Indivior PLC (INDV) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Indivior PLC Q3 Results 2025 webcast and conference call. (Operator Instructions) I would now like to have the comments over to your host for today, Jason Thompson. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 Indivior PLC 2025 年第三季業績網路直播和電話會議。（操作說明）現在，我想把發言權交給今天的主持人傑森湯普森。請繼續。

Thanks, Sharon, and welcome to Endeavor's 3rd quarter of 2025 earnings conference call. I'm joined today by Joe Schifani, Chief Executive Officer, Patrick Berry, Chief Commercial Officer, and Ryan Preblik, Chief Financial Officer. We're also joined by Christian Hebretter, our Chief Scientific Officer, who is also available for questions. Before we begin, I need to remind everyone. On today's call that 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 2 of this presentation. We also may 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 Endeavor.com. I'll now turn the call over to Joseph Ciaffoni , our CEO.

謝謝莎倫，歡迎參加 Endeavor 2025 年第三季財報電話會議。今天與我一同出席的有執行長喬希法尼、首席商務官派崔克貝里和財務長瑞安普雷布利克。我們的首席科學官克里斯蒂安·赫布雷特也加入了我們，他也可以回答大家的問題。開始之前，我需要提醒大家一下。在今天的電話會議上，我們可能會做出一些前瞻性聲明，這些聲明存在風險和不確定性，實際結果可能與預期有重大差異。我們在本簡報的第 2 張投影片中列出了可能導致我們的結果出現重大差異的因素。我們也可能會提及非GAAP財務指標，其調節表也可在本簡報的附錄中找到，該附錄現已發佈在我們的網站Endeavor.com上。現在我將把電話交給我們的執行長Joseph Ciaffoni。

Thanks, Jason. Good morning and thank you for joining our 3rd quarter results call. I'll start with a brief overview of our performance in the quarter and detail the progress we are making against the Endeavor action agenda. Pat will then discuss Sublicade's performance and the progress we are making to improve Subliate commercial execution. And Ryan will discuss our 3rd quarter financial performance and our raised full year 2025 guidance. We will then open the call for questions. We are encouraged by our strong financial performance and improved commercial execution in the US We are making steady progress versus our priorities in phase one, generate momentum of the Envivior action agenda. We have taken several actions to simplify the organization and position in Divvier for success moving forward. In the 3rd quarter, we delivered strong, 15% year over year growth in subblicade and benefited from continued price stability in Suboxone film in the US Total net revenue grew 2% year over year, and adjusted EBITDA was up 14%. The momentum we have generated year-to-date is enabling us to raise our 2025 financial guidance. We now expect total net revenue in 2025 to be up versus 2024, driven by subliate growth of 10% at the midpoint, and assume Suboxone film price stability for the remainder of the year. Adjusted IBETA is now expected to grow 15% versus 2024 at the midpoint.

謝謝你，傑森。早安，感謝各位參加我們第三季業績電話會議。我將首先簡要概述我們本季的業績，並詳細介紹我們在推動「奮進行動」議程方面取得的進展。接下來，Pat 將討論 Sublicade 的效能以及我們在改進 Subliate 商業執行方面的進展。Ryan 將討論我們第三季的財務表現以及我們上調的 2025 年全年業績預期。接下來我們將開放提問環節。我們在美國強勁的財務業績和不斷改善的商業執行力令我們倍感鼓舞。我們在第一階段的優先事項方面取得了穩步進展，為 Envivior 行動議程注入了動力。為了簡化 Divvier 的組織架構和職位，以期在未來取得成功，我們採取了多項措施。第三季度，我們的銷售業績強勁成長，年增 15%，並受益於美國 Suboxone 薄膜價格的持續穩定。總淨收入年增 2%，調整後 EBITDA 成長 14%。今年以來我們所取得的良好勢頭使我們能夠提高 2025 年的財務預期。我們現在預計 2025 年的總淨收入將比 2024 年有所成長，這主要得益於 10% 的成長率（中位數），並假設 Suboxone 薄膜價格在今年剩餘時間內保持穩定。經調整後的 IBETA 目前預計將比 2024 年成長 15%（中位數）。

I want to thank the Endeavor team for their performance in the quarter and for their commitment to making a positive difference in the lives of people living with opioid use disorder in the communities that we serve. For the rest of the year, we are focused on completing phase one, generate momentum of the Endeavor action agenda, and we will be ready to enter phase 2, accelerate on January 1, 2026. The Endeavor action agenda is a three-phased multi-year operational roadmap intended to maximize the potential of our business and make a positive difference in the lives of people living with opioid use disorder while creating value for our shareholders. We are making steady progress in phase one, generate momentum versus our key priorities that include growing supplicate in the US the remainder of the year by improving commercial execution.

我要感謝 Endeavor 團隊在本季度取得的成績，以及他們致力於為我們所服務的社區中患有阿片類藥物使用障礙的人們的生活帶來積極改變的承諾。今年餘下的時間裡，我們將專注於完成第一階段，為「奮進行動」議程積蓄力量，並準備於 2026 年 1 月 1 日進入第二階段，加速推進。Endeavor 行動計畫是一個分三個階段、多年期的營運路線圖，旨在最大限度地發揮我們業務的潛力，為患有阿片類藥物使用障礙的人們的生活帶來積極改變，同時為我們的股東創造價值。我們在第一階段取得了穩步進展，並朝著我們的關鍵優先事項——包括在今年剩餘時間內透過改善商業執行來增加美國市場需求——發展勢頭邁進。

Taking actions to simplify the organization, eliminating all nonessential activities, and establishing our go-forward operating model, in determining the actions and investments necessary to accelerate long-acting injectable penetration in the USEMAC category and to accelerate supplicate net revenue growth in 2026 and beyond. For our top priority, growing supplicate in the US improved commercial execution was the primary driver of solid dispense unit growth. Pat will discuss our commercial progress in more detail.

採取措施簡化組織架構，取消所有非必要活動，並建立我們未來的營運模式，以確定必要的行動和投資，從而加速長效注射劑在美東、美中經濟共同體（USEMAC）領域的滲透，並加速2026年及以後的補充淨收入增長。對我們而言，首要任務是提高美國市場需求，改善商業執行力是固體分配單元成長的主要驅動力。Pat 將更詳細地討論我們的商業進展。

We also took several actions to simplify the organization, improve commercial productivity for sublicade, and strengthen our financial positions. These actions are expected to result in an annual reduction of operating expenses of at least $150 million as compared to 2025. Our 2026 operating budget will not exceed $450 million. To focus and simplify the organization in phase one generate momentum, we have completed the London Stock Exchange cancellation with Envivior now trading exclusively on the NASDAQ.

我們也採取了多項措施來簡化組織結構，提高分拆業務的商業效率，並加強我們的財務狀況。與 2025 年相比，這些措施預計將使每年的營運費用減少至少 1.5 億美元。我們2026年的營運預算不會超過4.5億美元。為了在第一階段集中精力、簡化組織架構並取得進展，我們已完成在倫敦證券交易所的退市，Envivior 現在僅在納斯達克交易。

We consolidated our operating footprint. We restructured our R&D and medical affairs organizations while preserving key capabilities. We announced our intention to pursue a change in domicile from the UK to the US We discontinued the sales and marketing efforts in support of Ofi. We will continue to to distribute product upon request and meet all required contractual and regulatory obligations, and we are optimizing our rest of world business. To focus on Australia, Canada, France, and Germany, which generates 77% of forecasted rest of world net revenue and 94% of forecasted adjusted EBITDA while further reducing organizational complexity.

我們整合了營運佈局。我們在保留關鍵能力的同時，重組了研發和醫療事務部門。我們宣布打算將公司註冊地從英國遷至美國。我們停止了對 Ofi 的銷售和市場推廣工作。我們將繼續根據要求分銷產品，履行所有必要的合約和監管義務，並優化我們在世界其他地區的業務。重點關注澳洲、加拿大、法國和德國，這四個國家貢獻了預計世界其他地區淨收入的 77% 和預計調整後 EBITDA 的 94%，同時進一步降低組織複雜性。

With these actions, we have established our go-forward operating model that we anticipate will generate immediate accretion to the bottom line and improve cash generation as we enter phase 2, accelerate of the Eevior action agenda on January 1, 2026. We plan to provide full-year 2026 financial guidance in early January.

透過這些舉措，我們確立了未來的營運模式，我們預計這將立即增加利潤，並在我們於 2026 年 1 月 1 日進入 Eevior 行動議程第二階段加速實施時改善現金流。我們計劃在1月初發布2026年全年財務預測。

Also, as part of phase one, we are determining actions and investments necessary to accelerate supplicate growth in the US Included in this is our new direct to consumer campaign, which launched on October 1st. In phase two accelerate, we will be focused on accelerating US Suliate growth throughout the year, and we expect to immediately accelerate profitability and cash generation at a faster rate in 2026. I am encouraged by the steady progress that We are making in phase one, generate momentum of the Endeavor action agenda. I am confident that we will finish 2025 with momentum, and we are well positioned to enter phase two, accelerate on January 1, 2026. I will now turn the call over to Pat.

此外，作為第一階段的一部分，我們正在確定必要的行動和投資，以加速美國市場的成長。其中包括我們於 10 月 1 日啟動的面向消費者的全新行銷活動。在第二階段加速階段，我們將專注於全年加速美國 Suliate 的成長，並預計在 2026 年立即加快獲利能力和現金流的產生。我對我們在第一階段取得的穩定進展感到鼓舞，這將為「奮進行動」議程注入動力。我相信我們將以強勁勢頭結束 2025 年，並​​且我們已經做好充分準備，於 2026 年 1 月 1 日進入第二階段並加速發展。現在我將把通話交給派特。

Thank you, Joe. We are encouraged by our strong US Sublicade performance this quarter, which was driven by improved commercial execution. Our commercial team is dedicated to helping people living with OudD and have a strong belief in subliate as the number one prescribed long acting injectable in the category. To strengthen commercial execution, we have been sharpening the field force's message delivery with higher utilization that supplicate core promotional materials on every call to improve overall intent to prescribe. We also are continuing to focus on improving field force call productivity to enable better reach and frequency on treatment providers.

謝謝你，喬。我們對本季美國Sublicade市場的強勁表現感到鼓舞，這主要得益於商業執行力的提升。我們的商業團隊致力於幫助患有鴉片類藥物使用障礙的人們，並且堅信速效注射劑是該類別中處方量最高的長效注射劑。為了加強商業執行，我們一直在提高第一線銷售團隊的訊息傳遞效率，在每次拜訪中提供核心宣傳資料，以提高整體處方意願。我們同時也持續努力提高外勤人員的電話拜訪效率，以便更好地聯繫到治療機構並提高拜訪頻率。

Building on our position as the clear number one LAI, we are reinforcing Supplicate's treatment benefits with prescribers, including broadening HDP awareness of Sublicate's label updates. These label updates include alternate sites of injection and rapid patient induction, along with the ability to receive a second injection of sublicate at day 8. Suffocate's rapid induction is a unique offering in the LAI category, and this clinical option for patients can help maximize the time at effective blood plasma concentration levels by accelerating the second 300 mg dose. This option is strongly resonating with treatment providers. This improved commercial execution led to strong subliate net revenue growth in the third quarter. Unit dispense growth was solid at 8% versus the prior year and 3% versus the second quarter. Total category share of LAIs and new patient share in the US for Sublicade remained relatively stable at approximately 75%.

鞏固我們作為排名第一的長效注射劑的地位，我們正在向處方醫生強調 Supplicate 的治療益處，包括擴大 HDP 對 Sublicate 標籤更新的認識。這些標籤更新包括替代注射部位和快速患者誘導，以及在第 8 天接受第二次亞重複注射的能力。Suffocate 的快速誘導是 LAI 類別中的獨特優勢，這種臨床選擇可以透過加速第二個 300 毫克劑量來幫助患者最大限度地延長有效血漿濃度水平的時間。這項方案引起了治療機構的強烈共鳴。商業執行力的提升帶動了第三季淨收入的強勁成長。與上年同期相比成長了 8%，與第二季相比成長了 3%，表現穩健。在美國，Sublicade 的 LAI 總份額和新患者份額保持相對穩定，約 75%。

We also saw 11% year over year growth in the number of active supplicade prescribers and 11% growth in those prescribing for 5 or more patients. The number of subliate patients over the trailing 12 months also grew 5% year over year. These results are important early indicators of our commercial execution. For the rest of the year, we remain focused on executing phase one of the Endeavor action agenda for Suocate. This includes continuous improvement in commercial execution to generate prescribing momentum for the benefit of patients and identifying investments to accelerate LAI penetration in the US to deliver sustained subliate net revenue growth in 2026 and beyond. As part of the investments we are making to accelerate the growth of Sublicade, we rolled out a brand new direct to consumer campaign. On October 1, we launched our new campaign, Move Forward and Recovery, which is designed to emotionally and authentically connect with patients and drive awareness of Sublica as a treatment option for patients struggling with moderate to severe opioid addiction.

我們也看到活躍的處方醫生數量年增了 11%，為 5 名或以上患者開處方的醫生數量也增加了 11%。在過去 12 個月中，亞急性患者人數也較去年同期增加了 5%。這些結果是我們商業執行情況的重要早期指標。今年剩餘的時間裡，我們將繼續專注於執行 Suocate 的 Endeavor 行動計畫的第一階段。這包括不斷改進商業執行，以創造處方動力，造福患者，並確定投資以加速 LAI 在美國的滲透，從而在 2026 年及以後實現持續的穩定淨收入增長。作為我們為加速 Sublicade 的發展而進行的投資的一部分，我們推出了一項全新的直接面向消費者的行銷活動。10 月 1 日，我們啟動了新的宣傳活動“向前邁進，走向康復”，旨在與患者建立情感上的真實聯繫，並提高人們對 Sublica 作為中度至重度阿片類藥物成癮患者治療方案的認識。

Grounded in patient insights and shaped by research and lived experiences from patients and caregivers, its objective is to connect with patients by celebrating the everyday moments of recovery progress.

該組織以患者洞察為基礎，並根據患者和照護者的研究和生活經驗進行塑造，其目標是透過慶祝康復進展中的日常時刻與患者建立聯繫。

Through emotionally rich visuals and a deeply personal narrative, it highlights the potential for growth, transformation, and the motivation to move forward for oneself, family, and community. Importantly, the campaign addresses the stigma surrounding opioid use disorder by portraying the humanity and dignity of people in recovery, shifting the narrative toward hope and possibility. This campaign is being deployed with sustained investment levels through an omni-channel approach, including national television, digital and social media, and in-office and point of care materials, along with a newly designed patient website. We're pleased to have our new campaign in the marketplace that is raising awareness and educating patients on the hope and possibility of recovery. While I'm pleased with our progress, we have several opportunities to drive further growth in US Sublica.

它透過情感豐富的視覺效果和深刻的個人敘事，突顯了個人、家庭和社區成長、轉變和前進的潛力和動力。重要的是，該活動透過展現康復者的人性和尊嚴，消除了圍繞阿片類藥物使用障礙的污名，將敘事轉向希望和可能性。這項宣傳活動透過全通路持續投入資金，包括全國電視、數位和社群媒體、辦公室和護理點資料，以及新設計的病患網站。我們很高興推出這項新活動，旨在提高公眾意識，並向患者普及康復的希望和可能性。雖然我對我們的進展感到滿意，但我們還有幾個機會可以推動美國Sublica業務的進一步成長。

I'm confident that we will finish 2025 with momentum and accelerate US Sublicade growth in 2026 and beyond. I will now turn the call over to Ryan.

我有信心，我們將以強勁勢頭結束 2025 年，並​​在 2026 年及以後加速美國 Sublicade 的成長。現在我將把通話轉給瑞恩。

Thanks, Pat. First, I'll discuss our third quarter financial performance, then our raised 2025 financial guidance and close on the financial impacts of our recent actions to simplify the organization.

謝謝你，帕特。首先，我將討論我們第三季的財務業績，然後討論我們上調的 2025 年財務預期，最後討論我們最近為簡化組織架構而採取的措施所帶來的財務影響。

We are encouraged by our financial performance this quarter, which includes strong US sublica net revenue growth, stable Suboxone film pricing, and year over year adjusted EBITDA growth. We have taken meaningful steps to strengthen the business and are on track to achieve our financial commitments and complete phase one of the Edior action agenda, generate momentum.

本季財務表現令人鼓舞，其中包括美國Sublica淨收入強勁成長、Suboxone薄膜定價穩定以及經調整的EBITDA年成長。我們已採取切實有效的措施來加強業務，並有望實現我們的財務承諾，完成 Edior 行動計劃的第一階段，從而形成發展勢頭。

Looking at the third quarter results in more detail, starting with the top-line, total net revenue of $314 million increased 2% versus the prior year, as subocating net revenue more than offset expected pricing pressure on Suboxone film and the continued wind down of.

更詳細地來看第三季業績，首先來看營收，總淨收入為 3.14 億美元，比上年增長 2%，因為分攤淨收入超過了 Suboxone 薄膜的預期價格壓力和持續的逐步退出。

Total subocating net revenue of $219 million increased 15% versus Q3 2024. The volume growth year over year was solid at 8%. On a sequential basis, total subocating net revenue increased 5%, reflecting a 3% increase in dispense volume versus Q2. Q3, sublicated net revenue included a gross to net benefit of $10 million as well as a stocking benefit of $4 million.

2024 年第三季總轉包淨收入為 2.19 億美元，成長 15%。銷量較去年同期成長8%，表現穩健。與上一季相比，總分攤淨收入成長了 5%，反映出分銷量比第二季成長了 3%。第三季度，分攤淨收入包括 1,000 萬美元的毛利淨收益以及 400 萬美元的庫存收益。

Turning to Suboxone film net revenue in Q3, we benefited from continued price stability in the US. Q3 net revenue included a gross net benefit of $13 million. Total non-GAAP operating expenses were $145 million in the third quarter, down 3% versus the same quarter last year. Non-GAAP SG&A was unchanged versus the year ago quarter. Non-GAAP R&D expenses decreased 11% due to the reprioritization of pipeline activities and to benefits from the restructuring of the R&D and medical affairs organizations.

第三季 Suboxone 薄膜淨收入方面，我們受惠於美國市場價格的持續穩定。第三季淨收入包含1300萬美元的毛淨收益。第三季非GAAP營運總支出為1.45億美元，比去年同期下降3%。非GAAP SG&A 與去年同期相比沒有變化。由於重新調整研發管線活動的優先順序以及研發和醫療事務機構重組帶來的收益，非GAAP研發費用下降了11%。

Adjusted IETA was $120 million in the third quarter, up 14% versus the same quarter last year, driven by higher net revenue and lower operating expenses. Touching on the balance sheet, we ended the third quarter with gross cash and investments of $473 million up from $347 million at year end. The increase in cash year-to-date was driven by approximately $200 million of cash flow from operations.

第三季調整後 IETA 為 1.2 億美元，比去年同期成長 14%，主要得益於淨收入增加和營運支出減少。從資產負債表來看，第三季末我們的現金和投資總額為 4.73 億美元，高於年末的 3.47 億美元。今年迄今現金增加主要得益於約 2 億美元的營運活動現金流。

Based on our solid performance year-to-date, we are raising our 2025 financial guidance. Our total net revenue guidance range is increasing to $1.18 billion to $1.22 billion. This raised guidance reflects better than expected year-to-date performance of sublicade and stability in US Suboxone film pricing. We now expect total net revenue in 2025 to be up versus 2024 at the midpoint.

鑑於我們今年迄今的穩健業績，我們上調了2025年的財務預期。我們的淨收入預期範圍將上調至 11.8 億美元至 12.2 億美元。此次上調的業績指引反映了今年迄今Suboxone的業績表現優於預期，以及美國Suboxone薄膜定價的穩定性。我們現在預計，2025 年的總淨收入將比 2024 年的中位數有所成長。

For sublicade, we are raising our full year 2025 net revenue guidance to the range of 825 to $845 million. This represents year to year growth of 10% at the midpoint. We continue to see improving fundamentals for Sublicade and expect to see growth on a demand basis for the remainder of this year.

對於子業務，我們將 2025 年全年淨收入預期上調至 8.25 億至 8.45 億美元。這相當於年增長率中位數為 10%。我們持續看到 Sublicade 的基本面正在改善，並預計今年剩餘時間內需求將持續成長。

We are maintaining our gross margin guidance in the low to mid 80% range and expect to come in at the high end of our non-GAAP operating expense guidance of 585 to 600. While our total non-GAAP operating expense guidance range is unchanged, we now expect SG&A between 510 to 520, reflecting increased investment behind US publiclicade and expect R&D between $75 to $80 million, reflecting the restructuring of our R&D and medical affairs organizations. We are raising our full year 2025, adjusted EBITDA of guidance to $400 to $420 million which is an increase of 15% versus 2024 at the midpoint.

我們維持毛利率預期在 80% 左右，預計非 GAAP 營運費用將達到預期上限 585 至 600。雖然我們的非GAAP營運費用總額預期範圍保持不變，但我們現在預計銷售、一般及行政費用在510至520之間，這反映了對美國上市業務投資的增加；同時，我們預計研發費用在7500萬至8000萬美元之間，這反映了我們研發和醫療事務部門的重組。我們將 2025 年全年調整後 EBITDA 預期上調至 4 億至 4.2 億美元，中位數比 2024 年成長 15%。

Turning to our actions to simplify the organization as part of phase one of the NIVIO Action agenda, we made several strategic decisions that positioned us to realize at least $150 million in annual operating expense savings off the top end of our 2025 non-GAAP operating expense guidance range starting in 2026. These actions reduce operational complexity. Increase our focus on growing sublicade in the US and strengthen our financial position. All the actions taken as part of phase one of the Endeavor action agenda have resulted in non-GAAP charges of $65 million to date.

作為 NIVIO 行動計畫第一階段的一部分，我們採取了簡化組織的行動，並做出了一些策略決策，使我們能夠從 2026 年開始，在 2025 年非 GAAP 營運費用指導範圍的上限基礎上，實現每年至少 1.5 億美元的營運費用節省。這些措施降低了操作複雜性。加大力度拓展美國二級市場，增強財務實力。作為「奮進行動計畫」第一階段的一部分而採取的所有行動，迄今已導致 6,500 萬美元的非 GAAP 費用。

These charges include severance cost, real estate consolidations, write-offs for inventory, equipment, and intangibles, as well as other termination payments and consulting costs. The related cash impact is expected to be $40 million and will largely be paid out in the 3rd and 4th quarters of this year.

這些費用包括遣散費、房地產整合費、庫存、設備和無形資產的註銷費，以及其他終止付款和諮詢費用。預計相關現金影響為 4000 萬美元，並將於今年第三季和第四季主要支付。

We are on track to deliver phase one, generate momentum and achieve our revised 2025 financial guidance. We are in a strong financial position as we enter phase two of the endeavor Action Agenda Accelerate beginning in 2026, during which we expect to drop significant dollars to the bottom line and accelerate cash flow generation. We plan to announce our 2026 financial guidance in early January. I'll turn the call back over to Joe for concluding remarks.

我們正按計劃推進第一階段工作，積蓄力量，並實現我們修訂後的 2025 年財務目標。我們正處於強勁的財務狀況，即將進入「行動議程加速」計畫的第二階段（始於 2026 年），在此期間，我們預計將大幅提高利潤並加快現金流的產生。我們計劃於1月初公佈2026年財務預期。我將把電話轉回給喬，請他做總結發言。

Thanks, Ryan. In conclusion, we have made significant progress on phase one of the Endeavor action agenda generate momentum. We delivered strong US sublicade performance in the quarter. We improved our commercial execution, and we took several actions to simplify our organization. With our go forward operating model in place, we are well positioned to finish 2025 with momentum and begin phase two of the Endeavor action agenda accelerate on January 1, 2026.

謝謝你，瑞恩。總之，我們在「奮進行動議程」第一階段取得了重大進展，並獲得了發展動力。本季我們在美國次級市場取得了強勁的業績。我們提高了商業執行力，並採取了多項措施簡化組織結構。憑藉我們未來的營運模式，我們已做好充分準備，以強勁勢頭結束 2025 年，並​​於 2026 年 1 月 1 日開始加速推進「奮進行動議程」的第二階段。

On a final note, given the optimization of our rest of world business, I would like to take a moment to recognize and thank our colleagues outside the US who are potentially impacted by this decision. And who have worked so hard to ensure patients have access to our medicines. Your contributions to our mission of making a positive difference in the lives of people living with opioid use disorder are important and greatly appreciated. We will now open the call for questions, operator.

最後，鑑於我們對世界其他地區業務的優化，我想藉此機會感謝並感謝可能受到此決定影響的美國以外的同事們。他們為確保患者能夠獲得我們的藥品付出了巨大的努力。您為我們改善阿片類藥物使用障礙患者的生活這項使命所做的貢獻非常重要，我們對此深表感謝。現在開始接受提問，接線生。

Thank you. (Operator Instructions) We will now go to your first question. And your first question today comes from the line of Dennis ting from Jeffrey's, please go ahead.

謝謝。（操作說明）現在我們來回答您的第一個問題。今天你的第一個問題來自 Jeffrey's 的 Dennis Ting，請開始。

Hi, good morning. Thanks for taking our questions and congrats on the quarter. I have two for you guys. So number one, the new 150 million OpEx cuts for 2026, can you please break down where this is coming from? How much of this was from the recent restructuring plans from the AK a few months ago, which I believe was all US personnel, and how much of the OUS optimization is factored into this 150 number. And then number 2.

您好，早安。感謝您回答我們的問題，並祝賀您本季取得佳績。我這裡有兩個要給你們。首先，關於2026年新增的1.5億營運支出削減計劃，您能否詳細說明一下這筆錢的來源？其中有多少是幾個月前阿拉斯加軍方最近的重組計劃的結果（我相信全部是美國人員），又有多少是海外美國軍方的優化措施被納入這 150 個數字中。然後是第二點。

When I look at SUMA as a percentage of revenue, it's around 515 this year or 43% of revenue. But when I look at industry peers, it's around 25%. So, to get to the pure average, that implies at least $25215 million cut in SG&A alone.

如果以收入百分比來衡量，今年的 SUMA 大約是 515，也就是收入的 43%。但當我觀察業內同行時，發現這個比例約為 25%。因此，要達到純粹的平均值，這意味著僅在銷售、一般及行政費用方面就至少要削減 252.15 億美元。

Can you comment in philosophically, where do you eventually see yourself relative to peers on SG&A spend? And if your goal is to get the pure average or perhaps even better than peers.

從哲學角度來看，您認為自己在銷售、管理及行政費用方面最終與同行相比處於什麼位置？如果你的目標是達到平均水平，甚至比同齡人更好。

Thank you.

謝謝。

Dennis, thanks for the questions and for the congratulations. I'm going to have Ryan answer the first question and then I'll take your second question.

丹尼斯，謝謝你的提問和祝賀。我先讓瑞恩回答第一個問題，然後再回答你的第二個問題。

Good morning. Thanks for the question. Before I get to the 150, I just want to make it clear that the first priority we had was to make sure we put the right resourcing and investments behind generating momentum behind Sulicade. And then we went through the exercise of taking a look at the cost structure. And the complexity in the business and what you saw was the net result here of $150 million and you can break it down into four categories. The largest category, almost half, is tied to labor. We reduced our headcount by over 32%. The second component was the reduction of all the nonessential spend through the categories and the functions of the business. Then there was the discontinuation of the sales and marketing of and then also the final decision to optimize the rest of the world.

早安.謝謝你的提問。在談到第 150 點之前，我想先明確一點，我們的首要任務是確保我們投入正確的資源和投資，為 Sulicade 的發展創造動力。然後我們仔細研究了成本結構。業務的複雜性以及你所看到的最終結果是 1.5 億美元，你可以將其分為四個類別。其中佔比最大的類別（幾乎佔一半）與勞動力有關。我們減少了超過 32% 的員工人數。第二個組成部分是透過企業的各個類別和職能部門削減所有非必要支出。然後停止了銷售和市場推廣，最終決定優化世界其他地區的業務。

And Dennis, with regards to your second question, we did not approach phase one of the action agenda to generate momentum from a perspective of targets. What we were focused on is doing what is in the best interest of Nivvier creating value for our shareholders. We believe that starts with maximizing. The supplicate opportunity in the US and then what we did from there is we removed what we believe are all nonessential cost from the organization. My commitment as we go forward is we will continue to ensure that we are only investing in activities. Are essential to us maximizing subliate in the US and also maximizing the opportunity for our portfolio in Canada and Australia. So it's really not about targets. It's about what's right and in the best interests of Endeavor and the value we can create for our shareholders.

丹尼斯，關於你的第二個問題，我們在製定行動議程的第一階段時，並沒有從目標的角度來推動進展。我們專注於做對 Nivvier 最有利的事情，為我們的股東創造價值。我們認為，這一切都始於最大化。在美國，我們抓住了這樣的機會，然後我們從中採取的措施是，從組織中剔除了我們認為所有非必要的成本。我承諾，未來我們將繼續確保只投資有價值的活動。對我們而言，最大限度地提高在美國的增值能力以及最大限度地提高我們在加拿大和澳洲的投資組合的機會至關重要。所以，關鍵不在於目標。這關乎什麼是正確的，符合 Endeavor 的最大利益，以及我們能為股東創造的價值。

Perfect thank you so much.

太好了，非常感謝。

Thank you.

謝謝。

Thank you. Your next question comes from the line of David Ansalam from Piper. Sandler, please go ahead.

謝謝。你的下一個問題來自 Piper 的 David Ansalam 的詩句。桑德勒，請繼續。

Hi, good morning. This is Alex on for David.

您好，早安。這裡是Alex替David報道。

Thank you for taking our questions. First one for me is you've talked about gaining traction in commercial patients who, as we know, are more profitable. Can you speak about that opportunity and also how you are balancing that with the core Medicaid population that comprises the majority of the business currently? And then second question is, can you help us contextualize R&D spend going forward given all the organizational changes? Thank you.

感謝您回答我們的問題。首先，您提到要爭取商業患者，我們都知道，商業患者利潤更高。您能否談談這個機遇，以及您是如何平衡這一機會與目前佔業務主體大部分的核心醫療補助人群之間的關係的？第二個問題是，考慮到組織結構的變化，您能否幫助我們分析未來研發支出的背景？謝謝。

Sure, thanks for the questions. I'll have Pat take the first one, and Ryan can take the second. Yeah.

當然，謝謝你的提問。我讓帕特做第一個，瑞恩做第二個。是的。

No, I appreciate the question on the commercial channel and to your point, we want all channels to grow. We want Medicaid and commercial to grow, and we're certainly taking on the big effort of driving commercial volume. And so it starts with improved commercial execution around messaging. And making sure that our customers understand the broad coverage that we have and the fact that those commercial patients in most cases 95% of the time will have a 0% out of pocket, and then it continues with the important work of our working with our specialty pharmacy channel to make that as an efficient channel as Medicaid. And so we're starting that work and we do anticipate that that. While that will take some time, that we will see impact as we get into 2026. But the fact is is that the commercial channel is growing and certainly Medicaid is going to be the predominant channel for us, but we think commercial is a strong opportunity for us as well.

不，我很感謝您提出的關於商業管道的問題，正如您所說，我們希望所有管道都能發展壯大。我們希望醫療補助和商業保險都能發展壯大，我們當然也在努力推動商業保險業務的成長。因此，一切都始於改善資訊傳遞方面的商業執行。確保我們的客戶了解我們提供的廣泛保障，以及商業患者在大多數情況下（95%）無需自付費用，然後我們繼續與專業藥房管道合作，使其成為像 Medicaid 一樣高效的管道。所以我們正在著手這項工作，我們也預料到了這一點。雖然這需要一些時間，但到 2026 年我們將看到影響。但事實是，商業管道正在成長，醫療補助計劃肯定會成為我們的主要管道，但我們認為商業管道對我們來說也是一個重要的機會。

Yes, and on the R&D spend, what you're seeing there is the consolidation and streamlining of the R&D and the medical team. A cost consolidation and the complexity there, but as it stands right now, we are focused on the phase 2 assets and progressing them through 2025 and looking forward to the readouts in 2026. But to be very clear, if they are ready to proceed into phase 3, we do have the capabilities to make that happen.

是的，在研發支出方面，你看到的是研發和醫療團隊的整合和精簡。成本整合及其複雜性固然重要，但就目前而言，我們專注於第二階段資產，並致力於在 2025 年推進這些資產，期待在 2026 年獲得成果。但需要明確的是，如果他們準備好進入第三階段，我們有能力促成此事。

Thank you.

謝謝。

Your next question comes from the line of chase knickerbocker from Craig Hallam. Please go ahead.

你的下一個問題來自 Craig Hallam 的追逐尼克博克系列。請繼續。

Good morning and thanks for taking the questions and congrats on a great quarter here.

早安，感謝各位回答問題，也恭喜你們本季取得了優異的成績。

Maybe just first on Sulica guidance implies a very strong Q4. Can you just speak to if we're, starting to see a meaningful increase in willingness to prescribe from those label updates? A kind of anything there. And then just second on that, on the LA LAI market generally, I mean clearly back to substantial growth, do you think we're now clearly kind of seeing the benefits of two voices out there driving market growth or just kind of give us an update on kind of your thoughts on the market there as it's apparent it's very strong in the 3rd quarter.

或許蘇利卡的業績指引首先預示著第四季業績將非常強勁。您能否談談，這些標籤更新是否已經開始顯著提高醫生開處方的意願？那裡什麼都有。其次，關於洛杉磯美髮市場，我的意思是，它顯然已經恢復了實質成長，您認為我們現在是否明顯看到了兩種聲音推動市場成長的好處？或者，請您更新一下您對該市場的看法，因為很明顯，該市場在第三季非常強勁。

Yeah, so Chase, thanks for the questions. With regards to supplicate, what I believe we're seeing is the cumulative cumulative effect of improved commercial execution right now as we're getting better. We're doing better. We're also seeing the impact of the label changes as awareness rise, rises playing through in the marketplace along with significant investments we've made in commercial throughout the year. As it pertains to LAI penetration, what I would emphasize there is we believe and have learned we're the we're the player that has the expertise and the resources to make the investment, to create the awareness and drive the education around the category, and that's exactly what it is that we're committed to do. And I want to be clear as we transition to 2026 with our broad DTC campaign. We are going to be investing beyond what it is that our model suggests that we should because we are committed to maximizing the potential of sublicade in the US.

是的，Chase，謝謝你的提問。關於請願，我認為我們現在看到的是隨著我們不斷進步，商業執行力提高所帶來的累積效應。我們情況好轉了。我們也看到了標籤變化帶來的影響，隨著人們意識的提高，市場反應也越來越好，這得益於我們全年對商業的大量投資。就 LAI 滲透率而言，我想強調的是，我們相信並且已經了解到，我們是唯一擁有專業知識和資源進行投資、提高公眾意識並推動相關教育的參與者，而這正是我們致力於要做的事情。我想明確一點，隨著我們向 2026 年過渡，我們將開展廣泛的 DTC 活動。我們將加大投資力度，超越我們模型建議的投入，因為我們致力於最大限度地發揮美國次級市場的潛力。

And just with the strength that we're seeing, I mean, I know we're, it's probably too early of a question, but certainly it seems like we should be thinking about Sublicade next year as maintaining kind of double-digit year over year growth as your guidance even implies for 2025 now. So just any thoughts you'd be willing to share that there, Joe, and then just second on capital allocation, even to guide was impressive. Can you just speak to how you're thinking about capital allocation now that you know your balance sheet's going to be strengthening meaningfully.

就我們目前看到的強勁勢頭而言，我知道現在問這個問題可能為時過早，但我們肯定應該考慮Sublicade明年保持兩位數的同比增長，就像你們對2025年的預測那樣。所以，喬，你有什麼想法願意分享嗎？還有，關於資本配置，即使是指導意見也令人印象深刻。鑑於貴公司的資產負債表將顯著改善，您能否談談您目前對資本配置的看法？

Yeah, so with regards to supplicate in 2026, we'll hold on commenting on that until we give our financial guidance for 2026 in January. What I would say is we are encouraged that all the indicators in support of Supplica are pointing in the right direction as it pertains to capital allocation, we're Ask people to be patient. We want the opportunity to finish phase one of the Endeavor action agenda along with our internal planning process to ensure we have a clear line of sight to the top-line in the cash that we will be generating. Obviously we'll have a lot of optionality as we go forward.

是的，關於 2026 年的供應情況，我們將等到 1 月發布 2026 年財務指引後再作評論。我想說的是，所有支持 Supplica 的指標都指向正確的方向，尤其是在資本配置方面，這讓我們感到鼓舞。我們懇請大家保持耐心。我們希望有機會完成「奮進行動計畫」第一階段以及我們的內部規劃流程，以確保我們能夠清楚地了解我們將產生的現金收入。顯然，隨著我們不斷前進，我們將有很多選擇。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. Your next question comes from the line of Christian Glennie from Steeple. Please go ahead.

謝謝。你的下一個問題來自 Steeple 樂團的 Christian Glennie。請繼續。

Hi, good morning, guys. Thanks for taking the questions. First one may be on some more around the sort of drivers here potentially on sublicade as it relates to some topics maybe we haven't touched a bit on for a while, particularly things like the whether there's any benefit you're seeing on average duration of use for patients, but then also the ultimate, the conversion of prescription. Into an actual dispense prescription so anything to add there initially on that in terms of other drivers that could drive some growth.

大家好，早安。謝謝您回答問題。首先，可能會更多地討論一些與子處方相關的驅動因素，因為這涉及到一些我們可能已經很久沒有觸及的話題，特別是像患者平均使用時長是否有任何益處這樣的問題，以及最終的處方轉換率。實際配藥處方還有什麼需要補充的嗎？還有什麼其他因素可以推動成長？

Okay, Christian, thanks for the question. I'm going to ask Pat to take that one. Yeah.

好的，克里斯蒂安，謝謝你的提問。我打算讓帕特去拍那張照片。是的。

No, on dispense growth we're seeing really positive indicators. We saw an 8% dispense growth year over year and a sequential growth that was solid off of a strong quarter. We're also pleased by the fact that some of the drivers behind that is we're increasing our prescriber base as well as increasing. Those that are committed to riding 5 Plus, which is a good indicator of of solid prescribing and and and adoption. And so those are the indicators that we're really focused on. And we do believe that that enhanced label is a differentiator in the marketplace because we're the only long-acting injectable monthly that has that rapid induction, and that's resonating very well with customers.

不，就銷售成長而言，我們看到了非常積極的跡象。我們看到銷售額年增 8%，由於上一季表現強勁，環比成長也十分穩健。我們也很欣慰地看到，推動這一趨勢的部分原因是我們的處方醫生數量也在增加。那些致力於使用 5 Plus 的人，是處方和採用情況良好的良好指標。所以，這些就是我們真正關注的指標。我們相信，這種增強型標籤在市場上具有差異化優勢，因為我們是唯一一種具有快速起效的長效注射型月用藥，這引起了顧客的強烈共鳴。

Sorry, anything on the average duration that patients are on Sublicade.

抱歉，請問有關患者服用Sublicade的平均持續時間有什麼問題嗎？

Yeah, so Christian, with regards to, and that comes through the work we'll be doing through our specialty distribution in terms of conversion of patients to starts and how long they continue on treatment. That's a work stream we kicked off. We're digging deeply into, and we'll comment more on that in 2026, but we expect those efforts to start to have impact in 2026, and that's one of the areas of which we believe will help accelerate subliate dispense unit growth as we move forward.

是的，克里斯蒂安，關於這一點，我們將透過我們的專業分銷工作來提高患者的治療轉換率，以及他們接受治療的時間長短。這是我們啟動的一項工作流程。我們正在深入研究，並將在 2026 年對此進行更多評論，但我們預計這些努力將在 2026 年開始產生影響，我們相信，隨著我們不斷前進，這將有助於加速 Subliate 分配單元的成長。

Thanks. And then my second one will be around just a clarification on the on the OpEx guide for 2026 in terms of the savings. Does that imply that effectively the rest of the world is streamlined and as it as it will be by the by the 1st of January, effectively of 26. And then just to clarify on the on the R&D part, does that, does the guidance assume that those phase 2 assets progress into phase 3, for example, with the cost of that, or is that something that may may subsequently need an update?

謝謝。然後我的第二個問題將是關於 2026 年營運支出指南中關於節省方面的說明。這是否意味著世界其他地方實際上已經精簡，並且到 1 月 1 日將與 26 日的情況一樣？然後，關於研發部分，我想澄清一下，該指南是否假設這些 2 期資產會進入 3 期，例如，並包含相應的成本，或者這是否可能需要後續更新？

Yeah, so I'll ask Ryan to take the first question. I'll take the second.

好的，那我請瑞恩回答第一個問題。我選第二個。

Yeah, so regarding the budget for next year, where we said we will not spend more than $450 million. That includes everything. That includes our go forward model in the US and in the rest of the world business.

是的，關於明年的預算，我們說過支出不會超過 4.5 億美元。這包括所有的一切。這包括我們在美國和世界其他地區的業務發展模式。

Okay. And from an R&D perspective with the changes that we've made, we've preserved the capability. If we're fortunate enough to have programs to advance when the data reads out to be able to do so, and that would not result in an additional increase to OpEx in 2026.

好的。從研發角度來看，透過我們所做的改變，我們保留了這種能力。如果我們夠幸運，擁有能夠根據數據進度推進專案的程序，而這不會導致 2026 年營運支出的額外增加。

Thank you. Very clear. Thanks, guys.

謝謝。非常清楚。謝謝各位。

Thank you. Your next question comes from the line of Brandon Fowkes from HC Wainwright, please go ahead.

謝謝。你的下一個問題來自 HC Wainwright 的 Brandon Fowkes，請繼續。

Hi, thanks for taking my questions and congratulations on a very good quarter. Maybe just following on from an earlier question. So, as we look ahead to 2026 and the potential to move into phase three, what do you need to see from from the sublicate business to move into that phase? Are you expecting the enhanced commercial focus to be running at full speed at that stage, and Alternatively, how do you see the sort of long-term path to peak sales and subate or peak penetration in the LAI market, and then, along those lines, thinking again of phase three. So what are you thinking about in terms of that breakout phase, in terms of assets you'd go after? Are these adjacentcies that may not distract from the supplicate efforts? Just any color on that would be helpful.

您好，感謝您回答我的問題，並祝賀您本季業績非常出色。或許這是對之前問題的補充。展望 2026 年以及進入第三階段的可能性，您希望子業務方面看到什麼才能進入該階段？您是否預期屆時加強商業重點將全速運轉？或者，您如何看待 LAI 市場達到銷售高峰和滲透率高峰的長期路徑？然後，再從這個角度考慮第三階段。那麼，在突破階段，你打算投資哪些資產呢？這些鄰近關係是否不會分散人們對懇求的注意力？任何顏色都可以。

Yeah, so Brandon, thank you for the congratulations and certainly appreciate the questions. First off, I want to emphasize we are head down in phase one, generate momentum and looking to finish off the year and be positioned to start phase two accelerate on January 1st. The second thing I want to emphasize, we've been clear we have to earn our way.

是的，布蘭登，謝謝你的祝賀，也非常感謝你的提問。首先，我想強調的是，我們正全力以赴地投入第一階段，積蓄力量，力爭在今年年底前做好準備，以便在 1 月 1 日開始第二階段的加速推進。第二點我想強調的是，我們已經明確表示，我們必須靠自己的努力獲得成功。

To phase 3, and that starts with internally the confidence that we have the capabilities to take on more and then of course externally. That we have the credibility to do so. So we're not focused to phase 3 at this point. We're focused around executing what we're setting out to do. I think to your question directly, when we transition to phase 2, the answer will be one, the assessment of the internal capabilities which will be aligned to the results that we're delivering relative to the guidance that we're giving. From a what we would be looking at, what I would be comfortable saying now if we earn our way to it will be commercial stage assets that have the potential to enhance our growth profile and to diversify our revenue. And I'll let Pat comment on long acting injectable penetration and what it is that we're doing to drive that. Yeah.

進入第三階段，首先要從內部建立起我們有能力承擔更多責任的信心，當然，外部也要建立起這種信心。我們有能力做到這一點。所以目前我們還沒有把重點放在第三階段。我們專注於執行我們所設定的目標。我認為直接回答你的問題，當我們過渡到第二階段時，答案只有一個，那就是評估內部能力，這將與我們根據我們提供的指導所取得的成果保持一致。就我們目前所關注的領域而言，我可以肯定地說，如果我們能夠成功，我們將投資於具有提升我們成長前景和實現收入多元化潛力的商業階段資產。至於長效注射劑的滲透性以及我們為實現這一目標所做的努力，就讓 Pat 來評論吧。是的。

Thanks, Joe. Look, right now we are the market leader and we more than stabilize share at 75%, but the fact is that the overall LAI category still sits at 8%. And so our focus is going to be on continuing to improve our commercial execution. As we get better, the business will get better. We do believe that our effectiveness will drive LAI category, and we also are placing a big bet on direct consumer. As the category leader, we want to drive education of those OED patients and drive traffic into our treaters' offices. And we're investing in that way in a sustained way to do just that. Certainly not going to call a peak penetration rate, but I might direct you to other analogs, whether it be the HIV market or the schizophrenia market, where they've LAIs have. 20 to 25% peak penetration. We're a long way off from that, but that's what's encouraging for us. When we get better, we have a big opportunity to capitalize on.

謝謝，喬。你看，目前我們是市場領導者，市佔率穩定在75%以上，但事實是，整個LAI品類的市佔率仍只有8%。因此，我們的重點將繼續放在提高商業執行力上。我們能力提升，生意也會好轉。我們相信，我們的產品功效將推動 LAI 品類的發展，同時我們也對直接面向消費者的市場寄予厚望。作為行業領導者，我們希望提高 OED 患者的教育水平，並吸引更多患者到我們的治療診所就診。我們正在以持續的方式進行這方面的投資，以實現這一目標。當然，我不會稱之為市場滲透率峰值，但我可以給你一些其他類似的例子，無論是愛滋病市場還是精神分裂症市場，長效注射劑的滲透率峰值都達到了20%到25%。我們離目標還很遠，但這讓我們感到鼓舞。當我們情況好轉時，我們就有了一個可以充分利用的巨大機會。

And Brandon, one other thing I would add, we've also, Vanessa Proctor has joined our organization, and we believe that it's important that the work that we do in advocating for these patients inclusive of public policy will be key. In ensuring access and ultimately increasing long acting injectable penetration so that along with the consumer are really where we're going to put our efforts to drive LAI penetration.

布蘭登，我還要補充一點，瓦妮莎·普羅克特也加入了我們的組織，我們認為，我們為這些患者所做的倡導工作，包括公共政策方面的工作，將至關重要。確保獲得長效注射劑，並最終提高其滲透率，因此，我們將與消費者一起努力，推動長效注射劑的滲透。

Great. And follow-up if I may, and I think this may be for Ryan's a bit of minutiae, but I just cash flow from operations in the quarter, the one time is there just sort of the spend on the cost reduction and the Medicaid rebate that you called out in 2, anything else? And then Maybe just any color and cash conversion in 2026 and then also on that 450 OpEx spend, is that a cash basis or an adjusted accounting figure which may include some non-cash figures. Sorry about the minutia, but just want to get this right and that's all for me.

偉大的。如果可以的話，我想追問一下，這可能對 Ryan 來說有點細枝末節，但我只想問一下本季度的營運現金流，除了你在第二點提到的成本削減支出和醫療補助回扣之外，還有其他支出嗎？然後，也許在 2026 年，任何顏色和現金轉換，以及 450 的營運支出，是現金基礎還是可能包含一些非現金數據的調整後的會計數字。抱歉說了這麼多細節，我只是想把這件事弄清楚，就這些。

Thank you.

謝謝。

Right, yeah, so starting with the 2025 cash, the 200 million is primarily driven by the underlying business, the, strong demand. That got us up then generate 200 but that was all set, as you can imagine by some CapEx and some debt payments. So that's the walk in regards to 2025. In regards to 2026, that 450 is our adjusted operating expense budget in terms of expense that will hit our P&L for next year.

沒錯，所以從 2025 年的現金流來看，這 2 億美元主要是由基本面業務和強勁的需求所驅動的。那讓我們達到了 200，但正如你所想，這已經足夠了，因為需要一些資本支出和一些債務償還。以上就是關於2025年的展望。關於 2026 年，450 是我們調整後的營運費用預算，這筆費用將計入我們明年的損益表。

Great, thank you very much.

太好了，非常感謝。

Thanks, Brandon.

謝謝你，布蘭登。

Thank you. Your next question comes from the line of Thibault Boutherin from Morgan Stanley. Please go ahead.

謝謝。你的下一個問題來自摩根士丹利的蒂博·布瑟林。請繼續。

Thank you. Just maybe a quick question on the blockade in the quarter and apologize if it's been touched on and I missed it, but if you could give more details on the gross to net in the quarter for the blockade, given the guidance for the, I assume there is no risk of reversal, but could that be a sort of a bigger base when you think about growth for next year, and then there's the second question just on Suboxone, I know it's not the focus, but just if you could.

謝謝。關於本季的封鎖措施，我有個小問題。如果之前已經提到而我錯過了，請見諒。鑑於目前的業績指引，我假設封鎖措施不會逆轉，但考慮到明年的成長，這是否會形成一個較大的基數？另外，還有一個關於Suboxone的問題，我知道這並非重點，但我還是想請教一下。

It should be on your visibility now that you know we've seen pricing being a bit stable for more time. The erosion seems to be, stable as well. So that's how you think about it in your building block when thinking about the outlook for the organization going forward. Thank you.

既然價格已經趨於穩定一段時間了，那麼現在你應該注意到這一點了。侵蝕情況似乎也比較穩定。所以，這就是你在思考組織未來發展前景時，在建立組織架構時應該考慮的方式。謝謝。

Thank you for the questions, Tebow. I'll take Suboxone and then hand the sublicade gross the net question off to Ryan. So, look, what I'll comment on Suboxone is limited to 2025, which is we're at a point in the year where in our raise guidance we are not assuming any additional price erosion. So that's different than what we've previously said. We're assuming price stability. We've also seen a relatively slow decline from a share perspective. In terms of 2026. I'm going to hold until we have a full picture of the evolution. Of the payer landscape and those dynamics. So, we'll that certainly from a revenue perspective will be incorporated into the guidance that we give in 2026. And then Ryan on.

謝謝你的提問，蒂博。我會服用丁丙諾啡，然後把這個問題交給瑞恩。所以，關於Suboxone，我只能評論到2025年，也就是說，在今年的漲價預期中，我們不會再假設價格會進一步下跌。這和我們之前說的不一樣。我們假設價格保持穩定。從市佔率的角度來看，我們也看到下滑速度相對緩慢。就 2026 年而言。我會等到我們對整個演變過程有更全面的了解之後再做決定。關於支付方格局及其動態。因此，從收入角度來看，這一點肯定會納入我們 2026 年的業績指引中。然後是瑞恩。

Yeah, so in regard to the Q3 net revenue to give you a little color, we booked the 219, which was up 15% versus last year driven primarily by the Dispense within that number, you saw the result of our normal quarterly balance sheet review of our accruals.

是的，關於第三季淨收入，為了讓大家更清楚地了解情況，我們確認了 219 億美元的收入，比去年同期增長了 15%，這主要是由於該數字中的 Dispent 部分所致。您也看到了我們正常的季度資產負債表審查中應計項目的結果。

There was a gross and net release of $10 million in there and then there was also some stocking in terms of a shipment phasing. So that's the $4 million so a total of $14 million of benefit in the quarter.

其中毛利和淨利利分別為 1000 萬美元和 1000 萬美元，此外還有一些庫存，用於分階段發貨。所以這筆錢是 400 萬美元，因此本季總共獲得了 1400 萬美元的收益。

Thank you.

謝謝。

Okay, thank you.

好的，謝謝。

Thank you. I will now hand the call back to Joe for closing remarks.

謝謝。現在我將把電話交還給喬，請他作總結發言。

Thank you, operator, and thank you to everyone for joining the call today. We look forward to updating you on our progress as we execute the Endeavor action agenda. Have a great day.

謝謝接線生，也謝謝今天參加電話會議的各位。我們期待在執行「奮進行動計畫」的過程中向您報告進度。祝你有美好的一天。

Thank you. This concludes today's conference call. Thank you for participating. We may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。我們現在可以斷開連接了。