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    Christopher Neyor

    Research Analyst at JPMorgan Chase & Co.

    Christopher Neyor's questions to KALA BIO (KALA) leadership

    Christopher Neyor's questions to KALA BIO (KALA) leadership • Q1 2022

    Question

    Christopher Neyor asked about the disparity between EYSUVIS's strong prescription growth and its declining net sales, questioning the specific impact of CVS Caremark restrictions and the timeline for sales to align with script volume. He also inquired if recent payer wins resolve commercial headwinds and asked about the strategy for Medicare Part D coverage.

    Answer

    Chairman and CEO Mark Iwicki confirmed that CVS Caremark restrictions were a primary driver of the increased use of patient assistance programs, negatively impacting net revenue. He stated that improvements are expected to begin shortly and become significant in the second half of 2022. President and COO Todd Bazemore added that with 92% commercial coverage, they consider the commercial formulary work complete, noting that script growth has already accelerated to 31% in Q2 and reliance on copay assistance has dropped. For Medicare, he mentioned securing Humana and having pending bids with United AARP and SilverScript, with decisions expected in Q3.

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    Christopher Neyor's questions to KALA BIO (KALA) leadership • Q3 2021

    Question

    Christopher Neyor of JPMorgan asked for details on EYSUVIS payer coverage timelines, particularly for CVS and UnitedHealth, and the strategy for Medicare Part D in 2022. He also questioned the current script rejection rate, the patient mix between naive and experienced users, and the company's confidence in its cash runway through Q2 2023, including assumptions for revenue growth and incremental OpEx from the Combangio acquisition.

    Answer

    COO Todd Bazemore stated that the company is in active discussions with remaining large commercial and Medicare Part D plans, expecting coverage to grow throughout 2022. He confirmed the script rejection rate remains around 60% and that two-thirds of users are new to prescription therapy. CFO Mary Reumuth affirmed confidence in the cash runway to Q2 2023, which includes an expected revenue uptick and OpEx levels not exceeding 2021 levels. She noted that cost-containment measures, like the office lease termination, will help fund the KPI-012 development.

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