Kamada Ltd (KMDA) 2025 Q1 法說會逐字稿

Greetings and welcome to the Kamada First quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Brian Ritchie with LifeSci Advisors LLC.

問候並歡迎參加 Kamada 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興向大家介紹 LifeSci Advisors LLC 的 Brian Ritchie。

Thank you. This is Brian Ritchie with LifeSci Advisors LLC and thank you all for participating in today's call.

謝謝。我是 LifeSci Advisors LLC 的 Brian Ritchie，感謝大家參加今天的電話會議。

Joining me from Kamada are Amir London, Chief Executive Officer, and Chaime Orlev, Chief Financial Officer.

與我一起出席 Kamada 會議的還有執行長 Amir London 和財務長 Chaime Orlev。

Earlier today, Kamada announced its financial results for the three months ended March 31, 2025. If you have not received this news release, please go to the investors page of the company's website at www.kamada.com.

今天早些時候，Kamada 公佈了截至 2025 年 3 月 31 日的三個月的財務業績。如果您尚未收到此新聞稿，請造訪本公司網站 www.kamada.com 的投資者頁面。

Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks. And uncertainties regarding the operations and future results of Kamada.

在我們開始之前，我想提醒一下，管理層在本次電話會議中發表的評論將包含涉及風險的前瞻性陳述。以及有關 Kamada 的營運和未來業績的不確定性。

I encourage you to review the company's filings, the Securities and Exchange Commission, including without limitation, the companies formed 20-F and 6K, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Furthermore, the content of this conference call contains time sensitive information that is accurate only as of the date of the live broadcast Wednesday, May 14, 2025.

我鼓勵您查看該公司向美國證券交易委員會提交的文件，包括但不限於公司成立的 20-F 和 6K，其中確定了可能導致實際結果或事件與前瞻性陳述中描述的結果或事件存在重大差異的具體因素。此外，本次電話會議的內容包含時間敏感訊息，僅截至 2025 年 5 月 14 日星期三直播之日的準確性。

Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. With that said, it's my pleasure to turn the call over to Amir London CEO. Amir.

Kamada 不承擔修改或更新任何聲明以反映本次電話會議日期之後的事件或情況的義務。話雖如此，我很高興將電話轉給執行長 Amir London。阿米爾。

Thank you, Brian. My thanks also to our investors and analysts for your interest in Kamada and for participating in today's call. I'm pleased to report on our strong first quarter results representing double digit profitable growth and a continuation of the operational performance we generated over the course of 2024.

謝謝你，布萊恩。我還要感謝我們的投資者和分析師對 Kamada 的關注以及參加今天的電話會議。我很高興地報告我們第一季的強勁業績，實現了兩位數的獲利成長，並延續了我們在 2024 年創造的營運業績。

Total revenues for the first quarter were $44 million an increase of approximately 17% year over year. Adjusted EBITDA was $11.6 million an increase of approximately 54% year over year. Our growth compared to Q1 2024 was primarily as a result of an increase in sales of GLASSIA and Kamada in ex US markets, as well as various sales and GLASSIA royalties' income.

第一季總營收為 4,400 萬美元，較去年同期成長約 17%。調整後的 EBITDA 為 1,160 萬美元，較去年同期成長約 54%。與 2024 年第一季相比，我們的成長主要是由於 GLASSIA 和 Kamada 在美國以外市場的銷售額增加，以及各種銷售額和 GLASSIA 特許權使用費收入增加。

We expect to continue to generate profitable growth throughout the diversity of our portfolio and disciplined management of our operational expenses through the remainder of 2025. Based on a positive outlook for the year, we are reiterating our 2025 annual guidance of anticipated annual revenues of $178 million to $182 million. And $38 million to $42 million of adjusted EBITDA. Importantly, the midpoints of our 2025 guidance represent an increase of approximately 12% in revenues and approximately 17% in adjusted EBITDA respectively over our 2024 results.

我們預計，在 2025 年剩餘時間內，我們將透過多元化的投資組合和嚴格的營運費用管理繼續實現獲利成長。基於對今年的積極展望，我們重申 2025 年預計年收入為 1.78 億美元至 1.82 億美元的年度指引。調整後的 EBITDA 為 3,800 萬至 4,200 萬美元。重要的是，我們 2025 年指引的中點分別代表營收比 2024 年業績成長約 12% 和調整後 EBITDA 成長約 17%。

As our expectations for strong top and bottom-line growth indicate, we are excited for the near-term prospects of our business. We are even more excited about the longer-term opportunities ahead of us as we continue to progress on our four-pillar growth strategy consisting of organic commercial growth, business development, and M&A transactions, our plasma collection operation and advancement of a PIVOTAL phase 3 inhaled Alpha 1 program.

正如我們對強勁的營收和利潤成長的預期所表明的那樣，我們對業務的近期前景感到興奮。隨著我們繼續推動由有機商業增長、業務發展和併購交易、血漿收集業務以及 PIVOTAL 第 3 階段吸入式 Alpha 1 計劃的推進組成的四大支柱增長戰略，我們對未來的長期機遇感到更加興奮。

To this end, last week we announced the initiation of a comprehensive post-marketing research program for CYTOGAM, which we believe will help demonstrate the advantages of the product in the prevention and management of CMV disease. This program, which consists of different studies, most of them as investigator initiative studies, was developed in ctenollaboration with leading KOLs and is directed at advancing CMV disease management through novel strategies.

為此，我們上週宣布啟動 CYTOGAM 的全面上市後研究計劃，我們相信這將有助於證明該產品在預防和管理 CMV 疾病方面的優勢。該計畫由不同的研究組成，其中大多數是研究者主動研究，是與領先的 KOL 合作開發的，旨在透過新策略推動 CMV 疾病管理。

Studies will focus on late onset CMV prevention and mitigation of active CMV diseases, exploring alternative dosing strategies, and investigating potential new applications of CYTOGAM. Although CMV disease continues to be a significant risk factor for organ rejection and mortality in transplantation, for years, no new up to-date clinical data regarding the benefits of CYTOGAM were published. The data generated by this program will support further product utilization.

研究將集中於晚發性 CMV 預防和緩解活動性 CMV 疾病、探索替代給藥策略以及研究 CYTOGAM 的潛在新應用。儘管 CMV 疾病仍然是器官移植排斥和死亡的重要風險因素，但多年來，尚未發布有關 CYTOGAM 益處的最新臨床數據。該程式產生的數據將支援進一步的產品利用。

As part of our activities to advance organic growth, I'm happy to have that following our first biosimilar product launch in Israel last year, which is expected to generate approximately $2 million in revenue this year, we expect to launch two additional biosimilars later this year and have several others in the pipeline to be launched in the coming years. We expect that this portfolio will become an increasingly important portion of our distribution business with annual sales of between $15 million to $20 million within the next five years.

作為我們推動有機成長活動的一部分，我很高興，繼去年我們在以色列推出首款生物相似藥產品之後，預計今年將產生約 200 萬美元的收入，我們預計今年晚些時候將推出另外兩種生物仿製藥，並且未來幾年還將推出其他幾種生物仿製藥。我們預計，未來五年內，該產品組合將成為我們分銷業務中越來越重要的一部分，年銷售額將在 1,500 萬至 2,000 萬美元之間。

Moving to business development and M&A. During 2025, we expect to secure compelling new business development in licensing, collaboration, and all M&A transactions which will enrich our portfolio of marketed products and complement our existing commercial operation. We anticipate that such agreements would generate operational and all commercial synergies with our current commercial portfolio and will support future profitable growth.

轉向業務發展和併購。2025 年，我們期望在授權、合作和所有併購交易中實現引人注目的新業務發展，這將豐富我們的行銷產品組合並補充我們現有的商業營運。我們預計此類協議將與我們目前的商業組合產生營運和所有商業協同效應，並將支持未來的獲利成長。

Also, during the recently completed quarter, we expanded our plasma collection operation with the opening of a location in San Antonio, Texas. The 11,000 third quare foot San Antonio center will support over 50 donors' bed with an estimated total collection capacity of approximately 50,000 Liters annually. Once they are at full collection capacity, we anticipate that our Houston and San Antonio collection centers will each contribute annual revenues of between $8 million to $10 million in the sales of normal source plasma.

此外，在最近結束的這個季度，我們在德克薩斯州聖安東尼奧開設了一個血漿收集點，擴大了我們的血漿收集業務。聖安東尼奧中心佔地 11,000 平方英尺，可容納 50 多張捐贈者床位，預計每年總收集量約為 50,000 公升。一旦達到全部收集能力，我們預計休士頓和聖安東尼奧收集中心每年將透過銷售正常來源血漿貢獻 800 萬至 1,000 萬美元的收入。

Turning now to ongoing PIVOTAL phase 3 innovative clinical trial for inhaled alpha one antitrypsin therapy, we continue to advance this program with its revised enrollment goal of 180 subjects, and we are on track to conduct an interim fertility analysis by the end of 2025.

現在轉向正在進行的吸入式α1抗胰蛋白酶療法PIVOTAL 3期創新臨床試驗，我們繼續推進該計劃，修訂後的招募目標為180名受試者，並預計在2025年底前進行中期生育力分析。

With that, and I'll turn the call over to Chaime for a detailed discussion of our financial results for the first quarter of 2025.

有了這些，我將把電話轉給 Chaime，詳細討論我們 2025 年第一季的財務表現。

Chaime, please go ahead.

Chaime，請繼續。

Thank you, Amir.

謝謝你，阿米爾。

As Amir stated at the top of the call, our results for the first quarter of the year were strong. All the revenues were $44 million in the first quarter compared to $37.7 million in the first quarter of 2024. As Amir mentioned, the increase in revenues stemmed from the diversity of our portfolio and were primarily attributable to increased sales of GLASSIA and Kamada in ex US market, as well as Vazig sales and GLASSIA royalties.

正如阿米爾在電話會議開始時所說，我們今年第一季的業績表現強勁。第一季的總收入為 4,400 萬美元，而 2024 年第一季的總收入為 3,770 萬美元。正如阿米爾所提到的，收入的成長源自於我們產品組合的多樣性，主要歸因於 GLASSIA 和 Kamada 在美國以外市場的銷售額成長，以及 Vazig 銷售額和 GLASSIA 特許權使用費的成長。

Gross margin and gross profit and gross margins were $20.7 million and 47% in the first quarter of 2025 compared to $16.7 million and 44% in the first quarter of 2024. The increase in both matrices is attributable to improved product sales.

2025 年第一季的毛利率和毛利及毛利率分別為 2,070 萬美元和 47%，而 2024 年第一季的毛利率和毛利及毛利率分別為 1,670 萬美元和 44%。兩個矩陣的成長都歸因於產品銷售量的提升。

Operating expenses including R&D, sales and marketing, G&A, and other expenses, totaled $13 million in the first quarter of 2025 as compared to $12.7 million in the first quarter of 2024. The marginal increase in operating expenses is indicative of our ability to manage operational expenses while continuing to generate meaningful revenue growth. Net income was $4 million or $0.07 per share.

2025 年第一季的營運費用（包括研發、銷售和行銷、一般行政費用和其他費用）總計 1,300 萬美元，而 2024 年第一季為 1,270 萬美元。營運費用的略微增加表明我們有能力管理營運費用，同時繼續實現有意義的收入成長。淨收入為 400 萬美元，即每股 0.07 美元。

In the first quarter of 2025, up 67% from the $2.4 million, or $0.04 per share in the first quarter of 2024. Adjusted EBITDA was $11.6 million in the first quarter compared to $7.5 million in the first quarter of 2024, representing a 54% year over year increase.

2025 年第一季度，較 2024 年第一季的 240 萬美元或每股 0.04 美元成長 67%。第一季調整後 EBITDA 為 1,160 萬美元，而 2024 年第一季為 750 萬美元，年增 54%。

While the dividend payment declared in March was only paid after the end of the quarter, we continue to maintain a strong cash position that is planned to be used to fund new business development initiatives.

雖然 3 月宣布的股息在本季結束後才支付，但我們繼續保持強勁的現金狀況，並計劃用於資助新的業務發展計劃。

With that, we will turn the call over to questions.

接下來，我們將轉入提問環節。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Annabel Samimy, Stifel Financial Corp.

Annabel Samimy，Stifel Financial Corp.

Hi all, thanks for taking my question. Great start of the year.

大家好，感謝您回答我的問題。今年的開始很棒。

I had some questions around the different growth contributors. I noticed that CYTOGAM isn't cited as a growth contributor this quarter, so I was just wondering.

我對不同的成長因素有一些疑問。我注意到 CYTOGAM 並未被列為本季度的成長貢獻者，所以我只是感到好奇。

With your expanded investment and clinical studies for CYTOGAM is that should we read into anything that there's what prompted this, has it reached a plateau right now. Or maybe does it signal anything for the potential to update guidelines based on the data that you have to date just wanted to understand the decision for making this investment, so I guess that's the first question I have some follow ups.

隨著您對 CYTOGAM 的投資和臨床研究不斷擴大，我們是否應該了解是什麼促使了這一現象的發生，它現在是否已經達到了穩定期。或者也許它預示著根據您迄今為止掌握的數據更新指南的可能性，只是想了解進行這項投資的決定，所以我想這是我有一些後續問題的第一個問題。

Thanks Annabel. So we emphasize the basically year over year growth. And basically Q1 2024 was kind of similar to Q1 2024 in terms of the sales as a reminder, end of 2023 we launched the new the new batches from our production, so Q1 of 2024 was strong with this fresh inventory that was basically shipped to the market. So we had a strong quarter back then. So when comparing the quarter to quarter, year over year, 2 yam didn't have a major contribution to the growth. The growth came from other products. We're very happy to see the strength of our portfolio, the diversity of our portfolio, including GLASSIA EX US, Kamada EX US.

謝謝安娜貝爾。因此，我們強調基本上逐年的成長。基本上，就銷售而言，2024 年第一季與 2024 年第一季有點相似，提醒一下，2023 年底我們推出了新批次的產品，因此 2024 年第一季表現強勁，這些新庫存基本上都已運往市場。所以我們當時的一個季度表現強勁。因此，當與季度和年度進行比較時，2 個山藥對成長沒有做出重大貢獻。成長來自於其他產品。我們很高興看到我們的投資組合的實力和多樣性，包括 GLASSIA EX US、Kamada EX US。

Rising in the US market and the GLASSIA royalties had a significant contribution to the growth of the business. In general, we spoke about it in previous quarters. The fact that we have 6 FDA approved products and we're currently active in over 35 different countries and territories makes a very significant, a very strong portfolio that can continue growing organically in the next few years.

美國市場的崛起和 GLASSIA 特許權使用費對業務成長做出了重大貢獻。總的來說，我們在前幾個季度已經討論過這個問題。事實上，我們擁有 6 種經 FDA 批准的產品，並且目前業務遍及 35 個不同的國家和地區，這使得我們的產品組合非常重要且非常強大，並且可以在未來幾年繼續有機增長。

Okay. Any and just any thoughts on How the guidelines might be updated for site again for CMV rather and was, is there anything to read into the fact that you're expanding these studies. Does that mean that you just need more data to update these guidelines.

好的。關於如何針對 CMV 再次更新網站指南，您有什麼想法嗎？您是否在擴大這些研究？這是否意味著您只需要更多數據來更新這些指南。

So the idea to conduct multiple studies in order to basically present new fresh clinical data, something we started working already in 2023, it took us time to work with the pool of KOLs creating advisory boards and As you work with each one of those to identify what is like the key set of data that will be important for the community to see, so it takes time of course, to design, develop those clinical studies, and this is mature to a point that we were in a position that we could announce this comprehensive program between 2023 when it started and now when we announce it, we already had like three different presentations and posters in industry conferences and we are starting to see that there is positive impact on this work in the field working with the physicians. Changing guidelines takes time. Recently there was a meeting of the consortium that basically the KOLs that work on CMV prevention, CMV management guidelines, and there is a modest change to the guidelines. We expect that with new data we are going to be able to prove that CMV hemoglobulin has a significant advantage in the prevention and management of CMV and that it will be well reflected in future guidelines.

因此，我們的想法是進行多項研究，以便基本上呈現最新的臨床數據，我們在 2023 年就已經開始著手這項工作，我們花了一些時間與 KOL 團隊合作，創建了諮詢委員會，並與每個人合作，確定對社區來說重要的關鍵數據集，因此，設計和開發這些臨床研究當然需要時間，現在我們已經成熟到可以在 2023年開始宣布這個綜合計劃，現在我們宣布這個計劃時，我們已經在行業會議上進行了三次不同的演示和海報，我們開始看到，與醫生合作對該領域的工作產生了積極的影響。改變指導方針需要時間。最近，該聯盟召開了一次會議，主要討論 CMV 預防、CMV 管理指南方面的工作，並對指南進行了適度修改。我們期望透過新的數據能夠證明CMV血紅蛋白在CMV的預防和管理方面具有顯著的優勢，並且將在未來的指導方針中得到很好的體現。

Okay, got it and just I guess I can I have a ton of questions, but I'll just cut it to one, just I have to ask, the extent to which you're globally, you have a global business. Can you just sort of lay out how you think about the tariffs that are being od right now. I know for right now, pharmaceuticals are excluded, but have you I thought about the potential impact and how you might be protected just having plasma here or you know where you're sourcing your different products, any kind of calculation that you've made on in a worst case scenario, what kind of impact that might have on margins or on the business overall.

好的，我明白了，我有很多問題，但我只問一個，我只想問，你們的全球化程度如何，你們的全球業務如何。您能否簡單闡述一下您對目前徵收的關稅的看法？我知道目前藥品被排除在外，但你有沒有想過潛在的影響，以及如何透過在這裡擁有血漿來保護你，或者你知道你從哪裡採購不同的產品，你在最壞的情況下所做的任何計算，這可能會對利潤率或整體業務產生什麼樣的影響。

Okay, Chaime will answer this question. Chaime, please.

好的，Chaime 來回答這個問題。請 Chaime 發言。

Yes. So, we can have an evaluation of the issue, and our understanding based on currently available information is that there should be no direct impact on sales of our specific products. However, as we know, this is an evolving situation which we will keep on monitor, and we'll advise in the future if our conclusion changes. I would also note that at the present time it is not possible to fully assess the potential indirect effect of the tariff discussions over global trade and how that might play in effect but based on the analysis we made thus far, we do not think there is going to be a direct impact on our business.

是的。因此，我們可以對這個問題進行評估，根據目前掌握的信息，我們認為這不會對我們特定產品的銷售產生直接影響。然而，正如我們所知，情況正在不斷變化，我們將繼續關注，如果我們的結論發生變化，我們將在未來提出建議。我還要指出的是，目前還無法完全評估關稅討論對全球貿易的潛在間接影響及其可能產生的影響，但根據我們迄今為止的分析，我們認為這不會對我們的業務產生直接影響。

Okay, great, and just so I can squeeze in one more, any updates on what percent you are enrolled for innovate at this point.

好的，太好了，為了再擠出時間，請問您目前報名參加創新計畫的人數百分比是多少？

So, we had around 55% enrollment and we are making good progress in working on the futility analysis you know we will have a cut off of the data in the second part of the year and soon after that, the data will be available for the DSMB to run the statistical analysis for the futility analysis.

因此，我們的入學率約為 55%，我們在無效性分析工作方面取得了良好的進展，您知道我們將在今年下半年截止數據，此後不久，數據將可供 DSMB 運行無效性分析的統計分析。

Okay, great thank you.

好的，非常感謝。

Thank you.

謝謝。

James Sidoti, Sidoti & Company

詹姆斯·西多蒂 (James Sidoti)，西多蒂公司

Hi, good morning. Thanks for, or good afternoon, actually, thanks for taking the questions. Just, follow up on this, the cytogram postmarketing, study. Can you talk a little bit about the timing of that, when do you expect that to be completed.

嗨，早安。謝謝，或者下午好，實際上，感謝您回答這些問題。只是，跟進這一點，細胞圖上市後研究。您能否稍微談談這個時間安排，您預計什麼時候可以完成。

Because it's an array of 10 different studies, so each one of those has its own timeline. Some things that are done quicker, especially the non-human clinical studies, but more of kind of the in vitro analysis that that we are doing. So, some of it will be available already, later this year into 2026, and some of the work will continue all the way to 2027, 2028.

因為它由 10 項不同的研究組成，所以每項研究都有自己的時間表。有些事情做得更快，特別是非人體臨床研究，但我們正在進行的更多的是體外分析。因此，部分工作將在今年稍後至 2026 年投入使用，而部分工作將持續到 2027 年、2028 年。

In general, I'll say it's run a four-year program that we have launched across multiple sites, multiple KOLs, and basically kind of covering the majority of the relevant CMV management and preventive in organ transplantation.

總的來說，我認為這是一個為期四年的項目，我們在多個站點、多個 KOL 上啟動了該項目，基本上涵蓋了器官移植中大部分相關的 CMV 管理和預防內容。

Right, and then, I know you addressed the tariffs, but one of the other changes in the US, the past few months is the cutbacks in NIH spending. Do you expect those to have any impact on your business.

好的，然後，我知道您談到了關稅問題，但過去幾個月美國的另一個變化是削減了 NIH 的支出。您認為這些會對您的業務產生影響嗎？

And not currently, no. So, with our current understanding of the potential changes and the regulations, we don't anticipate that this will have any impact on the business because of the nature of the business and the hospital critical care type of treatment that we are doing, pretty unique type of medicines again, like Amir mentioned about the terrorists. If there's going to be any change in our understanding situation, we will update on this.

目前還沒有。因此，根據我們目前對潛在變化和法規的理解，我們預計這不會對業務產生任何影響，因為業務性質以及我們正在進行的醫院重症監護類型的治療，又是一種非常獨特的藥物，就像阿米爾提到的恐怖分子一樣。如果我們的理解情況有任何變化，我們將會更新。

Okay, and then the last one for me is, detail in the quarter, the tax rate, you reported a 40% tax rate, compared to a 3% tax rate a year ago. I guess two questions, what happened and are those real cash taxes or was that a non-cash expense.

好的，對我來說最後一個是本季的詳細稅率，您報告的稅率為 40%，而一年前稅率為 3%。我想問兩個問題，發生了什麼，這些是真正的現金稅還是非現金支出。

Chaime.

查米。

The taxes changes in the Fairfax liability, you can refer to our cash flow to see that, it had no cash effect.

費爾法克斯負債中的稅收變化，您可以參考我們的現金流，看看它是否對現金沒有影響。

Okay and should we expect you to report some more tax rates going forward.

好的，我們是否應該期待您報告更多未來的稅率。

Well, through 2025, I think we're going to be fluctuating a little bit in terms of our tax expenses, mainly because of shifts between defer tax assets and defer tax liabilities, and I expect that by the end of this year it would smooth out and going forward, you'll be able to see our effective tax rate more clearly. But as of now we have as of now we have yet we're still using KOLs, so we're not paying taxes. We expect to be in a in a taxable income and start paying taxes at the end of 2025 or beginning of 2026.

嗯，到 2025 年，我認為我們的稅費會有些波動，主要是因為遞延稅項資產和遞延稅項負債之間的轉變，我預計到今年年底它會趨於平穩，並且向前看，您將能夠更清楚地看到我們的有效稅率。但截至目前，我們仍在使用 KOL，所以我們沒有繳稅。我們預計將在 2025 年底或 2026 年初達到應稅收入並開始繳稅。

Okay, great. That was my next question.

好的，太好了。這是我的下一個問題。

Thank you very much.

非常感謝。

Thank you. I would like to hand the floor back over to Brian Ritchie for additional questions.

謝謝。我想將發言權交還給 Brian Ritchie，讓他回答其他問題。

Thank you. Just, one question from the web Amir, what does the strong start to Q1 mean for your annual guidance.

謝謝。只是，來自網路的一個問題，阿米爾，第一季的強勁開局對您的年度指導意味著什麼。

Great question. So, of course we are going to, so we had a strong first quarter, and we're going to monitor progress during the second quarter and although we should be evaluated on an annual basis, we will definitely see if this strong performance continues and if that's the case, we will update our guidance moving forward.

好問題。因此，我們當然會這樣做，所以我們第一季表現強勁，我們將監控第二季度的進展情況，儘管我們應該按年度進行評估，但我們肯定會看看這種強勁的表現是否會持續下去，如果是這樣，我們將更新我們的未來指導。

Thanks, Amir. I'll turn the floor back over to you for closing comments.

謝謝，阿米爾。現在我將把發言權交還給您，請您發表最後評論。

Thank you, bye. So, in closing, we continue to invest in the four-pillar growth strategy, continued progress made in all across our business, organic growth of our existing commercial portfolio, business development and M&A opportunities to support and expedite the growth, expansion of our plasma collection operation and the progression of a at therapy program. We look forward to continuing to support clinicians and patients with the important lifesaving products that we develop and fact and commercialize, and we thank you all for your support and we remain committed to creating long term shareholder value. We hope you all stay healthy and safe.

謝謝，再見。因此，最後，我們將繼續投資於四大支柱成長策略，繼續在我們整個業務中取得進展，我們現有商業組合的有機成長，業務發展和併購機會，以支持和加快成長，擴大我們的血漿收集業務和治療計劃的進展。我們期待繼續透過我們開發、生產和商業化的重要救生產品為臨床醫生和患者提供支持，我們感謝大家的支持，我們將繼續致力於創造長期股東價值。我們希望你們都健康平安。

Thank you for joining us today. Good luck.

感謝您今天加入我們。祝你好運。

This concludes today's conference. You may disconnect your lines at this time.

今天的會議到此結束。現在您可以斷開線路。

Thank you for your participation.

感謝您的參與。