“2025 is expected to be a record year for both products.”（CEO — 针对VEVYE和IHEEZO）
“Total revenue for the third quarter was $71.6 million, representing a 45% increase over the same period in 2024.”（CFO）
“VEVYE captured 10.5% of the total dry eye market, up 2.7 share points from the prior quarter.”（商业负责人）
“VEVYE will be listed on multiple new formularies with a preferred product status, including the largest U.S. pharmacy benefit manager.”（CEO）
“We anticipate a typical seasonal decline from Q4 2025 to Q1 2026, likely consistent with the pattern we saw earlier this year.”（CFO）
Prepared Metrics
Metric
Value
Speaker/Context
总营收（Q3 2025）
7160万美元
同比+45%，环比+12%（CFO）
调整后EBITDA（Q3 2025）
2270万美元
——（CFO）
GAAP净收入（Q3 2025）
100万美元
——（CFO）
VEVYE营收（Q3 2025）
2260万美元
环比+22%（CFO）
IHEEZO营收（Q3 2025）
2190万美元
环比+20%（CFO）
TRIESENCE及罕见/专科营收（Q3 2025）
690万美元
环比+33%（CFO）
ImprimisRx营收（Q3 2025）
2010万美元
——（CFO）
VEVYE干眼市场份额（Q3末）
10.5%
较Q2末+2.7个百分点（商业负责人）
全年营收指引（2025）
2.7亿-2.8亿美元
更新后范围（CFO）
Q&A Batch (1–5 of 5)
Q1 — Jeffrey Cohen
Topic: VEVYE prescription data reporting & SG&A operating leverage into 2026
Key points:
Company withdrew from third-party data aggregators (IQVIA) several quarters ago; decision driven by competitive reasons, will not present TRx data in earnings release.
Q3 adjusted EBITDA was nearly $23M; operations generated ~$16M cash in Q3.
Additional commercial OpEx investments are “revenue-generating” with “immediate return”; not a 50% increase, rather a moderate increase.
Mgmt stance: Neutral on data transparency (defensive, prioritizing competitive positioning); bullish on operating leverage (infrastructure mostly in place, incremental spend yields near-term revenue).
Q2 — Chase Knickerbocker
Topic: VEVYE ASP decline magnitude & coverage-driven stabilization expectations
Key points:
ASP decline in Q3 was “less than 10%” (management declined precise definition).
Stabilization and improvement expected as covered / cash-pay prescription ratio flips; key catalyst: coverage win with largest U.S. PBM (commercial lives, “tens of millions” of new potential covered lives).
Anticipates ratio beginning to flip January 1; physician letters from this PBM already sent; expects prescription flips from dry-eye products to VEVYE in Q4, kicking in strongly Q1.
Company will add 10 new VEVYE territories near-term, targeting ~100 total territories by mid-2026.
Mgmt stance: Very bullish on VEVYE (coverage win “dramatically changes things”; expects ASP improvement possibly more than modest; calls drug “best product in the class” with best-in-class refill rates).
Q3 — Steven Seedhouse
Topic: Transition of VEVYE cash-pay patients to insurance coverage & Q4 revenue dynamics
Key points:
Proportion of cash-pay patients expected to transition to insurance in 2026 not given precisely; company has internal models.
Coverage win is “preferred status” (lowest or no co-pay); VAFA program is a temporary access tool, “exceeding expectations” on cash-pay side.
For Q4: no expected inventory stocking impact from new specialty pharmacies — ordering is near just-in-time.
Management declined to detail specific patient-bridging tactics between now and year-end.
Mgmt stance: Bullish on long-term growth (VAFA builds negotiating power for payer bids; expects more coverage wins in 2026/2027).
Q4 — Andrew Boll (responding)
Topic: Inventory impact & patient conversion plan for VEVYE
Key points:
VEVYE ordering is “pretty almost just-in-time”; no material year-end inventory impact.
Team has a “very clear activation plan” to convert VAFA patients to commercial coverage win; high-touch fill program gives visibility into patient eligibility.
Mgmt stance: Confident / bullish (robust high-touch plan in place; team had a named internal plan ready to execute immediately upon coverage win).
TRIESENCE: new price point set at $9.44 (20–25% lower than competitors in ocular inflammation market); new orders and reorders have started, not just word.
VEVYE conversion from Klarity-C cash-pay patients largely completed; more than 25,000 patients used cash-pay Klarity-C; “mopped up by end of year.”
Mgmt stance: Bullish on Q4 volume growth across portfolio; bullish on TRIESENCE adoption cycle (confirmed reimbursement, low prior-auth rate, surgeon adoption cycle underway).