Listen to the call. The market has misunderstood the label issue. First of all, the drug that was granted exclusivity for nasal is NOT EVEN BEING SOLD YET. It is expected to hit the market in the next few months, ie later than Arymo which is shortly going to hit the ground running. EGLT already has all the marketing and contacts in place with prescribers, due to their pipeline. Additionally, Arymo is labeled as abuse deterrent for IV (the worst, most deadly form of abuse that docs care the most about) and the evidence for nasal deterrence is public domain, and can be used by the company in marketing to docs, even if the label doesn't say it. Docs (and I am one, so I know) can and do prescribe drugs "off label" all the time. It is no big deal. And, this isn't even an off-label use. If anything, I'd call it an off-label benefit. EGLT management also made the point that multiple states have passed laws that insurance companies must give equal weight to these abuse-deterrent drugs. If you're a doc and you want to prescribe an abuse deterrent drug, you're going to go for the one with the widest, proven reach, ie nasal and IV. It won't matter at all that the label itself can't include nasal until Oct 2, 2018. Oh, and only Arymo is OK with alcohol. Alcohol + opiates is even more deadly than opiates alone. Docs are very concerned about this, even absent the addiction issue. If this dips tomorrow, that will indicate to me that the market just does not understand any of this, and I will be a buyer. One more thing - the Guardian technology is not a one-off on just Arymo. Think about that given the massive public health issues of opiate addiction that are getting more and more press and government scrutiny.
