Bhavin Patel

Bhavin Patel asked about the allocation of the expanded field sales and reimbursement teams in 2026, specifically how much is dedicated to the core narcolepsy market versus preparing for new launches like Pitolisant GR. He also inquired about business development as a capital allocation priority compared to share repurchases or other options, and the company's plans to diversify beyond the pitolisant franchise ahead of clarity on the IP outcome.

Answer

Adam Zaeske, EVP and Chief Commercial Officer, clarified that 100% of the field team expansion is dedicated to growing WAKIX today, with plans for Pitolisant GR launch to be developed later. He noted the expansion is a 20% increase in field-based personnel, enhancing share of voice and rebalancing territories, with new hires expected by the end of the current quarter. Jeffrey M. Dayno, President and CEO, reiterated business development as a high priority, focusing on orphan rare CNS opportunities (late-stage/commercial) to build out the commercial portfolio. He highlighted the new pitolisant formulation for broader CNS fatigue as a significant opportunity. Sandip Kapadia, CFO and Chief Administrative Officer, added that with over $880 million in cash and $150 million in share buyback capacity, the company has optionality to drive shareholder value.

Bhavin Patel asked about the allocation of the 2026 field sales and reimbursement team expansion between the core narcolepsy market and preparation for new launches like Pitolisant GR. He also inquired about capital allocation priorities, specifically diversifying beyond the pitolisant franchise through business development versus share repurchases, ahead of clarity on the WAKIX IP outcome.

Answer

Adam Zaeske, EVP and Chief Commercial Officer, clarified that 100% of the field team expansion (approximately 20% increase in total field-based personnel) is dedicated to growing WAKIX in the core narcolepsy market, with plans for Pitolisant GR launch strategy to be developed later in the year. He noted the expansion improves share of voice and allows for territory rebalancing, with new hires expected by the end of Q1. Dr. Jeffrey Dayno, President and CEO, reiterated that business development remains a high priority, focusing on orphan rare CNS opportunities (late-stage and commercial) and broader CNS adjacencies, leveraging the strong balance sheet and commercial engine. Sandip Kapadia, CFO and Chief Administrative Officer, added that with over $880 million in cash and $150 million capacity for share buybacks, the company has optionality to drive shareholder value through both business development and share repurchases.