{ "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": 359, "pageCount": 366, "prevPage": 358, "nextPage": 360, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A format to validate the thesis that high-volume prescribers quickly exhaust their patient pool and face insurance hurdles, contradicting potential growth narratives.", "elementsJson": [ "paragraph", "quote_block" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-21918ac10c17/359", "deckHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-21918ac10c17#slide-359", "components": [ { "bbox": null, "kind": "callout", "text": "Whale prescribers cutting prescriptions as they run out of patients or have no clinical results or “heat” from insurers", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-64d1-73a9-abc1-3bd97a1de828", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "paragraph", "text": "They described a predictable pattern - an initial flurry of interest for a new drug followed by reality within two years, as the few doctors willing to try it ran out of patients or soured due to lack of clinical efficacy.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "03bf9e6d-dd33-4bde-bfac-4d5802cf8e59", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.86, "x": 0.07, "y": 0.44 }, "kind": "paragraph", "text": "Whale prescribers cutting prescriptions as they run out of patients or have no clinical results or “heat” from insurers", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "53c0560c-062a-4c4e-b2dc-977c561eddc6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.48 }, "kind": "paragraph", "text": "Q: “How many Wakix scripts did he [the only whale prescriber in the territory] write, or how many patients did he have on at a time roughly? And does he still use it? Are you still in touch with him?”\nA: “That launch year, I think he had like 12 patients. So, I think he had like four a quarter. And when we launched, the message was we’ll get your patients that are on medication that are not doing well. So, I think he had 12 the first year, and he had much less the second year because a lot of doctors when a new drug comes out, they’re looking for patients, and then they get through their patient deck, and they’re like, I don’t have any more patients. I’ve tried it on everybody. It was definitely less.”\nQ: “You said he had about 12 the first year. How many did he have the second year?”\nA: “In June, when we launched, he had a couple, and then he picked—I’m going off memory—and then he tapered back. I think he was getting a lot of heat from the insurance company right there at the end of 2020, end of 2021, and he scaled back quite a bit. He was going with about four patients a month, and this is average, just depending. And then it dropped off there at the end when I was leaving there. I think he was getting some pushback, probably from the insurance companies. I don’t think he was seeing the results that he wanted to see from these patients the had put on it.” – Ex-Harmony territory manager for a large southeast region across two states", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8c6a15a7-1e3c-4756-91d0-57ab1674719f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "A third ex-territory manager detailed what occurred in his region. A high volume prescriber who carried his territory – a “whale” and of course a speaker – put as many patients onto Wakix as he could the first year, but “he had much less the second year...they get through their patient deck and they’re like, I don’t have any more patients...I tried it on everybody.” The rep stated that this whale was “getting a lot of heat from the insurance company” and wasn’t “seeing the results that he wanted to see from...patients he had put on it.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a8609ed0-9f60-4ef9-be8d-9eac427b3178", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“I don't have any more patients. I've tried it on everybody.” — Ex-Harmony territory manager for a large southeast region across two states", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-64d1-73a9-abc1-3cebd1136774", "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": "d8ffc366-c7cc-4515-a0e7-437dc3e525f0", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }