Therapeuticsmd, Inc. · NASDAQ:TXMD
Therapeuticsmd — Q1 2019 Earnings Presentation
27 slides from Therapeuticsmd's earnings presentation, 2019
Slide 1: 1Q19 TXMD Update: Building a Premier Women's Health Portfolio
1Q19 TXMD U P D AT E Building a Premier Women’s Health Portfolio ANNOVERA™ (segesteroneacetate and ethinyl estradiol vaginal system) 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation by TherapeuticsMD, Inc. (referred to as “we” and “our”) may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, as well as statements, other than
Slide 3: IMVEXXY Launch Strategy
I M V E X X Y L A U N C H S T R AT E G Y 31,200 23,600 19,800 $35 or Less Co-pay THE STRATEGY IS WORKING Remove Barriers to Early Adoption in a market Why? with entrenched estrogen product behavior built ▪ We believe IMVEXXY is a best-in-class product over the past 30 years that will change treatmen
Slide 4: Launch Results Remain Strong and On-Track: Strategy Is Working
LAUNCH RESULTS REMAIN STRONG AND ON-TRACK: STRATEGY IS WORKING Imvexxy TRx Launch Comparison 70,000 60,000 56,500 50,000 40,000 31,200 28,100 36,200 30,000 23,500 28,700 20,000 13,300 24,000 10,000 12,600 0 Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Mon
Slide 5: Strong Patient Adherence = Women Are Staying on IMVEXXY
STRONG PATIENT ADHERENCE = WOMEN ARE STAYING ON IMVEXXY IMVEXXY Patient Adherence1,2 Average # Fills for those Maximum Allowable Fills Month Initial Prescription Filled Patients Given the Month of Initial Fill April 2019 1 Fill 1 Fill March 2019 1.7 Fills 2 Fills February 2019 2.3 Fills 3 Fills Janu
Slide 6: Goal to Normalize Net Revenue per Unit to $108 in 3Q20
GOAL TO NORMALIZE NET REVENUE PER UNIT TO $108 IN 3Q20 4Q18 to 1Q19 Goal • ~122% increase in net revenue $108 • ~58% increase in units Net Revenue Per Unit Goal Majority of Part D Goal Contracted 70% of ~75K Commercial units Coverage Contracted ~47.5K ~14.9K units units $900K $2.0M $200K 3Q 2018 4Q
Slide 7: Patient Mix by Payer Type
PATIENT MIX BY PAYER TYPE Medicare Commercial Cash Pay & Part D Patients Other Patients 1 2018 US Patient Mix for all VVA products 25% 66% 9% 2 1Q 2019 IMVEXXY Actual Patient Mix 34% 60% 6% IMVEXXY Patient Mix Heavy in Part D 3 Overweight Underweight Underweight Where Current Coverage is Limited IMV
Slide 8: IMVEXXY Adjudication Rates
IMVEXXY ADJUDICATION RATES Medicare Part Commercial Cash Pay & D Patients Other Patients IMVEXXY 1Q19 Actual Patient Mix 34% 60% 6% IMVEXXY Adjudication Rate – 1Q19 5% 41% 0% IMVEXXY Overall Adjudication – 1Q19 27% Actual ▪ Commercial adjudication gap expected to adjust as additional commercial paye
Slide 9: April Improvement: IMVEXXY Adjudication Rates
APRIL IMPROVEMENT IMVEXXY ADJUDICATION RATES Commercial Cash Pay & Medicare Part D Patients Other Patients IMVEXXY Adjudication Rate – 1Q19 5% 41% 0% IMVEXXY Adjudication Rate – April 2019 6% 48% 0% IMVEXXY Overall Adjudication - 1Q19 27% Q1 IMVEXXY Overall Adjudication – April 2019 32% April Adjudi
Slide 10: IMVEXXY Revenue Expected to Normalize at $108 in 3Q20
IMVEXXY REVENUE EXPECTED TO NORMALIZE AT $108 IN 3Q20 Expected Payer Coverage Normalization in 2019 • 3Q19 - Complete commercial contracts comprising ~70% • 4Q19 - Complete majority of Part D contracts Expected Distribution and Co-Pay Optimization in 2020 • 1H20 - IMVEXXY copay optimization; cash pa
Slide 11: Conservative Market Potential of IMVEXXY
CONSERVATIVE MARKET POTENTIAL OF IMVEXXY THE VALUE OF FILLS PER PATIENT Each incremental fill per year can add an Fills achieved in estimated $74M net revenue first 9 months $600,000 Net Revenue $500,000 $522,000 $400,000 $447,000 $300,000 $373,000 $298,000 $200,000 $224,000 $100,000 $- 3 Fills/ Pat
Slide 12: IMVEXXY Growth Levers in 2019
IMVEXXY GROWTH LEVERS IN 2019 Lever 1: Lever 2: Lever 3: Lever 4: Patient Affordability Payer Access Market Expansion Consumer •Added 50 sales reps •3Q19 ~70%+ of •Launch IMVEXXY •DTC rollout in 2H19 to for a total of 200 Commercial lives through BIO-IGNITE target new patients •Allows reach to add e
Slide 13: IMVEXXY Launched into BIO-IGNITE
IMVEXXY LAUNCHED INTO BIO-IGNITE 33 Live Accounts Dispensing IMVEXXY Since Late Feb ▪ First 27 accounts approximately 8-10 new fills per month ▪ Strong early refill rates matching other channels ▪ 200,000 total scripts identified in the compounded VVA product space ▪ Leverage IMVEXXY BIO-IGNITE expe
Slide 14: 1Q19 BIJUVA Update
BiyUVa wn 1Q19 BIJUVA (-straiol and progesterone) capsules U P D AT E TherapeuticsMD" For Her: For Life. 14
Slide 15: A Large Target Market for BIJUVA
A LARGE TARGET MARKET FOR BIJUVA Launched Q2 April 17, 2019 Target FDA-approved separate Q2 bio-identical E&P segment ~3.9M TRx (each)1 I $836M2 TAM Once payer coverage achieved, Q4 expand BIO-IGNITE partnerships to access the compounding channel 12M – 18M TRx3 I $2.5B-3.8B2 TAM 1) Symphony Health S
Slide 16: Launch Plan Mirrors IMVEXXY
LAUNCH PLAN MIRRORS IMVEXXY Focused on Driving Early Behavior Change that Leads to Long Term Adoption Sales Targeting Core HCP Marketing Campaign IMVEXXY BIJUVA Decile Decile 6-10 6-10 ~15,000 Decile 6-10 Prescribers • Focus on IMVEXXY first given payer coverage build • Focused launch of BIJUVA whil
Slide 17: Launch Plan Mirrors IMVEXXY
LAUNCH PLAN MIRRORS IMVEXXY Focused on Driving Early Behavior Change that Leads to Long Term Adoption ▪ $35 or less out-of-pocket cost* ▪ Addresses the cost and coverage concerns which are often barriers to early adoption ▪ “Keep Cool” Early Experience Program drives appropriate patient and prescrib
Slide 18: 1Q19 ANNOVERA Update
ANNOVERA™ (segesteroneacetate and ethinyl estradiol vaginal system) 1Q19 ANNOVERA UPDATE 18
Slide 19: ANNOVERA Launch Approach
ANNOVERA LAUNCH APPROACH TAM of Contraception Market @ $5 Billion1 1Q20- TXMD Physician Survey 3Q20 4Q19 Universal Acceptance to Prescribe2 3Q19 Full Launch with Initial Focus on Align Initial Sales OBGYN target 1% 10% Focus where overlap with Meet Inbound States Mandate Menopause Products 46% Deman
Slide 20: State Laws Regardless of ACA Mandates
ANNOVERA™ (segesteroneacetateandethinyl estradiolvaginalsystem) STATE LAWS REGARDLESS OF ACA MANDATES 8-10 STATES REQUIRE COVERAGE WITH NO COPAY REGARDLESS OF ACA DECISION (~42 Million Women) ANNOVERA coverage required with no co-pay 20
Slide 21: State Laws Regardless of ACA Mandates
ANNOVERA™ (segesteroneacetateandethinyl estradiolvaginalsystem) STATE LAWS REGARDLESS OF ACA MANDATES 9 STATES REQUIRE COVERAGE WITH COPAY REGARDLESS OF ACA DECISION (~25 Million Women) ANNOVERA coverage required with co-pay 21
Slide 22: 1Q 2019 Financial Update
1Q 2019 FINANCIAL UPDATE TherapeuticsMD For Ler. For Life.
Slide 23: IMVEXXY Quarterly Performance
IMVEXXY Quarterly Performance 1Q19 Net Revenue Grew At Twice The Rate Of Units Quarterly Scripts to Patients Quarterly Net Revenue 80 $2,000 $1,800 122% 70 58% $1,600 Thousands 60 $1,400 Thousands 50 $1,200 40 $1,000 30 $800 $600 20 $400 10 $200 0 $0 3Q18 4Q18 1Q19 3Q18 4Q18 1Q19 3Q18 4Q18 1Q19 3Q18
Slide 24: TSSP and MidCap Loan Facilities
TSSP MidCap Maximum Term $300 million $200 million Loan Facility Size Interest Rate 3-month LIBOR + 7.75%, payable quarterly 1-month LIBOR + 7.75%, payable monthly Maturity Date March 31, 2024 May 1, 2023 Tranche 1 $200 million drawn at closing on April 24, 2019 Drawn June 7, 2018 for $75 million (I
Slide 25: Path of Stabilization of Net Revenue for 3 Products
PATH OF STABILIZATION OF NET REVENUE FOR 3 PRODUCTS By 3Q20 All Products Anticipated to Achieve Average Net Revenue Per Unit Stabilization ▪ Company Value – Goal of becoming the best-in-class menopause products with typical out of pocket cost of $35 or less* and NO co-pay for the first Long-Term Pro
Slide 26: Transforming Women's Healthcare with Next Generation Products
Transforming Women’s Healthcare with Next Generation Products ▪ 3 highly differentiated overlapping products for chronic conditions ▪ Large market opportunities with little to no promotional competition ▪ BIJUVA TAM of $2 to $4.5 B1,2 ▪ IMVEXXY TAM of $1.5B1 ANNOVERA™ ▪ ANNOVERA TAM of $5B1 (segeste
Slide 27: TherapeuticsMD
TherapeuticsMD" For Her: For Life. 27