Eli Lilly and (LLY) 27 Apr 212021 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Lilly Q1 2021 Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to our host, Mr. Kevin Hern. Please go ahead.

morning. Good joining Lilly for XXXX Company's for Call. Earnings us you and Eli QX Thank Vice Investor President Hern, Kevin I'm of Relations.

Chief Financial Joining me and Dan President Chief Chairman Mike Oncology; Lilly Ilya President Ricks, Dave Anne Yuffa, Skovronsky, of Officer; President Lilly on today's CEO; of call Anat are Scientific White, and Officer; Bio-Medicines; of answer who Lilly's Mason, Lilly of Loxo CEO questions Diabetes. Van will joining and efforts Jake be Naarden, early-stage And to we'd he's welcome also moving us discovery about leading. today at your like Lilly, forward to oncology Oncology Ashkenazi,

Now Smith I'll call and Dave Relations to Sara of we're Zierke -- Investor the sorry, turn the Lauren team. by also joined over

on During this conference we making call, based current our anticipate projections statements expectations. forward-looking and

due could a those results factors, including X. materially on actual of differ listed number Slide to Our

cause Additional Commission. decisions. benefit our subsequent XX-K results pipeline the actual of to information not differ intended XX-Q Forms is community. is to is products the the Forms prescribing and not that and sufficient with factors promotional is latest be provide It and for about in information filed we and Securities concerning for our could and contained investment materially The X-K Exchange

a As non-GAAP commentary financial transition reminder measures. our we prepared will to remarks, our that focus on

quarter Now XXXX. to call of Dave first over from I'll the of the our turn for a results summary

long-term patients XX in our while successful continuing Lilly very Kevin. scaling world, SG&A pipeline increasing million over Thanks, entered key for Okay. in by and research productivity a to growth expanding XXXX XXXX following on of sustainable investing around line reach growth. our focused advancement the the the brands our

first patients the also objectives in help pleased quarter to the hundreds of fight antibodies thousands our progress these of to on COVID-XX. we've made with doses of while continued against are COVID-XX delivering We our

and a longer of for this results, And sell-side across and on in quarter And number for some core attempt quarter you core business. those model we items, disappointment. FX COVID-XX unpack and to score readouts to all changes underlying to business margin growth R&D a this recognize trends therapy COVID-XX core compare XXXX expansion release. purchase These a throughout We number in a in earnings therapy As catching quarter, consumer with in the from significant Nonetheless, the our strong accuracy, quarterly perhaps line the call of government U.S. all expect throughout growth realize, of our make we increased XXXX. picture will for QX Lilly the press spend positive, underneath our agreements quarter's to the is to stock give compelling and was increased keeping we even noisy, antibodies a rate this growing clear movement and the support of in and that accelerate of long-term areas. pipeline we year. continue top coupled for

currency. driven XX% grew performance volume, which XX percentage entirely QX compared or grew by revenue This constant quarter, in XX% This was points. XXXX to

the XXXX, Key XXXX XX% revenue X% QX and benefit, core our When is million stocking to in core the revenue growth $XXX roughly XXXX. we in grew our highlighted inventory business had represent the that QX build volume products year-over-year and and previously As impacting a QX for business COVID-XX quarter. drive of continued antibody COVID-XX-related excluding comparison. growth now

margin XX% inventories sold. gross non-GAAP was the on and of excluding QX Our exchange XX.X% foreign impact international in

and the XX.X% the for was FX Our impact. quarter non-GAAP margin XX.X% operating excluding

is results and of in noncash in XXXX negative our purely on basis While our margin over Recall point accounting the foreign on inventories experienced on exchange on quarter we XXXX, of has that first sold item. gross QX -- a XXX international impact modest a XXXX, effect and operating our margin.

invest administration results X bamlanivimab and the COVID-XX; now etesevimab results known a data type first III III of baricitinib with several year, On alopecia as Emergency the initiation a and or completion known of Phase FDA Phase made of added in additional Taltz. including with we positive pirtobrutinib, and ulcerative Phase mirikizumab positive as the mirikizumab areata. achieved Phase for to of Olumiant diabetes; trials initiation enter treatment of for X in obesity formerly the from decade in for III pipeline as Use tirzepatide's since we Authorization of call, the Since SURMOUNT see About milestones decision our ago, LOXO-XXX; granted in program; earnings arthritis studies and colitis. expansion Lilly together rheumatoid we new Phase and further This have X and into ixekizumab, immunology and the rheumatology multiple strategy Olumiant Taltz the ulcerative successful III QX studies for our front, best-in-category with and in in SURPASS-X, indications for in tirzepatide's in III colitis and dermatology. then, immunology

with medicine safety, The from with conjunctivitis, We're potential also antibody is an what growing in Dupixent primarily about differentiate large first in IL-XXpXX lebrikizumab's meaningful excited itch, and setting. on increasingly results in for this patients combination this to numbers class to demonstrate and potentially sleep and to need. monotherapy lebrikizumab We medical conditions And anticipate in coming of in forward Phase unmet immunology year we later difficult-to-treat multiple corticosteroids. look the increasing years. readouts in reaching III in

year. including from of also divestiture a in-licensing Rigel development deals, with and Pharmaceuticals We into RIPKX last several lebrikizumab the was the of of part which entered along acquisition inhibitor QBREXZA, the business Dermira

with in share versus XX% per million also increasing quarter dividends dividend this year. last We $XXX -- distributed the share nearly

XXXX. X overview see announced X, May since in the call. events public plans to environmental, X, last and Slides and host governance you'll areas provide of for for on our media key investment a earnings the We webinar general and of to commitment list company's Moving a the to social community, of on the an

additions President of Melissa long-tenured O'Neill, our Myles and to announced Manufacturing; and company. Compliance our planned I'd Ethics their leadership Chief retirements to and Lilly we for to several service like X leadership Barnes, Additionally, thank executives Officer, team. and of our

to Edgardo extend Officer, a who Myles; Hernandez, Chief Weems, Melissa; and who Rau, Aarti Shah, be month Diogo also announced Digital Alonzo warm will We Information be succeed joining will retirement as to succeeding fall. will last Lilly and who to succeeding welcome next whose was

a of announced appointment our of part of the value we Finally, CFO Anat has CFO. Anat Ashkenazi, been every experience, chain. the having our deep

reporting Anat reporting and as -- has the our business For group accounting organization our strategy her as large of X a all CFOs our office. years, our corporate with transformation large has led divisional portion a of to well our financial team, and finance last

or During involvement long-term the our this expect our Directors of her no our our to priorities, our plans. Board worked develop Executive Anat business and areas. strategy closely all no QX time, that me, our doubt Anat will implement call have extremely leadership you execution, significant I given annual strategic for with perform over well Committee our CFO and and changes in Anat, those as I'll in to and to turn results. welcome Lilly and team, of

in our non-GAAP Slide X first quarter. the performance summarizes Dave. financial Thanks,

COVID-XX QX field. patients virtual XX% of and our interactions from antibody XXXX exited virtually benefit, in to health good encouraged increased revenue interactions with the good QX momentum this the sales we shifted in the X% capabilities to our compared excluding are as representing our stocking when in-person or business. mentioned, and COVID-related the of XXXX QX safety reps began employees, in U.S. quarter in providers providers Last for a to of XXXX core reps feel revenue mind, Dave the we and work majority and the year, the and XXXX U.S. few primarily back with We field about with with As

we're on continued and stages in-person and in brands operational excellence navigate the and of headwinds pandemic-related growth the several As environment pleased virtual in with for focused key share despite the recovery, we early are classes. volume both

at margin, look XXX margin gross as gross a revenue basis we XX.X%. declined percent to of points As

Excluding unfavorable of decrease driven and product sales XX%, gross margin points, percent by antibodies inventory revenue COVID-XX lower extent, by mix basis lesser primarily a revenue. XXX realized on largely due to international as sold, foreign the a impact the to and, was of a of of exchange prices

$XX was of XX% compared driven last Marketing, driven R&D Net Operating X% the and XXX and R&D income in P&L. to QX million foreign as a COVID-XX for less percent year. of was to related by expense was exchange of increased the increased selling administrative and this expenses, increased year. Operating Moving was continued our by X% than This to grew prior X% XXXX therapies. primarily increased to late-stage international decline XXXX while by of quarter COVID-XX when a expense X%, compared income quarter impact compared of inventories XX%, investments therapies. quarter, million QX the investments settlement benefit XXXX, XX.X% points on income $XXX compared Alimta. basis of income expense the operating patent $XX down the decline investments expenses in of million QX Other a driven same expenses by COVID-XX in operating driven expenses pipeline. European sold. in to growth excluding the entirely primarily favorable for of compared of to Total revenue

comparison our provided on to are XXXX and or previously, revised investor we non-GAAP As have from due investments we gains noted beginning same that to for our basis. equity enable the workbook losses XXXX, in year-over-year in excluding measures figures

growth core to on of improved a led price by Our benefit slightly, growth volume with Trulicity quarter rates, by and periods access Slide world. this rate rate tax Adjusting of offset share by effective XXXX. for Taltz, U.S. compared quantify first the benefits a driven corresponding partially of by same and for stocking tax On a The partially U.S. grew the quarter, increased and offset business rate net last higher by line, revenue a increase. reflected excluding net mid-single-digit X% Pricing entirely effective results revenue bottom revenue the and Taltz' antibodies. earnings list decline. decrease the effect XX% quarter quarter year. XXXX QX XXX the At basis primarily contracted price revenue decreased driven we discrete X% COVID-XX was was the price, reduced the on of XX%. in tax These income with compared were the XXXX modest XX.X%, U.S. per was the X, across benefit, volume, net drag larger in by while points the discrete both grew first

we impact in with Taltz' QX the ESI, price at on low beyond improved Taltz that U.S. of noted in the We experience the headwind ESI expect would of previous quarter the pieces XXXX. Excluding access decline we pressure single-digit two were of position. calls rate net that price win experienced the general first in There impact.

through medical prices XXXX. the newly covered already onetime as move a patients we rate, exceptions were step-down existing in moved first The to contracted through

In We're outpaces second to that, win addition, update quarter, and commercial which when by to the time. we Taltz doubled the saw over major were volume we rate move pricing step access. the expect ESI significant return as year we volume and will growth we from grow growth access. near-term headwind. at contracted access net should in new this growth quarter that a And upgrade population in pleased continue as for the meaningfully with believe impact the will the -- sales accelerate through encouraged related the the first a in is patients a There have always the step-up our at we nearly

major quarter diabetes highly rebated primarily of Beyond XXXB was utilization a our Taltz, first portfolio. utilization the by offset more in performance lower segment segment segment, for was mix the increased government price in U.S. as in not the

increase reported variability While mid-term stable in we the changes. variability quarterly in continue payer mix, price to trends are present, in expect given at net

in price We net also overall, the total Taltz' full U.S. low and as year. moderate move decline for to we the the impact expect year mid-single-digit through to price

Europe. XX% in to grew Moving currency. Revenue constant

COVID-related and in Olumiant in portfolio. and Verzenio, our In Excluding collaboration Cialis forward Japan significantly are X% strong growth diabetes and, and in QX our primarily and impact a revenue continued number with currency strong Net the XXXX. with for for and constant for world and revenue post-patent driven X% for stocking, lockdowns COVID-XX now continued countries looking in primarily the BI Forteo. China, expiry past has by XX% antibody by look of revenue Trulicity Japan, constant as entirely driven impact uptake primarily accelerated of entirely extent, in lesser currency, currency, Taltz. X revenue and quarters. grew the European Revenue rest currency, momentum Verzenio. erosion to of currency, constant We're constant Tyvyt to volume in those continues Europe -- the XX% driven volume about Jardiance products, the grew the in pleased of despite In launch the and XXXX in by by driven in to decreased decreased Alimta, in a grew momentum X% of We're in of constant Trulicity business growth in the forward China we NRDL excited volume are driven from Olumiant. X% its Cialis. business growth, growth, Tyvyt our by decreased

growth as growth was XXXX In Slide total, in of As the generated our Despite and billion COVID contribution of strong also shown benefit. newer core stocking XX on up with percentage XX XX% The the X COVID-related the key offset by continue products medicines benefit highlights post-LOE whose growth as XXXX impressive delivered quarter impacted meaningfully key antibodies growth of Slide year-over-year approximately over our this insulin, business stocking revenue growth. these impacting contributing also percentage made to by volume growth, points partially point X, products revenue. growth roughly growth. QX volume $X.X volume was drive quarter these of well this QX brands products.

the points GLP-X injectable the XX% were Since by for any with have encouraged a oral the scripts roughly of to or Trulicity's are demonstrated patients XXX,XXX potential GLP-X injectable to in of approximately the for in adherence existing doses at the Trulicity twice class We launch at diabetes than in new increased and additional launched. highest new these X Trulicity providing size a on of XX% now entrant market patients Trulicity particularly the compete since weekly share XXX,XXX was the the of the most injectable milligram for time, having scripts. in continues ago, with a roughly X.X both X performance. class U.S. for extend Trulicity more just share and share weekly injectable, the Weekly is therapy X has market as had market. and new-to-brand by of years market dose U.S. the the that medication, of additional XXXX. prescribed time that become September #X the

we capital therapy of drive establish for in allocation. As opportunity from share. we With as after-tax invested focused XX, pleased less combination on update billion significant an the In to a we We more well provide $X we investments position, than capital positive for for all-time accelerating incretin injectable Slide providing continued leadership Trulicity's through GLP-Xs to R&D. we class still as and and sustaining with expenditure as future first business diabetes tirzepatide XX QX, XXXX, highs in ability nearly new market space. growth development, meaningful type our injectable diabetes On start class are in the outgrow quarter, and and in starts remain in the are Trulicity's continued total as growth robust innovation scripts growth X on readouts X they this well. the opportunity have in further penetration see space class

$XXX we addition, In nearly to million via shareholders returned dividend.

kinase our focused X sources, by flow new through Pharmaceuticals. of internal strong completed next are in-licensing on flow the inhibitor We and the -- to RIP both develop cash highlighted Rigel external wave utilizing cash recently of from our as the medicine

opportunities well believe and We create growth will remain prospects. in future our in-licensing acquisitions, value assessing where as active the can shareholders' we we enhance bolt-on as

Slide Turning XX. guidance on to our XXXX financial

and GAAP guidance. are non-GAAP We updating our

normalcy are the driving Despite care year. return We second on pre-COVID to the and professionals, still vaccinations the some baselines of class new year-over-year to impact for in below performance the starts broad care or at our of core the ongoing we health therapy for continue half inventory systems therapeutic enable health navigating to support confident in highlighted pandemic and business. growth,

on FX the the increasing reflect revenue benefit year the in first outlook realized quarter. are We our by to $XXX million top line full

for believe rollout to only the supply utilization vaccine $X on $X the to a bamlanivimab an and etesevimab impact supply range We revenue the transition $X.X scenarios. current range antibody the we to update government in across billion the for are, U.S., of to $X of that Based globe adapt of rate, narrowing billion administered from approximately major markets, is U.S. $XX.X these billion can We updated existing COVID-XX across the The billion $XX.X antibody contemplates range the year. bamlanivimab we'll however, as to billion potential revenue changes quickly, forward. and this required moving together billion. situations and variety of recognize evolve net plan to

remains percent margin margin XXX impact gross total percent points. with by our COVID-XX basis of for gross diluting unchanged outlook Our antibodies the approximately

research address to an of COVID-XX for For the to core range Phase Phase of our from in TRAILBLAZER-X study, continue a This COVID-XX donanemab new antibody, TRAILBLAZER initiation of $X.X advancement million the by $X.X as X billion million asymptomatic business, the $X.X third and investments support III increasing approximately reflects development, $X.X Alzheimer's on to expansion patients. and billion. of III pandemic billion $XXX driven we Alzheimer's increase to billion the we're and $XXX in LY-XXXX, the to the expense the in study antibody

earlier, is strategy significantly on change the high R&D have we noted equity in data could in pipeline million, which our while million improve range an non-GAAP We're gains to now invest in ensure reflect increasing innovative the outcomes bolster unmet Europe settlement patient practice $XXX the impact with expense in the for of to of data, our investment quarter. based first OID to consistent of the continue to reflects million believe to $XXX our of that Alimta to income long-term in the million $XXX to investments strength I is range $XXX Our to our growth, potential in molecules need. patent donanemab meaningfully of that GAAP deliver and areas

tax guidance decrease XX% operating to non-GAAP We're discrete the our first The to in reflect approximately entirely the higher our lowering Alzheimer's We rate quarter margin base investments are lowering is for items rate. in by margin in XX%. effective donanemab. approximately and a to tax decreased operating lower driven

we to expansion margin to operating XXs. unchanged high remains expansion as margin longer-term mid- Our continued expect

margin operating GAAP be Our approximately XX%. expected is to

as end earnings to The non-GAAP the the rate lower now revenue, offset the investments reduction range the and increased of of core range the the narrow expense increased in as related $X. range for increased tax reflects increase donanemab. R&D The the well business for by Finally, end OID share and for $X.XX the R&D for the changes to therapies. in reflects range on upper COVID-XX net per is benefit revenue to

items costs EPS expected and achieve impairments, $X.XX confident business is Our operating margin increase related development our integration EPS to well of business primarily related while on securities. to expansion and core range in in IP completed the gains an $X.XX, delivering net to revenue as GAAP other as to the the our specified reflects ability acquire transactions, also which growth. We're acquisition to charges for the R&D investments goals to benefit in XXXX from be COVID-XX inventory equity in asset mid-teens

business the at forward, period first move As look we half XXXX. trends I across saw in to the the you in variability year, significant we given for our of the would encourage core

COVID-related the significant decreased down surging additional in was the $XXX XXXX million face prescription the the million revenue reminder, to benefit of well care As the as closed new second XXXX temporarily patient and stocking from as of a by in pandemic. of in utilization an due QX of as largely health systems decline performance reversal $XXX a impacted all quarter

and across mid-term first in key underlying we long-term only outlook our trends outlook And our the volume confident at expansion. furthers are for in quarter As share the our products, our operating year full margin successes core continued for business. pipeline the and we revenue look in growth conviction and

call in will the R&D. to our turn highlight over Dan I Now to progress

more off clearly is progress pipeline for to very on XXXX Lilly strong a Anat. already at the start and way. potential with catalysts R&D positive Thanks,

named portfolio SURPASS-X, head-to-head broader III line update, spend the from results with highlighting Before I'll tirzepatide's results expectations I the X This normal from loss semaglutide SURPASS get into top strong a as any from than significantly glucose tirzepatide seen of readouts, we've the hemoglobin trial first minutes our through weight X is levels the milligram. these Phase program in provide displaying program, across glycemic on few percent with readouts GLP-X reaching populations, XX, surpass a and AXC the On patients can trial AXC aptly AXC greater each in including Slide initial glucose and medications. range dose estimate comparators superiority impressive reduction demonstrating efficacy the while dose patient tirzepatide performance impressive X you additional surpassing -- different these each each across is each control X-milligram of higher of market. control in patient clear X.X% of these the analysis for highlight see populations reductions. and of background the The the up to reduction, doses

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has favor see determine FDA publication unreliable the FDA Verzenio. OS the thus and agree, is submission, to the we that immature OS data trending during are in shared U.S. that asked the updated in noted, an cycle to For last as us JCO year. we and therefore, analysis OS review the of has,

second starting In the Given readouts we're have to will and data, reinforce regulatory in takes submissions medical highly confident to we the that half this significant immunology, disease survival need, distant adjuvant robust look unmet with especially a forward the alopecia setting. relapse-free overall for positive But eventually in data reflect the these III we accrue, the in Phase baricitinib areata, and for year. of survival events time it survival benefit.

FDA colitis positive seeing atopic another endpoints, secondary for look could early we With and potentially and to we X key the induction the in inhibition in reported review alleviate disease by III important that we Phase next announced results the needs. XX-week for also baricitinib dermatitis year. period extended study, where hitting the all data mirikizumab, endpoint JAK ulcerative maintenance months, unmet the primary think medical We forward

have updates also program. mirikizumab to psoriasis We

effective space, of a is medical molecules psoriasis and areas indications we'll OASIS well disease patients already greater. of exist not efforts IL-XXpXXs, highly treatment the believe Lilly's in served to similar like new on submission focus merely efficacy create program unmet mirikizumab create to is where options and generated commercial will need IL-XXpXX ulcerative where including and we of safety mechanism results other unmet where colitis care with needs, While presence Therefore, leveraging to the indications, significant options, the focus adding to is or positive with patients. immunology strategy we solutions the believe effective the higher instead, Taltz. have we market standard new where and new potential a on our is pursue Crohn's for psoriasis, Taltz not but our

the addition late-stage assets introduction portfolio to new progress, with of X. continues and In our attrition early-stage the advance Phase X I of to

our atopic of type program, X few developments noted tirzepatide's the results the III anticipate final including and In quarters. portfolio months Tanezumab RET in addition of I a our believe for with the Advisory our in we increasing SURPASS-X, visibility and inhibitor across osteoarthritis our XXXX, II just Committee; inhibitor; forward readout diabetes for lebrikizumab disease. the for regulatory to an meaningful the the HFrEF, success initiation of the for ER-positive IND long-term actions early of progress drives KRAS oral the year, for Jardiance Verzenio presentation readout continued GXXC to tanezumab we've Phase made of we BCL-X first in Phase we coming earlier; for we remainder for setting for data previously the of AACR; later inhibitor dermatitis and in Phase baricitinib next-generation the HFpEF for year in Jardiance Alzheimer's along SERD; Phase filing I the as important the and where Phase anti-tau our adjuvant We announced zagotenemab, for in the continued for look for III at progress our to for pain, cancer, disappointment antibody and for for pipeline growth, atopic noted outcome dermatitis; breast this

to the back turn for closing I remarks. Dave Now call over some

Thanks, Dan.

environment, by in to start are the challenging health are made a sum moving excited Q&A, let we year. we we've to go seeing. care the me the momentum up briefly progress we Amid pieces several Before

inventory first COVID-XX-related grew last XX% business the business core quarter Our COVID-XX X%, stocking with year's antibody revenue for and the in growing adjusted benefit.

with international new many driven expansion medicines of have strong, pirtobrutinib, and dividend, of by to reminder top donanemab, across year a Olumiant, growth of shareholders, Verzenio, was to our breadth than progress increased reflecting products, opportunities serve for Net sold, year. returned margin Retevmo exchange developing mirikizumab, being volume robust our in tirzepatide, we $XXX sustain impact our the from to for years depth our We nearly million made as amidst operating ongoing Advances growth. more confidence strength and the new to of innovative thank strongly say growth half want significant pandemic more line to operating to patients we dedication to teammates, business. expansion headwinds. with come. and foreign ongoing be my readouts drove margin is key of medicines excellence inspiring these data Our bringing and inventories line to account whose as accomplishments further business. our significant expect to the expected I purpose Lilly of commitment core our continue you to and continues long-term We throughout expectations on this in in the which

I'll While challenges face our people, now health care to outlook as as over remarks. call COVID-XX, This providers moderate the our bright and near-term ever. patients is to turn with continue to Kevin session. prepared the concludes And our Q&A associated long-term

first the Q&A Instructions]. session? you And [Operator can the we're instructions Toni, then the Dave. for ready provide Thanks, please for caller.

[Operator Instructions].

the question Chris comes line Schott of first from JPMorgan. with Our

patient about of think I that you And expect one has switches focus need that of approval the updated way standpoint data was I've and more as does wondering expanding I the market, that on market? studies, substantial part Verzenio, just for data. seen about tirzepatide populations think tirzepatide Trulicity? meaningful commercial And you've review? in is from was just you from So got the changed push tirzepatide. any Or out data guess, two of I that what FDA does as we SURPASS go-to-market looking first, I the did kind to on when in timelines I that strategy? from -- I starts the your we of about? hear about growth that, to part And OS have coming that you'll new mentioned as then on think do on light the you patient a or you'll is pipeline. second guess, guess, how had

Thanks, Chris. on then and We'll tirzepatide. go question to Anne the Verzenio for Mike

for question on Well, the Verzenio. thanks, Chris,

I to will really discussions the with delivering application, standard are trend what data that planned. was the to FDA timing. the be strength X.XXX We as delaying progressing OS the ratio, note, will we so confident FDA will review with a as it highly Dan the remember, set haz the ratio can't p-value, these we data in the said, but of matures, very are our a And do comment the or hazard given this think, favor without as on DRFS Important data strong of Verzenio.

what So when discussing we're believe occur. really, is we that will

So working FDA, year, we a with but to comment patients. to obviously, maybe the on do look with this to as forward just I said, on we reference can't discussion comment them medicine And XX bringing data in time At published abema the last this late in JCO the the immature in how there is. the we XX of that were interim deaths control arm and analysis arm.

the interpret the So there's patients over for X,XXX study. data when it really in this to that Thanks challenging makes question.

Mike? Anne. Thanks,

way changed pleased want for really tirzepatide the results No, to very those tirzepatide have blessed both Trulicity the results. Chris, not just the tirzepatide. and also We're have to your thanks with question. in Obviously marketplace. we position

we've market able a And to in to Ozempic of Our face has grow our how be strong the think goal market will been entire the maximize support portfolio. just Trulicity that is established share best data to Rybelsus. position. I incretin of and

to they're results, really X whether a Dan but with remain. we or just a someone mechanism, to marketplace type diabetes, has X type the GIP late is normal progression, early, as ability the it back think the through haven't diabetes went AXC. living that to with So someone position tirzepatide, strong return But will seen we about and now changer. in that dual incretin component the game

to were at highest back, we it’s XX% to to really people XX%. XX% fact, the dose, In weight up incredible. get loss able Also

really live just type you of when XX% diabetes. that So overweight from are with treatment look diabetes at with a benefit they you fact take can early at the look a who that take X X and obese, or people type

earlier dual And on why have and something potential those real transform particular driving has we use want incretin So them expand really market, question on? want to to put in really wait market. benefits? is the would would you you for the So them mechanism, early tirzepatide's incretin, to the to tirzepatide the else why of see

some tirzepatide to went think patients have I will clearly new So that win would on Trulicity.

You will marketplace or were not have well to profoundly will some people more efficacy disrupt our to the diabetes incretins with earlier focus on But not of clearly, who needed by use and go tirzepatide. -- tirzepatide. X driving performing be change maybe or type that

Bank Geoff comes the with Meacham America. question from next Our of of line

two Also have ones. pipeline

on to get to decision your just focus want perspective the mirikizumab, Just IBD. on

in data You head-to-head good have psoriasis.

need that more of commercial focus on it Taltz second data you'll psoriasis? And is you thinking of are in Alzheimer's, in focus? you zagotenemab Or and year. to half have So to do about opportunity gating type is more this How to factor? donanemab? trial? maybe happen it perspective, want what potentially about And the a sure I prior to that the you thinking then a a from combine with steps think would what of regulatory wasn't be

Ilya to first question for for and the Dan go Alzheimer's. We'll the on then Geoff. Thanks, question

and We were really Crohn's question. Great. we the we Geoff, pleased in we've has for IBD, disease. the thank believe and greatest with opportunity GI, for colitis need the mirikizumab LUCENT-X mirikizumab, in On as you for that greatest patients said in ulcerative results. see along, opportunity all the unmet

early year. so data And forward maintenance part looking of the we're to at the seeing next

market standard believe that that as best unmet to is psoriasis, take do continue really is at gold and and we in and we well Taltz a look market of terms In served. the the need, disease a believe

is decision the for places need. greatest mirikizumab. we're the unmet focused where so a we believe And our have we from can standpoint efforts where is focus And to portfolio in GI

Dan? Ilya. Thanks,

Yes. antibody. Thanks, Geoff, for anti-tau the question on our zagotenemab,

maybe pro disease. great to in in and pathologic the the target. been particularly target The tau validation Before target other of which data trial to here and here Phase companies' handicap II I'd combinations, I a Alzheimer's the antibodies, cons this have validation quickly. we The that It's difficulty from promising, come tau the favor genetic tau of is clearly for acknowledge hasn't hitting is in brain. just

reason differentiated data different the think important to half that an could combination of results. perhaps the in antibody you're there's would so those tau, a We're be get Now just eagerly consideration exactly year. here. binds second certainly we if And right, we see have awaiting aggregated we here efficacy,

a For when an general anti-amyloid you a drug therapy of sure, completely amyloid drug. anti-tau moment, you have can one, is that where plaques the clear actively drug data drug a an good an future. pending, at theme like I considering, combining particularly donanemab, think with of limited intervene antibody. of duration do the tau course, with that's then anti-tau and It's on with something we're perhaps the

with Securities. Divan Mizuho comes question next Our from Vamil

one little clarity on color Maybe Maybe just the there. or pricing more dynamics on Taltz. a

step-down. kind return second whole, and year the know contract growth full as then just that a beyond expect on full more about get if year a share You dynamics to of that the looking year? just in how in trial, kind a expecting so I is that don't terms one think mentioned And XXXX enrollment for XXXX of go full you're year product-level ESI, about the the you'll think to I of to of trying just and take. trying expecting it as get XXXX sales accelerating. little how just number I if pricing sense dynamics. you you think to year another don't XXXX? for you contract? around you're quick sort of of sure, actually you're assume TRAILBLAZER-X. then follow-up might to of does and quarter in clarify. maybe guidance. comments a sense comparison net if But I'm Or we of in patients give should the I'm know of of just And kind the can but X with that the growth we sort about is a not still if do could I'm sort just enroll we can long a

and of We'll Taltz for Vamil. picture then the and Ilya go year on Dan the full Thanks, on to TRAILBLAZER-X. kind question

Sure.

progress say on just growth the about upgrades, and seeing and the with the that step-up we're we're in Taltz making first, we're So ESI access beyond. let really me pleased on Taltz,

have though on patients so in where had take some rebated with the that are as price have we that of ESI. that there QX, there we look, impact a a we've even now are exception number that And some we medical elements in contract were

of we're also also seeing increase seeing seeing our What's off improvement new based an course, encouraging is in we're only in volume ESI. therapy that volumes not starts. improvements we're with in Of overall significant switches, overall

share share. dermatology, now our in over leading the then in so And And in from year. we're, XX% almost dermatology rheumatology, share previous we're with doubling

And so think about get year as X year. The -- we'll the we terms the beyond throughout believe Taltz that to continue and of we'll sales in in we for year. volume to growth, is contracting QX, growth that growth have do we net goes accelerate

the signs we to volume And in of market. so see encouraging growth over and we're the now, encouraged about XX% continue

Thanks, Ilya. Dan?

our of have that what enroll TRAILBLAZER-X But relation -- trial major been onset of but here, made really pretty its to trials of here. details know a expecting enrollment the get and Yes. years X on to are, many here sense, not a for the in be exciting given Thanks, And question plaque and to disease able That's and large goals the have this into about drawbacks is too we probably course, Vamil, We achieve and while that the makes about but don't great yet Alzheimer's prevention should of very to And ambitious brain. on this practical. goal individuals, we have there we science is Alzheimer's the contemplate. how the to trial planned having something amyloid out enrollment that in don't trial year. these be biology this, we involving set all our thousands also very details we goals. to

That a the hard AX the eminently PET before we PET patients. really advent tau plasma of scans trial possible that's scan impossible phospho-tauXXX That's our something assay. gone as this our finding with advance is now with the but unlocks just from amyloid has firsthand -- feasible huge experienced First trial. introduction to in to of amyloid that

a is is infusion an about if a bit not is younger that the and Again, Alzheimer's is that second so excited lives, you than The therapy trial. for population, we've, an likely to introducing I which they population give significant that's their think pretty hurdle. experiencing the this a that take duration lasting about with risk treatment abrogated of plaque donanemab in rest also think, a symptoms, clearance, TRAILBLAZER-X limited

with from Guggenheim. next Our comes Seamus question Fernandez

you that proposals a your a various think question give Dave, Anat controversy as in pricing. maybe Dave. bit then a lot about Congress Lilly. some off, drug for So for the currently, little thoughts just, give there's of on potential the could are separately, And proposal? of just first And could the on you of implications swelling tax obviously us

potential or the reasonable are and compare that out your of space. the of opportunities get opportunity then atopic industry question with contrast. sense step up currently this I if is has and Lilly's to the with ready a to bit lebrikizumab, think, in and a proposals on wanted to there Only proposal. is Just particularly just There's the poised both more Lilly, And JAK dermatitis. inhibitor space a in second

safety there's Dan, thoughts panel. safety going to Hoping, think you that us could there if a little that that a FDA, be is lot of regard. from I the update a not bit of speculation a your full give in

lots that. go And We'll the to JAK standpoint. start piece on to sees with kind and on there. a the we'll unpack Thanks, then what of on from maybe tax policy, he of Seamus, Dave some Ilya Anat of lebrikizumab

to the has raise build a a on back is goal means of of policy to changes. we that growing corporate of who live I introduced economy. companies tax, number the chorus guess join Look, especially of president this because the plan tax ideas oppose, infrastructure the on Seamus. large a stated when Yes, discussion, revenue, is course,

course, seems and the money idea, the that bill or taxing Of like majority maybe idea the could a And the actions corporate private vast that opposite make would up itself. of occur. investment from bad

nominal of need follow from we to can couple Within we XX% the say There's moving comments, if discussion, the is we moving general when rate and a maybe XX% to. of which, course, just up bill, in tax is the terms really state-level of not tax. developed the in have pack, would the corporate U.S., at of true rate. because, U.S. we highest course, toward middle of economy It the the income put

Additionally, its earnings tax, so-called minimum foreign domiciled our the changing we're really GILTI tax, the pharmaceutical and multiple in have that is is only something overseas major disproportionate taxes companies. on economy of effect a to punitive that companies would companies home ways and

can us only And out out-of-pocket take of IRS, is these oppose. innovation pay-fors, do support for be see pandemic. certainly many affordability X taxes have debated make wouldn't surprised because On concepts we it a all industry, that the actions X we're White and from That's pushed patient COVID-XX package to funding we part apparently and I are including the may other in from good if read, HR being and don't at the from items the could looking that piece lot machine HR those sense escaping be to as huge bit. the won't We but set second the derail ways. favor really has soon, would like and drug nothing this a things don't of House. the you reason be infrastructure so really of the so that been pay, people a little they both businesses we out pricing, collect

hour as of to last the on of reported Finance the with all the the to we with every more patients. XXth being saw proposals that make is the are system So this around are will for do for of we That the said, maybe much system in table. go contours oppose industry put administration. pharma. Senate within the ways ounce costs down out-of-pocket or pay-fors of that we our lot willing the made changes a that There what This is to

We will table those ideas.

half, more and and tabling people And up hear of people insurance a disproportionately those affordability second opportunity We the because health in care health inequities better shore address by We the make system are health there's think improve work economic are design. and to think probably We great and benefit well who ideas. for occur can as I that. bad care lower strengthen color, the you'll about design bad affected that care those women everyone. system are means, of really

Thanks, Ilya? Dave.

thank for you Seamus, Yes. so the question.

think on said if And about call dermatitis a atopic opportunities noted and believe about catalyst both company, we the you immunology excited in what success is for As that quite we're Olumiant's our but progress in the what we is within we one immunology, as in the lebrikizumab. growth also whole.

to and in JAKs In make. the atopic delay may any Olumiant for dermatitis half the with to more robust terms has on speculate conscious, on safe feel say and that JAKs that all has indications after around broader space, FDA FDA safety a compete in the a is We good there's very question lebrikizumab decision other a out And that we But that JAK across won't second especially it's the the safety of this year. safety. prospect I topical for, profile. believe suggests And of decision, Olumiant to being watch one failure. dermatology do then review

more we we get versus like differentiate data, feel compete As well, we and Dupixent. can

for growth And for catalyst are first we disease be also very in having -- to And alopecia see Olumiant. with so for catalysts both in good areata, very a mechanisms. long-term and prospect growth

good have have And to but growth also meaningful our about for only so patients. to very chances compete we not outcomes feel and significant

the Louise Cantor. Our line next from question comes with of Chen

versus was LOXO-XXX are lebrikizumab same for in your first for indications? think And advantages LOXO-XXX. already others any then are What second do your products will I trying And pursue thing? development? So is are plan had you to here on do you you question others the that What approved do plus lebrikizumab. think and on do to you from those competitive differentiate question that other

Ilya for first Jake the the We'll and Great. for second. to question Thanks, Louise. go

thank about lebrikizumab. Louise, the you for question Yes.

symptoms also is the dermatitis but one atopic on only area efficacy for focus In the itch. impactful of is to the related lebrikizumab to at look differentiation, terms skin of not more

lebrikizumab we we the so differentiate a on better an may has may also And safety itch, have we And that to profile. have which impact believe opportunity believe sleep.

So that's differentiate. we we believe where can

the of year. for excited at we're half the the so And results back to lebrikizumab get

opportunities indications, dermatitis. indications. We're to to it's now new full at I obviously of a terms right in atopic sure focus success take our making grow In new any early think lebrikizumab. look But evaluating is we have

top a jump dosing of convenience of and benefit certainty will just be there as Ilya, to dosing with well. lebri that, course, on in

Thanks. Jake?

question, the about for Thanks the and LOXO-XXX inhibitor. LOXO-XXX, Louise, pirtobrutinib, BCL-X

differentiation, as I point to a few things. relates I'd it think out

right as BTK that now. affords a differentiated that's off, hypothesis combination. think our is we clinically, but certain advantages we prove believe you I others Obviously, and need to inhibitor pirtobrutinib First know, obviously, itself that in

to, know that to track stands clinic itself on we'll it the BCL-X pharmacology year. be that be own. meets drug we to these its a into LOXO-XXX that its X combine of And case, The goals prove human it this Should on expect we program, is the important will we sort that So then so that the as inhibitor, drug. which look putting that, obviously, agents.

our that the BCL-X, think that, as we what some others oftentimes combining pirtobrutinib, you at BTK was you I do think fragmented to I new out result look that of about it's we are is across latter own like -- differentiated where. inhibitor a and being BTK very incentives you those drugs ownership combine largely and a how and We believe perverse companies, if with it of have when landscape inhibitor. we to asset important venetoclax, think strategically a BCL-X own and important see thought

And we in outright. agents owns be field who player only think really the the so we'll both

jump enable So combination. of through to we But a us, that, hoops to it's downstream. to feature have is key still that bunch differentiating a

Gould we the Next, line of Barclays. to with go Carter

its that that and of of approval think, size study all design then done some certain you job All and right. just relative readout a and through recently. than expected. I than Dan Lilly building has regulators in peers. franchise And that guess setting? walk for details the key a of bought confirm tirzepatide those in faster of have of for guys so I I have were some think sort areas had Mike, a historically, to in, better also or choices time HFpEF single also sufficient study and design, -- And I getting SUMMIT of would guess, to expectations, the done first, you the be extent maybe some much posted line Can surprising

how about you derisking sort building mirikizumab with Now GI the talk can you're around of thinking portfolio? data, around

for miri. Mike go on Thanks, and Carter. the question for We'll to Ilya on tirzepatide the question

the the in We're for tirzepatide a you Thanks question leading believe that, is look with there unmet look for helping really the Yes. U.S. play trial. heart HFpEF. HFpEF do BC-related with HFpEF When scientifically, you in SUMMIT living people on tirzepatide a that need the we million can X bullish opportunity at nearly in When it's a a of see role on it phenotype hospitalization that failure, cause that large at out. you large

And clinicians in will coming I the robust think make so that that's approach I job for to of what decision. a with think, data a payers really And provide, drove up that nice SUMMIT. our creative has investment team and done

in as we're clinical opportunity. both think I well this confident in -- the design commercial our very So as trial

for Mike. to next We'll answer. go Thanks, Ilya the

disease. studies, in into treatments And across three hope be will to immunology, have then in with our years. And lupus as do in ulcerative pretty colitis and and new I Carter, a increasing rheumatology the building the And we listen, ulcerative Yes, our IL-X look terms Sure. GI finding well. particular, in both of we've out across up Phase as that the scale in coming GI, of franchises for forward noted, entrant Crohn's about there, conjugate we're first then robust pipeline bringing excited proof-of-concept those for areas as built you dermatology in with we colitis and in number studying mirikizumab treatments of all same well.

next Tim question comes Our from Wolfe Anderson Research. with

that product, oral questions. this level category? seeing On Verzenio for My oncology A that from approval company, price the And really rebating of PD-X this year. It's in with you for can't share any where of gain and driving what's for more a a prescriber outlook category? dynamics, you in and trends hang try U.S. which Maybe may understanding they you're your companies U.S. and the be in really you'll rebates CDK non-small this of that. Chinese be the what file you me stepping given price. And the not as driving you note or lung hard that cell B, Part then are on share. in label talk to class to payer things about would in how terms broadly. given for market is sure I'm what Can gross-to-net the see it's Innovent, Pfizer on up. to limited company compete like this But couple Tyvyt, on in

commercial realistic from perspective, Europe? what's So another not this markets to expect like with a product U.S. only but Western

We'll Anne for to go both of White Thanks, those. Tim.

Well, thanks, Verzenio. Tim, for the question on

you're the So mentioning, CDKX/Xs. an competitive I as think, it's incredibly with market

and to to what access medicines. make patients And we continue the so do others sure we to that right get to do need

strong competition. but nice we're what QX. trend there. what the Verzenio, on see comment obviously I in incredibly we seeing specifics, I really, in -- you're strategy we're is growing So do have can't we a seeing seeing an think And

share year-on-year with XX%, TRx this of of a decline. you've growth NBRx is XX% market over U.S. we as you and despite, over noticed, we -- and in modest As strong had the saw, March so momentum saw positive and TRx

from seeing a that nicely. from we're a strategy is also very So both I strategy, is we're seeing but its share much payer what data Verzenio growing think

awareness trial, the coming execution of together. AZURE data the on people we're positive been more these are our obviously, sure breast And has aware has that programs that what so are more are reinforce And really medicines in I how the of different different. like all cancer growing data our go for been as adoption and seeing that. that focus we and capitalizing through OS But making

I really as really class a So very on looking our strategy that pleased space, innovative how ways differentiate at Tyvyt, mean, value to to competitive all you with add this can't and you medicines. of comment our mentioned, yes, commercial Verzenio obviously. are it's of prior And can strategies On coming reassured to approval, together. we're be I while

And really we sense submission there's made obviously, to late and field, know see but certain deal to commercial had obviously, U.S. committed share the that here. capture with this have entrant partnership the this approaches take opportunity we've year. to as Innovent So the in we're we a that with we'll

one value a to for look the patients more an here. assess Lilly, and wouldn't said, you globally and how to that driving intend we them. we and makes this product make share But makes opportunity we sense think to opportunistic strategy an opportunity launch as so come I And sense, but large for as for as that it

to we round, [Operator so get We'll in. to lightning move everyone try Instructions]. can the

with Andrew have Citi. Baum we Next,

Yes, monarchE on for a the question Verzenio Dan and filing.

that about the data where together, data is As wants, Is if the time for survival have more disease-free historic given survival, you're or what be long going to maturation a further you really could a you coming sorry, very then precedence FDA long -- for the looking mature. outlined, palbociclib, PENELOPE-B the thankfully that is separation isn't of given FDA to for survival with the waiting answer you take progression-free Just time survival? waiting the indeed? that of

Andrew. Thanks, Dan?

is No, the just on take it quickly. -- I'll here it's focus the survival. overall Andrew,

get coming On relapse-free actually as It's not the separating together, commented, distant as the more they're we more. survival, improving curves are we events.

concerns any of aware not I'm around that. So

Cowen. Steve with we to Next, the go of Scala line

If SURPASS-X number the has it going CV achieve think than correctly. it study the to if expected. like I that reached, stated of was its been that's earlier heard I in looks endpoint events correct, that then is

can insulin tirzepatide impacted cardiovascular still COVID-XX question confidence-building trends accrual you or glargine, effects worse may my So either the events? if Are of is worried have than file? is, that concerning? And you

on Steve. to Mike that. go Thanks, We'll

Yes. have for No, no the question. Thanks concerns. we

we needed complete to We'll to have -- top trial. of and see -- looking reached end forward line will confident the in I'm CV SURPASS-X that its very have data, excited release about to that the the We're before start should information patients the seeing tirzepatide We're we'll quarter. in May, and we profile. We in. very number getting very, in data. the back

Goldman go to Terence line Sachs. with Flynn the Next, of we

listing wondering us the there's FDA quarter? launch you possibility before Retevmo an I any give this update just if can action? was then And monarchE, on the on an NCCN of dynamics

Thanks, Terence. for on question Anne and Verzenio We'll go the Retevmo. to

Thanks the question. for

monarchE So NCCN, for comment really on and I can't them.

we is incredibly So impactful. this that data feel obviously,

see think I we'll call of last to decides well. have one leaders in X notable going to decades, NCCN on what our HERX-positive And the the it in most wait just is but thought then the cancer development do. Retevmo, breast and launch

a sales, May, QX. and we in with see positive in launch XXXX had we momentum finished So virtual in we million $XX

a is had engagement awareness we've So brand strong. with Unaided customers. great

patients, pleased. So medicine, know, this important we're over seeing as so the we're I'm some XX% very rate, from quite And enthusiastic an you an response incredibly response great what is customers. in far. so about

next Ronny from comes with Bernstein. Gal Our question

wondering, going strategies then So was Taltz where do pricing of see going forward we mirikizumab. years, for can in the mid-XXs, under years And here kind are to looking to goes are band now if we low both in see immunology the it. you in on on right the you dollars mid-XXs, see of X you're the and seeing It's you I do pricing you? of from XX-plus? terms X cost-conscious look adopting like? XX, be way Where we now,

Ilya for Thanks, trends. questions go Ronny. pricing to We'll immunology on

for Yes. immunology. Ronny, question the thanks on

our In opportunities of it's -- let's looking terms not at -- focus, related conscious to for is more growth.

Taltz. long a have for runway We

believe that we the so do And our Taltz immunology kind of at is foundation strategy. of

growth numerous treatment. our have studies believe is across groups, growth world GI, do And years, can, top-tier X at significant best-in-disease company. part and looking within the specialized real immunology suggest to become strategy rheumatology We have a Taltz of mirikizumab in GI, to we a next that that XX X in those multiple mechanisms as head-to-head we and evidence dermatology, in

of I fields. -- think all very it's competitive terms In they're pricing,

And and have so treatments. great these patients that for access opportunities create to need goal is our evidence

the of Holford go line Berenberg. to we Next, Kerry with

the I your just the budget that discuss spend. ongoing Just cap XXXX in you COVID lower on associated R&D mind context, the term wonder with guidance your if you can COVID And a do higher antibodies, for and investments? disconnect have between

that. for Anat to go We'll Kerry. Thanks,

Kerry. Thanks, Sure.

Let with start the budget. me

the of investments relates antibody look this we changes $XXX lot and the the to antibodies the that. address to globally data million it to for really that guidance seen the there's is a could high range, our to you've $XXX globally lowering with looking or to increase is $XXX that in $XXX data the here is of in morning did end really and see the million. more additional government million variants announced to for quarter. well at, know we'll disease, investment forecast, this address growth every that from not as we COVID U.S. that update in million TRx as to -- that at of what of progression So and And we terms on we've but continue see the obviously challenging to given one you I The

enduring business, is. during this the lower-priced we're to or just is line giving we in because there obviously, driver our at but we'll top not selling because was which that into to is margins And get useful then on, the it away thing, raging markets when can parts pandemic the thinking take it increasingly, into mindset business as period or the maybe yet. think for And we look we One other profile, disease add the that's going didn't ends, be this products about different where a be pandemic, were of other world. a still I

need we markets. So is be we're announced, the making in discounted to which price the to, GDP had needed we where low heavily and at it's structure product useful previously the investments selling

Next, we the to of line Raffat with Umer go Evercore.

seems lot a mid-March, discussions it them on like donanemab, now. had but like regulatory in hadn't it feel Dan, spoke of had does you've last you we

the out FDA love of setting. iADRS, the would discontinued, there's the briefly, additional signal new emerging pancreatic other endpoint, in CDXXs as guys find So very I interesting to feedback I'm in curious, on you analysis. as the some also CDXX, Bayesian well And any on noticed an color.

Thanks, Umer. Dan?

Yes, sure.

I is feedback has -- say. it to had We continues and should continuing, FDA So some come. been

a concerns that a could We view on said And a with our versa. is that iADRS or the function iADRS that combines around signal be unchanged. previously acceptable And you because have and I cognition here risk driven or function. the positive cognition going always wouldn't for other it of no think drug. on new way benefit function approval has FDA vice there's by

the that's So risk there.

the CDXX I have On I additional comments. don't Phase termination,

last with question from Securities. Truist And Gilbert comes

your list Dan, outlook comment any on And AdCom the this you of pain point? fits the overall more tanezumab, is than hopeful where at can the into vote? on R&D optics priority

one the question. here a Tanezumab unmet high Advisory pretty safety. were bar is is that of decisive the regulatory still saw for Pain disappointed in Sure. meeting, terms Gregg, a Committee we really in. and need. medical thanks outcome which there the important from And was Clearly, we that

to question. your close. Dan. Thanks, Gregg, thanks the Dave Back for for

create has Okay. Eli all to our stakeholders. begun and remain on Thanks, in your Kevin. with in Company. and our good medicines Lilly -- We for We XXXX executing focused new interest has innovation-based bring patients strategy to in appreciate business. your value our participation momentum today's call underlying been and

continue have we have day. industry-leading a for IR of in pipeline commercial today's opportunities, great portfolio, call. any Lilly today. we if to follow up questions you to Thanks everyone dialing a our a our As addressed we believe scale Hope again complemented investment. on be compelling diverse Please has by not continues with team

Thank you conference thank you. gentlemen, Ladies AT&T our participation today. and conclude Event your for and does Service. for for We that using Conferencing

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