{
  "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": 338,
  "pageCount": 366,
  "prevPage": 337,
  "nextPage": 339,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Includes direct Q&A transcript excerpts highlighting the alleged lack of transparency and short-term focus.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-21918ac10c17/338",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17#slide-338",
  "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": "019dd953-64d1-73a9-abbf-a55bfd4675f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.86,
        "x": 0.07,
        "y": 0.27
      },
      "kind": "list",
      "text": "Harmony going to “enormous lengths” to prevent reps form knowing number of patients; “focused solely on just new starts and hiding all data from everybody”; “not a long term play”; internal “sentiment was it’s all bullshit and they’re trying to hide it”; all about number of forms faxed into the hub",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "94f2ba21-a348-4101-b46f-42739188f45b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "An ex-territory manager stated “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.”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "acb47608-2540-495d-adb9-200418a927c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.86,
        "x": 0.07,
        "y": 0.34
      },
      "kind": "paragraph",
      "text": "Q: “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, it’s just not because any sustainable pharma company knows that it’s as easy to keep a patient on drug as to get a new patient, but these guys seem to be just—not seem—they are 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? Or they want to be able to promote a number to Wall Street that, internally, people would say it was kind of nonsense?”\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": "e6236bf0-9ec4-4e8a-a274-cec68b83dbd6",
      "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": "019dd953-64d1-73a9-abbf-a8a52ae58377",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "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": "83e70199-4426-4f39-a146-fcf6787d8bcd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "One of the most troubling features of the comp plan is that reps allegedly are kept in the dark about the number of patients on drug in their territory.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a94d5bfb-aaf0-4fed-a08e-183091282ac3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}