Indivior PLC (INDV) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Indivior PLC Q1, 2025 Financial results conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Indivior PLC 2025 年第一季財務業績電話會議。（操作員指示）

I would now like to hand the conference over to your host today, Jason Thompson. Please go ahead.

現在我想將會議交給今天的主持人傑森湯普森。請繼續。

Thanks, Heidi, and good morning and good afternoon everyone.

謝謝，海蒂，大家早安，下午好。

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

在我們開始之前，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的陳述，這些陳述受風險和不確定性的影響，實際結果可能會有重大差異。我們在本簡報的第二張投影片中列出了可能導致結果出現重大差異的因素。我們也可以參考非公認會計準則 (non-GAAP) 指標。您也可在現已發佈於我們網站 indivior.com 上的簡報附錄中找到相關對帳資訊。現在我將把電話轉給我們的執行長馬克‧克羅斯利 (Mark Crossley)。

Thanks, Jason. Good morning. Good afternoon, everyone. Thanks for joining us on this call to discuss our financial and business performance during the first quarter of 2025. I'll start with a brief overview of the quarter before handing it over to Ryan, our Chief Financial Officer, to discuss the financials. We'll then conclude with a Q&A session during which we'll be joined by Christian Heidbreder, our Chief Scientific Officer.

謝謝，傑森。早安.大家下午好。感謝您參加本次電話會議，討論我們 2025 年第一季的財務和業務表現。我將首先簡要概述本季度的情況，然後將其交給我們的財務長瑞安 (Ryan) 討論財務狀況。最後，我們將以問答環節結束，我們的首席科學官 Christian Heidbreder 將加入其中。

Turning to slide four, overall results in the first quarter were in line with our expectations and consistent with our full year 2025 outlook. Total net revenue in the quarter declined by 6% year-on-year. The results primarily reflects intensified competition from the generic film providers that resulted in lower Suboxone film pricing, as well as the discontinuation of PERSERIS.

轉到第四張投影片，第一季的整體業績符合我們的預期，並與我們對 2025 年全年的展望一致。本季總淨收入年減6%。該結果主要反映了來自仿製藥薄膜供應商的競爭加劇，導致 Suboxone 薄膜價格下降以及 PERSERIS 的停產。

This total net revenue performance was in line with our full year net revenue outlook, as was a modest 2% year-over-year decline in SUBLOCADE net revenue in the quarter. As expected, SUBLOCADE net revenue performance in the quarter was primarily impacted by near-term justice system funding challenges. These impacts were partially offset by net revenue growth for SUBLOCADE in the organized health system channel.

這項總淨收入表現與我們的全年淨收入預期一致，而本季 SUBLOCADE 淨收入較去年同期小幅下降 2%。正如預期的那樣，SUBLOCADE 本季的淨收入表現主要受到近期司法系統資金挑戰的影響。這些影響被 SUBLOCADE 在有組織的健康系統管道的淨收入成長部分抵消。

We ended the first quarter having treated approximately 170,700 patients in the prior 12-month period in the US, which is a 14% increase year-over-year.

截至第一季度，我們在過去 12 個月內在美國治療了約 170,700 名患者，年增 14%。

Looking at patient dynamics, our analysis indicates that the U.S. LAI category is continuing to stabilize with SUBLOCADE maintaining expected share levels. Setting aside the justice system, SUBLOCADE's new patient share averaged over 70% in the quarter and has been stable for three quarters. Furthermore, our cohort analysis indicates that supplicate share among experienced dual prescribers has remained stable at approximately 65%.

從患者動態來看，我們的分析表明，美國 LAI 類別正在繼續穩定，SUBLOCADE 保持預期的份額水準。撇開司法系統不談，SUBLOCADE 本季的新患者份額平均超過 70%，並且已經連續三個季度保持穩定。此外，我們的隊列分析表明，經驗豐富的雙重處方者的懇求份額保持穩定在 65% 左右。

Our belief is that this stabilization of share reflects SUBLOCADE's unique product profile. Looking ahead, we continue to expect SUBLOCADE net revenue performance to improve in the second half of the year from the commercial investments we're making and from the important label updates that we believe will further improve the patient and physician experience.

我們相信，份額的穩定性反映了 SUBLOCADE 獨特的產品特性。展望未來，我們繼續預期 SUBLOCADE 的淨收入表現將在下半年有所改善，這得益於我們正在進行的商業投資以及我們認為將進一步改善患者和醫生體驗的重要標籤更新。

Turning to non-GAAP adjusted operating profit, this increased by 10% versus the year ago quarter, primarily reflecting lower expenses, partially offsetting the reduction in total net revenue. Set against this, we've made good progress in our efforts to streamline our cost base and drive gross savings of over $100 million in 2025.

非公認會計準則調整後的營業利潤較去年同期增加了 10%，主要反映了費用的降低，部分抵銷了總淨收入的減少。與此相反，我們在精簡成本基礎方面取得了良好進展，到 2025 年，我們的總成本節省將超過 1 億美元。

Ryan will share more details on our streamlining progress in a moment. As we previously indicated, we're reinvesting approximately $50 million of these gross savings behind SUBLOCADE our pipeline, while the balance of over $50 million will be used to protect our profit and drop to the bottom line. Taken together, we're on track to deliver our full year 2025 guidance.

Ryan 稍後將分享有關我們精簡進展的更多細節。正如我們之前指出的，我們將把這些總節省中的大約 5000 萬美元重新投資於我們的管道 SUBLOCADE，而超過 5000 萬美元的餘額將用於保護我們的利潤並降低底線。總的來說，我們有望實現 2025 年全年目標。

Lastly, as you're aware, I'll be stepping down as CEO of Indivior with anticipated effect from our AGM in May. It's been an immense privilege to lead Indivior over the past five years, and I'm proud of what we've achieved together. We've grown SUBLOCADE into an important treatment for opioid use disorder, and in doing so, we've helped many hundreds of thousands of patients on their path to recovery.

最後，如您所知，我將辭去 Indivior 執行長一職，預計從 5 月的年度股東大會開始生效。過去五年來領導 Indivior 是我的莫大榮幸，我為我們共同取得的成就感到自豪。我們已將 SUBLOCADE 發展成為阿片類藥物使用障礙的重要治療方法，在此過程中，我們幫助了數十萬名患者走上康復之路。

Through our tireless efforts and advocacy, we've been on the front line of combating one of the biggest health epidemics of our times, and we've made great progress in de-risking Endeavor by clearing legacy issues so that we can fulfill our mission and vision unencumbered.

透過不懈的努力和倡導，我們一直站在對抗我們這個時代最大的健康流行病之一的前線，並且透過清除遺留問題，我們在降低奮進計畫的風險方面取得了巨大進展，從而能夠毫無阻礙地實現我們的使命和願景。

With this strong foundation in place, I'm confident that our team under Joe's leadership will deliver on the next chapter of growth and value creation for Indivior and its stakeholders. I'd now like to hand the call over to Ryan.

有了這個堅實的基礎，我相信我們的團隊在喬的領導下將為 Indivior 及其利益相關者開啟成長和價值創造的新篇章。我現在想把電話交給瑞安。

Thanks, Mark, and good morning and good afternoon to everyone. Overall, as Mark mentioned, this quarter's financial performance aligned with our expectations we communicated in late February. Looking at the first quarter results in more detail, starting with the top line, total net revenue of $266 million declined 6% versus the year ago quarter, driven by the expected competitive pressure in SUBOXONE film and our decision to discontinue PERSERIS last July.

謝謝，馬克，大家早安，下午好。總體而言，正如馬克所提到的，本季的財務表現與我們在二月底傳達的預期一致。更詳細地看一下第一季的業績，從營業收入開始，總淨收入為 2.66 億美元，較去年同期下降 6%，這主要是由於 SUBOXONE 薄膜的預期競爭壓力以及我們去年 7 月決定停止 PERSERIS 業務。

By geography, total US net revenue in the first quarter declined by 8% versus the year ago quarter driven by these same dynamics. The rest of the world was up 3% on a reported and 1% on a constant currency basis. The rest of the world Q1 of last year was negatively impacted by shipment timing, as we had mentioned last year.

按地區劃分，受上述相同因素的影響，第一季美國淨收入總額較去年同期下降了 8%。世界其他地區的報告成長率為 3%，以固定匯率計算則為 1%。正如我們去年提到的，去年第一季世界其他地區受到了發貨時間的負面影響。

Overall, SUBLOCADE's performance in Q1 was in line with our expectations. Total SUBLOCADE net revenue declined 2% in the first quarter versus the same year ago quarter. We continue to see good growth from outside the US with net revenue up 8% to $13 million. SUBLOCADE's US performance reflected solid dispense volume growth in the OHS channel that was partially offset by near-term funding challenges among certain justice system accounts that resulted in significantly lower dispense volume from this channel. Lower pricing from higher rebating activity and unfavorable channel mix resulted in modestly lower net revenue year over year.

整體而言，SUBLOCADE 第一季的表現符合我們的預期。第一季度，SUBLOCADE 總淨收入與去年同期相比下降了 2%。我們繼續看到美國以外地區的良好成長，淨收入成長 8%，達到 1,300 萬美元。SUBLOCADE 在美國的業績反映了 OHS 管道的穩健分配量成長，但部分抵消了某些司法系統帳戶的近期資金挑戰，導致該管道的分配量大幅下降。返利活動增加導致定價降低，加上通路組合不利，導致淨收入較去年同期略有下降。

On a sequential basis, SUBLOCADE's US net revenue declined 9%, reflecting a 6% decline in dispense volume, coupled with destocking in the quarter. This performance, coupled with our updated cohort and new patient share data reinforced the midpoint of our full year guidance for supplicating net revenue of $725 million to $765 million which we are confirming today. Of the net revenue was immaterial in the first quarter as we continue to roll out trailing programs and work to ensure that medicine is included in standing orders across all states. We continue to expect full year net revenue of $10 million to $15 million including an $8 million product order from BARDA.

以環比計算，SUBLOCADE 的美國淨收入下降了 9%，反映出配藥量下降了 6%，加上本季庫存減少。這一業績，加上我們更新的隊列和新患者份額數據，強化了我們全年淨收入預期的中點，即 7.25 億美元至 7.65 億美元，我們今天對此進行了確認。由於我們繼續推出後續計劃並努力確保藥品納入所有州的常規訂單中，因此第一季的淨收入並不重要。我們繼續預計全年淨收入將達到 1,000 萬至 1,500 萬美元，其中包括來自 BARDA 的價值 800 萬美元的產品訂單。

Turning to this SUBOXONE owned film in the US, the average share of approximately 15% in the first quarter was in line with our planning expectations and down approximately 3% points versus the same year ago quarter. The current quarter did benefit from a prior quarter trace and release in the mid single digit millions. As we mentioned in February in our 2025 guide discussion, the generic film price eroded at the end of full year 2024, and we took the appropriate actions to maintain formulary access in Q1. Our full year 2025 guidance still assumes further price erosion throughout the year. As a reminder, we do not promote Suboxone film in the US.

談到這部 SUBOXONE 在美國擁有的電影，第一季的平均份額約為 15%，符合我們的計劃預期，與去年同期相比下降了約 3 個百分點。本季確實受益於上一季的追蹤和數百萬的釋放。正如我們在 2 月的 2025 年指南討論中提到的那樣，仿製電影價格在 2024 年全年年底下降，我們採取了適當的措施來維持第一季度的處方藥獲取管道。我們對 2025 年全年的指導仍然假設全年價格將進一步下滑。提醒一下，我們不在美國推廣 Suboxone 薄膜。

Moving down the P&L, our first quarter gross margin of 83% was down versus the prior year quarter. Q1 2024 included the benefit of saleable process validation batches of SUBLOCADE from our expanded production capacity by our contract manufacturer. I do want to briefly discuss a topic on most investors' minds these days tariffs. We are closely monitoring the evolving landscape, mindful that these things change daily as the landscape currently stands and based upon the geographical makeup of our primarily US cost of goods sold and manufacturing activities.

從損益表中可以看出，我們第一季的毛利率為 83%，與去年同期相比有所下降。2024 年第一季度，我們的合約製造商擴大了生產能力，從而帶來了 SUBLOCADE 可銷售製程驗證批次的收益。我確實想簡要討論一下目前大多數投資者關心的一個主題——關稅。我們正在密切關注不斷變化的形勢，並注意到這些情況每天都在隨著當前的情況而變化，並且基於我們主要在美國銷售的商品成本和製造活動的地理構成。

We believe the potential tariff impacts are manageable and within our non-GAAP gross margin guidance range of a low to mid 80%. For the full year Moving on to operating expenses, non-GAAP adjusted, SG& expenses were $130 million in the quarter, down 8% versus Q1 of last year. The decrease primarily reflects our streamlining actions, the discontinuation of pros, and an accrual release in the low to mid single digits related to the mandated IRS pharma branded fee, which still may have to be adjusted later in the year upon final invoicing. R&D expenses were $22 million in the quarter, a decrease of 19% versus Q1 of last year.

我們認為潛在的關稅影響是可控的，並且在我們的非公認會計準則毛利率指導範圍內，即 80% 左右。全年來看，非 GAAP 調整後的營運費用本季為 1.3 億美元，較去年第一季下降 8%。下降主要反映了我們的精簡行動、專業人士的停止以及與強制性 IRS 製藥品牌費用相關的低至中等個位數的應計釋放，該費用仍可能需在今年晚些時候在最終開票時進行調整。本季研發費用為 2,200 萬美元，較去年第一季下降 19%。

This decrease reflects the reprioritization of pipeline activities solely to our Phase 2 OUD assets and the previously mentioned cost savings. Our first quarter non-GAAP adjusted operating income of $69 million was down 10% from Q1 of last year, due primarily to the SUBOXONE film and PERSERIS net revenue dynamics, partially offset by the streamlining activities on our cost basis.

這一減少反映了管道活動優先次序的重新調整，僅針對我們的第二階段 OUD 資產以及前面提到的成本節約。我們第一季的非 GAAP 調整後營業收入為 6,900 萬美元，較去年第一季下降 10%，主要原因是 SUBOXONE 薄膜和 PERSERIS 淨收入動態，但部分被我們成本基礎上的精簡活動所抵消。

Non-GAAP adjust the net income of $51 million decreased 11% versus Q1 of last year, reflecting the dynamics I just highlighted in addition to an increase in net finance expenses. Our effective tax rate for Q1 was 19%, primarily benefiting from certain UK deductions. For the full year, we are still expecting an effective tax rate of 22% to 25%.

非公認會計準則調整後的淨收入為 5,100 萬美元，較去年第一季下降 11%，除了淨財務費用增加外，還反映了我剛才強調的動態。我們第一季的有效稅率為 19%，主要受益於英國的某些扣除額。對於全年而言，我們仍預期有效稅率為 22% 至 25%。

Lastly, on our P&L, our non-GAAP adjusted earnings per share decreased 2% to $0.41, reflecting the lower non-gap adjusted net income, partially offset by an approximate 9% lower diluted share count. Quickly touching on the balance sheet, our capital position, we ended the first quarter with gross cash and investments of $400 million higher than expected due to a decrease in networking capital from delayed Medicaid billing of approximately $100 million in the quarter. Material cash outflows during Q1 included scheduled annual settle payments of $65 million to the DOJ, RB, and Humana and Santi.

最後，在我們的損益表中，我們的非公認會計準則調整後每股收益下降 2% 至 0.41 美元，反映了較低的非差距調整淨收入，部分被約 9% 的稀釋股數下降所抵銷。快速談及資產負債表和我們的資本狀況，第一季結束時，我們的總現金和投資比預期高出 4 億美元，這是由於本季度醫療補助賬單延遲導致的網絡資本減少約 1 億美元。第一季的重大現金流出包括按計劃向 DOJ、RB、Humana 和 Santi 支付的 6500 萬美元年度結算款項。

Looking ahead, we expect to maintain good financial flexibility and to continue our disciplined capital allocation strategy. In the near term, as we discussed in February. This remains focused on reinvesting to fuel our base business towards our net revenue goals and meeting our stakeholder obligations. Moving to slide Eight at this point in the year and with the visibility we have in trends for the balance of the year, we remain confident we are on track to deliver the financial results we articulated in February.

展望未來，我們期望保持良好的財務靈活性並繼續執行嚴謹的資本配置策略。就短期而言，正如我們在二月討論的那樣。這仍然側重於再投資，以推動我們的基礎業務實現淨收入目標並履行我們的利害關係人義務。在今年這個時候，我們轉到第八張幻燈片，並且憑藉我們對今年剩餘時間趨勢的清晰認識，我們仍然有信心能夠實現我們在二月份闡明的財務業績。

Before concluding, we now expect to file our 10Q early next week, which will contain relevant litigation developments. I'll simply note at this time that earlier this week the court granted our motion to dismiss the US shareholder claims against us, although the court granted the plaintiffs 30 days to amend their complaint. Also, we continue to make progress towards a definitive opioid MDL settlement consistent with our existing accrual. Beyond that, there are no other major litigation updates worth noting.

在結束之前，我們現在預計將於下週初提交我們的 10Q，其中將包含相關的訴訟進度。我現在只想指出，本週早些時候，法院批准了我們的動議，駁回了美國股東對我們的索賠，儘管法院給予原告 30 天的時間來修改他們的訴狀。此外，我們將繼續努力達成與我們現有累積一致的最終阿片類藥物 MDL 解決方案。除此之外，沒有其他值得注意的重大訴訟更新。

I will now turn the call back over to Mark.

現在我將把電話轉回給馬克。

Thank you, Ryan. So, in summary, we delivered a first quarter performance that was in line with our planning assumption and puts us on track to deliver on our 2025 commitments. With that, I'll open up the call to Q&A.

謝謝你，瑞安。總而言之，我們第一季的業績符合我們的計劃假設，並使我們有望兌現 2025 年的承諾。接下來，我將開始問答環節。

Thank you.(Operator Instructions)

謝謝。 （操作員指示）

We will take our first question. And the first question comes from the line of Carl Byrnes from Northland Capital Markets. Please go ahead. Your line is open.

我們將回答第一個問題。第一個問題來自 Northland Capital Markets 的 Carl Byrnes。請繼續。您的線路已開通。

Thanks for the question and congratulations on the quarter. I'm wondering if there are any proposals regarding Medicaid funding that might change your outlook. Thanks.

感謝您的提問，並祝賀本季取得佳績。我想知道是否有任何有關醫療補助資金的提議可能會改變您的觀點。謝謝。

Thanks for that, Carl. Listen, similar to the tariffs and things that are going on there, this is an evolving sort of situation that continues to change kind of day to day. So, we're keeping a close eye on it. I think one of the positives we see is this continues to be bipartisan. You and when you look at the health agenda for the administration, one of the TOP6 is both rescue and treatment for opioid use disorder. So, we see a strong signal from the administration with their affinity for helping with the opioid epidemic.

謝謝你，卡爾。聽著，與關稅和正在發生的事情類似，這是一種不斷發展的情況，每天都在變化。因此，我們正在密切關注此事。我認為我們看到的積極因素之一是這仍然是兩黨合作的。當您查看政府的健康議程時，TOP6 之一就是阿片類藥物使用障礙的救援和治療。因此，我們看到政府發出了強烈的訊號，表示願意協助解決鴉片類藥物氾濫問題。

Got it. Great, thank you.

知道了。太好了，謝謝。

Thank you.

謝謝。

We will take our next question. Your next question comes from the line of David Amsellem from Piper Sandler Please go ahead. Your line is open.

我們將回答下一個問題。您的下一個問題來自 Piper Sandler 的 David Amsellem，請繼續。您的線路已開通。

Thanks. So I guess a couple for me. Number one is can you talk about when you think you'll start to see a return to growth for SUBLOCADE and I guess where I'm going with this is. How are you thinking about the competitive landscape, stabilization in terms of the mix between your competitor and SUBLOCADE in terms of new starts.

謝謝。所以我想對我來說是一對。首先，您能否談談您認為何時會開始看到 SUBLOCADE 恢復成長，我想我要講的是這個。您如何看待競爭格局，以及您的競爭對手和 SUBLOCADE 在新起點的組合穩定性。

How are you thinking about, an eventual return to growth or just a better footprint in the criminal justice system which you cited as being an important driver and then sort of with new leadership coming in, when are we going to start to get a better flavor for what you might do differently regarding your commercial strategy? I know there's a lot there, but I wanted to hit all the high notes.

您如何看待最終恢復成長或只是在刑事司法系統中留下更好的足跡（您將其視為重要驅動力），然後隨著新領導層的到來，我們什麼時候才能開始更好地了解您在商業策略方面可能採取的不同做法？我知道那裡有很多東西，但我想唱出所有的高音。

Thank you.

謝謝。

No, there is a lot to unpack there, David. Let me start with your second question first. I think it's the easiest. Listen, I won't speak for Joe at all with regards to regards to his initial impressions. What I will say is he has been active in his onboarding and assuming things get shareholder approval at the AGM, he will come in immediately as CEO, and I'll leave him to speak about his impressions and his near-term actions.

不，還有很多事情需要解決，大衛。我先來回答你的第二個問題。我認為這是最簡單的。聽著，對於喬的第一印象，我根本不想代表他說話。我想說的是，他一直積極參與入職培訓，假設事情在年度股東大會上得到股東批准，他將立即擔任首席執行官，我會讓他談談他的印象和近期行動。

As it as it goes to the growth of SUBLOCADE, I think the guidance has been pretty clear with regards to, we have this initial impact that really started right from the beginning of the first quarter with regards to the CGS funding issues, which is disproportionately impacted that. We talked about a 30% impact.

隨著 SUBLOCADE 的發展，我認為指導已經非常明確，我們從第一季初就開始受到這種影響，這與 CGS 融資問題有關，這對其產生了不成比例的影響。我們談論的是 30% 的影響。

We see with our marketing initiatives, with our label enhancement. Which, enhance both the HCP and the patient experience, we see growth on organized health system accelerating through the year as those new initiatives take hold. So very excited about that moving forward, and that's further reinforced by what we're continuing to see in the dynamics in the disease space. And David, you talked about new patient share. We've seen new patient share stabilize over the last three quarters. 72% for SUBLOCADE in Q3. 71% in Q4, 72% in Q1.

我們透過行銷舉措和品牌增強看到了這一點。這些新措施不僅提升了醫護人員和病患的體驗，而且隨著這些新措施的實施，我們看到有組織的醫療系統的成長在全年都在加速。我對這項進展感到非常興奮，而我們在疾病領域的動態中不斷看到的現像也進一步證實了這一點。大衛，您談到了新病人的份額。我們看到過去三個季度新患者的比例趨於穩定。 SUBLOCADE 在第三季成長了 72%。第四季為 71%，第一季為 72%。

So very stabilized, with regards to that. We're seeing the new cohorts, or excuse me, the experienced dual prescribing cohorts, which are remaining stable at 65, 35, for SUBLOCADE. So we're seeing a very stable environment where the disease base is adjusted to the two players with SUBLOCADE as a clear leader in a heavily dominated synthetic opioid choice of an abuse substance. So that for us is very positive. We do expect that there are a number of providers that have not tried, the competitive products yet. We expect that to continue through the year.

就這一點而言，非常穩定。我們看到新的隊列，或者對不起，經驗豐富的雙重處方隊列，對於 SUBLOCADE 來說，它們保持穩定在 65、35。因此，我們看到一個非常穩定的環境，其中疾病基礎根據兩個參與者進行調整，其中 SUBLOCADE 在濫用物質的合成鴉片類藥物選擇中佔據明顯領先地位。這對我們來說是非常積極的。我們確實預期有許多供應商尚未嘗試過競爭產品。我們預計這一趨勢將持續全年。

So at that point we'd expect the market to be stabilized out based on the two players and to be a little bit more, status quo in '26 and beyond where you really are totally focused on category growth getting more people into, long acting injectables and on their road to recovery.

因此，在那時，我們預計市場將在兩家公司的基礎上趨於穩定，並在 26 年及以後保持現狀，屆時您將完全專注於類別增長，讓更多人進入長效注射劑市場並走上復甦之路。

Appreciate it. Thank you.

非常感謝。謝謝。

Thank you.

謝謝。

Thank you. We will take our next question.

謝謝。我們將回答下一個問題。

Your next question comes from the line of Christian Glennie from Stifel Financial Corp. Please go ahead. Your line is open.

您的下一個問題來自 Stifel Financial Corp 的 Christian Glennie。請繼續。您的線路已開通。

Yeah, good morning, guys. Thanks for taking the questions. First one, then please just to touch on the on the CGS dynamic and then expectations for the rest of the year, it showed an accelerating decline in that as you as you had a guided versus sort of the previous quarters, but does this sort of set then a new a new base for that business that when you talk about sequential.

是的，大家早安。感謝您回答這些問題。首先，請簡單談談 CGS 動態以及今年剩餘時間的預期，它顯示出與前幾季相比加速下降的趨勢，但這是否為該業務設定了一個新的基礎，當你談到連續性時。

Potential growth, stabilization, or supplicate overall that it could also be the same scenario in the CGS part of the market and is then related to that, is there anything that sort of particularly changes the dynamic in terms of funding in this part of the market that you can see or something that sort of improves the funding as we step through the rest of this year on the CGS. Thanks.

潛在的成長、穩定或整體懇求，在 CGS 市場部分也可能出現相同的情況，然後與此相關的是，是否有什麼東西可以特別改變這一部分市場的融資動態，您可以看到，或者有什麼可以改善融資，因為我們將在今年剩餘時間內在 CGS 上邁進。謝謝。

Christian, thanks for holding me accountable on that question from David. I didn't specifically address criminal justice. We did see the budget implications hit, right from the start in Q1, and most of that has hit and will, and a little bit more pull through in Q2. So, we expect growth, in criminal justice, through on a quarter over quarter basis through the balance of the year as we add new systems and bring on new accounts.

克里斯蒂安，謝謝你讓我回答大衛提出的問題。我並沒有具體談論刑事司法。從第一季開始，我們確實看到了預算影響的影響，其中大部分已經受到影響，並將在第二季度進一步的緩解。因此，隨著我們增加新系統和引入新帳戶，我們預計刑事司法領域將在今年餘下時間逐季實現成長。

With regards to the overall funding environment, really there's, we think these are short term implications, albeit it can be a bit lumpy with regards to account-to-account implications as they come, but you've got really three interventions that can happen. As justice systems move forward to get more funding, the first is they can ask to move budgets from operations over to their pharma, right? And so, they save resources on daily dosing and they can shift that over, to the pharma side.

就整體融資環境而言，我們認為這些都是短期影響，儘管就帳戶間影響而言可能會有點不穩定，但實際上可能會有三種幹預措施。隨著司法系統獲得更多資金，首先他們可以要求將預算從營運轉移到製藥部門，對嗎？因此，他們節省了每日劑量的資源，並將其轉移到製藥方面。

So that's one place they can do that's obviously a much longer burn because many of these are government accounts and their budget cycles are quite long. The second is they can apply for, abatement funds and grants, to help fund, and those are also longer cycle the abatement funds are starting to work their way through the system a bit so they can get those. And for me, most importantly, the last development is the Medicaid 1115 waivers.

因此，他們可以這樣做，但這顯然需要更長的時間，因為其中許多是政府帳戶，其預算週期相當長。第二，他們可以申請減排基金和補助金來幫助籌集資金，這些也是較長的周期，減排基金開始透過系統發揮作用，以便他們可以獲得這些資金。對我來說，最重要的是，最新的進展是醫療補助 1115 豁免。

What we're seeing here is we have 19 states that have had approval for these waivers. For me it's a really strong sort of voice from the states with regards to their desire to fund and help patients, that are that get into recovery while they're in the justice system, and we know 60% of our patients are in the justice system. And interestingly, in the 19 states that have received approval that still have to operationalize, which we expect to start in 2026, over 60% of the LAI category sort of volume is covered in those 19 states.

我們現在看到的是，已有 19 個州批准了這些豁免。對我來說，這是來自各州的強烈呼聲，他們希望資助和幫助那些在司法系統中接受康復治療的患者，我們知道 60% 的患者都在司法系統中。有趣的是，在已獲得批准但仍需實施的 19 個州中，我們預計將於 2026 年開始實施，超過 60% 的 LAI 類別量都集中在這 19 個州。

So you've got a really concentrated sort of sort of space there in those 19. And then we know we've got another nine states that have applied for 1115 waivers that still have to seek approval. So you could end up, very soon in a spot where almost 30 states have received those 1115 waivers are working to operationalize and relieving some of that budget pressure moving forward. So I hope that's helpful perspective on the CGS, Christian.

因此，在這 19 個地方，您擁有了真正集中的空間。然後我們知道還有另外九個州申請了 1115 豁免，但仍需尋求批准。因此，很快可能會有近 30 個州收到 1115 項豁免，並正在努力實施和緩解部分預算壓力。所以我希望這對 CGS 有幫助的觀點，Christian。

Yeah, thank you, that's helpful. And then just to clarify on, the one, whether there's any notable impact as it relates to pricing and or destocking for supplicate in the first quarter.

是的，謝謝，這很有幫助。然後需要澄清的是，第一，這是否與第一季的定價和去庫存有關，有任何顯著的影響。

Yeah, hey Christian, good morning. No, really it was a fairly quiet quarter. There was some destock or yeah, some destocking one in the mid-single digits, so that reversed out the stocking that we saw in the fourth quarter but overall beyond that pricing was quiet.

是的，嘿，克里斯蒂安，早安。不，實際上這是一個相當平靜的季度。有一些去庫存現象，或者是，有一些去庫存現象，幅度在個位數中間，所以這逆轉了我們在第四季度看到的庫存，但總體而言，除此之外，定價很平靜。

Okay, thank you. And then maybe just one final thing. I mean, are you, obviously you've got the sort of 50 minutes to deploy, you've got the new label, you've got this 50 minutes to deploy in terms of marketing, market awareness and marketing.

好的，謝謝。最後還有一件事。我的意思是，你顯然有 50 分鐘的時間來部署，你有新的標籤，你有 50 分鐘的時間來部署行銷、市場意識和行銷方面的內容。

What should be the expectations around or how do you How do you assess what you know what the success looks like as a result of that marketing campaign and the new label? I mean, just to get a better sense for, how far you're into that. Obviously, label was fairly recently done.

應該抱持什麼樣的期望，或是您如何評估行銷活動和新標籤所帶來的成功？我的意思是，只是為了更好地了解你對此的了解程度。顯然，標籤是最近才完成的。

I don't know how aggressively you've pushed the pushed the button on that $50 million budget. Just a better understanding of how things might play out as it relates to some of these potentials. Things that may be more in your favor on the competitive front.

我不知道您是如何積極地推動實現那 5000 萬美元預算的。只是更好地理解與這些潛力相關的事態如何發展。在競爭方面，這些事情可能對你更有利。

Yeah, thanks for that question, Christian, and it is a major initiative, I mean, listen, with only 2 patients in 10 patients in treatment, at any point in time for opioid use disorder and only, 18 getting treatment over a 12 month period, and then even worse, only 7% to 8% of those getting an LAI, there's a tremendous opportunity here for awareness and pull through of long acting.

是的，謝謝你的提問，克里斯蒂安，這是一項重大舉措，我的意思是，聽著，在阿片類藥物使用障礙的任何時間點，每 10 名患者中只有 2 名接受治療，在 12 個月內只有 18 名接受治療，更糟糕的是，只有 7% 到 8% 的患者獲得長效藥物 (LAI)，這可以提高人們的長效藥物。

And specifically, SUBLOCADE, which is why, we think the label enhancement for rapid induction for alternate sites of injection and for a for an incremental dose, a second dose on day Eight to accelerate the journey to therapeutic levels combined with the HCP and patient marketing, is going to is going to help us achieve our guidance where we do have. Increased growth throughout the back half of the year because it takes time for those initiatives to take place.

具體來說，SUBLOCADE，這就是為什麼我們認為標籤增強功能可以透過替代注射部位進行快速誘導，並且可以增加劑量，在第八天進行第二次劑量以加速達到治療水平，再加上 HCP 和患者行銷，這將幫助我們實現我們的指導。由於這些措施的實施需要時間，因此下半年的成長有所加快。

I think the good thing is we are seeing some leading indicators with regards to digital impressions and brand searches which are, indicating that the campaign is impactful, but you know what's really going to be how we measure this is going to be net revenue moving forward and growth of the long-acting category and SUBLOCADE specifically.

我認為好消息是，我們看到了一些與數位印象和品牌搜尋相關的領先指標，這些指標表明該活動是有影響力的，但你知道我們真正衡量這一點的指標是未來的淨收入以及長效類別和 SUBLOCADE 的成長。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Thank you. We will take our next question, and your next question comes from the line of Chase Knickerbocker farm, Craig Callum. Please go ahead, your line is open.

謝謝。我們將回答下一個問題，您的下一個問題來自 Chase Knickerbocker 農場的 Craig Callum。請繼續，您的線路已開通。

Good morning. Thanks for the questions. Maybe just start on SUBOXONE. So, you guys lost 40 basis points of share, only sequentially, and it certainly seems even with that kind of mid-single digit million benefit that pricing held up, certainly better than we had expected. Can you kind of walk us through what your guidance assumes from here? Obviously, no change to that guidance, but should we be thinking about additional pricing pressure? From here or is all the kind of incremental decline from here, based on the entrance of the fifth generic, thanks.

早安.感謝您的提問。也許剛開始服用 SUBOXONE。因此，你們的市佔率僅連續損失了 40 個基點，而且看起來，即使有這種數百萬美元的中個位數收益，定價仍然保持穩定，肯定比我們預期的要好。您能否向我們介紹一下您的指導由此得出的假設？顯然，該指導意見沒有變化，但我們是否應該考慮額外的定價壓力？從這裡開始或從這裡開始都是漸進式下降，基於第五個通用的入口，謝謝。

Brian, hey, Chase, good morning. So, no, just to remind everyone what happened here in a film environment with the fourth generic coming into the marketplace late 2023, the fourth player engine has really started. To drive price decay in the market, especially at the end of the year 2024, they dropped their price close to 15%. So, what you're seeing so far, Q1 played out as expected.

布萊恩，嘿，蔡斯，早安。所以，不，只是為了提醒大家在電影環境中發生了什麼，隨著第四部通用電影在 2023 年底進入市場，第四個播放器引擎才真正啟動。為了推動市場價格下跌，特別是在 2024 年底，他們將價格降低了近 15%。因此，就目前所見，第一季的業績與預期一致。

We did take a price reduction to ensure strong formulary position. But we are projecting in our guidance that that price erosion will continue even with the four generics in the marketplace. And if Teva does launch that could factor in at some level, but at this point with the four in there and the way they're operating, our assumption is the price will continue and then the balance of the A year over year net revenue decline is due to the share assumptions, right? Typically, on a year over year basis we lose about 3 share points, so that's factored in as well.

我們確實採取了降價措施以確保強大的處方地位。但我們在指導意見中預測，即使市場上有四種仿製藥，價格下滑仍將持續。如果 Teva 確實推出該產品，這可能會在某種程度上產生影響，但目前考慮到這四家公司以及它們的運作方式，我們假設價格將繼續保持這種狀態，而淨收入同比下降的平衡是由於份額假設造成的，對嗎？通常，與去年同期相比，我們的市佔率會下降約 3 個百分點，因此這也被考慮在內。

I think just beyond doubt on this chase, I think a lot of folks are having Teva be the driver of the price decline, and what we saw through last year was there's continuing pricing pressure through the year that accelerated in the fourth quarter. So, with the four players today, there's pricing pressure in the market, and we've built that into our guidance that that would continue.

我認為毫無疑問，很多人都認為 Teva 是價格下跌的驅動因素，而我們去年看到的是，全年價格壓力持續存在，並且在第四季度有所加劇。因此，由於目前有四家公司參與，市場存在定價壓力，我們已將這種情況納入我們的指導意見中，預計這種情況將持續下去。

Has there been further pricing pressure since that price action that you guys took in Q1? Has there been, additional declines, or is that pricing now consistent at least so far for Q2?

自從你們在第一季採取價格行動以來，是否還存在進一步的價格壓力？是否出現了進一步的下降，或者至少到目前為止第二季度的定價是否一致？

So, what happens typically, and we look past or look back in a couple of years, Q1 tends to be a little quiet as the contracts get stabilized across all the players and then we typically see the pricing activity pick up between Q2 and Q4 again.

因此，通常情況下，我們回顧過去或回顧幾年，第一季往往會比較平靜，因為所有參與者的合約都趨於穩定，然後我們通常會看到第二季度和第四季度之間的定價活動再次回升。

Got it, thanks. And then, maybe just last for me, obviously, over a year since the op launched at this point, can you just kind of walk investors through what we should be watching as kind of the clearing events for this starting to be a material asset for you guys?

明白了，謝謝。然後，也許對我來說只是最後一個問題，顯然，從 op 啟動到現在已經一年多了，您能否向投資者介紹一下我們應該關注的清算事件，因為這開始成為您們的重要資產？

I mean, obviously kind of knocking down state by state, but there's a number of states that, do have standing orders, and so can you just kind of walk us through what you see as the clearing event to make up the kind of the asset that you. I thought it was going to be.

我的意思是，顯然是逐個州來決定的，但有很多州確實有長期訂單，所以你能否向我們介紹一下你所看到的計算事件，以構成你所期望的資產類型。我以為會是這樣的。

Yeah, thanks for that chase. Listen, not much has changed since we discussed this at the fiscal year end results, we thought we'd be further along at this point, given the significantly differentiated profile and the fact it's the only rescue medication specifically recognizing the label for effectiveness against synthetic opioids like fentanyl.

是的，謝謝你的追逐。聽著，自從我們在財政年度末結果中討論這個問題以來，情況並沒有太大變化，我們認為我們會在這一點上取得進一步的進展，因為其具有顯著的差異化特徵，而且它是唯一一種明確承認對芬太尼等合成阿片類藥物有效的救援藥物。

As we talked at the year, the harm reduction voice has been louder and stronger, and this fear of precipitated withdrawal, is only going to be alleviated when we get real world evidence. So, 2025 into 2026, the major focus is on creating that bolus of real-world evidence so that we can use that to put forward potential impacts of precipitated withdrawal, in the meantime, we'll continue to engage with state and local policymakers, key medical personnel, to deliver on continued uptake in our experience program where we have over 170 municipalities that have taken on.

正如我們今年所討論的那樣，減少傷害的呼聲越來越大，越來越強烈，而這種對突然戒斷的恐懼，只有當我們獲得現實世界的證據時才會得到緩解。因此，從 2025 年到 2026 年，主要重點是創建大量現實世界的證據，以便我們可以利用這些證據提出突然停藥的潛在影響，同時，我們將繼續與州和地方政策制定者、主要醫務人員合作，繼續推進我們的經驗計劃，目前已有 170 多個城市參與了該計劃。

In addition, we continue to be proud of that partnership. It with BARDA, they've made two 100,000-unit orders. We expect another one in 2025 and obviously we have that 10-year contract of over $100 million. So this year's really, it's an evidence generation sort of year of which we can step forward, and that's what's implied in the guidance we gave at fiscal year-end.

此外，我們繼續為這種合作關係感到自豪。他們已經與 BARDA 簽訂了兩份 10 萬台的訂單。我們預計 2025 年還會有另一份合同，而且顯然我們已經有了一份為期 10 年、價值超過 1 億美元的合約。因此，今年實際上是我們可以向前邁進的證據生成年，這也是我們在財政年度結束時給出的指導中所暗示的。

Thanks Mark.

謝謝馬克。

Thank you.

謝謝。

Thank you. We will take our next question. Your next question comes from the line of Thibault Boutherin from Morgan Stanley. Please go ahead. Your line is open.

謝謝。我們將回答下一個問題。您的下一個問題來自摩根士丹利的 Thibault Boutherin。請繼續。您的線路已開通。

Yeah, thank you very much. I got a few, so maybe in town, but starting just with your blockade, a price and mix, if you could just clarify because I think the release is talking about a sort of price mix impact in Q1.

是的，非常感謝。我有幾個，所以可能在城裡，但只是從你的封鎖開始，價格和組合，如果你可以澄清一下，因為我認為發布是在談論第一季度的某種價格組合影響。

I think you mentioned sort of, CGS being lower in the mix and as well as the rebate, but I think you just said Q1 was more quiet in terms of pricing. I just went on to kind of clarify here if you if you can start here.

我認為您提到過，CGS 在組合中較低，而且回扣也較低，但我認為您剛才說第一季度在定價方面比較平靜。如果您可以從這裡開始，我只是在這裡繼續澄清。

Ryan, would you like to talk about the price?

瑞安，你想談談價格嗎？

I would say, listen, the base volumes, were strong in terms of the dispenses, but what we did have to call out was some pricing and mix as you're referencing, and when we lost some of the CGS business, which was quite profitable. That does impact our mix at some level.

我想說，聽著，從分配量來看，基本銷售量很強勁，但正如您所提到的，我們必須指出的是一些定價和組合，以及當我們失去一些利潤豐厚的 CGS 業務時。這確實在某種程度上影響了我們的組合。

And then as we progress on our journey with SUBLOCADE, the state Medicaid mix grows as a percentage of our business as well. So that's what you're seeing in there. And then as I mentioned earlier, 21 did include some destocking. After there was some stocking in Q4 of last year.

隨著我們與 SUBLOCADE 合作的不斷推進，州醫療補助計劃在我們業務中所佔的比例也在不斷增長。這就是你在那兒看到的。正如我之前提到的，21世紀確實包括一些去庫存措施。去年第四季有一些庫存之後。

Yeah, so I think price across different channels is relatively stable, and what you're seeing is more mix across the different channels, and that's what's causing your, if you're doing a per units by per revenue, that's what's causing that deviation primarily T-Bone.

是的，所以我認為不同管道的價格相對穩定，而你所看到的是不同管道之間的混合度更高，這就是導致你出現偏差的原因，如果你按單位按收入進行計算，那麼這主要是造成 T-Bone 出現偏差的原因。

Okay, thank you for the clarification. And then I just want to come back on the CGS situation and just understand what's happening here because if we sort of back out everything, it looks like sort of $100 million coming from CSC '24, sort of 140, maybe 115, '25. I think the comments for this year suggest sort of back to 100. And I understand there is a funding sort of challenge headwind in '25, but how in the first place were you able to grow so much in '24 and what has structurally changed, since then that explains the sort of, coming back to 2023 levels, yeah, just trying to understand the dynamic and what has fundamentally changed in the budget or funding or whatever that that explains the sort of, step forward and step back.

好的，謝謝你的澄清。然後我只想回到 CGS 的情況並了解這裡發生的事情，因為如果我們回顧一切，看起來大約有 1 億美元來自 CSC '24，大約 1.4 億美元，也許 1.15 億美元，'25 億美元。我認為今年的評論建議回到 100。我知道 2025 年存在資金方面的挑戰，但首先，您是如何在 2024 年實現如此大的增長的，從那時起，結構上發生了哪些變化，這解釋了為什麼會回到 2023 年的水平，是的，只是想了解動態，以及預算或資金等方面發生了哪些根本性的變化，這解釋了前進和後退的趨勢。

No, it's a fair question and just to rewind the clock back to the fiscal year end results, what's happened is there's a handful of accounts, very large accounts that were unable to increase their budgets in the short term, to be able to treat all patients and had to make a choice of do I move to orals and treat all my patients with buprenorphine treatment or do I do long acting for a subset based on what's there, and they shifted over to orals because they wanted to be able to say they could treat all their patients suffering from opioid use disorder.

不，這是一個公平的問題，回顧一下財政年度的最終結果，實際情況是，有少數帳戶，非常大的帳戶無法在短期內增加預算，無法治療所有患者，並且必須做出選擇，是改用口服藥並用丁丙諾啡治療所有患者，還是根據現有情況對部分患者進行長效治療，他們改用口服藥，因為他們想說他們可以治療所有患有阿片類藥物使用障礙的口服藥。

For clarity, they're not moving to the competition, they're just moving to orals in the short term while they try and work through their budget issues, which we think, in the short to medium. Firm through the abatement funds through potential in the next budget cycle reallocation of funds from operations to Pharma and through the 1115 waivers we think that will eventually, be alleviated, but that was the main impetus that drove the drop in our fiscal year guidance of about 30% that Ryan spoke to, in February.

為了清楚起見，他們並沒有轉向競爭，他們只是在短期內轉向口語，同時試圖解決他們的預算問題，我們認為，這是在短期到中期內的。透過在下一個預算週期中將營運資金重新分配給製藥公司以及透過 1115 豁免，我們認為公司將透過減排資金最終得到緩解，但這是導致我們的財政年度指導下降約 30% 的主要動力，Ryan 在二月份談到了這一點。

Thank you. And just the very last one from me, I think there was a topic around decoupling prescriptions from administration of blockade and having, partnership with specialty pharmacies, to do the administration from the prescription, and that's something we haven't talked about in some time. I just wanted to know if you know what was the progress here, if it's maybe a bit slower than expected, if it's part of your growth expectations for H2, so just a general data on that would be helpful.

謝謝。我想說的最後一個主題是將處方與封鎖管理脫鉤，並與專科藥房合作，根據處方進行管理，這是我們一段時間沒有談論過的事情。我只是想知道您是否知道這裡的進展如何，是否可能比預期的要慢一些，這是否是您對下半年成長預期的一部分，因此，僅提供一般數據就會有所幫助。

Yeah, we continue to make progress on the alternate sites of care which really have a couple vectors that they help that we've talked. One is the independent physicians, that don't want to deal with the administrative sort of nature of having the product on site and things like that and the other. Is the digital sort of side of things where, within a digital medium they obviously need to be able to send the patients somewhere else.

是的，我們在替代護理站點方面繼續取得進展，這些站點確實提供了我們已經討論過的幾個幫助。一方面是獨立醫生，他們不想處理現場產品等行政事務。另一方面是獨立醫生。這是數位化方面的問題，透過數位媒體，他們顯然需要能夠將患者送到其他地方。

We now have about Eight partners. The initial one was Albertson's. We've built that up to Eight. We're over, at about 1,500 sites across the US. We continue to look for more, foundational partners with large, either regional or major national sort of scope to round out this. We want this to be as frictionless, as a retail experience or as close to that as it can be. So, we'll continue to work with those partners in discussing the opportunity to have these alternate sites of care moving forward.

我們現在有大約八個合作夥伴。第一張是 Albertson 的。我們已經將其增加到八個。我們的站點遍佈全美各地約 1,500 個。我們將繼續尋找更多具有廣泛區域或全國範圍的基礎合作夥伴來完成這一目標。我們希望這能成為一種無摩擦的零售體驗，或盡可能接近這種體驗。因此，我們將繼續與這些合作夥伴合作，討論推進這些替代護理站點的機會。

Thank you very much.

非常感謝。

Thank you, appreciate it.

謝謝，感激不盡。

Thank you. Once again, (Operator Instructions)

謝謝。再次，（操作員指示）

Your next question comes from the line of Paul Cuddon from Deutsche Numis Please go ahead. Your line is open.

您的下一個問題來自德國錢幣公司的 Paul Cuddon，請繼續。您的線路已開通。

Yeah, thank you very much and good morning, guys. I have two questions, please. Firstly, I know it's early, but I mean, have you seen any impact on your prescribing physicians with the kind of label change that sort of came, earlier this year?

是的，非常感謝，大家早安。我有兩個問題請問。首先，我知道現在還為時過早，但我的意思是，您是否看到今年早些時候的這種標籤變化對您的處方醫生有任何影響？

And then secondly, on OPVEE, to what extent has emergent, higher solutions licensing of [Closado] kind of created an even stronger kind of market leader that you're going to find it increasingly challenged to get, share from.

其次，就 OPVEE 而言，[Closado] 新興的、更高級的解決方案授權在多大程度上創造了更強大的市場領導者，你會發現從其那裡獲得份額越來越具有挑戰性。

So I'll start with the first one, Paul. Listen, I think the impact of the of the label on dual prescribers, I think it's just too early. We're getting some subjective feedback that it's very positive, having the only once monthly that can induct immediately, have being able to induct in all of the alternate sites, where the competitor. Can't do that in the back of the arm, and having this dose which accelerates getting to therapeutic levels in an area where you have synthetic opioids out there where if a patient relapses, they could die, from synthetic opioids. We've heard subjectively is there and people really like the label update and the enhancements there.

那麼我就從第一個開始，保羅。聽著，我認為標籤對雙重處方者的影響還為時過早。我們收到了一些主觀回饋，這是非常積極的，每月只有一次可以立即引入，能夠在所有替代站點引入，而競爭對手則在其中。無法在手臂後部做到這一點，並且這種劑量可以加速達到治療水平，在存在合成阿片類藥物的地區，如果患者復發，他們可能會死於合成阿片類藥物。我們主觀上聽說了這一點，人們真的很喜歡標籤更新和那裡的增強功能。

With OPVEE it's emergent. It's an interesting one, that they've licensed in, this higher dose naloxone because it's counter to some of the harm reduction sort of things that say we want the lowest dose possible, and the fact that, the people that have the market leading product there are getting a higher. Dose product to me says higher dose products certainly have a role in this market, and for me it just further reinforces these role, as we move forward. Now that will take real world evidence to deal and have data to deal with precipitated withdrawal, but the move to me further enhances the need for OPVEE in this space.

隨著 OPVEE 的出現，它應運而生。有趣的是，他們已經獲得了這種高劑量納洛酮的許可，因為它違反了一些減少危害的原則，這些原則說我們希望劑量盡可能低，而事實上，擁有市場領先產品的人會得到更高的劑量。對我來說，劑量產品意味著高劑量產品肯定在這個市場中佔有一席之地，而對我來說，隨著我們不斷前進，它只會進一步強化這些作用。現在，這將需要現實世界的證據來處理，並有數據來處理突然的撤軍，但對我來說，這項舉措進一步增強了 OPVEE 在這一領域的需求。

Superb. And so, I just have one more just focusing a little bit on your net cash position and the kind of looming litigation payments through to January 2027. I mean, how are you thinking about your cash generation capability with regard to those kind of looming litigation outflows?

高超。因此，我還有一個問題需要關註一下您的淨現金狀況以及截至 2027 年 1 月的迫在眉睫的訴訟費用。我的意思是，針對這些迫在眉睫的訴訟資金流出，您如何看待自己的現金創造能力？

Yeah, good question, thanks. So certainly, feel confident that, as the business progresses, it's going to generate strong cash flows year over year. We certainly do have to factor in these known obligations. There's the three of them, right? There's the balance of the DOJ that spread for the balance of the next 2 years to 3 years, including in 2027.

是的，好問題，謝謝。因此，當然，我們有信心，隨著業務的發展，它將逐年產生強勁的現金流。我們確實必須考慮到這些已知的義務。有他們三個人吧？司法部的剩餘職責將持續到未來 2 至 3 年，包括 2027 年。

We settled a lot of the antitrust. A programs last year, so all that's remaining right now is $85 million for the opioid MDL that I mentioned and then a small portion left of the Humana and Santi. So when you look at it all together, some of those are in the back end of it and our growing business will generate strong cash moving forward.

我們解決了很多反壟斷案件。去年的項目，所以現在剩下的就是我提到的阿片類藥物 MDL 的 8500 萬美元，然後是 Humana 和 Santi 剩下的一小部分。因此，當你把所有因素綜合起來時，你會發現其中一些因素處於後端，而我們不斷成長的業務將在未來產生強勁的現金流。

Excellent. Thank you.

出色的。謝謝。

Thank you.

謝謝。

Thank you. This concludes today's question and answer session. I'll now hand the call back to Mark Crossley for closing remarks.

謝謝。今天的問答環節到此結束。現在我將把電話交還給馬克·克羅斯利，請他做最後發言。

Thank you, Heidi. And before I close the call, I'd like to add my thanks for your continuing interest in Indivior. Our mission to make meaningful recovery from addiction humanly possible is as critical as ever, and I look forward to the next exciting chapter for the company under Joe's leadership. If you have any follow up questions, please reach out to Jason and the IR team.

謝謝你，海蒂。在結束通話之前，我想感謝您對 Indivior 的持續關注。我們的使命是讓人類盡可能地從毒癮中真正康復，這項使命至關重要，我期待公司在喬的領導下開啟下一個令人興奮的篇章。如果您有任何後續問題，請聯絡 Jason 和 IR 團隊。

Thank you very much and have a great day.

非常感謝，祝您有愉快的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。