問題。如果我拿出這 200 萬美元，看起來遺留業務就會下降約 10% 至 15%。您認為這是一個季度性的，也許是第一季的一些噪音？或者這更像是一種趨勢？實際上，您能否談談 Qbrexza 和 Accutane 是那裡最大的推動因素？

Yeah, sure. First of all, the legacy business, what we qualify that as are our old brands that do have generic competition. They include Targadox, they include EXELDERM. And there's been a reduction almost on a quarterly basis for that. And we would expect some of that to continue with the legacy brands.

是的，當然。首先，對於傳統業務，我們將其定義為確實存在通用競爭的老品牌。它們包括 Targadox，包括 EXELDERM。而且幾乎每季都會減少。我們預計，傳統品牌將繼續保持這種風格。

In reference to Qbrexza, we are extremely pleased with how the product performance continues to be. As you're well aware, a competitor came out to Qbrexza called Sofdra. They started their launch back in January of this year. They have a full sales force and they're working on their telemedicine platform. We are looking at prescriptions all the way through March, and we actually just got prescriptions of April as of today.

關於 Qbrexza，我們對其持續表現感到非常滿意。如您所知，Qbrexza 的競爭對手是 Sofdra。他們於今年一月開始推出該產品。他們擁有一支完整的銷售隊伍，並正在致力於遠距醫療平台的開發。我們正在查看整個三月的處方，實際上截至今天我們剛剛收到四月份的處方。

And what we're seeing is exactly what we had expected. Sofdra and Botanix is bringing more awareness to the disease state of primary axillary hyperhidrosis. And we are benefiting, I believe, from that, including what our marketing and commercial team is doing.

而我們所看到的正是我們所期望的。Sofdra 和 Botanix 正在提高人們對原發性腋窩多汗症這種疾病狀態的認識。我相信，我們從中受益，包括我們的行銷和商業團隊所做的工作。

So for example, in March, we were 15% above in prescriptions compared to last year, 2024 March. And I'm pleased to say in April, again, hot off the presses, we continue to see a 15% growth month-over-month when you look at April 2025 versus April 2024.

例如，與去年（2024 年）3 月相比，3 月我們的處方量增加了 15%。我很高興地說，4 月的最新數據顯示，與 2024 年 4 月相比，2025 年 4 月的環比成長仍達到 15%。

So it's really continuing to ramp up for us. I think patient compliance is a key factor, and people are looking for something that's highly efficacious. So even with the competitor out there, we're seeing some solid growth from the brand. And I think lastly, you mentioned Accutane. Last year, I mentioned several times that there were two new competitors that fell into the isotretinoin market, which is where Accutane is.

因此，它確實在繼續為我們提升。我認為患者的依從性是一個關鍵因素，人們正在尋找一種非常有效的方法。因此，即使存在競爭對手，我們仍然看到品牌實現了穩健的成長。最後，我想您提到了 Accutane。去年，我多次提到，有兩個新的競爭對手進入了異維他命A酸市場，而 Accutane 正是在這個市場。

And that was Mayne and another company called Zydus. They came in hot and fast, and they were working on pricing, and they really hit pricing low to gain market share as quickly as possible. So just as a quick reminder, last year, in Q1, we did about 93,000 prescriptions of Accutane. And this year, same quarter, Q1 of 2025, we came in at about 66,000 prescriptions. So there was definitely a hit from that incredible first quarter and last quarter from last year.

那是梅恩和另一家名為 Zydus 的公司。他們迅速進入市場，並致力於定價，他們確實壓低了價格以盡快獲得市場份額。簡單提醒一下，去年第一季度，我們開出了約 93,000 份 Accutane 處方。今年，也就是 2025 年第一季度，我們收到了約 66,000 張處方。因此，去年第一季和最後一個季度的驚人表現無疑對公司造成了衝擊。

But when you look at Q4 of '24 versus Q1 of '25, we've actually grown Accutane by about 10% and we like and feel that we have stabilized it and that we're starting to grow the brand again. I will let you know that in Q2 last year, again, very solid quarter, about 93,000, 94,000 prescriptions.

但是，當你將 2024 年第四季度與 2025 年第一季進行比較時，你會發現 Accutane 的銷量實際上增長了約 10%，我們很高興並且感覺我們已經穩定了它，並且我們正開始再次發展這個品牌。我想告訴大家的是，去年第二季度，也是非常穩健的一個季度，處方量大約有 93,000 到 94,000 張。

So we're not going to be at that level with Accutane in Q2. But when Q3 and Q4 come around, I think you'll see that we're going to be stable there with the revenues of Accutane as well as perhaps growing that in the second half of the year.

因此，我們在第二季的 Accutane 銷售不會達到這一水平。但當第三季和第四季到來時，我想你會看到我們的 Accutane 收入將保持穩定，並且可能在下半年實現成長。

(Operator Instructions)

（操作員指示）

Kalpit Patel, B. Riley Securities.

卡爾皮特‧帕特爾 (Kalpit Patel)，B. 萊利證券 (Riley Securities)。

I had one more on the inventory part of this. Until the end of March, can you comment on what the day supply is in the distribution channel and how you anticipate that changing? Is it two weeks right now? Do you expect it to go to four weeks? Or what exactly are you looking to keep in the channel?

關於庫存部分我還有更多內容。到三月底為止，您能否評論一下分銷管道的日供應量是多少以及您預計會如何變化？現在是兩週嗎？您預計會持續四周嗎？或者您到底想在頻道中保留什麼？

Okay. So yeah, going back to the distribution in March, Kalpit, absolutely. Yeah, we have a number of pharmacies that are customers that dermatologists utilize on a consistent basis. We focused on that group of pharmacies. We call them specialty pharmacies.

好的。是的，回到三月的分佈情況，卡爾皮特，絕對如此。是的，我們有許多藥局，它們都是皮膚科醫生經常光顧的客戶。我們重點關注了那組藥局。我們稱它們為專科藥房。

In terms of the amount of inventory with a brand new launch, that's a particularly difficult answer to give back with a concrete position. But I think your estimation of two weeks may be a little bit longer, again, depending on how the ramp-up goes.

就新推出的品牌的庫存量而言，這是一個很難用具體立場來回答的問題。但我認為，你估計的兩週可能會更長一些，這也取決於成長的進展。

But I would tell you that it's typically between two to four weeks is what you see out there typically in a launch because it's brand new, there's an unknown to it. So it's hard to come up with a specific core number for that.

但我要告訴你，通常需要兩到四周的時間才能發布，因為它是全新的，對它來說是一個未知數。因此很難得出一個具體的核心數字。

Okay. And then do you have any early real-world feedback from the prescribers that are using it? I think you mentioned 660 unique doctors. Any feedback from those doctors? And then as a follow-up, is there a good proportion of patients? Is it fragmented? Or is it a certain group of doctors that are prescribing most of the prescriptions that you've seen today?

好的。那麼，您是否從使用它的處方者那裡得到了任何早期的真實回饋？我想您提到了 660 位獨特的醫生。這些醫生有什麼回饋嗎？然後作為後續調查，患者比例是否很高？是否碎片化？還是某一組醫生開出了您今天看到的大部分處方？

Sure. I mean, going back to the product profile, Emrosi's product profile, the Phase 3 clinical trial results, we've done numerous Advisory Boards, the feedback from the field, myself and my colleagues on this call could attest really tremendous positive feedback in terms of how well the product did compared to the current standard of care Oracea.

當然。我的意思是，回到產品概況、Emrosi 的產品概況、第 3 階段臨床試驗結果，我們已經做過多次諮詢委員會，來自該領域的反饋，我和我的同事在這次電話會議上可以證明，就該產品與目前的護理標準 Oracea 相比表現如何而言，確實有大量積極的反饋。

You're talking about 60%, almost a 60% greater improvement in IGA success as well as approximately 30% greater lesion reduction. And when our sales team is introducing that data, that really makes them pause. So I don't want to take anything away from that.

您說的是 60%，幾乎是 IGA 成功率提高了 60%，病灶減少了約 30%。當我們的銷售團隊介紹這些數據時，他們確實停下來了。所以我不想從中拿走任何東西。

That is really critical and meaningful to these HCPs. And the tolerability profile that's equal to placebo, I think that whole proposition value really makes doctors pause. Now they have been consistently using Oracea now for almost two decades. Here, we are coming out and introducing this new product, new formulation, lowest strength minocycline out on the market. We have a unique proprietary 10-milligram immediate release, 30-milligram extended release.

對於這些 HCP 來說，這確實至關重要且意義重大。而且其耐受性與安慰劑相同，我認為整個主張的價值確實讓醫生停下來思考。現在他們已經連續使用 Oracea 近二十年了。在這裡，我們推出並推出這款新產品、新配方、市場上強度最低的米諾環素。我們擁有獨特的專有 10 毫克速釋劑和 30 毫克緩釋劑。

There's a lot there. And I think that's really eye-catching. About two days ago, a dermatology -- a dermatologist from New Jersey sent me before and after pictures. I couldn't see who the patient name or anything private about the patient, but they showed me when they walked into their practice, certainly were designated for rosacea treatment. And the four weeks later, when he saw this patient back, it is remarkable.

那裡有很多東西。我認為這確實引人注目。大約兩天前，一位來自新澤西的皮膚科醫生給我發了治療前後的照片。我看不到病人的名字或任何有關病人的隱私信息，但是當他們走進診所時，他們向我展示了他們肯定是被指定用於治療紅斑痤瘡的。四周後，當他再次見到這位病人時，他感到非常驚訝。

And it certainly has reinforced him in particular, to continue to prescribe Emrosi moving forward. So, really fast pickup. I love watching, because we have incredible before and after pictures from the Phase III clinical trials. But when someone shares a real clinical practice office here post our launch, it's dramatic. Ramsey, did you want to add anything to that?

這無疑對他產生了特別大的影響，促使他繼續指導艾姆羅西繼續前進。因此，真的很快恢復。我喜歡觀看，因為我們有第三階段臨床試驗的令人難以置信的前後照片。但是，當我們發布新產品後有人在這裡分享一個真正的臨床實踐辦公室時，這很引人注目。拉姆齊，你還有什麼要補充的嗎？

Yeah. I think just in terms of launch trajectory, we're really excited. We look at a few derm analogs that have taken place more recently, and we're trending ahead. It's very early. It's hard to tell certainly where we'll be at week 8, week 12, so on and so forth.

是的。我認為就發射軌跡而言，我們真的很興奮。我們研究了最近發生的一些皮膚類似物，並且我們正朝著未來的方向發展。時間還很早。很難確切地說出第 8 週、第 12 週等等我們會在哪裡。

But we're really pleased at the trajectory in terms of the ramp. We expect that to continue to grow. But to Claude's point, we've received a lot of positive feedback from different advisory board meetings and from feedback from the field, from the commercial team in general. So, all good news. It's just an execution game on our part and market access, right?

但我們對坡道的軌跡感到非常滿意。我們預計這一數字將持續成長。但正如克勞德所說，我們從不同的顧問委員會會議以及來自現場和整個商業團隊的回饋中收到了很多積極的回饋。所以，全是好消息。這只是我們執行遊戲和市場准入的一個方面，對嗎？

So making sure the coverage is there. Claude mentioned 30%. We're pleased with that number. We expect it to continue to grow. So the demand is being driven. We're making sure on the other side, the coverage is there as well. So, thanks.

因此要確保覆蓋範圍是存在的。克勞德提到了 30%。我們對這個數字很滿意。我們預計它將繼續增長。因此需求正在推動。另一方面，我們要確保覆蓋範圍也同樣存在。所以，謝謝。

Okay. Got it. And one last, if I may. It might be early for this, but do you have a sense of who these patients are? Are they Oracea switchers? Or are they totally new rosacea patients? Or do you have any metrics that you can give us in the first two months of launch here?

好的。知道了。如果可以的話，我還有最後一個問題。現在可能還為時過早，但您知道這些病人是誰嗎？他們是 Oracea 轉換者嗎？還是他們是全新的酒渣鼻患者？或者您能提供一下發布後前兩個月內的任何指標嗎？

Yeah. I can tell you my understanding of it. It's not an exact science. I don't have hard core numbers. But from being in the field, talking to physicians, getting their feedback right now for my opinion is that this is looking right now as Phase 1 trying to get dermatologists and PAs to start prescribing it for their new patients coming in.

是的。我可以告訴你我的理解。這不是一門精確的科學。我沒有確切的數字。但從實地與醫生交談，獲得他們的回饋來看，我的觀點是，目前這正處於第一階段，試圖讓皮膚科醫生和 PA 開始為新來的患者開立這種藥物。

And then once they get comfortable with that, once they see their patients back, again, typically, it takes anywhere, Kalpit from three calls to up to seven calls to really start to switch a dermatologist prescribing habit that they've been used to for many, many years, like I said, almost two decades.

然後，一旦他們適應了這一點，一旦他們再次見到他們的病人，通常，Kalpit 需要從三次電話到七次電話才能真正開始改變他們已經習慣了很多年的皮膚科醫生的處方習慣，就像我說的，將近二十年。

So I think the new patients are the first phase. And then as they get comfortable week 4, week 8, week 12, when they see all these patients coming back, then you'll start to see some switching happening from existing Oracea patients. But that's the way I would probably paint the picture for you at this time.

所以我認為新病人是第一階段。然後，當他們在第 4 週、第 8 週、第 12 週感到舒適時，當他們看到所有這些患者都回來時，您就會開始看到現有的 Oracea 患者的一些轉變。但這可能是我此時為你描繪的畫面。

And Kalpit, just two other quick points, I think, which is very important in terms of messaging from a patient as well as a provider perspective is the early onset of efficacy of Emrosi, right, two weeks, right? You can see results in as little as two weeks.

還有 Kalpit，我認為另外兩點非常重要，從病人和提供者的角度來看，Emrosi 的療效早期就顯現出來了，對吧，兩週，對吧？最快兩週內您就可以看到結果。

And derms love that their patients are able to see results as quick as that. And then if you look at the different time points of the two studies, 16 weeks, at week 8, I mean, when they come back for that visit, they're going to achieve efficacy results that surpass Oracea in 16 weeks. So they're going to be very pleased with those early results, and we think that is proof in the pudding for them to continue writing the drug.

皮膚科醫生很高興看到他們的患者能夠如此快速地看到效果。然後，如果你看一下這兩項研究的不同時間點，16 週，第 8 週，我的意思是，當他們回來進行那次訪問時，他們將在 16 週內取得超越 Oracea 的療效結果。因此，他們會對這些早期結果感到非常滿意，我們認為這也是他們繼續開發該藥物的充分證明。

Thomas Flaten, Lake Street Capital Markets.

托馬斯·弗拉頓（Thomas Flaten），湖街資本市場。

Congrats on a good quarter. Claude or Ramsey, any feedback from the docs specifically around erythema? I know it didn't end up in the label and you're being careful about how you promote it. But I'm just curious if there were any spontaneous -- was any spontaneous commentary from docs about erythema?

恭喜本季取得良好業績。克勞德或拉姆齊，醫生對紅斑有什麼具體的回饋嗎？我知道它最終沒有出現在標籤中，而且你正在謹慎地推廣它。但我只是好奇是否有任何自發性的——醫生是否有任何關於紅斑的自發性評論？

Yeah, it's funny that you say that. Again, this is anecdotal, and we're not focused on that with our core message value that we're bringing to the physicians. But this doctor that I spoke about earlier was extremely impressed with how the erythema reduction took place in that four-week period of time. And I've heard that a few different times.

是的，你這麼說很有趣。再次強調，這只是軼事，我們並沒有將重點放在向醫生傳達的核心訊息價值上。但我之前提到的這位醫生對四周時間內紅斑的減少效果印象非常深刻。我已經聽過好幾次了。

And especially when you're looking at our before and after pictures, some dermatologists are mentioning that back to us, and we're taking it in, and we're pleased that they're proactively coming to us with that type of messaging.

尤其是當您查看我們的前後照片時，一些皮膚科醫生會向我們提及這一點，我們會考慮，並且很高興他們主動向我們傳達此類訊息。

Got it. And do you have a strategy over time for how to work that data set into the overall messaging, whether it be via MSL or sales rep?

知道了。並且，您是否有一個長期策略來將該資料集融入整體訊息傳遞中，無論是透過 MSL 還是銷售代表？

Well, yes. I'm going to ask Dr. Srinivas Sidgiddi here to jump in and perhaps talk about the JAMA Dermatology publication that happened and what it included and how medical affairs is handling some of that.

嗯，是的。我將請 Srinivas Sidgiddi 博士加入討論，並談談 JAMA 皮膚病學出版物的內容以及醫學事務部如何處理其中的一些內容。

Thank you, Claude. Yes, Thomas. So as Claude mentioned, the JAMA Derm publication does speak about the data that we have from the Phase 3 studies, which shows that Emrosi has significant superiority over placebo in terms of erythema improvement. That is one data point. The second data point also is that the treatment algorithms that have come out from the National Rosacea Society, they speak of using Emrosi for severe persistent erythema.

謝謝你，克勞德。是的，托馬斯。正如 Claude 所提到的，JAMA Derm 出版物確實談到了我們從第 3 階段研究中獲得的數據，這表明 Emrosi 在改善紅斑方面比安慰劑具有顯著優勢。這是一個數據點。第二個數據點也是來自美國國家酒渣鼻協會的治療演算法，他們提到使用 Emrosi 治療嚴重的持續性紅斑。

So there is a significant amount of data out there already that talks about the significant impact that Emrosi has on erythema. So that -- I think we will be building on that going forward. And we should be able to make the providers aware of the kind of impact that Emrosi has on erythema.

因此，目前已經有大量數據顯示 Emrosi 對紅斑有顯著的影響。所以——我認為我們將繼續在此基礎上繼續努力。我們應該讓供應商意識到 Emrosi 對紅斑的影響。

Super helpful. And then one final one. Among the 660 writers that you mentioned, Claude, any of those guys repeat writers?

超有幫助。最後再說一句。克勞德，您提到的 660 位作家中，有哪位是重複作家嗎？

Absolutely. So it's all over the board right now. We've got -- obviously, the most that we have are the onesies. We've got people that have written it 2 times, 5 times. We've got some writers now that are over 25 times. So it's all over the Board.

絕對地。所以現在一切都已經明朗了。我們有──顯然，我們擁有最多的就是連身衣。我們有人已經寫了 2 次、5 次。我們現在有一些作家的年齡超過 25 歲。所以這一切都在董事會上發生。

This concludes our question-and-answer session. I would like to turn the call back over to management for closing remarks.

我們的問答環節到此結束。我想將電話轉回給管理階層，請他們做最後發言。

Yeah. No, we thank everyone for coming to the call. We're very pleased and appreciate the hard work that our commercial team, our R&D getting this fabulous product out into the market now. And it's all about execution, being laser-focused and being very determined to succeed. I'm looking forward to seeing consistent incremental gains on this, and then we'll really start to see momentum over time. So thank you, and we'll talk later.

是的。不，我們感謝大家參加電話會議。我們非常高興並感謝我們的商業團隊和研發團隊的辛勤工作，將這款出色的產品推向市場。一切都取決於執行力、高度集中註意力以及成功的決心。我期待看到這方面持續的增量收益，然後我們將真正開始看到隨著時間的推移而出現的勢頭。所以謝謝你，我們稍後再談。

The conference has now concluded. Thank you for your participation. You may now disconnect your lines.

會議現已結束。感謝您的參與。現在您可以斷開線路了。