Sage Therapeutics (SAGE) Goldman Sachs 45th Annual Global Healthcare Conference summary

Commercial and product launch updates

• ZURZUVAE launch is progressing well, with OB-GYNs leading prescriptions and a shift toward in-office diagnosis and treatment of postpartum depression (PPD).

• Payers, including government programs, are providing favorable coverage with minimal prior authorization and no step edits.

• Media attention and advocacy are increasing awareness and reducing stigma, leading to more patients seeking treatment.

• Prescriptions and shipments are rising, with increased marketing and personal promotion planned for the year.

• Partnership with Biogen is collaborative, with both companies sharing responsibilities and field teams.

Market dynamics and payer landscape

• Insurance coverage is ahead of schedule, with a liberal free drug program supporting early access.

• Free drug programs ensure patients receive medication if insurance verification is delayed, building provider trust.

• Gross-to-net expectations are lower than other branded agents due to the unique position of ZURZUVAE as the only oral PPD drug.

• Medicaid covers about 50% of live births, with standard discounts applied.

• Inventory is tightly managed at wholesaler and specialty pharmacy levels, with revenue recognized at wholesaler sales.

Clinical development and pipeline progress

• SAGE-324 is in phase 2b for essential tremor, with dosing adjustments based on prior tolerability findings.

• The KINETIC 2 study aims to identify optimal dosing and risk-benefit for chronic use, focusing on tremor amplitude as a primary endpoint.

• SAGE-718 is being developed for cognitive disorders, with ongoing phase 2 studies in Alzheimer's and Huntington's diseases.

• The DIMENSION study in Huntington's is fully enrolled and may serve as a pivotal trial, with endpoint selection informed by recent SURVEYOR data.

• SAGE-319 and SAGE-421 are in earlier stages, with updates expected as data matures.