Amphastar Pharmaceuticals Inc (AMPH) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Amphastar Pharmaceuticals Fourth Quarter Earnings Call. (Operator Instructions)

您好，歡迎來到 Amphastar Pharmaceuticals 第四季度財報電話會議。 （操作員說明）

Please note that certain statements made during this call regarding matters that are not historical facts, including, but not limited to, management's outlook or predictions for future periods, are forward-looking statements. These statements are based solely on information that is now available to us. We encourage you to review the section entitled Forward-Looking Statements in the press release issued today and a presentation on the company's website. Also, please refer to our SEC filings, which can be found on our website and the SEC's website for a discussion of numerous factors that may impact our future performance.

請注意，在本次電話會議期間就非歷史事實的事項所做的某些陳述，包括但不限於管理層的展望或對未來時期的預測，屬於前瞻性陳述。這些陳述僅基於我們現在可獲得的信息。我們鼓勵您查看今天發布的新聞稿中標題為“前瞻性陳述”的部分以及公司網站上的介紹。此外，請參閱我們的 SEC 文件，這些文件可以在我們的網站和 SEC 的網站上找到，以討論可能影響我們未來業績的眾多因素。

We will also discuss certain non-GAAP measures. Important information on our release of these measures and reconciliations to U.S. GAAP may be found in our earnings release. Please note that this conference call is being recorded.

我們還將討論某些非 GAAP 措施。有關我們發布這些措施和與美國公認會計原則對賬的重要信息，請參見我們的收益發布。請注意，此電話會議正在錄音中。

Our speakers today are Mr. Bill Peters, CFO; Mr. Dan Dischner, Senior Vice President of Corporate Communications; and Mr. Tony Marrs, Vice President of Regulatory Affairs and Clinical Operations.

我們今天的發言人是首席財務官 Bill Peters 先生；企業傳訊高級副總裁Dan Dischner先生；以及法規事務和臨床運營副總裁 Tony Marrs 先生。

I will now turn the conference over to your host, Mr. Dan Dischner, Senior Vice President of Corporate Communications. Dan, you may begin.

我現在將會議轉交給您的主持人，企業傳播部高級副總裁 Dan Dischner 先生。丹，你可以開始了。

Thank you, Paul. Good afternoon, and thank you all for joining us today. On the call with me will be Bill Peters, CFO and Executive Vice President of Finance; and Tony Marrs, Executive Vice President of Regulatory Affairs and Clinical Operations. Following Bill's financial updates, we will move the call to Q&A where the team will answer your questions.

謝謝你，保羅。下午好，感謝大家今天加入我們。與我通話的是首席財務官兼財務執行副總裁 Bill Peters；以及監管事務和臨床運營執行副總裁 Tony Marrs。在 Bill 的財務更新之後，我們會將電話轉到問答環節，團隊將回答您的問題。

As announced in our press release and financial results published earlier today, our net revenues for the fiscal year have reached a new high at $499 million, reflecting a significant 14% increase with a corresponding 25% increase in gross profit. In the fourth quarter alone, our net revenues hit $135 million. Again, we attribute the success for our high-margin products, with Primatene MIST, glucagon and epinephrine maintaining a solid market share and having demonstrated impressive growth throughout the year.

正如我們在今天早些時候發布的新聞稿和財務業績中所宣布的那樣，我們本財年的淨收入達到了 4.99 億美元的新高，反映出 14% 的顯著增長以及相應的 25% 毛利潤增長。僅在第四季度，我們的淨收入就達到了 1.35 億美元。我們再次將成功歸功於我們的高利潤產品，Primatene MIST、胰高血糖素和腎上腺素保持了穩固的市場份額，並在全年取得了令人矚目的增長。

On a brief note about Primatene MIST, we still anticipated sales trending towards $100 million in annualized sales by the end of 2024. We plan to increase our marketing spend by an additional $2 million to $3 million, thus bringing our total to the low double-digit millions for the year. We have adjusted the retail price to accommodate higher cost inputs.

關於 Primatene MIST 的簡短說明，我們仍然預計到 2024 年底年銷售額將趨向於 1 億美元。我們計劃將營銷支出再增加 200 萬至 300 萬美元，從而使我們的總額達到低兩倍年數字百萬。我們調整了零售價以適應更高的成本投入。

Shifting our focus to glucagon. We have seen a notable 29% increase in sales compared to the previous quarter and a 20% increase compared to the same period. As mentioned in our last call, the changing market dynamics of the glucagon market, both in the retail and diagnostic aid markets, have presented a growth opportunity for our generic glucagon. Additionally, I am pleased to announce that the FDA has approved our significantly increased glucagon manufacturing capacity, allowing us to double our output and meet the additional market demand.

將我們的注意力轉移到胰高血糖素上。與上一季度相比，我們看到銷售額顯著增長了 29%，與同期相比增長了 20%。正如我們在上次電話會議中提到的，零售和診斷輔助市場中胰高血糖素市場不斷變化的市場動態為我們的非專利胰高血糖素提供了增長機會。此外，我很高興地宣布，FDA 已批准我們顯著提高胰高血糖素的生產能力，使我們的產量增加一倍並滿足額外的市場需求。

Moving on to the topic of other revenue drivers for the quarter. We are pleased to report that our other finished pharmaceutical products experienced a notable 52% increase in sales compared to the same period. This significant growth further validates our ability to meet the increasing demand for these products due to competitor shortfalls. We anticipate that this portion of our portfolio will continue to have residual strength throughout 2023. However, at the same time, we could expect fluctuation as these products are influenced by competitor capacity and unpredictable demand. Nonetheless, we remain optimistic about our growth drivers and their potential growth trajectory.

繼續討論本季度其他收入驅動因素的話題。我們很高興地報告，與同期相比，我們的其他成品醫藥產品的銷售額顯著增長了 52%。這一顯著增長進一步證實了我們有能力滿足由於競爭對手的短缺而對這些產品不斷增長的需求。我們預計我們的這部分產品組合將在整個 2023 年繼續保持剩餘實力。但是，與此同時，由於這些產品受到競爭對手產能和不可預測的需求的影響，我們可能會出現波動。儘管如此，我們仍然對我們的增長動力及其潛在增長軌跡持樂觀態度。

Having covered our revenue drivers for the quarter, we can now discuss our pipeline and regulatory activities. To start, I'll briefly overview our proprietary products and biosimilars in the pipeline.

在介紹了本季度的收入驅動因素之後，我們現在可以討論我們的管道和監管活動。首先，我將簡要概述我們的專有產品和正在開發中的生物仿製藥。

Our intranasal naloxone NDA received a preapproval inspection in the first quarter ahead of the PDUFA date. While we acknowledge that public demand persists for this product in a crowded market, we remain encouraged as the potential approval will serve as an innovative platform for our intranasal pipeline with our proprietary device. This innovative approach coincides with our time-tested strategy of utilizing our vertically integrated business model.

我們的鼻內納洛酮 NDA 在 PDUFA 日期之前的第一季度接受了預批准檢查。雖然我們承認在擁擠的市場中公眾對該產品的需求持續存在，但我們仍然感到鼓舞，因為潛在的批准將作為我們的專有設備的鼻內管道的創新平台。這種創新方法與我們久經考驗的利用垂直整合業務模型的戰略不謀而合。

Turning to another proprietary product, our intranasal epinephrine, we now anticipate filing in 2024 following changes we are making to the product. Regarding our first interchangeable biosimilar insulin filing for insulin aspart, or AMP-004, progress or filing is on track, and we expect it to occur this year.

轉向另一個專有產品，我們的鼻內腎上腺素，我們現在預計在我們對產品進行更改後於 2024 年提交申請。關於我們針對門冬胰島素 (AMP-004) 的第一個可互換生物仿製藥胰島素申請，進展或申請正在按計劃進行，我們預計它會在今年發生。

As for our generic pipeline, our AMP-008 product, our first inhalation filing, I'm pleased to announce that we have responded to the CRL. With the FDA granting priority review, we have the new GDUFA action date in the third quarter of this year, with a preapproval inspection extending the goal date to the following quarter. Regarding our second inhalation product in the pipeline, AMP-007, we now anticipate this filing to occur in the second quarter. Likewise, we now anticipate AMP-027 to be filed in the second quarter.

至於我們的通用管道、我們的 AMP-008 產品、我們的第一個吸入文件，我很高興地宣布我們已經對 CRL 做出了回應。隨著 FDA 授予優先審查，我們在今年第三季度有了新的 GDUFA 行動日期，預批准檢查將目標日期延長到下一季度。關於我們正在研發的第二個吸入產品 AMP-007，我們現在預計該申請將在第二季度進行。同樣，我們現在預計 AMP-027 將在第二季度提交。

Pivoting to our pending refile and refiled ANDAs. AMP-015, or our generic teriparatide, we are seeing progress towards refiling as we anticipate it to occur in the second quarter of this year. For our AMP-002 refiling that occurred in the third quarter of last year, our planned GDUFA action date remains in the second or third quarter depending on a preapproval inspection, if needed.

轉向我們待處理的重新提交和重新提交的 ANDA。 AMP-015，或我們的仿製藥特立帕肽，我們正在看到重新歸檔方面的進展，因為我們預計它會在今年第二季度發生。對於我們去年第三季度發生的 AMP-002 重新提交，我們計劃的 GDUFA 行動日期仍然在第二或第三季度，具體取決於批准前檢查（如果需要）。

Before I turn the call to Bill, I would like to reiterate that 2022 saw sustained year-over-year growth. While we may experience some fluctuations, we can ultimately expect annualized growth from our total portfolio to continue. Sustaining and building upon those achievements will require an increase in our investment in R&D, from which we remain on track to increasing our capacity at all of our facilities as we progress closer to filing and approval.

在我打電話給比爾之前，我想重申 2022 年實現了持續的同比增長。雖然我們可能會遇到一些波動，但我們最終可以預期我們的總投資組合的年化增長將繼續。維持和鞏固這些成就將需要增加我們對研發的投資，隨著我們接近備案和批准，我們將繼續按計劃提高我們所有設施的能力。

I would like to turn the call over now to the CFO and Executive Vice President of Finance, Bill Peters, to discuss the fourth quarter and year-end financial results.

我現在想把電話轉給首席財務官兼財務執行副總裁比爾彼得斯，討論第四季度和年終的財務業績。

Thank you, Dan. Sales for the fourth quarter of 2022 increased 12% to $135 million from $120.9 million in the previous year's period. Glucagon led the sales growth with an increase of 19% to $18.3 million from $15.3 million as the discontinuation of the other glucagon products at the end of 2022 positively impacted demand.

謝謝你，丹。 2022 年第四季度的銷售額從去年同期的 1.209 億美元增長 12% 至 1.35 億美元。胰高血糖素引領銷售額增長，從 1,530 萬美元增長 19% 至 1,830 萬美元，因為 2022 年底其他胰高血糖素產品的停產對需求產生了積極影響。

Primatene MIST continues to show strong sales growth during the quarter with sales of $22.3 million, up from $21.5 million in the prior year. Epinephrine showed strong sales in the fourth quarter amid continued shortages by our competitors, growing to $21.4 million from $18.9 million in the previous year's period. Other finished pharmaceutical product sales totaled $33.1 million, up 52% from 2021 as the company recorded stronger sales of sodium bicarbonate, dextrose and isoproterenol while benefiting from the 2022 launches of vasopressin and ganirelix. API sales decreased to $2.3 million from $2.9 million due to the timing of orders from MannKind and other customers.

Primatene MIST 在本季度繼續表現出強勁的銷售額增長，銷售額為 2230 萬美元，高於去年同期的 2150 萬美元。由於我們的競爭對手持續短缺，腎上腺素在第四季度表現強勁，從去年同期的 1890 萬美元增長到 2140 萬美元。其他成品藥品銷售額總計 3310 萬美元，比 2021 年增長 52%，這是因為該公司的碳酸氫鈉、葡萄糖和異丙腎上腺素的銷售額增長強勁，同時受益於 2022 年推出的加壓素和加尼瑞克。由於 MannKind 和其他客戶的訂單時間安排，API 銷售額從 290 萬美元降至 230 萬美元。

Gross margins increased significantly to 53% of revenues in the fourth quarter of 2022 from 47% of revenues in the fourth quarter of 2021 due to strong sales of higher-margin products like Primatene MIST, glucagon and epinephrine.

由於 Primatene MIST 、胰高血糖素和腎上腺素等高利潤產品的強勁銷售，毛利率從 2021 年第四季度佔收入的 47% 大幅增加至 2022 年第四季度收入的 53%。

Selling, distribution and marketing expenses increased to $5.5 million from $4.1 million due to increased television, radio and digital expenses for marketing Primatene MIST and increased freight costs.

由於用於營銷 Primatene MIST 的電視、廣播和數字費用增加以及運費增加，銷售、分銷和營銷費用從 410 萬美元增加到 550 萬美元。

General and administrative expenses were essentially unchanged at $10.6 million. Research and development expenditures were also essentially unchanged at $17.2 million as an increase in clinical trial expenses for our insulin and inhalation product pipelines was offset by a decrease in spending on materials and supplies.

一般和行政費用基本保持不變，為 1,060 萬美元。研發支出也基本保持在 1,720 萬美元不變，因為我們的胰島素和吸入產品管道的臨床試驗費用增加被材料和用品支出的減少所抵消。

Nonoperating income in the fourth quarter of 2022 was $3.4 million, primarily related to the remeasurement gain on foreign currency compared to the prior quarter's nonoperating income of $2.9 million, which was primarily related to a legal settlement.

2022 年第四季度的非營業收入為 340 萬美元，主要與外幣的重新計量收益有關，而上一季度的非營業收入為 290 萬美元，主要與法律和解有關。

The company recorded net income of $33.9 million or $0.66 per share, which is up 72% and 66%, respectively, compared to the previous year's fourth quarter net income of $19.8 million or $0.39 per share.

公司錄得淨收入 3390 萬美元或每股 0.66 美元，與去年第四季度的淨收入 1980 萬美元或每股 0.39 美元相比分別增長 72% 和 66%。

The company reported an adjusted net income of $37.6 million or $0.73 per share compared to an adjusted net income of approximately $20.8 million or $0.42 per share in the fourth quarter of the previous year. Adjusted earnings excludes amortization, equity compensation, impairments of long-lived assets and onetime events.

該公司報告調整後淨收入為 3760 萬美元或每股 0.73 美元，而去年第四季度的調整後淨收入約為 2080 萬美元或每股 0.42 美元。調整後收益不包括攤銷、股權補償、長期資產減值和一次性事件。

In the fourth quarter, we had positive cash flow provided by operations of approximately $15.2 million. And for the full year, cash flow from operations was $89.2 million. During the quarter, the company repurchased approximately $18.1 million of stock to bring the total repurchases for the year to over $39.9 million.

第四季度，我們的運營提供了約 1520 萬美元的正現金流。全年，運營現金流為 8920 萬美元。本季度，公司回購了約 1810 萬美元的股票，使全年回購總額超過 3990 萬美元。

Now let me review a few of the financial assumptions we are using as we look to 2023 and beyond. Glucagon will drive sales growth in 2023 as we benefit from competitors leaving the market. Primatene MIST will continue to grow and benefit from our first price increase. We could also have sales contributions from 2 to 4 new product launches. We expect gross margins to remain flat year-over-year as the mix of higher margin products will be offset by increased labor and input costs. Our selling, distribution and marketing expenses will rise as we plan to increase our advertising for Primatene MIST but will remain a constant percentage of Primatene MIST sales. We expect general and administrative spending to increase but remain a similar percentage of sales.

現在讓我回顧一下我們在展望 2023 年及以後時使用的一些財務假設。胰高血糖素將在 2023 年推動銷售增長，因為我們受益於競爭對手退出市場。 Primatene MIST 將繼續增長並從我們的第一次價格上漲中受益。我們還可以從 2 到 4 個新產品發布中獲得銷售貢獻。我們預計毛利率將同比持平，因為較高利潤率的產品組合將被增加的勞動力和投入成本所抵消。我們的銷售、分銷和營銷費用將增加，因為我們計劃增加 Primatene MIST 的廣告，但將保持 Primatene MIST 銷售額的固定百分比。我們預計一般和行政支出將增加，但仍佔銷售額的相似百分比。

Turning to research and development. We plan to ramp up spending on clinical trials and purchases of material and supplies this year as we increase spending on our insulin portfolio, 2 inhalation candidates and our intranasal epinephrine product. We also anticipate a significant increase in capital spending this year as we continue our project to double capacity for inhalation products to align with our pipeline development. We plan to finish our insulin API production capacity expansion at our ANP facility in China this year as well.

轉向研發。隨著我們增加胰島素產品組合、2 種吸入候選藥物和鼻內腎上腺素產品的支出，我們計劃今年增加臨床試驗支出以及材料和用品的採購。我們還預計今年的資本支出將大幅增加，因為我們將繼續我們的項目，將吸入產品的產能提高一倍，以配合我們的管道開發。我們計劃今年也完成我們在中國 ANP 工廠的胰島素原料藥產能擴張。

At our Amphastar facility, we are in the process of an expansion project that will ultimately quadruple our capacity in Rancho Cucamonga as we look to major insulin and complex injectable opportunities. We plan to finance this expansion with cash flows from operations. At the same time, we will utilize our strong cash position to continue our stock buyback program.

在我們的 Amphastar 工廠，我們正在進行一個擴建項目，該項目最終將使我們在 Rancho Cucamonga 的產能翻兩番，因為我們正在尋找主要的胰島素和復雜的注射劑機會。我們計劃通過運營產生的現金流為此次擴張提供資金。與此同時，我們將利用我們強大的現金狀況繼續我們的股票回購計劃。

I will now turn the call back over to the operator for Q&A.

我現在將把電話轉回接線員進行問答。

(Operator Instructions) Our first question is from Tim Chiang with Capital One.

（操作員說明）我們的第一個問題來自 Capital One 的 Tim Chiang。

I noticed that your other finished product sales were up a lot in the fourth quarter. I think they were up like 50% or more. Could you just sort of comment on what's driving the growth in that line? And then sort of just provide a little bit of color on AMP-002. I noticed that the target action date is in the second quarter. So it's only a couple of months away. Are you guys feeling pretty good about that product leading up to the potential approval date?

我注意到您的其他成品銷售額在第四季度增長了很多。我認為它們上漲了 50% 或更多。您能否評論一下是什麼推動了該產品線的增長？然後在 AMP-002 上提供一點顏色。我注意到目標行動日期是在第二季度。所以只有幾個月的時間了。在潛在的批准日期之前，你們對那個產品感覺很好嗎？

Yes. So let me start with the other finished pharmaceutical product sales. And that one, yes, we had very strong sales there as products like sodium bicarbonate, dextrose, both had some shortages in the market. And so we were able to ramp up our sales because of our increased capacity that we put on at that factory a couple of years ago. Additionally, we had some short-term isoproterenol pickup in sales that was actually stronger than we expected. And the vasopressin and ganirelix sales are also starting to pick up and be higher than what they have been previously. However, as we look to all of those products, none of them are reaching the sales levels of the products that we do break out. So that's why we'll continue to include those in the other finished pharmaceutical product category. Tony?

是的。因此，讓我從其他成品醫藥產品銷售開始。那個，是的，我們在那裡的銷售非常強勁，因為碳酸氫鈉、葡萄糖等產品在市場上都有一些短缺。因此，由於幾年前我們在該工廠投入的產能增加，我們能夠提高銷售額。此外，我們有一些短期的異丙腎上腺素銷量回升，實際上比我們預期的要強。加壓素和加尼瑞克的銷售額也開始回升，並且高於之前的水平。然而，當我們查看所有這些產品時，它們都沒有達到我們所突破的產品的銷售水平。因此，這就是為什麼我們將繼續將它們包括在其他成品藥品類別中。托尼？

Yes. For AMP-002, we remain optimistic about the product. As we've said before, we continue and we continue to have engagement with the agency, dialogue with the agency on the product. So with this second quarter GDUFA date, we remain optimistic.

是的。對於 AMP-002，我們仍然看好該產品。正如我們之前所說，我們繼續並且我們繼續與該機構進行接觸，與該機構就產品進行對話。因此，對於第二季度的 GDUFA 日期，我們仍然持樂觀態度。

And maybe just one follow-up. I think you pushed out the epinephrine intranasal filing to next year. Is that right?

也許只有一次跟進。我認為你將腎上腺素鼻內歸檔推遲到了明年。是對的嗎？

Yes. That's correct. We've engaged with the agency and continue to have dialogue with them. They've come back with an additional request for us, and we plan to meet that additional request. And it did, unfortunately, push our submission date back until 2024.

是的。這是正確的。我們已經與該機構接洽並繼續與他們進行對話。他們回來給我們提出了一個額外的要求，我們計劃滿足這個額外的要求。不幸的是，它確實將我們的提交日期推遲到 2024 年。

Okay. Great. Solid quarter, you guys.

好的。偉大的。堅實的季度，你們。

Thanks.

謝謝。

Thanks, Tim.

謝謝，蒂姆。

(Operator Instructions) Our next question is from David Amsellem with Piper Sandler.

（操作員說明）我們的下一個問題來自 David Amsellem 和 Piper Sandler。

Just a few. So first on glucagon with the higher capacity, you're calling it out as a growth driver for 2023. I guess can you comment on the extent to which you think it's going to grow year-over-year? I guess, maybe not quantitatively but just talk about where you see the opportunity. There's the hospital setting. Is it an added opportunity -- or I should say, institutional setting, and just talk about the trajectory of that product. You also highlighted vasopressin as a growth driver in 2093. It is a crowded market. So I'm just trying to get a sense of your thought process there, so if you can talk about that.

一些。因此，首先是容量更高的胰高血糖素，您將其稱為 2023 年的增長動力。我想您能評論一下您認為它會同比增長的程度嗎？我想，也許不是定量的，只是談談你在哪裡看到機會。那裡是醫院環境。這是一個額外的機會嗎——或者我應該說，制度設置，然後談談該產品的發展軌跡。您還強調了加壓素是 2093 年的增長動力。這是一個擁擠的市場。所以我只是想了解你在那裡的思維過程，所以如果你能談談的話。

And then lastly, on a couple of these filings, can you talk about 007? Is that one where that's a P4 and you expect that to be a litigated filing, if I'm not mistaken? Just give us some refresher there. And on 027, what's the underlying brand sales there and in terms of whether it's a P4 or something else. Can you give us some color there?

最後，關於其中的幾份文件，你能談談 007 嗎？如果我沒記錯的話，那是一個 P4 文件嗎？你認為這是一份訴訟文件嗎？在那裡給我們一些複習。在 027 上，那裡的基礎品牌銷量是多少，是 P4 還是其他什麼。你能給我們一些顏色嗎？

Yes. So I'll start. David, I'll start with the glucagon market question. As we talked about last quarter, what's really happened is that some competitors have dropped out of the market. And so it's given us the opportunity to expand our share of the market as long as we can meet it. That's why the expansion of the capacity was so important. The market that we were originally marketing it in, and then now with the diagnostic aid market also seeing competitors drop out of it all, it also allows us that opportunity as well. So as we've said, we think of it as a way to expand our current market, or basically, we think of it as doubling our capacity and being able to lead both the diagnostic side as well as the other side that we were already doing. Vasopressin?

是的。所以我會開始。大衛，我將從胰高血糖素市場問題開始。正如我們在上個季度談到的那樣，真正發生的是一些競爭對手退出了市場。因此，只要我們能夠滿足，它就給了我們擴大市場份額的機會。這就是為什麼擴大產能如此重要。我們最初營銷它的市場，然後現在診斷輔助市場也看到競爭對手退出這一切，這也給了我們這個機會。因此，正如我們所說，我們將其視為擴大我們當前市場的一種方式，或者基本上，我們將其視為將我們的能力提高一倍，並能夠領導診斷方面以及我們已經擁有的另一方面正在做。加壓素？

Vasopressin, we picked up a little bit of market share over the last quarter. And so we're it's still not as big a product as we thought it might be a year ago, but it's a product that did grow from the third to the fourth quarter. And because we only had it for half a year, we'll have a full year of sales, and every quarter should be higher than it was this quarter. So there's definitely growth. That's why that one is a growth driver. Even though it's not a large product, it's still going to contribute to that growth. And I think the third question was on 007.

加壓素，我們在上個季度獲得了一點市場份額。因此，我們的產品仍然沒有我們一年前想像的那麼大，但它確實是從第三季度到第四季度增長的產品。因為我們只有半年，所以我們會有一整年的銷售額，每個季度都應該比這個季度高。所以肯定有增長。這就是為什麼那個是增長動力。儘管它不是一個大產品，但它仍然會為這種增長做出貢獻。我認為第三個問題是關於 007 的。

Correct. Yes.

正確的。是的。

Yes. So 007, yes, that's going to be a P4 filing. Hard to say about litigation, but that's always a possibility. And 027 that we have a planned filing for this quarter is a relatively small product. So of those 2 products, the 018 and the 027 that we've adjusted our presentation to show there that total $3 billion, the vast majority of the sales go to the 018.

是的。所以 007，是的，這將是一個 P4 文件。很難說訴訟，但這總是有可能的。我們計劃在本季度提交的 027 是一個相對較小的產品。因此，在我們調整了演示文稿以顯示總額為 30 億美元的 018 和 027 這兩種產品中，絕大部分銷售額都流向了 018。

And both of them are planned to be filed in Q2, 007 and 027.

並且都計劃在007和027Q2備案。

007 and 027, not 018, just to clarify. Got it.

007 和 027，不是 018，只是為了澄清一下。知道了。

There are no further questions in the queue. I'd like to hand the floor back over to management for any closing comments.

隊列中沒有其他問題。我想將發言權交還給管理層，聽取任何結束評論。

I want to thank everybody for joining us today. 2023 remains on track for 2 to 4 approvals. We remain optimistic about our opportunity to further grow the glucagon market, thanks to an increase in capacity in addition to seeing further advancement in our pipeline. We look forward to updating you on our next call.

我要感謝大家今天加入我們。 2023 年仍有望獲得 2 至 4 項批准。我們對進一步發展胰高血糖素市場的機會保持樂觀，這要歸功於產能的增加以及我們管道的進一步發展。我們期待在下次通話時為您更新。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。