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  "documentTitle": "Harmony Biosciences (HRMY)",
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  "presentationDate": "2023-03-28 00:00:00",
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  "notes": "The slide uses direct Q&A transcripts to validate the thesis that the product has hit a growth ceiling.",
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      "text": "I don't know that it's going to grow much...compared to the percentage of the market it already had",
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      "text": "Speaker and one of Harmony’s highest volume prescribers says Wakix won’t grow much from here; tapped out. A: “I think Wakix—I don’t know that it’s going to grow much—I don’t know how much it’s going to grow compared to the percentage of the market it already has.” Q: “Do you think it’s kind of saturated and tapped out?” A: “I don’t know if it’s tapped out. I think that any monumental growth that it was going to make probably would have happened by now. I think it’s probably just going to keep doing kind of what it’s been doing. That’s what I think.” –Neurologist who is a speaker for Harmony and one of their highest volume prescribers",
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      "text": "KOL and professor at a leading academic sleep center hasn’t started a new Wakix patient in a year. A: “I’ve got about safely 30, probably about 40 narcoleptic patients, which is sky-high. That’s probably 10x more than most people.” Q: “How many patients do you have on pitolisant now?” A: “My grand total right now is about five out of 40.” Q: “And was it higher before? Walk me through what your mindset was at the beginning, what changed, and why it’s only five now.” A: “At the beginning, I was never super-excited by it because I heard rumblings out of Europe that it was just an average drug. So, I never heard that it was an amazing drug, to begin with. I didn’t have super-high expectations. I will say that the patients were excited by it initially. Sunosi had come around at the same time, but everyone was excited about Wakix, and because it was just different, I guess. I wasn’t getting the best results...it wasn’t like a wow like they get with Xyrem. For me, the Xyrem is just so effective that it pales in comparison to that. So, I relegated it pretty early on to my Xyrem failures or Xyrem intolerance...My last start on Wakix was probably late last year or early this year. I can’t recall; it’s been a while, and we’re at the end of this year. It’s been almost a year, I have not started anyone.” – Neurologist and professor at a large academic institution",
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      "text": "A prolific speaker for Harmony who we believe to be one of their top two or three prescribers in the country stated Wakix is tapped out and won’t grow much from here: “I don’t know that it’s going to grow much...compared to the percentage of the market it already had”; “any monumental growth that it was going to make probably would have happened by now...it’s probably just going to keep doing kind of what it’s been doing.” We asked him who Harmony’s largest prescribers are in the US, and he rattled off their names and evinced knowledge of their prescribing patterns, leading us to believe that they share his view that Harmony has hit a wall. A second prescriber with a large practice at a leading academic center said only 5 of his 40 narcolepsy patients are on Wakix, but that “I have not started anyone” new on it in about a year.",
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      "text": "I don't know that it's going to grow much...compared to the percentage of the market it already had; any monumental growth that it was going to make probably would have happened by now...it's probably just going to keep doing kind of what it's been doing. — Neurologist who is a speaker for Harmony and one of their highest volume prescribers. My last start on Wakix was probably late last year or early this year. I can't recall; it's been a while, and we're at the end of this year. It's been almost a year, I have not started anyone. — Neurologist and professor at a large academic institution",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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