TLGTQ Teligent

Jason Grenfell-Gardner President and Chief Executive Officer
Damian Finio Chief Financial Officer
Elliot Wilbur Raymond James
Scott Henry ROTH Capital
Gregg Gilbert Deutsche Bank
Matt Hewitt Craig-Hallum Capital Group
Call transcript
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Good day, ladies and gentlemen, and welcome to the Teligent, Inc.

Second Quarter 2018 Results. At this time, all participants are in a listen-only mode. Later we'll conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference may be recorded. the or this or other made Teligent facts, as as to historical by statements oral written Inc. for statements presentation in well be Except statements made Litigation meaning and risks the the and uncertainties. within statements of XXXX forward-looking Private are Securities Reform Act involve of

the the products, offerings, without operations, and the are development ability current future statements product success the for U.S. and limitation, market research and efforts expected example, statements. forward-looking Administration, Food the Company's of or For growth to file and size and and products anticipated approvals Company's about future current for its obtain future for or Drug

the Forward-looking filings obtained that that statements statements uncertain, or could will achieve and Company current predictions merely from There that profitable FDA Company's results will will levels as completed are anticipated. made no is approvals of statements future the the herein. assurance inherently make the events. sales and actual operations be The materially and its are differ

For obligation new host would no its its assumes Company Please a ahead. Jason CEO. the developments. go Commission, today's to on now latest XX-Q. risks Exchange report refer reflect please Grenfell-Gardner, update on and Securities filings The uncertainties, conference, including the statements information quarterly like forward-looking for to to your I and Company's and introduce President annual and XX-K to and with report Form Form its description latest of additional

Jason Grenfell-Gardner

then and Officer. significant Teligent, rule cost for sold and core you released $XX.X will second the showed good joined detailed and XXX, financials performance a quarter today. the quarter adoption net Today, be of the as provide for you the in was financial driven results in covering the the for launched I by reducing and Grenfell-Gardner, and plans. I'll the throughout our we Mony, revenue goods products quarter will factors: the Revenue and more two am the Damian Welcome first, today. update core to build XXXX. really elements of Chief growth an presence. of our in breakout joining effective Finio, the Net our annualize on our second and continue key accounting should detailed our strong for quarter. at business. today growth revenue and the market for you, our Thank second on five by expansion of of business ladies I'm revenue CEO continue that sales which Financial Damian you press release million of President be the latest have quarter as Thank business recall These gentlemen. providing quarter. incremental us update we as to despite afternoon, second Teligent U.S. to the was Teligent Jason to

Second, in revenue business, we have the our with Canadian million. at best quarter ever $X.X

severe previous As mentioned I've drug quite in months. in Canada the been over past have shortages few discussions,

critical life-saving and our to our shortage the to of Canada. been am manufacturing partners of what for they've drugs. grateful Canada worked hospital their partners manufacturing teams patients with Estonia and responsiveness our in in of in behalf of in Europe Canada drug Our to and I keep proud on have incredibly supply achieve diligently able crisis

few that have our partners they the done and team lives work truly months. saved past Our over through have the

quarters. a quarter U.S. of quarter, revenues of this injectable off injectable caused that total a one-off strong the however, to XX% the revenue. I'm of results, subsequent new for adjustments eliminate for reduce Teligent with some take together were mix, second us in own erosion, product as hit confident for will first, portfolio Canadian as coming the Margins $X.X or items: high short-term all-time few As reserve our the result a inventory revenue by price well injectable million. impact impacted

expedite from through addition, by costs transportation by inventory shortage impacted air there. crisis were Europe, Canadian of given margins In acquired the the drug immediacy

to allow reverting transportation these anticipate modes, traditional we normalize. our should to which back margins surface forward, Moving

know, idea has strategy been As predicated our growth. revenue that you and drive productivity R&D the on will

our Over the half beyond of this first competition. the course of to team and the deliver year, has continued R&D above

scored in So second far of has quarter. received which four approvals, in XXXX, Teligent nine the ANDA were

actively are drugs possible. of market bring result as a to quickly six launch, drugs and approvals, these Teligent pending As working has we as to

ANDA to the at risen from looking months, data, globally FDA. XX in approvals trailing on No.XX based Teligent has Now FDA approval

final so I for site transition batches. entire the why our occupancy this temporary of to anticipate us manufacturing. made allow for that be will injectable certificate We've that the for the to in occupancy injectable used development our the we're received two progress about pre-approval certificates use exhibit of for site excited that inspection I'm our first manufacture that's think now this a injectable to We've making facility by batches the FDA. of on We a drugs quarter. receiving support already

who'll I about this like on looks think talk discuss Before business go-forward a Damian, let's I to also guidance, what over turn basis. bit a little

dates IQVIA remainder with addressable market based for million data. the $XXX now First, recent ANDA on FDA have submissions we the XXXX, with goal of eight year-end, of GDUFA total

we into feel our comes record, it above will Given launch confident that and when current approvals bat to drugs. average these continue we converting to track submissions

most the and already our is exciting We're our for Second, the in pipeline this goal drug, alternative to FDA. in possible this product that a GDUFA of with the bring by which to launch for as patients of as date post approval. parts soon review active preparing date orphan us order generic partners has goal first year of is this together one for September under currently

total IQVIA competitive million Our submission. $XXX have June and our as complex orphan on currently status part of addressable market generic we just filed a of has based drug data, over for therapy

as progress up-to-date could transformational we you on this keep for that project to continue will exciting We Teligent. be

injectable ahead for significantly new our are and rather particularly completely on post-approval we development site applications. finally, plan than change developments programs, transfers of and Third

to turn development significant on I business. teams the am focusing in ahead, and results these fully we half this the to incredibly we've As plan growth. growth profitability drive ability continue to our change forward over profitability, our believe, With second the we're look I horizon, And in been control the injectable seeing. to that will, the opportunities by encouraged cost and

over to for now thoughts on quarter. Let Damian the me turn this his

Damian Finio

year, afternoon good of update would provide the on near-term mention everyone. financial with our quick a to start an you by XXXX. through full Thanks, for guidance priorities. for like Jason. Then And quarter market of results our walking I second ending the

revenues, target were million, with for Let's of a revenue which quarter and million increase increase Teligent-labeled with in declines, Upon however, over quarter. $X.X by other below was was another million from strong XXXX. XXXX. and our These XXX product a ahead Zantac, in start partially solution, the of profit the the XXXX Gross of and revenues is $X quarter includes of first and $XX.X an generated the of from comparison internal the X% contracts decline for XX% or results Canada Lidocaine products XXXX guidance driven of and or topical by quarter $X.X were revenues revenues for in reflects business % the quarter second XX which Total XX% were offset manufacturing revenues. for of contract million other Canadian of by second versus to ASC adoption XXXX, revenues revenue our XX% X% second to This In of X%. second $X.X quarter second our lower all decline XX%. ointment partnered quarter million. customers, U.S. growth the of revenues declined

margin adjustment on for to at loss adjustment XX hand today's As lower release, inventory that a in $X.X press million the for recorded in mentioned alone quarter. lowered by three a sold points. quarter we second basis second June This cost gross market

addition, mix, SG&A was products quarter margin remaining Canada for gross product debt ship drug gross shortages expense. shortfall. freight portion and sold higher of million, In $X in margin $XXX,XXX and on accounted for includes to customer bad the quarter in second much-needed the loss which the charges of product on

Although these due now continue standpoint, reserved to past for actively will accounts. an accounting we from pursue collecting

run strive labs. to $X.X This as represents year-on-year to to X% over due management associated reduce from expense and This second New debt, of increase with Buena, Jersey. to the over million, audit quarter more XXXX. we $X the ongoing bad year for place of remaining costs the in-house litigation, of need growth is in the of a testing continue move to a period of million a organization consulting the which decline and other a fees employee is XX% and injectable-focused facility in our support R&D as $XXX,XXX was Excluding SG&A toppable primarily both represents of to increase due development, and we in to scale the base needed we the needs cost quarter supplies same expanded decline ago. to development bring the investment run tighter up

operating posted on to million. $X.X Canadian the the lower currencies, and consideration. exchange Lastly, rates loss this changes cost exchange million amount or when of million taken based our the operating recorded the net quarter U.S. Bridging the a fluctuates are operating in in quarter quarter, reported of debt and from foreign loss adjustment three first we Euro. $X.X an we quarter-to-quarter our into market recorded reported dollar for of the This $X.X or loss the dollar, bad between loss expense

a the the interest of $XX.X reflects for of $XX.X $XX.X relates part total discount for after namely expense. million XXXX loan This is partial and term debt consolidated In Taking non-cash the is bonds $XX.X expenses bonds, And exchange foreign and to other is events debt facility the with Highbridge. of executed statement the expansion. amortization the operations loss million Cash impact of December few June wholesalers of to highlight $XX.X to and term facility from credits both financing launching and million debt dampened million extinguishment to Jersey issuance intent addition, in injectables' million XXXX the million received $XX.X continue of Of three figure million private products the which of period the To upon the $X.X the second and and as the interest capitalizing loss December quarter, expense million, the million company's non-cash for early of of interest period. by incurred of New bring Shifting executed our the we the coming on the to the to our and continue X, to wanted stay was Buena, loan balance course was customer invoices. of completion, construction new be in a into fees which of $XX collections to $XX in closing. cash. sheet, due for the quarter. relating account, I net items

form think it's has price. cash a cash the I come the previously, though in a to ships begin from Customer on the due products this drag when launching Teligent due they purchased worth chargebacks mentioning rapid wholesalers contract our the their in Although succession customers products of later. comes for at product, Wholesalers again, shipping payments mentioned our I've from us perspective, short-term to credits collections. even product

paid of contractor guidance bonds XX%, general full are year, the respect In million, to and manufacturing R&D. XXX, to revenue addition, this interest the in brings $XX and to gross million we margin an period guidance for which of we convertible our another In ASP million $X.X of expansion of $XX a million the year-to-date million. range outlay from for to investment the expansion, to of overseeing XX% total cash $XX the our million the in for $X.X impact $XX.X $XX million despite maintaining

and margin $X our $X.X million XXXX guidance or quarter, this lowering reported for of the performance inventory are year-to-date. of breakeven, bad to to EBITDA unplanned negative gross $X.X exchange to reserves foreign loss a of we and million due However zero debt primarily million range lower

May May, On on results which our last want our new one in to about highlight and priorities, capital X. guidance, our financial from is convertible talked bond we call on Moving our some executed of structure. near-term issuance the continuing of I address to

necessary of deal X, December convert. million received next secure was the the debt, On would continue XXXX proceeds was million the to of the where of step executing Remaining the includes also provide of to liquidity million The documentation. bulk business the increase secure previously, legal option the closing. July the year-end address lenders with and rate, these I other we Jason million necessary XX to at million that Highbridge, us September mentioned potential to of continue still XX. to $XX.X the on facility our to $XX to remaining This $XX received We to to majority we're December more strategy loan an convert. portion track closed liquidity work provide competitive needed company's finalizing XXXX. we which assets our address and to June financing mentioned on will $XX proceeds remaining upon the on a XXXX before XXXX with December I bond the amount after as $XX resolve leverage and

is Lastly, as the pressures focused we strengthen taken strong and track record cost second quarter, in we across in Teligent's strides the before, year even launching to the margin products collectively recorded half and transition of us mentioned organization. internally and the Teligent. developing second year. discipline continued of the of have a be one-off driven XXXX have have reserves profitability more to for year-to-date on driving The large

small the with procured the and they goods hands-on to We and to and successful Jason have individuals vendors. that in reviewing walk for and both the ahead. holding RFPs quality continues in the costs have back already execute U.S. across the the budgets and portfolio restructure, continue across margins in this be Most to cash take our is of and a flow. down and our and lines. approach have importantly, steps early accountable and products to contract quarter departments improve I energized where opportunities adjust initiated in to services been organization from momentum by and/or capital this time prices improving of ongoing lie swing. expenses we very large to excitement and building are plans both vendors, And remaining driving several our to Plans third cost-reduction acted full

over Jason. back Now let call me the to turn

Jason Grenfell-Gardner

July colored high in last Thanks, years has Damian, business. our on two to spoke that our on marked that a a that our I transition expansion X from point performance We progress. mode great in about call profitability. focus past and moved

product leverage confident to launches, term generate we disruption. from expansion, ability deliver and our in operating that profitability the near With our growth, margin we market remain

like Thank make and my questions. been and There's and I'd a you of weekends, all With grateful they the questions, Teligent Canada for working in personal teams what nights Estonia long Mony, Teligent up to up of for lot opening to successful. who've Before extend every dedication. to open do been them I'm day. for our thanks U.S., their that, for let's to


Elliot [Operator Raymond Wilbur Instructions] Our James. first question comes from with

Your now open. line is

Elliot Wilbur

Thanks good afternoon.

guess, realize to get First about If, you're think going respect distribution some of the of. fully fact, this that orphan what is basket, to as can asset within with if asset an the launch? that question optimize trying specialized not Jason, of I is a product, sense that the capitalize on? then, that to company an do has that you I'm that think approvals actually the sure is those pending sort of of you characteristics eight believe year, or you But GDUFA unique all how yourself, before just in year-end. value exactly you assuming approved you could to many were And those, it.

Jason Grenfell-Gardner

for thanks questions Sure, the Elliot.

would terms dates, GDUFA in potential first of outstanding be are eight that to seven the So, goal say of launched of products this have those year. the within I

We have the and to them materials to market. get the capability

approval So, it's through the of really function a with just cycle FDA. executing

question past started the Is it pharmacy actually. that We've us. specialty months. our capability to is course have is rough better may with and need. a directly a in able had group we've to have the and group in pretty something drug together that else related that that And few orphan orphan ensure they the of this lot time our that somewhere capabilities we our to that put pharmacy. to a marketing this the facilitate to reality place we some do hands, capabilities in position that great or been specialty is more able drugs to the disease be dialogue will offer drug, you that pretty these take of we a over evolved to access good patients actually to distribution building confident about sales terms to feel who we who the We're the partner to thought need, with in In asked. But the better with this solution and that patients patient

So to we're very much forward looking that.

Elliot Wilbur

launched Okay. And assume six approved before then, is it with respect the pending those would to products be to launch, all that fair year-end?

Jason Grenfell-Gardner

That is correct.

Elliot Wilbur

– significant just given about launches, of that such dynamics? share of capture can easy little it how about launch switching rates approvals and you a you kind to of kind you historically? had maybe cost the I talk bit a mean, of And and thought and/or in just could run been difficult number And we've term talk always has Okay. and

Jason Grenfell-Gardner

Obviously, been the I we've pretty we Sure. have pharma the true the I that budgets continue creates buying in we that installed sure I has I think consolidated. be recent to our supply, rational take disruptions to the our I achieve get approach we it of make goals. depends have, to our and the to share supply the products And that of and relatively But highly a its general buying groups general, – our nature that launching I Obviously, and continue market. on trying can that and yes, whether don't number quality approach mean changed competitors same. of in there large mean have trend think of group what are think dynamics. sub-formularies. working of principles that own within three and known mean, to those more we that be we're markets in are launch that there still much. generic to

have that much. think changed don't I So the dynamics that

Elliot Wilbur

facility. first be sort is may actually question, about in facility? at thinking revenue transfer ultimately and asset, trying going file steps endeavor happen? when but respect – terms probably ANDA last to realization. product you revenue-generating to remaining of you of get then And the when and just to of your the may that actually pre-approval just assuming with And that that just a out the that sense to facility, site injectable of, think Obviously, inspection, will first a final What there Okay.

Jason Grenfell-Gardner


in wanted of of or that final I stability are making along key coming could first we've of control, to on how this own progress where mean, for part the I we're of So inspection we say, which looking based at next our that quarter the probably I end have out in up state we of everything right? through that. our of inspection, the think of pre-approval beginning occupancy the sure mean, But we data is part I We batches we are the at be, construction, somewhat view readiness, is on our time to certificate of wanted. the on obviously, produced. facility us quarter we of course, this lines. final And the based of that with to parts injectables at is pre-approval process getting XXXX. It would sort the that start that realistically, the the beginning track revenue of trigger

Elliot Wilbur

thank you. All right,

Jason Grenfell-Gardner

right, All Elliot. thanks


And ROTH Scott you. next Henry question from our Capital. Thank comes with

open. now is line Your

Scott Henry

don't drivers if you. to you XX-Q if sequentially and right the starters, or in guess, were? you want QX afternoon. in might out up change you're over Thank the going QX. $X incremental about know Thank to call products Could I million what talk you good now? comment any And for I

Jason Grenfell-Gardner


of to Canada prior So as pretty at well I let I I really compared mentioned call, continued start. perform think to the mean, the quarter. this beginning me

first of second that the had. up that we Canada part quarter, these five revenue, as a that's look part in obviously, the million the queue, some physicians call launches quarter really though at of was product well shortage But of the also was have We'll within function and but, as well, drug we helpful. about the you – were quarter story the second out new that, from $X.X we've the the which of sequentially as definitely too. If in that was

Scott Henry

that – is Is that Canada, case – I versus believe, it to the looking used all as know is injectables. non-injectable? no I And Okay. injectables be at longer we're

Jason Grenfell-Gardner

end injectable of actually third quarter that, topical all Canada starts not if but So first this this that its at Canada change drug. for beginning received of fourth to is the manufactured launching We at approval quarter, year. today, the Teligent anticipate quarter. the

Scott Henry

believe you EPS release. the historically, it – And release you've a number. cash given in I great. in don't Okay, believe, your is I current

to guidance? intend of that you that? you with non-GAAP done giving do Or So keep kind are

Damian Finio

Scott, that it's is more one table release, about Damian. metrics, out to. SEC you the The stringent much think non-GAAP is referring the being we press one are took this I of

our not that's forward, going So plan.

Scott Henry

generics, with Okay. plan XXXX of we would With and current think margins, exposure? would to the have mix And to a what when But be XXXX, target new the and your given given you bringing the obviously, the final think noise you quarter would you forgetting for regards you're about, that out reasonable question. onstream. gross a backdrop significant gross are margin the injectable

Jason Grenfell-Gardner

utilization on about driving already so product Yes, which already and why that's approved the fully being giving the our injectables the And overhead think Because ones a giving reason that's and absorbed excited topical our question. to the the going we leverage these I'm giving the into are get you the by think and that existing certificate through back about in launches also driving occupancy facility, are existing really products really of the post-approval by operating significant. is further launch that market, incremental of if great through part business, that is I change.

be exceeding do pricing even And on so better margin as out be we little depending me on basis. to XXXX, and a that. XX% says to And we dynamics, I it gross thinking may start than a should that XXXX to able

launches really that's to my leading product driven approvals, it's goal. product But drive revenue. by So

Scott Henry

Okay, great. Thank you for question. taking the

Jason Grenfell-Gardner

Thanks Scott.


comes Gilbert question Instructions] Deutsche Bank. [Operator Gregg you. next from Our Thank with

Your is now line open.

Gregg Gilbert

about left. getting a wide than back margin to is gross talked gross for pulls? guidance to to I year That's back go to of pushes think want Can you soon, half a margin. range about XX%. Jason, talk I XX% the the pretty some normalized you and So less

Damian Finio


correct, You're Gregg.

we look when the margin, So XX% posted quarter. We to the second was XX%. guidance XX% at in

the to and but freight volumes and I necessarily it's up, also So business business. within that the Canada, sales mention necessary in in to there, we opportunity. the a you the from were that, low ceased think end Canada lower market see, Jason Canada, cost points range. But high of we perspective, wasn't to what typically lower percentage is up mentioned It three the were was margin product had adjustment important than brings XX% margin down would from closer alone, that so our that

that. going to shipping our have is terms forward. intent cost-to-market back as we moved The more Canadian forward, Going standard remove adjustments towards, anymore lower said, were freight not

you element much it's of for and But to volumes the monitor the cost-reduction which in I more it then think sell. have we and direct little their in combination course of also quarter, overtime improvement, through to way employees It's direct can as the manufacture, is an know. going next as take overheads. one you There's we're because buy, also direct been. that you a measures, the temporary material you staff. cost But quarter, continue of of a direct well. work three will Canada have bit goods, labor, margin we components having There's closely labor, longer, to materials

to that with mentioned subject is this overhead the I of RFPs some And vendors.

new a launches, earlier. start as have Jason we'll talked we well. bit product about to And also, those So little as see

lot within in half which a moving expect of in of improve help get will So guidance. margin, there's we and second the the us parts year back it

Gregg Gilbert

strategy competitive applies mentioned designation, Okay. is pipeline? you situation? something of broadly kind one-off your is that to it more your that the Or therapy a Jason, generics and

Jason Grenfell-Gardner

a will for received everyone as approval mean, it's through think see, you I today, as else, I one-off CGT And [indiscernible] situation. well. today an probably

So in responsive product I yes, it helpful bit limited. the our are But moment, opportunities is be on there FDA great one for incredibly applications. it's and pathway future, obviously but to to We we found it underutilized. is them use at that's a a for And, will. further think little if very the different

Gregg Gilbert

your if Great. you injectable us on then going on of products you're programs, maybe time want injectables? color commit lines Thanks. Any to And more sterile to could what submissions after? some kind you give of

Jason Grenfell-Gardner


our look, around is sterile injectable plan So really formulations. liquid

well capability both the in as that in aseptically produce have filled. vials drugs sterilized drugs to as We ampoules. produce both as We as can are terminally well

I think what market the is really about of dynamics interesting two things. moment, at U.S. injectable the

approved getting The lot first a them, not doing our to lifting the getting drugs, from developing perspective, is, there's in making work the heavy people doing, of development of them and them patients.

And we as so well in continue throughout as the rolling U.S. to shortages drug see Canada.

and there caused are the And do issues and are challenges. caused supplier. significant be some manufacturing work of some that people to those those regulatory opportunities of the by for reliable by But reality is there continuing are

see that the think development I think, and terms quickly. size the the them our in opportunities that's part. I our second of flexibility opportunity, we around the first that we've So given shown turn And to and is have given, programs

are the accelerated. number approved on there we development focused we'll do NDAs will in delivering of and in opportunities I portfolio, that's back And be generic are those has where to we faster development U.S. internal can that our who to, Estonia, we will on to skills game six between that as our make and said pipeline, for had that And and turn been have the that pretty hand sort along and moved our that a team We build we in our from acquired our drive of I previously and pipeline means develop but teams we capabilities also new time use new as existing along of of than know responsive the that part was had I why think, our that progress XXXX. made that and the our we of plan ANDAs drug that sort our speed terms that we also The develop that beginning line you surprised significantly internal that the the submissions. transition we've my injectables submissions ability own of drugs of Many for injectable ourselves. in all submissions, drug topicals that pipeline, would new prepared remarks, it. our in has has I originally expected, to

are this through a inspection, right. so that data stability some we got are regulatory, move parts can't and are around for We've that on. there get there time lines really to Now pre-approval

look, to I pre-approval But inspection stability And into we we that get to work so what I forward, moving before approvals months, to And through of this able opportunity develop continue am data in think for XX side. on team be injectable through that and business. grow XX There's is there past that of as I incredibly to do will XXXX. that what encouraged fully us. we have terms lot think, to a is same the in available top by the us that ANDA to logic apply going tool you to

Gregg Gilbert


Jason Grenfell-Gardner

you. Thank


Matt Group. And our you. from Capital comes Craig-Hallum question with next Thank Hewitt

now is line Your open.

Matt Hewitt

towards little progress how that from out going a think and and kind a you that be kind first I mix Jason, how When with submit do FDA you off, think XX/XX And questions. – you injectables the years at revenue that of be you if those point, still those apologize does look on of little to like given plan the maybe you you calls now, point? to Or are I'm five the rehash at the but I FDA? have responds? upon of out more look jumping you as could as years, you topicals what between weighted acquired mix to of five taking a for touched Thanks anything. look But depending you and portfolios this out look bit, your here. maybe

Jason Grenfell-Gardner

based see Look, a five that able look remember significantly we've that and set. sort but this business that's the opportunity we internal on time, installed it's a our we've – mix opportunity works two-thirds utilities say, We out together we to drive on based one-third continue and of that plan be an at we is the capabilities obviously, set. the years where in there opportunity this with isn't and larger that Matt, guidance, so a manufacturing Injectables probably And the injectables to will to just more is installed shape believe, that offer set topical. long opportunity of there.

that So drives injectables in drive submissions in we significant, portfolio, and than longer the I what larger haft really opportunity set generate the term. ability in that And that's to balance with overall guess, is development teams the have, of topicals. terms the

Matt Hewitt

the way base you've – your in provided I is, lower prior and of several you. thank business kind – represent this, but then upper Okay, chugging apologize I represents revenue that historically missed And the end end the approvals. guidance the if along, would

so of are first Given in you've range? guidance thinking the what little we the the you the thinking half given year, real had the upper that's far? – still Or the towards should had and number performance be launches strong end, a of you've here you are bit now approvals more

Jason Grenfell-Gardner

a great question. That's

beginning million the at to give right. we million guidance that guidance based treatment XXX, on previous $XX in accounting the that of remember $XX year, the was the first, under the revenue So

an to into the going guidance throughout of you get to make really that to XXX, an what understanding wholesaler rest of you what be translate level you fees have about base the is. the assumption are of year think if So to

As in this fees wholesaler a we've million disclosed this our today, fees have year in terms of actually this for press $X.X year, said, we so about release far been service. so far and

that. larger than for was that original for Our forecast – full year the

in $XX that about plan channels and obviously, on to million So and you we'd originally depending for were how market. full go to takes year, there forecasted, and puts was that some the

to million almost So wholesaler – that of million a for be guidance within to almost in you $XX under year, the was, to guidance million base ambiguity try in fees around up $XX we're get out What is still to in to rest increase $XX going compared to base able XXX, $XX XXX like-for-like revenue end if million million under essentially you $XX will to even today XXX. with XXX, play saying the our $XX to the an range. how million the we're

million upper and biggest that September. and approval If approved And out ready drug – good how this we orphan saying approval and that Now there. and to the potential the all to of that we to wildcard the that of even Today, up, on going the dedicated think you ramps that products through. how significant we'll we're what of there could expect further range. impact launch we FDA have cycle are the depending And that $XX in is launch to million get gets with things But that irrespective approved the feel year. it, of of and to ambiguity the will I of range. treatment end the drive of within end you to get have a have that, already which work between a is, the the on now that $XX is I and be there accounting slice the of you in we pretty lot Damian

Matt Hewitt

that color. Okay, great. for And thank you

Jason Grenfell-Gardner

you. Thank


remarks. Q&A back Thank Jason session. you. to closing the I This turn today's concludes would for to like call over now

Jason Grenfell-Gardner

look Okay. Thank you, the you best the for speaking a in And remainder Thank Mony. fall. We at you great Have you. to wish summer. the of conferences with upcoming of many very evening. the forward


does program. and conclude thank for today's Ladies in conference. participating you This gentlemen, the

Everyone, You may great a all day. disconnect. have