Esperion Therapeutics Inc (ESPR) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by, and welcome to Esperion's second quarter 2025 financial results. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，大家好，感謝大家的支持，歡迎觀看 Esperion 2025 年第二季財務業績。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Alina Venezia, Head of Investor Relations for Esperion Therapeutics. Please go ahead.

現在，我想將會議交給 Esperion Therapeutics 投資者關係主管 Alina Venezia。請繼續。

Thank you, operator. Good morning, and welcome to Esperion's Second Quarter 2025 Earnings Conference Call. With us on today's call are Sheldon Koenig, President and CEO; and Ben Halladay, CFO. Other members of the Executive team will be available for Q&A following our prepared remarks. We issued a press release earlier this morning detailing the content of today's call.

謝謝您，接線生。早安，歡迎參加 Esperion 2025 年第二季財報電話會議。參加今天電話會議的有總裁兼執行長 Sheldon Koenig 和財務長 Ben Halladay。在我們準備好發言之後，執行團隊的其他成員將參加問答。我們今天早上發布了一份新聞稿，詳細介紹了今天電話會議的內容。

A copy can be found on the Investor page of our website together with a copy of the presentation that we will also be referencing. I want to remind callers that the information discussed on today's call is covered under the safe harbor provisions of the Private Securities Litigation Reform Act. I caution listeners that management will be making forward-looking statements.

您可以在我們網站的投資者頁面上找到一份副本，其中還有一份我們將參考的簡報的副本。我想提醒來電者，今天電話會議討論的資訊屬於《私人證券訴訟改革法案》安全港條款的保護範圍。我提醒聽眾，管理階層將會做出前瞻性的陳述。

Actual results could differ materially from those stated or implied by our forward-looking statements due to the risks and uncertainties associated with the business. These forward- looking statements are qualified in their entirety by the cautionary statements contained in today's press release and in our SEC filings. The content of this conference call contains time-sensitive information that is only accurate as of the date of this live broadcast, August 5, 2025.

由於與業務相關的風險和不確定性，實際結果可能與我們的前瞻性陳述所明示或暗示的結果有重大差異。這些前瞻性陳述完全受到今天的新聞稿和我們向美國證券交易委員會提交的文件中所包含的警告性聲明的限制。本次電話會議的內容包含時間敏感訊息，僅截至本次直播之日（2025 年 8 月 5 日）準確。

We undertake no obligation to revise or update any forward-looking statements in the conference call and webcast. As a reminder, this conference call and webcast are being recorded and archived. We will begin the call with prepared remarks and then open the line for your questions.

我們不承擔修改或更新電話會議和網路廣播中任何前瞻性陳述的義務。提醒一下，本次電話會議和網路廣播正在錄製和存檔。我們將以準備好的發言開始通話，然後開放熱線回答您的問題。

I'll now turn the call over to you, Sheldon.

現在我將把電話交給你，謝爾頓。

Thank you, Alina. Good morning, everyone, and thank you for joining us. We're thrilled to report a standout second quarter that delivered double-digit sequential growth, more than 42% year-over-year gains in US net product sales and our first quarter of operating income from ongoing business. These results reflect accelerating clinical adoption of NEXLETOL and NEXLIZET fueled by our sharpened commercial execution, strong payer alignment and our ongoing targeted promotional strategy that's resonating with the statin-intolerant community.

謝謝你，阿麗娜。大家早安，感謝大家的收看。我們很高興地報告，第二季業績表現突出，實現了兩位數的連續成長，美國淨產品銷售額年增超過 42%，第一季度來自持續經營業務的營業收入也實現了成長。這些結果反映了 NEXLETOL 和 NEXLIZET 的臨床應用正在加速，這得益於我們加強的商業執行、強大的付款人協調以及我們正在進行的引起他汀類藥物不耐受群體共鳴的針對性促銷策略。

Total revenue for the second quarter 2025 grew 12% year-over-year to $82.4 million. Looking at our strong US performance, where we saw a return to sequential double-digit quarterly prescription and revenue growth, US net product revenue grew 42% year-over-year to $40.3 million and grew 15% sequentially from the first quarter of 2025.

2025 年第二季總營收年增 12%，達到 8,240 萬美元。縱觀我們在美國市場的強勁表現，我們看到季度處方量和收入都恢復了連續兩位數的增長，美國淨產品收入同比增長 42% 至 4030 萬美元，環比 2025 年第一季增長 15%。

Given our strong performance, we achieved operating income from ongoing business of approximately $15 million, giving us confidence that with continued global growth, we expect to transition to sustainable profitability beginning in the first quarter of 2026. As we shared on our last call, the endorsement of NEXLETOL and NEXLIZET from leading cardiovascular professional societies was a powerful validation of our science, and it's already translated into action.

鑑於我們強勁的業績，我們從持續經營業務中實現了約 1500 萬美元的營業收入，這使我們有信心，隨著全球業務的持續增長，我們預計將從 2026 年第一季開始過渡到可持續盈利。正如我們在上次電話會議上所分享的，領先的心血管專業協會對 NEXLETOL 和 NEXLIZET 的認可是對我們科學的有力驗證，並且已經轉化為行動。

Later this month, we look forward to the European Society of Cardiology, updating their lipid management guidelines at the Society's Annual Meeting, where we expect to be included in these updates. Turning to the progress we made on a number of our core marketing initiatives, including our campaign to reach patients who are statin intolerant, our tagline, Can't take a statin?

本月晚些時候，我們期待歐洲心臟學會在其年會上更新其脂質管理指南，我們希望將其納入這些更新中。談到我們在一些核心行銷舉措上取得的進展，包括我們針對他汀類藥物不耐受患者的活動，我們的標語是“不能服用他汀類藥物嗎？”

Make NEXLIZET happen was well received, and this catchy phrase supported increased brand awareness among our target audience. In fact, during the second quarter alone, we had more than 650,000 visits to our new consumer statin intolerance website and more than 600,000 click-throughs to our physician site underscoring the impact of this successful campaign.

「讓 NEXLIZET 成為現實」受到了熱烈歡迎，這句朗朗上口的短語有助於提高我們目標受眾的品牌知名度。事實上，僅在第二季度，我們新的消費者他汀類藥物不耐受網站的訪問量就超過 650,000 次，我們的醫生網站的點擊量超過 600,000 次，凸顯了這次成功活動的影響。

We are implementing the right balance of in-person and digital outreach and are pleased to report that 23% or nearly 1/4 of our prescriptions were written by physicians with only digital touch points. In addition of prescriptions coming from new writers, 38% were driven by digital-only touch points. This highlights the importance of our digital omnichannel programs and underscores the impact they can continue to have.

我們正在實現面對面和數位推廣之間的適當平衡，並很高興地報告，我們的 23％ 或近 1/4 的處方是由僅通過數位接觸點的醫生開出的。除了新作家的處方外，38% 的處方是由純數位接觸點驅動的。這凸顯了我們的數位全通路計畫的重要性，並強調了它們能夠持續產生的影響。

We remain committed to building on these successful programs and are confident in their continued contribution to our growth. Our expanded US field reimbursement manager support team made great strides in supporting our growing prescriber base by educating over 1,100 target prescribers on NEXLETOL and NEXLIZET favorable reimbursement landscape.

我們將繼續致力於鞏固這些成功的項目，並相信它們將持續為我們的發展做出貢獻。我們擴大的美國現場報銷經理支援團隊透過向 1,100 多名目標處方者介紹 NEXLETOL 和 NEXLIZET 有利的報銷前景，在支持我們不斷增長的處方者群體方面取得了巨大進步。

This was evident by an increase in all targeted prescriber approval rates to over 80%. Combined with further expanded payer coverage, reductions in prior authorization requirements, increased reimbursement support resources and our appropriate balance of direct and digital marketing efforts, we believe we have significantly improved the access environment for patients and physicians alike, which resulted in a 10% increase in total retail prescription equivalents from this first quarter of 2025, and increase our total prescriber base to more than 28,000 health care practitioners.

所有目標處方批准率均上升至 80% 以上，這充分證明了這一點。結合進一步擴大付款人覆蓋範圍、減少事先授權要求、增加報銷支援資源以及我們在直接行銷和數位行銷工作之間的適當平衡，我們相信我們已經顯著改善了患者和醫生的獲取環境，這導致從 2025 年第一季度起零售處方藥總量增加了 10%，並將我們的處方總人數增加到 28,000 多名醫療保健人員。

This momentum validates the growing confidence among clinicians and the expanding role of our therapies in addressing the unmet needs of statin-intolerant patients. Our consumer marketing program featuring the lipid lurkers tackles a challenge of high cholesterol, a silent but serious threat by transforming it into mischievous characters that demand attention, which may be quietly lurking without their knowledge.

這一勢頭證實了臨床醫生的信心日益增強，以及我們的療法在解決他汀類藥物不耐受患者未滿足需求方面的作用日益擴大。我們的消費者行銷計畫以脂質潛伏者為特色，解決了高膽固醇這一無聲但嚴重的威脅，我們將其轉化為需要關注的頑皮角色，這些角色可能在人們不知情的情況下悄悄潛伏著。

Rather than relying on fear tactics, the lurkers personify LDL-cholesterol's hidden dangers making the risk tangible and manageable without intimidation. This fresh compelling approach reshapes how patients perceive and address their cardiovascular risk. By blending engagement with patient empowerment, the campaign stood out in a crowded market, driving awareness and action for proactive cholesterol management with NEXLETOL and NEXLIZET, the next step after statins.

潛伏者不依賴恐嚇策略，而是將低密度脂蛋白膽固醇的隱藏危險擬人化，使風險變得切實可控，而無需擔心受到威脅。這種新穎而引人注目的方法重塑了患者對心血管風險的認知和應對方式。透過將參與度與患者賦權相結合，該活動在擁擠的市場中脫穎而出，推動了人們對使用 NEXLETOL 和 NEXLIZET（繼他汀類藥物之後的下一步）主動膽固醇管理的認識和行動。

This campaign has won the prestigious Med Ad News Best Consumer Digital campaign and is nominated for several more awards this year. Moving forward, we plan to launch a consumer television ad later in the year that will stream on connected TV, such as Hulu and NBC Sports. These branded ads are expected to broaden awareness of statin intolerance and will feature our award-winning lipid lurkers.

該活動贏得了著名的 Med Ad News 最佳消費者數位活動獎，並在今年獲得了更多獎項的提名。展望未來，我們計劃在今年稍後推出一款消費者電視廣告，該廣告將在 Hulu 和 NBC Sports 等連網電視上播放。這些品牌廣告有望提高人們對他汀類藥物不耐受的認識，並將展示我們屢獲殊榮的脂質潛伏者。

The combined strength of the statin intolerance and lipid lurkers campaign, coupled with improving payer dynamics support our continued growth now and into the future. Speaking of future growth, we remain committed to Esperion's continued growth in cardiovascular risk reduction with our plans to develop a triple combination product.

他汀類藥物不耐受和脂質潛伏者運動的共同力量，加上付款人動態的改善，支持我們現在和未來的持續成長。談到未來的成長，我們將繼續致力於 Esperion 在降低心血管風險方面的持續成長，並計劃開發三重組合產品。

This therapy has the potential to be the most effective oral LDL-cholesterol lowering option and to rival both existing injectables and emerging oral therapies. Development remains on track. In addition, our business development efforts are progressing nicely as we evaluate a number of potential opportunities to in-license or acquire synergistic products to leverage our existing commercial infrastructure.

這種療法有可能成為最有效的口服降低 LDL 膽固醇的方法，並可與現有的注射劑和新興的口服療法相媲美。發展仍在軌道上。此外，隨著我們評估大量潛在機會以授權或收購協同產品來利用我們現有的商業基礎設施，我們的業務發展工作進展順利。

We look forward to updating you on progress here as it unfolds. Additionally, we reached important settlement agreements with three NEXLETOL -- three generic manufacturers have agreed not to market a generic version of NEXLETOL in the United States prior to 2040. We continue to identify opportunities to strengthen our intellectual property position and look forward to updating you on our progress.

我們期待向您通報事情的進展。此外，我們與三家 NEXLETOL 達成了重要的和解協議——三家仿製藥製造商同意在 2040 年之前不在美國銷售 NEXLETOL 的仿製藥。我們將繼續尋找機會加強我們的智慧財產權地位，並期待向您通報我們的進展。

Turning to our pipeline, where our strategy is to expand into high-need, high-value indications that highlight the broader potential of our novel ACLY biology, we continue to make progress advancing IND-enabling studies to support our recently introduced program targeting primary sclerosing cholangitis, known as PSC. PSC is a rare progressive liver disease with no approved therapies and represents a major unmet need with an estimated $1 billion annual market opportunity.

談到我們的產品線，我們的策略是擴展到高需求、高價值的適應症，以突出我們新型 ACLY 生物學的更廣泛潛力，我們繼續推進 IND 支持研究，以支持我們最近推出的針對原發性硬化性膽管炎（稱為 PSC）的計劃。PSC 是一種罕見的進行性肝病，目前尚無核准的治療方法，代表著巨大的未滿足需求，預計每年的市場機會為 10 億美元。

We look forward to completing these studies and to filing an IND and potentially initiating first-in-human studies in the second half of 2026. Throughout the second quarter, we and our international partners continue to make tremendous progress across a number of key geographies. Our European partner, Daiichi Sankyo Europe, continues to expand their reach of NILEMDO and NUSTENDI to benefit patients at the risk of cardiovascular disease who cannot manage their LDL cholesterol levels.

我們期待完成這些研究並提交 IND，並可能在 2026 年下半年啟動首次人體研究。在整個第二季度，我們和我們的國際合作夥伴繼續在多個關鍵地區取得巨大進展。我們的歐洲合作夥伴第一三共歐洲公司繼續擴大 NILEMDO 和 NUSTENDI 的覆蓋範圍，使無法控制 LDL 膽固醇水平的心血管疾病風險患者受益。

Our royalty revenue from DSE increased 30% from the first quarter of 2025 to $13.6 million in the second quarter of 2025. We are also thrilled to report that DSE has surpassed the 500,000-patient mark for patients who have been treated with our therapies in Europe. 0.5 million patients, this is a meaningful milestone that reinforces confidence in our ability to build a similarly sized market in the US.

我們從 DSE 獲得的特許權使用費收入較 2025 年第一季成長了 30%，達到 2025 年第二季的 1,360 萬美元。我們也很高興地報告，在歐洲接受我們療法治療的患者人數已超過 50 萬，即 50 萬名患者，這是一個有意義的里程碑，增強了我們在美國建立類似規模市場的信心。

Throughout the first half of the year, we continue to advance multiple processes for the technology transfer for manufacturing of NILEMDO and NUSTENDI to DSE with the various working capital benefits expected in 2025. Our Japanese partner, Otsuka Pharmaceuticals, submitted for approval of our bempedoic acid products in Japan for LDL-cholesterol lowering and remain on track for approval and national health insurance pricing in the second half of 2025.

今年上半年，我們繼續推進 DSE 轉移 NILEMDO 和 NUSTENDI 製造技術的多項流程，預計 2025 年將帶來各種營運資金收益。我們的日本合作夥伴大塚製藥已提交日本批准我們的貝哌多酸產品用於降低低密度脂蛋白膽固醇，並將於 2025 年下半年獲得批准並納入國家健康保險定價。

Upon this achievement, we expect to receive milestone payments of up to $120 million. The Japanese market is the world's third largest cardiovascular prevention market, and we believe the royalties on Japanese product sales will be a major revenue contributor over time. Building on our global progress, we expanded our international reach through our commercial partnership with HLS Therapeutics, giving them the exclusive rights to commercialize NEXLETOL and NEXLIZET

一旦實現這一目標，我們預計將收到高達 1.2 億美元的里程碑付款。日本市場是世界第三大心血管預防市場，我們相信，隨著時間的推移，日本產品銷售的特許權使用費將成為主要的收入來源。在全球取得進展的基礎上，我們透過與 HLS Therapeutics 建立商業合作夥伴關係擴大了國際影響力，並授予他們 NEXLETOL 和 NEXLIZET 商業化的獨家權利

in Canada. Our previously filed new drug submissions to Health Canada are on track for review, and we continue to expect market approval in the fourth quarter of 2025. Our partner in Israel, Neopharm Israel remains on track for market approval of NEXLETOL and NEXLIZET in the first half of 2026. And CSL Seqirus, our partner in Australia and New Zealand filed a marketing application in Australia for NEXLETOL and NEXLIZET in July 2025 and expects market approval in Q4 2026.

在加拿大。我們先前向加拿大衛生部提交的新藥申請正在審核中，我們預計該藥物將在 2025 年第四季獲得市場批准。我們在以色列的合作夥伴 Neopharm Israel 預計將在 2026 年上半年獲得 NEXLETOL 和 NEXLIZET 的市場批准。我們在澳洲和紐西蘭的合作夥伴 CSL Seqirus 於 2025 年 7 月在澳洲提交了 NEXLETOL 和 NEXLIZET 的行銷申請，預計將於 2026 年第四季獲得市場批准。

The progress with these international partnerships is expected to deliver a consistent cadence of approvals and product launches over the coming months and year that will also provide a growing royalty stream and milestone payment, all of which support our strategic focus to drive revenue growth and profitability.

這些國際合作夥伴關係的進展預計將在未來幾個月和一年內帶來持續的審批和產品發布，這也將帶來不斷增長的特許權使用費流和里程碑付款，所有這些都支持我們推動收入增長和盈利能力的戰略重點。

With that overview of the business, let me turn the call over to Ben for a detailed review of our financial progress during the second quarter. Ben?

在了解了業務概況之後，我將把電話轉給本，讓他詳細回顧我們第二季度的財務進展。本？

Thank you, Sheldon. Good morning, everyone, and thank you for joining us. I'm extremely excited and proud to share our financial results today. Our second quarter 2025 financial results can be found in the press release we issued this morning, and more detail will be included in our upcoming 10-Q. As you've heard Sheldon discuss, we had an exceptional second quarter, highlighted by our first of operating income from ongoing business in the company's history, which sets us up nicely and supports our plans to transition to sustainable profitability starting in the first quarter of 2026.

謝謝你，謝爾頓。大家早安，感謝大家的收看。我今天非常高興和自豪地分享我們的財務表現。我們的 2025 年第二季財務業績可以在我們今天上午發布的新聞稿中找到，更多詳細資訊將包含在我們即將發布的 10-Q 中。正如您所聽到的謝爾頓所討論的，我們第二季度的表現非常出色，其中最突出的是公司歷史上首次從持續經營業務中獲得營業收入，這為我們奠定了良好的基礎，並支持了我們從 2026 年第一季度開始向可持續盈利轉型的計劃。

We are proud of the progress we've made and it underscores our long-held assertion that incremental growth when compounded and expanded will drop to the bottom line. Over time, this gives us considerable leverage as we move forward with confidence. Turning now to the financial results. Second quarter 2025 total revenue was $82.4 million, up 12% from the comparable period in 2024.

我們為所取得的進步感到自豪，這也印證了我們長期以來的信念：增量成長在復合和擴張後最終會降到最低點。隨著時間的推移，這將為我們充滿信心地前進提供相當大的優勢。現在來談談財務結果。2025 年第二季總營收為 8,240 萬美元，較 2024 年同期成長 12%。

Note, this impressive growth was achieved even when compared to second quarter 2024, during which we received a $25 million onetime milestone payment, further highlighting the strength of our underlying business. US net product revenue was $40.3 million compared to $28.3 million for the comparable period in 2024, an increase of approximately 42%.

值得注意的是，即使與 2024 年第二季度相比，我們仍然實現了這一令人印象深刻的增長，在此期間我們收到了 2500 萬美元的一次性里程碑付款，進一步凸顯了我們基礎業務的實力。美國淨產品收入為 4,030 萬美元，而 2024 年同期為 2,830 萬美元，成長約 42%。

Sequential quarterly net revenue growth was 15%. Collaboration revenue was $42.1 million compared to $45.5 million for the comparable period in 2024, a decrease of approximately 7%, driven by the settlement agreement milestone with DSE received in the three-months ended June 30, 2024, offset partially by increases in royalty sales with our partner territories and product sales to our collaboration partners from our supply agreements.

連續季度淨收入成長率為15%。合作收入為 4,210 萬美元，而 2024 年同期為 4,550 萬美元，下降約 7%，這主要是由於截至 2024 年 6 月 30 日的三個月內與 DSE 達成的和解協議里程碑所致，但部分抵消了我們與合作夥伴地區的特許權使用費銷售額的合作費用以及我們根據供應商的協議里程碑增加。

Excluding the settlement agreement milestone, collaboration revenue grew 105% from the comparable period. Turning to the rest of the P&L, for the second quarter 2025, research and development expenses were $7.2 million compared to $11.5 million for the comparable period of 2024, a decrease of 37%. Selling, general and administrative expenses were $39.5 million compared to $44.2 million for the comparable period in 2024, a decrease of 11%.

不計和解協議里程碑，合作收入較同期成長了 105%。談到損益表的其餘部分，2025 年第二季度，研發費用為 720 萬美元，而 2024 年同期為 1,150 萬美元，下降了 37%。銷售、一般及行政開支為 3,950 萬美元，而 2024 年同期為 4,420 萬美元，下降了 11%。

The decrease quarter-over-quarter was primarily related to decreased media and marketing costs. We are reiterating our full year 2025 operating expense guidance, which is expected to be approximately $215 million to $235 million, including $15 million in non-cash expenses related to stock compensation. We are on our way to transitioning to sustainable profitability starting in first quarter of 2026, and our operating income from ongoing business in the second quarter validates those expectations.

環比下降主要與媒體和行銷成本下降有關。我們重申 2025 年全年營運費用指引，預計約為 2.15 億美元至 2.35 億美元，其中包括與股票薪酬相關的 1,500 萬美元非現金費用。從 2026 年第一季開始，我們將向可持續獲利轉型，而第二季來自持續經營業務的營業收入證實了這些預期。

We ended the quarter with cash and cash equivalents of $86.1 million, which combined with our excellent operational results and continued global growth well positions us to create value and achieve our goals.

本季末，我們的現金和現金等價物為 8,610 萬美元，加上我們出色的營運表現和持續的全球成長，我們能夠創造價值並實現我們的目標。

With that, I will now turn the call back over to Sheldon for closing remarks. Sheldon?

現在，我將把電話轉回給謝爾頓，請他作最後發言。謝爾頓？

Thank you, Ben. As you've heard today, we have yet again delivered strong results and are executing with precision and building meaningful momentum across every dimension of our business from commercial performance and clinical adoption to global expansion and pipeline innovation. We are not just growing, we are transforming the landscape of cardiovascular disease prevention for underserved patients.

謝謝你，本。正如大家今天所聽到的，我們再次取得了強勁的業績，並且正在精準執行，並在我們業務的各個方面建立有意義的發展勢頭，從商業表現和臨床應用到全球擴張和管道創新。我們不僅在成長，我們也正在為服務不足的患者改變心血管疾病預防的模式。

With NEXLETOL and NEXLIZET, we are delivering real-world impact. And with every new prescriber, every new patient reach and every new market entered, we are advancing our mission to reduce cardiovascular risk on a global scale. Looking ahead, we are energized by the opportunities in front of us.

借助 NEXLETOL 和 NEXLIZET，我們正在產生現實世界的影響。隨著每一位新開處方者、每一位新患者的到來以及每一個新市場的進入，我們都在推動在全球範圍內降低心血管風險的使命。展望未來，我們為眼前的機會充滿活力。

Our international partnerships are poised to unlock new revenue streams, and our pipeline is expanding into high-value areas of unmet need with the potential to shape the future of care. When you combine all these factors with diligent expense management, we are on the path to sustainable profitability beginning in the first quarter of 2026 and remain deeply committed to creating long-term value for our shareholders, our partners and most importantly, for the patients we serve.

我們的國際合作關係有望開闢新的收入來源，我們的產品線正在擴展到尚未滿足需求的高價值領域，並有可能塑造未來的護理。當您將所有這些因素與勤勉的費用管理結合起來時，我們將從 2026 年第一季開始走上可持續盈利的道路，並將繼續致力於為我們的股東、合作夥伴以及最重要的是我們服務的患者創造長期價值。

Thank you for your continued support and belief in our vision. We look forward to updating you on our continued progress next quarter.

感謝您對我們願景的持續支持與信任。我們期待下個季度向您通報我們的持續進展。

At this time, we are ready for questions.

現在，我們已經準備好回答問題了。

(Operator Instructions) Serge Belanger, Needham.

（操作員指示） Serge Belanger，Needham。

Congrats on the progress this quarter. A couple of quick questions on NEXLETOL and NEXLIZET. Can you remind us how many remaining prior auths are relative to the TAM for the product? And I think you mentioned you had over 80% approval rate for these prior auths. So is that a number you expect to continue improving on?

恭喜本季取得的進展。關於 NEXLETOL 和 NEXLIZET 的幾個快速問題。您能否提醒我們，相對於產品的 TAM，剩餘的先前授權數量是多少？我記得您提到這些先前授權的批准率超過 80%。那麼，您是否希望這個數字繼續提高？

And secondly, for Ben, I think you mentioned you expect some of the working capital benefits from the tech transfer to DSE to start occurring later this year. Just curious what that will look like on the balance sheet when it starts coming together?

其次，對於 Ben，我想您提到過，您預計技術轉移給 DSE 所帶來的一些營運資金收益將在今年稍後開始顯現。我只是好奇當它開始匯總時，資產負債表上會是什麼樣子？

Great. BJ?

偉大的。北京？

Yes. Serge, as far as the approval rates, as Sheldon had mentioned, in less than 60 days with the new field reimbursement team, they've hit 1,100 targets in those 60-days, and we're showing rates well over 80%. We have certain pacesetter regions that are even higher than 80%. But as you know, with our approval rates, like CVS, where we had our prior authorizations removed, we've hit an all-time high there at -- hitting 93% approval rates there, Aetna 94%.

是的。塞爾吉，就批准率而言，正如謝爾頓所提到的，在新現場報銷團隊成立不到 60 天的時間裡，他們已經達到了 1,100 個目標，而且我們的批准率遠超 80%。我們有一些領先地區，其比例甚至高於80%。但正如你所知，我們的批准率，例如 CVS，我們之前的授權被取消了，我們的批准率達到了歷史最高水平——達到了 93%，Aetna 的批准率達到了 94%。

And overall, we're well over 80%, but we have the certain key places where we've negotiated those prior authorizations really and improve that UM criteria. We're at 92 million live updated -- or 192 million, excuse me, aligned to our new label, and we continue to just see these approvals increasing day after day.

總體而言，我們已經遠遠超過 80%，但我們在某些​​關鍵地方確實協商了這些事先授權並改進了 UM 標準。我們的即時更新用戶數已達 9,200 萬——或者說，根據我們的新標籤，是 1.92 億，不好意思，而且我們看到這些批准量每天都在增加。

Thanks, Serge. This is Ben. Thanks for the question. On the working capital side, this is just in line with what we've been emphasizing on the importance from the tech transfer, right? We have a long time -- long production time line with our product. And so as DSE takes over, we will start to ramp down inventory production on our side, which we expect to happen towards the second half of this year. So I would -- inventory will come down as we start working through that backlog, and they will start ramping up in 2026.

謝謝，塞爾吉。這是本。謝謝你的提問。在營運資金方面，這與我們一直強調的技術轉移的重要性一致，對嗎？我們的產品擁有很長的生產時間。因此，隨著 DSE 接管，我們將開始減少我們這邊的庫存產量，我們預計這將在今年下半年發生。因此，隨著我們開始處理積壓訂單，庫存將會下降，並將在 2026 年開始增加。

Kristen Kluska, Cantor Fitzgerald.

克里斯汀·克魯斯卡，坎托·費茲傑拉。

Congrats on a strong quarter. So if I look at the graph on slide 10, where you talk about the growth. Can you -- it looks like the jump from April to May was probably the largest numerical gain in the 2.5-years. So if you can -- I know you talked about several growth levers, but what in particular really like stood out during that transition time?

恭喜本季業績強勁。因此，如果我看投影片 10 上的圖表，您就會看到有關成長的情況。您能說說嗎？看起來從4月到5月的成長可能是兩年半以來最大的數字成長。所以，如果您能說說的話，我知道您談到了幾個成長槓桿，但在這個過渡時期，真正突出的是什麼？

Thanks, Kristen. I think really for us, it's really been our strategy. We've talked a lot today about going after statin-intolerant patients and really establishing this beachhead, which has really continued to drive growth and create a significant amount of awareness. I think what you've heard today also is our plans as we move forward. You heard our tagline Can't take a statin? Make NEXLIZET happen.

謝謝，克里斯汀。我認為對我們來說，這確實是我們的策略。今天我們談了很多關於追蹤他汀類藥物不耐受患者並真正建立這個灘頭陣地的事情，這確實繼續推動了增長並產生了大量的認識。我想您今天聽到的也是我們未來的計畫。您聽過我們的標語「不能服用他汀類藥物」嗎？讓 NEXLIZET 成為現實。

We've got representatives out there that are promoting that. We have a lot of material that shows that asking the question, can you take a statin? So to me, I think that's what's really continuing to continue to drive the growth. I also have Lisa Schafer, who is our Head of Marketing in the US, also provide some comments.

我們有代表在那裡推動這一點。我們有大量材料表明提出這樣的問題：你可以服用他汀類藥物嗎？所以對我來說，我認為這才是真正繼續推動成長的因素。我們的美國行銷主管 Lisa Schafer 也提出了一些評論。

Yes, absolutely. And we see the strong growth both from Medicare, which was Medicare and commercial, which was really great and also with primary care physicians and cardiologists. So it really was just sustained growth quarter-over-quarter, but the out-of-pocket expense for Medicare patients has really improved in the second quarter as they reach that deductible. So that really will be tailwinds for the rest of the year as well.

是的，絕對是。我們看到醫療保險和商業保險都出現了強勁增長，這確實很棒，而且初級保健醫生和心臟病專家也出現了強勁增長。因此，這實際上只是季度環比的持續增長，但隨著醫療保險患者的自付費用達到免賠額，第二季度他們的自付費用確實有所改善。所以這對今年剩餘的時間來說也確實是個順風。

Okay. So with the growth of the new prescribers that are coming on board, is the number one selling point essentially that they have an option for these statin-intolerant patients? I guess, what would you rank maybe as the number two and number three selling points than primary prevention, secondary or anything else in particular that's really standing out as the other two selling points.

好的。那麼，隨著新處方人員的不斷增加，最大的賣點是否本質上是他們為這些對他汀類藥物不耐受的患者提供了選擇？我想，除了一級預防、二級預防或其他真正突出的另外兩個賣點之外，您會將什麼排為第二和第三位的賣點呢？

Yes, absolutely. So the fact that NEXLETOL and NEXLIZET are the only products indicated for reducing CV events in primary prevention is a very strong selling point. In addition, the only products that had the CV risk reduction, as you mentioned, in statin- intolerant patients, no other product now or in the future is studying that population for CV risk reduction. So those are really the strongest points that we have.

是的，絕對是。因此，NEXLETOL 和 NEXLIZET 是唯一適用於減少第一級預防中的心血管事件的產品，這是一個非常強大的賣點。此外，正如您所提到的，對於不耐受他汀類藥物的患者，唯一能夠降低心血管風險的產品是現在或將來沒有其他產品研究該族群的心血管風險降低。所以這些確實是我們最強的優勢。

Sheldon, anything to add to that?

謝爾頓，還有什麼要補充的嗎？

(Operator Instructions) Georgia Bank, Jefferies.

（操作員指示）喬治亞銀行、傑富瑞。

This is Georgia on for Dennis. Two questions from us. The first is, how do you view consensus US revenue for the year, which is around $170 million and the underlying script growth required to get there? When will you consider giving revenue guidance? And then our second question is, can you remind us on the cadence of milestone payments from Otsuka?

這是喬治亞為丹尼斯表演的節目。我們有兩個問題。首先，您如何看待今年美國票房的普遍預期（約 1.7 億美元）以及達到這一目標所需的劇本成長？什麼時候會考慮提供收入指導？我們的第二個問題是，您能否提醒我們大塚的里程碑付款節奏？

And are there very simple thresholds that need to be met and the contract language is very clear? And then can you reiterate that there won't be any confusion like we saw from Daiichi a few years ago?

是否有非常簡單的門檻需要滿足，而且合約語言非常清晰？然後能否重申一下，不會出現像幾年前第一核電廠那樣的混亂？

Thanks for the question. I'll take those in two parts. So on the consensus side, yes, I think you can see that we're tracking nicely and in line. I think this was a good quarter in terms of beating consensus and we're tracking well ahead of where we would want to be for that. On the milestone side, I'll reiterate, we have milestones in the second half with the Japanese regulatory process, which is up to $120 million in milestone payments.

謝謝你的提問。我將把它們分為兩部分。因此，從共識方面來看，是的，我想你可以看到我們的進展順利，並且保持一致。我認為，就超出預期而言，這是一個不錯的季度，而且我們的業績遠遠超出了我們的預期。在里程碑方面，我要重申，我們在下半年透過日本監管流程取得了里程碑式的進展，里程碑付款高達 1.2 億美元。

We expect those to come like I said, in the second half of the year, we're confident we're going to achieve that full amount based on the contract language. There are tiers and thresholds associated with it, but looking and knowing what those are. I think we are in good shape to maximize the potential for those milestones.

正如我所說，我們預計這些會在下半年實現，我們有信心根據合約條款實現全部金額。其中有相關的層級和閾值，但需要查看並了解它們是什麼。我認為我們已做好充分準備，可以最大限度地發揮這些里程碑的潛力。

Okay. And on the underlying script growth required to get there for the consensus, which is around $170 million?

好的。為了達成共識，所需的底層腳本成長量約為 1.7 億美元？

We're not. I mean, we -- Georgia, we haven't really disclosed what we're doing. It falls in line with guidance. We haven't really given the financial guidance. We're not giving script guidance. But I think what's important is to show and something we've talked about before is that we will continue to demonstrate double-digit script growth, which we've done again this quarter with over 10% script growth, and we're confident that, that momentum will continue.

我們不是。我的意思是，我們——喬治亞州，我們還沒有真正透露我們在做什麼。它符合指導。我們實際上還沒有給出財務指導。我們不提供腳本指導。但我認為重要的是展示我們之前談到的一點，即我們將繼續實現兩位數的劇本增長，本季度我們再次實現了超過 10% 的劇本增長，我們相信這種勢頭將會持續下去。

Jessica Fye, JPMorgan.

潔西卡費伊（Jessica Fye），摩根大通。

I have several questions this morning, mostly about the model and then kind of a bigger picture question. First, can you talk about the gross margin trend we should expect in the back half of the year and into '26? I guess I had thought it would kind of start to materialize, but maybe not. So just curious kind of how to think about the back half and then next year. And frankly, ultimately, where you land. How should we think about gross to net over the rest of this year?

今天早上我有幾個問題，主要是關於模型，然後是一個更大的問題。首先，您能談談我們預期今年下半年和 26 年的毛利率趨勢嗎？我猜我曾以為它會開始實現，但也許不會。所以只是好奇如何看待下半年和明年。坦白說，最終，你會落到哪裡。我們該如何看待今年剩餘時間的毛利率與淨利率？

And then it looks like R&D, particularly after this quarter is tracking below the 2025 R&D guidance. Should we expect a significant ramp-up in R&D in the back half to kind of get you into that range? So those are the model questions. And then the last one is just basically I want to ask you to kind of make the case here that NEXLETOL will remain competitive in the non-statin LDL space with additional oral mechanisms coming to market.

然後看起來研發，特別是在本季低於 2025 年研發指引之後。我們是否應該預期下半年研發支出將大幅增加，讓您進入這個範圍？這些就是典型問題。最後一個基本上是我想請您在這裡證明一下，隨著更多口服機制進入市場，NEXLETOL 將在非他汀類 LDL 領域保持競爭力。

Thanks, Jess. I will handle the very exciting model questions first and then turn it over to Sheldon for the competitor side. So looking at the model, I think kind of going in order of what you asked about on the gross margin side, the true benefits from the tech transfer will kick in, I think, early next year. This quarter was a good gross margin.

謝謝，傑西。我會先處理非常令人興奮的模擬問題，然後將其交給 Sheldon 處理參賽方面的問題。因此，從模型來看，我認為按照您在毛利率方面詢問的順序，技術轉移帶來的真正好處將在明年年初顯現。本季的毛利率良好。

I think it was largely in part due to the revenue mix as well as some of the underlying movement of materials that we had. But I think it's indicative of what we can expect once the tech transfer kicks in place and the beneficial margins we would see there. On gross to net, I think we're in steady state at this point. We've seen two quarters of what post IRA gross to net would look like and the lack of the Medicare coverage gap.

我認為這在很大程度上是由於我們的收入結構以及一些潛在的材料流動。但我認為這顯示一旦技術轉移開始實施，我們就能期待什麼，以及我們將看到的有利利潤。從總額到淨額，我認為我們目前處於穩定狀態。我們已經看到了兩個季度後 IRA 總額與淨額的走勢以及醫療保險覆蓋缺口的消失。

And frankly, it's been a huge tailwind for us over the course of this year. So we will not see that kind of compounding factor of gross to net worsening over the course of the year. And we will keep seeing the steady favorable gross to net, which you've seen so far in Q1 and Q2. On the R&D side, Q2 was light, but I think that's mostly just a timing thing.

坦白說，這對我們來說是今年的一大順風。因此，我們不會看到全年總額與淨額惡化的複合因素。我們將繼續看到穩定的毛利率與淨利率之間的良好關係，正如您在第一季和第二季所看到的那樣。在研發方面，第二季進展不多，但我認為這主要只是時間問題。

We have our pediatric trial, which is beginning to ramp up. And you'll see in the second half. I would not use the word significant ramp-up. R&D still remains pretty minimal in the grand scope of our spend, but you will see an increase compared to Q2 as that pediatric trial starts to ramp up in the second half of the year.

我們正在進行兒科試驗，目前該試驗正在開始加速進行。您將在下半場看到這一點。我不會使用“顯著提升”這個詞。在我們的支出總額中，研發支出仍然很小，但隨著下半年兒科試驗開始增加，你會看到與第二季相比增加。

Great. Thanks, Ben. Jeff, let me address your question as it relates to NEXLETOL and NEXLIZET being competitive into the future, and I'll segment this in two ways. We do these live now and actually our computers were updating while I was actually reading the script. So I want to reiterate one part of it. And that is from an IP perspective, we've already mentioned that we've had three of the ANDA filers settle to 2040.

偉大的。謝謝，本。傑夫，讓我來回答你的問題，因為它與 NEXLETOL 和 NEXLIZET 未來的競爭力有關，我將從兩個方面來細分這個問題。我們現在進行現場直播，實際上當我閱讀劇本時我們的電腦正在更新。所以我想重申其中的一部分。從 IP 角度來看，我們已經提到，我們已經有三位 ANDA 申請人解決了 2040 年的問題。

And that's important because, as you know, our baseline projections were always June of 2031, and we started to actually plan beyond that. So we're very confident, as we stated before, about our patent. And so from a future perspective, that's going to allow us to continue to grow these products for a number of years. That's one aspect.

這很重要，因為如你所知，我們的基準預測始終是 2031 年 6 月，而我們實際上已經開始製定超越這一目標的計劃。因此，正如我們之前所說，我們對我們的專利非常有信心。因此，從未來的角度來看，這將使我們能夠在未來幾年繼續發展這些產品。這是一個方面。

But the second aspect is more about what do we have today. We're on the market today. We are the only product that study statin- intolerant patients. We are the only product that also has, as Lisa mentioned, an indication in primary prevention. No other future product is actually doing an outcome study, whether that be oral PCSK9 or CETP inhibition in primary prevention.

但第二個方面更多的是關於我們今天擁有什麼。我們今天就在市場上。我們是唯一研究他汀類藥物不耐受患者的產品。正如麗莎所提到的，我們是唯一一款具有一級預防適應症的產品。沒有其他未來產品真正進行結果研究，無論是口服 PCSK9 還是用於一級預防的 CETP 抑制。

Let's also not forget there have been four CETP inhibitors that have failed previously and it remains to be seen what happens with the CETP that's in development. So we're very confident based upon where we stand, really a summary of what we did today from a reimbursement perspective, how we've been able to drive growth, physicians becoming more aware of this product.

我們也不要忘記，之前已有四種 CETP 抑制劑失敗，而正在開發的 CETP 會發生什麼事還有待觀察。因此，根據我們的現狀，我們非常有信心，這實際上是從報銷角度總結我們今天所做的事情，我們如何推動成長，以及醫生對這個產品的認識如何。

So very bright future ahead. And I've always said when this product becomes generic, it's going to be the most utilized generic product ever in lipid lowering. Our mission is to make that goal now.

未來非常光明。我一直說，當該產品成為通用產品時，它將成為降脂領域中使用最廣泛的通用產品。我們的使命就是現在實現這個目標。

Jason Zemansky, Bank of America.

美國銀行的傑森·澤曼斯基。

I guess, Sheldon, maybe for you, at a high level, we appreciate it's still early days in the launch, and we're certainly not overlooking the progress to date. But you've talked about the potential of bempedoic acid reaching blockbuster status and sort of comparing where, -- we're curious what gets you there? And when should we expect the inflection to occur, particularly given the potential of competitive oral non-statin agents entering and additional potential headwinds, including reductions in Medicare, Medicaid spend and so forth.

我想，謝爾頓，也許對你來說，從高層來看，我們知道現在還處於發布的早期階段，但我們當然不會忽視迄今為止的進展。但是您談到了苯海拉明酸達到重磅藥物地位的潛力，並進行了比較——我們很好奇是什麼讓您達到了這一水平？我們應該預期拐點何時發生，特別是考慮到競爭性口服非他汀類藥物的進入以及其他潛在阻力，包括醫療保險、醫療補助支出的減少等。

Yes. So first of all, it kind of goes back to slide 10 of the presentation. We've seen an inflection. This is a big market. This is a TAM of 70 million patients. This isn't like an orphan rare, as you know, oncology product, where you see this hockey stick take off. It's something that -- a market that will continue to grow, and you'll continue to see the growth in our product. We're very happy in where we stand.

是的。首先，它有點像回到簡報的第 10 張投影片。我們已經看到了轉折點。這是一個很大的市場。這是 7,000 萬名患者的 TAM。這不像孤兒藥，正如你所知，腫瘤產品，你會看到它像曲棍球棒一樣起飛。這是一個會持續成長的市場，你也會繼續看到我們的產品的成長。我們對目前的情況非常滿意。

The fact that we've been able to provide double-digit growth in basically every single metric that you look at. we think that, to your point, early in the launch, we've got a long way to go. We're just starting, and we're seeing tremendous gains. As we mentioned today, Europe is a great bellwether as well as we continue to maximize our label from the clear Outcome study.

事實上，我們基本上在每一個指標上都實現了兩位數的成長。我們認為，正如您所說，在發布初期，我們還有很長的路要走。我們才剛起步，但卻取得了巨大的進步。正如我們今天提到的那樣，歐洲是一個很好的領頭羊，而且我們將繼續從明確的結果研究中最大化我們的標籤。

As you know, Jason, we haven't given guidance of when we'll be at certain points. But I think you can see by our ongoing successful quarters we're going to get there. As it relates to future competition, as I mentioned previously, we really need to see what the outcomes data shows for these products, and they're a long way off. So I would actually ask you to ask them how they think that will look versus us in the future. Thank you.

如你所知，傑森，我們還沒有給出何時到達某個點的指導。但我想您可以從我們連續幾個季度的成功中看到，我們將實現這一目標。至於未來的競爭，正如我之前提到的，我們確實需要看看這些產品的結果數據顯示了什麼，而這還有很長的路要走。所以我實際上想請你問他們，他們認為未來與我們相比會是什麼樣子。謝謝。

(Operator Instructions) Joe Pantginis, H.C. Wainwright.

（操作員指示）Joe Pantginis、H.C. Wainwright。

I have two, please. So first, on the back end, with regard to PSC and your plans, what would you consider any, if any rate-limiting steps that might potentially impact your second half of 2016 guidance?

請給我兩份。那麼首先，在後端，關於 PSC 和您的計劃，您會考慮採取什麼限速措施，這些措施可能會影響您 2016 年下半年的指導？

I mean we don't really anticipate any, to be honest. Everything associated with our PSC program is baked in and incorporated into our expense guidance. And we've always reiterated, this is a relatively cheap program to move forward through the IND process, which we expect to continue in the second half of the year.

我的意思是，說實話，我們真的不期待任何事。與我們的 PSC 計劃相關的所有內容都已融入並納入我們的費用指導中。我們一直重申，這是一個相對便宜的計劃，可以透過 IND 流程推進，我們預計該流程將在今年下半年繼續進行。

So that's from an expense front, also, like, say, from the scientific or preclinical study part components?

那麼，這是從費用方面來看的，比如說，從科學或臨床前研究部分組成來看的？

No, nothing this year.

沒有，今年沒有。

Okay. Got it. And my second question, I will admit, is somewhat rhetorical, but I would love your thoughts. So when you look at just the US you talked about currently having about 28,000 health care providers prescribing the drug. Looking at your various marketing campaigns, the new ones coming up, the digital campaigns and what have you, what would you say would be the key inflection areas that would take you more quickly from 28,000 HCPs to say, 50,000 versus, say, 28,000 to 29,000?

好的。知道了。我承認，我的第二個問題有點反問，但我很想聽聽您的想法。因此，當您僅看美國時，您談到目前有大約 28,000 名醫療保健提供者開出這種藥物。回顧您的各種行銷活動、即將開展的新活動、數位行銷活動以及其他活動，您認為哪些關鍵的轉折點可以讓您更快地從 28,000 名 HCP 增加到 50,000 名，而不是從 28,000 名增加到 29,000 名？

Yes. Well, look, I mean, I think to your point, Joe, we've been showing this growth every quarter as it relates to physicians increasing prescribing, I think what it's allowed us to do is also analyze what are the tactics getting us there. We talked about this TV ad and connected television. This is not a big DTC campaign. But this is something as more folks look at their phone or their tablet or their iPad.

是的。嗯，你看，我的意思是，喬，我認為你的觀點是，我們每個季度都顯示出這種增長，因為它與醫生增加處方有關，我認為這讓我們能夠做的是分析哪些策略可以讓我們實現這一目標。我們討論了這則電視廣告和連網電視。這不是一個大型的 DTC 活動。但隨著越來越多的人關注他們的手機、平板電腦或 iPad，這種情況正在發生。

These are consumers and they're watching, whether that be Hulu or NBC Sports, as we mentioned, there will be others, consumers being driven to the physician also is very helpful. A matter of fact, we've done market research that has shown that every time a consumer has asked for this drug, they've gotten it. So this tactic of can't take a statin? Make NEXLIZET happen.

這些都是消費者，他們正在觀看，無論是 Hulu 還是 NBC Sports，正如我們所提到的，還會有其他人，消費者去看醫生也是非常有幫助的。事實上，我們所做的市場調查顯示，每當消費者要求這種藥物時，他們都會得到它。那麼這種不能服用他汀類藥物的策略是怎麼樣的呢？讓 NEXLIZET 成為現實。

That's one that's driving physician growth. The consumer activation will also drive growth. And what we're also seeing is that physicians who use this drug in patients who can't take a statin, whether they can't take a statin at all or they can only take a low dose of a statin, they say, well, if it works this well without even taking the statin, what would it be like if they were taking the statin.

這是推動醫師成長的因素之一。消費者的積極性也將推動成長。我們也看到，醫生在為不能服用他汀類藥物的患者使用這種藥物時，無論這些患者根本不能服用他汀類藥物，還是只能服用低劑量的他汀類藥物，他們都會說，如果不服用他汀類藥物就能發揮這麼好的作用，那麼如果他們服用他汀類藥物會是什麼樣子呢？

So we're seeing more adoption than that add-on therapy also. So -- and again, primary prevention is a big driver. So all of those levers are going to continue our growth. And again, I would remind folks that primary prevention is a lever, we own that airspace. Nobody now or in the future will have that type of indication.

因此，我們看到採用這種療法的人數比採用附加療法的人數還多。所以 — — 再次強調，初級預防是重要驅動力。因此，所有這些槓桿都將推動我們的成長。我再次提醒大家，一級預防是一種槓桿，我們擁有這片領空。現在或將來都不會有人有這種跡象。

No, perfect. I love the thoughts. I appreciate that. And again, it's just the growing strong blocking and tackling that you guys are doing.

不，完美。我喜歡這些想法。我很感激。再說一次，你們的阻擋和鏟球能力正在不斷增強。

And this concludes our Q&A session. I will turn it back to management for final comments.

我們的問答環節到此結束。我將把它交還給管理層，徵求最終意見。

Thank you, operator, and thank you all again for your time and attention this morning. We are looking forward to participating in a number of September conferences and hope to have the opportunity to connect with many of you then. In the meantime, if you have any questions or would like to have a call with the team, just reach out to our Head of Investor Relations, Alina Venezia, and have a great day and a great week. Take care.

謝謝接線員，再次感謝大家今天上午的時間和關注。我們期待參加九月份的一系列會議，並希望有機會與你們中的許多人建立聯繫。同時，如果您有任何疑問或想與團隊通話，請聯絡我們的投資者關係主管 Alina Venezia，祝您度過美好的一天和美好的一周。小心。

And this concludes our conference. Thank you all for participating, and you may all disconnect.

我們的會議到此結束。感謝大家的參與，大家可以斷開連結了。