Alkermes plc

Greetings and welcome to the Alkermes first quarter 2020 financial results conference call. My name is Melissa and I will be your conference operator today. At this time, all participants are in a listen only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. Please note that this conference is being recorded. I'll now turn the conference over to Sandra Coombs, Vice President of Investor Relations. Sandy, you may begin.

Thank you. Welcome to the Alkermes plc conference call to discuss our financial results and business update for the quarter ended March 31, 2020. With me today are Richard Pops, our CEO, Todd Nichols, our SVP of sales and marketing, and Jim Fradies, our CFO. During the Q&A session, we'll also be joined by Ian Brown, our SVP of finance. Before we begin, I encourage everyone to go to the investor section of alkermes.com to find our press release and related financial tables. including a reconciliation of the GAAP to non-GAAP financial measures that we'll discuss today. We believe the non-GAAP financial results in conjunction with the GAAP results are useful in understanding the ongoing economics of our business. Our discussions during this conference call will include forward-looking statements. Actual results could differ materially from these forward-looking statements. Please see slide two of the accompanying presentation, our press release issued this morning, and our most recent annual and quarterly reports filed with the SEC for important risk factors that could cause our actual results to differ materially from those expressed or implied in the forward-looking statement. We undertake no obligation to update or revise the information provided on this call or in the accompanying presentation as a result of new information or future results or developments. After our prepared remarks, we'll open the call for Q&A. Now I'll turn the call over to Rich to provide an update on the company's response to the COVID-19 pandemic.

Thank you Sandy and good morning everybody. I hope everybody listening is well. So before getting to our first quarter results and an update on the business, I have to note the challenging circumstances caused by COVID-19. The acute and wide-ranging impact that this virus has had on health and economic well-being of our communities is significant. We activated quickly and with compassion to navigate these difficult conditions. and today Todd will provide a detailed review of the commercial impact we've observed particularly on Vivitrol in the first few weeks of April and our mitigation efforts. Jim will outline the potential implications for our financial results and discuss the impact on our ability to provide expectations for the balance of 2020. In the face of this pandemic Alkermes has adapted our business practices so that we can continue to meet our public health responsibilities which have become even more pronounced. People living with serious mental illness and addiction, conditions that are often stigmatized and marginalized in our society, have an ongoing need for their medicines. Yet many are facing challenges in accessing their caregivers and the healthcare system. We are an active participant along with many other stakeholders in efforts to ensure that the treatment system continues to function for these patients, for their families and their communities. As we work together to navigate the rapidly evolving environment Our two main priorities are to protect the health of our employees and to ensure that the healthcare providers and patients have uninterrupted access to our medicines. Our team organized quickly and our response has evolved over three distinct stages. In the first stage, we mobilized to change the way we do business to protect the well-being of our employees, implement physical distancing, and maintain business continuity. This included adopting work from home policies for those who could do their jobs remotely and for our field-based personnel transitioning to virtual healthcare provider engagement. We're the only manufacturer of several important medicines that patients rely on, including sterile injectables and complex solid oral dose forms. For our employees who continue to work on critical tasks in our manufacturing facilities and in our laboratories, We instituted additional safety precautions, including increased protective equipment, sanitization, and physical distancing practices. In the second stage of our response, our focus expanded to preserving our ability to supply for the foreseeable future, one, commercial products to the patients that rely on Vivitrol and Ariscada, two, third-party products that we manufacture, and three, investigational products for our ongoing clinical trials. at this time we do not anticipate any supply interruptions however we and our critical supply chain partners are regularly assessing the situation and adapting as appropriate our focus extends beyond the manufacture of our medicines it's more important now than ever that we support people living with schizophrenia opioid dependence and alcohol dependence and help ensure that they have the information and the resources to help them access treatment Todd will outline some of our efforts to and other important patients and healthcare providers in this environment. In the third stage of our response, we're focused on how we can find new, streamlined ways of working, eliminate unnecessary expenditures and gain a competitive advantage by being more agile in meeting the needs of our stakeholders. We have an opportunity to be creative and develop new best practices that can have a lasting and positive impact on the way we conduct our business. We recognize that this is a dynamic situation. are closely monitoring the latest information on COVID in order to make timely, informed decisions designed to protect the health of our employees, support uninterrupted access to our medicine, and continue the advancement of our research. So with that, I'll turn the call over to Todd for a review of our first quarter commercial performance and response to COVID-19 on the commercial front.