Indivior PLC (INDV) 2024 Q3 法說會逐字稿

Hello, everyone. Before we begin, I need to remind everyone that on today's call, we may make forward-looking statements that are subject to risks and uncertainties and that actual results may differ materially, we list the factors that may cause our results to be materially different. On slide two of this presentation, these statements are based on current information and beliefs and we disclaim any obligation to update them except where required by law.

大家好。在開始之前，我需要提醒大家，在今天的電話會議上，我們可能會做出前瞻性陳述，這些陳述存在風險和不確定性，實際結果可能存在重大差異，我們列出了可能導致我們的結果存在重大差異的因素。在本簡報的第二張投影片中，這些陳述是基於當前的資訊和信念，除非法律要求，否則我們不承擔任何更新這些陳述的義務。

We may also refer to non-GAAP measures, the reconciliations for which may also be found in the appendix to this presentation that is now posted on our website at www.indivior.com. I'll now turn the call over to Mark Crossley, our CEO.

我們也可能參考非公認會計原則措施，其調節也可以在本簡報的附錄中找到，該附錄現已發佈在我們的網站 www.indivior.com 上。現在我將把電話轉給我們的執行長馬克‧克羅斯利 (Mark Crossley)。

Thank you Jason and Good morning and Good afternoon, everyone. Thanks for joining us. Joining me today are Ryan Preblick our Chief Financial Officer and Christian Heidbreder our Chief Scientific Officer. I'll quickly highlight our results and some updates from our release earlier in the month and then Ryan will detail the financials and our full year 2024 outlook. Christian is with us to answer any questions on the pipeline. Since we announced a business update just two weeks ago, I'm going to keep my formal remarks relatively brief, but I do want to provide a few updates. First, our results for the third quarter continued to show solid double digit year over year growth and we're in line with the expectations that we pre announced earlier this month.

謝謝傑森，大家早安，下午好。感謝您加入我們。今天與我一起的還有我們的財務長 Ryan Preblick 和我們的首席科學官 Christian Heidbreder。我將快速強調我們的業績以及本月早些時候發布的一些更新，然後 Ryan 將詳細介紹財務數據和 2024 年全年展望。克里斯蒂安將與我們一起回答有關管道的任何問題。由於我們兩週前剛剛宣布了業務更新，因此我的正式演講將保持相對簡短，但我確實想提供一些更新。首先，我們第三季的業績持續呈現兩位數的年比穩健成長，並且符合我們本月稍早預先宣布的預期。

Supplicate third quarter net revenue of $191 million increased 14% and primarily drove the 13% increase in total third quarter net revenue to $307 million.

Supplicate 第三季淨收入為 1.91 億美元，成長 14%，主要推動第三季總淨收入成長 13%，達到 3.07 億美元。

Our underlying profitability and gross cash position also remains strong adjusted operating profit through the quarter increased 62% to $97 million and our cash position at the end of the third quarter was $344 million. In terms of the sequential net revenue trend for SUBLOCADE despite 2% dispense growth quarter over quarter, we saw a modest decline in the third quarter from the second quarter.

我們的基本獲利能力和總現金部位也保持強勁，整個季度調整後營業利潤成長了 62％，達到 9,700 萬美元，第三季末我們的現金部位為 3.44 億美元。就 SUBLOCADE 的連續淨收入趨勢而言，儘管季度環比增長 2%，但我們看到第三季較第二季略有下降。

As previously discussed, supplicates growth is being impacted by a combination of intensified initial trial and adoption of the competing product variability and funding timing and certain justice system accounts and further de stocking. Ryan will share more detail on the financial performance drivers in a moment.

如前所述，請求的成長受到強化初步試驗和採用競爭產品的可變性和資助時間以及某些司法系統帳戶和進一步去庫存的影響。Ryan 稍後將分享更多有關財務績效驅動因素的詳細資訊。

Second, as we navigate through the near term, our commercial teams remain intensely focused on our critical mission to help patients with opioid use disorder.

其次，在我們近期的發展過程中，我們的商業團隊仍然高度關注我們的關鍵使命，即幫助阿片類藥物使用障礙患者。

We're generating increases in overall organized health system and CGs activation which we believe will continue to grow the market for opioid use disorder over the long term, this resulted in suffocate US patients and dispense growth on both a year over year and sequential basis in the quarter.

我們正在增加整體有組織的衛生系統和 CG 激活，我們相信從長遠來看，這將繼續擴大阿片類藥物使用障礙的市場，這導緻美國患者窒息，並在逐年和連續的基礎上分配增長該季度。

Further, as we now, as we have now been in a competitive market for a year, we want to continue to reinforce that SUBLOCADE remains the long acting injectable of choice for opioid use disorder treatment over this time.

此外，正如我們現在一樣，我們已經處於競爭激烈的市場一年了，我們希望繼續強調，SUBLOCADE 仍然是這段時間內治療阿片類藥物使用障礙的長效注射劑的選擇。

First, suffocate share of new patients with 72% at the end of the third quarter. In addition, in analysing multiple co prescribing cohorts outside of CGs. Since the competitors launch, we currently see SUBLOCADE a maintaining its leadership position at share levels consistently in the mid 6%-- range across these cohorts.

首先，截至第三季末，新增患者的窒息比例為72%。此外，也分析了 CG 以外的多個共同處方隊列。自競爭對手推出以來，我們目前看到 SUBLOCADE 在這些同類產品中的份額水準始終保持在 6% 左右的範圍內，保持其領先地位。

Third, we're actively pursuing targeted streamlining actions including cost reductions against the group's expense base. Our actions will mainly be focused on reducing G&A costs and reprioritizing our R&D pipeline.

第三，我們正積極採取有針對性的精簡行動，包括針對集團的支出基礎降低成本。我們的行動將主要集中在降低一般管理費用和重新調整我們的研發管道的優先順序。

Ryan will have more details on this item, but these actions are expected to sharpen our strategic focus on [fueling] supplicates growth while advancing our two late-stage oud related pipeline assets and helping protect margins.

瑞安將提供有關此項目的更多詳細信息，但這些行動預計將加強我們對[促進]增長的戰略重點，同時推進我們的兩個後期沉香相關管道資產並幫助保護利潤。

Lastly, we continue to work hard to secure our future and create greater certainty for end of your stakeholders. As you will have seen, we reached a preliminary agreement for a settlement of $40 million to resolve the last remaining legacy antitrust cases.

最後，我們將繼續努力確保我們的未來並為您的利害關係人創造更大的確定性。如您所見，我們達成了一項 4000 萬美元和解協議，以解決最後剩餘的遺留反壟斷案件。

Material terms and conditions of the final settlement agreement must still be negotiated but our expectation is to resolve these shortly, if the settlement is completed all of the antitrust litigation will be behind the group.

最終和解協議的重要條款和條件仍需進行談判，但我們期望盡快解決這些問題，如果和解完成，所有反壟斷訴訟都將被集團拋在身後。

Turning to our strategic priorities report card starting with SUBLOCADE expanding on my previous commentary, US patients and treatment grew 37% year over year to 166,600 at the end of the third quarter. On a sequential basis this represents a 4% increase with over 6,200 patients gained in the quarter. Recall we're targeting greater than 270,000 patients to deliver our peak net revenue goal of greater than a billion and a half dollars, in terms of continuing to lay the foundation for SUBLOCADE future growth. The number of active dispensing HCPS increased to more than 7,700 in the third quarter representing a 15% increase from approximately 6,700 at the end of fiscal year 2023.

轉向我們的策略優先事項報告卡，從我之前評論的 SUBLOCADE 擴展開始，美國患者和治療人數同比增長 37%，截至第三季末達到 166,600 人。環比增加了 4%，本季增加了 6,200 多名患者。回想一下，我們的目標是超過 27 萬名患者，以實現超過 15 億美元的峰值淨收入目標，繼續為 SUBLOCADE 未來的成長奠定基礎。第三季度，活躍配藥 HCPS 人數增加至 7,700 多人，較 2023 財年末的約 6,700 人增加了 15%。

We've also continued to make good progress, activating justice system accounts reaching over 800 accounts at the end of the third quarter, we've made progress in our goal to establish a nationwide network of alternate sites of injection for SUBLOCADE. In the third quarter, we added one new partner bringing the total number of alternate injection sites to approximately 1,220 locations.

我們也繼續取得良好進展，啟動司法系統帳戶到第三季末已達到 800 多個帳戶，我們在建立全國性 SUBLOCADE 備用注射站點網路的目標方面取得了進展。第三季度，我們增加了一位新合作夥伴，使備用注射點總數達到約 1,220 個。

The number of supplicate injections at these sites increased 60% in the third quarter compared to the previous quarter. We're also pleased to see that the DEA has extended telehealth for buprenorphine. This underscores the ongoing bipartisan efforts in the US to increase patient access to medically assisted treatment.

第三季這些地點的請求注射數量比上一季增加了 60%。我們也很高興看到 DEA 擴大了丁丙諾啡的遠距醫療範圍。這凸顯了美國兩黨正在為增加患者獲得醫療輔助治療的機會所做的努力。

Looking at diversification and starting without the, as you saw in our October 10th business update, we booked net revenue for two orders as part of our 10-year contract with Barda.

正如您在 10 月 10 日的業務更新中看到的那樣，考慮到多元化並從沒有的開始，我們記錄了兩個訂單的淨收入，作為我們與 Barda 的 10 年合約的一部分。

Outside of those orders, we believe we are building both a strong funding as well as trial and experience environment for OPVEE. At the end of the third quarter, we have established approximately 180 experience programs, and 32 states now have standing orders in place. In our rest of world business, we continue to see good growth and contribution from our new products, Sublocade and Suboxone film.

除了這些訂單之外，我們相信我們正在為 OPVEE 建立強大的資金以及試用和體驗環境。截至第三季末，我們已經建立了約 180 個體驗項目，目前已有 32 個州制定了長期訂單。在我們世界其他地區的業務中，我們繼續看到新產品 Sublocade 和 Suboxone 薄膜的良好成長和貢獻。

Their solid progression is helping us offset the ongoing challenges to our legacy tablet products ex-U.S. Sales of SUBLOCADE grew 30% year over year to $13 million. Turning to our pipeline. A few highlights to mention starting with SUBLOCADE. We previously announced that we submitted important label updates to the FDA for SUBLOCADE including rapid induction and alternate sites of injection on the body.

他們的堅實進展正在幫助我們應對美國以外地區傳統平板電腦產品持續面臨的挑戰。 SUBLOCADE 銷售額年增 30%，達到 1,300 萬美元。轉向我們的管道。從 SUBLOCADE 開始有幾個值得一提的亮點。我們先前宣布，我們向 FDA 提交了 SUBLOCADE 的重要標籤更新，包括快速誘導和身體上的替代注射部位。

We received priority review designation with a PDUFA date of February 7, 2025. If approved, we believe these label updates will help us directly address feedback we received from hcps on how we can improve the patient experience for [supplicating.]

我們收到了優先審查指定，PDUFA 日期為 2025 年 2 月 7 日。如果獲得批准，我們相信這些標籤更新將幫助我們直接解決從 hcps 收到的關於如何改善患者體驗的回饋[懇求。

Turning to the pipeline the most material development during the quarter was that the a list Phase 2b study did not meet its endpoints in reducing voluntary cannabis usage among cannabis use disorder patients.

談到管道，本季最重要的進展是 2b 期研究沒有達到減少大麻使用障礙患者自願使用大麻的終點。

While disappointing, we made the decision not to move forward with the asset. Additionally, as part of the reprioritization of our pipeline, we've announced today, we've made the decision to discontinue INDV-1,000 A pre-clinical asset targeting alcohol use disorder.

雖然令人失望，但我們決定不再繼續推進該資產。此外，作為重新調整我們的產品線優先順序的一部分，我們今天宣布，我們決定停止針對酒精使用障礙的 INDV-1,000 A 臨床前資產。

As a result, we're narrowing our pipeline to opioid use disorder with INDV-6001, a potential three monthly long-acting buprenorphine injectable and INDV-2000 a selective erection, one receptor antagonist.

因此，我們正在縮小阿片類藥物使用疾患的研發範圍，包括INDV-6001（一種潛在的三個月一次長效丁丙諾啡注射劑）和INDV-2000（一種選擇性勃起受體拮抗劑） 。

The Phase 2 study for both assets have been committed with study sites activated and development activities for both assets proceeding on track [fry] and INDV-6001 in the quarter, we initiated a multiple dose PK study that will inform any potential future Phase 3 study.

這兩種資產的2 期研究已經啟動，研究中心已啟動，並且這兩種資產的開發活動均在本季度按計劃進行[fry] 和INDV-6001，我們啟動了一項多劑量PK 研究，將為未來任何潛在的3 期研究提供資訊。

The first subject first visit was achieved in September. The completion of this study will last with last subject, last visit is currently scheduled for Q4 2025.

9月實現了第一個受試者的首次訪問。這項研究的完成將持續到最後一個主題，最後一次訪問目前計劃於 2025 年第四季。

The INDV-2000 Phase 2 proof of concept study is underway. The first subject was dosed in June and through mid-October, 55 patients have been dosed. Our excitement about this asset reflects our belief in the significant unmet need for non-opioid - at the non-opioid option for patients, as part of the OUD treatment continuum. The completion of this proof-of-concept study with last subject last visit is currently scheduled for Q4 2025.

INDV-2000 第二階段概念驗證研究正在進行中。第一個受試者於 6 月接受了給藥，截至 10 月中旬，已有 55 名患者接受了給藥。我們對這項資產的興奮反映了我們對非阿片類藥物的巨大未滿足需求的信念 - 作為 OUD 治療連續體的一部分，為患者提供非阿片類藥物選擇。這項概念驗證研究的最後一名受試者的最後一次訪問目前計劃於 2025 年第四季度完成。

In line with normal practice, we'll assess the outturn from both of these studies at completion of the Phase 2 before making any decision on future investment. Moving to capital allocation we're more than halfway through the $100 million buyback. We announced in late July, we also continue to progress in resolving legacy litigation matters included in the announced settlement that I referenced earlier.

按照正常做法，我們將在第二階段完成時評估這兩項研究的結果，然後再對未來的投資做出任何決定。轉向資本配置，我們 1 億美元的回購已完成一半以上。我們在 7 月下旬宣布，我們也將繼續在解決我之前提到的已宣布的和解協議中包含的遺留訴訟問題方面取得進展。

With that short intro, I'll hand over to Ryan.

簡短的介紹後，我將把任務交給 Ryan。

Thanks, Mark and Good morning and good afternoon to everyone. Despite the market dynamics that led to our recent update, I do want to highlight the strong underlying profitability of our business in the third quarter, we generated 13% year over year top line growth and saw an increase in adjusted operating profit of 62% and by continuing to actively manage our resources, we were also able to lower SG&A by 11% in the third quarter.

謝謝，馬克，大家早安，下午好。儘管市場動態導致了我們最近的更新，但我確實想強調我們第三季度業務強勁的潛在盈利能力，我們的收入同比增長了 13%，調整後的營業利潤增長了 62%，透過繼續積極管理我們的資源，我們也能夠在第三季將SG&A 降低11%。

I'll now walk you through our third quarter performance and then discuss the dynamics behind our recently revised full year 2024 guidance.

現在，我將向您介紹我們第三季的業績，然後討論我們最近修訂的 2024 年全年指引背後的動態。

Finally, I will provide some more colour on the streamlining actions mark mentioned earlier starting with the top line total net revenue of $307 million for the quarter reflected growth of 13% versus a year ago quarter, both on a reported and on a constant currency basis by geography total US, net revenue grew by 15% while the rest of the world business grew by 5% at actual currency and by 2% on a constant currency basis, SUBLOCADE remained the primary driver of our year-over-year net revenue growth in the US from increased volumes and organized health systems including justice system accounts, US net revenue in the third quarter also benefited from the fulfilment [of two of the orders] from Barda. In the rest of the world as mark noted growth was driven by continued positive contributions from our new products mainly SUBLOCADE.

最後，我將為前面提到的精簡行動標誌提供更多的色彩，首先是本季總淨收入 3.07 億美元，與去年同期相比增長 13%，無論是在報告基礎上還是在固定匯率基礎上按地域劃分美國淨收入增長了15%，而世界其他地區的業務按實際貨幣計算增長了5%，按固定貨幣計算增長了2%，SUBLOCADE 仍然是我們淨收入同比增長的主要推動力在美國，由於數量增加和包括司法系統帳戶在內的有組織的衛生系統，美國第三季的淨收入也受益於Barda [其中兩項訂單]的履行。正如馬克所指出的，在世界其他地區，成長是由我們的新產品（主要是 SUBLOCADE）的持續積極貢獻所推動的。

Total SUBLOCADE net revenue for the quarter was $191 million Up 14% versus last year US SUBLOCADE dispenses of 158,500 in the third quarter increased 19% versus last year and 2% versus the prior quarter.

該季度 SUBLOCADE 總淨收入為 1.91 億美元，比去年增長 14% 第三季度美國 SUBLOCADE 分配量為 158,500 個，比去年增長 19%，比上一季增長 2%。

The difference between the sequential dispense growth of 2% and the modest 1% decline in that revenue is due to trade destocking in the third quarter.

連續 2% 的分配成長與收入小幅下降 1% 之間的差異是由於第三季的貿易去庫存造成的。

Breaking down our sequential dispense growth by channel. We saw solid low single digit growth in the base non CGs business. This was largely offset in third quarter by a high single digit decline in dispenses in the justice system. This reflected the loss of a significant account due to intensified competition as well as short term funding fluctuations in certain higher adopter accounts for the net revenue in the quarter of $15 million reflected the two orders. I referenced already, which are part of our 10-year agreement with BARDA. For SUBOXONE film share averaged approximately 15% in the quarter, which was down compared with both the prior and year ago quarter net revenue in the quarter did however benefit from a non-recurring trade spend accrue update as claims data from change healthcare has normalized since the cyber-attack event, this catch up resulted in a benefit in the low double-digit millions range in the quarter.

按通路細分我們的連續分配成長。我們看到基礎非 CG 業務實現了穩定的低個位數成長。第三季度，司法系統分配額大幅下降，在很大程度上抵消了這一影響。這反映了由於競爭加劇以及某些較高採用者帳戶的短期資金波動而導致的一個重要帳戶的損失，該季度的淨收入為 1500 萬美元，反映了這兩個訂單。我已經提到過，這是我們與 BARDA 的 10 年協議的一部分。對於SUBOXONE 薄膜，該季度的平均份額約為15%，與上一季度和去年同期相比有所下降，但該季度的淨收入確實受益於非經常性貿易支出應計更新，因為醫療保健變化的索賠數據已正常化。

As a reminder, we do not promote the box on film in the US. Moving down the P&L our third quarter adjusted gross margin of 82% was down sequentially and versus the prior year quarter, the decrease in the gross margin percent primarily reflects favourable pricing on specific production batches in the year ago quarter. That did not repeat this quarter as well as continued impacts from cost inflation, mainly wages, raw materials and services adjusted SG&A expenses were $133 million in the quarter. A decrease of 11% versus Q3 of last year reflecting the discontinuation of PERSERIS as well as lower legal and other administrative expenses.

提醒一下，我們不會在美國宣傳底片盒。在降低損益表後，我們第三季調整後的毛利率為 82%，與去年同期相比有所下降，毛利率百分比的下降主要反映了去年同期特定生產批次的有利定價。本季這種情況並未重演，且成本通膨（主要是薪資、原料和服務）的持續影響，本季調整後的 SG&A 費用為 1.33 億美元。與去年第三季相比下降 11%，反映出 PERSERIS 的終止以及法律和其他管理費用的減少。

These benefits were partially offset by feed launch expenses and incremental growth investments behind SUBLOCADE expenses were $22 million in the quarter, an increase of 22% versus the year ago quarter. The expected increase in R&D reflects the phasing of pipeline advancement activities that we indicated would accelerate in the second half of the year. As INDV 6,001 and INDV 2000 commenced Phase 2 studies adjusted operating income of $97 million in the third quarter was up 62% versus the prior year, mainly benefiting from solid growth in the US net revenue and lower overall operating expenses.

這些收益被 Feed 發布費用部分抵消，本季 SUBLOCADE 費用背後的增量成長投資為 2,200 萬美元，比去年同期成長 22%。研發的預期成長反映了我們表示將在今年下半年加速的管道推進活動的分階段。隨著 INDV 6,001 和 INDV 2000 第二階段研究的開始，第三季調整後營業收入為 9,700 萬美元，比上年同期成長 62%，主要受益於美國淨收入的穩健成長和整體營業費用的下降。

Moving down the income statement, our third quarter net finance expense was $5 million versus net finance income of $2 million in the year ago quarter.

從損益表來看，我們第三季的淨財務費用為 500 萬美元，而去年同期的淨財務收入為 200 萬美元。

The net finance expense in the current year primarily reflects our lower cash and investment balances. Our adjusted tax rate was 22% or $20 million. Taken together this resulted in our adjusted net income growth of 47% to $72 million in the quarter.

本年度的淨財務費用主要反映了我們較低的現金和投資餘額。我們調整後的稅率為 22%，即 2000 萬美元。總而言之，本季調整後淨利成長了 47%，達到 7,200 萬美元。

Quickly touching on the balance sheet and our capital allocation or excuse our capital position. We ended the third quarter with gross cash and investments of $344 million year-to-date positive cash flow from operations was offset by litigation related payments and by the $122 million we spent on share buybacks through Q3.

快速討論資產負債表和我們的資本配置，或原諒我們的資本狀況。截至第三季末，我們的現金和投資總額為 3.44 億美元，年初至今來自營運的正現金流被訴訟相關付款以及我們在第三季度用於股票回購的 1.22 億美元所抵消。

As mark mentioned, we reached a preliminary settlement of $39 million to resolve the remaining anti-trust cases with certain end payers. The provision reflects the Net Present Value of the expected payment amounts over the next two years. This follows last quarter's settlement agreement with certain parties in the opioid MDL for which we recorded a $70 million provision with the settlement amount due to be paid over five years.

正如馬克所提到的，我們達成了 3900 萬美元的初步和解，以解決與某些最終付款人之間的剩餘反壟斷案件。此準備金反映了未來兩年預期付款金額的淨現值。在此之前，上季度與阿片類藥物 MDL 的某些方達成了和解協議，我們為此記錄了 7000 萬美元的準備金，和解金額將在五年內支付。

Material terms and conditions of both settlement agreements must still be finalized. On my final slide. I want to highlight a few key items from our 2024 guidance that we updated October 10.

兩項和解協議的重要條款和條件仍需最終確定。在我的最後一張投影片上。我想強調一下我們在 10 月 10 日更新的 2024 年指南中的幾個關鍵項目。

Our revised total net revenue guidance of $1.125 million to $1.165 million reflects the headwinds we articulated in early October and at the midpoint represents 5% year over year growth. For SUBLOCADE our guidance of $725 million to $745 million represents a 17% year over year growth at the midpoint.

我們修訂後的總淨收入指引為 112.5 萬美元至 116.5 萬美元，反映了我們在 10 月初闡述的不利因素，中位數代表同比增長 5%。對於 SUBLOCADE，我們的指引值為 7.25 億至 7.45 億美元，中間值年增 17%。

As we previously discussed, SUBLOCADE growth is being impacted by a combination of competition and other factors which we will expect will continue through Q4. We refined our net revenue expectations to approximately $15 million for the year based on receipt of the second [bar to order], we expect net revenue excluding bar to be immaterial as we are still building trial and adoption among targeted users.

正如我們之前討論的，SUBLOCADE 的成長受到競爭和其他因素的綜合影響，我們預計這種情況將持續到第四季度。根據收到第二個[訂購條]，我們將今年的淨收入預期細化至約1500 萬美元，我們預計不包括條形的淨收入並不重要，因為我們仍在目標用戶中進行試驗和採用。

Our guidance for film is unchanged. Our guidance for SG&A expense was narrowed to $n to $560 million, for R&D we reduced our outlook to $115 million to $120 million. Taken together we have reduced expected overall operating expenses by $5 million -- in the remaining two months of the year as we look to drive additional efficiencies, given the elements I just discussed, we now expect adjusted operating income to be between $260 million and $280 million, which at the midpoint would be comparable to last year.

我們對電影的指導沒有改變。我們對 SG&A 費用的指導收窄至 5.6 億美元，對於研發，我們將預期下調至 1.15 億美元至 1.2 億美元。總的來說，我們已經將預期的總體營運支出減少了500 萬美元——在今年剩下的兩個月裡，我們希望提高效率，考慮到我剛才討論的要素，我們現在預計調整後的運營收入將在2.6 億美元到280 美元之間百萬，中間值與去年相當。

Before I close, I want to provide some additional colour on the streamlining actions we are announcing today which are intended to fuel SUBLOCADE growth fund our Phase 2 OUD assets and support group margins in aggregate Indivior anticipates reducing total operating expense by $10 million to $20 million in full year 2025 versus the 2024 midpoint of our guidance of $675 million-- recall we define operating expense as a combination of our SG&A and R&D expenses.

在結束之前，我想對我們今天宣布的精簡行動提供一些額外的信息，這些行動旨在為我們的第二階段OUD 資產提供SUBLOCADE 增長基金，並支持集團總體利潤率Indivior 預計將總運營費用減少1000萬至2,000 萬美元與 2024 年我們指引的中點 6.75 億美元相比，2025 年全年的營運費用為 SG&A 和研發費用的組合。

This year-on-year reduction includes savings from the launch of a new cost reduction program focused on SG&A and R&D reprioritization including discontinuing INDV 1,000 for alcohol use disorder. It also includes savings from the discontinuation of PERSERIS

這項同比減少包括啟動一項新的成本削減計劃所節省的費用，該計劃的重點是 SG&A 和研發重新調整優先順序，包括停止針對酒精使用障礙的 INDV 1,000。它還包括因終止 PERSERIS 而節省的費用

The combined gross savings from these initiatives will allow us to fund planned investments behind SUBLOCADE in 2025 as well as our Phase 2 assets targeting opioid use disorder. These savings will also allow us to absorb expected inflationary impacts considering these offsetting factors we still expect to show a year over year net reduction in operating expense in 2025 as I noted, we believe the result of these actions will be a more streamlined group with a clear focus on our strategic priorities, principally driving SUBLOCADE towards our peak net revenue goal of greater than $1.5 billion and strengthening our portfolio of OUD treatments to address unmet patient needs. While also helping protect our margins.

這些措施節省的總成本將使我們能夠為 2025 年 SUBLOCADE 的計劃投資以及針對阿片類藥物使用障礙的第二階段資產提供資金。考慮到這些抵銷因素，這些節省也將使我們能夠吸收預期的通貨膨脹影響，正如我所指出的，我們仍然預計2025 年營運費用將同比淨減少，我們相信這些行動的結果將是一個更加精簡的集團，明確關注我們的策略重點，主要推動 SUBLOCADE 實現超過 15 億美元的峰值淨收入目標，並加強我們的 OUD 治療組合，以滿足未滿足的患者需求。同時也有助於保護我們的利潤。

We will share the final details of our actions no later than February when we report our fourth quarter and full year 2024 results, I will now turn the call back over to mark.

我們將在 2 月報告第四季和 2024 年全年業績時分享我們行動的最終細節，我現在將把電話轉回馬克。

Thank you Ryan. Despite a more challenging market backdrop for SUBLOCADE in the near term, I hope we have demonstrated we remain highly confident that the underlying fundamentals of our business and strategy remain intact and that we're on a path to help patients in this undertreated market while generating substantial shareholder value through our actions. We're happy to take your questions now.

謝謝瑞安。儘管短期內SUBLOCADE 的市場背景更具挑戰性，但我希望我們已經證明我們仍然高度有信心，我們的業務和戰略的基本面保持不變，並且我們正在走上幫助這個治療不足的市場中的患者的道路，同時產生透過我們的行動為股東創造巨大價值。我們很高興現在回答您的問題。

(Operator's Instructions)

（操作員說明）

David Amsellem, Piper Sandler.

大衛·阿姆塞勒姆，派珀·桑德勒。

Thanks. So, I just have a couple first on the competitive landscape. Can you just talk about how you're thinking about your share of new starts, longer term and what you think ultimately the market will shake out at, do you think you'll be getting half of new starts is something higher, something lower? I know what you've been saying recently but help us better understand where you think things are going to evolve in the context of a two player, LAIB buprenorphine market. So, that's number one and then number two is just in terms of capital deployment, I mean, you bought back shares, it looks like you can continue to do that. How aggressive are you going to be through next year in terms of buybacks? And how do you balance that versus other business development priorities? You bought opioids and that gave you the that was a sizable acquisition. Is that something that you're thinking about in terms of deal size going forward or are you thinking more conservatively just help us understand your thought process there? Thank you.

謝謝。所以，我先對競爭格局有一些了解。您能否談談您如何看待新開工的份額，從長遠來看，以及您認為市場最終會發生什麼變化，您認為新開工的一半是更高還是更低？我知道您最近在說什麼，但請幫助我們更好地了解您認為在 LAIB 丁丙諾啡市場兩個參與者的背景下，事情將如何發展。所以，這是第一，第二就是資本配置方面，我的意思是，你回購了股票，看起來你可以繼續這樣做。明年您在回購方面將採取多積極的行動？您如何平衡這一點與其他業務發展優先事項？你買了鴉片類藥物，這對你來說是一筆相當大的收購。這是您在未來交易規模方面考慮的事情，還是您更保守地考慮只是幫助我們理解您的思考過程？謝謝。

Thanks David. I think when we think about the competitive landscape, the early data certainly is encouraging when you look at new patient share, continuing to be above 70% you look at the cohorts from the early adopters, stabilizing out in the mid 60% range and we see that as incredibly indicative of the very unique profile that SUBLOCADE offers in this space with early onset of therapeutic levels in 4 to 8 hours and maintaining those the entire month long in a market that's been riddled by synthetic opioids and we think that's very important that efficacy-based messaging as we look forward, I think the key here, David is more along the lines of this market has such a huge unmet need. There's less than two in 10 patients that are actually in treatment LAIs are still 7% plenty of room for two players, plenty of room to get to greater than a billion and a half dollars and then when you look at some of the additional interventions that the team has made, including the label work that's been done by Christian and the R&D team that certainly takes away some of the short-term feedback we've gotten from doctors with regards to alternate sites of injection and the rapid induction. So, we see very positive trends moving forward.

謝謝大衛。我認為，當我們考慮競爭格局時，早期數據無疑是令人鼓舞的，當您查看新患者份額時，繼續高於 70%；您查看早期採用者的隊列，穩定在 60% 的中間範圍，我們認為這令人難以置信地表明了SUBLOCADE 在這個領域提供的非常獨特的特徵，在4 至8 小時內早期發揮治療水平，並在合成阿片類藥物充斥的市場中維持整個月的治療水平，我們認為這非常重要當我們期待基於功效的訊息傳遞時，我認為這裡的關鍵是，大衛更符合這個市場有如此巨大的未滿足的需求。實際上只有不到十分之二的患者正在接受治療LAI 仍然有7% 的空間供兩名玩家使用，有足夠的空間獲得超過10 億美元和5 美元，然後當你看看一些額外的干預措施時，團隊所做的工作，包括克里斯蒂安和研發團隊所做的標籤工作，這肯定會帶走我們從醫生那裡得到的一些關於替代注射部位和快速誘導的短期反饋。因此，我們看到了非常積極的趨勢。

On the capital deployment side I think, as we've consistently applied our principles on capital deployment over the last three to four years and in partnership with the board who ultimately owns capital allocation will continue to do so moving forward and just to remind you of those David, I think the first one is that we will, if you SUBLOCADE, we'll continue to advance our assets to the next stage gates and then ensure we have the appropriate financial flexibility moving forward and there are a number of items on our balance sheet that we need to make certain we can fulfil moving forward after that, if there's excess cash, the Board will work on prioritizing that for capital allocation in the short term. We have an ongoing buyback in the medium term, we do not see business development and the board will have to assess uses of excess cash after that when the time is appropriate.

在資本部署方面，我認為，由於我們在過去三到四年裡一直堅持應用我們的資本部署原則，並且與最終擁有資本配置的董事會合作，我們將繼續這樣做，只是提醒您大衛，我認為第一個是，如果您進行轉位，我們將繼續將我們的資產推進到下一階段的大門，然後確保我們擁有適當的財務靈活性，並且我們的專案中有許多專案我們需要確保我們能夠繼續履行資產負債表，如果有多餘的現金，董事會將努力在短期內優先考慮資本配置。我們在中期正在進行回購，我們看不到業務發展，董事會將必須在適當的時候評估多餘現金的使用。

Okay, that's helpful. Thanks guys.

好的，這很有幫助。謝謝你們。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Chase Knickerbocker, Craig-Hallum.

蔡斯·尼克博克，克雷格·哈勒姆。

Good morning, guys. Thanks for taking the questions. Just first for me assuming kind of approval in Q1 mark for your label updates for SUBLOCADE. Can you help us with kind of the strategy to drive awareness within your commercial organization with clinicians on these changes? Obviously, once they're approved and then kind of also with patients to kind of help re-educate them on kind of the new profile for SUBLOCADE, how it compares to brick. So, thanks.

早安，夥計們。感謝您提出問題。首先，我假設 Q1 標記已批准您的 SUBLOCADE 標籤更新。您能否幫助我們制定某種策略，以提高您的商業組織內臨床醫生對這些變化的認識？顯然，一旦他們獲得批准，然後也會與患者一起幫助他們重新了解 SUBLOCADE 的新配置文件，以及它與磚塊的比較。所以，謝謝。

I think these are important updates and we think are important moving forward. As we think about our incremental investments. Obviously, some of those are on HCP and patient awareness of not only SUBLOCADE but of the new developments with regards to its label and the improvements in the patient and doctor experience. So, we'll anticipate that utilizing both awareness, trial and adoption of SUBLOCADE efforts in investments and that'll include the label as well as SUBLOCADE overall and those will begin unexpected approval on February 7, with the PDUFA date,

我認為這些都是重要的更新，我們認為對於未來的發展也很重要。當我們考慮增量投資。顯然，其中一些是關於 HCP 和患者不僅對 SUBLOCADE 的認識，而且還涉及其標籤的新發展以及患者和醫生體驗的改進。因此，我們預計，在投資中利用對 SUBLOCADE 的認識、試用和採用，其中將包括標籤以及整個 SUBLOCADE，這些將於 2 月 7 日（即 PDUFA 日期）開始意外批准，

Got it maybe just digging in a little bit on those cohorts that you mentioned. Can you kind of help us quantify with how big that sample size is and kind of how confident you are that kind of continues through as we see kind of that I guess data set mature and then second on that as well. What did you see from a cadence perspective is kind of how that sampling of your competitor kind of impacted usage? Did it kind of progressively go to that kind of mid-60s range or did it go farther than that? And then kind of rebound? Just kind of help us out with what you kind of saw on that data set, maybe a little bit more colour.

明白了，也許只是稍微深入研究一下你提到的那些群體。您能否幫助我們量化樣本量有多大，以及您對這種情況的信心有多大，因為我們看到我認為資料集已經成熟，然後也是如此。從節奏的角度來看，您對競爭對手的採樣如何影響使用有何看法？它是逐漸達到 60 年代中期的範圍還是比這個範圍更遠？然後反彈？只是幫助我們了解您在該資料集上看到的內容，也許更多一點顏色。

Yeah, certainly, I think as we look over the first four months or so, the cohorts are about 500 physicians in nature in that ballpark. Which is we think is pretty material when you're starting to look at trends and where the market settles out and I think the key element here chase is that we are seeing that settle out, in that approximately mid-60% range with regards to the market. And for us, it just reinforces efficacy is the number one choice in making decisions and that unique product profile that SUBLOCADE brings to the market. So, very encouraging early cohort data one year after competitor launch.

是的，當然，我認為，當我們回顧前四個月左右的時間時，該隊列實際上有大約 500 名醫生。當你開始關注趨勢和市場穩定的情況時，我們認為這是相當重要的，我認為這裡追逐的關鍵因素是我們看到這種穩定，在大約 60% 的中間範圍內市場。對我們來說，它只是增強了功效，是決策的第一選擇，也是 SUBLOCADE 為市場帶來的獨特產品簡介。因此，在競爭對手推出一年後，早期隊列數據非常令人鼓舞。

On average Mark is it kind of the lowest it went in the mid-60s range? Because that would insinuate obviously with new patient kind of share of 72% that there's not kind of a whole long way, more ways to go as far as kind of new patient share loss and then second and last for me and I'll hop back into queue is just on price for supplicate mark. I mean, your commentary notes that kind of the difference sequentially from dispense growth to revenue is mainly the stocking. Do you expect any kind of price headwind as we kind of enter into Q4 and then kind of '25? Thanks,

平均而言，馬克是 60 年代中期的最低水準嗎？因為這顯然會暗示新患者佔72% 的份額，沒有什麼很長的路要走，還有更多的方法可以達到新患者份額損失的程度，然後對我來說是第二個也是最後一個，我會跳回來進入隊列只是請求標記的價格。我的意思是，您的評論指出，從分配成長到收入的連續差異主要是庫存。當我們進入第四季和 25 季時，您預計會出現任何價格逆風嗎？謝謝，

Certainly. In some of the cohorts it went beyond and then came back. But it, it wasn't consistently in every single one. So, I think but again, I think the key is where we're seeing the stabilization and share leadership as well as, just the huge opportunity in the market as LAIs, which are still in the early stages of growth at 7%. Remember market research from physicians says it should be 30%.

當然。在一些隊列中，它超越了然後又回來了。但它並不是在每一個中都是一致的。所以，我認為，但我再次認為，關鍵是我們看到了穩定和股票領先地位，以及 LAI 市場的巨大機遇，它們仍處於 7% 的早期成長階段。請記住，醫生的市場研究表明該比例應該為 30%。

So, there's a huge opportunity, even if it was 50% there's a huge opportunity for two players but we see the early cohort data indicating share leadership when it comes to price, Jason, I'm glad you brought that up and I want to be very clear in my pricing commentary, when we, when we look at the overall market pricing is very stable. When you look at pharmacy benefit managers across both commercial as well as government payers, we see very, very stable markets.

所以，這是一個巨大的機會，即使是50%，對於兩個玩家來說也是一個巨大的機會，但我們看到早期的隊列數據表明在價格方面處於領先地位，傑森，我很高興你提出了這一點，我想在我的定價評論中要非常明確，當我們，當我們看到整個市場的定價是非常穩定的。當你觀察商業和政府付款人的藥品福利管理者時，我們看到非常非常穩定的市場。

We see open access across all of the options and treatment. It's what you hear from doctors and patients that they want based on where they are in their journey. They want the options of which medication they choose rather than one of one. And when we make our bids for access on all of these plans, we never make a one of one bid.

我們看到所有的選擇和治療都是開放的。這是您從醫生和患者那裡聽到的，他們根據自己的旅程所處的階段想要得到的資訊。他們想要選擇哪一種藥物，而不是其中一種。當我們對所有這些計劃的存取權進行投標時，我們絕不會只進行一項投標。

We always make open access because we think that's best for the therapy area. my commentary on pricing was in, in a few CGs accounts where you have to remember here that the funding is issued by a government agency sometimes supplemented by grants pricing is a bit more sensitive there and we have seen in an account that the competitor use pricing to gain access to an account. We don't see that as a long-term issue. Again, we think of in criminal justice that we want open access to all options, and we think SUBLOCADE will win out in, in the experience based on its overall efficacy.

我們總是開放訪問，因為我們認為這最適合治療領域。我對定價的評論是在一些 CG 帳戶中，你必須記住，資金是由政府機構發放的，有時輔以贈款定價，那裡的定價有點敏感，我們在一個賬戶中看到競爭對手使用定價獲得帳戶存取權限。我們不認為這是一個長期問題。再次，我們認為在刑事司法中，我們希望開放所有選項，並且我們認為 SUBLOCADE 將在基於其整體功效的體驗中獲勝。

Thanks, Mark.

謝謝，馬克。

Thank you, Chase.

謝謝你，蔡斯。

Paul Cuddon, Deutsche Numis.

保羅卡登，德國努米斯。

Yeah, thank you very much for taking my questions. I have two, please. Just firstly on the Q4 visibility over SUBLOCADE and the kind of implicit range that your $725 million to $745 million -- guidance gives, I mean, how can that $725 million possibly be viable, given the sort of fable patient trends? And as you just said, the sort of stable pricing, if you could just help me understand how that's even in play, that would be useful.

是的，非常感謝您回答我的問題。我有兩個，拜託。首先，關於SUBLOCADE 的第四季度可見性，以及您的7.25 億美元至7.45 億美元指導給出的隱含範圍，我的意思是，考慮到這種寓言般的患者趨勢，這7.25 億美元如何可能可行？正如你剛才所說，這種穩定的定價，如果你能幫助我了解它是如何運作的，那將會很有用。

Yeah, when we look at SUBLOCADE's and we look at the trends going into 2025 and we look at the top end of guidance to the bottom end of guidance what we've taken into account, Paul is continuation of the accelerated adoption of the competitor product. As, we go through this transition period, the continuation of CGs kind of in year funding fluctuations and then the continued de stocking, through Q4 is what we've built into that forecast and when you think about the top to the bottom end of the guidance it's just a more intensity of each of those factors. On average, when you look at the new guidance we had about $20 million-- associated with the increased competitive adoption, $20 million -- associated with the CGs funding and then, $10 million of additional stocking.

是的，當我們查看 SUBLOCADE 並查看進入 2025 年的趨勢時，我們查看指導的頂端到指導的底端，我們已經考慮到了這一點，Paul 正在繼續加速採用競爭對手的產品。因為，我們經歷了這個過渡期，年度資金波動的CG 持續存在，然後是持續的去庫存，直到第四季度，這就是我們在預測中所考慮的內容，當你考慮到從上到下的情況時，指​​導只是這些因素中每個因素的強度更大。平均而言，當您查看新指南時，我們有大約 2000 萬美元（與增加競爭性採用相關）、2000 萬美元（與 CG 資金相關）以及 1000 萬美元的額外庫存相關。

Okay, thank you and then secondly, for me, you talk about the mature 65% but I'm pretty sure Ryan mentioned actually losing an account altogether if you could clarify that as to whether that was losing an account or actually kind of more having a competitor, kind of take a kind of a minority share.

好的，謝謝你，其次，對我來說，你談論的是成熟的65%，但我很確定Ryan 提到實際上完全失去了一個帳戶，如果你能澄清這一點，到底是失去一個帳戶還是實際上擁有更多帳戶競爭對手，某種程度上佔據了少數份額。

No, I think it's a good clarification, Paul and really, I think it's two separate things. The cohort data is data from organized health systems outside CGs. Which is, 78% or so of the business in Q3. The lost account was the West Coast Justice System account that we have referenced. At the pre-release of guidance where we had a competitor come in utilizing pricing and the alternate sites of injection. So, I think two separate areas, two separate sort of forces and that's the competitive and the funding fluctuations in year on the CGs that are putting pressure there in the short term again. Not, something we see into the medium and long term.

不，我認為這是一個很好的澄清，保羅，實際上，我認為這是兩件不同的事情。隊列數據是來自 CG 之外有組織的衛生系統的數據。也就是說，第三季業務的 78% 左右。遺失的帳戶是我們提到的西海岸司法系統帳戶。在預發布指南時，我們有競爭對手利用定價和替代注射地點。因此，我認為這是兩個不同的領域，兩種不同的力量，這就是CG的競爭和資金波動，這在短期內再次給那裡帶來了壓力。不是，我們從中長期來看是這樣的。

Okay. Super.

好的。極好的。

Thank you very much.

非常感謝。

Thank you, Paul.

謝謝你，保羅。

Christian Glennie, Stifel.

克里斯蒂安·格倫尼，史蒂菲爾。

Hi guys, thanks for taking the question. Maybe just a bit more on the cohort data just to make sure we're understanding it, right? Is it, the case that in, certainly in the (technical difficulty) the sort of regular market if you like that effectively most systems end up with, co-prescribers obviously as and when the competitor comes into those systems. But it's not an either or, so largely that is the sort of typical state of play that docs will have free choices effectively. And obviously select for their patients, whereas obviously in CGS it's exclusive to one, or the other. Just to make sure we got that right?

大家好，感謝您提問。也許只是為了確保我們理解它而更多地了解隊列數據，對嗎？在這種情況下，當然在（技術困難）那種常規市場中，如果您願意的話，大多數系統顯然會在競爭對手進入這些系統時最終出現共同處方者。但這不是一個非此即彼的問題，很大程度上這是一種典型的遊戲狀態，文件將有效地擁有自由選擇。顯然，他們會為他們的患者進行選擇，而在 CGS 中，顯然它是專屬於其中一個或另一個的。只是為了確保我們做對了？

Good clarification. Christian, I think with the cohort data, what we've, done very specifically is looked in each of those, those months of early adoption on doctors that prescribed both products in that initial month and then we followed them through the first 12 months, 11 months, 10 months, 9 months, if you were to look at the first four months that I refer to the 500 or so HCPs and what we're talking about when we talk about the mid-65% share, that's where those doctors that are co prescribing where we see the share settling out. So I think that's an important item what we believe and see when you think of efficacy as the number one choice, when you think of SUBLOCADE unique profile, we think with free choice, that SUBLOCADE will be the market leader moving out but obviously, there's such a tremendous opportunity in the market for two players within CJS I think historically, we've seen SUBLOCADE as the only player there and as competition is coming in. For example, in this account, on the west coast, what we've seen is what started as a shift to the competitor now has shifted to where they're prescribing both products and so, you could have that, we know in some markets, there are, trials where they're using the competitor for lower BM. [I sort] of patients and things like that. So, you're seeing some dual usage but predominantly right now it's one of one.

很好的澄清。Christian，我認為透過隊列數據，我們非常具體地研究了每一個數據，即醫生在第一個月開出這兩種產品的早期採用月份，然後我們在前 12 個月中跟踪他們， 11 個月、10 個月、9 個月，如果你看一下我提到的500 名左右的HCP 的前四個月，以及當我們談論65% 的中間份額時我們所談論的內容，那就是那些醫生這些共同規定了我們看到的份額結算情況。因此，我認為，當您將功效視為第一選擇時，當您考慮 SUBLOCADE 獨特的配置文件時，我們認為，透過自由選擇，SUBLOCADE 將成為市場領導者，但顯然，有對於CJS 中的兩個參與者來說，市場上有如此巨大的機會，我認為從歷史上看，我們將SUBLOCADE 視為那裡唯一的參與者，並且隨著競爭的到來。例如，在這個帳戶中，在西海岸，我們看到的是開始轉向競爭對手，現在已經轉向他們開出這兩種產品的地方，所以，你可以擁有這種產品，我們知道在一些市場，有一些試驗，他們使用競爭對手來降低BM。 [我]喜歡病人之類的東西。因此，您會看到一些雙重用途，但現在主要是其中之一。

Sorry, I just, Yeah, thank you. But it was more just to clarify that like there's any scenarios in which maybe a large OHS is going for one over the other or is it that, that you should assume that the market will be open to both players?

抱歉，我只是，是的，謝謝你。但更重要的是要澄清，就像在任何情況下，大型 OHS 可能會傾向於其中一個而不是另一個，或者您是否應該假設市場將對兩種參與者開放？

I apologize. I missed the question there. Christian I, think the way to think about this is typically they are open they're going to be open for both products and it's going to be a position choice both for which long acting. But do they utilize orals, which are still a significant portion of the prescribing decision based on where the patient is in their very unique journey?

我道歉。我錯過了那裡的問題。克里斯蒂安·我認為，思考這個問題的方式通常是他們對這兩種產品都持開放態度，這將是長期行動的立場選擇。但他們是否使用口服藥物，這仍然是根據患者在其非常獨特的旅程中所處的階段而做出的處方決定的重要組成部分？

Okay. Thank you. Maybe one just of get a maybe a bit more sense around, when you talk about, rebalancing on OpEx, but then redeploying some savings into renewed efforts behind SUBLOCADE next year. Obviously, you've got the label and things like that, but anything else to point to whether it might be an increase in sales force or some other part of the strategy that is beyond kind of what we know around the label and things like that.

好的。謝謝。當您談論營運支出的重新平衡，然後將一些節省的資金重新部署到明年的子定位之後的新工作時，也許人們會更了解這一點。顯然，你已經有了標籤之類的東西，但還有其他任何事情可以表明它是否可能是銷售隊伍的增加，或者策略的其他部分超出了我們對標籤之類的了解。

Yeah, I think for us as we look at where we are in SUBLOCADE journey, we're now opening up access across all the channels have opened organized health system CJS. We now have alternate sites of care coming. We have a sales force that's covering the first 14,000 physicians that are out there for opioid use disorder, we think now is the time to focus on patient and HCP awareness as well as activation and full adoption and so that for us is going to be a key element of that spend back. and we'll give incremental details with regards to that when we have our fiscal year and 2024 results in February.

是的，我認為，當我們審視我們在 SUBLOCADE 旅程中所處的位置時，我們現在正在開放所有已開放有組織的健康系統 CJS 的管道。我們現在有替代的護理地點。我們的銷售團隊涵蓋了前 14,000 名治療阿片類藥物使用障礙的醫生，我們認為現在是時候關注患者和 HCP 的意識以及激活和全面採用，因此對我們來說，這將是一個支出的關鍵要素。當我們在 2 月公佈財年和 2024 年業績時，我們將提供更多相關細節。

Thank you. And then maybe one final one just on OPVEE. I know it's still in relatively early innings, but nevertheless some expectational from your side when, when you should see that, that you've got it, you've got it open in, in an ordering available in, in lots of states now, but maybe we'll see some material, traction in beyond the sort of BARDA contracts.

謝謝。然後也許是 OPVEE 上的最後一項。我知道這還處於相對較早的階段，但儘管如此，當你應該看到這一點時，你已經得到了它，你已經在許多州的訂購中打開了它，但仍然有一些期望，但也許我們會在BARDA 合約之外看到一些實質的、有吸引力的內容。

Yeah, I, I think no real new updates since we last talked this at the, at the update a few weeks ago, we're continuing with our experience program and our real-world evidence. Programs to help document, what's happening with regards to precipitated withdrawal and when with the lives we've saved, that's over 150. We are not seeing any feedback, to our medical line nor from first responders with regards to precipitated withdrawal, which we see as the number one objection in fear associated with both higher doses of naloxone, as well as with nalmefene. And with that evidence generation, we expect green shoots, with regards to increases in orders with first responders and the public interest market moving forward.

是的，我，我認為自從我們上次在幾週前的更新中談論這個問題以來，沒有真正的新更新，我們正在繼續我們的體驗計劃和現實世界的證據。幫助記錄有關突然戒斷的情況以及我們挽救的生命的項目已超過 150 條。我們沒有看到任何關於突然戒斷的回饋，無論是我們的醫療線還是急救人員，我們認為這是與高劑量納洛酮和納美芬相關的恐懼中的首要反對意見。隨著證據的產生，我們預期急救人員的訂單將會增加，公共利益市場也會向前發展。

Okay. Thank you.

好的。謝謝。

Thank you, Christian.

謝謝你，克里斯蒂安。

Thank you. As there are no further questions, I would now like to hand back to CEO Mark Crossley for any closing remarks.

謝謝。由於沒有其他問題，我現在想請執行長馬克克羅斯利 (Mark Crossley) 發表結束語。

Thank you, Sonya with no more questions. This will conclude our third quarter results presentation. I'd like to thank everyone for their continued interest in Indivior. And we look forward to updating the market as we progress.

謝謝你，索尼婭，沒有更多問題了。我們的第三季業績報告到此結束。我要感謝大家對 Indivior 的持續關注。我們期待著隨著我們的進展更新市場。