Enanta Pharmaceuticals Inc (ENTA)

[guyschmid]

ABBV's Mavyret weekly NRx market share of the HCV market is at 40% (from 39% the previous week) for the week ending 3/2.

[DewDiligence]

Mavyret’s market share grows in week ending 2/23/18: #msg-138970464.

[DewDiligence]

Brief comments on the differentiation of ENTA’s RSV program: #msg-138812247.

[DewDiligence]

Mavyret scripts plateaued in the week ending 2/16/18: #msg-138790811.

[DewDiligence]

ENTA's latest pipeline chart (from Leerink webcast):

https://twitter.com/DewDiligence/status/965291465470566401

Note new disclosure of a non-FXR NASH compound.

[DewDiligence]

Mavyret scripts continue ramp-up: #msg-138602647.

[DewDiligence]

ENTA to present at Leerink & RBC conferences:

http://ir.enanta.com/news-releases/news-release-details/enanta-pharmaceuticals-present-two-upcoming-investor-4

[DewDiligence]

ENTA's enterprise value: #msg-138447591.

[DewDiligence]

The FY1Q18 10-Q has been filed:

https://www.sec.gov/Archives/edgar/data/1177648/000156459018001764/enta-10q_20171231.htm

[DewDiligence]

Mavyret’s US scripts (week ending 2/2/18): #msg-138418081.

[DewDiligence]

ENTA FY1Q18 results: #msg-138364792.

[DewDiligence]

Chart of Mavyret’s uptake (blastoff):

$ENTA pic says all you need to know @DewDiligence pic.twitter.com/65jA06uHVc

— dough (@semodough) February 3, 2018

[DewDiligence]

Mavyret’s US scripts (week ending 1/26/18): #msg-138221694.

[DaveAu]

I think everyone was expecting Merck to take the biggest hit as they have a weak drug and Mavyret has both lower price and shorter treatment period. I don't see why it matters which of the competitors are losing share though.

[DewDiligence]

Please see #msg-138077440.

[guyschmid]

CS in research said the Mavyret sales were coming at the expense of Merck market share - any comment?

[JK2016]

https://www.wsj.com/articles/abbvie-gives-more-juice-to-drug-rally-1517065200

[DewDiligence]

ABBV 4Q17 CC notes re Mavyret/HCV market: #msg-138017796.

[DewDiligence]

ABBV reports 4Q17 HCV—(i.e. Mavyret)—sales of $510M, blowing past consensus estimates:

https://finance.yahoo.com/news/abbvie-reports-full-fourth-quarter-125100560.html

[DewDiligence]

EDP-305 already has safety data in humans, so I wouldn't be unduly concerned about FXR data from mouse models. Moreover, the EDP-305 dose in NASH is going to be extremely low: #msg-137556634.

[semi_infinite]

Any thoughts on potential safety issue with all FXR's?

Journal article from almost a year ago.

http://www.journal-of-hepatology.eu/article/S0168-8278(17)30062-4/pdf

[DewDiligence]

Proxy for ENTA annual meeting (2/28/18):

https://www.sec.gov/Archives/edgar/data/1177648/000156459018000659/enta-def14a_20180228.htm

[DewDiligence]

BlackRock upped its stake from 10.9% to 12.3% during 2017: #msg-137820007.

[DewDiligence]

Mavyret US market-share update: #msg-137637832.

[DewDiligence]

Is ENTA still a buy? See #msg-137576285.

[DewDiligence]

Links to ENTA’s JPM webcast/breakout session:

https://jpmorgan.metameetings.net/events/healthcare18/sessions/13281-enanta-pharmaceuticals-inc/webcast

https://jpmorgan.metameetings.net/events/healthcare18/sessions/13686-enanta-pharmaceuticals-inc-q-a/webcast

[rajaram46]

anybody have link to webcast?

[DewDiligence]

New EDP-305 info from JPM webcast:

https://twitter.com/DewDiligence/status/950890634298175489 (scan up)

[DewDiligence]

ENTA lays out 2018 clinical goals:

http://ir.enanta.com/news-releases/news-release-details/enanta-pharmaceuticals-provide-updates-its-research-and

ENTA’s JPM webcast on 1/9/18 at 7pm ET will include the breakout session at 7:30pm ET.

[guyschmid]

Sorry but it is Pacific time: "Presentation and Question and Answer Session to be Webcast beginning at 4:00 p.m. PT on January 9, 2018"

[willyw]

Natap: Hepatology Article:
http://www.natap.org/

"Towards the Elimination of Hepatitis C in the United States

Chronic hepatitis C virus (HCV) is a major medical and public health concern. Across the
globe, approximately 170 million people are believed to be infected (1). In the United States, the
prevalence is approximately 2% with between 5 and 7 million Americans infected with HCV (2).
Chronic hepatitis C is a systemic infection and an important factor in morbidity and mortality. "

+++++++++++++++++++++++++++++++

My comment;
This is one of the highest HCV infection estimates I have seen for the USA.
One could think; This could be the result of increased screening, or it could be a result of the opioid epidemic, coupled with decreased spending for various program (education, needle exchange, etc).

My take on it is that we are not seeing a decrease in infections; perhaps there are more HCV+ people in the USA to be treated than were thought 5 or 10 years ago. Given current resources, it will take some time to draw down the infected population. A shorter treatment program that can be administered non-specialists should do well.

We are now in the first full year of Mavyret negotiated prices. Enanta should be in all the markets, all the payors, all the programs. I would think that this could be a good year for abbvie and enta. There were some that felt that the prescriptions had peaked in 2017. I myself wondered money had run out for the year.

Mavyret should be in all the markets this year.
We started with a large drop in share price, but the selling at year end did not have great volume, and this drop due to the downgrade does not seem to have great commitment.

(also)
I have not noticed any updates for EDP-305 at clinical trials. I can't see that they started phase

I remain optimistic about prospects for 2018

[DewDiligence]

ENTA JPM webcast—>1/9/18, 7pm ET:

The #JPM18 schedule: pic.twitter.com/cM1ntIfxI8

— Brad Loncar (@bradloncar) December 26, 2017

[DewDiligence]

Mavyret scripts—week ending 12/8/17: #msg-136919982.

[DewDiligence]

New all-time high (eom).

[willyw]

HEP DART presentations 3 -7 Dec 2017
http://www.natap.org/

Pan Genotypic Direct Acting Antivirals:
Opportunity to Achieve HCV Elimination

http://regist2.virology-education.com/presentations/2017/HEPDART/50_Asselah.pdf

(my comment~Willy)

This presentation seems to validate that Mavyret holds it's own against the Gilead regimens, and perhaps in less time than Gilead's.

We can all have our opinions from reading boards, yahoo, Seeking Alpha, etc, but this is what is being distributed amoungst public health officials and world class hepatologists.

Gilead has a great program. Abbvie/ENTA's seems to be every bit as good, is shorter duration in some cases, more simple and perhaps suited towards mass use by less qualified doctors.

I know that some people are concerned about the Mavyret price being too low, but the velocity of HCV treatments is possibly changing, now due to lower prices, easier shorter treatments, and the certainty that treating earlier means avoidance of the more expensive HCC and cirrhosis issues which result in waiting.
Higher volume of treatments may offset the lower pricing. It is certainly true that the barriers of liver damage staging are being dropped.

There was a time that it made sense to await the next better treatment or the next price decrease. It doesn't appear that *new* improvements are coming, and perhaps, the prices have stabilized now; more price cuts may not be forthcoming.

[DewDiligence]

ENTA’s FY2017 10-K has been filed:

https://www.sec.gov/Archives/edgar/data/1177648/000156459017024794/enta-10k_20170930.htm

[vinmantoo]

I just added shares at $45.51, FWIW.

I added at $45.39 so I finally beat Dew at something! :)

[DewDiligence]

I concur that investors are ascribing no value to ENTA's wholly owned pipeline.

[10nisman]

I thought the magnitude of today's selloff was unwarranted given my view of ENTA’s prospects for the next couple of years and beyond.

What are your thoughts on the value of ENTA's Mavyret/HepC drugs? ENTA currently has approx $14/share in net cash leaving $30 left for everything else (HepC, Nash, etc.). Mavyret/HepC drugs are likely worth at least $30/share ($600 million) and everything else is free.

[DewDiligence]

I thought the magnitude of today's selloff was unwarranted given my view of ENTA’s prospects for the next couple of years and beyond.

Some investors may have misread yesterday's press release and conflated ENTA’s guidance for FY2018 gross operating expenses with guidance for FY2018 cash burn, which was not given. (ENTA can’t give guidance for cash burn since they don’t yet know what the royalty income from ABBV will be; i.e., ABBV has not yet given guidance for Mavyret sales on which ENTA's royalties will be based.)

The exact price I paid for today's purchase does not have any intrinsic meaning—it's simply what I was able to get.

[TREND1]

Looks like a good price so far.

Was it based on any history ?

[TREND1]

I only trade at the close.
Thanks for your trading info.

[DewDiligence]

Transcript of ENTA FY4Q17 CC:

https://finance.yahoo.com/news/edited-transcript-enta-earnings-conference-044530044.html

Nothing out of the ordinary.

[DewDiligence]

I just added shares at $45.51, FWIW.

[TREND1]

The market seems to dislike the conference call

[guyschmid]

Trend 1
Sorry but Net Income is a complete red herring for ENTA. Sure, it is "profitable" so that is comforting...but not really that useful. What really matters is the revenues, particularly the adoption of the 2nd gen product - as this translates into a long stream of royalties (100% margin). Plus that the R&D spend is kept in check & naturally that the data is promising.
If ENTA closed the R&D the Net Income figure would go parabolic..

[TREND1]

Enanta expects that its current cash, cash equivalents and marketable securities will be sufficient to meet the anticipated cash requirements of its existing business and development programs for the foreseeable future.



Financial Guidance for Fiscal Year Ending September 30, 2018

• Research and development expense between $90 million and $110 million
• General and administration expense between $22 million and $28 million


Net income for the three months ended September 30, 2017 was $36.5 million, or $1.86 per diluted common share, compared to a net loss of $1.8 million, or $(0.09) per diluted common share, for the corresponding period in 2016.

For the twelve months ended September 30, 2017, net income was $17.7 million, or $0.91 per diluted common share, compared to net income of $21.7 million, or $1.13 per diluted common share, for the corresponding period in 2016.


source current report

[DewDiligence]

ENTA FY4Q17 results:

https://finance.yahoo.com/news/enanta-pharmaceuticals-reports-financial-results-210100859.html

CC at 4:40pm ET.

[DewDiligence]

Mavyret US scripts—week ending 11/10/17: #msg-136327955.

[TREND1]

The big picture is the stock is currently moving up.