Supernus Pharmaceuticals Inc (SUPN) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to Supernus Pharmaceuticals' Second Quarter 2023 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

下午好，歡迎參加 Supernus Pharmaceuticals 2023 年第二季財務業績電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the conference over to Peter Vozzo of ICR Westwicke, Investor Relations representative for Supernus Pharmaceuticals. You may begin.

我現在想將會議交給 ICR Westwicke 的 Peter Vozzo，他是 Supernus Pharmaceuticals 的投資者關係代表。你可以開始了。

Thank you, Stephen. Good afternoon, everyone, and thank you for joining us today for Supernus Pharmaceuticals' Second Quarter 2023 Financial Results Conference Call. Today, after the close of market, the company issued a press release announcing these results. On the call with me today are Supernus' Chief Executive Officer, Jack Khattar; and Chief Financial Officer, Tim Dec. Today's call is being made available via the Investor Relations section of the company's website at ir.supernus.com.

謝謝你，史蒂芬。大家下午好，感謝您今天參加 Supernus Pharmaceuticals 2023 年第二季財務業績電話會議。今天收盤後，該公司發布新聞稿宣布了這些結果。今天與我通話的是 Supernus 執行長 Jack Khattar；財務長 Tim Dec。今天的電話會議可透過公司網站 ir.supernus.com 的投資者關係部分進行。

During the course of this call, management may make certain forward-looking statements regarding future events and the company's future performance. These forward-looking statements reflect Supernus' current perspective on existing trends and information. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the Risk Factors section of the company's latest SEC filings. Actual results may differ materially from those projected in these forward-looking statements. For the benefit of those of you who may be listening to the replay, this call is being held and recorded on August 8, 2023. Since then, the company may have made additional announcements related to the topics discussed. Please reference the company's most recent press releases and current filings with the SEC. Supernus declines any obligation to update these forward-looking statements, except as required by applicable securities laws.

在本次電話會議期間，管理階層可能會就未來事件和公司未來業績做出某些前瞻性陳述。這些前瞻性陳述反映了 Supernus 目前對現有趨勢和資訊的看法。任何此類前瞻性陳述都不是對未來業績的保證，並且涉及風險和不確定性，包括該公司最新向 SEC 備案的風險因素部分中指出的風險和不確定性。實際結果可能與這些前瞻性陳述中的預測有重大差異。為了方便那些可能正在收聽重播的人，本次電話會議將於 2023 年 8 月 8 日舉行並進行錄音。此後，該公司可能發布了與所討論主題相關的其他公告。請參考該公司最新的新聞稿和目前向 SEC 提交的文件。 Supernus 不承擔任何更新這些前瞻性聲明的義務，除非適用的證券法要求。

I will now hand the call over to Jack.

我現在會把電話轉給傑克。

Thank you, Peter. Good afternoon, everyone, and thanks for taking the time to join us as we discuss our 2023 second quarter results. Supernus continues to execute well during a transition year with the loss of exclusivity on its flagship brand, Trokendi XR.

謝謝你，彼得。大家下午好，感謝您抽出寶貴時間加入我們討論 2023 年第二季業績。 Supernus 在過渡年繼續表現良好，其旗艦品牌 Trokendi XR 失去了獨家經營權。

In the second quarter of this year, our growth products continued to deliver robust growth with Qelbree and GOCOVRI achieving combined net sales of $60 million. This represents 67% growth compared to the same period last year and by far exceeds the $52 million decline in Trokendi XR net sales in the second quarter compared to 2022.

今年第二季度，我們的成長產品持續實現強勁成長，Qelbree 和 GOCOVRI 的合併淨銷售額達到 6,000 萬美元。與去年同期相比成長了 67%，遠遠超過了 Trokendi XR 第二季淨銷售額與 2022 年相比下降的 5,200 萬美元。

Similarly, for the first half of 2023, Supernus generated $112 million in net sales from Qelbree and GOCOVRI, which significantly exceeded the $80 million lost from Trokendi XR in the same period. Finally, excluding Trokendi XR, total revenues for Supernus grew by 25% in the first half of 2023 compared to the same period last year.

同樣，2023 年上半年，Supernus 從 Qelbree 和 GOCOVRI 獲得了 1.12 億美元的淨銷售額，大大超過了 Trokendi XR 同期損失的 8000 萬美元。最後，不包括 Trokendi XR，Supernus 2023 年上半年的總營收與去年同期相比成長了 25%。

Moving on to more specifics about Qelbree's strong performance in the second quarter despite the beginning of the weak summer season in the ADHD market. For IQVIA prescription data, the ADHD market was essentially flat in the second quarter compared to the first quarter of this year, while Qelbree's prescriptions grew by 9%, reaching an all-time high of 146,344 in quarterly prescriptions.

接下來詳細介紹 Qelbree 在第二季的強勁表現，儘管 ADHD 市場在夏季開始疲軟。 IQVIA 處方數據顯示，與今年第一季相比，第二季 ADHD 市場基本上持平，而 Qelbree 的處方增加了 9%，季度處方達到 146,344 份的歷史新高。

In addition, Qelbree's net sales grew by 20% in the second quarter compared to the first quarter of 2023 showing the resiliency of the brand and its continued growth potential despite the seasonality in the ADHD market. Moreover, the 146,344 quarterly prescriptions represent a 133% increase compared to the second quarter last year.

此外，與 2023 年第一季相比，Qelbree 第二季的淨銷售額成長了 20%，這表明該品牌的彈性及其持續成長潛力，儘管過動症市場存在季節性。此外，季度處方數量為 146,344 份，與去年第二季相比增加了 133%。

As we approach mid-August, several metrics have now started signaling the return of the back-to-school season. For instance, pharmacy orders from wholesalers that are typically a good leading indicator for product demand have significantly increased in the first week of August compared to June and July, setting in new highs since the launch of the product. Consequently, the factory shipments are starting to ramp up to satisfy demand from the pharmacies.

隨著八月中旬的臨近，一些指標現在開始預示著返校季的回歸。例如，批發商的藥品訂單通常是產品需求的良好領先指標，與 6 月和 7 月相比，8 月第一周顯著增加，創下產品推出以來的新高。因此，工廠出貨量開始增加，以滿足藥局的需求。

Moreover, Qelbree continues to capitalize on several dynamics, including a 12% increase in average total daily dose in the second quarter of 2023 compared to the second quarter 2022, leading to 1/3 of Qelbree's prescriptions now being more than 300-milligram per day compared to 24% a year ago. Together with an improvement in the gross to net, this resulted in an average net price per prescription of $212, an increase of 20% compared to 2Q 2022 and 10% increase compared to the first quarter of 2023.

此外，Qelbree 繼續利用多項動態，包括與 2022 年第二季度相比，2023 年第二季度的平均每日總劑量增加了 12%，導致 Qelbree 1/3 的處方目前每天超過 300 毫克與一年前的24% 相比。再加上總淨價的提高，每張處方的平均淨價為 212 美元，與 2022 年第二季度相比增長 20%，與 2023 年第一季相比增長 10%。

In addition, during the second quarter, Qelbree expanded its base of prescribers to approximately 21,291, up from 19,917 (sic) [19,197] prescribers from the first quarter of 2023. We expect Qelbree's growth to continue with our increased capacity and broader reach behind the sales force expansion as well as the back-to-school season.

此外，在第二季度，Qelbree 的處方者數量從2023 年第一季的19,917 名（原文如此）[19,197] 名處方者擴大到約21,291 名。我們預計，隨著我們產能的增加和業務範圍的擴大，Qelbree 的成長將繼續下去。銷售隊伍擴張以及返校季。

Finally, we are very excited about a recent research article that was published last month in CNS drugs by the authors, doctors Maxwell Price and Richard Price. The peer reviewed research article with the headline extended release of viloxazine compared with atomoxetine for attention deficit hyperactivity disorder, describes an independent retrospective chart review of 50 patients with ADHD in routine clinical practice by the 2 physicians.

最後，我們對作者 Maxwell Price 醫生和 Richard Price 醫生上個月在 CNS 藥物中發表的一篇最新研究文章感到非常興奮。這篇同行評審的研究文章的標題是延長釋放維洛嗪與阿托西汀治療注意力不足過動症的比較，描述了2 名醫生在常規臨床實踐中對50 名ADHD 患者進行的獨立回顧性圖表審查。

Patients, adult and pediatric, received up to 4 weeks of atomoxetine for the required insurance prior authorization. They were then washed out for 5 days and then switched over to 4 weeks of Qelbree treatment. Approximately half of the patients were also maintained on a stable dose of psychostimulants that they were on prior to receiving atomoxetine or Qelbree with a suboptimal response.

成人和兒童患者接受長達 4 週的托莫西汀治療，以獲得所需的保險事先授權。然後將它們清洗 5 天，然後轉入 4 週的 Qelbree 治療。大約一半的患者還維持在接受託莫西汀或 Qelbree 之前服用的穩定劑量的精神興奮劑，但反應不佳。

The ADHD Rating Scale-5 and Adult Investigator Symptom Rating Scale were administered during the study. At baseline, at the end of the 4-week atomoxetine trial or earlier if discontinued for AEs and at the end of the subsequent 4-week Qelbree trial.

研究期間使用了 ADHD 評定量表 5 和成人研究者症狀評定量表。基線時、4 週托莫西汀試驗結束時或更早（如果因 AE 停藥）以及隨後的 4 週 Qelbree 試驗結束時。

Briefly, the results are as reported in the article are as follows: First, Qelbree showed a highly statistically significant improvement with a p-value of less than 0.00001 on the 2 ADHD scales compared to atomoxetine. Second, 96% of patients preferred Qelbree over atomoxetine. Third, 85% of patients receiving stimulants chose to taper off the adjunctive stimulant once they are stable on Qelbree. Fourth, 86% reported positive response by the second week of taking Qelbree. And finally, 4% discontinued Qelbree versus 36% discontinued atomoxetine due to AEs.

簡而言之，文章中報導的結果如下：首先，與托莫西汀相比，Qelbree 在 2 個 ADHD 量表上表現出高度統計顯著性改善，p 值小於 0.00001。其次，96% 的患者更喜歡 Qelbree 而不是阿托莫西汀。第三，85% 接受興奮劑的患者在 Qelbree 治療效果穩定後選擇逐漸減少輔助興奮劑。第四，86% 的人在服用 Qelbree 的第二週報告了積極的反應。最後，4% 的人因 AE 而停用 Qelbree，而 36% 的人因 AE 而停用托莫西汀。

In summary, and I quote the author's conclusion as published in the article. "Pediatric and adult ADHD patients who have experienced less than optimal response to atomoxetine demonstrate rapid improvement in inattention and in hyperactivity/impulsivity with greater tolerability on extended-release viloxazine."

綜上所述，我引用了文章中發表的作者的結論。 “對托莫西汀的反應未達到最佳反應的兒童和成人 ADHD 患者表現出注意力不集中和多動/衝動的快速改善，並且對緩釋維洛嗪具有更高的耐受性。”

Please note that Supernus did not provide any support or funding for this research. We remain confident in the potential for Qelbree given its unique and differentiated clinical profile of a nonstimulant that works, works fast, works on both subscales of ADHD and has shown great tolerability.

請注意，Supernus 並未為本研究提供任何支持或資助。我們對 Qelbree 的潛力仍然充滿信心，因為它是一種非興奮劑，具有獨特且差異化的臨床特徵，有效、快速、對 ADHD 的兩個子量表均有效，並且顯示出良好的耐受性。

Switching now to GOCOVRI. Net product sales increased to $29 million in the second quarter of 2023. This represents a healthy increase of 17% over the same period in 2022. We continue to be pleased with the performance of the brand, which is now at an annualized run rate of approximately $115 million to $120 million in net product sales.

現在切換到 GOCOVRI。 2023 年第二季產品淨銷售額增至 2,900 萬美元。這比 2022 年同期健康增長了 17%。我們對該品牌的表現仍然感到滿意，目前該品牌的年化運行率為產品淨銷售額約為1.15 億至1.2 億美元。

Regarding Oxtellar XR, net product sales were $24 million compared to $30 million in the same period last year. The decline was primarily due to destocking by wholesalers impacting gross sales and higher rebates that are hit -- all hit in the same quarter.

Oxtellar XR 的產品淨銷售額為 2,400 萬美元，而去年同期為 3,000 萬美元。下降的主要原因是批發商去庫存影響了總銷售額，並且折扣增加，所有這些都發生在同一季度。

For Trokendi XR net product sales in the second quarter were $19 million, down sequentially from $35 million in the first quarter of 2023 and down from $72 million in the second quarter of last year. There are now 3 generics in the market on Trokendi XR, and we expect further decline in quarterly sales on the brand. Given the performance of Trokendi XR in the first half of the year, we have revised guidance slightly with the midpoint of the range now at approximately $75 million for full year 2023.

Trokendi XR 第二季產品淨銷售額為 1,900 萬美元，較 2023 年第一季的 3,500 萬美元有所下降，也較去年第二季的 7,200 萬美元有所下降。 Trokendi XR 目前市場上有 3 個仿製藥，我們預計品牌的季度銷售額將進一步下降。鑑於 Trokendi XR 在今年上半年的表現，我們對 2023 年全年的指導略有修改，目前範圍的中點約為 7500 萬美元。

Regarding the pipeline, we will be hosting an R&D Day in New York City on October 18, 2023, where we will share with you an overview of our product pipeline with an emphasis on SPN-817 and the open-label Phase II clinical study in adult patients with treatment-resistant seizures. SPN-820, our first in-class orally active mTORC1 activator, which is in a Phase IIb study in adults with treatment-resistant depression as well as new clinical candidates from the company's discovery program.

關於管道，我們將於 2023 年 10 月 18 日在紐約舉辦研發日活動，屆時我們將與您分享我們的產品管道概述，重點是 SPN-817 和 2023 年的開放標籤 II 期臨床研究。患有難治性癲癇發作的成年患者。 SPN-820 是我們首款口服活性 mTORC1 活化劑，目前正處於針對成人難治性憂鬱症患者以及該公司發現計劃的新臨床候選藥物的 IIb 期研究中。

In addition, key thought leaders will share their perspectives on the current treatment paradigms, unmet medical needs and the company's clinical development programs. Our team in collaboration with our partners continues to work hard towards the planned resubmission of the NDA for SPN-830, our apomorphine infusion device in the fourth quarter of this year. Finally, we continue to be active in corporate development, looking for strategic opportunities to further strengthen our future growth and leadership position in CNS.

此外，關鍵思想領袖將分享他們對當前治療模式、未滿足的醫療需求和公司臨床開發計畫的看法。我們的團隊與合作夥伴合作，繼續努力爭取今年第四季度重新提交我們的阿撲嗎啡輸注裝置 SPN-830 的 NDA。最後，我們持續積極參與企業發展，尋找策略機遇，進一步加強我們在中樞神經系統領域的未來成長和領導地位。

With that, I will now turn over the call to Tim.

現在，我將把電話轉給提姆。

Thank you, Jack. Good afternoon, everyone. As I review our second quarter 2023 results, please refer to today's press release and 10-Q that were filed earlier today.

謝謝你，傑克。大家下午好。在我回顧 2023 年第二季業績時，請參閱今天稍早提交的新聞稿和 10-Q。

Total revenue for the second quarter 2023 was $135.5 million compared to $170.1 million in the same quarter last year. Total revenue in the second quarter of 2023 was comprised of net product sales of $128.3 million and royalty revenue of $7.2 million. The $37.2 million decrease in net product sales was primarily due to a $52.3 million decline in net product sales of Trokendi XR partially offset by a $24 million increase in net product sales of our growth products, Qelbree and GOCOVRI.

2023 年第二季的總營收為 1.355 億美元，而去年同期為 1.701 億美元。 2023 年第二季的總收入包括 1.283 億美元的產品淨銷售額和 720 萬美元的特許權使用費收入。產品淨銷售額減少 3,720 萬美元，主要是由於 Trokendi XR 產品淨銷售額下降 5,230 萬美元，部分被我們的成長產品 Qelbree 和 GOCOVRI 的產品淨銷售額增加 2,400 萬美元所抵銷。

Excluding net product sales of Trokendi XR in both periods, total revenues for the second quarter of 2023 increased 18% compared to the same period last year. For the second quarter of 2023, combined R&D and SG&A expenses were $111.2 million as compared to $116.9 million for the same period last year.

剔除Trokendi XR兩個時期的產品淨銷售額，2023年第二季總營收較去年同期成長18%。 2023 年第二季度，研發與銷售、一般管理費用合計為 1.112 億美元，去年同期為 1.169 億美元。

While second quarter 2023 SG&A expenses declined year-over-year, R&D expenses increased $8 million over the same period due to increased investment and advancement with the clinical programs in our pipeline. Operating loss on a GAAP basis for the second quarter of 2023 was $17.6 million as compared to an operating earnings of $11.3 million for the same period last year.

雖然 2023 年第二季的 SG&A 費用年減，但由於我們管道中的臨床項目的投資增加和進展，研發費用在同一時期增加了 800 萬美元。 2023 年第二季以 GAAP 計算的營運虧損為 1,760 萬美元，而去年同期營運收益為 1,130 萬美元。

In the second quarter of 2023, we recorded an income tax benefit of $16.3 million as compared to income tax expense of $3.5 million for the same period last year. GAAP net loss was $800,000 for the second quarter of 2023 or loss per diluted share of $0.02 compared to GAAP net earnings of $7.9 million or earnings per diluted share of $0.14 in the same period last year.

2023 年第二季度，我們的所得稅收益為 1,630 萬美元，而去年同期的所得稅支出為 350 萬美元。 2023 年第二季 GAAP 淨虧損為 80 萬美元，或稀釋後每股虧損 0.02 美元，而去年同期 GAAP 淨利潤為 790 萬美元，或稀釋後每股收益 0.14 美元。

On a non-GAAP basis, which excludes amortization of intangibles, share-based compensation, contingent consideration and depreciation, adjusted operating earnings was $10 million compared to $37.6 million in the same period last year.

以非公認會計原則（不包括無形資產攤銷、股權激勵、或有對價和折舊）計算，調整後營業利潤為 1,000 萬美元，而去年同期為 3,760 萬美元。

Now turning to the 6-month numbers. Total revenue for the 6 months ended June 30, 2023, was $289.3 million compared to $322.6 million in the same period last year. Total revenues were comprised of net product sales of $268.9 million and royalty revenue of $20.4 million.

現在轉向 6 個月的數字。截至 2023 年 6 月 30 日的 6 個月總營收為 2.893 億美元，而去年同期為 3.226 億美元。總收入包括 2.689 億美元的產品淨銷售額和 2,040 萬美元的特許權使用費收入。

Similar to the second quarter of 2023 results, the $44 million decrease in net product sales were primarily due to an $80.3 million decline in net product sales of Trokendi XR partially offset by $44.9 million increase in net product sales of our growth products, Qelbree and GOCOVRI.

與2023 年第二季的業績類似，產品淨銷售額減少4,400 萬美元，主要是由於Trokendi XR 的產品淨銷售額下降8,030 萬美元，部分被我們的成長產品Qelbree 和GOCOVRI 的產品淨銷售額增加4,490萬美元所抵銷。 。

Excluding net product sales of Trokendi XR in both periods, total revenues for the 6 months ended June 30, 2023, increased 25% compared to the same period last year. Combined R&D and SG&A expenses for the 6 months ended June 30, 2023, were $218 million as compared to $228.2 million for the same period last year.

剔除兩個時期 Trokendi XR 的產品淨銷售額，截至 2023 年 6 月 30 日的 6 個月總收入較去年同期成長 25%。截至 2023 年 6 月 30 日的 6 個月，研發和銷售及管理費用合計為 2.18 億美元，而去年同期為 2.282 億美元。

The second quarter 2023 SG&A expenses decreased, while R&D expenses increased $8.4 million over the same period due to our investment in our current pipeline. As Jack mentioned earlier, we will be holding an R&D Day on October 18, which will provide more insight into our R&D and clinical development portfolio to deliver growth for our business.

2023 年第二季的 SG&A 費用有所下降，而由於我們對現有產品線的投資，同期研發費用增加了 840 萬美元。正如 Jack 之前提到的，我們將於 10 月 18 日舉辦研發日，這將使我們更深入地了解我們的研發和臨床開發組合，從而促進我們的業務成長。

Operating loss on a GAAP basis for the 6 months ended June 2023 was $12.4 million as compared to operating earnings of $13.3 million for the same period last year. For the 6 months ended June 2023, we reported an income tax benefit of $24.2 million as compared to income tax benefit of $7.4 million for the same period last year.

截至 2023 年 6 月的 6 個月，以 GAAP 計算的營運虧損為 1,240 萬美元，而去年同期的營運收益為 1,330 萬美元。截至 2023 年 6 月的 6 個月，我們的所得稅優惠為 2,420 萬美元，而去年同期的所得稅優惠為 740 萬美元。

GAAP net earnings were $16.1 million for the 6 months ended June 30, 2023, or $0.29 per diluted share compared to $33.5 million or $0.57 per diluted share in the same period last year. On a non-GAAP basis, which again excludes amortization of intangibles, share-based compensation, contingent consideration and depreciation, adjusted operating earnings were $40.5 million compared to $65.7 million in the same period last year.

截至 2023 年 6 月 30 日的 6 個月，公認會計準則淨利為 1,610 萬美元，或稀釋後每股收益 0.29 美元，而去年同期為 3,350 萬美元，或稀釋後每股收益 0.57 美元。以非公認會計準則（同樣不包括無形資產攤銷、股權激勵、或有對價和折舊）計算，調整後營業利潤為 4,050 萬美元，而去年同期為 6,570 萬美元。

As of June 30, 2023, the company had approximately $189.1 million in cash, cash equivalents and marketable securities compared to $555.2 million as of December 31, 2022. The decrease was primarily due to repayment of the convertible senior notes, partially offset by cash generated from operations.

截至2023年6月30日，該公司擁有約1.891億美元的現金、現金等價物和有價證券，而截至2022年12月31日為5.552億美元。減少的主要原因是償還可轉換優先票據，部分被產生的現金所抵銷來自營運。

On April 1, 2023, the company paid the total principal amount of $402.5 million due under its 2023 convertible notes, in addition to payment of the remaining outstanding interest of $1.3 million. Following the repayment, the 2023 convertible notes are no longer outstanding. In addition, as of June 30, 2023, the company has fully repaid the borrowings against the credit line. As a result of paying off these 2 different instruments as of June 30, 2023, the company has a strong balance sheet and significant financial flexibility for potential M&A and other value-creating opportunities.

2023 年 4 月 1 日，該公司支付了 2023 年可轉換票據到期的本金總額 4.025 億美元，此外還支付了 130 萬美元的剩餘未償利息。償還後，2023 年可轉換票據不再流通。此外，截至2023年6月30日，本公司已按授信額度全額償還借款。由於截至 2023 年 6 月 30 日還清了這兩種不同的工具，該公司擁有強大的資產負債表和巨大的財務靈活性，可以實現潛在的併購和其他價值創造機會。

Now turning to guidance. For the full year 2023, the company reiterates its prior financial guidance for total revenue, combined R&D, SG&A expenses and GAAP and non-GAAP operating earnings. As such, we expect total revenues to range from $580 million to $620 million, comprised of net product sales and royalty revenue. For the full year 2023, we expect combined R&D and SG&A expenses to range from $450 million to $480 million and full year GAAP operating loss in the range of $10 million to $30 million. And finally, we expect non-GAAP operating earnings to range from $75 million to $100 million.

現在轉向指導。對於 2023 年全年，該公司重申了先前對總收入、合併研發、SG&A 費用以及 GAAP 和非 GAAP 營運收益的財務指引。因此，我們預計總收入將在 5.8 億美元至 6.2 億美元之間，包括產品淨銷售額和特許權使用費收入。對於 2023 年全年，我們預計研發和銷售及管理費用總計將在 4.5 億美元至 4.8 億美元之間，全年 GAAP 營運虧損將在 1,000 萬美元至 3,000 萬美元之間。最後，我們預計非 GAAP 營業利潤將在 7,500 萬美元至 1 億美元之間。

Please refer to the press release issued prior to this call that identifies the various ranges of reconciling items between GAAP and non-GAAP. With that, I will now turn the call back over to the operator for Q&A.

請參閱本次電話會議之前發布的新聞稿，其中確定了 GAAP 和非 GAAP 之間的各種核對項目範圍。現在，我將把電話轉回給接線員進行問答。

(Operator Instructions) Our first question comes from Andrew Tsai of Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Andrew Tsai。

Appreciate all the updates. So maybe the first question, on Qelbree, the net price did seem favorable in Q2. It did sound as if gross to net also improved. So the question is, were there any inventory fluctuations or destocking that happened in Q2? And then it sounds like factory shipments are ramping up in Q3 ahead of the back-to-school season, which you said is a positive leading indicator, so should we assume some inventory build in Q3?

感謝所有更新。所以也許第一個問題是，在 Qelbree 上，第二季的淨價似乎確實有利。聽起來毛淨值比確實也有改善。那麼問題來了，第二季是否出現了庫存波動或去庫存的情況呢？然後，聽起來工廠出貨量在第三季在返校季之前正在增加，您說這是一個積極的領先指標，所以我們是否應該假設第三季會增加一些庫存？

Yes. Yes, regarding the inventory, it has been light on Qelbree in general all along. It did get a little bit lighter in the second quarter, but nothing really significant. Certainly, with the back-to-school season, as I mentioned in my remarks and as you rightfully said, now kicking into high gear, we would expect the wholesalers who start reacting to the orders from the pharmacy. So the orders from the pharmacies are already showing a very healthy increase. And that's typically the lead indicator because pharmacies are seeing, obviously, the increase in the prescriptions. They react to that with increased orders and then wholesalers react to those orders by increasing their orders from us. So it's really -- it's a cascading effect, and we're already seeing the first few steps occurring with the growth there. And then, of course, we will hopefully see that also, obviously, in the weekly prescriptions as time goes on, specifically in mid-August moving on through September and October.

是的。是的，就庫存而言，Qelbree 總體上一直很輕。第二季度確實有所減輕，但沒有什麼真正重要的。當然，隨著返校季的到來，正如我在發言中提到的，正如你正確所說的那樣，現在正進入高速運轉，我們預計批發商會開始對藥房的訂單做出反應。因此，藥局的訂單已經呈現出非常健康的成長。這通常是領先指標，因為藥房顯然看到處方量的增加。他們透過增加訂單來應對，然後批發商透過增加我們的訂單來應對這些訂單。所以這確實是一種連鎖效應，我們已經看到了成長的前幾步。當然，隨著時間的推移，我們顯然也希望在每週的處方中看到這一點，特別是從 8 月中旬一直到 9 月和 10 月。

Perfect. And speaking of scripts, as we, in the financial community, think about what Qelbree's sales trajectory needs to be in Q3 and Q4 to reach somewhere closer to consensus of $160 million for 2023, assuming you're comfortable with that number, then is it fair to assume we can expect TRx to inflect in both third quarter and fourth quarter rather than just third quarter. So basically, how are you thinking about the quarter-over-quarter sales growth cadence? Is it going to be a strong growth in Q3 alone or equally strong in Q3, Q4 and beyond?

完美的。說到腳本，我們金融界會思考 Qelbree 在第三季和第四季的銷售軌跡需要怎樣，才能接近 2023 年 1.6 億美元的共識，假設您對這個數字感到滿意，那麼是嗎？可以合理地假設，我們可以預期TRx 在第三季和第四季都會發生變化，而不僅僅是第三季。那麼基本上，您如何看待季度環比銷售成長節奏？光是第三季就會出現強勁成長，還是第三季、第四季及以後的成長同樣強勁？

Yes, sure. Yes, I mean the prescriptions will start really picking up again in the third quarter and will continue through the fourth quarter as well because the back-to-school season, it's a little bit funny. It's not purely on a calendar basis, clearly, right? So half of the summertime is June, which falls in the second quarter. July is normally also soft, which is in the third quarter, but the back-to-school season is really mid-August even through October, which bleeds into the fourth quarter. So it's not purely calendar, clearly, the seasonality, and therefore, the growth is expected to happen in the third quarter and again in the fourth quarter as well. And therefore, we expect sales to continue to grow in the fourth quarter as well on top of what growth we get in the third quarter.

是的，當然。是的，我的意思是，處方藥將在第三季度再次開始回升，並將持續到第四季度，因為返校季節，這有點有趣。顯然，這不純粹是基於日曆，對吧？因此，夏季的一半是六月，即第二季。七月通常也很軟，這是在第三季度，但返校季節實際上是在八月中旬，甚至到十月，一直延伸到第四季度。因此，這顯然不是純粹的季節性因素，因此預計第三季和第四季都會出現成長。因此，我們預計第四季度的銷售額將在第三季的成長基礎上繼續成長。

Our next question comes from Stacy Ku of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Stacy Ku。

This is [Vesh] on the line for Stacy. And congratulations on the quarter. Could you please comment on the Qelbree traction in adult versus the pediatric population? So what is the breakdown for the Qelbree prescription growth for adult and pediatric segment in Q2 and the expectations for the adult ADHD launch? So what is the level of awareness among the clinician group as we think about future growth prospects? And should there be less seasonality for the adult population?

我是 [Vesh]，正在接聽史黛西的電話。恭喜這個季度。您能否評論一下成人與兒童群體中的 Qelbree 牽引力？那麼，第二季度 Qelbree 成人和兒童細分市場的處方增長情況以及成人 ADHD 上市的預期是什麼？那麼，當我們思考未來的成長前景時，臨床醫師群體的意識程度如何？成年人口的季節性是否應該減少？

Yes. Regarding adults versus pediatric what we saw in the second quarter growth in the adult segment by approximately around 16% growth versus in pediatric, it was in the 5% to 6%. So clearly, as the kids went into summertime, out of school, adult was still picking up, obviously, the growth in the brand. And obviously, adult is also -- we're only about a year into the launch of adults. So we're still trying to get much deeper reach within the adult physician audience and get more people to be adopters of the brand.

是的。關於成人與兒童，我們在第二季度看到成人市場的成長率約為 16%，而兒童的成長率為 5% 至 6%。很明顯，隨著孩子們進入夏季、離開學校，成人顯然仍在加快品牌的成長。顯然，成人也是──我們推出成人只有一年左右。因此，我們仍在努力在成年醫生受眾中更深入地影響並讓更多人成為該品牌的採用者。

As far as our mix of the business, it's still in the probably 30 -- around the 30%, 33% as adult and the rest is pediatric. So we still have a long way to go as far as our growth in the adult segment. Now with the back-to-school season now in high gear, you would expect us to be pushing more on the pediatric side, clearly, to take the most advantage of the back-to-school season.

就我們的業務組合而言，它仍然在 30 左右——大約 30%、33% 為成人，其餘為兒童。因此，我們在成人市場的成長還有很長的路要走。現在，隨著返校季節的到來，您顯然會期望我們在兒科方面做出更多努力，以充分利用返校季節的優勢。

And then later, maybe later in the year, we balance it out with another question on the adult side. So we do these different strategies, obviously, execute different strategy on a quarterly basis depending on seasonality, depending on what did you launch and the awareness in different physician audience, the rate of adoption, the growth rates and so forth.

然後稍後，也許是今年晚些時候，我們會用成人方面的另一個問題來平衡它。因此，我們採取了這些不同的策略，顯然，根據季節性，每季執行不同的策略，這取決於您推出的產品以及不同醫生受眾的意識、採用率、成長率等等。

Perfect. And lastly, so last quarter on the call, you had mentioned some deepening prescriptions from top decile prescribers, but also expanding to new prescribers. So how is that expansion and deepening progressing? And how do you see the prescriber base growing moving forward?

完美的。最後，在上個季度的電話會議上，您提到了來自頂級十分位處方者的一些深化處方，但也擴展到了新的處方者。那麼，這種擴張和深化進展如何？您如何看待處方醫師基礎的不斷成長？

Yes. I mean the sales force expansion has been completed. Everybody has been trained. Everybody is in the field, has been in the field for a while now. The timing of the expansion was by design, clearly. That's why we did it in the April, May time frame so that we are fully ready for the back-to-school season. So clearly, the timing of all that was by design. And therefore, the most impact we will see is in the back-to-school season and the rest of the year out of that expansion.

是的。我的意思是銷售隊伍的擴張已經完成。每個人都經過訓練。每個人都在這個領域，而且已經在這個領域工作了一段時間了。顯然，擴張的時機是經過設計的。這就是為什麼我們在四月、五月的時間範圍內這樣做，以便我們為返校季做好充分準備。很明顯，這一切的時間安排都是設計好的。因此，我們將看到最大的影響是在返校季節和今年剩餘的時間。

That expansion of about 45, 46 reps clearly was designed to do 2 things, of course, to expand the reach as well as to increase the frequency among the physicians. This is a category which is sensitive to promotion. It takes numerous calls to turn a physician into an adopter. So frequency is extremely important. And we are hyper focused, of course, on the top deciles that who see a lot of patients. So from a volume perspective, they give you the best return on that sales call.

當然，增加約 45、46 次重複顯然是為了做兩件事，即擴大範圍以及增加醫生的頻率。這是一個對促銷敏感的類別。需要無數次的電話才能將一名醫生變成收養者。所以頻率非常重要。當然，我們非常關注那些收治大量患者的前十分之一。因此，從數量的角度來看，他們在銷售拜訪中為您提供了最好的回報。

Our next question comes from David Amsellem of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 David Amsellem。

So just got a few. First, sorry if I missed this, but can you talk about underlying volume trends for GOCOVRI. I don't know if you're in a position to give prescription data, but that would be helpful or maybe I'll just ask a different way, our underlying sales and volumes essentially in alignment. So that's number one.

所以就拿了幾個。首先，抱歉，如果我錯過了這一點，但是您能談談 GOCOVRI 的基本成交量趨勢嗎？我不知道您是否能夠提供處方數據，但這會有所幫助，或者也許我會以不同的方式詢問，我們的基礎銷售額和銷量基本上是一致的。所以這是第一。

Then number 2 is how are you thinking these days about biz dev and you're going to have an R&D Day. So I guess it sort of brings up an interesting question is, do you -- are you looking at additional pipeline assets? Or are you continuing to prioritize commercial stage assets? And just help us understand your latest thought process there.

第二個問題是你這幾天對商業開發有何看法，你將有一個研發日。所以我想這提出了一個有趣的問題，你是否正在考慮額外的管道資產？還是您繼續優先考慮商業階段資產？並幫助我們了解您最新的思考過程。

And then lastly, on Oxtellar, I wanted to get your thoughts on why you settled for next year when you had a couple of other cases that you actually won and your entry for Oxtellar was [27] for generics now that pulls up to [24]. Just help us understand your thinking there. And is it tied to broader strategy regarding the assets you're prioritizing?

最後，在Oxtellar 上，我想了解您為什麼選擇明年，當時您還有其他幾個案例，您實際上贏了，並且您在Oxtellar 上的仿製藥條目是[27]，現在拉升至[24 ]。 ]。只需幫助我們理解您的想法。它是否與您優先考慮的資產的更廣泛策略相關？

Yes, starting with the first question on GOCOVRI. We estimate prescription growth to be around 6%, like in the first half of this year on GOCOVRI versus last year. So it's still a healthy growth in prescriptions. And the reason I say we estimate because with GOCOVRI, it's a specialty pharmacy, but we also have several accounts, institutions, what have you, that directly buy from us. So it's a little bit -- and they don't report prescriptions to us. So that's why there is always an estimate there that is included. It's not like you're reading IQVIA prescriptions.

是的，從關於 GOCOVI 的第一個問題開始。我們估計 GOCOVRI 的處方增長約為 6%，與去年相比，今年上半年 GOCOVRI 的處方增長約為 6%。所以處方量仍然在健康成長。我之所以說我們估計是因為GOCOVRI是專業藥房，但我們也有幾個帳戶、機構，你有什麼，可以直接從我們這裡購買。所以有一點——而且他們不向我們報告處方。這就是為什麼總是包含一個估計值的原因。這不像您在閱讀 IQVIA 處方。

And because of the fluctuations sometimes quarter-to-quarter, we really stopped reporting it necessarily, but we focus on sales. And this is a very important point because when you have a specialty pharmacy or only accounts who are buying the product, they're certainly not buying it because there are no prescriptions going on. So the correlation between sales and the growth of the brand on a unit basis is pretty high because these folks that don't tend to sit on inventory, obviously, especially like institutions and so forth. So I would look at sales as a very, very good marker and surrogate to the health of the product and the growth behind the product.

由於有時會出現季度與季度之間的波動，我們確實不再需要報告，但我們專注於銷售。這是非常重要的一點，因為當您有專業藥房或只有購買該產品的帳戶時，他們肯定不會購買它，因為沒有處方。因此，銷售額和品牌成長之間的相關性非常高，因為這些人顯然不傾向於持有庫存，尤其是像機構等。因此，我將銷售視為一個非常非常好的指標，可以取代產品的健康狀況和產品背後的成長。

Regarding the second question on business development, we continue to prioritize the commercial assets if we can get opportunities that have commercial assets that could bring further revenue and cash flow into the company. As a next level priority is a pipeline asset that could be potentially launched ahead of what we already have in our pipeline. So our pipeline, clearly, the most advanced one is the infusion device, the apomorphine infusion device. But right behind that, the 2 main assets, SPN-817 and SPN-820 are at this point in Phase II.

關於第二個問題，關於業務發展，如果我們能夠獲得擁有商業資產的機會，可以為公司帶來更多的收入和現金流，我們繼續優先考慮商業資產。下一個優先順序是管道資產，它可能會先於我們管道中已有的資產啟動。所以我們的管道，顯然，最先進的是輸液裝置，阿撲嗎啡輸液裝置。但緊隨其後，兩個主要資產 SPN-817 和 SPN-820 目前正處於第二階段。

So if we can find other pipeline assets from the outside that are -- have completed Phase II, in the middle of Phase III or even completed Phase III, those will be ideal for us so that we can launch these assets in 2 to 3 years from now. So priority-wise, we continue to focus on the specific criteria. Again, we're agnostic whether those are psychiatry or neurology. We're pretty flexible from an operational perspective. We can really address either market very comfortably.

因此，如果我們能從外部找到其他已完成第二階段、第三階段中期甚至第三階段的管道資產，那麼這些資產對我們來說將是理想的選擇，以便我們可以在2 至3 年內推出這些資產現在起。因此，從優先順序來看，我們繼續關注具體標準。再說一次，我們不知道這些是精神病學還是神經學。從營運角度來看，我們非常靈活。我們確實可以非常輕鬆地應對這兩個市場。

And finally, the final question, the third one, you had on Oxtellar XR regarding the Paragraph IV situations and the most recent settlement. Looking at the trial, which was -- or would have happened in July this year, early August, looking at the allocation of resources, legal fees, management attention and so forth, we felt that the best optimum situation for us with Apotex is really to settle with them, have a certain date, get that risk off the table, and we're very happy to say that we were able to manage so that the downside on 2024 is a very small partial downside, so to speak. So a date which is September 1, 2024, will make the adverse impact on 2024 a little bit more palatable than if it were a full year clearly or even half year hit on 2024.

最後，最後一個問題，即第三個問題，您在 Oxtellar XR 上提出的關於第 IV 段的情況和最近的解決方案。看看今年 7 月、8 月初進行的審判，看看資源的分配、法律費用、管理層的關注等等，我們認為對我們來說 Apotex 的最佳情況確實是與他們達成和解，確定一個日期，消除這種風險，我們很高興地說，我們能夠做到這一點，因此2024 年的負面影響是非常小的部分負面影響。因此，2024 年 9 月 1 日這一日期將使對 2024 年的不利影響比對 2024 年全年甚至半年的影響更容易接受。

So that was really the strategy behind it is to get that certainty, take the risk off the table on Apotex situation and be able to allocate more of the resources on the more important brands, clearly, which is Qelbree and GOCOVRI.

因此，這背後的策略實際上是獲得確定性，消除 Apotex 情況的風險，並能夠將更多資源分配給更重要的品牌，顯然，這就是 Qelbree 和 GOCOVRI。

(Operator Instructions) Our next question is from Annabel Samimy of Stifel.

（操作員說明）我們的下一個問題來自 Stifel 的 Annabel Samimy。

This is Jack on for Annabel. So now that you're many quarters in with a reliable nonstimulant drug, do you have a sense of whether there's a shift in the go-to drug for physicians when thinking about putting a new patient on drug? And what is the profile of the patient that gets put on a nonstimulant versus a stimulant look like?

這是安娜貝爾的傑克。那麼，現在您已經使用了可靠的非興奮劑藥物很多年了，當您考慮讓新患者服用藥物時，您是否知道醫生的首選藥物是否會改變？服用非興奮劑與服用興奮劑的患者的情況如何？

I can speak clearly directly as to Qelbree and what we're experiencing with Qelbree and so forth. So the source of our business where are patients coming to the Qelbree franchise, basically, around 70% of the patients are being switched from stimulants and other products. The bulk of these switches are coming from stimulants. 65% of the switching that is happening, these patients that are coming to Qelbree are coming actually from stimulants. And the research shows us that the top reasons for these switches are basically, stimulants, actually and the AEs that are associated to the tolerability or lack of tolerability with stimulants.

我可以直接清楚地談論 Qelbree 以及我們在 Qelbree 上經歷的事情等等。因此，我們的業務來源是來到 Qelbree 特許經營店的患者，基本上，大約 70% 的患者正在放棄興奮劑和其他產品。這些開關大部分來自興奮劑。 65% 正在發生的轉變，這些來到 Qelbree 的患者實際上是來自興奮劑。研究表明，這些轉換的主要原因基本上是興奮劑，實際上是與興奮劑的耐受性或缺乏耐受性相關的不良事件。

Second main reason they've been on stimulants, but they didn't really get a good response. I mean people forget not everybody actually responds to stimulants, even if they have tried 2 different stimulants that exist on the marketplace. Third, specifically with parents, they just don't like to give their kids stimulant, so they may have tried them and they weren't too happy really with the experience and so forth. So the bulk of the switches are coming from stimulants.

第二個主要原因是他們一直在服用興奮劑，但並沒有真正得到良好的反應。我的意思是，人們忘記了並不是每個人都會真正對興奮劑產生反應，即使他們嘗試過市場上存在的兩種不同的興奮劑。第三，特別是對於父母來說，他們只是不喜歡給孩子興奮劑，所以他們可能已經嘗試過，但他們對這種經歷並不太滿意等等。所以大部分的轉換來自興奮劑。

Now having said that, about 30%, the remaining 30% of the business that we're getting or patients that we're getting are actually de novo patients. So these are patients that haven't tried anything before and Qelbree has become the medication that is a go-to medication. It's a first-line treatment for a lot of physicians out there, and that's really very encouraging for us because -- it's encouraging because now we can say that physicians or a lot of physicians, they are thinking of Qelbree as a first-line treatment.

話雖如此，大約有 30%，剩下的 30% 的業務或我們得到的患者實際上是新發患者。因此，這些患者以前從未嘗試過任何藥物，而 Qelbree 已成為首選藥物。對許多醫生來說，這是一種一線治療方法，這對我們來說真的非常令人鼓舞，因為——這是令人鼓舞的，因為現在我們可以說，醫生或很多醫生，他們正在考慮將Qelbree 作為一線治療方法。

And it's really based on the experience that either they've had with Qelbree or they've heard about other physicians who have tried Qelbree and really the remarkable efficacy, which I mentioned, especially with the study that I mentioned recently, where Qelbree is really -- if you want to summarize it, it's a nonstimulant that really works. It works fast. It works in both inattention and hyperactivity and has great tolerability. And that's exactly what we've been looking for decades now in this ADHD market.

這實際上是基於他們使用 Qelbree 的經驗，或者他們聽說過其他嘗試過 Qelbree 的醫生，以及我提到的顯著療效，特別是我最近提到的研究，其中 Qelbree 確實——如果你想總結一下的話，那就是它是一種真正有效的非興奮劑。它工作速度很快。它對注意力不集中和過動都有效，並且具有很好的耐受性。這正是我們幾十年來在過動症市場中一直在尋找的東西。

Yes, we've had other nonstimulants, but unfortunately, they have disappointed patients for so many years, and that's why the market has been split up with only 10% of the ADHD market being a nonstimulant. So clearly, we have been looking for a nonstimulant that works and also works fast. And Qelbree has been delivering on that as evidenced by the research that I mentioned today, but also with all the surveys that we have on Qelbree which was also corroborating and reinforcing everything we saw in the Phase III program.

是的，我們還有其他非興奮劑，但不幸的是，多年來它們一直讓患者失望，這就是為什麼市場被分割，ADHD 市場中只有 10% 是非興奮劑。很明顯，我們一直在尋找一種有效且見效快的非興奮劑。正如我今天提到的研究所證明的那樣，Qelbree 一直在實現這一點，而我們對 Qelbree 進行的所有調查也證實和強化了我們在第三階段專案中看到的一切。

The fast onset of action, parents don't have to wait forever when the school starts and waiting and waiting a week, 2 weeks, 3 weeks, 4 weeks, 5 weeks, even 6 weeks, sometimes on Strattera or atomoxetine and the product may or may not work. Even after waiting, you don't know whether it's going to work or not.

起效快，家長不必在開學時永遠等待一周、2週、3週、4週、5週，甚至6週，有時服用Strattera或阿托莫西​​汀，該產品可能會或可能不起作用。即使等待之後，你也不知道它是否會起作用。

So Qelbree short -- I know a long-winded answer, but the short answer is, it is really exciting to see that Qelbree has become for a lot of physicians the go-to product even from the beginning. And even if they are forced to go through a step edit, like the article or the research that I mentioned through atomoxetine, the research that I just mentioned with 50 patients, it shows that the 4-week treatment with atomoxetine hasn't really done much for these patients. They are still dissatisfied and therefore, they switch to Qelbree after that, and they get incredible response.

Qelbree 簡而言之——我知道一個冗長的答案，但簡短的答案是，看到 Qelbree 從一開始就成為許多醫生的首選產品，這真的很令人興奮。即使他們被迫進行一步編輯，就像我提到的透過阿托莫西汀進行的文章或研究，我剛才提到的針對50 名患者的研究，它表明阿托西汀4 週的治療並沒有真正完成對這些患者來說意義重大。他們仍然不滿意，因此之後他們轉向 Qelbree，並得到了令人難以置信的反響。

Again, although this is not a head-to-head trial, but it's actually clinical practice and these 2 physicians, they conducted the study because they were forced by insurance in the prior authorizations and they generated data to prove that actually Qelbree or extended-release viloxazine is a whole different unique drug unlike any other nonstimulant that ever existed in the marketplace.

再說一次，雖然這不是一項頭對頭的試驗，但它實際上是臨床實踐，這兩位醫生進行了這項研究，因為他們在事先授權中受到保險的強迫，他們生成的數據證明實際上Qelbree或擴展-釋放維洛嗪是一種完全不同的獨特藥物，與市場上存在的任何其他非興奮劑不同。

Got it. And then so just building off that a little bit, for all of those Qelbree patients that have been converted from stimulants, I know you've previously mentioned that stimulant shortages weren't necessarily tailwinds for you, but could you explain a bit more as to why that is?

知道了。然後，在此基礎上，對於所有從興奮劑轉變而來的 Qelbree 患者，我知道您之前提到過興奮劑短缺不一定對您有利，但您能否再解釋一下：這是為什麼呢？

Yes. The stimulant shortages. When you think about a patient who has been prescribed a stimulant, and that patient went to the pharmacy and couldn't find it. So from a medical clinical perspective, the first important point is the doctor has made up and made the decision that that's really what's necessary and what's important and what's the right treatment for that specific patient. It's either an amphetamine or methylphenidate or what have you. So if the patient reports back that they can't find it, that physician pretty much has probably 20 other options within the amphetamine and methylphenidate, so most likely, because they've already made up their mind clinically, most likely, they're going to prescribe another similar stimulant that is maybe a different formulation or a chewable or a tablet or extended release versus immediate release or whatever.

是的。興奮劑短缺。當你想到一個病人被開了興奮劑，而那個病人去了藥局卻找不到它。因此，從醫學臨床的角度來看，第一個重要的點是醫生已經做出決定，這確實是必要的、重要的，以及針對特定患者的正確治療方法。它要么是安非他命，要么是哌醋甲酯，或者你有什麼。因此，如果患者報告說他們找不到它，那麼醫生在安非他明和哌醋甲酯中幾乎還有 20 種其他選擇，所以很可能，因為他們已經在臨床上下定決心，很可能，他們是開立另一種類似的興奮劑，可能是不同的配方或咀嚼片或片劑或緩釋與立即釋放或其他什麼。

So that's why we don't think Qelbree necessarily is going to be the option that the physician will first think of when the patient reports to them that they can't find it. Now if the patient continues to have issues from a shortage perspective, that may make the physician rethink the therapy and maybe if that physician has a good experience with another patient for whom they felt that the nonstimulant and Qelbree is appropriate, they may try Qelbree. But we can't really say that the shortages necessarily are really a good dynamic for us in general. They might help, but it would be probably not too significant.

因此，我們認為當患者向醫生報告找不到 Qelbree 時，醫生不一定會先想到 Qelbree。現在，如果患者從短缺的角度繼續遇到問題，這可能會讓醫生重新考慮治療，也許如果該醫生對另一名患者有良好的經驗，他們認為非興奮劑和Qelbree 適合，他們可能會嘗試Qelbree 。但我們不能說短缺對我們來說一定是個好的動力。它們可能會有所幫助，但可能不會太重要。

I'm showing no further questions at this time. I would now like to turn the conference back to Jack Khattar for closing comments.

我目前沒有提出任何進一步的問題。現在我想請傑克·卡達（Jack Khattar）發表閉幕評論。

Thank you. In concluding our call this afternoon, I would like to emphasize that returning to strong growth is our top priority. Our growth products, Qelbree and GOCOVRI delivered significant growth of 67% in net sales in the first half of this year, reaching $112 million that by far exceeded the decline of $80 million in Trokendi XR.

謝謝。在結束今天下午的電話會議時，我想強調，恢復強勁成長是我們的首要任務。我們的成長產品 Qelbree 和 GOCOVRI 今年上半年淨銷售額大幅成長 67%，達到 1.12 億美元，遠超過 Trokendi XR 8,000 萬美元的跌幅。

We will continue to be focused on making the 2023 transition as smooth as possible as we move away from the legacy products and set the stage for continued growth in 2024 and beyond. Thanks for joining us this afternoon. We look forward to seeing you on October 18 at our R&D Day in New York City and to updating you on our next call.

我們將繼續致力於使 2023 年過渡盡可能順利，因為我們將擺脫傳統產品，並為 2024 年及以後的持續成長奠定基礎。感謝您今天下午加入我們。我們期待 10 月 18 日在紐約舉行的研發日見到您，並在下次電話會議上向您通報最新情況。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。