MorphoSys (MPSYF) 17 Mar 222021 Q4 Earnings call transcript

Ladies and gentlemen, welcome to the NCR Results 2021 Conference Call of MorphoSys. Please note that this conference is being recorded. [Operator Instructions] Now, I would like to turn the conference over to Julia Neugebauer. Please go ahead.

Ladies and gentlemen, good afternoon and good morning. Neugebauer, Investor Julia at is name Senior Relations Director MorphoSys. My welcome is XXXX our call. my it you financial pleasure conference year And full to to and fourth results quarter

Executive today Peters, Q&A Malte Research session. for Manager, and Joe Jean-Paul call who Financial and Chief the Officer; U.S. on Lee, Chief me Kress, Joining the Chief Horvat, Officer; Development will Sung Officer; available are General be

on with today's the quarter turning fourth before you a cause give those described an call for development call. on call speak statements we Slide year to documents are find Slide for our SEC of time an results. plans of agenda report, time statements partners. that and compounds XXXX statements Before and to our the overview our from including begin, statements the our to XX, year number that as our differ the like to to begin this and materially and our for XX-F collaboration On MorphoSys to will some for all for Jean-Paul in of XXXX, including made statements, remind pipeline forward-looking summary of that during uncertainties development expectations outlook, other the today actual I'd forward-looking as our on a of webcast update in December is development our risks our expectations pipeline today. X will mind MorphoSys. results will in keep may X, It regarding of the and annual and commercialization plans These an you in subject well products are and ended Malte important on financial will as Sung full the provide the

we over remarks, call for prepared the Jean-Paul. will now call to questions. the With I'll that, open hand these your Following

be is MorphoSys, first a with with X partner, today. and for U.S. It and XXXX by you, commercial in you outside Thank us. the leader us XXXX. the launches ambition year products full the Julia. for hematology/oncology thank our of marked transformational and Monjuvi joining Incyte. by approvals to was our At Welcome, everyone, of launch a U.S. in year was our

took also Constellation our clinical which a bold acquisition the We Pharmaceuticals, of in step with pipeline expanded hematology/oncology.

never with have the pipeline of enrolling, follicular has X currently robust lymphoma. X the clinical care X myelofibrosis, Our pelabresib first-line X is with marginal We relapsed has and the change first-line in been today. to and pivotal in in DLBCL lymphoma standard zone Monjuvi myelofibrosis it studies for for as we for and which as believe refractory potential patients second,

studies. programs also major are Phase a pivotal and on CPI-XXXX of rapidly We be enrolling XXXX, progressing our will Felzartamab. focus us with X II In

the have QX, care from sales commercial setting. of X. growth year. In care. Since sites orders by orders, significant our fourth and is of where at been from academic more were quarter increase which patients the of approximately indicative we regular results full the quarter, Turning sites of launch and as X,XXX to year-over-year XX% Monjuvi. balance come Close this the view stood net our launch sites from care to roughly XX% quarter quarter community driven from setting at Monjuvi Monjuvi XXX. fourth grew the $XX.X of sites XXXX, through which orders short available X,XXX We since is the has repeat use end than those of demand. on And The fourth with through million U.S. fourth the ordered considering of in XXXX, from million Monjuvi were and of and end relatively the treated $XX.X time sequentially. care Monjuvi Slide The the the X% primarily been was XX% of for of have an

share We NCCN to very guidelines patients pleased B-cell second-line we lymphoma. of the starts, treatment for patient designated disease. earlier receive or large the new that are the have Monjuvi This doctors relapsed in patients, sequence clear preferred and on use refractory market adult will for of as second-line diffuse the by facilitate a guidance leading treatment regimen continue with was the as line in further Monjuvi this recently

the health This has benefits with traditional behavior our been efforts consistent treatment care see optimal patients in r/r Monjuvi. months. our on DLBCL a therapy of treat for physicians continue providers setting to we to with on for is few immunotherapy educate longer. of We the The duration keeping and the what

actual the than long other as not available be the slightly or is within treatment longer on optimal definitely it's While regimen even time immunotherapy. options, should with where Monjuvi

the combination the Given lenalidomide this change behavior profile treatment guideline, increase of the to persistency recent NCCN working we Monjuvi over and time. to are and

Moving to Slide X.

biggest DLBCL. the in for approved first-line opportunity currently the Beyond Monjuvi we see indication,

high-risk well an enrolling trial from with medical X community. trials Our from of published approach our pivotal very focus X. significant is IPI to with frontline on patients Recently validated interest competitor data the have to

remains potential these opportunity. opportunity another we of for through care indication our unmet to patients this added change the and significant with pelabresib, to a patients alone portfolio year. large Pharma believe need pelabresib Constellation acquisition which a significant myelofibrosis. that So has represents for the We last There of is the standard commercial

and the pelabresib earlier currently the cut-offs study excited especially for the in opportunity studied pivotal well. first-line this where confirmed our increased probability confidence ARM Annual very a is about trial II, and ASH are data its trial pivotal announced trial and MANIFEST of success. is MANIFEST exciting data at recently being We X progressing of enrollment the of called myelofibrosis the where the in II We Phase Meeting,

this for the from gantenerumab prevention of with Alzheimer's, year. planning confidence quarter just we is graduate X data in are announce gantenerumab XXXX, indicative also disease an the As III which for Roche this their we in Phase to of pivotal is that studies excited study look of fourth initiated in catalysts to monoclonal the Roche with antibody. Alzheimer's additional

for data a royalties. otilimab substantial rheumatoid in both pivotal expect their And retain arthritis. for also GSK of share we to We programs, share

for CPI-XXXX, diseases, mid-stage and own the data autoimmune proof-of-concept inhibitor, felzartamab this in year. are we Now our EZHX programs, expecting

have a addition, a balance that sheet standpoint, financial from through in In we strong XXXX. data takes pivotal us pelabresib

value-creating that, We to R&D call focused in for capital With update. the on stay will to Malte continue our turn please? and potential our largest over invest an disciplined deployment. and now with Malte, remain I opportunities

Jean-Paul. you, Thank

As significantly hematology become pipeline, ambition to supporting Jean-Paul a our our We oncology. year MorphoSys. for mentioned, leader expanded in XXXX was and transformational a

BET a adequately in affecting only currently standard are change myelofibrosis, data, marrow developed care we patients is for being XX% that treatment the States being the potential cancer and United a Based believe positive is potential is we XX,XXX treatment in inhibitor, the ruxolitinib, with treatment very pelabresib, Europe. are only but of to recently of of on opinion current key for myelofibrosis myelofibrosis. leaders. from our inhibitor. which as treated. options published start care of and the Myelofibrosis in JAK pelabresib has feedback people available, approximately for Pelabresib limited standard are Let's a bone The receiving

clinical ongoing trials. X have We

ruxolitinib demonstrated setting the point to observed First, what Arm The well In the with referring the the XX% data in trials. different presented as exploring a single-agent and study, treatment in TSSXX December a ruxolitinib MANIFEST XX% we MANIFEST total which key to XXXX, which in XX secondary SVRXX evaluating settings. an myelofibrosis. was the X of XX% endpoint, patients II primary Phase first-line week the TSSXX at The significantly as is XX%, is pelabresib in ASH, to combination at which both pelabresib numerically are results we end spleen of as score at for study for symptom refers in score score latest volume with is XX. in reduction SVRXX, reduction higher patients week clinical from

Additionally, of exploratory a Megakaryocytes with making reaffirm pelabresib plus clustering versus MANIFEST-X these is clustering second are the spleen have and of responsible reduction. the 'XX treatment endpoint at III of cells summary, called ASH may bone data marrow myelofibrosis. and study potential changing of bone cells as ruxolitinib marrow and in in In a course in data platelets, analysis This is myelofibrosis. pelabresib volume that the a confidence ruxolitinib are from which Phase study, ongoing our of first-line of these that our in correlation latest showed signs our megakaryocyte combination for suggests an is reduction alone the myelofibrosis. the the comparing one for presented

Let me study. provide this about more details some

operational of the achieved for have study. excellence turnaround a in this We the execution

all With we of from of XXXX. in measures pay report expansion such the to of study of top well, sites to off. start and as with the CROs additional half progressing the interaction enrollment the place, and investigators data number first improvement Our line and countries the addition is in expect MANIFEST-X of activities

Now moving to tafasitamab.

We also progress making tafasitamab. development with the of clinical are

We this studies of with and indolent relapsed/refractory lymphoma. the with pivotal into have potential Phase ongoing, patients medicine III expanding X first-line DLBCL patients

setting an unmet The first-line represents need. DLBCL significant of area medical

on Phase confidence standard is to sites from in potential and competitor reinforced are current the interest enrolling and patient and community. data increased frontMIND trials that this and States focuses an study, a investigator excited X. released in interest. of high-risk at additional score we added pivotal study, patients trial III IPI Investigators with X XX the about significant the have have medical the Our design the track our from good on satisfy enhance Recently to with pace care of to United

non-Hodgkin's expect in reduced MINDway also lymphoma our schedule the with study particularly is patients for with and Shortly, interest XXXX, a from in we our readouts study data for lymphoma, insight. CPI see with the is our trial, patients also first lymphoma felzartamab. and treat patients conducted great inMIND assets, relapsed We number DLBCL. follicular In is study, ongoing will marginal treatment follicular a several treatment important relapsed/refractory in partner that our refractory Optimizing pivotal zone lymphoma. mid-stage the administrations XXXX we an of by schedule optimized investigating which and

for and CPI-XXXX This basket several progress are trial we We are data and a inhibitor, data trial observing, of EZHX encouraged conference clinical is a tumors medical the at In lymphoma. and believe titers assessed membranous solid X nephropathy, antibody which and early Felzartamab, well plan treatment anti-PLAXR rapidly with half options for available. best-in-class this difficult-to-treat by significantly is preliminary being as are nephropathy. that being we the we of potential report membranous the has positive can year. autoimmune currently second anti-PLAXR antibody by felzartamab proof-of-concept antibody in patients there to in kidney reduce limited our presented which as demonstrating namely in autoimmune evaluated indications, in we nephropathy data XXXX, IgA anti-CDXX our

expect we we IGNAZ share of data, including and progressing Our are in IgA more in from second II two to the and trials, trial our ongoing enrolled will Phase is proteinuria Also, well, called year. and nephropathy M-PLACE New-PLACE data fully this this share later year. data on mature trial half this

of Slide years several you next the of As treatment on and expect see the which we to of the a XX, cancers to autoimmune clinical potential can diseases. several change data over deliver paradigms has types steady we flow believe

our We of With over Sung potential the are financials. a review very excited the to call turn I about for our that, now progress of the and pipeline.

the Thank of you, Malte. XXXX. fourth to for results share financial year full quarter pleased and We're our

Slide $XX.X in QX XX% to were Moving year-over-year XXXX, growth. Monjuvi reflecting million a XX. sales

from benefited X.X year purchases, fourth the we on will partner, an QX. XXXX, U.S. million clinical change the to Monjuvi Monjuvi million by impact million. revenue outside For fourth royalty for of quarter the were from EUR approximately dynamics quarter, our recorded trial $X QX from which full $XX.X The have in Incyte. the sequential inventory sales In and

the P&L million subsequently our we item of to recorded becoming for Monjuvi in is other important exact on It's MorphoSys utilization sales going For recorded in our a revenue revenues category licenses, full Incyte. sales. recurring commercial clinical from in important year forward. and EUR x royalty margin is note royalty milestones X that same at a top revenue Monjuvi The an With and X.X supply XXXX, the line, provides in and gross in rate. the cost from recorded the this and supply agreed-upon yielding supply U.S. amount

year-over-year XX. sales U.S. sales compared sales XXXX. million payment Slide in was of Incyte U.S. EUR EUR revenues from were for to XXX.X by specific by was the XXXX XXXX. the The in increase was in Monjuvi XXXX. EUR product cost sales outside to XX.X of upfront the Cost in The of EUR million driven XXXX X.X to of million million, U.S. tafasitamab was primarily of compared out-licensing year-over-year XX.X Monjuvi in EUR in XXXX higher driven million Moving Total in the to decline XXX.X Total

EUR the charge EUR XX.X of growth and Pharma in research operating the of XXXX Royalty the clinical research July expenses. former worked is Turning to reflects expenses XXX.X to XXXX, expenses XXX.X in transaction-related in recognized to EUR of EUR expense advanced investment inclusion million million EUR R&D with to compared took was the in all majority expenses increased transactions G&A XXXX, hub result a full primarily R&D being the driven by the stop Pharmaceuticals Separately, were and million our XXX.X our being the in of impairment our we G&A associated Planegg, as Constellation year-over-year increase inclusion a million This million operating with EUR since by the U.S.-based fourth vast the expenses goodwill. million of Germany. to in for activities expenses noncash at and were in stage XXXX. company increased The well from in fourth commercialization for primarily recorded most an Constellation XXXX quarter advancement Selling Constellation's support expenses XXX.X recorded EUR programs. XX, laboratory of to to decision compared transaction-related the the first quarter compared in XXXX. in costs. expenses. increase The programs compared Monjuvi to of the the of on Constellation This to of were XXXX, year G&A ramp-up activities XXXX. on in In XX.X as was expenses focus efforts XXXX. on EUR XXX.X in XX.X million direct activities million driven

the XXX.X net net reported a a For year million, EUR compared XX.X loss EUR full XXXX. to million of of of XXXX, consolidated profit we in

end investments We XXXX sheet. at with X.XX balance our cash ended of EUR EUR to billion million Turning the to and XXX.X of compared XXXX.

this mentioned first the through in is which earlier, Jean-Paul anticipated half XXXX. As take of us to pivotal readout, collaborative data sufficient amount the is

As in range to Royalty Pharma funding a $XXX of $XXX available million bonds million. reminder, we have the development to us from also

is will later this runway. communicate drawn amount Nonetheless, will the our drawn exact to We serve that cash year. only the extend amount

Turning for on to XX. Slide our guidance XXXX

we U.S. All saw sales pace Specific same. beginning of variations of With in the We similar followed anticipating at our Operator? this QX, decline for open this to year, quarterly sequential as our increase quarters. are expect up remain net reiterating guidance a year product provided we and we in like expected XXXX. And a questions. subsequent to in we by January. such, call guidance that was the the would aspects are as the in to Monjuvi sequential see that,

It's [Operator Instructions] Stanley. question. from first We've Morgan James the received Quigley,

I've got Monjuvi a couple related.

and slightly patients. specifically second ahead patients line they're the the about but data a Why the months So used DLBCL treated and so considering the in far. now are you when thinking not mentioned treatment duration treating of physicians of about matter being what's you

in there But T? eligible you sales approved a into is assumptions who be and for second-line can fairly your the the of Monjuvi how secondly, factoring some it population. in terms what the transplant where receive CAR PFS So seems data are And really for therapies and need the then think at you most that patients what of stem to that can't pushbacks the receive in physicians? you who but benefit, extent are you're T those the Monjuvi? getting to ASH are cell could data clear DLBCL. transplant CAR good between highlight saw we aspects what X in overlap And peak and

you first for will Okay. questions. for the James, thank answer question please. second and the join Malte Joe, Joe the one.

used we treatment, to duration the duration are short-term of chemotherapies. at When look James, using physicians

the they As the get duration immunotherapy. can we've they tumor bringing we is to those that what how and as introduce world in learnings which now benefits. extend to so we're they're the can is acts, And the see an that beginning the in treatment oncologists solid patients This Monjuvi, of DLBCL. seen immunotherapy understand an

T, As we line, in to have the it will we'll to it immunotherapy. moves see the data Obviously, population. is it outpatient positioned the as to transplant eligible the how be line. the inpatient, it physicians to I into second the relates as we're CAR the Monjuvi the CAR second well positioned -- wait will as react T relates think But

this used this have Monjuvi help you do well? your guidance? in could just if quick really as in this do was peak to I NCCN follow-up extent sales this what think will duration And I terms potentially And impact. was and accelerate treatment could think Great. included? included of a mean, point the with impact the guideline Or you

Joe?

we endorsement Yes, only Monjuvi This second-line preferred recognizing is additional as this nonchemo-based advancement. a see positive an and patients. validation immunotherapy as for the

to second of that we we increase. our As continue treatment physicians, do line with behavior continue change duration increase will and create the anticipate this penetration to

question Jason The is by next JMP Securities. Butler,

It's Roy for Jason.

just this I start I guidance were then end higher going just you the last revenues guess quick thoughts any quarter. follow-up us trial for still this NCCN have one thought guys about the for Is on I guidelines. to XXXX? on one. the combination a that And might that of So track? point towards maybe plamotamab with the

for the question. first please Joe,

we NCCN within year-over-year that our up we guidelines, be growth to As a it as expect to end for And see the guidance the it on continue as relates again, to we year. development. positive this positive and growth

study combination any Yes. first the expecting moment. in to are actually situation, plamotamab respect we to this patient With the enroll

agents, also BMS clarification plamotamab, protocol. agents combining capability we receive such have additional with but for as by study And on combination with the tafasitamab of encouraged tafasitamab. agent. are to inbound actually interaction our the We additional we and continuing with are almost And FDA with additional additional of requests the finished

this good combined as is a sign, drug other a that be can our agents. So view overall confirming with well we very that tafasitamab confidence

question JPMorgan. The James is Gordon, by next

James Gordon, JPMorgan.

QX for X, data quite sequential caused in January less First just the fluctuations January mentioned or Or previous should the that in COVID that seeing it the going a just question decline Monjuvi that bit seen Monjuvi. and you Is interpreting if sequential data been at are the the factors shows decline data? on be good you to look of but that in on on guide the recurring and a going COVID from more was issued increase on market? in on you Also about quarterly bullish looking worse that maybe also IQVIA NCCN, that's have then we're QX doesn't what's the the sales on guidance drive Can as we've 'XX year? factors And QX? actually the comment careful in the other we're some quite since U.S. decline, you is Monjuvi because grown or 'XX had a good. we the

to So start year? the little a have bit question EZHX Just inhibitor. was did been things the the anticipate the Or you already other challenging? more

set Phase which this tumor most is please? about, types you're confidence asset to excited Just and II

Okay.

address sequential. that. X Yes. Sung, Thanks start Monjuvi questions, Let's the for by the you maybe James. can

purchases. about that for mention from prepared inventory question QX question, in we in benefit On and trial Thanks decline, about also James. $X million clinical your comments sequential my dynamics I the your did did

in to recur not simply that's QX. So going

be that So a sequential for a reason decline. would

obviously, I we're you which we But Omicron QX. this the looking at your goes there's understand all behind the impact to trial On impact, magnitude data take trying other such when into external the get more subsequent think or -- impact share understand clinical that quarterly a hazards of demand number, and just can what still the these to the as the or things purchases you to than you're real and QX. market can data think would have QX but obviously, addition, as that total of question part into in the because inventory, fair to it of script is when really it latter is quarter. think the a it's there you a don't until think to good is I exact better quarter? But this a In look within you see that time, forecast we But about measure tool good at to place there will I be. directionally, as think in impact some event to the was IQVIA in you No. directionally, ever QX And but growth certainly they U.S. barometer, sometimes over our future. gets I serve data, to in that the an well quarters,

the on EZHX. Malte And

progress. the study, are very we Yes, making EZHX good James,

tumors As all And I different arms arms. including study non-Hodgkin's have endometrial lymphoma. cancer. said are various and mutation. in specific Then and tumors with an called cancer, ARIDXA we genetic lymphoma of my prepared consists also these that types, remarks, mutation ovarian PTCL the cancer have X are Three bladder arm

the have we excited prostate We arm, about fully arm. also are is mesothelioma a cancer enrolled almost which and

I really to tumors. it's solid Excitement hematological preparing indications year, would this said quite that data I share preliminary plethora of are is of second in we say, as half a in tumors. earlier. the so for high this ourselves So trial first the really, And different

NCCN we the question. Thanks, guideline keep realize Malte. I Sung?

Yes.

the So change scenarios aware did were in that this yes, guidance. C-band. James, into factor was guideline And NCCN factored we the that about on your did possibility. We our range include question certainly a of was a

Voorthuizen, by is question next The Suzanne van Kempen.

have couple. I a

average off in Monjuvi. year. Let me to by as I treatment you currently an it was X earlier as update understood what to duration provide start duration? for the circling you the back around see Can

some do for do not significant by today point. you're in clarify million financial the of you you Then XXX peak context Or EUR milestones. increasing And the duration adjust sales guidance, is you is coming on duration? this guidance to since. a on year, the one And EUR that the you stand expecting do wondering may million XXX stands shorter-than-expected So see it I'm the the expect just where today. at considering just to trend need last to still

not mistaken, payments timing milestone of wrong been collaboration thinking of not on this those can I'm that on milestones. is the have remind the once, how of and yet Monjuvi, the be has than us you if outstanding should received more Incyte amount given Now that street you we yet from

Suzanne. Thanks,

by Let's for Joe, first start the Joe question, please.

Suzanne, in it been beginning line. versus to And ballpark, the yes, you're we in short-term as those of certainly the the we penetration and that relates see using increase duration the they've treatment, second of continue benefit immunotherapy do using. our traditional our to chemos duration as as prescribers see an

And on yes, collaboration question the guidance. with milestones Suzanne your to on regard Incyte and

significance in that there our cash are no this mentioned year. milestones of accretive So we anticipated guidance,

Now we past the relatively Incyte in collaboration. related in small QX milestone a the to did recognize

and as whether I milestones year there's be realized our terms I as expected onwards. and licenses, million-euro in and would out range. would in in if But XXXX reflected we're of But reasonably call variables near I into go think the the of mentioned that's part these milestones, that these sometime potential beginning are in say onwards end line those couple of of be previous the I could the that in, milestones in other So terms can calls, what larger of the the XXXX even lot of or guess because not. guidance. a you in

it. Got sales guidance? on maybe And peak the

remains to Monjuvi. in the billion goal the XXX the to That is still headwinds, that a that the X.X bit that has EUR especially there regard pushed goal. with year we've had, the to U.S. the start million Certainly, it's peak before, out out. for with we put think sales were challenged EUR obviously, goal is been the and the Yes. last second-line COVID we fair But our with DLBCL Suzanne, that peak range

competition for results I future. And recent trial will us mean, our would the option for provide with know, line would going also probably -- to think the us. it you The about too I Yes. validates early probably puts is and I start And first probably what as the on well. members, in but preferred approach, it's Suzanne,

[Operator by Instructions] Our Citi. next Vineet Agrawal is of question

Vineet. from Hutchinson on Emily It's Citi for

X please. question, Just

more the by share XX% tafasitamab disclosed down in Incyte was As expenses than of XQ. R&D the

So what inMIND and key frontline could let FL us bit you the the for be possibly could that looks the a given in decline driving trials know odd. DLBCL ongoing,

So just trying to marry up that.

R&D driving balance have I initiated. XX%. expense understood Incyte what's the ongoing just right the to the and collaboration and sure but recall you're the and a expenses. not we Incyte where our pays Well arrangement development correctly, with the question DLBCL XX% which paid drives, co-development were about -- which now, first-line that's or zone that There I'm of asking partner partner lymphoma. and major are in pivotal that's These X drives inMIND, lymphoma our MorphoSys studies marginal follicular frontline, Incyte were they then and MorphoSys in ramping studies

in dosed were patients spring the XXXX. of first The

we peak approached to as of these studies for both. costs haven't continue enroll So both we

think continue the So of hence, will major it's drivers year-over-year our these And expenses. to R&D that X of ramp. fair to one

EUR that see EUR out we for can put between the guidance million. XXX XXX You million expenses to R&D

our of And in for we're R&D study midpoint the that, to increase of likely question. taking XXXX see R&D major front the in it's year-over-year transaction If transaction actuals, And answered your hope XXXX MANIFEST-X in excluding guidance. normalize the expense, for pelabresib. ongoing I addition somewhere drivers I've line XX% around to costs embedded inMIND, you XXXX. the some that's costs, in

The next Deutsche question Sharma, Rajan is Bank. by

question. for Thanks the

just range more the that XXXX lower Could potentially various little guidance the Monjuvi, relative the EUR you you end? kind guidance, a the based 'XX then that where Just just one, you to from on talk to peak. million on guidance. currently And help parts push can. moving sales end just And if bit of million just we to to on a third peak to at ramp guidance XXX EUR could we get just and of get then are how understand the I us the on XXX the higher finally, to

and data, trial to is And are obviously, in frontline you've correct talk comparator assuming that competitor just to confidence you the confident of on on R-CHOP trial. your based I'm in again that on that the talked Just on? how POLARIX the kind you confidence increased trial. that, that's Could based and

can Sung, Rajan. you Thanks, handle first the X questions.

Rajan. Absolutely, for Yes. Thanks question. the

competitive you down and your think would the think range, on end how persistence, of about the we the dynamics X XXXX variables, then and regardless bottom Monjuvi So starts I end? as and versus it comes patient obviously, what always share. the about patient upper question get it to or Well, to guidance market

secret. that think elongating don't opportunity have us is in front I we the any biggest of The it's So persistence.

that's But that MorphoSys where few we the X frankly, behavior practice. prescriber because of we few and care, to the commercialization here right the educate opportunity base out keenly standard -- a duration is there is variable that. future largely the the opportunity an going on in focused all quarters. of as change we we or of based therapy months a the now, are an not happen So on really all to there, have past team to see really a in work and really Joe change to year and elongate the It's

to going be is ongoing So work. this

persistency represents in relates So opportunity. to ramp peak ahead a let's that There's biggest take couple years. we us to peak. to a and time. about the work don't question at next still of the lot your expect X the Obviously, of year And second the of

time. this X at So year we'll a take

line. first the on Malte

Yes.

that So alluded to we we just has patients of front-line quickly X have are already reiterate IPI that quite mentioned ECORP-XXXX synergistic to need such that that patients. as terms working the tafasitamab other correctly lenalidomide the Jean-Paul know lenalidomide high. design. patient these medical is is happy population and which are the and robust in let limited our extremely We me X also know we from in to high-risk And study Jean-Paul for unmet what studies components. highly

So high. this that attractive have found we feel which for in population extremely regimen the maybe is very patient need we medical a really treatment

enrolling second really, the really Jean-Paul are in your again probability as is this arm, related the summary R-CHOP also well, of are confident study about we choice think I So To and success. of potential in comparator why our remark, to to. the alluded we of

to will done approval. It's also We with by close approved frontline POLARIX regimen either potential not enrollment currently, at FDA. of time still under we the are please is hopeful done agent. the POLARIX or our the review remember, be And an that be

available not randomized patients. in that in currently comment currently, study the for the is treatment study frontline to last large I DLBCL. DLBCL And only frontline is want it So make frontline is our

So in speed have here maintain that of really spot terms can a time a we enrollment. ensuring of of we sweet high

to like day reminder If Once gentlemen, Ladies the call. good the concludes a follow Investor is this good you and would Have bye. for Relations conference of and the MorphoSys again for available of up, our today's team of you call. joining at any thank day.