Navigating a Biotech Commercial Launch: IR and Communications Strategies for Commercial-Stage Companies
What to prioritize for investor relations and communications as your biotech heads into a commercial launch.
Transitioning to a commercial-stage biotech is a time of great change for your organization, marking a major step in your company’s history and bringing major shifts to your corporate identity, communications focus and shareholder base. Evolving your investor relations and corporate communications strategy during this time is critical to effectively manage and navigate this period with an expanded pool of investors and other key stakeholders. Quarterly biotech commercial launch execution becomes the name of the game, and the way you choose to set expectations and communicate progress is tantamount to building confidence that your company and your team understand what is needed to succeed and have the organizational capabilities in place to convert on your opportunity.
Here are some things to do as you look to evolve your life sciences IR and communications program ahead of your commercial launch: (For companies still in the pre-launch phase, see Is Your Biotech Actually Ready for an IPO?)
Understand your changing audience. Launches bring lots of new eyes and ears to your company including new investors, strategic partners, regulators, payors, clinicians and patients. Your corporate messaging needs to consider this diverse group of stakeholders, their expectations and sensitivities. (See also: Biotech Optimism Is Returning. Now Is the Time to Engage New Investors)
Determine launch metrics. Investors want details and metrics are a key communications tool for any early biotech commercial launch, providing important markers of progress and giving analysts and investors the ability to build informed forecasts. Determining the metrics you choose to share requires careful consideration. Benchmarking against peer launches can be informative, but understand each launch is different and your metrics should reflect your specific circumstances.
Plan your earnings prep. Earnings prep becomes a much larger job for a commercial-stage company, requiring input from a larger group of colleagues and review by a larger circle of stakeholders including commercial and MLR teams. Putting a robust, scheduled process in place with the team for earnings preparation can save a lot of last-minute scrambles and mistakes. (Related: Optimizing Your IR Calendar)
Be well prepared for tough Q&A. Whether it be for your first earnings call/webcast or 1x1s, spending adequate prep time with the team to think through likely questions and align answers is essential to avoid confusing or miscommunicated messages, accidental disclosures or omissions. (Related: Communicating Bad News in Biotech)
Assess your spokespersons. Prior to launch there is often a notable evolution and expansion of the leadership team including new commercial roles. Determine who on the team will play a key role in shaping your launch narrative and who will be investor-facing. Ensure the team understands communication best practices and guardrails.
A commercial launch is an exciting time for a biotech company, and an opportunity to craft a new corporate narrative, access new pools of capital and build long-term value. A well thought out and executed biotech investor relations and corporate communications strategy around your launch can pay dividends over your first few years as a commercial-stage biotech, build your credibility and confidence in your story. For companies navigating this transition, partnering with an experienced life sciences IR advisor can make a meaningful difference.