argenx SE (ARGX) 22 Oct 202020 Q3 Earnings call transcript

Good morning. My name is Rocco and I am your conference operator today. At this time, I would like to welcome everyone to the conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. note, is also recorded. Please Instructions] today’s being event [Operator Thank you. like I DelGiacco, to Vice now President Beth introduce would Relations. of Investor

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expectations, this financial we from statements. clinical these our about statements may forward-looking begin, X Slide that statements lines, time I'd Before regulatory upcoming differ by product include presented development, like Actual call. during the on our of materially may to may indicated results future projections remind you success milestones. This be those potential and candidates,

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ARGX-XXX innovation our aim a through XXXX well We of biology are to pipeline program. of as will this address vision, prioritizing part of global immunology Charcot-Leyden next our to year to in likely candidate airway as the the argenx determine lateral lead as both year. groundbreaking communicating also [Indiscernible] status integrated as R&D is early track be on a we inflammation company and Finally, we optimization the immunology be commercial efforts, engine how finalize on on best out severe ARGX-XXX crystals our role our this more we

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We file in launch after filing continue the strategies to progress Europe our we’ll Japan. EMA and shortly with in

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and of chain the continuity to to out continue U.S., ensure we Europe. drug Japan We scale and launch build supply global in supply when our

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the to look projects before hand patients working that we take this call build XX. to devastating over to Now Slide at quickly awareness MG disease. a Eric, I on important want of I and engage we’ve been mention

lead give premiere A call told can gravis. that, but people people I’ll MG and Next who hope capture Mystery it producer suffer broader with and by rare from who a every month myasthenia turn to feeling this excited live partnered we Sarofsky isolated encourage a the not day. only Eric. to from can voice film that to And MG, film empathy MG to disease Me, about are documentary with on docuseries, we hidden We for any over the misunderstood. to take watching that We those patients with can

agreement, driven nine million months ended for from decrease XX within the which was period XXXX. third expenses operating expenses, EURXXX.X a of we other operating XXXX were a the months offset consulting year, higher million, and filings. ended collaboration of price same manufacturing period detailed the These general transaction same made the EURXX.X EURXXX.X in results, EURXX.X expenses nine nine compared collaboration higher for by release XXXX regulatory partially under period same the EURXX.X today’s by an September XX, driven September to and expenditures press by XXXX. also income compared Selling, XX, the received of to related XXXX employees have the year of quarter been Keith. progress months and XXXX the late-stage and milestone in million the rebates. covers to payroll Janssen EURXXX.X tax you, the in payment our expenses. were and for are revenue in Thank administrative also million, last Total AbbVie trial due for to for the million Slide recognition income increase recruitment in to the R&D in clinical over activities increases the higher pipeline, the costs support and year including SG&A additional and prior ongoing and our personnel million R&D

increase to operating year, expect our to prepare continue We this future commercialization. we for as advance expenses pipeline further and

EURXXX.X the European compared last now will total same for offering for September net the The Exchange for closing EURXX.X the million XX, XXXX. XX, of principally EURXX.X months on nine including loss a assets, nine and For in cash, back million in – XXXX, of to call to a received the XXXX. EURXX.X U.S. ended for EURX.X proceeds. to EURXX.X nine financial period The of mainly an was XXXX, received ended financial an with operating the amounted million, sorry, equivalents first XX, months placement, cash the of gain a exchange XXXX. the losses EURX.X of and receipt XX, offering billion billion which to to December compared expenses, June of the totaled private change XXXX. a in current of of EURXXX.X September the months September global fair and million, million in XXXX EURX.X ended and EURXX.X to compared in the for was resulting ended compared in under loss period loss the financial assets relates net increase due current hand to million XXXX, net We period to same million Tim. months value financial interest same I income nine of million

XX. Eric. turn Slide Thanks, to Please

infrastructure, antagonist Before diseases. and I be we from growth commercial in devotion our differentiated a continue launch. our We take hard you. programs your to our for this work serious option towards well exceptional company ADAPT believe we our hand, our of our Phase are Operator, X you balance to fuel opportunity generate for to drive value XXXX with questions, sheet operation may early offer deep to long-term suffering and take and forward, a data unwavering our see positioned I growing to want first our the the vision team shareholders. and and gratitude open With late-stage strong transformative to positive autoimmune questions. for commercial argenx pipeline us Thank call to patients realize for to team to now my patients FcRn

Thank you. with Suneja [Operator Instructions] Today’s first Guggenheim. question comes ahead. from go Please Yatin

pricing? you on my certain maybe I dosing. bit certain chronic there like seems the you question dosing Hey intermittent little indications conceptually can more in need taking chronic it you and for progress. might where guys. treatment where with are get a you away about congrats indication mean, just or all talk Thank the Can

about can first that’s question. So if So, talk you the that? conceptually

is infusion maybe what you you subcu volume could Thank is, question the you. second remind time us and are targeting? the what for The Halozyme

you, Thank Yatin.

with indications? second it’s just So, volume take infusion injection question, injection a like question, on conceptual different very the important Keith, very very on of is pricing is which a simple. not about you second across an subcu the It’s would Xml. first a your maybe This question subcu difference. to

Yes, Tim. happy to,

said is IVIg MG our remember, to $XXX,XXX actually an some chronic of at we treat and about goalpost average strong and per chronic were So, looking around some and MG on the the year convenience set kind average. given Yatin, just said, as IVIg a last floor and patient and we we actually efficacy, we the safety call that’s discussed pricing thinking how and

the towards We’ve in soliris, be frequently being plan it value expect - more book not do there that soliris. are and and - talked we on about treated up you also but up. we’ve our patients, also pricing grounding other pricing goes So, to

we impressive Phase opportunity right X which the data been based to shared released the Tim with So, that’s have now the the study. is in that call you a today price data on in most

do bring this value to opportunity patients. we have to So,

As dosing far you dosing individualized want as their using be more the that with also ITP additional off ITP that after for are will although thing they compared a more we get schedule chronic schedule, indications just remind slowly know that turn example, that to I physicians chronic, some they the we – in to you be that is of managed want main do them treat patient might medication.

we Pemphigus be that know treat get see them into you’ll that to and treated chronically, but next patients we able once also yes that where do, complete We and remission not for will example, are player.

very deal a third, data in also done we’ve great strategy but ADAPT of the to had even now from our MG, comfortable study opportunity we’ve the moving think this about study forward a lot our more indications. we’ll and second, and on fifth feel pricing that tie So, fourth, into of work and home we with

Thank you.

go from next question ahead. today Werber with Yaron Cowen. Our comes Please

Thanks Hi. question. for Yes. the taking

wanted not about see to subcutaneous – Number trial I design, MG, study just FDA bridging I one, has you maybe, The am could I So, efficacy comment. have historically a what we’ve been data. the just couple for hearing sure Tim.

IgG. darzalex, like indications at those biomarker look a at – but don’t have you rituxan, you If look and

eight as that and that’s maybe doing is I of a that’s is see the PV, design and lot how wanting in? primary design sort And you an you concomitantly something factor And trial then clinical a unclear might then sense, an another that does chronic. surrogate sort of can an do talking a week are like we you. IgG then for a trial line? the maybe as thoughts, Any makes secondly, to Thank down of about use some rituxan with So, endpoint? was acute

on being with and us Yaron today. thank for Thank the you, you call

breaking delivering strength concerning believe you strategy is drug clinical So, its we correlation comes efgartigimod linear Strategy a benefits. reduction are the you between effect, playing spot to in the are IgG I PV that means it unique on. think and and when that i.e. the the

has think actually it’s request with again the any we FDA. have to I pass the that ADAPT data demonstrated the the study hand clearly in that needing

to as is study. physicians read I into the work of as to be in right, made. some have on certainly – written And do several you until of actually, steroids fast access our is Pemphigus are think about want outcome and points meeting behind us. there first as your meeting facts have we ability minutes. possible we the communicate The study entry best preempt way So, and with the there the the and case base the space to as on soon decided And not Pemphigus. and that the a actions I we patients of knew science will to we the meeting design, to reduce

a going So and the very prednisone and corticosteroid I the success or if with that’s to proposition is the suboptimal actually when background Phase study efgartigimod the of compelling prove of the states. Ultimately, in we study. think first this placebo-controlled trial dosing corticosteroid but going and is rituximab replicate test is X course into to co-exist success how with can of hopefully

with our of today from Please And comes go Bank Ahmad ahead. America. Tazeen question next

Hi. can you taking question. Good Tim. my morning, hear me thanks Hopefully, Hi, clearly. for

we idea what type what be XXXX, Just you we give first wanted you, to CULMINATE’s information encouraging study. at an early data of consider for Thanks. can should for of us expect wait should as And program. in we ask look data top-line this the to at the

Tazeen. you, Thank Yes.

duration information because look the the diagnosed combination the newly responses. a course diagnosed going is safety therapy. CTML So, think be would responses obviously, these the we - to really data hand for and And and of to the of very be of patients quality the important these be responses of to also number would see course, chemotherapy of in one on patients we see future for

with And also we drug dosage will your is it important data going view. which with point be. explain venetoclax, a of what ability combined without be also – to TOX to chose of expect from the why the then very So, Vidaza or clearly

mg So, data. XX versus the the per XX mg kg

Thank you.

Our ahead. Derek Please next question comes with Stifel. Archila from today go

for Good morning my questions. taking thanks Hey. Great. and

love So, on just be second, are then, and and if some were that gives out the half us color enrollment go get confidence and your you wondering maybe the this type with maybe reference side? here on able Tim, make And of CIDP could put any you’ll and the of what study two of first IVIg earnings on decision of you I’d of in to points on would first, facing make there the you the responses that terms just are CIDP you provide in inform challenges if inductor responses the or kind could Thanks. to – a that XXXX? insights results

Thank you, Derek this excellent for question.

in thoughtful CIDP, patients. partnership was paradigm So, close and very it with physicians

physicians So, very to of by participate. we both motivation see community being patients level a and the of it’s and well very – to high received

and is think the to work on sites open COVID-XX course factor sites, sites I to here the of pandemic. the patients get slowing sites. to down More initiate specifically

through the think what’s the wave has after momentum the first the study going through be Europe to the So, and picked I of the we I think probably through U.S. second now pandemic are really and wave – navigate up clearly

top on public for think response randomized rate placebo. have of are lot the where IVIg to think argenx and patient our only community innovation XX% the can we been But study And around XX% go go, can we the a which So, of actually question, definition And at is and decision for people points. innovation has versus we on blinded response, out is space traction example to study, keep expansions response a the no clearly call something the response of there trial second want which we a ICE with saw IVIg IVIg, really it’s XXs for in the COVID-related. that seeing I not for invest. and placebo-controlled – I the see delight,

reference. of So, I that’s an think interesting point

Securities. Wedbush from today Please go ahead. our And comes with question Nierengarten next David

for future, from price dynamics use infusion. are and IV between farther both question. less Thank a, Thanks products particular, to competitive and out and the decision - call in – lower CX the pocket thinking competitor? your frequent a likely of myasthenia ID relative to point Hey. potential looking How And are for from in the a a the format it product we subcutaneous about dynamics in at subcutaneous frequent less Maybe the like in little taking format you your, both a affecting between gravis and soliris see a get a the costs much bit by you competitive inhibitor? bit

Thank like you, David. Maybe, Keith, you take question? to would this

indications, the bring in the questions. But we market XXXX. a route is Tim at into bottom and important a all able symptoms the when of they weekly MG Yes. administration is that you patients to was ask as subcu as to to paying you hopefully we we Actually, have you we and almost that of them and cycle the you David, prepared that we we’ll is to one know forward ranked towards up in that bringing and two profile thing what to of launch five we but good of efficacy When number with rank safety. talk we them, strategy the remarks we are thank and forth a and shared cycle have one Happy measures that for responded and very response them. look both bridge XX% as of the patients because Ultimately, dosing rate and took formulations, a two have number forward, to questions is to. Remember, safety both that speed strategy went into relieving certainly off can the IV be which said, with between recommend we upfront. IV, had.

therapy. type going to of when have be on patient, and going are we are that So, are efficacy for producing a safety want to this you to patients

you well. Tim subcu, easy will mentioned to dosing can for at with patients our simple, our some able to convenience that single, with schedule an individualized provide themselves as be think combine they a I as home, quite that injection administer

overall to it is auto by fewer thing the plays the FcRn to compete. that that rate combination utilizing auto therefore with is I’ll complement. in efficacy we say CX last regard and recruit we guess, an CX, David, antibodies of antibody removing you how think junction, to self-injection the that, the the So, and is, guess, believe upstream FcRn I and home IV the have from individualized with think at is of schedule dosing I about we we a the answer how how you the about neuromuscular

being – our So, different versus we three mechanisms neuromuscular can junction with of mechanism action one just the complement. affect in ways

of the expense subcu. out of mentioned, where that’s have of because expense and optionality, we that experienced great could you with be Lastly, pocket out pocket

will the formulation that available. have be We IV

in are programs Additionally, now accessible with situations, be our or able even type the patient be efgartigimod in is right would to that to to make that pre-commercialization some patients address that require we work some to assistance of compassionate doing use. whether

these looking things. are So, into we of all

we competitively. that So product can bring forth the

Thank you.

ahead. from Wolfe go question next Research. with comes Our Please today Tewari Akash

Thanks so much.

in that naïve internally gives at patients naïve you your will CIDP, then that go will included I For, go patients patient were population? XX be those What no that the and or to have I-trial how within refractory we’ve look Thanks. naïve. decision of an have decision? seen IVIg go XX% many follow-up. patients FcRn and separately I first your are no think confidence targeting from you a efficacy go or And

you, Thank Akash.

We we good a the is CIDP been population we satisfying pre-defined far so study allowing for out, what are And see you two. split within of I basically refractory pointed subsets and patients. in as in naïve mean, number. a between the hasn’t there both CIDP are and the correctly

in XX at So, go patients with a but I point just CIDP, will think of decision go, signal for we first with not correlate be sub-types disease and also the the no see status. we to trying position look to

stay say, tuned. would I So,

representation We the of good study. have both classes in a

do - for talked – Investor totally about you XX,XXX you. of penetrate into there you you much who the could I that possibility just can not Day like recent I think and a expand market? the CX. on upstream were think, you larger that at how you even FcRn a potentially – And about Great. patients steroids, kind that Okay. talked at of an the is to being – GMG patient Thank controlled And looking pool? How market

Keith?

Sorry. Yes, yes. Thanks for the question.

telling replace would So, I’ve is, place he efgartigimod. this plasma now, IVIg. And he heard recently he I’ve KOLs our about Dr. product. to talk started tell are would exchange replace got you where He us first is, use the would which Howard right just what with

using onset a second to a The it immunosuppressive talked for therapy. that because therapy broad in where like a little use action patients another of to its about he rapid thing in take would it able was being in of bridging while it manner kick

using mentioned and bridging or The he he them and replacing he trial to to that patients shared hate steroids that next was and ISGs patients safety. was ADAPT over. the over So, what either certainly that ISTs. upfront maybe area repeated And showed

use patients hating so, And steroids, steroid that. the replacing with succeeded he

last enrollment efgartigimod. in broad this this two is it’s broad criteria. areas a – remember you get The utilization So of that trial,

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Please with question Truist ahead. next our And today Lee go Securities. comes from Joon

congrats the for progress. and Thanks questions my taking Hi. on

that higher drug, and presentation GMG you. medical efgartigimod It value conference, and I patient are at some not your for you impact numerically by about – looking between the Just rates know would similar anyway? infection XXXX, COVID-XX on in if safety infection of but in recent for they program there ten appears rate the a therapeutic that population? strategy placebo bit a a drug section the and ranges. mass have sure, possibly placebo. body high, And – possibly would drug largely arm and what line, am have of the the antibodies be of global the the the to at bit does be just Thank But the eliminating a along a system to XX% both are curious commercialization generates? wondering little immune that is impact a percentage Just vaccination typical that points XX% your of between is assuming on COVID-XX a scale

terms Hi, pass see basically today to safety profile, safety to Keith it, us which placebo. when Joon. but and you we comparable in the Thanks is joining I over a look for question seeing a second will – in minute, of at profile

signal a immune some how of over for agent onboard about you the not Maybe difference of see on it see the immune best risk basically physical you see infectious is to of and give not Keith to comments already with the we response of us before FcRn We not you study, none better news signal some environment, actually introduction. numbers system B-cells. not we there do ability of immunosuppressants the COVID-XX small mode parameters maybe the were We think So these And and Keith, in suppress and that. to to of the to commercialization action the interfere placed do infection. no with of and are in top We do extent effectively there that to the increased target is within antagonist, anyhow. patients infection remember systems. you that the basically, react efgartigimod medical to field actually being target the that that is of are that only hand IgGs which splendid of ability see may hiking on I IgG. inter are out that produce maybe impacting scientific you showing an those your And

Yes.

be we Joon, in fully actually are So, a product that launching expecting COVID this would environment. we

successful launch of live cross-functional But where that engaging very are launch. so how can the type a type product be could Horizon some launch a IV even so been an and am I with so, that been had studying the could professionals of launches we in with it the have COVID here healthcare virtual. we environment be they during and launches. we have hopeful and particularly studying we some has And replicate that

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Thank you.

Lenny ahead. Van next Securities. go KBC question from comes Steenhuyse Please with today Our

on the Perhaps, then, the biomarker-related potential let’s can Hi. to taking the to discussion on this And deals? comment fees to on specific the the the subcu question. looking the a mentioned also touched a on bit case please? and it should and formulation afternoon. themselves Halozyme. for trajectory already Can would also circle course content then, partnership back expect formulation some could follow-up Thank not. and of Are question, deal? you meeting out-payments their say What royalty average to mid-single-digits additional thanks the expect info you of of you. outcomes be. is efgartigimod? And the formulation of we on meeting Is on that data efgartigimod was what subcu this or terms for I Good the FDA of of the with development company any what on you and is with then Halozyme perhaps then the relating for that, the in there impact provide for subcu tied impact the you

Thank you, Lenny.

IV means bridging deal ballpark royalties, of actually basically and The details. it in the meeting, So, mid-single-digits. are subcu for – we the in didn’t terms FDA that factored all sure for strategies the don’t identical the royalties same gets with to on in we making

going substantial to safety fact on And this a database. on based from be It’s growing to science. elaborated is the trial. on very course, X that think we ADAPT I a just Phase of datasets be based going our

the database safety this for space have think efgartigimod. – biggest I we in

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Thank you.

comes Our Raymond with Brill go ahead. today Danielle next question James. from Please

Horizon’s potential have Hi, with indication to opportunity given guys. role year, know question. seen what on the hear of and we the Good curious morning, and drug the I your that we’ve – indication? to thyroid for wait thanks next what data success the eye for but anti-FcRn thoughts in the disease, from

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I are know look you this fact view, in approval is early our we do from indication how actually efgartigimod think that on also of therefore, right, too now this of you But indication a could we and to it’s discuss. indication. radar and have indication. at that this point biology clinical the an this to And regulatory benefited prioritization screen be

Thank you.

go question ahead. with Please Our JMP Butler next comes today from Securities. Jason

Hi. Thanks taking questions. for the

as will that and physicians you Pemphigus to of remind have context PV, just well expect are the additional Thanks. then, do potential be foliaceus the speak appropriate physicians Just program data And the first just IV when who second the that? program? at epidemiology the you’d but want have us if approved, you you subcu, the the and would and obviously how including formulations there patients of you that inform information in with some one the IV wondering, on to just to question to the could patients to with and switch rationale on subcu ITP, population, or in ongoing both

Yes.

exclusively I going and out is separate ITP. is be question the subcu. the these to one to with start One other IV are want I’ll in studies. Jason, on subcu going two that exclusively just IV So, call to be

with So, have advantage standalone it subcu. will a patients for allow us to

maintenance have induction So with both subcu. they’ll and

MG, more than around KOLs, lastly, to has not has shared inject They’ve to given point on when When doing So to had stay what there our switching. the IV ITP. subcu. discussions from comes opposed to patients to switching is we on IV subcu, do to subcu, XX% we us XX% it waiting to in mind be meetings, we’ve it IV from been not the on to going tell although standing we this the we from is as that is in want have you, of with will elected our future, of that still data with a can you patients I been – They finally, just are have the are switching on what And because the waiting FDA that therapy not themselves. are the still. simply news preference,

come subcu our So, to so that our of potentially and of we ADAPT on extension out are already them we working some from of would type open-label patients information. look at have switching to that

ahead. today comes Please question Morgan next our Stanley. And you. Harrison go at from Thank Matthew

us issues file could think for when timeline have the we is process timing comment do am secondly, that about guess, much that Great. how or enough could can you for further? the Thanks. run versus, for the give just I And then, what you taking you slip you with two guidance there a Japan? you U.S.? afternoon, risk confident around say, One, now. the clarity you obviously regulatory on view just process thanks contextualize me. wondering, once in Tim, comment, potential regulatory just out I Good you and push that into can the you thought can What would in still IDT to question.

And Matthew. we’ll you, back Thank it.

think is enrollment So, CIDP, going the swiftly I as fact. the for

think I ability study for that, that their to would now impacted. perform are be visits those patients is COVID-XX the actually who on exposure new the

to some to time site to through for patients tried from to the of go have as We against administration much time. there still, could have mitigate is home we that medicines required and as ability a products

careful on – of to in really the process. we we the it’s study have well pretty process So, course that’s regards be impact a the COVID-XX are during that registration understood With Japan, of on about patient stay the logistics. to

of especially I everything following English to Q&A, real-time Japanese technical Q&A a be think filing think we to, more complications – DLE the for a is I and and much translation leverage and aspects And filing going checked be and is team. course process. double. in will to comfortable more understood in with which particular for which filing, to us example we I the all the very the can a well And will as very intensive originals. I where into compared there process do it’s be there have by of really think needs from Q&A, example, of to PMDA But attention also it’s think the the the by it to feel

only approval, well is process from and difference the then available Yes, we you’ll after of FDA difference Tim. we allowed PMDA, see by market. to it. you But understood, set and FDA, there add approval which which Japan. is, discuss would going I three the the is, the we that that that thing Matthew, In – price is, and the are only the once in period month approval here a are a have set the the is price on have your with Japan, from is this product through have with that you is – to approved the product you

actually about is and stretch the of available practice Japan. you product can a there because make in in standard actual month that’s to and between three there the So, that’s pricing when approval and patients

our Wainwright. Please ahead. Tsao today And Douglas next with from go H.C. question comes

questions. for the taking Good Hi. morning. Thanks

in sense be in a terms are might to Have And subsequent about cycles. four treatment, they KOLs or with KOLs induction intend of you to you. shorter cycles periods levels? dosing of how a with am of I Do sort different are heard that Just just sort it. curious are to week and then, going Thank but of also this intervals. be checking get abate maybe four getting IgG feedback terms they on they of going from of, thinking in that going the with individualized symptoms you curious, of you from sort week have implement going you sort obviously, weekly

Yes.

right, going how I treatment IgGs they which have your them Douglas, with going individualized patient. with measuring So, start I to them treatment cycle What to re-dose patient their our regularly the on determination they bring a all, not the us that of individualized IVIg. I with is, they be first a dose, interval are treatment, make them. be of is, told to start am chronic an and treat cycle then and back they a would evaluate they in scheduled when

time and As stretch out will that the response maintaining continue patient cycle doing is on. well, the goes they longer to as

will am schedules they rigid. I the this and every do from They completely customize with talking to create dosing and As their I that intervals on far completely stay dosing. insert product as stay your the market. on don’t the second They cycle? treatment. available think MG question rigid dose says about they to package what don’t begin the

what from like at fact, KOLs if Tim and that to a take dosing, is we in get So, you look individualized it the that really shared, questions allow do data going the them of patients and dose see be cycles that other year may have could patients, take some with to few for per physicians you more decide a chronic very administered. us to

there the that MG. two patients have the they because questions, are is in same So, no

our And today Graig. with proceed. comes next Suvannavejh you. Please Pardon Thank me, Graig from Goldman question Sachs.

Your line is open.

the maybe in. can Phase so the landscape squeezing competitive MG Tim, seen A ITP Thanks But, events Keith, me data X question, much. immune and for quarter we’ve you data Phase Thank for you from bigger picture program, too. UCB. X also for comment over Yes. developments, maybe

obviously is on Just landscape how of you broad the wondering, competitive Thanks. J&J’s is up? competitive given how landscape the acquisition think how bigger just strokes shaping think you shaping about picture, Momenta, and FcRn

in is, to Graig. Graig, not you, is all on Keith over some and that commercial equal. I I becoming there start fill But, will thing will probably FcRns then are Thank Maybe clear that one think very I aspects. more hand to the made of is

see So, clear I of think baskets profiles. clinical we

glycosylated IgGX positioned think I efficacy antibodies, and think fragments. the have different IgGX from are then clearly less come with typically profile side-effects uniquely and a the which antibodies we safety I with

fair like think of efficacy, factors along advanced differentiation we I the took Typically, we we say to very with that, course, about think to it’s and of and the all have bar safety high. largest convenience. of dataset that the most

I start the that key in not being think do it’s And point that molecules called ROC clean pretty I both need suggest and unique tolerability U.S. just data feel we I think not haven’t two think open-label I differentiator very course single and looking that anything is be think an an injection, forward now a there forward Halozyme both in and talk competition. position. and And starting a induce cumbersome, you you subcu efficacy again lengthy which the datapoints to think we the any we more to us to for putting extension, nice where now, patients early efficacy, we important is side, what infusion. as seen to and more for which on the side, coming going it’s for very profile the are fast for of And put from a I out, years Keith, impressive again ADAPT technology I we for especially this and smaller side, X serum of to the free to available unprecedented I now, on the position some have maybe any in if the again we example Phase think is to saw on we the confused think on up a subcu drops safety fact products down other And feel albumin. important IV subcu points? you studies Keith we then, the have safety study the basically convenience on think from put any markets, close drug already from that with

bigger those No, that from it thing that, FcRn than is you’ve The believe points. so Tim, for I add, much Graig, three states just would covered the think, I only we that total is the that, that we indications have currently rapid could grow we FcRn because actually, by ourselves. the help what other state, we believe And competitors four made more public than to of you. will just do

benefit So, we us. we this ultimately, we that are love the of We can But are competition the love going with. space in. all that into position product

attending Thank you. you gentlemen, today’s this And concludes session and thank and today’s call. question-and-answer We today’s conference presentation. all ladies for

and You may lines have day. now disconnect wonderful your a