Royalty Pharma PLC (RPRX) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Royalty Pharma third quarter earnings conference call. I would now like to turn the call over to George Grofik, Senior Vice President, Head of Investor Relations and Communications. Please go ahead, sir.

女士們先生們，謝謝你們的支持。歡迎參加Royalty Pharma第三季財報電話會議。我現在想將電話轉給高級副總裁兼投資者關係和傳播主管喬治·格羅菲克 (George Grofik)。請繼續，先生。

Good morning, and good afternoon to everyone on the call. Thank you for joining us to review Royalty Pharma's third quarter 2024 results. You can find the press release with our earnings results and slides of this call on the Investors page of our website at royaltypharma.com.

各位與會者早安，下午好。感謝您與我們一起回顧Royalty Pharma 2024 年第三季的業績。您可以在我們網站的投資者頁面上找到包含我們獲利結果的新聞稿以及本次電話會議的投影片：royaltypharma.com。

Moving to slide 3. I would like to remind you that information presented in this call contains forward-looking statements that involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from these statements. I refer you to our most recent 10-Q on file with the SEC for a description of these risks.

轉到投影片 3。我想提醒您，本次電話會議中提供的資訊包含前瞻性陳述，這些陳述涉及已知和未知的風險、不確定性以及可能導致實際結果與這些陳述有重大差異的其他因素。我建議您參閱我們向 SEC 提交的最新 10-Q 報告，以了解這些風險的描述。

All forward-looking statements are based on information currently available to Royalty Pharma, and we assume no obligation to update any such forward-looking statements. Non-GAAP liquidity measures will be used to help you understand our financial results. The reconciliation of these measures to our GAAP financials is provided in the earnings press release available on our website.

所有前瞻性陳述均基於Royalty Pharma 目前可獲得的信息，我們不承擔更新任何此類前瞻性陳述的義務。非公認會計準則流動性指標將用於幫助您了解我們的財務表現。我們網站上的收益新聞稿中提供了這些措施與我們的公認會計原則財務狀況的對照表。

And with that, please advance to slide 4. Our speakers on the call today are Pablo Legorreta, Founder and Chief Executive Officer; Marshall Urist, EVP, Head of Research and Investments; Chris Hite, EVP, Vice Chairman; and Terry Coyne, EVP, Chief Financial Officer.

接下來，請前進到投影片 4。今天電話會議的發言人是創辦人兼執行長 Pablo Legorreta； Marshall Urist，執行副總裁、研究與投資主管； Chris Hite，執行副總裁、副主席；執行副總裁兼財務長 Terry Coyne。

Pablo will discuss key highlights, after which Marshall and Chris will provide portfolio updates, focusing on our progress with synthetic royalty transactions. Terry will then review the financials. And following concluding remarks from Pablo, we will hold a Q&A session. And with that, I'd like to turn the call over to Pablo.

巴勃羅將討論主要亮點，之後馬歇爾和克里斯將提供投資組合更新，重點關注我們在合成特許權使用費交易方面的進展。然後特里將審查財務狀況。在巴勃羅的總結發言之後，我們將舉行問答環節。說到這裡，我想把電話轉給巴勃羅。

Thank you, George, and welcome to everyone on the call. I am delighted to report another excellent quarter of execution against our strategy as the leading funder of innovation in life sciences. Slide 6 summarizes our continued business momentum in the third quarter. In terms of the financials, we delivered 15% growth in Portfolio Receipts, our top line, and also in Royalty Receipts.

謝謝喬治，歡迎大家參加電話會議。我很高興地報告我們作為生命科學創新領域領先資助者的策略執行情況又一個出色的季度。投影片 6 總結了我們第三季的持續業務成長動能。就財務而言，我們的投資組合收益、收入以及特許權使用費收益增加了 15%。

As a reminder, Royalty Receipts represents our recurring cash inflows and are driven by our high-quality portfolio of more than 35 commercial products. Turning to capital allocation, we continue to be very active in acquiring new royalties and our pipeline remains robust. On a year-to-date basis, our capital deployment now stands at approximately $2.6 billion.

提醒一下，特許權使用費代表我們的經常性現金流入，並由我們超過 35 種商業產品的高品質投資組合驅動。談到資本配置，我們繼續非常積極地獲取新的特許權使用費，並且我們的管道仍然強勁。今年迄今，我們的資本部署約為 26 億美元。

In addition, as part of our balanced capital allocation strategy and given our strong fundamental outlook, we repurchased another $95 million of our shares in the quarter. Looking at our portfolio, we have recently acquired royalties on three novel therapies. Two of these came through synthetic royalty transactions, an important opportunity, which Marshall and Chris will expand on.

此外，作為我們平衡資本配置策略的一部分，並考慮到我們強勁的基本面前景，我們在本季又回購了 9,500 萬美元的股票。看看我們的投資組合，我們最近獲得了三種新型療法的特許權使用費。其中兩項是透過合成特許權使用費交易實現的，這是一個重要的機會，馬歇爾和克里斯將進一步擴大這一機會。

We're also delighted to see our portfolio progress nicely with the FDA approvals of Cobenfy in schizophrenia and Voranigo in glioma and Tremfya in ulcerative colitis. We expect each of these to be important new growth drivers for Royalty Pharma.

我們也很高興看到我們的產品組合取得了良好進展，FDA 批准了治療精神分裂症的 Cobenfy、治療神經膠質瘤的 Voranigo 和治療潰瘍性結腸炎的 Tremfya。我們預計這些都將成為Royalty Pharma 重要的新成長動力。

Lastly, I am happy to report we're raising our full year 2024 guidance following our strong performance in the first nine months of the year, driven by the momentum of our diversified portfolio. We now expect Portfolio Receipts to be between $2.75 billion and $2.8 billion.

最後，我很高興地向大家報告，在多元化投資組合勢頭的推動下，我們在今年前 9 個月表現強勁，因此我們正在上調 2024 年全年指引。我們現在預計投資組合收益將在 27.5 億美元至 28 億美元之間。

This update is based on expected growth in Royalty Receipts of around 11% to 13%, which compares with our previous guidance of 9% to 12%. Consistent with our standard practice, this guidance is based on our current portfolio and does not include the benefit of future transactions.

此次更新基於特許權使用費收入預計將增長 11% 至 13% 左右，而我們先前的指導為 9% 至 12%。與我們的標準做法一致，本指南基於我們目前的投資組合，不包括未來交易的收益。

Slide 7 shows that our unique business model has powered strong growth since our IPO. As I noted earlier, we delivered 15% growth in Royalty Receipts in the third quarter, which brings our year-to-date growth to 14%. This consistent track record of strong growth speaks to our ability to execute successfully against our strategy in the growing market for biopharma royalties. With that, I will hand it over to Marshall.

幻燈片 7 顯示，自 IPO 以來，我們獨特的商業模式推動了強勁的成長。正如我之前指出的，我們第三季的特許權使用費收入成長了 15%，這使我們今年迄今的成長達到 14%。這種持續強勁增長的記錄表明我們有能力在不斷增長的生物製藥特許權使用費市場中成功執行我們的策略。這樣，我就把它交給馬歇爾了。

Thanks, Pablo. I want to focus today on three exciting recent royalty transactions. Slide 9 summarizes our transaction with Syndax announced this week to acquire a synthetic royalty in Niktimvo in the US. Niktimvo is the first FDA-approved anti-CSF-1R antibody for chronic graft versus host disease, or chronic GvHD, and launch is expected no later than early in the first quarter of 2025.

謝謝，巴勃羅。今天我想重點討論最近三項令人興奮的特許權使用費交易。投影片 9 總結了我們與 Syndax 本周宣布的交易，該交易旨在收購美國 Niktimvo 的合成特許權使用費。Niktimvo 是 FDA 批准的第一個用於治療慢性移植物抗宿主疾病或慢性 GvHD 的抗 CSF-1R 抗體，預計不遲於 2025 年第一季初上市。

Incyte is already the market leader in chronic GvHD with Jakafi and will co-commercialize the therapy with Syndax. We paid $350 million upfront in return for a 13.8% royalty on US net sales of Niktimvo, and we expect the royalty will have a duration extending to the late-2030s and project an IRR in the low double-digits.

Incyte 已經與 Jakafi 一起成為慢性 GvHD 的市場領導者，並將與 Syndax 共同將該療法商業化。我們預付了 3.5 億美元，以換取 Niktimvo 在美國淨銷售額的 13.8% 的特許權使用費，我們預計特許權使用費的期限將延長至 2030 年代末，預計內部收益率將在低兩位數。

Turning to slide 10. For those less familiar, chronic GvHD is a serious immune-driven, multi organ disorder that is estimated to develop in about 42% of stem cell transplant recipients. Importantly, it can cause severe symptoms for patients and even mortality. With nearly 50% of chronic GvHD patients requiring at least three lines of therapy, there is clear unmet need for additional treatment options like Niktimvo, which has a differentiated mechanism of action and demonstrated impressive efficacy and encouraging safety in Phase 3.

轉到投影片 10。對於那些不太熟悉的人來說，慢性 GvHD 是一種嚴重的免疫驅動的多器官疾病，估計約 42% 的幹細胞移植受者會出現這種疾病。重要的是，它可能導致患者出現嚴重症狀，甚至死亡。由於近50% 的慢性GvHD 患者需要至少三種療法，因此對Niktimvo 等其他治療方案的需求顯然尚未得到滿足，Niktimvo 具有差異化的作用機制，並在第3 階段表現出令人印象深刻的療效和令人鼓舞的安全性。

Based on the unmet need and compelling clinical results in third-line chronic GvHD, the FDA approved Niktimvo in August, and we see an attractive commercial opportunity based on the current label. We also note that the most recent new medicine for chronic GvHD Sanofi's Rezurock, which launched in 2021, is annualizing at greater than $500 million in sales.

基於三線慢性 GvHD 中未滿足的需求和令人信服的臨床結果，FDA 於 8 月批准了 Niktimvo，我們看到了基於當前標籤的有吸引力的商業機會。我們也注意到，賽諾菲在 2021 年推出的最新治療慢性 GvHD 的新藥 Rezurock 的年銷售額超過 5 億美元。

Slide 11 summarizes a couple of additional smaller recent transactions totaling around $300 million in announced value. Both therapies address an unmet patient need, have a compelling differentiated profile, and the consensus projects each to be a blockbuster generating attractive returns for Royalty Pharma. The synthetic royalty on Yorvipath marks our second transaction with Ascendis. The product is FDA-approved for hypoparathyroidism, and we look forward to launch next year. In the second transaction shown here, we acquired a pre-existing royalty from BRAIN Biotech AG on a promising oral therapy, Deucrictibant, for hereditary angioedema in Phase 3 development by Pharvaris.

投影片 11 總結了近期另外幾筆規模較小的交易，公佈的總價值約為 3 億美元。這兩種療法都滿足了未滿足的患者需求，具有令人信服的差異化特徵，共識預計每種療法都將成為重磅炸彈，為royalty Pharma帶來有吸引力的回報。Yorvipath 的合成特許權使用費標誌著我們與 Ascendis 的第二筆交易。該產品已獲得 FDA 批准用於治療副甲狀腺功能減退症，我們期待明年推出。在此處顯示的第二筆交易中，我們從BRAIN Biotech AG 獲得了一項現有的特許權使用費，該特許權使用費是由Pharvaris 進行第三階段開發的一種有前景的口服療法Deucrictibant ，用於治療遺傳性血管性水腫。

Across the two transactions, the combined peak royalty potential based on consensus would be greater than $100 million annually to our Royalty Receipts, providing additional momentum to the already attractive long-term growth outlook for our portfolio. And with that, I'll hand it over to Chris.

在這兩項交易中，基於共識的綜合最高特許權使用費潛力每年將超過 1 億美元，為我們的投資組合本已有吸引力的長期成長前景提供了額外的動力。有了這個，我會把它交給克里斯。

Thanks, Marshall. Having just heard about two recent examples of synthetic royalties, I wanted to drill down a little further on this opportunity. Slide 13 describes why we believe synthetic royalties are such an attractive funding modality. We pioneered this innovative solution in which we create new royalties as a non-dilutive funding solution for our partners.

謝謝，馬歇爾。剛剛聽說最近兩個合成版稅的例子，我想進一步深入了解這個機會。投影片 13 描述了為什麼我們相信合成特許權使用費是一種如此有吸引力的融資方式。我們率先推出了這項創新解決方案，為我們的合作夥伴創造新的特許權使用費作為非稀釋性融資解決方案。

There are many reasons why this approach has benefits for our partners, whether they are small biotechs or big pharma companies. Not only does this allow us to tailor a solution to meet our partners' needs, it provides independent validation of the asset and allows the partner to retain operational control. Furthermore, it aligns our long-term interest with those of our partners. And lastly, we can add value through our proprietary analytics, like claims analysis or real-world evidence data, something that we're really investing in and feel will be very important in the future. It's a true win-win approach, and we believe synthetics will be increasingly utilized in the coming years. Slide 14 shows that historically biopharma funding has been dominated by equity, licensing deals, and debt. Synthetic royalties have been a small part, just 3% of the overall funding picture over the last five years. From our ongoing partnership discussions, we now see these synthetic royalties are being routinely discussed at the Board level and C-suites as an important and growing funding modality. Our expectation is that synthetics will continue to be a fast-growing business opportunity in the coming years.

這種方法對我們的合作夥伴有利的原因有很多，無論他們是小型生技公司還是大型製藥公司。這不僅使我們能夠客製化解決方案來滿足合作夥伴的需求，而且還提供資產的獨立驗證並允許合作夥伴保留營運控制權。此外，它使我們的長期利益與合作夥伴的利益保持一致。最後，我們可以透過我們的專有分析來增加價值，例如索賠分析或現實世界的證據數據，這是我們真正投資的並且認為在未來將非常重要的東西。這是一種真正的雙贏方法，我們相信合成材料在未來幾年將得到越來越多的使用。投影片 14 顯示，歷史上生物製藥融資主要以股權、許可交易和債務為主。過去五年，綜合特許權使用費只佔整體融資情況的一小部分，僅佔 3%。從我們正在進行的合作夥伴關係討論中，我們現在看到這些合成特許權使用費正在董事會層面和最高管理層中進行例行討論，作為一種重要且不斷增長的融資方式。我們的預期是，合成材料在未來幾年將繼續成為快速成長的商機。

Consistent with this growing opportunity, we announced synthetic royalty transactions of $775 million in 2023, which represented a doubling since the year of our IPO. In 2024, we have already achieved another record year with the value of synthetic transactions at $800 million. With the advantages I described and the huge funding required for life sciences innovation, we see tremendous scope for further growth in the synthetic royalty funding. With that, I'd like to hand it over to Terry.

與這一不斷增長的機會一致，我們宣布 2023 年的合成特許權使用費交易將達到 7.75 億美元，比 IPO 當年翻了一番。2024 年，我們的綜合交易價值已達 8 億美元，再創歷史新高。憑藉我所描述的優勢以及生命科學創新所需的巨額資金，我們看到合成特許權使用費資金進一步增長的巨大空間。說到這裡，我想把它交給特里。

Thanks, Chris. Let's move to slide 16. This slide shows how our efficient business model generates substantial cash flow to be reinvested. As you heard from Pablo, Royalty Receipts grew by 15% in the third quarter, reflecting the strength of our diversified portfolio.

謝謝，克里斯。讓我們轉到投影片 16。這張投影片展示了我們高效的商業模式如何產生大量現金流進行再投資。正如您從 Pablo 那裡聽到的，第三季特許權使用費收入成長了 15%，反映了我們多元化投資組合的實力。

The key drivers of growth were the strong performance of Trelegy, Evrysdi, the cystic fibrosis franchise, and Tremfya. There was minimal income from Milestones and other contractual receipts, so Portfolio Receipts, our top line, also grew by 15% to $735 million.

成長的主要驅動力是 Trelegy、Evrysdi、囊性纖維化專營權和 Tremfya 的強勁表​​現。來自里程碑和其他合約收入的收入很少，因此我們的收入組合收入也成長了 15%，達到 7.35 億美元。

As we move down the column, operating professional costs equated to 7.5% of Portfolio Receipts. Net interest paid of $62 million reflected the semi-annual timing of our interest payment schedule with payments in the first and third quarters. This does not reflect interest on the $1.5 billion of incremental debt that we raised this past summer, with the first interest payments for those new tranches expected in the first quarter of 2025.

當我們向下移動時，專業營運成本相當於投資組合收益的 7.5%。支付的淨利息為 6,200 萬美元，反映了我們半年一次的利息支付時間表，第一季和第三季支付。這並未反映我們去年夏天籌集的 15 億美元增量債務的利息，這些新債務的首次利息預計將於 2025 年第一季支付。

Moving further down the column, we have consistently stated that when we think of the cash generated by the business to then be redeployed into value-enhancing royalties, we look to Portfolio Cash Flow, which is Adjusted EBITDA less net interest paid.

再往下看，我們一直指出，當我們考慮將業務產生的現金重新配置為增值特許權使用費時，我們會專注於投資組合現金流，即調整後的 EBITDA 減去支付的淨利息。

This amounted to $617 million in the quarter, equivalent to a margin of around 84%. This high level of cash conversion once again underscores the efficiency of our business model. Capital deployment in the third quarter was $1.2 billion, which in addition to the transaction we just announced with Syndax, takes our total for the year to approximately $2.6 billion.

本季這一數字達到 6.17 億美元，相當於 84% 左右的利潤率。這種高水準的現金轉換再次凸顯了我們商業模式的效率。第三季的資本部署為 12 億美元，加上我們剛剛宣布的與 Syndax 的交易，使我們今年的資本部署總額達到約 26 億美元。

Slide 17 shows that we continue to maintain significant financial capacity for future royalty acquisitions. In total, we have approximately $3 billion available through a combination of cash on our balance sheet, the cash our business generates, and access to the debt markets.

投影片 17 顯示我們繼續為未來的特許權使用費收購保持強大的財務能力。透過資產負債表上的現金、業務產生的現金以及進入債務市場的機會，我們總共擁有約 30 億美元的可用資金。

At the end of the third quarter, we had cash and equivalents of $950 million. In terms of our borrowing position, we have investment-grade debt outstanding of $7.8 billion. As a reminder, we have a weighted average cost of debt of 3.1% and a weighted average maturity of around 12 years, which closely aligns with the duration of our royalty portfolio.

截至第三季末，我們擁有現金及等價物 9.5 億美元。就我們的借貸部位而言，我們的投資等級未償還債務為 78 億美元。提醒一下，我們的加權平均債務成本為 3.1%，加權平均期限約為 12 年，這與我們的特許權使用費投資組合的期限密切相關。

Our leverage now stands at around three times total debt to Adjusted EBITDA. We also have undrawn financial capacity from our $1.8 billion revolver. As Pablo noted, we continue to take advantage of the fundamental disconnect in our share price and repurchased $95 million of our shares in the quarter, taking our total spend on buybacks to $180 million through the first nine months of 2024.

我們的槓桿率現在約為調整後 EBITDA 總債務的三倍。我們的 18 億美元左輪手槍還有未動用的財務能力。正如 Pablo 所指出的那樣，我們繼續利用股價的根本性脫節，在本季回購了 9,500 萬美元的股票，使我們的回購總支出在 2024 年前 9 個月達到 1.8 億美元。

Slide 18 is a reminder of our capital allocation strategy and how we expect this to drive shareholder value creation. At our Investor Day in 2022, we outlined that over a five-year period through a combination of cash generation and our debt capacity, we expected to have access to around $20 billion of capital.

投影片 18 提醒我們我們的資本配置策略以及我們期望該策略如何推動股東價值創造。在 2022 年投資者日上，我們概述了在五年內透過現金產生和債務能力相結合，我們預計將獲得約 200 億美元的資本。

As you can see on this slide, we expect to deploy the majority of our capital on value-enhancing royalty acquisitions with a target of $10 billion to $12 billion invested over the period. As of today, we are on track to meet or exceed this target, having announced transactions of $10 billion with actual capital deployment of $7.2 billion in less than three years.

正如您在這張投影片中所看到的，我們預計將大部分資金用於增值的特許權使用費收購，在此期間投資的目標是 100 億至 120 億美元。截至今天，我們預計將實現或超過這一目標，在不到三年的時間內已宣布交易額達 100 億美元，實際資本部署達 72 億美元。

We aim to balance this primary focus on royalty acquisitions with returning capital to shareholders through a combination of dividends and share repurchases. Regarding the latter, the Board authorized a multiyear share buyback program of up to $1 billion in March 2023, of which we have spent approximately $484 million through the third quarter.

我們的目標是在特許權使用費收購的主要關注點與透過股利和股票回購相結合向股東返還資本之間取得平衡。關於後者，董事會於 2023 年 3 月批准了一項高達 10 億美元的多年期股票回購計劃，其中我們截至第三季已支出約 4.84 億美元。

While investing in royalties is our number one priority, we use our share buyback program tactically for repurchases when we see a disconnect between our intrinsic value and the stock price. By executing against this capital allocation strategy, we are confident we'll continue to deliver our mission of accelerating innovation in life sciences, while generating strong returns and creating significant shareholder value.

雖然投資特許權使用費是我們的首要任務，但當我們看到我們的內在價值與股價之間脫節時，我們會戰術性地使用我們的股票回購計劃進行回購。透過執行這項資本配置策略，我們有信心繼續履行加速生命科學創新的使命，同時產生豐厚的回報並創造顯著的股東價值。

Slide 19 provides our raised full year 2024 financial guidance. We now expect portfolio receipts to be in the range of $2.75 billion to $2.8 billion. Let me walk through our assumptions. First, within our overall top-line guidance, we expect to deliver in royalty receipt -- growth in Royalty Receipts of around 11% to 13%.

投影片 19 提供了我們提出的 2024 年全年財務指引。我們現在預計投資組合收益將在 27.5 億美元至 28 億美元之間。讓我來闡述一下我們的假設。首先，在我們的整體營收指引範圍內，我們預計將實現特許權使用費收入——特許權使用費收入將成長約 11% 至 13%。

The increase from our previous guidance of 9% to 12% reflects the strong momentum of our diversified portfolio. Second, when we moved to Portfolio Receipts, we faced a high base of comparison as a result of the $525 million of accelerated Biohaven-related payments we received last year. Milestones and other contractual receipts are, therefore, expected to decline from around $600 million in 2023 to approximately $30 million in 2024.

從我們先前指導值的 9% 增加到 12%，反映了我們多元化投資組合的強勁勢頭。其次，當我們轉向投資組合收據時，由於去年我們收到了 5.25 億美元的 Biohaven 相關加速付款，因此我們面臨著較高的比較基數。因此，里程碑和其他合約收入預計將從 2023 年的約 6 億美元下降到 2024 年的約 3,000 萬美元。

Lastly, our guidance assumes a negligible foreign exchange impact. Importantly, and consistent with our standard practice, this guidance is based on our portfolio as of today and does not take into account the benefit of any future royalty acquisitions.

最後，我們的指導假設外匯影響可以忽略不計。重要的是，與我們的標準做法一致，本指南基於我們今天的投資組合，沒有考慮任何未來特許權使用費收購的好處。

Turning to operating costs. Payments for operating professional costs are now expected to be approximately 8.5% of Portfolio Receipts in 2024. Interest paid for full year 2024 is expected to be around $160 million with a de minimis amount to be paid in Q4.

轉向營運成本。目前預計 2024 年營運專業成本的支付將佔投資組合收益的 8.5% 左右。2024 年全年支付的利息預計約為 1.6 億美元，其中第四季支付最低金額。

This does not take into account any interest received on our cash balance, which was $37 million for the first nine months of the year. It also does not reflect interest payments on the $1.5 billion of notes issued in June of 2024, for which the first payment will be paid in the first quarter of 2025.

這沒有考慮我們現金餘額收到的任何利息，今年前 9 個月現金餘額為 3700 萬美元。它還沒有反映 2024 年 6 月發行的 15 億美元票據的利息支付，第一筆付款將於 2025 年第一季支付。

My final slide drills down further on our expected Portfolio Receipts and Royalty Receipts performance in 2024. Starting with the left-hand side, you can see the high base of comparison due to the approximately $600 million of milestones and other contractual receipts we received in 2023, which was primarily due to the accelerated Biohaven-related payments.

我的最後一張投影片進一步深入探討了我們 2024 年預期的投資組合收據和特許權使用費收據表現。從左側開始，您可以看到比較基數較高，因為我們在 2023 年收到了約 6 億美元的里程碑和其他合約收入，這主要是由於 Biohaven 相關付款的加速。

However, if we start from Royalty Receipts, which we consider the recurring cash inflows of our business, you see a base of $2.45 billion in 2023. Importantly, we expect strong underlying Royalty Receipts growth of between 11% to 13%, driven primarily by the performance of our diversified portfolio.

然而，如果我們從特許權使用費開始，我們將其視為我們業務的經常性現金流入，那麼您會看到 2023 年的基數為 24.5 億美元。重要的是，我們預計基本特許權使用費收入將強勁增長 11% 至 13%，這主要是由我們多元化投資組合的業績推動的。

To close, we delivered another strong quarter of financial performance, and we are pleased to be able to raise guidance based on the excellent momentum of our royalty portfolio. With that, I'd like to hand the call back to Pablo.

最後，我們又實現了強勁的季度財務業績，我們很高興能夠根據我們的特許權使用費投資組合的良好勢頭來提高指導。說到這裡，我想把電話轉給巴勃羅。

Thanks, Terry. Let me begin my concluding remarks by saying how pleased I am with our performance in the first nine months of 2024. We delivered double-digit growth in Royalty Receipts. We raised our guidance twice. We significantly strengthened our portfolio, and we maintained our leadership position in the fast-growing royalty market.

謝謝，特里。在結束語中，我首先要說的是，我對我們 2024 年前 9 個月的表現感到非常滿意。我們的特許權使用費收入實現了兩位數的成長。我們兩次上調了指導意見。我們顯著增強了我們的產品組合，並在快速成長的特許權使用費市場中保持了領先地位。

My final slide highlights that we have announced transactions worth up to $10.1 billion since the start of 2022, with actual capital deployed of $7.2 billion today. What you see here, too, is the healthy balance between approved and development-stage therapies.

我的最後一張投影片強調，自 2022 年初以來，我們已經宣布了價值高達 101 億美元的交易，今天實際部署的資本為 72 億美元。您在這裡也看到了已批准療法和開發階段療法之間的健康平衡。

This extraordinary level of activity highlights the power of our business model as well as the powerful secular tailwinds in our industry. It also puts us on track to meet or exceed our five-year capital deployment target of $10 billion to $12 billion.

這種非凡的活動水平凸顯了我們商業模式的力量以及我們行業強大的長期推動力。它還使我們預計將達到或超過 100 億至 120 億美元的五年資本部署目標。

Given this incredible record of delivery against our strategy, I have never been more confident that Royalty Pharma is well-positioned to deliver attractive compounding growth over the remainder of the decade and beyond. With that, we will be happy to take your questions.

鑑於我們的策略取得了令人難以置信的交付記錄，我從未如此有信心，Royalty Pharma 處於有利地位，能夠在未來十年及以後的時間裡實現有吸引力的複合增長。這樣，我們將很樂意回答您的問題。

We will now open up the call to your questions. Operator, please take the first question.

我們現在將開放式電話詢問您的問題。接線員，請回答第一個問題。

(Operator Instructions) Chris Schott, JPMorgan.

（操作員指示）Chris Schott，摩根大通。

This is Hardik Parikh in for Chris Schott. Congratulations on the results. Just wondering on the recent Cobenfy, KarXT label -- avoided the kind of the typical black box that you see with kind of other antipsychotics. I'm just wondering, how does that compare to your base case scenario?

這是哈迪克·帕里克 (Hardik Parikh) 飾演克里斯·肖特 (Chris Schott)。祝賀結果。只是想知道最近的 Cobenfy、KarXT 標籤 - 避免了您在其他抗精神病藥物中看到的那種典型的黑盒子。我只是想知道，這與您的基本案例場景相比如何？

Marshall, this question is for you.

馬歇爾，這個問題是問你的。

Thank you for the question. So we were really happy to see the Cobenfy approval. And we thought the label looked great and are really excited to see the launch unfold in the quarters to come. If you take a step back about what Cobenfy says about how we approach building our portfolio, I think it's a great example of identifying an area where there's lots of unmet patient need, having a product that has differentiated -- very differentiated efficacy, and as you point out, safety and tolerability is really going to be able to add value and change the market in a patient population that's badly in need of innovation, so really exciting to have this as part of the portfolio. As we’ve mentioned before, also the fact that now it's in Bristol's hands, and they'll then be able to really maximize its benefit for patients and its commercial value is exactly the kind of things that we look for and hope to happen and hope to happen with our products.

謝謝你的提問。所以我們很高興看到 Cobenfy 獲得批准。我們認為該品牌看起來很棒，並且很高興看到該品牌在未來幾季的推出。如果你退一步思考Cobenfy 關於我們如何建立我們的產品組合的說法，我認為這是一個很好的例子，它確定了一個有大量未滿足患者需求的領域，擁有一種具有差異化的產品——非常差異化的功效，並且作為您指出，安全性和耐受性確實能夠為急需創新的患者群體增加價值並改變市場，因此將其作為產品組合的一部分真是令人興奮。正如我們之前提到的，事實上，現在它掌握在布里斯托爾手中，他們將能夠真正最大限度地提高患者的利益，其商業價值正是我們所尋求和希望發生的事情並希望我們的產品能夠實現這一點。

So to answer your question, we're really happy with the label and excited about it as a new part of our portfolio.

因此，回答你的問題，我們對這個標籤非常滿意，並且對它作為我們產品組合的新部分感到興奮。

Geoff Meacham, Citi.

花旗集團的傑夫‧米查姆。

Just had a couple. Terry, when I look at the growth in the CF business, it's moderated a bit over the past few years, and that could continue going forward or perhaps even get worse. So the question is, does this change the urgency that you guys have for newer deals or how you look at the magnitude of newer investments. I wasn't sure if the CF contribution had any impact on your thinking there.

剛剛有一對。特里，當我看到 CF 業務的成長時，它在過去幾年中有所放緩，並且這種情況可能會繼續發展，甚至可能變得更糟。所以問題是，這是否會改變你們對新交易的迫切性，或改變你們對新投資規模的看法。我不確定 CF 的貢獻是否對您的想法有任何影響。

And second question for Marshall, I guess, when you look at the -- some of the more rapid high impact launches past couple of years, like I'm thinking about COVID or GLP-1s, the commercial piece for those categories came together pretty quickly. Has your process or sort of your filter evolved to capture more of these types of opportunities that could inflect faster or has it changed at all?

馬歇爾的第二個問題，我想，當你看到過去幾年一些更快速、高影響力的發佈時，就像我正在考慮的 COVID 或 GLP-1 一樣，這些類別的商業作品組合得很好迅速地。您的流程或過濾器是否已經發展到可以捕捉更多此類可能更快變化的機會，或者是否已經發生了變化？

Yeah. So Geoff, on your CF question, CF has been obviously a great contributor for Royalty Pharma and been a consistent outperformer versus sort of expectations over the last couple of years. Certainly, there's sort of the law of big numbers at play here, but we still think it has nice growth ahead of it.

是的。因此，Geoff，關於您的 CF 問題，CF 顯然對 Royalty Pharma 做出了巨大貢獻，並且在過去幾年中表現優於預期。當然，這裡有某種大數字法則在起作用，但我們仍然認為它有良好的成長前景。

So I think we still see it as a nice contributor for Royalty Pharma longer term. And as far as urgency to invest away, I think as assets mature and things roll off, or that's just sort of the natural cycle of any pharmaceutical business. And I think that what we've shown is the ability to sort of have a lot of resilience in the face of any of those typical headwinds that businesses do.

因此，我認為從長遠來看，我們仍然將其視為Royalty Pharma 的一個很好的貢獻者。至於投資的緊迫性，我認為隨著資產的成熟和業務的發展，或者這只是任何製藥業務的自然週期。我認為，我們所表現出的能力是在面對企業所面臨的任何典型逆風時具有很強的彈性。

And I think that it's been by doing the same thing we've been doing, which is this consistent approach of identifying great assets, deploying capital consistently, and focusing on the highest quality assets that will drive the next wave of growth. I think that we've added things like that to our portfolio over the last couple of years with the Evrysdi and Tremfya, Trelegy, Cobenfy. So I think that we'll keep doing more of the same. We feel really good about the opportunity ahead and feel really good about our ability to continue to grow.

我認為，我們一直在做同樣的事情，那就是識別優質資產、持續部署資本、專注於推動下一波成長的最高品質資產的一致方法。我認為過去幾年我們已經在我們的產品組合中添加了類似的產品，包括 Evrysdi 和 Tremfya、Trelegy、Cobenfy。所以我認為我們會繼續做更多同樣的事情。我們對未來的機會感到非常滿意，並對我們繼續發展的能力感到非常滿意。

Geoff, maybe just add one other perspective here. It's Pablo. But I will ask you the question, how many businesses do you know in pharma, life sciences, with the kind of diversification we have and really robust portfolio that have an ability to actually deliver double-digit growth consistently over a long period of time?

傑夫，也許只是在這裡添加另一種觀點。是巴勃羅。但我會問你一個問題，你知道在製藥、生命科學領域有多少企業擁有我們所擁有的多元化和真正強大的投資組合，能夠在很長一段時間內持續實現兩位數的成長？

And obviously, you have situations that we all know about. Some -- Lilly or Novo that have benefited from obesity drugs that grew significantly over a period of time, but many of those companies always face very significant cliffs on their products. And in our case, we have more than actually close to three decades now of consistent double-digit growth in the top line, and that's really unique.

顯然，我們都知道您遇到的情況。禮來（Lilly）或諾和（Novo）等一些公司受益於減肥藥的銷售量在一段時間內大幅增長，但其中許多公司的產品始終面臨著非常大的懸崖。就我們而言，我們的營收已經連續近三十年保持兩位數成長，這確實是獨一無二的。

And then, Geoff, your second question on ramp. So I don't think it's changed because of the ramp of those products. The reason for that is the shape of the launch has always been something we thought a lot about because if you think about royalty investments, the two biggest drivers are, of course, the peak sales and the launch trajectory and the shape that which you get there, and both of those make a very significant contribution to value.

然後，傑夫，你的第二個問題。所以我認為它不會因為這些產品的增加而改變。原因是發布的形式一直是我們考慮很多的事情，因為如果你考慮特許權使用費投資，兩個最大的驅動因素當然是峰值銷售和發布軌跡以及你得到的形狀在那裡，兩者都對價值做出了非常重大的貢獻。

So thinking about the ramp and how products ramp has always been fundamental to our process. And so there's been no change there in reality. Some things can launch quickly, like the examples you point out, and some we have to think a lot about can't structurally either because of the payer channel that they're in and getting access or that patients need to be identified or other sorts of issues.

因此，思考產量成長以及產品如何成長一直是我們流程的基礎。所以其實並沒有改變。有些事情可以很快啟動，就像你指出的例子一樣，而有些事情我們必須仔細考慮，因為它們所在的付款管道和訪問權限，或者需要識別患者或其他類型，所以我們必須在結構上考慮很多。的問題。

So that's always something our business has demanded that we spend a lot of time thinking about, so no change. But certainly, when we see things that, of course, have the opportunity to both have a really attractive peak sales and a faster launch, that's obviously a more attractive profile.

因此，這始終是我們的業務要求我們花大量時間思考的事情，所以沒有改變。但當然，當我們看到有機會同時擁有真正有吸引力的高峰銷售和更快的發布速度時，這顯然是一個更具吸引力的形象。

And Geoff, maybe adding also here an additional comment because it seems to me that the question you asked was in relation to business models that exist in life sciences, where there's new opportunities to invest in, new novel therapies that are going to drive significant growth.

傑夫，也許還要在這裡添加一條額外的評論，因為在我看來，你問的問題與生命科學領域存在的商業模式有關，其中存在新的投資機會，新的新穎療法將推動顯著增長。

And you should just think how much easier it is for Royalty Pharma to actually take advantage of those new ways of innovation and add to our portfolio over a very short period of time. We can do it over a year or two, whereas many of the bigger companies, it can take them five years or 10 years to actually participate in a new exciting class of drugs. And in our case, we can do it much, much faster given the flexibility of our business model.

您應該想一想，對於Royalty Pharma 來說，在很短的時間內真正利用這些新的創新方式並添加到我們的產品組合中是多麼容易。我們可以在一兩年內完成，而許多大公司可能需要五年或十年的時間才能真正參與一類令人興奮的新藥物的開發。就我們而言，鑑於我們業務模式的靈活性，我們可以更快地完成這件事。

Umer Raffat, Evercore.

烏默·拉法特，Evercore。

This is Mike DiFiore in for Umer. Congrats on the quarter. A quick question on Niktimvo. Maybe could you outline the expected timeline for US market penetration and ramp to peak sales following its early 2025 launch as well as any thoughts on how we should think about its probability of success in IPF?

我是麥克‧迪菲奧雷 (Mike DiFiore)，代表烏默 (Umer) 發言。恭喜本季。關於 Niktimvo 的一個簡單問題。您能否概述一下 2025 年初推出後美國市場滲透率和銷售量達到高峰的預期時間表，以及我們應該如何考慮其在 IPF 上取得成功的可能性？

Yeah. Thanks, Mike. So we are really excited as we talked about in the prepared remarks about Niktimvo. And specifically, in terms of the launch and market penetration, this is an area with a lot of unmet patient need. We highlighted a recent precedent product, which had a really nice launch as well.

是的。謝謝，麥克。因此，正如我們在準備好的有關 Niktimvo 的評論中談到的那樣，我們非常興奮。具體來說，就推出和市場滲透而言，這是一個有大量未滿足患者需求的領域。我們重點介紹了最近的一款先例產品，該產品的發布也非常出色。

And so through our team's extensive diligence, talking to physicians about their patient, the patients that they're caring for and the unmet need. We are hopeful that there will be material demand for this as the product launches and we certainly have a benefit of having insight as in the market.

因此，透過我們團隊的廣泛努力，與醫生討論他們的患者、他們正在照顧的患者以及未滿足的需求。我們希望隨著產品的推出，對此會有實質的需求，並且我們當然有利於市場洞察力。

As I'm sure you know, they have a very significant presence here and really did a lot did a lot to develop the GvHD market with Jakafi. So we are -- and we are excited about it. And then specifically on IPF, IPF is still early. There are certainly some mechanistic reasons to be hopeful about it. But it's still early in a Phase 2 trial. We always like opportunities like this where there are opportunities for upside to our forecast based on something like IPF or also, you didn't mention it, but Niktimvo is being studied in earlier lines of therapy for GvHD. So our base case and the base investment thesis here was focused on the current approval, and that's going to generate an attractive investment for us. But certainly, things like IPF and earlier lines of therapy in GvHD are exciting as well.

我相信您知道，他們在這裡佔有非常重要的地位，並且與 Jakafi 一起為開發 GvHD 市場做了很多工作。所以我們是——我們對此感到興奮。然後具體到 IPF，IPF 還處於早期階段。當然有一些機制上的理由值得我們對此抱持希望。但現在還處於第二階段試驗的早期階段。我們總是喜歡這樣的機會，因為我們基於 IPF 之類的預測有上行的機會，或者你沒有提到它，但 Niktimvo 正在早期的 GvHD 治療中進行研究。因此，我們的基本案例和基本投資論文重點關注當前的批准，這將為我們帶來有吸引力的投資。但當然，像 IPF 和 GvHD 的早期療法也令人興奮。

Terence Flynn, Morgan Stanley.

特倫斯‧弗林，摩根士丹利。

Great. I know you guys aren't going to provide guidance yet for '25. But maybe, Terry, you could just talk high level about some of the puts and takes here. And then, Chris, maybe just how you think about the deal environment shaping up for 2025. And any implications from the election here as you think about your business model on the forward.

偉大的。我知道你們還不會為 25 年提供指導。但也許，特里，你可以高層次地談論這裡的一些看跌期權。然後，克里斯，也許您是如何看待 2025 年交易環境的。當您考慮未來的商業模式時，還有這次選舉的任何影響。

Yeah. So Terence, I think it's probably premature to start talking much about 2025 at this point. I think that we feel really good about the portfolio that we have. I think that there's a lot of assets in there that have nice growth ahead of them.

是的。Terence，我認為現在開始談論 2025 年可能還為時過早。我認為我們對我們擁有的投資組合感覺非常好。我認為其中有很多資產都具有良好的成長前景。

A few that are maturing, but I think that overall, we feel really good about the portfolio and really good about the opportunity to add great assets as we've been doing throughout this year. I think that as we usually do, I think we'll probably really delve into 2025 on our fourth quarter call.

其中一些正在成熟，但我認為總體而言，我們對投資組合感覺非常好，並且對像我們今年一直在做的那樣增加優質資產的機會感到非常滿意。我認為，正如我們通常所做的那樣，我們可能會在第四季度電話會議上真正深入探討 2025 年。

And Terence, your question about deal environment. We are super excited about what we see. Obviously, this year, we've done $2.6 billion already year to date. Pablo gave the numbers since 2022, we've announced $10.1 billion in deal volume since 2022. And we've announced $15.5 billion since 2020. So we see just an ever-increasing opportunity out there.

特倫斯，你關於交易環境的問題。我們對所看到的感到非常興奮。顯然，今年我們迄今已經完成了 26 億美元的投資。Pablo 提供了自 2022 年以來的數據，我們宣布自 2022 年以來的交易額為 101 億美元。自 2020 年以來，我們已宣布投入 155 億美元。所以我們看到了一個不斷增加的機會。

Obviously, the demand for capital in the biopharma sector with large pharma all the way down to small and mid-cap biotech are immense. And so we can play an increasing role in that, whether that's existing royalties or synthetic royalties. So we're super excited about that. As it relates to the new administration that would come in next year, too soon to tell, I think, is what I would say. But we don't really -- we've shown the ability to invest a lot of capital regardless of the administration, just given the needs of the sector for capital. And so we're looking forward to the continued strong environment in the deal sector.

顯然，從大型製藥公司一直到中小型生技公司，生物製藥產業對資本的需求是巨大的。因此，無論是現有的特許權使用費或綜合特許權使用費，我們都可以在這方面發揮越來越大的作用。所以我們對此感到非常興奮。由於這與明年即將上任的新政府有關，我認為現在下結論還為時過早。但我們實際上並沒有——我們已經表現出無論政府如何，只要考慮到該行業對資本的需求，就有能力投資大量資本。因此，我們期待交易產業持續強勁的環境。

Just one quick thing about next year and then the following years is that we're going to start to see really exciting readouts of some of the investments we have in our pipeline in pelacarsen, for example, and Cobenfy. So maybe that's one thing to pay attention to.

關於明年和接下來的幾年，我們將開始看到我們在 pelacarsen 和 Cobenfy 等項目中的一些投資的真正令人興奮的結果。所以也許這是需要注意的一件事。

Michael Nedelcovych, TD Cowen.

邁克爾·內德爾科維奇，TD·考恩。

I have two. My first relates to Cobenfy. I'm curious if you have an expectation for the upcoming emraclidine readout from AbbVie. And if that agent ends up showing a clinical profile similar to Cobenfy, would you view that as a competitive threat or more of a rising tide, lifts all boats type scenario? And then my second question is on Tremfya in UC, in remodeling, do you assume significant uptake in frontline you see? Or do you think that Tremfya will primarily compete in sort of second or third line biologics space?

我有兩個。我的第一個想法與科本菲有關。我很好奇您是否對艾伯維即將發布的恩拉克定讀數有期望。如果該藥物最終表現出與 Cobenfy 類似的臨床特徵，您是否會認為這是一種競爭威脅，還是更多的是水漲船高的情況？然後我的第二個問題是關於 UC 的 Tremfya，在重塑中，您是否認為您看到的前線有顯著的採用？或者您認為 Tremfya 將主要在二線或三線生物製劑領域競爭？

Do you want to take those two questions, Marshall?

馬歇爾，你想回答這兩個問題嗎？

Sure. So your line was a little rough, but I think I got both of the questions. So specifically on the upcoming readout for a competitive product at AbbVie, emraclidine to Cobenfy in schizophrenia. So our approach when we think about new classes like this, especially where there are multiple development programs, is we do think a lot about the competition. And in this case, certainly, we assumed that there would be competition in this space, in this sector, given the importance of the mechanism and the unmet needs. So that was in our base case. And certainly, we expect it to be multiple members of this class, like we've seen before in multiple classes in psychiatry.

當然。所以你的台詞有點粗糙，但我想我已經回答了這兩個問題。因此，特別是關於艾伯維（AbbVie）即將發布的競爭產品，即治療精神分裂症的 emraclidine 和 Cobenfy。因此，當我們考慮這樣的新課程時，尤其是在有多個開發項目的情況下，我們的方法是，我們確實會考慮很多競爭問題。當然，在這種情況下，考慮到該機制的重要性和未滿足的需求，我們假設在這個領域、這個領域將會存在競爭。這就是我們的基本情況。當然，我們希望它是這個班級的多個成員，就像我們之前在精神病學的多個班級中看到的那樣。

And I think given the scale of the unmet need to have two companies investing and developing this next generation of agents and developing the market beyond what's available today is a good thing. So that was how we thought about emraclidine.

我認為，考慮到未滿足的需求規模，讓兩家公司投資和開發下一代代理商並開發超出現有市場的市場是一件好事。這就是我們對恩拉克定的看法。

And then for Tremfya, I think our view here is you have a great combination of one of the strongest marketers in the world in inflammatory bowel disease, a great product, Tremfya with strong data behind it. And so we think, and I think some of Janssen's comments support this, that IBD and UC within that are going to be a significant growth driver for the product.

然後對於 Tremfya，我認為我們的觀點是，您擁有世界上發炎性腸道疾病領域最強大的行銷人員之一的完美組合，Tremfya 是一款出色的產品，背後有強大的數據支援。因此，我們認為，而且我認為楊森的一些評論支持這一點，其中的 IBD 和 UC 將成為該產品的重要成長動力。

So I think if you think about first line versus second and third line, it's hard to generalize about simply just because of the access situation and the payers. But I think the important thing for Royalty Pharma as we look forward is, of course, that we do see a very meaningful opportunity for Tremfya in IBD.

所以我認為，如果你考慮一線與二線和三線，僅僅因為訪問情況和付款人，很難一概而論。但我認為，對於Royalty Pharma 來說，我們期待的最重要的事情當然是，我們確實看到 Tremfya 在 IBD 領域有一個非常有意義的機會。

Chris Shibutani, Goldman Sachs.

克里斯·澀谷，高盛。

Great. With the synthetic royalties and the opportunity there that you announced, particularly with Syndax, and then juxtaposing this against the fact that historically, you've been able to adapt some of the deal structures and expand upon relationships. Can you just educate us a little bit in terms of some of the parameters that were set up here, in particular, the 2.35 times cap and how that is defined in the context of potential additional opportunities for Niktimvo. And is it structured in a way that lets you to continue to specifically adopt the opportunity with Niktimvo? Or if you were to go back essentially to Syndax and do another deal, would it have to be for another product?

偉大的。憑藉合成特許權使用費和您宣布的機會，特別是 Syndax，然後將其與歷史事實並置，您已經能夠調整一些交易結構並擴展關係。您能否向我們介紹一下這裡設定的一些參數，特別是 2.35 倍上限，以及如何在 Niktimvo 潛在的額外機會的背景下定義它。它的結構方式是否可以讓您繼續專門利用 Niktimvo 的機會？或者，如果您本質上要回到 Syndax 並進行另一筆交易，是否必須購買另一種產品？

Sure. Thank you for the question. Chris, do you want to take that question?

當然。謝謝你的提問。克里斯，你想回答這個問題嗎？

Yeah, sure. Thanks for the question, Chris. The synthetic royalty opportunity is, as I mentioned in my prepared remarks, we try to tailor every transaction to really create a win-win situation for our partners. And one of the things I didn't mention in the prepared remarks is how many sort of repeat deals we do with existing partners.

是的，當然。謝謝你的提問，克里斯。正如我在準備好的演講中提到的，合成特許權使用費機會是，我們嘗試定制每筆交易，真正為我們的合作夥伴創造雙贏的局面。我在準備好的演講中沒有提到的一件事是我們與現有合作夥伴進行了多少重複交易。

So if you think of the number of deals we do with Biohaven or Cytokinetics or PTC or BioCryst over the years, there are a number of times where we really try to create win-win situations and the partners come back to us for more capital. And so in the Syndax specific situation, you're correct that there is a 2.35 cap. So basically, that -- once we were -- if we -- when we achieve a 2.35, that would end their obligations to us. But every deal is different. Many of our transactions are not cap transactions, most are not. And we just see a tremendous opportunity in that sector to continue to fund partners and new partners out there.

因此，如果您考慮我們多年來與 Biohaven 或 Cytokinetics 或 PTC 或 BioCryst 進行的交易數量，您會發現，很多時候我們確實試圖創造雙贏的局面，但合作夥伴卻向我們尋求更多資金。因此，在 Syndax 的特定情況下，您認為上限為 2.35 是正確的。所以基本上，一旦我們達到 2.35，他們就會結束對我們的義務。但每筆交易都是不同的。我們的許多交易都不是上限交易，大多數都不是。我們只是看到該領域存在巨大的機會，可以繼續為合作夥伴和新合作夥伴提供資金。

Ash Verma, UBS.

阿什‧維爾瑪，瑞銀集團。

Just going back to Niktimvo. What are your thoughts on the IV administration and whether that becomes a bottleneck for adoption? Are these GvHD patients develop the disease effectively more than 100 days after the transplant? So majority of these patients don't necessarily need to visit the hospital. So do you think that the deep penetration of orals will be an impediment for Niktimvo adoption?

回到尼克蒂姆沃。您對 IV 管理有何看法？這些 GvHD 患者是否在移植後 100 天後有效發展為疾病？因此，大多數患者不一定需要去醫院。那麼您認為口腔的深度滲透會成為 Niktimvo 採用的障礙嗎？

Sure. Thanks for the question. Marshall, why don't you take this.

當然。謝謝你的提問。馬歇爾，你為什麼不接受這個？

Thanks for the question. So the core of the question is Niktimvo is IV administered. Some of the other options in the space are oral. And how will that impact the launch? And so clearly, that was something that we thought a lot about and talked to physicians about. And I think the key takeaways were, one, certainly, the fact that it's IV administered was reflected in our forecast and our expectations. I think second is that a lot of patients have already experienced the options that are out there, and that was sort of the core of our view is that you have a significant number of patients who are still carrying a significant symptom burden and so are in need of further therapy.

謝謝你的提問。所以問題的核心是 Niktimvo 是靜脈注射。該領域的其他一些選擇是口頭的。這將如何影響發布？很明顯，這是我們思考了很多並與醫生討論過的事情。我認為關鍵的結論之一是，IV 管理的事實反映在我們的預測和期望中。我認為第二點是，許多患者已經體驗過現有的選擇，這就是我們觀點的核心，即有大量患者仍然承受著嚴重的症狀負擔，因此處於困境中。

And so this is a serious condition. It can cause a pretty heavy symptom burden for patients. And so if you need another treatment, Niktimvo is going to be kind of the only option if you've been through steroids and Jakafi and Rezurock. So that's kind of the core of our view. And so that's how the IV administration was something that we thought about, but we're excited about the commercial opportunity there and given the unmet patient need for patients who have failed other therapies.

所以這是一個嚴重的情況。它會給患者帶來相當沉重的症狀負擔。因此，如果您需要其他治療，如果您已經使用過類固醇、Jakafi 和 Rezurock，那麼 Niktimvo 將是唯一的選擇。這就是我們觀點的核心。這就是我們考慮靜脈注射的方式，但我們對那裡的商業機會感到興奮，考慮到其他治療失敗的患者的需求未被滿足。

I'm showing no further questions at this time. I'd like to turn the call over to Pablo Legorreta for any closing remarks.

我目前沒有提出任何進一步的問題。我想將電話轉給巴勃羅·萊戈雷塔 (Pablo Legorreta)，讓其結束語。

Thank you, operator, and thank you to everyone on the call for your continued interest in Royalty Pharma. If you have any follow-up questions, please feel free to reach out to George. Thank you, everyone.

謝謝您，接線員，也感謝所有參加電話會議的人對Royalty Pharma 的持續關注。如果您有任何後續問題，請隨時聯繫喬治。謝謝大家。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。