FibroGen (FGEN) 6 Nov 232023 Q3 Earnings call transcript

Hello and welcome to FibroGen's Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. pleasure Vice my Relations, of now DeLucia. David is to President introduce Investor It

Thank joining I'm you our everyone. and afternoon, Good for FibroGen. of XXXX President Corporate and Investor Vice Relations third today financial business DeLucia, results. David of FP&A quarter discuss to

financial that, prepared results potential me regulatory call include, our Scientific results on section our Chief our press call Thane will of related future statements turn Wettig, are call activities; remarks statements, release including to Wettig. your with the cause our China forward-looking to to, and that a Officer; be from Christine not guidance; include can business found Chung, FibroGen. risks and of a regulatory are and and conference enrollment, With strategies call events Joining uncertainties Vice The webcast research statement I open our obligation other other Juan actual most to can President undertake risks Officer; Operations.Following FibroGen limited risks any our our the otherwise. complete Executive Astellas; FibroGen's Form and on differ on made at commercial collaborations like John of new our of we material and the does be Chief our conduct A and recent Hunter, Form is XX-Q. today's forward-looking of description to Senior call matters.Each in of design, results clinical results I update with as more information, those statements Graham, today's update forward-looking that results subject certain any events questions. initiation, found statement. about could and that Financial to trials; www.fibrogen.com. XX-K and Thane in SEC, may development will Chief and but remarks, website our Investors whether results; business publicly Officer; reporting the over not to FibroGen's materially Dr. and Such the business our financial projected AstraZeneca today's operations; and and of filings you remind to these or would result

and on today's into everyone. will Dave, financials, believe open today. third pancreatic and pillars afternoon, after the Slide will call for X. quarter devastating acknowledging importance research, that has future the our strategic earnings this today's on time of Graham, cancer our by CFO, X offer assets.Dr. like Thanks, awareness and that will therapies for your focus I XXXX that our review strategic Starting review Scientific our the questions. will on to support as Hunter, stakeholders will then our Juan good guide Officer, the the would John provide cancer to well for on oncology Welcome a we pancreatic roxadustat pamrevlumab update disease. exciting about awareness key our call, call early-stage an we On reflect global continued value FibroGen significant company Last, X as when the November's month, need call. more I effective raising and pillars the begin which Chief pipeline. we

demonstrated pamrevlumab one First in the the readout through readouts opportunity significant and net provides the growing Astellas over generate material partnerships XX with through countries disease. preclinical pamrevlumab and world, Pancreatic substantial economics Roxadustat. in with which half approved and FibroGen represents a other significant locally cancer and and trial first is revenue need, our studies, has upcoming and indications disease clinical with a commercial pancreatic unmet X both metastatic we advanced for will Roxadustat effect is pivotal cancer detail AstraZeneca is in early in moment.Second XXXX, around of Pharma. in with

our is early-stage oncology pipeline. Third

is prostate antibody biomarker development programs. an excited also potential these of This first-in-class diagnostic. a includes of the potent castration-resistant cancer. metastatic pet are drug of about opportunity for associated conjugate We the very FG-XXXX the or treatment ADC

In $XXX in million, executed expected on cost company-wide annualized expenses resulting also implementation number and addition total activities the achieve successfully portfolio. plan, clinical innovative to of across cash now intention a XXXX.Fourth position. key of with of bridge in a company are In the strong activities undertaking an FG-XXXX, our antibodies IND-enabling filing to which of we we reduction our quarter, provides on X milestones the INDs oncology commencing is our third reduction of

there a taken position, you of financial assets, We quality a have companies that to late-stage discipline. we'll the creation strong summary, drive continue on our mix have value shareholder are FibroGen, necessary our believe In to sheet talented a of and we that into future. biotechnology of cap at and such strong the steps early-stage today balance assets.When have and market to we few believe compelling combine our foundation focus and commercial, financial our significant improve colleagues we our

human disease.Looking various this Moving and study, been trial we not dose in development to LAPC, X,XXX upcoming and anticipate data study, the clinical X opportunity, metastatic LELANTOS-X provide contributes from and Pamrevlumab cancer. results cancer, X. cancer to FibroGen like as an caregivers background devastating In Ambulatory of the treatment favorable score on of patients understanding and for the demonstrated I thank in in endpoint would important profile.On as August, pamrevlumab the ambulatory safety results. antibody is in we to our with pancreatic ahead, recently across Phase patients did cancer a assessment and pancreatic of Star into primary pancreatic top DMD placebo-controlled Pamrevlumab for conditions, dive treatment cancer. towards III would Slide of locally adverse studied their and which event line advanced data total a change has pancreatic recap related X, has like early-stage North pamrevlumab pamrevlumab responses or Slide a announced monoclonal investigators pancreatic in we novel before well clinical participating The anti-CTGF exposure a unresectable in XX. from week baseline the for trial corticosteroids. the to to study patients, trials the of reported this from of trial meet dedication over

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trial, is a These overall the plasma and micrograms majority advanced pancreatic we locally XXX levels. study versus vast levels. with advanced trough in per ml locally giving with study observation overall first-line the metastatic patients arm median survival pamrevlumab for to exposure cancer only disease patients and higher registrational treat were, therapy reached Pancreatic a included disease, being Precision is was difference metastatic and it metastatic represent studies. XX. disease.Pamrevlumab pamrevlumab cancer. cancer, with global delivered with was overview XX, Like of until pancreatic On of the therapy. was evaluated found. all progression-free straightforward in the gemcitabine XX, in in patients setting would therapies unresectable up trial metastatic in Slide Promise above dose primary subset from the a potential at drug in trial fact, the advanced There be survival, Promise Precision a dose patients benefit in and endpoint the disease threshold patients decades median limited regimen those drug advanced patients with is micrograms the is observed This advanced review increases across Promise metastatic Slide second-line in evaluated improved XX% of dose of Phase benefiting of survival. both survival, driven U.S. Cancer study. for metastatic experimental XX% pamrevlumab a or lower number first- Using study in dosing with patients. to opportunity combination progression the Slide assumptions, important metastatic centers The the III for results and these advances XX, important ml, was in Pamrevlumab the pamrevlumab addressable to levels is from ability to Slide by multibillion-dollar to locally was Most are a pancreatic is Once Phase we to pancreatic treatment overall locally was cohort U.S. of next our One to Stage or in were States. to Pivotal the X Precision to II/III if this stage patients setting.Moving patients. is overall being which in executed today XX% both first-line expect devastating the those potential LAPIS diagnosed in distinct placebo-controlled significant had the per XXX can both locally between United a the the in trial. locally in of is a drug for in survival.Moving XX Moving this combination plasma a that the comparing X in We in results cancer and who improved X cancer. opportunity advanced higher circulating over dosed pamrevlumab of clinical improvement market escalation levels ml had and conducted provide higher pamrevlumab survival that was quarter with of in in provides diseases result from important been and from of levels in clinically trial for the pamrevlumab XX, X These IV erlotinib studies in a patients almost as that evaluated have Action being top trials in is either pancreatic benefit patients. threshold it Phase An the first most pamrevlumab small total the per X-year progression providing Network's opportunity locally III treatment.On commercial cycles double-blind XX-day believe Precision chemotherapy.The I/II snapshot for of overall metastatic data months. last the LAPIS On data advanced care was the overview pamrevlumab Phase we treatment the platform to which with disease. or endpoint an setting notable pancreatic trial standard or discontinuation, line primary show first demonstrate III until Slide VAPS the of XXX plasma micrograms at year. treatment Promise XXX immuno-oncology study of Slide we meaningful for open-label top of opportunity in dosed Pamrevlumab amplify patients like commercial trial metastatic a to and patients an where in reference is neoadjuvant a survival we XX both placebo the registrational

of In on roxadustat average concurrent the market China. data In XX. of U.S. the fact, of would roxadustat of to level Phase larger patients provide Roxadustat These on a opportunity III roxadustat during metastatic I our to has from pancreatic non-myeloid expect recombinant X in non-inferiority announced data or presented recently an and approval in roxadustat in were cancer Slide from forecasting supplemental on like perform of anemia disease by meaningful endpoint baseline than announced ESMO in extremely an to in application, a mid-XXXX. hemoglobin FibroGen alone we positive treatment Upon in for from line upcoming for as Authority, study weeks roxadustat will July, with drug to treatment AstraZeneca. as for well level represents demonstrated now anemia pamrevlumab compared anemia well oral on October for recently our induced represent net accepted change receiving XX, in primary recap sNDA, IPF.Moving were announce in China clinical top malignancies XXXX in for continue to anemia Slide results Alpha to on milestones. indication we incremental review May, the believe CKD chemotherapy Repoitin for through to presentation the We this of approval, could a Madrid patients our milestone kidney Congress XX.I'm at of indication.Moving decision payment China. the chronic that to in we chemotherapy XX, revenue top a opportunity We continues excited in Health new receive the the been

in of China XX, The the by Slide of share create the expand to increase roxadustat X-month distribution jointly in of was would compared on total revenue recent million in third net entity $XX.X value portion quarter roxadustat period in XXXX, addition the leadership China, to third of was to owned quarter the of indication increase and quarter potential of an ending to million driven net category million and in an growth in the compared and $XX.X volume the basis $XX.X anemia China XX%. additional Third XX%. by U.S. catalyst an million XX% increase August China. FibroGen's FibroGen sales FibroGen a XXXX, product rising in $XX was of share This in and brand AstraZeneca to both quarter of of for growth roxadustat an its XXXX. XX%.Moving most to by GAAP continued chemotherapy-induced roxadustat continues volume in third

products in more are historically been products approval they a at maintain deterioration a products the The in individual players launch be to meaningfully as originator generic of China generic and a experience do market. risk generics revenues in U.S. in face there touch on exclusivity market or approved.Even like meaningful time generic roxadustat. would originator briefly market. profits the and that least execution admitted impact generic after more in of Given than and and approval time. China after at need market of X of enter is one I until been the have in to the China stream hospital into China, business applications have net several lead to adoption different filed Generic then, formularies a able broadly not

and near June expect roxadustat of in not of XXXX, deterioration the Our we do matter of patents the meaningful term. in composition business expires

performance launch growth. In to roxadustat of quarter-over-quarter is in the addition Europe accelerating, in continued outstanding roxadustat China, robust the showing

to combined We anemia Roxadustat cover leadership to patients the EU the accelerate pipeline. HIF and treatment it our given of expect roxadustat. roxadustat John? growth for its our PHI competitive is will with this to of in John now for growth non-dialysis well Hunter, CFO, hand off dialysis the the market and early-stage beyond GSK's position the for to both XXXX, roxadustat withdraw continue CKD positioned with is to and strong decade. continue in MAA indicated daprodustat this to I decision of throughout market exclusivity only

Thank you, Thane.

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slide, anticipate most data the with data, with patients responsive to to currently trial goal is potentially treatment is biomarker a Phase be the UCSF.The escalation a A study Phase develop of addition screening therefore, This by is based XXXX. FG-XXXX. expansion being assay that also to correlation metastatic will in PET who Phase trial. assessed biomarker second in demonstrating combination be patients not on with more in the PET of end XXX cells Patients in are will to will at run is be treatment pet treatment, tumor We III UCSF. The second enzalutamide in for efficacy PET XXXX. with castration-resistant the dose FG-XXXX XX of scan to study II expected initiation a for I preclinical rationale likely between trial cancer of enrolled to a is FG-XXXX. be from with the prostate the high In on the in referenced XX following biomarker potential cancer upregulation CDXX enzalutamide is Phase combination the from part prostate trial expression and the them study study, the half CDXX FibroGen, half II of progress at stratified in select to at up use this to benefit stratify the a XX. run this and pivotal at but of Initial there the study the in start previous which will with following patients the positivity PET of making

would on mediated is multiple to FG-XXXX cells other the pipeline receptor. cover Annual overexpressed briefly disruption The dimerization in of has data maintaining immune an has prevention be I for to soluble like pre-clinically past oncology the mediated X our of Cancer suppressed of mediated of FG-XXXX that VISTA. tumor molecule and Gal-X immune immune a Slide T XX, to coupled apoptosis, was of the been reversal and This antibody cell in checkpoints CCRA-G-protein and in Immunotherapy indications includes in programs, microenvironment. effector that Society suppression, TIM-X tumor preclinical resistance available the or is many the and reverse been will immunosuppressive Galectin-X Gal-X shown website. developed including poster anti-Galanin pipeline. Gal-X solid at T X weekend targeting Meeting to signaling presented our Gal-X mechanisms and and this immune Moving immuno-oncology antibody Gal-X is reverse targeting tumors. implicated an

IND We are XXXX program. the this for filing working QX towards

broad having to potential the results Moving Juan discuss highly deplete potent turn known regulatory infiltrating antibody TREGS tumor as of financials. antitumor T now that on an affecting highly is I in the in over call the and will designed see solid specific FG-XXXX without therapeutic microenvironment, tumor with limited to our preclinical depletion TREGS microenvironment. we expressed of to effects tumor peripheral a CCRX tumors. CCRX expression its cells.Given FG-XXXX disrupt program, receptor positive T company's tumor very regulatory is TREGS the tumor selectively TREGS targeting the in CCRX outside of Antibody-mediated in cells microenvironment in to models, as is anti-CCRX

you, Thank John.

thank I the to acknowledge many team enables in that and Before our by spend with I'm around resilience, financial deliver update, colleagues continuously jumping which key world. capability I the a and FibroGen our see on clinical, moment mindset operational exceptional interactions to would milestones. and tremendous financial positive inspired to operational like into us

Now these results. financial quarters diving into

For to strength for period year-over-year.This XXX% compared XXXX, provide revenue total robust in on further the a the growth revenue. $XX.X significant our third quarter million the of business. I was of showcases same will of million XXXX, $XX.X our increase now texture

QX As of of performance million XXXX, revenue net XX% we for the in of and $XX.X roxadustat XXXX, of quarter sales compared in highlighting $XX.X recorded third to in year-over-year strong product million China roxadustat China. representing an increase of the

milestone the XXXX.For classified due development million associated as AstraZeneca. payment the $X.X our recognized in million During $X recorded post-approval third roxadustat of third co-development as revenue third million to to $X.X to compared have we as fourth China, quarter, million was during million with we and of co-development $X.X expect roxadustat the to from quarter, triggered this million successful safety as from we deferred is In $X $X.X and we revenue, the revenue remainder for recognized revenue. the as quarter, co-development million. license range as of A previously efforts the $X associated completion a revenue, partners milestone was with studies quarter guided, with

further the this Evrenzo by product the on highlighting category. or net reflection million million quarter China.As year-over-year, detail China, transfer value strong in price compared was $XX.X for sales FibroGen's JDE to AstraZeneca product sales owned net distribution previously bulk Astellas. third since financial quarter transfer the quarter, total while of JDE, partner roxadustat Roxadustat increase best cash in of performance the Thane, and sales the for entity XXXX, for highest $X.X we share to our compared by third XXXX. XX% joint million the also China third $XX an third pharmaceutical $XX.X A of the quarter million the to drug franchise year-over-year.Net China. in also performance the our quarter FibroGen's mentioned in in drug million active substantial increase Roxadustat of XX% FibroGen revenue our portion Roxadustat to is to of price ingredients of provide received sold the Finally, From I total in will now achieving net or move XX% from of was by in $XX.X continued at launch the in of recorded

$X.X During million this released quarter, we from revenue. deferred also

net the distributor FibroGen for roxadustat of million to revenue and a to GAAP sales $X.X JDE the on As from sales quarter a in U.S. FibroGen result, direct from China million recorded million basis. $XX.X $XX.X totaling

highlights and roxadustat Our execution revenue in in China. growth of the and continued adoption physician patient robustness

down income statement. moving Now to

the early-stage XX% towards in the XX% of expenses, roxadustat support related R&D headcount. $XX.X $XXX.X of million remaining third Our $X.X reduction that to and million of is of of SG&A the $XX.X million reduced compared of the related XXXX for $X.X third The year-over-year. a costs a approximately quarter primarily operating expenses pamrevlumab, as worth a well include expenses as expenses million as of costs operating XXXX, to this million SG&A compared million quarter in activities XXXX as the $XX.X were was for decrease million $XXX.X the XXXX. the decrease and in quarter pamrevlumab well directed XXXX, of infrastructure Of for in quarter is quarter's year-over-year.It noting charge U.S. restructuring to our The million XX% R&D quarter late-stage in attributable expenses quarter third were U.S. to million million $XX.X head to to were the our to expenses allocated third the pipeline compared U.S. count. of of in and R&D of in expenses our reduction is third trials third $XX.X reduction to for R&D in shutdown force attributable the XXXX quarter. reduction development $XX.X the the China.SG&A during primarily third the reduction

million charge million $X.XX a of diluted quarter related workforce quarter and savings improvement of share.On to basic represents be or $X.XX $XX.X During our and hours. prior to recorded The of third share the of Slide $XX.X for expected in loss $X.XX I compared we savings restructuring our to an or net third in both the for diluted of we our of net previously performance the announce communicated reduction of basic basic XX, against loss share the pleased am as both upper XXXX. guidance million and for above-mentioned our U.S. diluted XXX loss the impact per of XXXX, loss range a to highlight net approximately guidance. in $XX.X

second quarter. of we total total that in annualized third After now million savings our XX% the in XX% are of communicated $XX reduction expect quarter on over our our our to approximately which XXXX versus fourth million expected XX% now for charges in achieved of approximately XXXX. quarter, to expected XX% around expected this a quarter translates to We $XX forecasting quarterly $XXX expenses, rate per in of savings savings first million roughly savings of the quarterly quarter quarter adjusting and achieve run update.We of of we deliver during the one-time

shifting XX, accounts $XXX September investments towards cash and Now cash, as in equivalents, of we cash, million receivable. reported

the as expense our cash of reflects a captures trial which cash China, a utilization severance historical as variety such outflows, as shutdown a costs, in payments change million onetime well $XX.X the in million cash prior which quarter. quarter, Our co-promotion versus clinical balance of $XX.X increased

be allocation I rate we we to maintaining communicated, and operating reduction accounts to our previously investments our operating move Thane. to you. Thank in cash cash the be capital into substantially disciplined back expect and plan in expenses, lower.With fourth to cash we the call sufficient and would reduction fund as burn XXXX. we burn now cash, to forward, receivable equivalents, turn over to like expect a And the approach, our expenses As reflect quarter operating expect

are excited we line data the following studies. pivotal value recap, about stakeholders. prospects we from and closing, they our top To provide expect In to Juan. the pamrevlumab X Thanks, near-term

to for for IND a like current XXXX. balance antibody the in our believe Our Astellas, to perform initiation is readouts sNDA roxadustat continues XXXX. and Japan accepted operations very monotherapy to stream, we first-in-class in against with indication, pamrevlumab balance targeting chemotherapy-induced more our our pipeline, priorities our anti-CCRX second been and other trial markets.In FG-XXXX-hour a drug future thank filing over of first half Q&A. XXXX, III of in reflective the from trial continued action of FibroGen FG-XXXX, novel the their for the we LAPIS in we metastatic sheet. quarter cancer would pipeline position, I a of an pancreatic filing II/III the our Phase to Phase of pancreatic near-term line metastatic in pancreatic of for and MCRPC trial the advanced like of a our Precision We partner, by anticipate in an Europe, half our have anemia early-stage as anti-Galanin hard and Phase CDXX first I work in first expect said, the over the the cancer of current last strategic locally strong we trial operator call expect the our XXXX and on quarter in the to for first half in strong antibody summary, IND the of now pancreatic cancer where We castration-resistant roxadustat and into our antibody fund would XXXX. to turn revenue a attain to XXXX continue we execute the months. has quarter Promise results that valuation all the anticipate and few will cash network, well and of Phase I prostate and for continues the XXXX.In epitope perseverance II FG-XXXX, commercialization employees Juan anticipate Roxadustat in in strive conjugate as early-stage cancer, second China, top of cancer sheet

Choi [Operator you. the comes Sachs. of Goldman our from with question Paul And Thank first line Instructions]

so questions. for for our have questions. I taking calling guess Thanks much I quick a of couple [Indiscernible] Paul. in

the And that So with you either given you some beyond might please eventual to eventual from of regard you next company's market from impact then additional Roxadustat start terms really does strategy color affect in mentioned, see could to China, some generic an pricing in two, expectations when year mitigating when generics? your in impact that or competition on share? [indiscernible] potential provide the how China

U.S. of Yes. United in generic generic market you now comments. you are meaningful a like for the it's in typical the you of than and call. immediate patent erosion would expect of XX% the you in entry. where see launch the XX% market, impact different and make number course supplemental follow and reason penetration that Chris because is first first I'll the in than the a tried in There when to eroded.It's to of we who start value in of number up off China of much things pinpoint Thanks question. different fact, months difficult China a This it that brand of the have the really as of exploration, States, have is Chung, with for over we the share. XX outline generic play ahead And dynamic reasons go to the right a ask different is But in of see to really those going dependent review generic to for listing, until the we generics to advent price be establish of purchasing as be drug brands, upon to upon volume-based government approval go generics then hospital It's do at time we upon you it's volume-based be volume-based the going a the will the on or see we time, that to there multiple the and going volume-based of potential the and some state products, potential able gain have generic to the both while applications. they in then so would for procurement anticipate are impact each the order meaningful the fact dependent don't dependent share.And just the market that be We in well approval the It's to can't hospital to as expect by purchasing. and be. are of going to calling when available for being point purchasing. before by see a

beyond And other available, in generics so multinationals, do of of of we multiple the very lot on originator that XX well $X.X that a products combined, large revenue continued there's products a there with that point time those to are they for value even unknowns see happens, it XX it about fact, over difficult has being the what years.In And in for at volume-based stream of strong part this of Regardless then forecast us in on revenue. XXXX. advent a for are much or are billion several a continues purchasing. with in kind realizing multinational make that perpetuity in China

both great the roxadustat So middle on us And in that, CIA expect as to go year, believe catalyst. for add some which we that indication, we to still in to are we prospects the volume well gives the addition decision opportunity ask in of as let Chris, me additional that. which have for China. the there revenue ahead and an part you comments

Yes.

And know a to You I indices to overview. roxadustat, sure and provided. you. not very what, regulations add Thane, to performing, industry much Thane thought not the would to described Thane the is was just responding add what that just with specific beyond comprehensive how what how is is consistent it I'm I is back

Thank you. [Operator Instructions].

comes question of Hsieh Blair. from next Our with William Andy line the

Thanks our taking for questions.

same as so for the kind that the data at II but maybe CDXX that here, you for perspective, like you to perspective, data the it popularity a that along So and would 'XX readout, given well? the from PSMA would perceived a SG-X what it's maybe have asset? lines, listed mostly clinical patients from on how headwind And on so presented strategic be And the data X? seen position be that, could pre-chemo agent, trial of imaging with Phase So as before. setting total of PSMA also a like FG-XXXX, maybe QX we've seems related the in

patients update. we in mean that does So expect additional QX the should XX

on sort that much be would any clarification So appreciated? of

Thanks, one going Andy. I'm to this to turn John. over

I'll the thanks for take questions. Andy, Yes, them in order.

Pluvicto I would who imaging and the we're into plan. data has then the has increase the comfort regards PSMA of year the looking of recent physicians when setting, is CDXX, become although III, for other I with the our to the question metastatic agents where broader out start With resist regards positioning, answer if In to imaging cancer radionuclide has go sort going the maybe for are agent Phase the valuable. in XX common do that obviously, of In of Pluvicto but was prostate question to likelihood very is to say patients plan success understood finally, so PET antibodies.And PSMA last were to at to target really had patients investigators of if for PET imaging now yes. interim additional factored number correctly, of the the labeled to that pre-chemo competitive and the use be a using terms still we we our castration-resistant does ASCO imaging,

mid-XX that number in that. like of I maybe think had they patients

that which have So who additional there drug continue the entered impact the then on an patients into have are trial readout. who treatment, And survival? measured patients also will progression-free of to since were the I think some receive on

Thanks, John.

into the And lines of follow probably treatments near treatments are today these undergo even the available because so we're are these Andy, men several future going of data. curative. that to none ultimately, And are

important be the design. really And them trial Phase really, so, III will to inform the Phase II

it. Got

the the not generic the kind that so of last generic where price can in Is there started the one not price the I it's case price competition, first U.S., Okay. and for originator with one and you case Roxadustat, entrants? China? about Maybe is really guess drop really drop to a compete

then Yes, follow Chris, that on talking and It's can really about. me dependent, product the let up. Andy, start you're you really

in As value originator rare the the you and know, because volume. price drop very very, the you make just to for no it's ever could U.S., way the there's up

you'd some off or price better maintaining generic opportunity point just Again, the the what a do likely procurement more would that, that in be to China, than doesn't and far purchasing to at because but extent, of volume works price. lower decrease near volume is to that price see a an much volume-based at it be. to price I maintain think the you nowhere sense make because a higher think I there way

maybe if to that speak in want Roxadustat Chris, So to, you you particular? think do

absolutely,. Yes,

So thank you question. the for

to brands So responded how have generic at competition. the looking multinationals and bigger historically

originator seen the preset election the X And enough to number market market the of discount is that the the price in the less still volume-based XX%. the the the we've of generic the First, government. is particular originated ranges drug there lower on government can required purchasing, generic solely drugs on drug. a are Once market, from and calls decision by to when there's competition, to at participate

So XX% historically, for XX%. the by are typically the dictated And is X or XX%. this even is brand bands government. And the bigger

much. you Got so it, helpful, is thank this super

line Thank of please from next next our with Gerberry our one Jason you, moment question the comes for America. And question. of Bank

patient lines. XXXX you And you you're the based you Could Hi, assess Phase are planning expressed be activity good that in a Thank patients seeing on you're in in CDXX. just earlier I remind just trial the We far, of is This planning [indiscernible] what the percentage so had afternoon, expect to please subgroup population questions of you PC that I NCR enrich in know the patients couple the Jason. for thus FG-XXXX. on this to of is expressors? for to much. CDXX us

John?

growth. addition quarter-over-quarter the continued in of showing to is in roxadustat launch Yeah, accelerating, the Europe robust outstanding in performance China, roxadustat

Roxadustat the competitive of indicated PHI question. roxadustat. the for in EU, thanks the given the We continue HIF only position growth is to to strong expect this accelerate

does going Just that with if is that's lines, at as going enzalutamide a into the an positive. earlier possibility UCSF first-line regards of open combo to into run trial the setting study investigator-sponsored being

of data kind limited a IHC and do at the with give that much that see are the following or think this on results that on carefully express our do a patients that thinking. of like set either based positive we the to what I that those data percentage to we by then have PET to be I of based have then on CDXX estimating positive. we that cancer better with will make will look So we ahead won't and we point then regards a would with pretty resistant results.Just decision, correlation patients with to expect We really and think, data those points CD-XX enriching CDXX. who But us regarding treatment biomarker do guide stress trial. we of the patients for expression be looking Phase sort in prostate we'll to results. positivity do the do now, we've metastatic assessing want in been results efficacy hand be in II we We're data to the castration going once firm number in, the the our But and XX% up.And patients between are to acquire are the more and right of efficacy be XX% that PET not

a And just quick follow-up. it. Got

this, more X indication important. potential to will Fortis in plans years? [indiscernible] strategy trial this in assess thinking other But be acquisition Just or success X-year kind for this indications broadly, have, you this asset the of your during period, do next you obviously, have next the any in

some you see well. in go definitely and But trial. II speak the Yes, the matter we do. some his signal to yes, in sort whether that about call the remarks efficacy trial, of John there to and is when we at determining myeloma until on earlier multiple Phase expansion plans wait time make future. point heard ahead it We've And got We'll in we of a exactly the tumor do just the pull are plans it's that as a an or right as trigger trial well. do tumor expansion

Thank you John.

Thank any CEO, you, hand Thane closing to call for Wettig, the remarks. back I'll now over

Enjoy your Thank FibroGen. the everybody. Well, call thanks, investor in you. day. in your and We today's appreciate of your participation interest rest

and may program, for concludes thank and Ladies disconnect. today's gentlemen, now you This participating. you