Tarsus Pharmaceuticals Inc (TARS) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to the Tarsus second quarter 2024 financial results conference call. As a reminder, this call is being recorded. At this time, I would like to turn the call over to David Nakasone, Head of Investor Relations, to lead off the call. David, you may begin.

下午好，歡迎參加 Tarsus 2024 年第二季財務業績電話會議。提醒一下，此通話正在錄音。此時，我想將電話轉交給投資者關係主管 David Nakasone 來主持。大衛，你可以開始了。

Thank you. Before we begin, I encourage everyone to go to the Investors section of the Tarsus website to the earnings release and related materials we will be discussing today. Joining me on the call this afternoon are Bobby Azamian, our Chief Executive Officer and Chairman; Aziz Mottiwala, our Chief Commercial Officer; Jeff Farrow, our Chief Financial Officer and Chief Strategy Officer, and joining us for the question-and-answer session, Sesh Neervannan, our Chief Operating Officer.

謝謝。在我們開始之前，我鼓勵大家造訪 Tarsus 網站的投資者部分，查看我們今天將討論的收益發布和相關資料。今天下午與我一起參加電話會議的是我們的執行長兼董事長 Bobby Azamian；阿齊茲‧莫蒂瓦拉 (Aziz Mottiwala)，我們的首席商務長；我們的財務長兼首席策略長 Jeff Farrow 以及我們的營運長 Sesh Neervannan 參加了問答環節。

I'd like to draw your attention to slide 3, which contains our forward-looking statements. During this call, we will be making forward-looking statements that are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties, and our actual results may differ materially. I encourage you to consult the risk factors contained in our SEC filings for additional detail. With that, I will turn the call over to Bobby.

我想提請您注意投影片 3，其中包含我們的前瞻性陳述。在這次電話會議中，我們將根據我們目前的期望和信念做出前瞻性聲明。這些陳述存在一定的風險和不確定性，我們的實際結果可能有重大差異。我鼓勵您查閱我們向 SEC 提交的文件中包含的風險因素以了解更多詳細資訊。這樣，我會將電話轉給鮑比。

Good afternoon, everyone, and thank you for joining us. I am excited to share yet another quarter of impressive results as we continue to exceed launch expectations for XDEMVY, including our own. This call is particularly special as we have just surpassed the one-year mark of XDEMVY being the first and only FDA-approved therapy for the treatment of Demodex blepharitis, or DB for short. It was an important opportunity to reflect on one of the most transformative moments in Tarsus' history while also looking forward to redoubling our efforts in this next phase of the XDEMVY launch.

大家下午好，感謝您加入我們。我很高興能分享另一個季度令人印象深刻的業績，因為我們繼續超越 XDEMVY 的發布預期，包括我們自己的預期。這次電話會議特別特別，因為我們剛剛超過 XDEMVY 成為 FDA 批准的第一個也是唯一一個治療蠕形蟎瞼緣炎（簡稱 DB）的療法一周年。這是一個重要的機會，可以反思 Tarsus 歷史上最具變革性的時刻之一，同時也期待在 XDEMVY 發布的下一階段加倍努力。

With just three full launch quarters under our belt, we are well on our way to creating what we believe will be one of the largest categories in eye care based on three key metrics: the number of patients we are serving, the speed with which eye care providers or ECPs have adopted XDEMVY and the exceptional high-quality payer coverage we have secured to date.

僅僅三個完整的發布季度，我們就正在順利地創建我們認為將基於三個關鍵指標的眼保健領域最大的類別之一：我們服務的患者數量、眼睛的速度護理提供者或ECP 已採用XDEMVY 以及我們迄今為止獲得的卓越的高品質付款人保險。

To further accelerate our success, we are investing in an expanded sales force that we expect will be fully deployed by the end of this quarter and the planned launch of our first-ever consumer television campaign later this year. You'll hear more about these plans from Aziz in a moment.

為了進一步加速我們的成功，我們正在投資擴大銷售隊伍，預計將在本季末全面部署，並計劃在今年稍後推出我們的首個消費者電視活動。稍後您會從阿齊茲那裡聽到有關這些計劃的更多資訊。

But first, let's turn to our outstanding Q2 results, which include generating more than $40 million in sales. That's a 65% increase over Q1 2024, delivering more than 37,000 bottles to patients, increasing traction among our target base of 15,000 ECPs. Currently, approximately 11,000 of these ECPs are prescribing XDEMVY with more than 60% prescribing XDEMVY to multiple patients.

但首先，讓我們來看看我們第二季的出色業績，其中包括超過 4000 萬美元的銷售額。這比 2024 年第一季成長了 65%，為患者提供了超過 37,000 瓶藥物，增加了我們 15,000 個 ECP 目標群體的吸引力。目前，其中約 11,000 名 ECP 正在開立 XDEMVY 處方，其中超過 60% 向多名患者開立 XDEMVY 處方。

And finally, recognizing an exceptional gross to net discount of approximately 44% that reflects the unique value of XDEMVY and the dedicated efforts of our market access team. As a result, we are now recording a net price of more than $1,000 per bottle.

最後，我們認識到約 44% 的非凡毛淨折扣，反映了 XDEMVY 的獨特價值以及我們市場准入團隊的專注努力。因此，我們現在記錄的每瓶淨價超過 1,000 美元。

That's an impressive standard by any measure and one that is rarely seen with other front-of-the-eye therapeutic launches. Importantly, we expect to maintain this high value throughout the remainder of 2024 with even more improvement anticipated in early 2025 when broad Medicare coverage comes online. Our mission since our founding has been to pioneer new medicines for diseases with significant unmet need.

無論如何衡量，這都是一個令人印象深刻的標準，在其他眼部治療產品中很少見。重要的是，我們預計在 2024 年剩餘時間內保持這一高價值，並預計在 2025 年初廣泛的醫療保險覆蓋上線時會有更大的改善。自成立以來，我們的使命就是為尚未滿足重大需求的疾病開發新藥。

And while creating a new category is not easy or fast, Tarsus is doing just that. Thanks to years of research, strong clinical trial results, months of prelaunch educational efforts and the relentless work of the entire team, we are delivering on the promise of a potential blockbuster.

雖然創建一個新類別並不容易或快速，但 Tarsus 正在這樣做。憑藉多年的研究、強大的臨床試驗結果、數月的上市前教育工作以及整個團隊的不懈努力，我們正在兌現潛在重磅炸彈的承諾。

Perhaps the most exciting element is our strong belief that we are just scratching the surface of the potential of XDEMVY. We have made significant traction in reaching the roughly 1.5 million patients already diagnosed with and seeking treatment for DB. This initial address in both segment alone represents a potential $1 billion market opportunity.

也許最令人興奮的因素是我們堅信我們只是觸及 XDEMVY 潛力的表面。我們在接觸約 150 萬名已診斷患有 DB 並尋求治療的患者方面取得了巨大的進展。僅這兩個細分市場的初始地址就代表了 10 億美元的潛在市場機會。

Beyond that, we are already expanding into the additional segments, we believe, make up the remaining 5.5 million patients who visit ECPs with complementary eye conditions such as dry eye disease, cataracts and patients who struggle to stay on their contact lenses. Not to mention the additional 18 million patients with DB visiting ECP offices who can ultimately be served with XDEMVY.

除此之外，我們相信，我們已將業務擴展到其他細分市場，包括因乾眼症、白內障等眼部疾病而前往 ECP 就診的剩餘 550 萬名患者以及難以繼續佩戴隱形眼鏡的患者。更不用說另外 1800 萬 DB 患者到 ECP 辦公室就診，他們最終可以獲得 XDEMVY 的服務。

Together, they represent a multibillion-dollar potential opportunity. Any way you look at it, the enormous market potential of XDEMVY is clear. Millions of patients are actively seeking solutions. ECPs are excited by the success stories within their practices and motivated to identify and help more patients. We are seeing increasing adoption and utilization in the additional DB patient segments of dry eye, cataracts and contact lens users.

它們共同代表了數十億美元的潛在機會。無論從哪個角度來看，XDEMVY 的巨大市場潛力都是顯而易見的。數百萬患者正在積極尋求解決方案。ECP 對他們實踐中的成功故事感到興奮，並有動力去識別和幫助更多患者。我們看到乾眼症、白內障和隱形眼鏡使用者等其他 DB 患者群體的採用和使用率不斷提高。

And with the support of our field teams, more and more ECPs are moving along the continuum from trialing XDEMVY to championing it as a consistent prescriber. As a physician, I really enjoy being in the field, listening and learning from our ECPs who consistently tell me about the positive impact of XDEMVY on their patients.

在我們現場團隊的支持下，越來越多的 ECP 正在沿著從試用 XDEMVY 到支持其作為一致處方者的連續過程。作為一名醫生，我真的很喜歡在現場聆聽並向我們的 ECP 學習，他們不斷地告訴我 XDEMVY 對病人的正面影響。

I recently met with a father-daughter team in Denver, whose practice has been around for 30 years. During my visit, the father couldn't wait to pull me aside to say that XDEMVY has delivered the best outcomes he's seen in his entire career. And the good news is I'm hearing that same sentiment everywhere I go. Regardless of whether the ECP is an early user or an established champion, I am uniformly hearing how well XDEMVY is working for their patients.

我最近在丹佛會見了一對父女團隊，他們的實踐已經有 30 年了。在我拜訪期間，父親迫不及待地把我拉到一邊說，XDEMVY 取得了他整個職業生涯中見過的最好的成果。好消息是我無論走到哪裡都能聽到同樣的情緒。無論 ECP 是早期用戶還是知名冠軍，我一致聽到 XDEMVY 為患者提供的服務效果如何。

And every day, they are finding more and more people to treat. And now with an expanded sales force entering the field and planning for our consumer television campaign underway, I am even more convinced of our ability to further accelerate the number of patients served and deliver on the promise of this novel medicine.

每一天，他們都在尋找越來越多的人來治療。現在，隨著進入該領域的銷售隊伍的擴大以及我們消費者電視活動的規劃正在進行，我更加相信我們有能力進一步增加服務的患者數量並兌現這種新藥的承諾。

Before I pass the call to Aziz, I want to remind you that we are simultaneously advancing a robust pipeline based on lotilaner the same promising antiparasitic molecule used in XDEMVY. We remain on track to bring our three programs focused on meibomian gland disease, lyme disease prevention and rosacea to the FDA by the end of this year and look to continue creating and leading in eye diseases that have not yet been effectively served. With that, I'll turn the call over to our Chief Commercial Officer, Aziz Mottiwala, for more details on our commercial progress.

在我打電話給 Aziz 之前，我想提醒您，我們正在同時推進一條基於 Lotilaniner 的強大管道，與 XDEMVY 中使用的相同有前景的抗寄生蟲分子。我們仍有望在今年年底前將我們專注於瞼板腺疾病、萊姆病預防和紅斑痤瘡的三個項目提交給 FDA，並希望繼續創造和引領尚未有效治療的眼部疾病。接下來，我將電話轉給我們的商務長 Aziz Mottiwala，以了解有關我們商業進展的更多詳細資訊。

While echoing everything Bobby just said, what a phenomenal quarter. We're obviously very pleased with the launch to date and our ability to continue delivering XDEMVY to more patients in need. We are also delighted with the significant improvement in gross net discount this quarter, which, as Bobby said, reflects payer recognition of the significant value of XDEMVY.

與鮑比剛才所說的一切相呼應，這是一個多麼非凡的季度。顯然，我們對迄今為止的發布以及我們繼續向更多有需要的患者提供 XDEMVY 的能力感到非常滿意。我們也對本季毛淨折扣的顯著改善感到高興，正如 Bobby 所說，這反映了付款人對 XDEMVY 重要價值的認可。

This exciting development is primarily a result of contracts we secured with two of the three big commercial payers and one of the largest Medicare payers, which is now covering XDEMVY without a prior authorization. The quality of coverage we've secured in such a brief period of time is truly remarkable and rarely seen in eye care. As a result, we expect the gross to net discount rate to remain relatively stable within the mid-40s through the end of the year.

這一令人興奮的發展主要歸功於我們與三大商業付款人中的兩家以及最大的醫療保險付款人之一簽訂的合同，該合同現在在未經事先授權的情況下承保 XDEMVY。我們在如此短的時間內獲得的覆蓋品質確實非常出色，這在眼科護理領域是罕見的。因此，我們預計到今年年底，總折現率與淨折現率將保持在 40 左右的相對穩定範圍內。

Another incredible outcome is the rapid level of adoption among our target ECPs that is happening much more quickly than we anticipated. As of August 7, approximately 11,000 ECPs have started patients on XDEMVY with more than 60% prescribing XDEMVY to multiple patients. What those numbers mean is that on average, each sales rep has changed the behavior of more than 100 ECPs, all of whom are now prescribing XDEMVY. This is a remarkable metric, but also a stark reminder of the importance of frequent and quality ECP interactions.

另一個令人難以置信的結果是我們的目標 ECP 的快速採用水準比我們預期的要快得多。截至 8 月 7 日，約 11,000 名 ECP 已開始為患者使用 XDEMVY，其中超過 60% 的患者為多名患者開出 XDEMVY 處方。這些數字意味著，平均而言，每位銷售代表改變了 100 多名 ECP 的行為，他們現在都在開 XDEMVY 處方。這是一個了不起的指標，但也清楚地提醒我們頻繁、高品質的 ECP 互動的重要性。

I'm incredibly proud of the strides we've made so far with our current target of 15,000 physicians, but we know it can take an average of 5 to 10 visits to move an ECP from trialists to Champion. Our current sales team is already maximizing both their time and their interactions with ECPs at a level of intensity and intentionality I've never seen before. But time is a finite resource. So we need more people in the field calling on our ECPs more often. This is going to allow us to realize the full potential of XDEMVY.

我對我們目前 15,000 名醫生的目標所取得的進步感到無比自豪，但我們知道平均需要 5 到 10 次就診才能將 ECP 從試用者轉變為冠軍。我們目前的銷售團隊已經最大限度地利用了他們的時間以及與 ECP 的互動，其強度和意圖程度是我以前從未見過的。但時間是有限的資源。因此，我們需要更多的現場人員更頻繁地拜訪我們的 ECP。這將使我們充分發揮 XDEMVY 的潛力。

As you know, we have always planned on a sales force expansion and the timing for executing on that plan was very well considered. We wanted to have a couple of strong revenue quarters under our feet, which we've now done, and we wanted to begin the expansion during a time that would be least disruptive to the business.

如您所知，我們一直在計劃擴大銷售隊伍，並且對執行該計劃的時機進行了深思熟慮。我們希望有幾個強勁的收入季度，我們現在已經做到了，並且我們希望在對業務影響最小的時期開始擴張。

We knew it would be a heavy lift for the sales team because we needed to take them out of the field to interview, hire, train and onboard approximately 50 new employees, all while continuing to call on their target less ECPs. I've been there before, and it's really no easy feat. That's why we made the very deliberate decision to begin the hiring process in the summer when ECPs, their staff and their patients typically take vacations and things generally slow down.

我們知道這對銷售團隊來說是一個沉重的負擔，因為我們需要讓他們走出現場，對大約 50 名新員工進行面試、招聘、培訓和入職，同時繼續呼籲他們減少 ECP 的目標。我以前去過那裡，這確實不容易。這就是為什麼我們深思熟慮地決定在夏季開始招募流程，當時 ECP、他們的員工和患者通常會休假，事情通常會放緩。

To be clear, there's never a good time to pull your sales team out of the field, particularly with such a promotionally sensitive product. And you'll see some of those loss days reflected in the Q3 numbers alongside the general ECP office slowdown you see each summer. But I'm confident that once the expanded sales force is fully deployed, our strong upward trajectory will continue alongside the increasing ECP adoption of XDEMVY.

需要明確的是，從來都不是將銷售團隊撤出該領域的好時機，尤其是對於促銷如此敏感的產品。您將看到其中一些損失天數反映在第三季的數據中，同時您還會看到每年夏天 ECP 辦公室整體放緩的情況。但我相信，一旦擴大的銷售隊伍得到充分部署，隨著 XDEMVY ECP 採用率的不斷提高，我們強勁的上升軌跡將繼續下去。

And with our plans to turn up the dial on our marketing efforts in Q4, we are truly pouring fuel on the fire. DP patients are highly motivated by and responsive to the visual aspects of this disease. So we're planning a hard-hitting, action-oriented DTC TV campaign that will be key to driving in more patients to their doctors to get screened for DB.

我們計劃在第四季加大行銷力度，這確實是火上加油。DP 患者對此疾病的視覺方面有很高的動機和反應。因此，我們正在計劃進行一場強大的、以行動為導向的 DTC 電視活動，這對於推動更多患者去看醫生接受 DB 篩檢至關重要。

In closing, our tremendous results this quarter speak to the compelling value proposition of XDEMVY and the power of category creation. With our expanded sales force preparing to enter the field, our anticipated consumer advertising campaign and ongoing strong payer coverage, we expect a rapid acceleration of our current momentum, a strong close to the year and continued opportunities for growth for years to come.

最後，我們本季的巨大業績證明了 XDEMVY 引人注目的價值主張和類別創建的力量。隨著我們擴大的銷售隊伍準備進入該領域，我們預期的消費者廣告活動和持續強大的付款人覆蓋範圍，我們預計我們當前的勢頭將迅速加速，年底將取得強勁的業績，並在未來幾年持續有成長的機會。

As always, thank you so much for your time and interest. I will now turn the call over to Jeff Farrow, our Chief Financial Officer and Chief Strategy Officer, to discuss our second quarter financial results and outlook for the third quarter.

一如既往，非常感謝您的時間和興趣。我現在將把電話轉給我們的財務長兼首席策略長傑夫法羅（Jeff Farrow），討論我們第二季的財務業績和第三季的前景。

Thanks, Aziz. As highlighted by the team, Q2 marked yet another exceptional quarter of strong commercial execution that generated $40.8 million in XDEMVY net product sales, driven by more than 37,000 bottles suspense to patients. Several new and impactful payer contracts, the results of which we expect to be reflected in the gross to net discount beginning next quarter and a substantial improvement in gross to net discount of 44% compared with 55% in Q1, demonstrating a strong understanding of the disease burdened by payers and their recognition of XDEMVY as the only FDA-approved therapeutic for disease with high unmet need.

謝謝，阿齊茲。正如該團隊所強調的那樣，第二季度標誌著又一個強勁商業執行力的出色季度，在向患者提供了超過 37,000 瓶懸念劑的推動下，XDEMVY 淨產品銷售額達到了 4,080 萬美元。幾份新的、有影響力的付款人合同，我們預計其結果將反映在下季度開始的毛淨折扣中，毛淨折扣較第一季度的 55% 大幅提高 44%，這表明我們對付款人負擔的疾病及其對XDEMVY 的認可，認為XDEMVY 是FDA 批准的唯一一種治療需求未滿足的疾病的藥物。

The improved gross to net discount, which evolved much more quickly than we anticipated, primarily reflects the significant commercial coverage we gained during the second quarter as well as a lower estimated impact for the Medicare donut hole in this quarter.

總折扣與淨折扣的改善，其變化速度比我們預期的要快得多，主要反映了我們在第二季度獲得的大量商業保險，以及本季度醫療保險甜甜圈漏洞的估計影響較低。

Given the general characteristics of our patient population, most of whom appear not to have as many comorbid diseases, we now expect to see more of an impact related to the donut hole in the second half of the year. Accordingly, with further commercial and Medicare coverage to come, we now anticipate our gross to net discount to range from approximately 42% to 46%, exiting 2025 at the lower end of the range.

鑑於我們患者群體的一般特徵，其中大多數人似乎沒有那麼多合併症，我們現在預計今年下半年將看到更多與甜甜圈洞相關的影響。因此，隨著商業和醫療保險覆蓋範圍的進一步擴大，我們現在預計毛淨折扣範圍約為 42% 至 46%，到 ​​2025 年將處於該範圍的下限。

Due to the Medicare donut hole dynamic, I mentioned earlier, we expect to see the potential for a 1 to 2-point increase in the gross to net discount from Q2 in the second half of this year. In other words, at the higher end of the range provided.

由於我之前提到的醫療保險甜甜圈洞動態，我們預計今年下半年的總折扣與淨折扣可能會比第二季增加 1 到 2 個百分點。換句話說，處於所提供範圍的高端。

Turning to our P&L. Our total operating expenses were approximately $74.8 million for the second quarter of 2024. The sequential increase in operating expenses of approximately $9.5 million was primarily driven by increases in the cost of sales of XDEMVY due to the growing number of bottles sold and increases in selling, general and administrative expenses due to sales and marketing costs, the expanded sales force to further support the launch of XDEMVY and other corporate expenses.

轉向我們的損益表。2024 年第二季我們的總營運費用約為 7,480 萬美元。營運費用較上季增加約 950 萬美元，主要是由於銷售瓶子數量增加導致 XDEMVY 銷售成本增加，以及銷售和行銷成本、銷售隊伍擴大導致銷售、一般和管理費用增加。

Gross margins for the second quarter remained flat at approximately 93%, which includes the royalty and the amortization of any milestones will be paid to Elanco. Finally, we ended the quarter with approximately $323.6 million in cash and marketable securities, inclusive of the approximately $40 million net drawdown from the Pharmacon credit facility signed in April 2024.

第二季的毛利率保持在約 93% 的水平，其中包括將支付給 Elanco 的特許權使用費和任何里程碑的攤銷。最後，本季結束時，我們擁有約 3.236 億美元的現金和有價證券，其中包括 2024 年 4 月簽署的 Pharmacon 信貸安排淨提取的約 4,000 萬美元。

Looking ahead to the third quarter, we do anticipate inventory levels will be similar to what we saw in the second quarter, and we expect operating expenses to increase incrementally due to the sales force expansion and other XDEMVY-related marketing efforts. Additionally, and as Aziz mentioned, there are some specific dynamics in play that will likely impact our bottles dispensed, namely a very deliberate and strategic decision we made to begin the sales force expansion process during the summer.

展望第三季度，我們確實預計庫存水準將與第二季度相似，並且由於銷售隊伍擴張和其他與 XDEMVY 相關的行銷努力，我們預計營運費用將逐步增加。此外，正如阿齊茲所提到的，有一些具體的動態可能會影響我們的瓶子分配，即我們為在夏季開始銷售隊伍擴張過程而做出的一個非常深思熟慮的戰略決定。

We understood that there would be some disruption as we trained and prepared these new sales representatives and leaders. And we did this to ensure we were on the ground and ready to go during some of the most productive months of the year. This resulted in us pulling some team members from the field to interview, hire and onboard the new sales force.

我們知道，在培訓和準備這些新的銷售代表和領導者時，會出現一些幹擾。我們這樣做是為了確保我們在一年中生產力最高的月份裡做好準備。這導致我們從現場抽調了一些團隊成員來面試、僱用和加入新的銷售隊伍。

We also anticipate the following factors could further impact our expectations for bottles dispensed. First, the traditional summer slowdown that occurs at ECP offices. Over the last several years, we have seen this result in a decrease in new patient bottles dispensed for eye care products in general during the third quarter. Second, summer vacations and holidays such as the 4th of July and Labor Day.

我們也預計以下因素可能會進一步影響我們對分配的瓶子的期望。首先，ECP 辦公室通常會出現夏季放緩的情況。在過去的幾年中，我們看到這導致第三季為眼部護理產品配發的新患者瓶總體減少。其次，暑假和假日，例如7月4日和勞動節。

With that in mind, we expect the number of bottles dispensed to patients in the third quarter to grow at a relatively modest rate of approximately 10% over Q2, meaning we expect approximately 41,000 bottles to be delivered to patients in the third quarter.

考慮到這一點，我們預計第三季向患者分發的瓶子數量將以相對溫和的速度增長，較第二季度約為 10%，這意味著我們預計第三季將向患者交付約 41,000 瓶。

The vast majority of these bottles will be to new patients as we are not yet seeing the benefits of meaningful retreatment volumes. Now looking ahead to the fourth quarter, we expect to see a much stronger growth trajectory in bottles dispensed, resulting from our fully expanded sales team out in the field and patients making multiple ECP visits to maximize their insurance plan benefits before they reset in 2025.

這些瓶子中的絕大多數將提供給新患者，因為我們尚未看到有意義的再治療量的好處。現在展望第四季度，由於我們在現場的銷售團隊全面擴大，以及患者多次進行ECP 就診，以在2025 年重置之前最大限度地提高他們的保險計劃福利，因此我們預計分配的瓶子將出現更強勁的成長軌跡。

And finally, with the planned launch of our first direct-to-consumer television campaign, we expect our momentum to continue accelerating into 2025 when we will see the first roots of those marketing efforts realized. In summary, we are pleased with both our ongoing launch performance and financial metrics and look forward to sharing more updates with you next quarter as we embark on the next phase of launch. I will now turn the call back to Bobby for final remarks.

最後，隨著我們計劃推出第一個直接面向消費者的電視活動，我們預計我們的勢頭將繼續加速到 2025 年，屆時我們將看到這些行銷工作的第一個根源得以實現。總而言之，我們對目前的發布業績和財務指標感到滿意，並期待在下個季度開始下一階段的發佈時與您分享更多更新。我現在將把電話轉回給鮑比，讓他發表最後的評論。

Thank you, Jeff. I want to a highlight a couple of key messages about our launch. First, I am more confident than ever in XDEMVY's growth because I hear from doctors every week, including this week, where I met with several who stressed how they've never seen a medicine this effective and also describe their own prescribing journey and how they see no limit on patients to diagnose and treat in their clinics. Second, I am excited about the near-term acceleration in serving DB patients due to our sales force expansion. With 50% more reps, we expect a similar increase in ECP visits, which will amplify our ability to educate doctors and create champions of XDEMVY. We expect to see immediate impact on prescriptions starting in September and building through Q4. And, our direct to consumer TV campaign, further accelerating uptake of XDEMVY starting in Q4. I know we are just scratching the surface with XDEMVY and can't wait for the months to come. We appreciate your time and engagement today, Operator, please open the line for questions.

謝謝你，傑夫。我想強調有關我們發布的幾個關鍵資訊。首先，我對XDEMVY 的成長比以往任何時候都更有信心，因為我每週都會收到醫生的來信，包括本週，我會見了幾位醫生，他們強調他們從未見過如此有效的藥物，並描述了他們自己的處方歷程以及他們如何使用藥物。其次，由於我們銷售團隊的擴張，我對為 DB 患者提供服務的近期加速感到興奮。隨著銷售代表數量增加 50%，我們預計 ECP 就診次數也會出現類似的成長，這將增強我們教育醫生和打造 XDEMVY 冠軍的能力。我們預計從 9 月開始並持續到第四季度，處方藥將立即受到影響。而且，我們的直接面向消費者的電視活動從第四季度開始進一步加速了 XDEMVY 的採用。我知道我們與 XDEMVY 的合作才剛開始，我們已經等不及接下來的幾個月了。感謝您今天的參與，接線生，請撥打電話提問。

Great. We will now conduct the question-and-answer session. (Operator Instructions)

偉大的。我們現在將進行問答環節。（操作員說明）

Tim Lugo, William Blair.

提姆·盧戈，威廉·布萊爾。

Thanks for taking the question and congratulations on a great quarter. Given the strong performance in the quarter and all clarity around GTN and borrows expense expected in Q3. I just want to hear your thoughts around what I see as consensus of about $38.8 million or $39 million for Q3. You don't need to give exact guidance, obviously, but I'd love to hear your thoughts around consensus in Q3 and maybe even how it looks for Q4 as well.

感謝您提出問題，並祝賀您度過了一個美好的季度。鑑於本季的強勁表現以及 GTN 的所有明確性以及預計第三季的借款費用。我只是想聽聽您對第三季 3880 萬美元或 3900 萬美元的共識的看法。顯然，您不需要提供準確的指導，但我很想聽聽您對第三季度共識的想法，甚至可能是第四季度的情況。

Yeah. We can explicitly provide guidance on that because we would be providing guidance on that if we do that (inaudible) If you do the math (inaudible)

是的。我們可以明確地提供這方面的指導，因為如果我們這樣做的話，我們就會提供這方面的指導（聽不清楚）如果你計算一下（聽不清楚）

That's fine. I understand. Maybe also, can you just broadly talk about when Medicare kicks in, in 2025, given all the granulation on GTN in 2024, directionally, is it probably going GTN maybe take the hit due to Medicare, but obviously, the volumes should be at a much higher level. Can you just directionally speak to that?

沒關係。我明白。也許你能籠統地談談 2025 年 Medicare 何時啟動，考慮到 2024 年 GTN 的所有顆粒化，從方向上看，GTN 是否可能會因 Medicare 受到打擊，但顯然，交易量應該在高得多的水平。能直接說一下嗎？

Sure, Tim. It's Aziz. Thanks for that question. (inaudible) great coverage, and we're really pleased with that. That's been one of the levers that's gotten us to where we are today. We've also mentioned on the call earlier that we signed one large Medicare payer and that will go into effect later this year. So we're going to start to see some of that Medicare coverage this year. The remaining ones we do expect to kick in, in 2025. I think what you can expect based on that is essentially a stable gross to net between now and the end of the year (inaudible) the discount into next (inaudible)

當然，提姆。是阿齊茲。謝謝你提出這個問題。 （聽不清楚）精彩的報道，我們對此感到非常滿意。這是我們今天成就的槓桿之一。我們也在早些時候的電話會議上提到，我們簽署了一個大型醫療保險付款人，並將於今年稍後生效。因此，今年我們將開始看到一些醫療保險覆蓋範圍。其餘的我們預計會在 2025 年啟動。我認為，基於此，您可以預期從現在到年底（聽不清楚）的折扣基本上是穩定的總淨值（聽不清楚）

All right. Thank you so much.

好的。太感謝了。

Pavan Patel, BofA

帕萬·帕特爾，美國銀行

Hey, guys. This is Pavan on for Jason Gerberry. Two questions from us. Firstly, appreciate the commentary for full year 2024 gross net discounts. I was wondering if the longer-term gross net discounts you expect to be a steady state here at the low 40s or is it likely to evolve as payer mix changes and you gain further coverage in 2025 and beyond? And then my second question is regarding your DTC efforts. So when do you kick those off, and how soon would you expect to see benefit from that in patient uptake? Thank you.

嘿，夥計們。這是帕萬 (Pavan) 為傑森·格伯里 (Jason Gerberry) 配音。我們提出兩個問題。首先，欣賞 2024 年全年毛淨折扣的評論。我想知道您預計的長期總淨折扣是否會穩定在 40 左右，或者是否可能隨著付款人組合的變化而變化，並且您在 2025 年及以後獲得進一步的覆蓋？我的第二個問題是關於你們在 DTC 所做的努力。那麼，您什麼時候開始實施這些計劃，您預計多久才能看到患者接受這些計劃的好處？謝謝。

Happy to take the first part of the question and turn over to Sesha to talk about the DTC. So what we anticipate is a slight increase in the gross net discount, as I had mentioned, given the donut hole issue, where we’re seeing essentially more patients coming in in Q3 and we anticipate that to be in Q4.

很高興接受問題的第一部分並交給 Sesha 來討論 DTC。因此，正如我所提到的，考慮到甜甜圈洞問題，我們預計總淨折扣會略有增加，我們看到第三季度出現更多患者，我們預計第四季度也會出現這種情況。

Of course, in Q1 of every year, you get copays reset, and so frequently there’s a larger gross net discount in that Q1 period. And then subsequent to that, in 2025, we expect that to improve sequentially to be sort of at, say, 42%-ish, the low end of the range we provided. And that should be pretty consistent with our long-term gross net discount beyond 2025.

當然，在每年的第一季度，您都會重置自付費用，因此第一季期間經常會出現較大的總淨折扣。在此之後，到 2025 年，我們預計這一數字將連續改善，達到 42% 左右，這是我們提供的範圍的低端。這應該與我們 2025 年後的長期毛淨折扣相當一致。

Great. And then in terms of the DTC question, so we anticipate launching sometime in the fourth quarter. You’ll see some impact of that this year, but as you can imagine, it takes a few repetitions for the patients to see the ad a couple times and we think you’ll start to see some impact this year, but you’ll really start to see that really take hold as we scale that effort into next year.

偉大的。然後就 DTC 問題而言，我們預計在第四季度的某個時間推出。今年您會看到一些影響，但正如您可以想像的那樣，患者需要重複幾次才能看到廣告幾次，我們認為今年您會開始看到一些影響，但是您–當我們將這一努力擴展到明年時，我們將真正開始看到這一點真正發揮作用。

Corey Jubinville, LifeSci Capital.

科里·朱賓維爾 (Corey Jubinville)，LifeSci Capital。

Hey. This is Dennis on for Cory. Congrats on the quarter and thank you for taking our question. As we near 2025 and we start to think about kind of the retreatment dynamics here, do you have any indication as to which patient profile is more likely to experience reinfestation that calls for retreatment? And in your view, kind of what percent of DB patients will ultimately require one or more courses of extended long-term?

嘿。這是丹尼斯替補科里。恭喜本季度，感謝您提出我們的問題。隨著 2025 年的臨近，我們開始考慮這裡的再治療動態，您是否有任何跡象表明哪種患者更有可能經歷需要再治療的再次感染？在您看來，有多少百分比的 DB 患者最終需要一個或多個長期延長療程？

Yeah. Thanks for that question. So, as you can imagine, it’s still relatively early in terms of the retreatment volume. So I think if you look at the IQVIA data (inaudible) with the patients get treated again sooner, and which types of patients may have more durability with the drug. In terms of what we expect to see long-term, if you go back to our Phase 3 studies and the follow-up we did, about 40% of the patients recur at month 12. So you can expect some proportion of those patients will get retreated over time

是的。謝謝你提出這個問題。因此，正如您可以想像的那樣，就再處理量而言，現在還相對較早。因此，我認為，如果您查看 IQVIA 數據（聽不清楚），患者會更快地再次接受治療，以及哪些類型的患者對藥物的耐受性可能會更高。就我們期望看到的長期情況而言，如果你回到我們的 3 期研究和我們所做的隨訪，就會發現大約 40% 的患者在第 12 個月時復發。因此，您可以預期，隨著時間的推移，這些患者中的一部分將會康復

And again, that’s something that will scale over time. I don’t think about it as a step up, but essentially something that scales over time as patients get more -- or sorry, as physicians get more and more experienced with the drug, the patients come back and then doctors will get their groove of how they want to retreat. So I think the short answer is it’s still very early. We expect to see retreatment volumes start to be more meaningful in 2025. And once we start to see that, we’ll be able to dig in and really understand the dynamics there.

再說一遍，這會隨著時間的推移而擴大。我不認為這是一個進步，但本質上是隨著時間的推移，隨著患者獲得更多藥物而擴展的東西——或者抱歉，隨著醫生對藥物的經驗越來越豐富，患者回來，然後醫生會得到他們的結果。所以我認為簡短的答案是現在還很早。我們預計到 2025 年，再處理量將開始變得更有意義。一旦我們開始看到這一點，我們就能夠深入研究並真正了解那裡的動態。

Andrea Tan, Goldman Sachs

安德里亞·譚，高盛

Hi all. This is [Talani] on for Andrea. Congrats on the quarter and thanks for taking our questions. A couple from us here. The first, why would you characterize a little bit more about the quarterly growth and the number of the ECPs to-date, especially in the context of penetrating the more, the eager adopters and the new-to-DB segments. And could you share the feedback that you’ve been getting on the disease education efforts from those providers?

大家好。這是安德里亞的[塔拉尼]。恭喜本季度，感謝您提出我們的問題。我們這裡有一對夫婦。首先，為什麼您要更多地描述 ECP 的季度增長和迄今為止的數量，特別是在滲透更多、熱切的採用者和新接觸 DB 細分市場的背景下。您能否分享您從這些提供者獲得的關於疾病教育工作的回饋？

Sure. Thanks, Talani, for that question. And when you look at the performance to-date, I think one of the highlights has really been the performance of XDEMVY. It’s very unique in terms of the wow effect it has for patients and I think that’s something that’s really gotten the physician community very excited. I think that’s one of the reasons we’ve seen a continuing scaling in our ECP adoption with over approximately 11,000 doctors writing prescriptions at this point. So it really speaks to the broad appeal of the drug and the utility it has in practice.

當然。謝謝塔拉尼提出這個問題。當你看看迄今為止的表現時，我認為亮點之一確實是 XDEMVY 的表現。就其帶給患者的令人驚嘆的效果而言，它是非常獨特的，我認為這確實讓醫生界非常興奮。我認為這是我們 ECP 採用規模不斷擴大的原因之一，目前已有超過 11,000 名醫生開出處方。因此，這確實說明了該藥物的廣泛吸引力及其在實踐中的效用。

In terms of getting beyond from early treaters to those different segments, I think there’s two factors that really drive this. One is physicians getting their experience, right? As they continue to get experience, seeing that wow effect in their practice, they start to think about using the product more broadly. So they typically start with a typical Demodex blepharitis patient.

就從早期治療者擴展到這些不同的細分市場而言，我認為有兩個因素真正推動了這一點。一是醫生獲得經驗，對嗎？隨著他們不斷獲得經驗，在實踐中看到令人驚嘆的效果，他們開始考慮更廣泛地使用產品。因此，他們通常從典型的蠕形蟎性瞼緣炎患者開始。

They see a handful of cases. They see the results. And then they start to think about other patient segments that really expand the utilization in the practice. So you can think about, for say, a recalcitrant dry patient or proactively screening their cataract patients. So that’s a level of experience that the doctor gets that really potentiates further use.

他們看到了一些案例。他們看到了結果。然後他們開始考慮真正擴大實踐中利用率的其他患者群體。因此，您可以考慮，例如，頑固的乾性患者或主動篩檢白內障患者。因此，醫生獲得的經驗水平確實可以增強進一步的使用。

The other factor that (inaudible) repeat visits from the sales force. Hearing that message again and again, and to your point, the feedback on the education has been very positive, and the physicians are very receptive. And we have so many of them that want to hear it, and our sales force can only get to them so many times. And that’s why we’re really excited about the sales force expansion.

另一個因素是（聽不清楚）銷售人員重複訪問。一次又一次地聽到這個訊息，就你的觀點而言，對教育的回饋非常積極，醫生也非常樂於接受。我們有很多人想聽，但我們的銷售人員只能聯絡他們這麼多次。這就是為什麼我們對銷售團隊的擴張感到非常興奮。

This is really going to create some capacity for our team to see these doctors more often, repeat that message, be that constant reminder, and provide that staff support to really facilitate that broadening utilization in the practice.

這確實將為我們的團隊創造一些能力，使他們能夠更頻繁地看望這些醫生，重複該信息，不斷提醒，並提供員工支持，以真正促進在實踐中擴大利用。

So the two factors I think that are key here are getting those doctors multiple shots on goal and seeing that consistent response in the patient and then hearing that message and disease education on a consistent basis from our team. The first one is happening, and I think with our sales force expansion, you’re going to see that happen at an even higher velocity now that our team can get to these doctors more often.

因此，我認為這裡關鍵的兩個因素是讓醫生多次射擊並看到患者的一致反應，然後從我們的團隊中聽到一致的訊息和疾病教育。第一個正在發生，我認為隨著我們銷售隊伍的擴張，你會看到這種情況以更快的速度發生，因為我們的團隊可以更頻繁地接觸這些醫生。

And the last piece I’ll add is the role of DTC here. Empowering the patient and having the patient sort of raise their hand, if you will, and proactively bring this up will further enhance this dynamic as well.

我要添加的最後一點是 DTC 在這裡的作用。如果願意的話，賦予患者權力並讓患者舉手並主動提出這一點也將進一步增強這種動力。

Frank Brisebois, Oppenheimer.

弗蘭克·布里斯博伊斯，奧本海默。

Thanks for the question and congrats on the quarter. I was just wondering, in terms of practices, is it a question of, I’m sure at first there’s some practices where physicians were a little more skeptical at first, and then so maybe they try one patient or two patients and see how it works.

感謝您的提問並祝賀本季。我只是想知道，就實踐而言，這是否是一個問題，我確信一開始，在某些實踐中，醫生一開始持懷疑態度，然後他們可能會嘗試一名或兩名患者並看看它是如何工作的。

Is it one of those situations where all of a sudden they are convinced that this is working and they just switch the entire practice to say, hey, make sure you look for these in the foot lamp on every patient or is it more of a progressive, let’s wait and see on, the patient feedback and it’s more the patient starting the conversation? Just what are the dynamics there? Thank you.

是否有一種情況，他們突然確信這是有效的，他們只是改變整個做法，說，嘿，確保你在每個病人的腳燈中尋找這些，或者這更像是一種進步，讓我們拭目以待，患者的回饋，更多的是患者開始對話？那裡的動態到底是什麼？謝謝。

Hey, Frank. It’s Aziz. Yeah. No. It’s a great question. One we see a lot of when we’re in the field and one we dig into a lot as well. And I think what you see is that physicians are very curious. The drug is obviously getting a lot of attention in the space. So you do get doctors that want to write those first few cases. I think the -- it varies by doctor. So you have some doctors that get those first few cases, they see the results, they see the consistency and predictability, and they implement it in their practice.

嘿，弗蘭克。這是阿齊茲。是的。不。這是一個很好的問題。一種是我們在現場經常看到的，另一種是我們經常深入研究的。我認為你看到的是醫生們非常好奇。該藥物顯然在該領域引起了很多關注。所以你確實會遇到想要寫前幾個病例的醫生。我認為——這因醫生而異。因此，有些醫生收到了最初的幾個病例，他們看到了結果，他們看到了一致性和可預測性，並在實踐中實施了它。

I would say even with those doctors, in many cases we’re just scratching the surface because they’re looking for it in certain areas, but they could be looking for it in other areas and that’s where our sales team plays a key role. You do have some doctors that take a little bit more time, as you can imagine. And in those cases, they want to see a handful more cases and typically it’s about 10 cases or so where they really hit that tipping point.

我想說，即使有這些醫生，在很多情況下我們也只是觸及表面，因為他們正在某些領域尋找它，但他們可能會在其他領域尋找它，而這就是我們的銷售團隊發揮關鍵作用。正如您可以想像的那樣，確實有一些醫生需要花費更多時間。在這些情況下，他們希望看到更多的案例，通常大約有 10 個左右的案例是他們真正達到臨界點的案例。

And then what I think happens is they start to look by segment. So I think the average physician doesn’t just say, okay, I’m going to wholesale change the practice over. They say, okay, I’m having great results with these patients. Who’s the next patient? Okay, a recalcitrant dry patient. I’ve got dry patients that are in the practice that are cycling through meds. Let me look at their lids. Okay, I’ve got great success there. All right, now let me look at my cataract patients and maybe start with premium cataracts and then broaden it.

然後我認為他們開始按細分市場進行尋找。所以我認為普通醫生不會只是說，好吧，我要徹底改變這個做法。他們說，好吧，我在這些患者身上取得了很好的結果。下一個病人是誰？好吧，一個頑固的干病人。我有一些乾性患者在診所中循環服藥。讓我看看他們的蓋子。好吧，我在那裡取得了巨大的成功。好吧，現在讓我看看我的白內障患者，也許從高級白內障開始，然後擴大範圍。

So there’s definitely a step-wise approach in which physicians adopt. And as we mentioned earlier, how can we facilitate that happening more quickly and that’s really getting in front of the doctor more often with the sales force. That constant education, that reminder to look forward in the different segments really enhances that. And I know, Bobby, you’ve been out in the field. Maybe you have some observations here as well.

因此，醫生肯定會採用一種循序漸進的方法。正如我們之前提到的，我們如何更快地促進這種情況的發生，而這確實是銷售人員更常面對的問題。這種持續的教育，這種在不同領域展望未來的提醒確實增強了這一點。我知道，鮑比，你一直在外地工作。也許您在這裡也有一些觀察。

Yeah. Just to echo, what I hear time and again is doctors, to your point, Frank, they get experience with the medicine and then they’re just amazed. I have not heard a doctor say, it didn’t work on this one or two patients and that’s just wind in our sails. And obviously when a doctor is able to deliver that to one of their patients, that gives them even more confidence.

是的。只是重複一下，我一次又一次聽到的是醫生，就你的觀點而言，弗蘭克，他們獲得了藥物經驗，然後他們只是感到驚訝。我還沒有聽到醫生說過，它對這一兩個病人不起作用，這只是我們的風帆。顯然，當醫生能夠將這些訊息傳遞給患者時，他們就會更有信心。

And then the other thing I hear time and again is, the diagnosis becomes easier. The conversation becomes easier. Doctors start looking for other patients with different reasons to treat than perhaps the first few and that’s those additional segments that Aziz described.

我一次又一次聽到的另一件事是，診斷變得更容易了。談話變得更加容易。醫生開始尋找與前幾個患者不同的治療原因的其他患者，這就是阿齊茲所描述的額外部分。

So I think we’re in this very positive loop of doctors getting great experience and then looking for more and more of the patients and very notably, not finding that they have reached the limit in finding patients in their own clinics they can serve. And that’s high volume practices that are early adopters, but also more rural single practices that are not typically the early adopters. And to get 11,000 or 15,000 at this point means that we’ve had a very meaningful impact on educating a broad swath of this community.

因此，我認為我們正處於一個非常積極的循環中，醫生獲得了豐富的經驗，然後尋找越來越多的患者，而且非常值得注意的是，沒有發現他們在自己的診所中找到可以服務的患者已經達到了極限。這是早期採用者的大量實踐，但也有通常不是早期採用者的更多農村單一實踐。此時獲得 11,000 或 15,000 名意味著我們對教育這個社區的廣大群體產生了非常有意義的影響。

Are you getting any doctors that are admitting that maybe they weren’t looking correctly in the past or is that not coming up with the physicians?

您是否發現有醫生承認他們過去的判斷可能不正確，或者這不是醫生想出來的？

We hear that all the time. It’s actually one of the most fun parts of the job, right? It’s doctors. And I think it’s this value of category creation, right? As you hear that we’re solving a problem that was being missed and I think that’s a really compelling piece of it. I think it’s obviously very rewarding for us to hear that we’re able to change how things are being practiced and change the outcomes for these patients.

我們一直聽到這樣的說法。這實際上是工作中最有趣的部分之一，對吧？是醫生。我認為這就是品類創造的價值，對吧？當你聽到我們正在解決一個被忽視的問題時，我認為這是一個非常引人注目的部分。我認為，聽到我們能夠改變實踐方式並改變這些患者的治療結果，這對我們來說顯然是非常值得的。

But I think it’s also very compelling when doctors hear that from their colleagues at the conferences and on the podium. And that’s one of the most compelling parts of the story is, hey, did you know we were missing this and now we have a very clear and impactful solution that gets consistent and predictable results.

但我認為，當醫生在會議和講台上從他們的同事那裡聽到這一點時，這也非常引人注目。這個故事最引人注目的部分之一是，嘿，你知道我們錯過了這一點嗎？

And I always say that’s sort of the invisible hand on this launch is the physician testimonial. The doctors getting up on podium and talking about their positive experience. To Bobby’s point, this drug doesn’t disappoint. The results are almost always consistent and patients come back with clear, healthy lids and becomes a very compelling story for us to hear. But more importantly, it becomes a compelling story for other doctors to hear from their colleagues. So that’s a really exciting part of the launch that does underpin the rapid adoption we’ve seen.

我總是說，這次發布的無形之手就是醫生的推薦。醫生們站上講台，談論他們的正面經驗。在鮑比看來，這種藥物不會讓人失望。結果幾乎總是一致的，患者回來時眼瞼清晰、健康，這成為我們聽到的一個非常引人注目的故事。但更重要的是，這成為其他醫生從同事那裡聽到的一個引人注目的故事。因此，這是此次發布中非常令人興奮的部分，它確實支撐了我們所看到的快速採用。

And we’re doing that right as these across so many of our efforts, whether it’s marketing or medical affairs. The peer-to-peer engagement here is another powerful amplifier of spreading the word.

我們在許多努力中都在這樣做，無論是行銷還是醫療事務。這裡的點對點參與是傳播訊息的另一個強大放大器。

That’s it for me. Thank you very much and congrats on a great quarter.

我就是這樣。非常感謝並祝賀您度過了一個美好的季度。

Balaji Prasad, Barclays.

巴拉吉·普拉薩德，巴克萊銀行。

Hi. This is Michaela on for Balaji. Thanks for taking our questions. Just wondering, of the 11,000 prescribers you called out, are you able to actually quantify the portion -- the proportion that fall into the three buckets you called out? So how looking -- looking to understand how many are early adopters versus newer to DB at this point? Thanks.

你好。這是巴拉吉的米凱拉。感謝您回答我們的問題。只是想知道，在您召集的 11,000 名處方者中，您是否能夠真正量化這一部分——屬於您召集的三個類別的比例？那麼，現在想了解有多少人是 DB 的早期採用者和新接觸者？謝謝。

Yeah. Thanks for the question, Michaela. So obviously we cut the data lots of ways. As you can imagine, it’s very dynamic, so we don’t go into that level of detail in this forum. But I think our focus is to say, okay, for each of these doctors, we’ve gotten to 11,000 of the 15,000. So we’ve gotten to the vast majority.

是的。謝謝你的提問，米凱拉。顯然，我們透過多種方式削減了數據。正如您可以想像的那樣，它非常動態，因此我們不會在本論壇中深入討論這一細節。但我認為我們的重點是說，好吧，對於這些醫生中的每一位，我們已經得到了 15,000 名醫生中的 11,000 名。所以我們已經達到絕大多數了。

Our focus is really going to be now. How do we start to pull those doctors from folks that are just getting that early experience? So what we talked about earlier, which is becoming routine writers, routine prescribers. And how do we increase our frequency with our sales force expansion to facilitate that?

我們的重點確實是現在。我們如何開始從剛獲得早期經驗的人那裡吸引這些醫生？所以我們之前談到的，就是成為常規作家、常規處方者。我們如何透過擴大銷售隊伍來提高頻率以促進這一目標？

So I think the way we think about this going forward is we’ve got a great prescriber base established and now the focus is going to be on that depth of prescribing, that enhanced utilization within the practice and that prescriber base. So the segmentation of the doctor becomes a little less important in terms of where they came from, but more important on where we think they’re going to go in the future and how we can continue to move the needle there.

因此，我認為我們未來考慮這個問題的方式是，我們已經建立了一個良好的處方者基礎，現在的重點將是處方的深度、在實踐和處方者基礎中提高利用率。因此，醫生的細分在他們來自哪裡方面變得不那麼重要，但更重要的是我們認為他們將來會去哪裡以及我們如何繼續移動到那裡。

Eddie Hickman, Guggenheim Securities.

艾迪希克曼，古根漢證券公司。

Hey. Good afternoon and congrats on the great quarter. Thanks for taking my question. So I appreciate the added color on the third quarter and fourth quarter dynamics in terms of bottle growth. But I’m wondering if you could help us think about 2025 and what the bottle growth should look like with the fully deployed sales force and DTC. It sounds like 4Q is going to be pretty strong.

嘿。下午好，祝賀這個偉大的季度。感謝您提出我的問題。因此，我很欣賞第三季和第四季瓶子成長動態的增加。但我想知道您是否可以幫助我們思考 2025 年，以及在銷售團隊和 DTC 全面部署的情況下，瓶子的增長會是什麼樣子。聽起來4Q將會相當強勁。

So I’m wondering, like, how many quarters beyond that do you expect that level of growth before it steadies out? And then on the summer holiday slowdown, like, is that unique to this early part of the launch or do you think that to be an annual pattern? Thanks.

所以我想知道，您預計這個成長水準還要持續幾個季度才能穩定下來？然後在暑假期間放緩，這是發布早期的獨特情況還是您認為這是年度模式？謝謝。

Hi, Eddie. It’s Jeff. Maybe I’ll answer your first question or second question first. It’s a little early for us to know if it’s specific to us annually. But we did note in general for eye care products that there was a slump in new Rx’s during the third quarter. So it’s probably likely we’ll see a similar effect in the third quarter. But again, we don’t have a whole lot of history for XDEMVY at this point.

嗨，艾迪。這是傑夫。也許我會先回答你的第一個問題或第二個問題。對我們來說，現在知道它是否每年都針對我們還為時過早。但我們確實注意到，就眼部護理產品而言，第三季新藥銷量出現下滑。因此，我們很可能會在第三季看到類似的效果。但同樣，我們目前還沒有 XDEMVY 的完整歷史記錄。

In terms of your question in 2025, I think there’s a couple of dynamics that we will continue to see impressive growth beyond the fourth quarter. One will be the full deployment and we’ll see some of the impact of the direct to consumer campaign, meaning streaming TV, potentially network TV should continue and should help drive patients in to go see their docs.

至於你在 2025 年提出的問題，我認為有一些動力使我們在第四季之後將繼續看到令人印象深刻的成長。其中之一將是全面部署，我們將看到直接面向消費者活動的一些影響，這意味著串流媒體電視，可能的網路電視應該繼續下去，並且應該有助於推動患者去看醫生。

And then secondly, as the sales force -- incremental sales force begins to continue to get online and continue to have those frequency of visits, we expect that growth to continue as a result of that. So we continue to see quarter-over-quarter growth throughout 2025.

其次，隨著銷售團隊——增量銷售團隊開始繼續上網並繼續保持這些訪問頻率，我們預計這種增長將持續下去。因此，我們將在 2025 年繼續看到季度環比增長。

I’m showing no further questions at this time. Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.

我目前沒有提出任何進一步的問題。感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。