Innoviva, Inc. (INVA) 2017 Q4 法說會逐字稿

Ladies and gentlemen, good afternoon. At this time, I'd like to welcome everyone to the Innoviva Fourth Quarter 2017 Financial Results Webcast and Conference Call. (Operator Instructions) Today's conference call is being recorded.

女士們、先生們，午安。現在，我歡迎大家參加 Innoviva 2017 年第四季財務業績網路廣播和電話會議。 （操作員指示）今天的電話會議正在錄音。

And now, I would like to turn the call over to Eric d'Esparbes, Interim Principal Executive Officer and Chief Financial Officer of Innoviva. Please go ahead, sir.

現在，我想將電話轉給 Innoviva 臨時執行長兼財務長 Eric d'Esparbes。先生，請繼續。

Good afternoon, everyone, and thank you for joining us. On today's call, we will review the highlights and financial results from the fourth quarter and full year of 2017. Following our comments, we will open up the call for questions.

大家下午好，感謝大家的參與。在今天的電話會議上，我們將回顧 2017 年第四季和全年的亮點和財務表現。

Earlier today, Innoviva issued a press release announcing recent corporate developments and financial results for the fourth quarter and full year of 2017. A copy of the press release can be found on our website.

今天早些時候，Innoviva 發布了一份新聞稿，宣布了該公司近期的發展以及 2017 年第四季度和全年的財務業績。

Before we get started, I would like to remind you that this conference call contains forward-looking statements regarding future events and the future performance of Innoviva. Forward-looking statements include anticipated results and other statements regarding Innoviva's goals, plans, objectives, expectations, strategies and beliefs. These statements are based upon the information available to the company today, and Innoviva assumes no obligation to update these statements as circumstances change. Future events and actual results could differ materially from those projected in the company's forward-looking statements. Additional information concerning factors that could cause results to differ materially from our forward-looking statements are described in greater details in the company's press release and the company's filings with the SEC.

在我們開始之前，我想提醒您，本次電話會議包含有關未來事件和 Innoviva 未來表現的前瞻性陳述。前瞻性陳述包括預期結果和關於 Innoviva 的目標、計劃、目的、期望、策略和信念的其他陳述。這些聲明是基於公司今天掌握的信息，Innoviva 不承擔隨著情況變化更新這些聲明的義務。未來事件和實際結果可能與公司前瞻性陳述中的預測有重大差異。有關可能導致結果與我們的前瞻性陳述存在重大差異的因素的其他資訊在公司新聞稿和公司向美國證券交易委員會提交的文件中進行了更詳細的描述。

Additionally, adjusted EBITDA and adjusted earnings per share to non-GAAP financial measures will be discussed on this conference call. A reconciliation to the most directly comparable GAAP financial measures can also be found in our press release.

此外，本次電話會議將討論調整後的 EBITDA 和根據非 GAAP 財務指標調整後的每股盈餘。在我們的新聞稿中還可以找到與最直接可比較的 GAAP 財務指標的對帳表。

Also yesterday, we announced the departure of Michael Aguiar, who has resigned as President and CEO of the company, and want to advise you that we don't intend to discuss this matter in today's call.

此外，昨天，我們宣布了邁克爾·阿吉亞爾（Michael Aguiar）離職的消息，他已辭去公司總裁兼首席執行官一職，並想告知大家，我們不打算在今天的電話會議上討論此事。

Innoviva had a very successful fourth quarter of 2017, driven by record high TRx market share in the U.S. for RELVAR/BREO and ANORO and strong financial results. We remain confident that Innoviva is well positioned to deliver value to our shareholders through continuing profitability and cash generation.

Innoviva 在 2017 年第四季度取得了非常成功的業績，這得益於 RELVAR/BREO 和 ANORO 在美國 TRx 市場的份額創歷史新高，以及強勁的財務業績。我們堅信，Innoviva 能夠透過持續獲利和現金創造為股東創造價值。

Our partnerships with GSK continues to make significant progress towards our goal of building BREO, ANORO and TRELEGY into leading global medicines for the treatment of patients suffering from asthma and COPD. In the U.S., BREO and ANORO both continue to significantly outperform the market in prescription volume growth, 77% year-over-year growth for BREO versus 4% for the ICS/LABA market and 69% for ANORO versus 4% for the maintenance bronchodilator market, resulting in new all-time high TRx market share for both products.

我們與葛蘭素史克的合作繼續朝著我們的目標取得重大進展，即將 BREO、ANORO 和 TRELEGY 打造為治療氣喘和 COPD 患者的全球領先藥物。在美國，BREO 和 ANORO 在處方量成長方面持續大幅領先市場，BREO 市場年增 77%，ICS/LABA 市場年增 4%；ANORO 市場年增 69%，維持性支氣管擴張劑市場年增 4%，兩種產品的 TRx 市場均創下歷史新高。

During Q4 2017, BREO script volume grew by 10.4% versus the third quarter of 2017. This compares favorably to the total LABA/ICS market, which grew by 4.9% during that period. We saw the same trends for ANORO, which adds Q4 script growth of 11.3% over the prior quarter versus 3% for the market.

2017 年第四季，BREO 腳本數量較 2017 年第三季成長了 10.4%。我們看到 ANORO 也呈現出同樣的趨勢，其第四季腳本量較上一季成長 11.3%，而市場平均成長率為 3%。

According to the most recent weekly data compiled by IQVA (sic) [IQVIA], formerly IMS, TRx market share for BREO was 19.5% and ANORO reached 16%. In the week ending January 26, 2018, ANORO new-to-brand market share was approximately 21.2% overall and was approximately 23.7% for pulmonologists. Of note though, IQVIA that also shows that BREO new-to-brand market share remained flat during the fourth quarter at 23.2% overall for the week ending December 29 compared to the week ending September 29, but BREO remains the leading ICS/LABA among pulmonologists with a 41.4% share for the last reported week of the year.

根據 IQVA (原文如此) [IQVIA]（前身為 IMS）彙編的最新每週數據，BREO 的 TRx 市場份額為 19.5%，ANORO 達到 16%。截至 2018 年 1 月 26 日的一周，ANORO 新品牌市佔率總體約為 21.2%，肺病專家市佔率約為 23.7%。值得注意的是，IQVIA 還顯示，與截至 9 月 29 日當週相比，截至 12 月 29 日的第四季度，BREO 新品牌市場份額總體持平於 23.2%，但 BREO 仍然是肺病專家中領先的 ICS/LABA，在今年最後一周報告的份額為 41.4%。

We believe these NBRx market share dynamics during the last quarter have been a result of recent competitive pressures, and we plan to continue to work very closely with our partner, GSK, to maximize market share for our joint products and remain confident that both BREO and ANORO will maintain their strong market position.

我們認為，上個季度 NBRx 市場份額的動態變化是近期競爭壓力的結果，我們計劃繼續與合作夥伴 GSK 密切合作，最大限度地提高我們聯合產品的市場份額，並堅信 BREO 和 ANORO 都將保持其強大的市場地位。

In addition, our portfolio of commercialized products continued to grow in 2017 with the U.S. commercial launch of TRELEGY ELLIPTA, the new ICS/LABA/LAMA triple therapy in November. TRELEGY ended 2017 with over 3,000 TRxs in the U.S.

此外，隨著 11 月新型 ICS/LABA/LAMA 三重療法 TRELEGY ELLIPTA 在美國上市，我們商業化產品組合在 2017 年持續成長。截止 2017 年，TRELEGY 在美國擁有超過 3,000 個 TRxs。

As we've mentioned on prior calls, reported net sales by GSK traditionally experienced quarter-over-quarter volatility that has not been related to underlying prescription trends. While during the third quarter of 2017, GSK had reported that net sales for BREO were affected by unfavorable payer rebate adjustments related to prior periods, in the fourth quarter of 2017, as is traditionally the case, reported net sales for BREO and ANORO benefited from stronger winter market demand.

正如我們在之前的電話會議中提到的那樣，葛蘭素史克報告的淨銷售額傳統上會經歷季度環比波動，這與潛在的處方趨勢無關。儘管在 2017 年第三季度，葛蘭素史克公司報告 BREO 的淨銷售額受到前期不利付款人回扣調整的影響，但在 2017 年第四季度，正如傳統情況一樣，BREO 和 ANORO 報告的淨銷售額受益於更強勁的冬季市場需求。

RELVAR/BREO recorded total net sales during the fourth quarter 2017 of $405.3 million, up 48% from the fourth quarter of last year. Net sales in the U.S. were $241.6 million, up 53% compared to Q4 of last year, while outside the U.S., net sales were $163.7 million in the fourth quarter of 2017, an increase of 42%.

RELVAR/BREO 2017 年第四季的總淨銷售額為 4.053 億美元，較去年第四季成長 48%。美國地區的淨銷售額為 2.416 億美元，較去年第四季成長 53%；美國以外地區的 2017 年第四季淨銷售額為 1.637 億美元，成長 42%。

For ANORO, Q4 net sales were $147.3 million, a 62% increase from the fourth quarter of 2016.

ANORO 第四季淨銷售額為 1.473 億美元，較 2016 年第四季成長 62%。

GSK initiated the commercialization of TRELEGY ELLIPTA in the U.S. markets during the fourth quarter of 2017 with reported net sales of $2.8 million.

葛蘭素史克於 2017 年第四季在美國市場啟動 TRELEGY ELLIPTA 的商業化，報告淨銷售額為 280 萬美元。

Overall in the U.S. market, BREO TRx in the fourth quarter of 2017 reached close to 1.4 million scripts, an approximately 61% increase compared to the fourth quarter of 2016. ANORO TRx in the fourth quarter of 2017 grew by approximately 64% during the same period.

整體來看，在美國市場，2017年第四季BREO TRx的腳本數量接近140萬份，較2016年第四季成長約61%。

With strong underlying demand trends, favorable 2018 reimbursement status and an effective collaboration with GSK, we remain optimistic about the potential for our products.

由於強勁的潛在需求趨勢、良好的2018年報銷狀況以及與葛蘭素史克的有效合作，我們對我們的產品的潛力仍然持樂觀態度。

In November, we announced positive data from a study comparing ANORO ELLIPTA and STIOLTO RESPIMAT for symptomatic patients with COPD. We view this study as an additional complement to support the commercialization effort of ANORO in a competitive market.

11 月，我們公佈了一項比較 ANORO ELLIPTA 和 STIOLTO RESPIMAT 針對有症狀的 COPD 患者的研究的積極數據。我們認為這項研究是 ANORO 在競爭激烈的市場中商業化努力的額外補充。

In addition, in November 2017, we announced the filing of a supplemental new drug application with the U.S. Food and Drug Administration for an expanded indication for the use of TRELEGY ELLIPTA in COPD.

此外，2017年11月，我們宣布向美國食品藥物管理局提交補充新藥申請，以擴大TRELEGY ELLIPTA在治療COPD的適應症。

Turning to our financial results. We are very pleased with our strong financial performance during 2017. In total, we generated more than $227.9 million in royalties earned in 2017, which translated into more than $183.6 million in income from operations and $207.5 million in adjusted EBITDA for the year, achieving a 91% EBITDA margin.

談到我們的財務結果。我們對 2017 年強勁的財務表現感到非常滿意。

Looking at the progress we've seen over the last year, we remain confident in our financial performance.

回顧過去一年的進展，我們對我們的財務表現仍然充滿信心。

Our royalties earned in the fourth quarter of 2017 were 17 -- 70, 7-0, $70.5 million, a 51% increase over the fourth quarter of 2016, offset by $3.5 million of net noncash amortization expense.

我們在 2017 年第四季獲得的特許權使用費為 17-70，7-0，7,050 萬美元，比 2016 年第四季成長 51%，抵銷了 350 萬美元的淨非現金攤銷費用。

Royalty revenues earned for the fourth quarter of 2017 included $60.8 million for BREO, $9.5 million for ANORO and $0.2 million for TRELEGY.

2017 年第四季的特許權使用費收入包括 BREO 的 6,080 萬美元、ANORO 的 950 萬美元和 TRELEGY 的 20 萬美元。

Total operating expenses in the fourth quarter of 2017 were $3.1 million. This includes $3.4 million in operating expenses, $2.4 million in noncash stock compensation expenses and a $2.7 million D&O insurance recovery for litigation costs resulting from proxy contest.

2017年第四季的總營運費用為310萬美元。其中包括 340 萬美元的營運費用、240 萬美元的非現金股票薪酬費用以及 270 萬美元的 D&O 保險賠償，用於支付代理權爭奪導致的訴訟費用。

Year-to-date, total operating expenses were $33.6 million, which includes $8.1 million in net proxy contest and related litigation costs, and $9.8 million of noncash stock-based compensation expenses.

年初至今，總營運費用為 3,360 萬美元，其中包括 810 萬美元的淨代理權爭奪和相關訴訟費用，以及 980 萬美元的非現金股票薪酬費用。

We continued to generate strong cash flow from our operations in the fourth quarter of 2017. Income from operation was $66.4 million, a 76% increase compared to $37.7 billion in the fourth quarter of 2016.

2017 年第四季度，我們繼續從營運中產生強勁的現金流。 營運收入為 6,640 萬美元，較 2016 年第四季的 377 億美元成長 76%。

Adjusted EBITDA was $72.3 million in the fourth quarter of 2017, a 65% increase compared to $43.7 million in the fourth quarter of 2016.

2017 年第四季調整後 EBITDA 為 7,230 萬美元，較 2016 年第四季的 4,370 萬美元成長 65%。

Net income attributable to Innoviva stockholders for the fourth quarter of 2017 was $58.4 million or $0.50 basic EPS, a 129% increase compared to $25.5 million in the fourth quarter of 2016 or $0.24 basic EPS. For the full year 2017, our income from operation was $183.6 million, an increase of 68% compared to 2016.

2017 年第四季歸屬於 Innoviva 股東的淨利為 5,840 萬美元或基本每股收益 0.50 美元，較 2016 年第四季的 2,550 萬美元或基本每股收益 0.24 美元增長 129%。 2017年全年，我們的營業收入為1.836億美元，較2016年成長68%。

In spite of incurring costs associated with the proxy contest litigations, which reduced basic EPS by approximately $0.08 per share in 2017, our basic EPS was $1.25 per share for the full year 2017, up 131% compared with basic EPS of $0.54 in 2016. This strong annual increase in the result -- is the result of the steady growth in our profitability and a gradual reduction in share count resulting from the execution of our 2017 capital return program.

儘管產生了與代理權爭奪訴訟相關的成本，導致 2017 年基本每股收益減少約 0.08 美元/股，但我們 2017 年全年基本每股收益為 1.25 美元/股，較 2016 年基本每股收益 0.54 美元增長 131%。

We completed in December '17 the $80 million ASR program by purchasing 6.1 million shares of our common stock at an average price of $13.09 per share, bringing our total stock repurchases for the year to $97.5 million for a total of 7.4 million shares or 7% of outstanding shares at the beginning of the year. We also repaid $85.9 million of our long-term debt during 2017.

我們於 2017 年 12 月完成了 8,000 萬美元的 ASR 計劃，以平均每股 13.09 美元的價格回購了 610 萬股普通股，使我們全年的股票回購總額達到 9,750 萬美元，共計 740 萬股普通股，佔年初流通股的 7%。我們也在 2017 年償還了 8,590 萬美元的長期債務。

Over the last 12 months, we generated approximately $207.5 million in adjusted EBITDA, and with the continued reduction of our debt level, our total net debt balance was reduced to $548.2 million at the end of 2017, resulting in a leverage ratio of 2.6x net debt to last 12 months adjusted EBITDA as of that date.

在過去 12 個月中，我們產生了約 2.075 億美元的調整後 EBITDA，隨著債務水準的持續降低，我們的總淨債務餘額在 2017 年底減少至 5.482 億美元，截至該日期，過去 12 個月調整後 EBITDA 的槓桿率為 2.6 倍。

Cash, cash equivalents, short-term investments and marketable securities totaled $129.1 million as of December 31, 2017, and we had $70.5 million of royalty receivables from GSK at the end of the fourth quarter.

截至 2017 年 12 月 31 日，現金、現金等價物、短期投資和有價證券總額為 1.291 億美元，截至第四季末，我們從 GSK 獲得的特許權使用費應收款為 7,050 萬美元。

With a more optimized capital structure, substantially reduced cash interest costs and continued strong cash-generating capacity, we believe we are in a strong financial position for 2018.

憑藉著更優化的資本結構、大幅降低的現金利息成本和持續強勁的現金產生能力，我們相信，2018 年我們的財務狀況將十分強勁。

Finally, I'd like to mention our preliminary assessment of the effects of the December 2017 U.S. tax reform. Although a review is ongoing, we currently expect to see a positive impact from the new tax regime for Innoviva, mainly due to the reduction in the corporate tax rate from 35% to 21%. Assuming the rates remain as they are now, this should lead to lower cash taxes to be paid by the company once our NOLs are fully utilized.

最後，我想提一下我們對2017年12月美國稅改效果的初步評估。儘管審查仍在進行中，但我們目前預計新稅制將為 Innoviva 帶來正面影響，主要是由於企業稅率從 35% 降至 21%。假設稅率維持在現在的水平，一旦我們的淨營運虧損得到充分利用，公司需要繳納的現金稅就會降低。

In summary, we remain optimistic about our future prospects based upon gains in prescription volumes and market share for our products and the strong financial profile of the business. Our primary focus in 2018 will remain the optimization of the commercial success and global rollout of our products, and we remain optimistic about the outlook of the company.

總而言之，基於我們產品的處方量和市場份額的成長以及業務強勁的財務狀況，我們對我們的未來前景仍然持樂觀態度。 2018 年，我們的主要重點仍將是優化我們產品的商業成功和全球推廣，我們對公司的前景仍然樂觀。

And now, I'd like to ask the conference facilitator to open the call for questions.

現在，我想請會議主持人開始提問。

(Operator Instructions) We'll have our first question from Esther Rajavelu of Deutsche Bank.

（操作員指示）我們的第一個問題來自德意志銀行的 Esther Rajavelu。

I had one on the G&A costs. So the D&O recovery, was that for litigation costs incurred just in the fourth quarter or did it include prior quarter costs as well?

我有一個關於 G&A 成本的。那麼，D&O 回收是僅針對第四季度發生的訴訟成本還是也包括了前一季的成本？

Yes. So the recovery was for prior quarters. So basically, the way it works is that you have the total legal fees, and you have certain recovery mechanisms under the D&O policy and the $2.7 million is for the whole year.

是的。因此復甦是針對前幾季的。所以基本上，它的工作方式是，你有全部的法律費用，並且你根據 D&O 政策有一定的恢復機制，而 270 萬美元是全年的。

Got it. And then -- and was there any litigation costs in the $5.69 million G&A expense?

知道了。然後——569 萬美元的 G&A 費用中是否包含訴訟費用？

No, not really. We had just very minor spending. All the costs were basically over by September, I think, if I recall.

不，不是真的。我們的支出非常少。如果我沒記錯的話，我想到九月所有費用基本上就結束了。

Got it. Okay. And then, more broadly, I have a couple more questions on the marketing strategy for TRELEGY. Can you talk a little bit about any changes to the marketing strategy for the entire portfolio after TRELEGY was launched?

知道了。好的。然後，更廣泛地說，我對 TRELEGY 的行銷策略還有幾個問題。能談談 TRELEGY 推出後整個產品組合的行銷策略有何改變嗎？

So I think what we've said in the past are really 2 main things. First off, we think it's important to have TRELEGY as part of the ELLIPTA portfolio. And the reason for this -- or the -- one of the main benefit is for patient that goes -- comes to the doctor from first to last visit, they can have a progression of different medicines using the same device. We think this is a strategic advantage compared to all the other products that are out there because it makes life easier for both the doctors, the nurses and the patients to -- as they evolve through their disease to just -- adjust the compounds that are prescribed without regard to the device itself. So that's one thing that I -- that we think is extremely useful. There is no change, as far as we understand, in the commercial strategy that we've presented in the past for the products. The COPD is a very diverse -- it's a disease where you have a very diverse set of symptoms and each patients have then the ability to have their appropriate treatment based on their symptoms, specifically. So we think it's a great addition to the portfolio, and the commercial strategy has always planned for this and is being implemented accordingly.

所以我認為我們過去所說的實際上主要有兩件事。首先，我們認為將 TRELEGY 作為 ELLIPTA 產品組合的一部分非常重要。這樣做的原因——或者說——主要好處之一是，對於從第一次到最後一次就診的患者來說，他們可以使用同一設備連續使用不同的藥物。我們認為，與現有的其他產品相比，這是一種戰略優勢，因為它使醫生、護士和患者的生活變得更輕鬆，他們只需隨著病情的發展調整所開的藥物，而無需考慮設備本身。所以我認為這是非常有用的一件事。據我們了解，我們過去針對這些產品提出的商業策略並沒有改變。慢性阻塞性肺病 (COPD) 是一種症狀多種多樣的疾病，每個患者都可以根據自己的症狀接受適當的治療。因此，我們認為這是對投資組合的一個很好的補充，商業策略也一直為此進行規劃並相應實施。

(Operator Instructions) Our next question comes from the line of Stephen Willey of Stifel.

（操作員指示）我們的下一個問題來自 Stifel 的 Stephen Willey。

It's actually Prakhar Verma on for Steve. Eric, can you talk about the current level of couponing sampling with BREO and ANORO? And do you see the changing going forward with the launch of TRELEGY?

實際上是普拉卡爾·維爾馬 (Prakhar Verma) 代替史蒂夫上場。 Eric，您能談談 BREO 和 ANORO 目前的優惠券抽樣水平嗎？隨著 TRELEGY 的推出，您是否認為未來將會改變？

So we usually don't give the detail of the couponing level. However, what we've said in the past, and we remain -- we have the same view today. Couponing is essential as part of the different tool set that is available to GSK for the commercialization of their products. This is a -- respiratory is a very mature and very competitive market, and couponing is an essential tool that is available. So we're very supportive of it. The couponing usually tends to decrease over time as coverage increases because you need less and less couponing as your coverage increases. And frankly, the coverage for our product -- for BREO and ANORO -- is excellent. It's not a differentiating factor anymore as it was several years ago. It's really good. So the -- I would say, the couponing level is way less than it was before, but it's an important tool for GSK.

所以我們通常不會提供優惠券等級的詳細資訊。然而，我們過去所說的話，以及今天我們仍然持有同樣的觀點。優惠券是葛蘭素史克公司用於其產品商業化的不同工具集的一部分，至關重要。這是一個非常成熟且競爭非常激烈的市場，優惠券是必不可少的工具。因此我們非常支持它。隨著覆蓋範圍的增加，優惠券通常會隨著時間的推移而減少，因為隨著覆蓋範圍的增加，您需要的優惠券會越來越少。坦白說，我們的產品（針對 BREO 和 ANORO）的覆蓋範圍非常出色。與幾年前不同，它不再是一個區別因素。非常好。所以——我想說，優惠券的水平比以前低了很多，但它對葛蘭素史克來說是一個重要的工具。

Okay. And just lastly, can you talk about any initial feedback that you received from physicians for TRELEGY? How was the feedback? What's the uptake in the -- among physicians?

好的。最後，您能談談醫生對 TRELEGY 的初步回饋嗎？反響如何？醫生們對此的接受程度如何？

So it's, I think, too early to really have any real statement. As I mentioned, I think this was 3,000 scripts in the U.S. during the quarter. I think we'll have to wait a little bit over time to see what the response is. But for sure, you have a lot of triple therapy in the markets today. I think, historically, what we've explained is that of the COPD portion of the ICS/LABA class, about 40% of that segment tends to be in triple therapy. So there's definitely a market opportunity there, and it's being used. So our hope is that it's going to be very well received by patients who really need that triple therapy. But for having conclusions on the reception so far, we'll just have to wait a little bit, if we can.

因此我認為，現在做出任何真實聲明還為時過早。正如我所提到的，我認為本季美國共有 3,000 份劇本。我想我們得等待一段時間才能看到反應如何。但可以肯定的是，目前市面上有許多三聯療法。我認為，從歷史上看，我們已經解釋過，在 ICS/LABA 類的 COPD 部分中，大約 40% 傾向於採用三重療法。因此，這其中肯定存在著市場機會，而且它正在被利用。因此，我們希望它能夠受到真正需要三重療法的患者的歡迎。但如果可以的話，我們還需要等待一段時間才能得出目前的接收結論。

It appears we have no further questions on the phone. I'd now like to turn the conference back to Mr. d'Esparbes. Please go ahead, sir.

看來我們在電話裡沒有其他問題了。現在我想將會議交還給德斯帕布先生。先生，請繼續。

Thank you, operator. As we conclude our call today, I'd like to provide a couple of final thoughts. First, we have to recognize our strong financial performance in 2017, and we remain committed to our goal of maximizing stockholder value. The second is our teams' continuing efforts to actively manage our GSK collaboration. We believe this commitment is key to maximizing the potential value of our respiratory assets.

謝謝您，接線生。在我們今天結束通話時，我想講幾點最後的想法。首先，我們必須認識到我們2017年強勁的財務業績，我們仍然致力於實現股東價值最大化的目標。第二是我們團隊持續努力積極管理與 GSK 的合作。我們相信，這項承諾對於最大限度地發揮我們的呼吸資產的潛在價值至關重要。

Thank you very much for joining us today. We appreciate your continued support.

非常感謝您今天加入我們。感謝您一直以來的支持。

This does conclude today's conference call. We thank you for your participation. You may now disconnect.

今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。