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  "documentTitle": "Harmony Biosciences (HRMY)",
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  "presentationDate": "2023-03-28 00:00:00",
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      "text": "And so, when you're thinking about refilling behavior, it obviously has a reflection on the average number of patients. We've talked a lot about within this category the average discontinuation rate of drugs for the narcolepsy market range between 30% and 50% at 12 months. And then again, you may have a smaller portion of discontinuation in year two and three for chronic medications, which is consistent across the industry. And although we haven't shared specific discontinuation rate information with respect to Wakix, we're extremely pleased with how the products being received, it falls well within that range, we continue to hear great feedback from healthcare professionals and patients.",
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      "text": "As the sole key metric that’s disclosed, it is critical to understand what “average number of patients on Wakix” means. We can locate no methodology – over what period of time is the average calculated, what does “on Wakix” mean, and has the definition ever changed? A company simply needs to disclose patients at quarter end, and the average from period to period becomes obvious. An equally material number is the refill and discontinuation rate, which the company refuses to disclose. It is an Achilles Heel – the number of patients for a rare-drug is small, and if 50% or more discontinue within weeks or months, it’s a water bucket with a giant hole. It is self-evident that no such company can survive if patients aren’t sticky. It becomes a bottle rocket with two years of growth and a sudden collapse. The company bends over backwards to evade the question on calls, stating only that it is within the purported category average of 30-50% within 12 months.",
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      "text": "Jeff Dierks, Chief Commercial Officer, Aug 2022 earnings call",
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      "text": "Source: Harmony earnings call transcript",
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