{ "docId": "019dd923-622c-750b-8b9a-21918ac10c17", "docSlug": "f3db2294dcf9", "documentTitle": "Harmony Biosciences (HRMY)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2023-03-28 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 24, "pageCount": 366, "prevPage": 23, "nextPage": 25, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "balanced", "nDataPoints": 0, "notes": "The slide uses a Q&A format to present qualitative evidence of corporate malfeasance or short-termism.", "elementsJson": [ "paragraph", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-21918ac10c17/24", "deckHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17#slide-24", "components": [ { "bbox": null, "kind": "callout", "text": "The big takeaway is that the salesforce is not incentivized in any shape or form to keep patients on drug, to sustain volume. It is purely a new patient machine.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-64d0-7099-9cca-914f9991cf80", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "The ex-territory manager continued that “it is so hidden – they’re going to enormous lengths...they’re blinding their sales consultants to patients...they’re investing no energy in the patient staying on the drug...none...that’s not a long term play.” He contacted a colleague still at the company for his sense of the numbers, stating that “his sentiment was it’s all bullshit...they don’t wany anybody seeing or having access to or eyes on discontinuation rates and/or patients on drug.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "506d34ed-624f-4a0b-b360-75113e74687e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.86, "x": 0.07, "y": 0.33 }, "kind": "paragraph", "text": "Harmony going to “enormous lengths” to prevent reps form knowing number of patients\nQ: “They don’t want them to know the discontinuation rates?”\nA: “Yeah, so imagine that the rep goes out, and the only thing they see is new starts for that quarter and if the patient went on drug. Now, it’s such a tiny window, and it is so hidden - they’re going to enormous lengths in my mind. And maybe I’m wrong, and maybe there are other companies that do this; I’d never seen it. They’re blinding their sales consultants to patients - basically, they’re investing no energy in the patient staying on drug. None. That’s not a long-term play...but these guys seem to be focused solely on just new starts and hiding all data from everybody.”\nQ: “And how did your contacts interpret that? Is it that they don’t want the salesforce to get demoralized because most of their patients are dropping off? “\nA: “The person I spoke to specifically gave me these details. Certainly, his sentiment was it’s all bullshit, and they’re trying to hide it in terms of, essentially, they don’t want anybody seeing or having access or eyes on discontinuation rates and/or patients on drug. There’s no other way to interpret that...The big takeaway is that the salesforce is not incentivized in any shape or form to keep patients on drug, to sustain volume. It is purely a new patient machine, how many forms you’re getting across the finish line—how many forms are you getting into the hub and how many are going on drug? It’s all very short-term.” – Ex-Harmony territory manager for a large region in the northeast", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5db28706-53ee-4a54-aeb0-ab6c264abff9", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“it is so hidden – they’re going to enormous lengths...they’re blinding their sales consultants to patients...they’re investing no energy in the patient staying on the drug...none...that’s not a long term play.” — Ex-Harmony territory manager for a large region in the northeast", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-64d0-7099-9cca-97d5be830584", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5e8d3ffd-8f3f-452b-83f3-b66e3e3101ac", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 30, "from": 11, "beatId": "d0905c6f-1d0c-46ed-96fd-5548f20fae57", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": null, "evidence": "The document presents the 'monster' of the company's troubled drug and financial reporting", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [ { "to": 30, "from": 20, "name": "Aha Moment", "slug": "03-aha-moment", "bestFor": "Data-heavy sections, research findings, analytical arguments", "matchId": "b545ff30-50fa-4d68-abe5-bb3c4c439c61", "evidence": "The document presents a series of testimonials and data that build a case against the company", "position": 0, "objective": "To reveal the truth about the company's troubled drug and financial reporting", "structure": "The Problem/Question -> What the Data Shows -> The Insight", "confidence": 0.8, "description": "Establish a tension, present data, then deliver the insight that changes everything" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }