Lannett Company Inc (LCI) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Lannett Company Fiscal 2023 Second Quarter Financial Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Robert Jaffe, Investor Relations for Lannett Company.

您好，歡迎參加 Lannett 公司 2023 財年第二季度財務業績電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想將會議轉交給您的主持人，Lannett 公司投資者關係部的 Robert Jaffe。

Good afternoon, everyone, and thank you for joining us today to discuss Lannett Company's fiscal 2023 Second Quarter Financial Results. On the call today are Tim Crew, Chief Executive Officer; John Kozlowski, the company's Chief Financial Officer; and Steve Lehrer, who leads our insulin biosimilar initiatives. This call is being broadcast live at www.lannett.com. A playback will be available for at least 3 months on Lannett's website.

大家下午好，感謝您今天加入我們討論 Lannett 公司 2023 財年第二季度的財務業績。今天接聽電話的是首席執行官 Tim Crew；公司首席財務官 John Kozlowski；和 Steve Lehrer，他領導我們的胰島素生物仿製藥計劃。此電話會議正在 www.lannett.com 上直播。回放將在 Lannett 的網站上提供至少 3 個月。

I would like to make the cautionary statement and remind everyone that forward-looking information discussed on today's call is covered under the safe harbor provisions of the Private Securities Litigation Reform Act. The company's discussion will include forward-looking information reflecting management's current forecast of certain aspects of the company's future, and actual results could differ materially from those stated or implied due to several factors, including those discussed in our earnings release.

我想發表警告聲明並提醒大家，今天電話會議上討論的前瞻性信息包含在《私人證券訴訟改革法》的安全港條款中。公司的討論將包括反映管理層當前對公司未來某些方面的預測的前瞻性信息，實際結果可能由於多種因素（包括我們在收益發布中討論的因素）而與明示或暗示的結果存在重大差異。

Additional information concerning factors that could cause actual results to differ materially is contained in our latest Form 10-K and subsequent Forms 10-Q and 8-K filed with the Securities and Exchange Commission. In addition, during the course of this call, we refer to non-GAAP financial measures that are not prepared in accordance with U.S. generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. Investors are encouraged to review Lannett's press release announcing its fiscal 2023 second quarter financial results for the company's reasons for presenting non-GAAP financial measures.

有關可能導致實際結果出現重大差異的因素的其他信息包含在我們向美國證券交易委員會提交的最新 10-K 表格以及隨後的 10-Q 和 8-K 表格中。此外，在本次電話會議期間，我們提到了非 GAAP 財務指標，這些指標不是根據美國公認會計原則編制的，可能與其他公司使用的非 GAAP 財務指標不同。鼓勵投資者查看 Lannett 宣布其 2023 財年第二季度財務業績的新聞稿，了解公司提出非 GAAP 財務措施的原因。

A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is also attached to the company's earnings press release issued earlier today. In a moment, Tim will provide brief remarks on the company's financial results, as well as recent developments and initiatives, then John will discuss the financial results. We will then open the call for questions. With that said, I'd like to turn the call over to Tim Crew. Tim?

非 GAAP 財務指標與最直接可比的 GAAP 財務指標的對賬也附在公司今天早些時候發布的收益新聞稿中。稍後，蒂姆將簡要介紹公司的財務業績以及最近的發展和舉措，然後約翰將討論財務業績。然後我們將打開問題電話。話雖如此，我想把電話轉給蒂姆·克魯。蒂姆？

Thanks, Robert, and good afternoon, everyone. As many of you know, the Farber family has been involved with Lannett for a long time, and I'll begin today acknowledging Jeff Farber, who served as a member of Lannett's Board of Directors for the last 16 years, including Chairman from 2012 to 2018. Jeff decided not to seek reelection to the Board this year. However, we will continue to benefit from his experience and insights as Chairman Emeritus. I personally thank Jeff for his support and counsel over the last several years as we have navigated through a number of significant challenges. As Chairman Emeritus, he will continue to be an advocate for the company and an appreciated voice for the Board and management team.

謝謝，羅伯特，大家下午好。正如你們許多人所知，Farber 家族與 Lannett 合作已久，今天我要感謝 Jeff Farber，他在過去 16 年擔任 Lannett 董事會成員，包括 2012 年至2018 年，Jeff 決定今年不再尋求連任董事會成員。但是，我們將繼續受益於他作為名譽主席的經驗和見解。我個人感謝 Jeff 在過去幾年中給予我們的支持和建議，因為我們已經克服了許多重大挑戰。作為名譽主席，他將繼續為公司代言，並為董事會和管理團隊代言。

Next, as most of you are aware, last week, we held our Annual Meeting of Stockholders. I am pleased to report that all of the formal proposals contained in the proxy were approved by our stockholders, including the reverse stock split of Lannett's issued and outstanding shares of common stock. The Board authorized 1-for-4 reverse stock split will become effective at 5:00 p.m. Eastern Time on February 6, 2023, and beginning the next day, February 7, 2023, the company's common stock will trade on a split-adjusted basis. The reverse stock split is primarily intended to bring the company into compliance with the minimum bid price requirements for maintain its listing on the New York Stock Exchange.

接下來，正如你們大多數人所知，上週我們舉行了年度股東大會。我很高興地報告，代理書中包含的所有正式提案均已獲得我們股東的批准，包括對 Lannett 已發行和已發行普通股的反向股票分割。董事會授權的 1:4 反向股票拆分將於下午 5:00 生效。東部時間 2023 年 2 月 6 日和次日 2023 年 2 月 7 日開始，公司的普通股將在拆分調整的基礎上進行交易。反向拆股的主要目的是使公司符合維持其在紐約證券交易所上市的最低出價要求。

Now turning to the business overview. First, our financial results thus far in fiscal 2023 have exceeded our expectations in part due to some stabilization of our base business, welcome news after the challenging and particularly competitive environment over the last couple of years. For the second quarter, net sales, GAAP gross margin, adjusted gross margin and adjusted EBITDA were all above our expectations. Moreover, I'm pleased to note that these measures increased over each of the preceding 2 quarters. We are also pleased to receive, as expected, an income tax refund of approximately $19 million. A bit later, John will provide additional color on our results as well as our cash position.

現在轉向業務概述。首先，我們 2023 財年迄今為止的財務業績超出了我們的預期，部分原因是我們的基礎業務有所穩定，這是在過去幾年充滿挑戰和特別競爭的環境之後的好消息。第二季度，淨銷售額、GAAP 毛利率、調整後毛利率和調整後 EBITDA 均高於我們的預期。此外，我很高興地註意到，這些措施在前兩個季度中的每個季度都有所增加。正如預期的那樣，我們也很高興收到大約 1900 萬美元的所得稅退稅。稍後，約翰將為我們的結果和我們的現金頭寸提供更多的顏色。

On the operating front, we implemented last quarter another restructuring and cost saving plan to further streamline and realign our operations. These actions will result in a workforce reduction of approximately 60 additional staff positions along with approximately 40 recently vacant positions and will be implemented in phases over the remainder of the company's current fiscal year. We also anticipate exiting our State Road and Torresdale facilities in Philadelphia, Pennsylvania by the end of this year.

在運營方面，我們上個季度實施了另一項重組和成本節約計劃，以進一步精簡和調整我們的運營。這些行動將導致裁員約 60 個額外的員工職位以及約 40 個最近空缺的職位，並將在公司當前財政年度的剩餘時間內分階段實施。我們還預計到今年年底退出我們在賓夕法尼亞州費城的 State Road 和 Torresdale 設施。

Once fully implemented, the plan is expected to generate cost savings of approximately $11 million annually. A key element of that plan involved the restructuring of our R&D operations. We have begun the process of transitioning this function from an internal development department to one that partners with specialized external development and technology providers. We believe that in addition to the expected cost savings, which are largely related to overhead and other more fixed cost expenses, this model allows us to broaden the scope and more efficiently invest in more valuable pipeline products.

一旦全面實施，該計劃預計每年可節省約 1100 萬美元的成本。該計劃的一個關鍵要素涉及重組我們的研發業務。我們已經開始將這一職能從內部開發部門轉變為與專業的外部開發和技術提供商合作的部門。我們認為，除了預期的成本節約（主要與間接費用和其他更固定的成本支出相關）之外，這種模式還使我們能夠擴大範圍並更有效地投資於更有價值的管道產品。

I think it's important to point out that our plan is to maintain our level of direct investment in actual product pipeline development. I'll now turn to our pipeline and begin with updates on the biosimilar insulin glargine and biosimilar insulin aspart products. Overall, the time lines for these products remain largely on track. The annualized commercial market for these insulins continues to represent an estimated aggregate value in the billions of dollars. And thus, potentially transformational for our firm. For both our biosimilar insulin glargine and insulin aspart products as well as potentially other products, we entered into a supply agreement with Ypsomed AG for a pen injector delivery device in the U.S. and certain other territories.

我認為重要的是要指出我們的計劃是保持我們對實際產品管道開發的直接投資水平。我現在將轉向我們的管道，並從生物仿製藥甘精胰島素和生物仿製藥門冬胰島素產品的更新開始。總的來說，這些產品的時間表基本保持在正常軌道上。這些胰島素的年化商業市場繼續代表著數十億美元的估計總價值。因此，對我們公司來說可能是變革性的。對於我們的生物仿製藥甘精胰島素和門冬胰島素產品以及其他潛在產品，我們與 Ypsomed AG 就美國和其他某些地區的筆式註射器輸送裝置簽訂了供應協議。

Recently, we also acquired a sublicense to a licensing arrangement between Ypsomed and Sanofi-Aventis, the holder of various patents related to the pen injector device used in the reference products. The sublicense agreement, among other things, avoid certain device litigation under the Biologics Price Competition and Innovation Act for our biosimilar insulin glargine product and improves our ability to freely market our products once approved.

最近，我們還獲得了 Ypsomed 和 Sanofi-Aventis 之間許可安排的分許可，Sanofi-Aventis 是與參考產品中使用的筆式註射器設備相關的多項專利的持有者。該分許可協議除其他外，避免了我們的生物仿製藥甘精胰島素產品根據《生物製品價格競爭和創新法》提起的某些設備訴訟，並提高了我們在獲得批准後自由銷售產品的能力。

For our long-acting insulin glargine program, as earlier disclosed, we have completed the subject dosing of our healthy volunteer pivotal study and no serious adverse events were reported. We continue to expect top line data and analytics to be available during the current quarter. Following an FDA presubmission meeting intended to increase the likelihood of a first pass approval and potentially shorten review time, we anticipate filing the Biologics License Application around the middle of the current calendar year. Thus, a potential launch of the product mid-calendar year 2024 remains in range.

對於我們的長效甘精胰島素項目，正如之前披露的那樣，我們已經完成了健康志願者關鍵研究的受試者給藥，並且沒有報告嚴重的不良事件。我們繼續期望在本季度提供頂線數據和分析。在旨在增加首次通過批准的可能性並可能縮短審查時間的 FDA 預提交會議之後，我們預計在當前日曆年的中期提交生物技術許可申請。因此，該產品可能會在 2024 年日曆年中期推出。

Next, biosimilar insulin aspart, a fast-acting insulin. As we have said, this product generally trailed the timing of our insulin glargine program by approximately 12 to 15 months. Last month, we announced positive results from an animal study of our biosimilar insulin aspart versus the reference biologic U.S. NovoLog. The study indicated that the products were highly comparable. Following a biosimilar biologic product development type 2 meeting later this fiscal year, we anticipate filing an investigational new drug or IND application this summer. We would then commence the pivotal trial by the fall of this year and complete the pivotal trial in the summer of 2024.

接下來，生物仿製藥門冬胰島素，一種速效胰島素。正如我們所說，該產品通常比我們的甘精胰島素計劃晚了大約 12 到 15 個月。上個月，我們宣布了我們的門冬胰島素生物仿製藥與參考生物美國 NovoLog 的動物研究的積極結果。研究表明，這些產品具有很高的可比性。在本財年晚些時候召開生物仿製藥生物產品開發 2 型會議之後，我們預計將在今年夏天提交一份研究性新藥或 IND 申請。然後我們將在今年秋天開始關鍵試驗，並在 2024 年夏天完成關鍵試驗。

If successful, we anticipate filing the BLA towards the end of calendar year 2024 and potentially launching the product in the back half of calendar year 2025. Turning to our respiratory franchise. I'll start with generic Flovent Diskus. The FDA earlier granted our request for competitive generic therapy status and following the complex product development meeting with the FDA scheduled for April, the filling of the abbreviated new drug application, or ANDA, is expected around the middle of the current calendar year. For a generic ADVAIR DISKUS product, we continue to anticipate providing additional responses to the complete response letter from the FDA over the current -- of the current calendar year, that will include results from a new clinical trial that has been initiated.

如果成功，我們預計將在 2024 年年底提交 BLA，並有可能在 2025 年下半年推出該產品。轉向我們的呼吸特許經營權。我將從通用的 Flovent Diskus 開始。 FDA 早些時候批准了我們對競爭性仿製藥地位的請求，並在定於 4 月與 FDA 舉行的複雜產品開發會議之後，預計在本日曆年年中左右填寫簡化的新藥申請或 ANDA 。對於通用 ADVAIR DISKUS 產品，我們繼續期望在當前 - 當前日曆年內對 FDA 的完整回复信提供額外的回复，其中將包括已經啟動的新臨床試驗的結果。

New pharmakinetic studies intended to address other matters raised in the CRL will be initiated by mid-calendar year. A launch remains possible around mid next calendar year. Finally, for generic Spiriva Handihaler, we expect that our partner will commence a pilot PK study later this year, but note that for now, they have prioritized their efforts around the generic Advair and generic Flovent development programs.

旨在解決 CRL 中提出的其他問題的新藥代動力學研究將在日曆年中期啟動。下個日曆年年中左右仍有可能發射。最後，對於仿製藥 Spiriva Handihaler，我們預計我們的合作夥伴將在今年晚些時候開始試點 PK 研究，但請注意，目前，他們已經優先考慮仿製藥 Advair 和仿製藥 Flovent 開發計劃。

We are particularly pleased to see these valuable insulin and respiratory programs advanced despite recent challenges associated with COVID in China. We thank, acknowledge and appreciate the dedication of our overseas colleagues who continue to work diligently to help bring these critical and more affordable medications to patients that need them.

我們特別高興地看到，儘管中國最近面臨與 COVID 相關的挑戰，但這些有價值的胰島素和呼吸系統項目仍在推進。我們感謝、承認並感謝我們海外同事的奉獻精神，他們繼續勤奮工作，幫助將這些關鍵且更實惠的藥物帶給需要它們的患者。

Turning now to near-term product opportunities, particularly those that have the potential to be more meaningful contributors to our financial results moving forward. Three partnered products remain on track for launch during the current fiscal year. Fludarabine, an improved injectable product currently in short supply is now available through our partner. We expect to launching our Fludarabine label later this fiscal year. Also on deck is sevoflurane and inhaled anesthetic product, and mesalamine delayed release tablets 1.2 grams. sevoflurane and mesalamine reflect IQVIA sales of approximately $190 million and $490 million, respectively.

現在轉向近期產品機會，特別是那些有可能為我們未來的財務業績做出更有意義貢獻的產品機會。三款合作產品仍有望在本財年推出。氟達拉濱是一種目前供不應求的改進型注射劑產品，現在可以通過我們的合作夥伴獲得。我們預計將在本財年晚些時候推出我們的氟達拉濱標籤。甲板上還有七氟醚和吸入麻醉產品，以及美沙拉嗪緩釋片 1.2 克。七氟烷和美沙拉嗪反映 IQVIA 的銷售額分別約為 1.9 億美元和 4.9 億美元。

Although actual generic market sales will be lower, both products currently reflect just 3 active ANDA approvals. So we believe the markets will be attractive. With regard to Sucralfate, we now anticipate a possible launch outside the current calendar year in order to respond to a recent CRL. Turning to our contract development and manufacturing business. We are on track to achieve above the midpoint of our forecasted sales range of $22 million to $26 million, which is a substantial increase over the previous year.

儘管實際的仿製藥市場銷售額會更低，但這兩種產品目前僅反映了 3 個有效的 ANDA 批准。因此，我們相信市場將具有吸引力。關於硫糖鋁，我們現在預計可能會在當前日曆年之外推出，以響應最近的 CRL。轉向我們的合同開發和製造業務。我們有望實現高於 2200 萬至 2600 萬美元預測銷售額範圍的中點，這比上一年有了大幅增長。

We are also engaged with nearly 2 dozen parties that have expressed potential interest in working with us. So we continue to believe there is ample opportunity to further grow this business. Now related to our forward expectations, and as we noted last quarter, we continue to assume new competitors for certain in-line and pipeline products even where that competition has not yet materialized. Further, for new product launches, excluding Fludarabine, we have forecasted sales of around $6 million in the back half of this fiscal year. And finally, over the past year or so, as plant inspections picked up post the pandemic, significant FDA actions, including warning letters and import alerts, have been announced related to poor manufacturing standards at several major competitors. We are proud that at Lannett, there are only a few observations, none of them critical from an inspection at our Seymour plant in October 2022.

我們還與近 2 打表示有興趣與我們合作的各方進行了接觸。因此，我們仍然相信有足夠的機會進一步發展這項業務。現在與我們的遠期預期有關，正如我們上個季度所指出的，我們繼續假設某些在線和管道產品的新競爭對手，即使競爭尚未實現。此外，對於不包括氟達拉濱在內的新產品發布，我們預測本財年下半年的銷售額約為 600 萬美元。最後，在過去一年左右的時間裡，隨著大流行病後工廠檢查的加強，FDA 宣布了與幾家主要競爭對手的製造標準不佳有關的重大行動，包括警告信和進口警報。我們感到自豪的是，在 Lannett，2022 年 10 月在西摩工廠進行的一次檢查中，只有少數觀察結果，沒有一個是關鍵的。

We certainly intend to continue our exemplary record of operating in compliance with FDA standards. While we have not built upside into our forward plan based on the quality and reliability of our supply and that of our partners, we believe some of the recent stabilization of our business can be attributed to this long history of a credible and high-quality supply of the medicines we provide.

我們當然打算繼續我們按照 FDA 標準運營的模範記錄。雖然我們還沒有根據我們和合作夥伴的供應質量和可靠性來製定我們的前瞻性計劃，但我們相信我們業務最近的一些穩定可以歸因於可靠和高質量供應的悠久歷史我們提供的藥物。

To sum up today's remarks. For the second consecutive quarter, we reported better-than-expected financial results with net sales, gross margin, adjusted gross margin and adjusted EBITDA all above our estimates. For biosimilar insulin glargine, we anticipate top line results from the pivotal clinical trial during the current quarter and anticipate filing the BLA around the middle of the current calendar year.

總結一下今天的發言。我們連續第二個季度公佈了好於預期的財務業績，淨銷售額、毛利率、調整後的毛利率和調整後的 EBITDA 均高於我們的預期。對於生物仿製藥甘精胰島素，我們預計本季度關鍵臨床試驗的頂級結果，並預計在當前日曆年年中左右提交 BLA。

For biosimilar insulin aspart, last month, we announced positive results from an animal study that indicated our biosimilar insulin aspart was highly comparable to the reference biologic U.S. NovoLog.

對於門冬胰島素生物仿製藥，上個月，我們宣布了一項動物研究的積極結果，表明我們的門冬胰島素生物仿製藥與參考生物美國 NovoLog 具有高度可比性。

We recently implemented a restructuring and cost reduction plan that we estimate will generate annualized savings of approximately $11 million once fully implemented. And finally, we raised our full year 2023 guidance, reflecting our better-than-expected first half financial results related in part to what we believe to be an improving customer receptivity to the value of our reliable, high-quality supply of affordable medicines. With that, I'll now turn the call over to John to review the financials more closely. John?

我們最近實施了一項重組和成本削減計劃，我們估計一旦全面實施，每年將節省大約 1100 萬美元。最後，我們上調了 2023 年全年的指導，反映出我們上半年的財務業績好於預期，部分原因是我們認為客戶對我們可靠、高質量的負擔得起的藥品供應的價值的接受度有所提高。有了這個，我現在將電話轉給約翰更仔細地審查財務狀況。約翰？

Thanks, Tim, and good afternoon, everyone. Turning to our financial performance. I'll focus my discussion on our non-GAAP adjusted measures. For the 2023 second quarter, net sales were $80.9 million. This compares with $86.5 million for the second quarter of last year and $75.1 million in the 2023 first quarter. Gross profit increased to $15.7 millio,n, or 19% of net sales from $9.7 million or 11% of net sales for the prior year second quarter.

謝謝，蒂姆，大家下午好。轉向我們的財務業績。我將重點討論我們的非 GAAP 調整措施。 2023 年第二季度的淨銷售額為 8090 萬美元。相比之下，去年第二季度為 8650 萬美元，2023 年第一季度為 7510 萬美元。毛利潤從去年第二季度的 970 萬美元或占淨銷售額的 11% 增至 1570 萬美元，占淨銷售額的 19%。

On a sequential quarterly basis, both gross profit and gross margin increased from the preceding 2 quarters. Interest expense rose to $13.3 million from $12.9 million. Net loss narrowed to $14 million, or $0.34 per share from $15.9 million or $0.39 per share. We reported positive adjusted EBITDA of $1 million. Turning to our balance sheet. At December 31, 2022, cash and cash equivalents totaled approximately $56 million, which includes the receipt of the income tax refunds of approximately $19 million.

按季度計算，毛利潤和毛利率均比前兩個季度有所增加。利息支出從 1290 萬美元增至 1330 萬美元。淨虧損從 1590 萬美元或每股 0.39 美元收窄至 1400 萬美元或每股 0.34 美元。我們報告調整後的 EBITDA 為 100 萬美元。轉向我們的資產負債表。截至 2022 年 12 月 31 日，現金和現金等價物總額約為 5600 萬美元，其中包括收到約 1900 萬美元的所得稅退稅。

Our cash balance was reduced by scheduled interest payments and unfavorable working capital changes, most notably, an increase in accounts receivable, which was impacted by the timing of receipts. At December 31, total debt was approximately $659.4 million, comprised of first lien senior secured notes of $350 million, second lien notes of $223.1 million and convertible notes of $86.3 million. As Tim mentioned, we recently implemented a restructuring and cost reduction plan.

我們的現金餘額因計劃的利息支付和不利的營運資金變化而減少，最顯著的是受收款時間影響的應收賬款增加。截至 12 月 31 日，債務總額約為 6.594 億美元，包括 3.5 億美元的第一留置權優先擔保票據、2.231 億美元的第二留置權票據和 8630 萬美元的可轉換票據。正如蒂姆提到的，我們最近實施了一項重組和成本削減計劃。

We expect the plan will begin generating savings in the current fiscal year, rising to approximately $11 million annually once fully implemented. In addition, we estimate that the transition to the outsourced R&D function will result in the liquidity preservation of approximately $5 million to $8 million over the next 18 to 24 months. Turning to our outlook for fiscal 2023 based in part on our better-than-expected financial results for the first half of the year, we have raised full year guidance.

我們預計該計劃將在本財政年度開始產生節省，一旦全面實施，每年將增加到約 1100 萬美元。此外，我們估計，向外包研發職能的過渡將導致在未來 18 至 24 個月內保留約 500 萬至 800 萬美元的流動性。談到我們對 2023 財年的展望，部分基於我們上半年好於預期的財務業績，我們提高了全年指引。

Specifically, we expect net sales in the range of $285 million to $305 million, up from $275 million to $300 million. Adjusted gross margin as a percentage of net sales of approximately 17% to 19%, up from approximately 15% to 17%. Adjusted R&D expense in the range of $21 million to $23 million, down from $23 million to $25 million. Adjusted SG&A expense ranging from $61 million to $63 million, up from $56 million to $59 million. Adjusted interest expense of approximately $53 million, unchanged. The full year adjusted effective tax rate in the range of approximately 20% to 22% down from approximately 23.5% to 24.5%. Adjusted EBITDA in the range of negative $5 million to positive $1 million, changed from negative $12 million to breakeven. And lastly, capital expenditures to be approximately $8 million to $10 million, changed from approximately $8 million to $12 million.

具體而言，我們預計淨銷售額在 2.85 億美元至 3.05 億美元之間，高於 2.75 億美元至 3 億美元。調整後的毛利率占淨銷售額的百分比約為 17% 至 19%，高於約 15% 至 17%。調整後的研發費用在 2100 萬美元至 2300 萬美元之間，從 2300 萬美元降至 2500 萬美元。調整後的 SG&A 費用從 6100 萬美元增加到 6300 萬美元，從 5600 萬美元增加到 5900 萬美元。調整後的利息支出約為 5300 萬美元，保持不變。全年調整後的實際稅率從約 23.5% 至 24.5% 的約 20% 至 22% 下降。調整後的 EBITDA 在負 500 萬美元至正 100 萬美元之間，從負 1200 萬美元變為盈虧平衡。最後，資本支出約為 800 萬美元至 1000 萬美元，從大約 800 萬美元變為 1200 萬美元。

Regarding the phasing of the quarters, we expect net sales, gross margin and total operating expenses in Q3 and Q4 to be comparable with net sales and gross margins coming down from Q2 levels. And total operating expenses in the second half of the year to be comparable to the total operating expenses in the first half. With that overview, we would now like to address any questions. Operator?

關於季度的階段性，我們預計第三季度和第四季度的淨銷售額、毛利率和總運營費用將與第二季度水平下降的淨銷售額和毛利率相當。並且下半年的總營業費用要與上半年的總營業費用相當。有了這個概述，我們現在想解決任何問題。操作員？

(Operator Instructions) There are no questions at this time. I'd like to turn the call back to management for closing remarks.

（操作員說明）目前沒有問題。我想將電話轉回管理層以作結束語。

All right. It's Tim again. Thank you for joining the call. And as always, thanks to our employees, customers and partners, all working very hard to provide high-quality, low-cost medicines for patients. We look forward to sharing our progress on our next call. Have a good evening. .

好的。又是蒂姆。感謝您加入電話會議。一如既往，感謝我們的員工、客戶和合作夥伴，他們都非常努力地為患者提供高質量、低成本的藥物。我們期待在下次電話會議上分享我們的進展。晚上好。 .

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。