OPKO Health (OPK) 7 Aug 242024 Q2 Earnings call transcript

Good day, and welcome to the OPKO Health Second Quarter 2024 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Yvonne Briggs. Please go ahead.

Thank you, operator, and good afternoon. This is Yvonne Briggs with LHA. made joining the to like results. affect of second you risks any that for financial OPKO to uncertainties historical all by and will that for call company's be considered the results quarter statements as fact you will today's than materially forward-looking, discuss call expected Health's remind management be Thank other this and statements such during could of to XXXX. I'd subject the the various reports. filings, and limitation, described December forward-looking in report SEC without Those filed statements XXXX, Company's risks including on the include, SEC XX, subsequently in Form year annual the XX-K for ended conference the The only information the accurate X, is as date XXXX. contains of call live time-sensitive that of broadcast, August by revise of date law, obligation to no statements forward-looking required or any call. events undertakes or after to reflect OPKO as circumstances update this the Except

up that, call BioReference results, will Phillip Elias an After call. and then Pharmaceutical Before Chief and format of President, business. quarter will Logal, and we'll we today's provide Officer, the company's OPKO's by me the CFO, then will begin, Frost, Chairman review Vice Chairman open OPKO's open of Health review Dr. call. questions. let Executive financial Zerhouni, followed to the overview Adam second the Dr.

to call I'd over the turn Now like to Dr. Frost.

commercial common provide significant value. arrangement NGENLA. The to by full and programs, and multispecific for shareholder profit option our Pfizer, recently is few of announcements purchase that proceeds a gross transaction and million other have a substantial enhancing made and from focused the us $XXX flexibility rights and note the share with of entered and afternoon, convertible the for global We our to retain upside its $XXX shares to HealthCare our antibody joining you Royalty profit opportunities allows ModeX thank portion to balance optimizing programs, today. Good Pfizer. share R&D our notes. provide with potential agreement The remaining efforts long-term. into financial secured million payments advance sheet stock partner repurchase We maintain milestone us for near-term on we also of a OPKO the payments We

our attractive $XXX This million share our approximately investment As XX% given authorized present the which our buyback outstanding. Board prices, know, opportunity at you program program, a of an represents repurchase confidence shares share in therapy a globally. its opportunity. the business Pfizer strategy. hormone large continues and in as long-acting with our general, NGENLA expanding gain launch competes and global In sold being now expands our traction market growth to product represents

mentioned on FDA our clinical trial us by XXXX As the IND to cleared tumors. for the last call, to a Phase was proceed ModeX solid to I for treat conference

and cancer first-in-class Our receptors sustained survival optimize T-cells that to to is develop activates treatment. antibody goal tetraspecific a enhancement

first patient expected be in is weeks. dosed The to the coming

In with programs Elias to track pipeline on moment. vaccine other and of provide Merck, clinical begin will trials Epstein-Barr more on addition, ModeX a this year. our these in we're detail partner, later our candidate

return the to which with we the transaction BioReference for closed profitability, announced making on accelerate Health, progress we're will As steady when Labcorp.

of second GLP-X proprietary vivo to PK long-acting those disorders. overview, Elias. a favorably early PK short Entera incremental levels for We proprietary oxyntomodulin for Plasma GLP-X Elias? I'll other turn XXXX. With and over to with tablets product. the reported our GATTEX half peptide continuing compared were in GI it brief that and formulations tablet technology. are of using analogues treat our to syndrome bowel expected teduglutide, Pharmacology announced in Entera develop recently to collaboration with oral progress Entera's and oral Bio results N-Tab oral delivery

at ModeX This Thank are comments, well return on strategy. to BioReference multi-specific positioned operations streamlining we includes our Phil's To echo and execute pipeline Health you, good and Phil, to advancing afternoon, to everyone. profitability. our

Let me Health. BioReference with start

full on close late transaction franchises closes, early After transaction or streamline will our and September our this will our testing by to suite York to ongoing and national October. Jersey. services in enhancing and our We Labcorp New This track and include in on with testing supporting New urology of our our oncology operations business profitability. remaining reestablish transaction our are diagnostics diagnostic operations efforts focus core

build ongoing we in and improve turn As to initiative, value. BioReference's performance an continue

efficiency, goals remain well Our reduce line that to as drive as and to and productivity improve to costs, enhance growth. clear, is to top

approximately FTEs this cost end at transaction. This and quarters. following our our Labcorp the instance, refocusing further of drop geographic the structures in closing BioReference to X,XXX transfer help our X,XXX the of at was operations will to For of reduce coming QX, at will FTE number of

a segment times. business. and remains overall diagnostics due the the turnaround quarter, demand and In and testing high-value year-ago second increased oncology of Now volume increased versus platform quarter for our growing the innovative competitive revenue X% X% to

being last this by collaborations large is mentioned mid-level I and the driven centers systems. growth in health quarter, segment As cancer with

continue We specialty expand to for as oncology health the costly a system a in-house. is tests proposition relationships these to run it

Additionally, clients best-in-class quarter testing and serve. the of patients us brings we rhabdoid, somatic new to moved stains grew to neuroendocrine, portfolio This and and with and markers stay gastric our they with our of to oncology platforms. our the IHC our for advanced some menu in addition markers value the second enables

test for transfer XKscore Our to continues prostate well. perform

our And was by segment. FDA MDXXXXX ModeX stage. mentioned to programs. which I'd to progress been approved specifically, to has with program into clinical moving like start that the Pharmaceutical Phil, the by Now

for well of treatment the will the as come as on weeks. And pancreatic trial is We I very pharmacokinetics Phase clinical types open-label activity. prostate, Phase a solid patients focus with program trial a early expect This coming tetraspecific XX expected solid trial sites cancers expand cancer safety, tumor to enroll for our X antitumor tolerability, of sites variety lung, then enrolling more the LASER promptly. including in goal total are tumors already that online anticipate to to breast, first certain dose the with our evaluate patients. accordingly. We in tumors, Two to responding patient and and and I X to are

forward In the addition, year number MDXXXXX antibody through next enter an [ that oncology clinic and potentially to modulator be of we studies known IND-enabling with as programs could our advancing in and large ] multispecific immuno-oncology other immune expect indications. look non-oncology a used to

actively of evaluate continue several for seeking to assets, nondilutive for We possible programs. our portfolio partnerships our funding

this Another multivalent is performed work funds nanoparticle commercialization will for vaccine program partner early development clearance, early begin collaboration At this clinic year and year all next is is which Epstein-Barr Pending novel Merck assume preclinical which to all is enter who studies aspects virus Merck of to our the our we ModeX or team MDXXXXX, expect the XXXX. by until IND. EBV. regulatory mid-XXXX, goal time, in our vaccine.

treatment antibodies is We our of also entering we the also before, I. have a Phase known SARS-CoV-X BARDA, development. to BARDA mentioned active stage R&D million for multispecific against fund of prevention $XX COVID-XX. granted very evaluation through variants well is This and develop collaboration clinical the program of pre-IND-enabling as and with and to very progressing us

methods use well may program and as up be of COVID delivery for future available other as accelerate against with the gene-based funding threats pandemics. target develop biodefense million to a platform to Additional $XXX

and in share with gears continue to we all patients gain the pediatric We're from expect growth major once-weekly hormone deficiency in X on products. adults hormone to launched markets, other Pfizer indications, a this Pfizer markets Now additional daily global drug switching working pediatric shifts has NGENLA. for and and to penetrate long-acting drug as including growth Pfizer applications.

to As you entitled an is million X payments know, related $XXX additional potential OPKO these milestone to indications. in

to secondary showing in kidney hyperparathyroidism. to stage Rayaldee as its Finally, disease perform with with new and chronic expected X continues patients X evidence improve potential outcomes

our made programs financial and the I promising progress clinic the business discuss the summary, to we've Logal both we our Adam? significant in clinical call to turn as will quarter in closer parallel of Health to ModeX think pipeline as in Adam testing. I now and profitability over returning results. second to progress enter through So get BioReference segments advancing

Elias. you, Thank

our value And well forward monetize in of value our $XXX XXXX to the demonstrate the our for maturity as of cash the and up share of X our to the common I sheet certain BioReference. of Elias in stock and ones our includes the and of the options already refinancing common pulling XX opportunities through to our stock part, shareholders. position transformational as return for mentioned. as extend We notes, to of cash HealthCare then to we've while transaction $XXX geographic of to we'll BioReference our assets. We million the million financing segments working of GeneDx. We remaining allowed business profit notes in Phil to return through just announced discussed realize assets announced shareholders the recently, remaining the million as sheet our was through milestone execute finally, including underlying buyback look well strategic demonstrate Phil to positioned shares all shareholder buyback balance strategic significant of the January, our payments on significant continue repurchasing as of of of payments. focus $XX us gross value, half allow. Elias and as customer market growth value to profitable program We while realize upside inherent the maintaining which initiated and repurchase in added we we significant balance the approximately at Fourth, to transactions realize holdings of As have to value enhancing an of completed and a additional have like assets ourselves which announced all transaction Royalty begun and convertible transactions, stock in the This to through million. portion inherent operational convertible discussed, of our conditions first notes Labcorp our capital and

prudent in have to programs expect will balance, our R&D equity to which highest We and use we fund priority invest cash to a repurchases. significant

by gross balance secured received as we Before milestone partnership near-term of capital HealthCare summarize bond be the debt, meaning I Royalty structured Pfizer. royalty transaction. gross and retaining relationship to below a the Revenue, Through a from realization with and our collaboration terms transaction receive $XXX will million upside from payments move share cash reflect as accounted the potential of a our profit principal economics the for for the existing income the of at This allows results agreement, The benchmarks. The to cost recent payments. reflect agreement of key sheet quarter, will our was the the wanted to what the Healthcare retain Pfizer. our balance with of we accelerated of Royalty. margin, us value I and of Pfizer portion we've this of operating will the to continue financial also while long-term

of result financing. a as increase will this expense interest However,

payments the on excess bond will For the within retained the will be treated base-case interest principal, SOFR paid interest and accruing kind rate XX exceeds any will and considering interest X.X% our be down repayment showing excess to be to as in the again, forecast years, payments will OPKO. anticipate first with The a first kind principal. with is model, fully being internal and SOFR years, balance. years. expense, X to repaid Pfizer any, based in any years as royalty payments with we all Royalty, from X received floor. principal our interest increase After X downside shortfalls repaying be payments plus the models treated within When X% Healthcare first if Pfizer by all pay from Shortfalls, the

price saw increased Oncology million from XXXX the by the second cost quarter and $X.X strides XXXX the testing million $XX.X assets operating $XX.X Now second increase XXXX's significant an million of women's provide profitability, loss last million and period. moments. realization related $XX.X compared additional the and compared of loss. XXXX million to for was our of to the we expenses million Diagnostics Operating from business revenue X% of of at with to driven for results clarity declines Sequentially, strong QX quarter and health these $XXX.X in quarter. Revenue represented $XXX.X moving clinical and to respectively. $XX.X XXXX the team for and for narrowed in sold Revenue for $X.X million XX% for period. and segment, second businesses. Costs and $XXX Diagnostics X% during Labcorp to amortization growth the our costs work and BioReference improvement improvements that our for the XXXX segment. plan decreased XXXX by make partially significant expenses by the and XXXX a reflecting offset were This the return guidance XXXX. million million, this quarter to for execute to volume financial loss to outlined totaled $XXX.X or million operating $XX.X also segment $X.X Depreciation in quarter second to of in to of periods, Diagnostics the of programs provide when tirelessly The reduction I the some towards continues million the segment timing being expense continue details of million they on I'll to our objective. few our

Moving Pharmaceuticals segment. period. compared million XXXX million $XX.X second of to $XXX.X our was the for Revenue XXXX for with the quarter

Product XXXX of $X.X As 'XX. Despite XXXX second Rayaldee similar the international Revenue approved expectations. regulatory foreign compared profile the a million, a for the from for Pfizer mentioned, partially $XX million million businesses, includes of million for million the of bottles revenue NGENLA environment, $XX.X compared which $X.X $XX million profitability Revenue included to regulatory was pricing. included offset as transfer $XX.X products, business to approval Pfizer quarter of of decrease I our the pharmaceutical comparable the for which period from reflecting reminder, $XX.X our the the number slight was U.S. challenging including in revenue from shipped, $XX.X NGENLA. XXXX payment increased a against period was quarter, in million, from for the of the to of XXXX's IP milestone U.S. by approval the from currency million of the

from share during to XXXX XXXX million the period. profit million compared second $X.X U.S. the was for gross of Pfizer quarter Our $X.X

second development for million million addition, a quarter BARDA the million were increased expenses result Research as were includes $X Pharmaceuticals our In of our XXXX year our operating resulting million Phase expense second programs, and segment million XXXX. and $XX.X $XX.X related assets quarters. Depreciation expense million XXXX, June including quarter intangible first $XX.X immuno-oncology was trial $XX.X XXXX the the the at of the $XX.X XXXX second for compared $XX.X operating commenced XXXX quarter with and IP million income ModeX second recently of expenses to the and for million and of Pharmaceutical segment million were related the to our of the for period. for Costs ended revenue development I of clinical loss amortization $XX.X to for $XX.X the other for and agreement. development for XX, compared for unchanged program. The XXXX with a compared ago. Research activities quarter

Turning to results. our financial consolidated

for to of of $XX.X XXXX, $X.XX a For for reported loss Net investment million period. a $XX.X included XXXX quarter XXXX loss for compared the compared on loss $XX.X per the noncash unrealized $X.XX quarter GeneDx in share the second gain net our $XX.X million a with of non-realized XXXX a of net loss second or we million million period. of share or of per the

period XXXX payment million milestone from Pfizer. from the I've the as mentioned, addition, benefited $XX In nonrecurring

following with look we providing the guidance ahead, assumptions. financial As

global Genotropin half NGENLA. has XXXX, for million. sales first of of segment, of Pfizer by sales $XXX reported as Pfizer, Pharmaceutical our were separately not the For reported

the that to payment reflect gross increased quarter. However, for will realize NGENLA consistent observe the has both profit late scale in benefits we Symphony. We pleased we prescription to the the reported And globally see and improvement beginning third in as quarter growth result, continue the profit by manufacturing of of a to second were believe that IQVIA begun product. NGENLA the Pfizer cost for gross as during share this

by program, million business. the from second to will be efforts full expect we And $XX R&D currency immuno-oncology agreement. A $X our funded higher payments third assume to gross continue trial. reflect half exchange increased CMC XXXX. We for XXXX $X will our expenses rate million foreign activities of for the the pharmaceutical portion ModeX Pfizer related and stable a for BARDA of to profit QX quarter our related and ex-U.S. activities in such, million of $XX to to million including of to receive As share

Labcorp of transaction full the and significant cost in foundation segment, profitability. for BioReference for by allows provides For to the but or outlook. This return have fixed results our October, end included quarter the the occur milestone to of closing we us rationalize structure to the Diagnostics early to September our anticipate the our

XXXX. The our reduction we the infrastructure costs are during of in realizing We this of cash and deliver expected include be of savings quarter reduction the phase on program million to focused expected continuing be multiyear, multiphase the severance the to program cost includes XXXX begin is near-term and These of XXXX, to primarily and million the operational This costs the product program will are recorded expected costs with efficiencies is approximately achieve approximately some to and closure through third expected is of and $XX costs. onetime with primarily rationalization. expect facility to by which annualized $XX end program savings outlays of fixed XXXX. portfolio

action implementing taken for increase overall an on the have modalities, revenue we including quarter our $X price to to addition, testing third of million certain RCM which a of including oncology $XX in offerings, during number programs, In million. annual are our result expected of increase a

result approximately expect related approximately Labcorp. other the effect expenses to $XXX Before and million nonrecurring we million $X the that costs approximately our from $XXX to considering costs nonrecurring to million any giving expenses, to costs decline restructuring conveyed million in assets $XX and without to may to of QX

to to gain We million approximately million related net agreement. closing of realize expect $XXX of a Labcorp to expenses the $XXX of the transaction

$XXX share, sales revenue estimated million $XX between $XX between is million, services the from million, revenues we including which other between $XXX result, inclusive will to million. million revenue quarter XXXX. between and $XX be from Labcorp. product with following $X million, Pfizer $XXX third million Revenue and assets, of for $XX sold million a to $XX be million expect from and million of million the Total profit of million As the to the $XX to gross and $X and which $XXX

be expenses range Thank cost concludes increase, dependent call to and R&D $XXX quarter expected for the questions. million nonrecurring third and be open with to expect attention. And million I expense We $XX ModeX million, $XX million. This mentioned. our expense expenses and let's be $XXX the between to the is now to previously being and excluding expect $XX million, activities remarks. for programs. And on depreciation certain all approximately CMC operator, prepared for we our amortization your you between

And first question Maury will Instructions] [Operator from Raycroft be the Jefferies. from

Congrats on the one first progress NGENLA. the for on just Maybe quarter.

guidance second this So little it the half and for seems narrowing year lowering is a like of bit.

changed last is Or could anything getting be economics? if checking since quarter? Just to commercially it with share Or Pfizer anything related commercially is to gross seeing? the experience inventory just due profit or that else this

No, into talked Maury. Yes. the this quarter, tied about inventory that we last is adjustment

So the That pull-through it's late third it's is our be going it quarter would like hoped We final be earlier territories. third had getting in to internal factors. just flushed looks It quarter. adjustment of the out. certain based on

why So range of kind that's the to size mid-XXs potentially XX. down the came annual from

the opportunity? additional possible pediatric is for the refile could say you And for to and plans book And aim timing hormone and indications? when can for on then Pfizer more is it there adult status the growth to

for Pfizer is indications. those planning to studies the global indications, bring those pediatric So for registration on launch additional so their the forward

haven't any yet, completed for timelines the programs. provided actively those come. to more on working but think trials definitely They're I to specific We be Maury,

approval. for formulate U.S. strategy U.S. adult, it working to As to with team the their they're the their still the for relates

And back in queue. question, then I'll and last hop the

can you Is closing the when you specific that closing? deal about the with providing anything thanks gating for the are the at to what expect clarity happen. there factors into with for And BioReference, you're share Just where else process? to

Yes.

in focused really integration steps the between it's the now, right So heavily on Labcorp. clients

pretty items. get October. of just all that a this closed regulatory gating are why but couple are those have major but is cleared minor filings behind early us, up, main we clarity, There's late hurdles of certain need So the get September, will which transaction to the

question And Laidlaw the from next from will Yale Jen be Company.

and is all one breakeven realized? from in some the give of terms Should closing of Could first we that of quantitative of My some in have savings. that deals cash that follow-up. and terms how us be look far the you Labcorp then sort a to mentioned and you breakeven

Yes.

think with numbers the where I Yale, the the to breakeven to the and of the the if you that the through plan and So business cost profitable. closing of Labcorp is us point slightly transaction, realization will coupled step put savings increases a price

Labcorp on we -- only in -- will the are the So upon of the that handful hand of that closing. initiate we those we've expect we closing the gave transaction initiatives not that or we'll A Labcorp have dependent transaction.

the larger to it Some closures. facility ones the relates are of of some as

we highly ability and However, put been our we the through price walked feel to effect. deliver the confident into in that already have savings increases

So where on realized numbers those to. guided our is end which we the year, of in the feel previously numbers run had being confident we very by rate

one Congrats just has XX Have is the Is Xa Xa, on the Phase the was And patients. target the And specific I Pfizer reviewed which tetra-factors on which antibody the ] guys portion, second also question part. [ just what Xa mentioned more? about against? on one understand the full the you for you Xb that. the only portion. the is study that study, actually Phase on first that's the MDX-XXXX, or more

a able be on you bit more would So the to clarify little specific?

here. for Yes, do that. can Thanks I Elias question. the

I target, have the think something we now it's shared. On

with So think you. sharing it problem I no it's

are These has about So on chose antibody X quadraspecific the in present X that it's because one and TROPX tumor is they're is different XX for other we targeting the tumors targets targets. a has c-MET. One oncology.

different the size a typically tumor do, study really it It's you reflects types. we to what answer call that. The the do. that's So what really trial, you try of basket we where

we know. signals non-small-cell and the to we cancer, one, be cancer, about tumors, have lung is which We cancer, identified, try don't XX promising believe you pancreatic the most solid to breast going get ones

first So maybe that's then effects. patient the the do the of the And that, the to results, number. the side obviously, that or we'll tumor we expand contained is depending we study. down for types, we'll phase. Once Xa within you the patient then That's phase volume X X on what identified that call which narrow

development. so to Xb be go. clinical determined need to And how that's a or we then That's straight have We yes, Xa. trial the from learn and or to basket indeed, phase go a we And decide Xa by the clinical.

to is, And here, can one add any some timeline get maybe initial just or more to which start was we there topline readout?

you trial, immuno-oncology is when have phase, typically, you So first an do a safety. which

So goes dose, cohort with take escalating And ascending a everything months patients, X this go we'll more per into the type we of X about hope trial We a dose. if then that about are efficacy will well. patients dose.

X hard you sites. really in show it's to the can't predict up how So what because to at really many are going time tell patients

get and have sites have more; we now, more right after activated going and to X X We X X imminently are that.

need to that so tell, really think have drug that safe know to quarter, one. -- And we first dosed, step increasingly we XXXX, is effects also don't will if time. manage. have okay? we at powerful they're side that's a this very we can Immuno-oncology but and And I but that that therapies, be hard is always understand and by know they it's So a

targets the half then depending would the -- and first viability after probably to as is what results. readout 'XX, of program to go a that's we where will on the XXXX, within you get know So of what

Congrats on the progress.

be will Petusky question Barrington Michael from next Research. the And from

So direction. $XXX additional in Presumably, flexibility going coming a sort million, of $XXX million things I the right of have weeks it you'll end ago terms from guess lot converging of like this of $XXX seems you sort just the of in of first a question. the you financial are At that year, just million. in approximately did gives under couple Labcorp. something Obviously, the

end sort as losing losing as all. Can won't this most talk have guys of the financial of mean presumably of be the future? at business flexibility I priorities matters a as You'll allocation much you year the look and sort forward? have by if will end Lab the about going money, the capital far you towards year that you unprecedented what money just

do you can fill kick to Elias, want off in? us I and

talk BioReference. terms capital and allocation about I'll in R&D of

clear to fragmented. grow when whether in need and will you to look look So But to is that New at need or true market BioReference, profitable. once the becomes allocate it's is very the it Jersey still And not New we York if it's business we clearly that we capital at that unclear.

BioReference definitely accelerate so And revenues. increasing in the growth for

capital, BARDA being do a The second is But we're better mean and as available. capital things. going with X have that done we to economics others and partnerships rich with to ModeX. I get going ModeX a we are has partner some in We're can portfolio, that the do Merck we've and explore the hopper. because we

certain points the portfolio. may the example, you way economics achieve the you program for you to can greater to at look much actually that for if higher best a progress in value inflection assets, if And So get proof-of-concept. be

going now the I will talking the about judicious millions be and clear. or myself think dollars. risk, do then I we have the all and have that it's partnerships results be believe, hundreds for it best exceptional upon limited get to it path But to not in upon that you enough bigger strategic not right stage, of So results. we making way share program don't hedging, if But to approval. I the results, by partners feasibility obviously, completely outstanding of will unless it to unless know development that, really reasonable carry forward of I'm allocating very program don't capital of take try the because not to other of we're allocation be really to depending a we portfolio think if you is the have very depending park exceptional potential capital is the can to moves. increases advance value our a economics of to going you're not

Now I'll in of other on the comment of terms that. Adam capital, let uses

Yes.

think announced I other share Mike, buyback. components, million So we $XXX the

already bit I convertible conditions of I we're outstanding provide we've relates here of X about well. those will are guidance as committing shareholders pulls little programs. other longer-term think repurchase on portions working and and a the through market of think talked those creating for But and those the to based in budget dollars that going notes But taking items sitting that shareholder to pushes upcoming allocating calls. out different be the it both items to all capital we're that through as are potentially significant on R&D returning to today, value capital

there -- achieving of on and or time Adam, whatever frame might any you ask, decide or if is of I share most repurchase? -- Is to executing notes repurchase targeted the of there could sort what sort

timetable we a to like it, No, haven't set no.

then And been, I we've nephrologists have that patients. It the few got quarters sort think terms CKD up last to Rayaldee, we of maybe the of really be these shown in for numbers. guys you hasn't interesting guess efficacy for data hello, suggesting, the on in some could

you on this is from there missionary while? argue, guys? to or to it half be there it half does think and flat is sales year-over-year that matter of about we're versus should takes hello, are say that is encouraging this to in I you're mean, just, of or mean, data trying this I a for would anything first that, you anecdotal that 'XX. terms guys getting anything back first I the

Bishop. if don't is Dr. know online, Charles I

is He not.

Okay.

it. me let take So

total failure. growth So impact. sign the from onset the have and for the as outcome look dialysis nephrologists at a And of delaying when does you issue Rayaldee, is it #X of renal that's delaying the request good

that of that hyperparathyroid only itself kidney is longer that And D. hormone that of because large is the producing one Now the amount when is your the a no vitamin producing factors drives drug the shown really raise shown the to levels vitamin has raise be been where to Rayaldee. We've the to of hormone levels is before. -- able parathyroid to to down, goes the D

new. So it's not

is, in world, fact, we we and has are supported, to where there like haven't we what we to However, impact. -- what shown would nephrology that this that an show hoping the is would is that's like which -- been

Dr. to publications the out coming there's will is pushing. Now obviously, -- that And guidelines Bishop changed. that there're be have are

takes that time. So

is change we're overnight. As can you practice medical you But know, not something optimistic.

to be honestly. bang short-term don't so, is Rayaldee? big going this for Now a think I

take sink practice going in to time the I to think into it's world.

ask already I nothing I looking both last something that of Is like make question would far. out like team the of just to the allocation at really terms priority? Rayaldee capital commercial trying there there I've Or that buy would a sense? that any rationale product sales maybe questions is another links a give that Can in the for fit to in mean of potentially sort that source just one arrow quiver. that be nephrologists as to just marketed could so asked there of

us your It's question that. one, I of answer for sort. perfectly good please is that And And across opportunities know. I'll one. you been a come that looking will tell if we rational, let and have you

today's the question-and-answer conference any Dr. concludes over this turn ladies for back and session. Frost concluding gentlemen, remarks. to I to would And like

want evening. Well, questions, your for you, forward quarter's our look thank meeting to have participation good after I and good a next and everybody with and you just for Thank we your again results. to

conference concluded. today's The has presentation. you. Thank Thank for attending you now

You may now disconnect.