Royalty Pharma PLC (RPRX) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Royalty Pharma first 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.

女士們、先生們，感謝你們的支持。歡迎參加 Royalty Pharma 第一季財報電話會議。現在，我想將電話轉給高級副總裁、投資者關係和傳播主管喬治·格羅菲克 (George Grofik)。

Please go ahead, sir.

先生，請繼續。

Good morning and good afternoon to everyone on the call. Thank you for joining us to review Royalty Pharma's first quarter 2025 results. You can find the press release with our earnings results and slides to this call on the Investors page of our website at royaltypharma.com.

各位電話會議中的嘉賓，大家早安，下午好。感謝您與我們一起回顧 Royalty Pharma 2025 年第一季的業績。您可以在我們網站 royaltypharma.com 的投資者頁面上找到包含我們的收益結果和本次電話會議投影片的新聞稿。

Moving to slide 3. I'd 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. We refer you to our most recent 10-K on file with the SEC for a description of these risks. 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.

移至幻燈片 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，涉及已知和未知的風險、不確定性和其他因素，可能導致實際結果與這些陳述有重大差異。我們請您參閱我們向美國證券交易委員會提交的最新 10-K 文件，以了解這些風險的描述。所有前瞻性陳述均基於 Royalty Pharma 目前掌握的信息，我們不承擔更新任何此類前瞻性陳述的義務。

Non-GAAP liquidity measures will be used to help you understand our financial results and the reconciliation of these measures to our GAAP financials is provided in the earnings press release available on our website.

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結果，並且這些指標與我們的公認會計準則財務狀況的對帳在我們網站上的收益新聞稿中提供。

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; and Terry Coyne, EVP, Chief Financial Officer. Pablo will discuss the key highlights, after which Marshall will provide a portfolio update and Terry will review the financials.

接下來，請看投影片 4。今天電話會議的發言人是創辦人兼執行長 Pablo Legorreta、執行副總裁兼研究與投資主管 Marshall Urist 和執行副總裁兼財務長 Terry Coyne。帕布羅將討論主要亮點，之後馬歇爾將提供投資組合更新，特里將審查財務狀況。

Following concluding remarks from Pablo, we will hold a Q&A session in which we will be joined by Chris Hite, EVP, Vice Chairman. And with that, I'd like to turn the call over to Pablo.

在 Pablo 做完總結發言後，我們將舉行問答環節，執行副總裁兼副董事長 Chris Hite 將出席問答環節。現在，我想把電話轉給 Pablo。

Thank you, George, and welcome to everyone on the call. I am happy to report a successful start to 2025 as we execute against our vision to be the leading partner funding innovation in life sciences. Moving to slide 6. We delivered excellent financial performance in the first quarter while continuing to expand our portfolio and returning substantial capital to shareholders.

謝謝你，喬治，歡迎大家參加電話會議。我很高興地報告，2025 年開局順利，我們正努力實現我們的願景，成為生命科學領域領先的創新融資合作夥伴。移至幻燈片 6。我們在第一季取得了出色的財務業績，同時繼續擴大我們的投資組合並向股東返還大量資本。

In terms of the financials, we delivered 12% growth in Royalty Receipts. This represents our recurring cash flow and the strong performance in the quarter reflects the quality of our diversified portfolio. Milestones and other contractual receipts, which are more variable and included a larger payment this quarter, lifted growth in Portfolio Receipts, our top line, to 17%.

從財務角度來看，我們的特許權使用費收入成長了 12%。這代表了我們的經常性現金流，本季的強勁表現反映了我們多元化投資組合的品質。里程碑和其他合約收入更具可變性，並且包括本季更大的付款，將我們的頂線投資組合收入的成長推高至 17%。

Turning to capital allocation. In January we announced an evolution to a more dynamic capital allocation framework. This flexible framework allows us to scale our efforts to address the discount of our share price to intrinsic value while also pursuing attractive royalty acquisitions. At that time, we also announced our intention to repurchase up to $2 billion of shares in 2025, depending on market conditions, out of an authorized total of $3 billion. Consistent with this, we repurchased $723 million of our shares in the first quarter. At the same time, we deployed capital of just over $100 million on value-creating royalty transactions, and we increased our dividend in line with our commitment to mid-single-digit growth.

轉向資本配置。今年一月，我們宣布將向更具活力的資本配置框架邁進。這種靈活的框架使我們能夠擴大努力，解決股價相對於內在價值的折扣問題，同時追求有吸引力的特許權使用費收購。當時，我們也宣布，我們計劃根據市場狀況，在 2025 年回購價值高達 20 億美元的股票，而授權總額為 30 億美元。與此一致，我們在第一季回購了價值 7.23 億美元的股票。同時，我們在創造價值的特許權使用費交易上投入了略高於 1 億美元的資本，並根據我們對中等個位數增長的承諾增加了股息。

Looking at our portfolio, we expanded our development-stage pipeline through a new Phase 3 R&D funding collaboration with Biogen for litifilimab in lupus. As Marshall will discuss, this is a potential blockbuster therapy in a disease space with unmet patient need and we're excited to add this to our portfolio.

縱觀我們的產品組合，我們透過與 Biogen 就狼瘡治療藥物利替利單抗開展新的 3 期研發資金合作，擴大了我們的開發階段產品線。正如馬歇爾將要討論的那樣，這是一種在患者需求尚未滿足的疾病領域中潛在的重磅療法，我們很高興將其添加到我們的產品組合中。

We also received encouraging regulatory and clinical news on several portfolio therapies, including FDA and EC approval of Tremfya in Crohn's and EC approval in ulcerative colitis, positive Phase 3 result for ecopipam in Tourette syndrome and confirmation that Roche is advancing trontinemab into Phase 3 in Alzheimer's disease.

我們還收到了有關幾種組合療法的令人鼓舞的監管和臨床消息，包括 FDA 和 EC 批准 Tremfya 用於治療克羅恩病以及 EC 批准其用於治療潰瘍性結腸炎，ecopipam 用於治療圖雷特綜合徵的 3 期積極結果，以及羅氏確認正在將 trontinemab 推進到阿茲海默症的 3 期。

Lastly, I'm pleased to raise our 2025 full year guidance. We now expect Portfolio Receipts to be between $2.975 billion and $3.125 billion based on expected growth in Portfolio Receipts of around 6% to 12%. This guidance increase is driven by the strength of our diversified portfolio and a tailwind from the weakening US dollar. Consistent with our standard practice, our guidance is based on our current portfolio and does not include the benefit of any future transactions.

最後，我很高興能提高我們 2025 年全年業績預期。我們現在預計投資組合收入將在 29.75 億美元至 31.25 億美元之間，基於投資組合收入預計將成長 6% 至 12% 左右。此次指導價上調得益於我們多元化投資組合的強勁表現以及美元走弱的推動。與我們的標準做法一致，我們的指導是基於我們目前的投資組合，不包括任何未來交易的利益。

Slide 7 shows our impressive track record of average double-digit growth since our IPO. As I noted earlier, we delivered 12% growth in Royalty Receipts in the first quarter. This is at the high end of the run rate included in our full year guidance and sets us up well to deliver another successful result in 2025.

幻燈片 7 展示了我們自 IPO 以來令人印象深刻的平均兩位數成長記錄。正如我之前提到的，我們第一季的特許權使用費收入成長了 12%。這是我們全年預期運行率的最高水平，為我們在 2025 年再次取得成功奠定了基礎。

Overall, our track record underscores our ability to execute successfully and consistently against our strategy in the growing market for biopharma royalties. With that, I will hand it over to Marshall.

總體而言，我們的業績記錄凸顯了我們在不斷增長的生物製藥特許權使用費市場中成功且持續地執行策略的能力。說完這些，我就把權力交給馬歇爾。

Thanks, Pablo. I want to focus today on some exciting updates to our development-stage portfolio. First, the R&D funding partnership we recently announced with Biogen and second, the encouraging Phase 3 results with ecopipam in Tourette syndrome. As Pablo mentioned, we were also excited to see Roche advanced trontinemab to Phase 3 for Alzheimer's disease where we could receive a royalty averaging in the mid-single digits.

謝謝，巴勃羅。今天我想重點介紹一下我們開發階段產品組合的一些令人興奮的更新。首先，我們最近宣布與 Biogen 建立研發資金合作關係；其次，ecopipam 治療圖雷特症候群的第三階段試驗取得了令人鼓舞的結果。正如 Pablo 所提到的，我們也很高興看到羅氏公司將 trontinemab 推進到阿茲海默症的 3 期臨床試驗，我們可以獲得平均中等個位數的專利費。

Beginning with litifilimab. This is a potential first-in-class medicine currently in Phase 3 development by Biogen for two types of lupus, systemic lupus, or SLE and cutaneous lupus or CLE. Phase 3 results are expected in 2026 and 2027, so relatively near term. Importantly for our shareholders, this partnership fits clearly within our product selection and capital allocation framework with an attractive risk reward profile given compelling Phase 2 data that was published in the New England Journal of Medicine with blockbuster commercial potential in Biogen's capable hands.

從利替利單抗開始。這是 Biogen 目前處於第 3 階段開發的一種潛在的同類首創藥物，用於治療兩種類型的狼瘡，即係統性紅斑狼瘡 (SLE) 和皮膚狼瘡 (CLE)。預計第三階段的結果將在 2026 年和 2027 年公佈，因此相對較短。對於我們的股東來說，重要的是，這種合作關係完全符合我們的產品選擇和資本配置框架，並且具有誘人的風險回報狀況，因為《新英格蘭醫學雜誌》上發表了令人信服的第二階段數據，並且在 Biogen 的掌控下具有巨大的商業潛力。

In terms of financials, we will provide Biogen with R&D funding of up to $250 million over six quarters to support the advancement of litifilimab in return for a mid-single-digit royalty and milestones. Slide 10 highlights why we are so excited by litifilimab's commercial potential. There are 600,000 people living with lupus in the US and greater than three million patients globally. Yet today, only two biologics are currently approved to treat SLE and there are no biologics specifically approved for CLE.

在財務方面，我們將在六個季度內向 Biogen 提供高達 2.5 億美元的研發資金，以支持 litifilimab 的進展，並換取中等個位數的特許權使用費和里程碑付款。第 10 張投影片重點介紹了我們為何對 litifilimab 的商業潛力如此興奮。美國有 60 萬人患有狼瘡，全球有超過 300 萬名患者。然而目前，只有兩種生物製劑被批准用於治療 SLE，並且沒有專門針對 CLE 批准的生物製劑。

Together, the two of the approved biologics reported around $2.4 billion in combined sales last year, so already a blockbuster market. However, we expect many more lupus patients will benefit from advanced therapies in the years to come. Our internal analyses show only about 10% of US lupus patients currently receive biologics. When we compare this to more mature immunology markets like inflammatory bowel disease, psoriasis and RA, biologic penetration reaches 40% to 60%. So the lupus market has significant room for growth. This will be driven by medical guidelines that are shifting to support earlier stage use of biologics in lupus and the introduction of new options like litifilimab.

據報道，這兩種獲批的生物製劑去年的總銷售額約為 24 億美元，這已經是一個轟動性的市場。然而，我們預計未來幾年將有更多的狼瘡患者受益於先進的治療方法。我們的內部分析顯示，目前只有約 10% 的美國狼瘡患者接受生物製劑治療。當我們將其與發炎性腸道疾病、牛皮癬和類風濕性關節炎等更成熟的免疫學市場進行比較時，生物製劑滲透率達到 40% 至 60%。因此，狼瘡市場具有巨大的成長空間。這將受到醫療指南的推動，這些指南正在轉向支持在狼瘡早期使用生物製劑，並引入利替利單抗等新選擇。

To summarize, we think litifilimab has the potential to significantly improve outcomes for people living with lupus. It's an exciting blockbuster opportunity and a great addition to our development-stage pipeline.

總而言之，我們認為利替利單抗有可能顯著改善狼瘡患者的治療效果。這是一個令人興奮的大片拍攝機會，也是我們開發階段產品線的一大補充。

On slide 11, I want to highlight the positive Phase 3 results that were recently reported for ecopipam in Tourette syndrome. Ecopipam is a first-in-class potential therapy with a novel mechanism of action, which we believe has a high probability of clinical and commercial success. As ecopipam is being developed by Emalex Biosciences, a private company, many of you might have missed this positive development.

在第 11 張投影片上，我想強調最近報告的 Ecopipam 治療圖雷特症候群的 3 期正面結果。Ecopipam 是一種具有新穎作用機制的首創潛在療法，我們相信它具有很高的臨床和商業成功機率。由於 ecopipam 是由私人公司 Emalex Biosciences 開發的，因此你們中的許多人可能錯過了這一積極進展。

As a reminder, we acquired a royalty interest in ecopipam at the start of 2024 for an upfront payment of $49 million and up to $44 million in contingent regulatory milestones. In return, we are entitled to meaningful tiered royalties of 6% to 10%.

提醒一下，我們在 2024 年初收購了 ecopipam 的特許權使用費權益，預付款為 4900 萬美元，並支付了高達 4,400 萬美元的或有監管里程碑費用。作為回報，我們有權獲得 6% 至 10% 的分級版稅。

In February of this year, Emalex reported positive top line Phase 3 data. The study showed a clinically and statistically significant benefit for ecopipam in maintaining reductions of the vocal and motor tics that characterize Tourette syndrome as compared to placebo. The results were consistent across pediatric and adult patients. And in terms of safety, ecopipam was generally well tolerated, consistent with earlier clinical studies. Based on these results, Emalex plans to meet with the FDA and other global regulators to discuss the submission of a new drug application later this year.

今年 2 月，Emalex 報告了積極的第三階段頂線數據。研究表明，與安慰劑相比，ecopipam 在維持減少圖雷特症候群特有的發聲和運動抽搐方面具有臨床和統計學上的顯著益處。兒童和成人患者的結果是一致的。在安全性方面，ecopipam 通常耐受性良好，這與早期臨床研究結果一致。基於這些結果，Emalex 計劃在今年稍後與 FDA 和其他全球監管機構會面，討論提交新藥申請。

Turning to the opportunity for ecopipam. We believe it addresses a clear unmet need. There has not been a new option for Tourette’s patients in over a decade, and it could be the first drug ever exclusively developed for Tourette’s. Our proprietary analytics support a large Tourette syndrome population with over 120,000 diagnosed US patients, yet only half currently receive medical therapy suggesting that new treatments like ecopipam could expand the market. All told, we believe ecopipam can improve the lives of Tourette's patients and represents a meaningful commercial opportunity where we hold a sizable 6% to 10% royalty. With that, I'd like to hand it over to Terry.

轉向 ecopipam 的機會。我們相信它解決了一個明顯未被滿足的需求。十多年來，妥瑞氏症患者一直沒有新的治療選擇，這可能是有史以來第一種專門針對妥瑞氏症開發的藥物。我們的專有分析支持龐大的妥瑞氏症族群，其中美國確診患者超過 12 萬名，但目前只有一半接受藥物治療，這表明像 ecopipam 這樣的新療法可以擴大市場。總而言之，我們相信 ecopipam 可以改善妥瑞氏症患者的生活，並代表著一個有意義的商業機會，我們持有相當可觀的 6% 至 10% 的專利使用費。說完這些，我想把它交給特里。

Thanks, Marshall. Let's move to slide 14. This slide shows how our efficient business model generates substantial cash flow to be reinvested. As you heard from Pablo, Royalty Receipts grew by 12% in the first quarter, reflecting the strength of our diversified portfolio.

謝謝，馬歇爾。讓我們翻到第 14 張投影片。這張投影片展示了我們高效的商業模式如何產生大量可供再投資的現金流。正如您從 Pablo 那裡聽到的，特許權使用費收入在第一季成長了 12%，這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 the cystic fibrosis franchise, Trelegy and Xtandi and the 2024 acquisition of royalties on Voranigo. Income from Milestones and other contractual receipts amounted to $51 million and included a $27 million milestone payment on Airsupra. As a consequence, Portfolio Receipts, our top line, grew by 17% to $839 million. As we move down the column, operating and professional costs equated to 12.1% of Portfolio Receipts. This included $33 million of one-time payments related to the sale of the MorphoSys development funding bonds. Notably, the $511 million of proceeds we received were accounted for as an asset sale and were not included in Portfolio Receipts. Excluding this item, the ratio would have been just over 8% of Portfolio Receipts, which is very typical for our business.

成長的關鍵驅動力是囊性纖維化特許經營權 Trelegy 和 Xtandi 的強勁表現以及 2024 年對 Voranigo 特許經營權使用費的收購。來自里程碑和其他合約收入的收入達到 5,100 萬美元，其中包括 Airsupra 的 2,700 萬美元里程碑付款。結果，我們的營收項目組合收入成長了 17%，達到 8.39 億美元。隨著我們向下移動，營運和專業成本相當於投資組合收入的 12.1%。其中包括與出售 MorphoSys 發展融資債券相關的 3,300 萬美元一次性付款。值得注意的是，我們收到的 5.11 億美元收益被記為資產出售，並未計入投資組合收入。不包括這一項，該比例將略高於投資組合收入的 8%，這對我們的業務來說非常典型。

Net interest paid of $127 million reflected the semiannual timing of our interest payment schedule with payments in the first and third quarters. For the first time, it included interest on the $1.5 billion of incremental debt that we raised in June of 2024.

支付的淨利息為 1.27 億美元，反映了我們每半年支付一次利息的計劃，即在第一季和第三季支付。它首次包含了我們在 2024 年 6 月籌集的 15 億美元增量債務的利息。

Moving further down the column, we've 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. This amounted to $611 million in the quarter, equivalent to a margin of around 73%.

進一步看，我們一直表示，當我們考慮將業務產生的現金重新部署到增值版稅中時。我們專注於投資組合現金流，即調整後的 EBITDA 減去支付的淨利息。本季這一數字達到 6.11 億美元，相當於利潤率約 73%。

Keeping in mind the one-time expense item I mentioned, this reflects a high level of cash conversion and once again underscores the efficiency of our business model. Lastly, on this slide, capital deployment in the first quarter was $101 million, and share repurchases reduced our weighted average share count by 19 million shares as compared to the prior year period.

考慮到我提到的一次性費用項目，這反映了高水準的現金轉換，並再次強調了我們商業模式的效率。最後，在這張投影片上，第一季的資本部署為 1.01 億美元，與去年同期相比，股票回購使我們的加權平均股票數量減少了 1,900 萬股。

Slide 15 provides more detail on the evolution of Royalty Receipts versus Milestones and other contractual receipts in the quarter. As I highlighted earlier, Portfolio Receipts, our top line, will benefit from milestone payments compared with the same period last year. Meanwhile, Royalty Receipts, which we consider our recurring cash inflows, grew by 12% driven entirely by the underlying strength of our diversified portfolio.

投影片 15 提供了有關本季特許權使用費收入與里程碑和其他合約收入的演變的更多詳細資訊。正如我之前強調的那樣，與去年同期相比，我們的頂線投資組合收入將受益於里程碑付款。同時，特許權使用費收入（我們視其為經常性現金流入）成長了 12%，這完全得益於我們多元化投資組合的潛在實力。

Slide 16 shows that we continue to maintain significant financial capacity to execute our strategy through a combination of cash on our balance sheet, the cash our business generates and access to the debt markets. At the end of the first quarter, we had cash and equivalents of close to $1.1 billion. As a reminder, we received $511 million in upfront cash in January from the sale of the MorphoSys development funding bonds. This not only delivered an attractive IRR on that investment of approximately 25% but also helped to bolster our balance sheet and increase our financial flexibility.

投影片 16 顯示，我們透過資產負債表上的現金、業務產生的現金以及債務市場准入，持續保持強大的財務能力來執行我們的策略。截至第一季末，我們的現金及等價物接近 11 億美元。提醒一下，我們在一月份透過出售 MorphoSys 開發融資債券獲得了 5.11 億美元的預付現金。這不僅為該投資帶來了約 25% 的誘人內部收益率，而且還有助於增強我們的資產負債表並提高我們的財務靈活性。

In terms of our borrowing position, we have investment-grade debt outstanding of $7.8 billion. Our leverage now stands at around 3x total debt to EBITDA or 2.5x net of cash and equivalents. We also have undrawn financial capacity from our $1.8 billion revolver. We were also pleased that Moody's upgraded our credit rating to Baa2 from Baa3. As Pablo noted, under our dynamic capital allocation framework, we took advantage of the fundamental disconnect in our share price and repurchased $723 million in the quarter.

就我們的借貸狀況而言，我們未償還的投資等級債務為 78 億美元。我們的槓桿比率目前約為總負債與 EBITDA 比率的 3 倍或現金及等價物淨額的 2.5 倍。我們還擁有 18 億美元循環信貸額度尚未提取的財務能力。我們也很高興穆迪將我們的信用評級從 Baa3 上調至 Baa2。正如 Pablo 所指出的，在我們的動態資本配置框架下，我們利用股價的根本脫節，在本季回購了 7.23 億美元。

Slide 17 lays out our dynamic capital allocation framework. This framework balances our view of the share price valuation against the attractiveness of royalty deals. When our share price is trading at a discount to its intrinsic value, share buybacks will be an important part of our capital allocation. Conversely, when our shares approach a premium to intrinsic value, we would plan to dial back our share repurchases and focus on higher returning royalty deals.

投影片 17 展示了我們的動態資本配置架構。此框架平衡了我們對股價估值的看法與特許權使用費交易的吸引力。當我們的股價低於其內在價值時，股票回購將成為我們資本配置的重要組成部分。相反，當我們的股票接近內在價值的溢價時，我們計劃減少股票回購，並專注於回報率更高的特許權使用費交易。

In an environment where neither attractive royalty deals nor share repurchases are available, we have other options available for our cash, including growing cash to wait for the right deals, paying down debt or increasing dividend distribution. Ultimately, we are focused on driving shareholder value through allocating capital as efficiently and effectively as possible.

在既沒有有吸引力的特許權使用費交易也沒有股票回購的環境下，我們還有其他現金選擇，包括增加現金以等待合適的交易、償還債務或增加股息分配。最終，我們專注於透過盡可能有效率、有效地配置資本來推動股東價值。

So far this year, we've been operating in the upper left quadrant, where we see many attractive royalty opportunities and a discount to the intrinsic value of our stock. For this reason, we have accelerated the rate of share repurchases, consistent with our target of up to $2 billion in 2025, while also increasing our dividend and continuing to deploy capital on attractive royalty deals.

今年到目前為止，我們一直在左上象限運營，我們看到許多有吸引力的特許權使用費機會和股票內在價值的折扣。為此，我們加快了股票回購的速度，以符合我們 2025 年高達 20 億美元的目標，同時也增加了股息並繼續在有吸引力的特許權使用費交易上投入資金。

In total, we returned $850 million to shareholders in the first quarter, a record for Royalty Pharma, while we maintain a very active and robust deal pipeline.

總體而言，我們在第一季向股東返還了 8.5 億美元，創下了 Royalty Pharma 的最高紀錄，同時我們保持著非常活躍和強勁的交易管道。

On slide 18, we are raising our full year 2025 financial guidance. We expect Portfolio Receipts to be in the range of $2.975 billion to $3.125 billion, which is a $75 million increase versus prior year guidance. About half the increase was driven by the strength of our diversified portfolio, while the other half was driven by the weakening of the US dollar.

在第 18 張投影片上，我們提升了 2025 年全年財務指引。我們預計投資組合收入將在 29.75 億美元至 31.25 億美元之間，比去年同期的預期增加 7,500 萬美元。約有一半的成長是由我們多元化投資組合的強勁表現所推動的，而另一半的成長則是由美元走弱所推動的。

Starting with Portfolio Receipts, we are expecting growth of around 6% to 12%, which reflects the momentum of our portfolio. This takes into account a range of scenarios for the launch of Alyftrek, the new Vertex triple, as well as for Promacta generics, biosimilar Tysabri and the impact of Medicare Part D redesign.

從投資組合收入開始，我們預計成長率約為 6% 至 12%，這反映了我們投資組合的勢頭。這考慮了 Alyftrek、新 Vertex 三聯療法、Promacta 仿製藥、生物仿製藥 Tysabri 的推出以及 Medicare Part D 重新設計的影響等一系列情景。

Milestones and other contractual receipts are expected to increase from $31 million in 2024 to approximately $60 million in 2025. 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.

里程碑和其他合約收入預計將從 2024 年的 3,100 萬美元增加到 2025 年的約 6,000 萬美元。重要的是，與我們的標準做法一致，該指南基於我們今天的投資組合，並未考慮任何未來特許權使用費收購的利益。

For modeling purposes, we would remind you that several of our largest royalties, such as the CF franchise, Trelegy, Evrysdi and others are tiered royalties, which means they reset to a lower rate in the first quarter. As our Royalty Receipts lag reported product sales by the marketers by one quarter, this has the effect of decreasing royalties sequentially in the second quarter.

為了建模的目的，我們要提醒您，我們的幾項最大特許權使用費，例如 CF 特許經營權、Trelegy、Evrysdi 等都是分級特許權使用費，這意味著它們在第一季度重置為較低的費率。由於我們的版稅收入比行銷人員報告的產品銷售額滯後一個季度，這導致第二季度的版稅收入連續減少。

Given these dynamics, we are providing guidance for second quarter Portfolio Receipts, which we expect to be between $700 million and $725 million, representing growth of 15% to 19% compared to last year's second quarter.

鑑於這些動態，我們對第二季度的投資組合收入提供了指導，我們預計該收入將在 7 億美元至 7.25 億美元之間，與去年第二季度相比增長 15% 至 19%。

Turning to expenses. Payments for operating and professional costs are expected to be approximately 10% of Portfolio Receipts in 2025. This reflects a combination of our efficient business model and the one-time fee I referred to earlier related to MorphoSys development funding bond sale. You should also note that our guidance for this line does not take into account the benefit of the internalization transaction. We will provide an update after it closes.

談到費用。預計到 2025 年，營運和專業成本支出將佔投資組合收入的約 10%。這體現了我們高效的商業模式和我之前提到的與 MorphoSys 開發融資債券銷售相關的一次性費用的結合。您也應該注意，我們對此行的指導並未考慮到內部化交易的好處。結束後我們將提供更新資訊。

Interest paid in 2025 is expected to be around $260 million with de minimis amounts due in Q2 and Q4. This guidance does not take into account interest received on our cash balance which was $12 million in the first quarter. It also does not reflect the additional interest expense related to the internalization transaction.

預計 2025 年支付的利息約為 2.6 億美元，其中最低金額將於第二季和第四季支付。該指引並未考慮第一季現金餘額所獲得的利息（1,200 萬美元）。它也沒有反映與內部化交易相關的額外利息費用。

Before handing the call to Pablo, given investor interest in the current macro environment, I would like to briefly comment on tariffs as it relates to our business. In short, we do not currently expect any meaningful impact on our royalties from tariffs as we would expect potential tariffs to be paid upstream of our royalty.

在將電話交給 Pablo 之前，考慮到投資者對當前宏觀環境的興趣，我想簡要評論一下與我們業務相關的關稅。簡而言之，我們目前預計關稅不會對我們的特許權使用費產生任何重大影響，因為我們預計潛在的關稅將在我們的特許權使用費上游支付。

For example, when components of a pharmaceutical product are manufactured outside of the US, the non-US company typically sells to an affiliated US company. This sale or import into the US triggers the tariff. The affiliate of the marketer then sells the product to a third party.

例如，當藥品成分在美國境外生產時，非美國公司通常會將其出售給其附屬的美國公司。此類銷售或進口到美國都會觸發關稅。然後，行銷商的附屬機構將產品出售給第三方。

Our royalties are calculated on the sale to the third party. As such, the tariff bearing import of the product occurs upstream of the royalty-bearing sale.

我們的版稅是根據向第三方的銷售計算的。因此，產品的關稅進口發生在特許權使用費銷售的上游。

To close, we have had a great start to the year, and we expect to deliver another full year of strong financial performance in 2025. With that, I would like to turn the call over to Pablo.

總而言之，我們今年有一個良好的開端，我們預計 2025 年全年將再次實現強勁的財務業績。說完這些，我想把電話轉給 Pablo。

Thanks, Terry. Let me begin my concluding remarks by saying how pleased I am with our performance so far in 2025. We delivered double-digit growth. We strengthened our exciting development-stage pipeline and our dynamic capital allocation framework allowed us to buy back stock at an attractive price for our shareholders.

謝謝，特里。在結束發言之前，我想說一句，我對我們在 2025 年迄今的表現感到非常滿意。我們實現了兩位數的成長。我們加強了令人興奮的開發階段管道，我們的動態資本配置框架使我們能夠以對股東有吸引力的價格回購股票。

We also announced the acquisition of our external manager, which we expect to deliver multiple benefits for shareholders, and we're on track to close the transaction in the current quarter.

我們也宣布收購外部經理，我們預計此舉將為股東帶來多重利益，我們預計在本季度完成交易。

On my final slide, I want to share my excitement for our upcoming Investor Day on September 11 in New York City. My team and I are looking forward to providing an update on our plans to drive shareholder value creation through leveraging our unique business model and capabilities in the large and growing market for funding biopharma innovation. We think it's a compelling story, and we hope you will be able to join us.

在我的最後一張幻燈片中，我想分享我對即將於 9 月 11 日在紐約舉行的投資者日的興奮之情。我和我的團隊期待著提供最新計劃，透過利用我們獨特的商業模式和在龐大且不斷增長的生物製藥創新融資市場中的能力來推動股東價值創造。我們認為這是一個引人入勝的故事，我們希望您能夠加入我們。

With that, we will be happy to take your questions.

我們將很樂意回答您的問題。

Thank you, Pablo, and we'll now open up the call to your questions. Operator, please take the first question.

謝謝你，Pablo，我們現在開始回答你們的問題。接線員，請回答第一個問題。

(Operator Instructions)

（操作員指示）

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特。

This is Hardik Parikh at JPMorgan for Chris Scott. Just wanted to ask about -- in terms of the investment environment and opportunities, how has the regulatory and kind of policy uncertainties of late kind of impacted the deal-making environment from your side in terms of the assets you consider or how you evaluate risk?

我是摩根大通的 Hardik Parikh，為 Chris Scott 服務。我只是想問一下——就投資環境和機會而言，最近的監管和政策不確定性對您考慮的資產或評估風險方面的交易環境有何影響？

And then just a second part is -- just any kind of updates in terms of the Vertex Cystic Fibrosis portfolio negotiations in terms of the arbitration timelines?

然後第二部分是 - 關於 Vertex Cystic Fibrosis 產品組合談判的仲裁時間表有任何更新嗎？

Chris, why don't you take the first one and then Terry can talk about the CF situation.

克里斯，你為什麼不先回答第一個問題，然後特里可以談談 CF 的情況。

Sure. Thanks for the question. The pipeline remains very robust. We -- as a reminder, we invested about $12 billion deployed since our IPO and we've announced transactions over $15 billion. And our in-depth reviews have gone up significantly since 2019, almost 150%. So the environment is very strong for alternative forms of capital, and that remains true through the first quarter. Obviously, there's a lot of policy uncertainty but that's not really impacting our opportunity set, and we think that's going to show through for the remainder of the year.

當然。謝謝你的提問。管道仍然非常強勁。需要提醒的是，自首次公開募股以來，我們已投資約 120 億美元，並且已宣布超過 150 億美元的交易。自 2019 年以來，我們的深度評論數量大幅增加，幾乎增加了 150%。因此，替代形式資本的環境非常強勁，第一季的情況仍然如此。顯然，政策存在著許多不確定性，但這並沒有真正影響我們的機會，我們認為這將在今年剩餘時間內顯現出來。

And then on Vertex, there is -- we have no update at this time. And we continue to feel very strongly about our position that deuterated Kalydeco is the same as Kalydeco, but there is no update at this point on any potential arbitration.

然後在 Vertex 上，我們目前沒有更新。我們仍然堅信我們的立場，即氘代 Kalydeco 與 Kalydeco 相同，但目前尚未有任何關於任何潛在仲裁的最新消息。

Mike Nedelcovych, TD Cowen.

邁克·內德爾科維奇 (Mike Nedelcovych)，TD Cowen。

I have one follow-up and then two questions. So my first follow-up actually relates to tariffs. It sounds like there's no way that the accounting for tariffs could directly affect the royalties owed to Royalty Pharma. But are you aware of any methods that pharma may use to offset tariffs that could impact royalties and maybe that would be either positive or negative?

我有一個後續問題，然後有兩個問題。所以我的第一個後續問題其實與關稅有關。聽起來，關稅會計不可能直接影響 Royalty Pharma 所欠的特許權使用費。但是您是否知道製藥公司可能使用哪些方法來抵消可能影響特許權使用費的關稅，以及這些方法可能是積極的還是消極的？

And then my first question relates again to the policy environment. You noted policy uncertainty. It seems as though that could present a potential opportunity to Royalty Pharma, particularly in academia and non-profits as well. The need for alternative sources of funding has quickly become urgent. Is this an area where Royalty Pharma could step in, in a way it has in the past?

我的第一個問題又與政策環境有關。您注意到了政策的不確定性。這似乎為 Royalty Pharma 帶來了潛在的機會，尤其是在學術界和非營利組織領域。對替代資金來源的需求很快就變得迫切。這是一個 Royalty Pharma 可以像過去一樣介入的領域嗎？

And then my last question is a product-related one on ecopipam. You laid out a very nice rationale and outlook for this agent in Tourette's. Given the opportunity, why do you think that this indication and possibly even this product is not being pursued by larger pharma companies, at least so far in any visible way?

我的最後一個問題是關於 ecopipam 產品相關的問題。您為妥瑞氏症的這種病原體闡述了非常好的理由和前景。既然有機會，您認為為什麼大型製藥公司尚未開發這種適應症，甚至尚未開發這種產品，至少到目前為止還沒有以任何明顯的方式？

Sure. Thanks for the question. Maybe I'll start by just addressing your question about policy and how that might benefit Royalty Pharma. And then Terry will take the question on tariffs and Marshall, the question on Tourette’s.

當然。謝謝你的提問。也許我首先會回答您關於政策的問題以及該政策如何使 Royalty Pharma 受益。然後，特里將回答有關關稅的問題，馬歇爾將回答有關圖雷特氏症候群的問題。

So with respect to policy, you're right in indicating that there is a significant concern about the proposed cuts to NIH funding. I think the Trump administration in the budget that was just released, I think, a week ago, is proposing a cut of about $20 billion from $47 billion to $27 billion.

因此，就政策而言，您正確地指出，人們對擬議的 NIH 資金削減存在很大擔憂。我認為川普政府在一周前剛發布的預算中提議削減約 200 億美元，從 470 億美元削減至 270 億美元。

I believe it's a negotiating position with Congress and that at the end, the cuts will not be that severe. I just came back from the Milken conference, and there was a lot of discussion at the conference openly and then in private rooms with the former Head of NIH and many university presidents and really trying to see how they're organizing to actually present a position to the government that really -- I think the message is the US has been the leader in medical research for many, many decades and reducing the investment in NIH is not good because we might end up ceding the leadership that the US has to other regions of the world, Europe and China. And in terms of the uncertainty in the markets and there’s other aspects of that, that could be beneficial to us because, as we have noted in the past, the US biotech industry, a big part of the R&D ecosystem, which comprises about 8,000 companies worldwide, what we have highlighted is that there's about $1 trillion of capital required by the unprofitable biopharma, which are really the biotech, over the next decade to essentially move their pipelines along from Phase 1 to Phase 2, Phase 2 to Phase 3 and then approval. And of that $1 trillion number over the next decade, the next five years, we estimate that it's around $450 billion to $470 billion of capital that is needed. This part of the ecosystem, as you know, the biotechs are much more dependent on capital markets to fund the pipeline and it makes it more difficult in the current environment. So that obviously creates an attractive opportunity for Royalty Pharma to step in and provide the needed capital to these companies. And we're excited about that part of our business. As you know, the synthetic royalty part of our business, synthetics, which we invented over a decade ago, and it's been a large and growing part of our capital deployment. So I'll stop there and then ask Terry to talk about tariffs and Marshall about Tourette’s.

我相信這是與國會的談判立場，最終削減幅度不會那麼嚴重。我剛從米爾肯會議回來，會議上進行了很多公開討論，然後在私人房間裡與前美國國立衛生研究院院長和許多大學校長進行了討論，我真的想看看他們是如何組織起來向政府真正表達立場的——我認為美國幾十年來一直是醫學研究的領導者，減少對美國國立衛生研究院的投資並不好，因為我們最終可能會將美國的領導地位拱手和歐洲地區。就市場不確定性和其他方面而言，這可能對我們有利，因為正如我們過去所指出的，美國生物技術產業是研發現狀系統的重要組成部分，由全球約 8,000 家公司組成，我們強調的是，在未來十年內，無利可圖的生物製藥公司（實際上是生物技術公司）需要大約 1 兆美元的資本，才能推進研發到第 3 階段到第 3 階段階段，然後獲得批准。而對於未來十年、未來五年的這 1 兆美元，我們估計需要約 4,500 億美元至 4,700 億美元的資本。如你所知，生態系統的這一部分，生物技術更加依賴資本市場來資助管道，這在當前環境下變得更加困難。因此，這顯然為 Royalty Pharma 介入並為這些公司提供所需的資金創造了一個有吸引力的機會。我們對我們的業務的這一部分感到非常興奮。如您所知，我們業務中的合成特許權使用費部分，即我們十多年前發明的合成材料，已經成為我們資本部署中一個龐大且不斷增長的部分。所以我就此打住，然後請特里談談關稅，請馬歇爾談談圖雷特氏症。

Sure. So on tariffs, as I mentioned in our prepared remarks, we're in the fortunate position where we do not expect much of an impact at all on any potential tariffs just as a result of how the supply chain typically works.

當然。因此，關於關稅，正如我在準備好的演講中提到的那樣，我們處於幸運的位置，我們預計任何潛在關稅都不會受到太大影響，這僅僅是供應鏈正常運作的結果。

In terms of tools that pharma would use, potential tools to offset tariffs, it's really tough for us to speculate at this time. And so I think it's just early days there. But overall, we feel very good about our business and our ability to kind of have minimal impact from tariffs.

至於製藥公司將使用的工具、抵銷關稅的潛在工具，我們目前很難進行推測。所以我認為現在還處於早期階段。但總體而言，我們對我們的業務以及受到關稅影響最小的能力感到非常滿意。

And Mike, on just quickly on your question on Tourette's. I think taking a step back, this is -- this investment on the potential opportunity here, I think, is highlights one of the strengths of our model, which is the ability to identify underappreciated or potentially overlooked and underserved markets like a Tourette syndrome. And I think it brings together the breadth of our platform, our ability to really dig in and do proprietary analytics to gain conviction in the market opportunity because it hasn't, to your point, enjoyed the focus of much of the biopharma industry. So we think this is exciting, and I'm proud of the work we did here and look forward to finding more of these in the future.

麥克，我們來快速回答一下你關於妥瑞氏症的問題。我認為退一步來說，這是——對這裡潛在機會的投資，我認為，凸顯了我們模型的優勢之一，即能夠識別被低估或可能被忽視和服務不足的市場，比如圖雷特綜合症。我認為它整合了我們平台的廣度、我們真正深入挖掘和進行專有分析的能力，以獲得對市場機會的信心，因為正如你所說，它還沒有受到生物製藥行業大部分關注。所以我們認為這很令人興奮，我為我們在這裡所做的工作感到自豪，並期待在未來發現更多這樣的工作。

Terence Flynn, Morgan Stanley.

摩根士丹利的特倫斯弗林。

Great. Two product ones for me. Obviously, it's still early days on the Alyftrek launch. But Terry, you mentioned that your guidance contemplates a range of scenarios. So just wondering where this initial quarter falls relative to your expectations, if you could elaborate at all there.

偉大的。對我來說是兩個產品。顯然，Alyftrek 的推出還處於早期階段。但是特里，你提到你的指導考慮了一系列的情況。所以我只是想了解第一季與您的預期相比情況如何，您能否詳細說明一下。

And then the second one is Camzyos received a less restrictive REMS from the FDA, as I know you're aware. Just thoughts on that ahead of an aficamten FDA decision and launch there and how important it is or maybe less important now in terms of differentiation on the REMS side as you guys thought about the opportunity for aficamten.

第二個是 Camzyos 從 FDA 獲得了限制較少的 REMS，我知道您知道。我只是在 FDA 做出決定並在那裡推出 aficamten 之前考慮了這一點，以及就 REMS 方面的差異化而言，它有多重要，或者現在可能不那麼重要，就像你們考慮 aficamten 的機會一樣。

Sure. So on Alyftrek, it's still very early days here. And we've obviously been following it closely. We looked at a number of different scenarios when we were thinking about this year and also the long term. But I think the big picture is for us is that we continue to expect under any outcome related to royalty rates that the Vertex CF franchise will continue to be a major contributor to our top line over the long term. And I think that's a function of the amazing data, the amazing experience that patients have had with Trikafta and the strength of that product and brand. And I think that no matter what happens, we continue to feel really good about our position on the CF franchise.

當然。因此，對於 Alyftrek 來說，現在還處於早期階段。我們顯然一直在密切關注此事。當我們考慮今年以及長遠前景時，我們考慮了許多不同的情景。但我認為，對我們來說，總體情況是，無論與特許權使用費率相關的結果如何，我們仍然預計 Vertex CF 特許經營權將在長期內繼續成為我們營業收入的主要貢獻者。我認為這是驚人的數據、患者使用 Trikafta 的驚人體驗以及產品和品牌實力的體現。我認為無論發生什麼，我們都會繼續對自己在 CF 特許經營中的地位感到非常滿意。

Terence, quickly on the aficamten opportunity. So I think, first of all, just to start at the top. We remain really excited about the potential for aficamten and are really happy to have it as a part of the portfolio. Specifically on the REMS updates, when we first looked at this, it was always a scenario we contemplated even a potentially likely scenario that REMS in this space would evolve as sort of the market got and regulators got more experience with the safety profile. Through our investments over the years, we've seen multiple precedents or precedent of that happening sometimes faster or sometimes slower. So we always anticipated that was certainly a possibility. So our -- and so what that meant was our core thesis and view was that we thought the HCM, hypertrophic cardiomyopathy market was big and certainly had more than enough room for two products, and we still really like aficamten's profile and think the Cytokinetics team is going to do a great job with it.

特倫斯，很快就抓住了這個機會。所以我認為，首先，從頂部開始。我們仍然對 aficamten 的潛力感到非常興奮，並且很高興將其作為投資組合的一部分。特別是在 REMS 更新方面，當我們第一次看到這個時，我們總是會考慮這樣一種情況，甚至可能出現的情況是，隨著市場的發展和監管機構對安全狀況的更多經驗，該領域的 REMS 也會隨之發展。透過我們多年的投資，我們已經看到了多個先例，有時發生得更快，有時發生得更慢。因此我們一直預期這肯定是有可能的。所以我們的——這意味著我們的核心論點和觀點是，我們認為 HCM，肥厚型心肌病變市場很大，肯定有足夠的空間容納兩種產品，我們仍然非常喜歡 aficamten 的形象，並認為 Cytokinetics 團隊會做得很好。

Geoff Meacham, Citi.

花旗銀行的 Geoff Meacham。

Just had a couple. Terry or Pablo, when you look at slide 16, share repurchases were pretty impactful to the stock, and it was a big use of cash. So I guess the question is, can you talk about where you are in the cycle on capital deployment? I know you can do both new deals and buybacks, but what informs the decision to go big on one versus the other?

剛剛吃了幾個。特里或巴勃羅，當您看第 16 張投影片時，股票回購對股票影響很大，而且是現金的大量使用。所以我想問題是，您能談談您在資本配置週期中處於什麼位置嗎？我知道你可以同時進行新股交易和回購，但是是什麼讓你決定在其中一個上做大？

And then a second question for Marshall. And I know we always ask about how your process, your diligence process evolves for royalty deals. It does seem like you've gone after of late, more first-in-class, unmet need, more novel mechanisms, especially with the two you’ve highlighted today, but is that an intention, I think, to the portfolio going forward.

然後第二個問題問馬歇爾。我知道我們總是詢問您的流程、您的盡職調查流程如何演變以適應特許權交易。看起來您最近確實在追求更多一流的、未滿足的需求和更多新穎的機制，特別是您今天強調的兩種機制，但我認為這是未來投資組合的意圖嗎？

Yes. So thanks for the question. I'll actually ask Terry to take the question on capital allocation and then Marshall on --

是的。感謝您的提問。我實際上會請特里回答關於資本配置的問題，然後請馬歇爾回答--

Yes, Geoff. So on capital allocation and share repurchases. As we've mentioned, it's dynamic. And so we were really happy to buy back as much of our stock as we did in the first quarter at what we think are really attractive prices. And I think over time, we'll continue to look at the relative share price relative to intrinsic value and also relative to the royalty opportunities and it will continue to be dynamic. I think over time, if we continue to operate in the upper left quadrant, which was on slide 17, I think it will be a balanced approach. And we have luckily, a lot of financial capacity to do both share repurchases and royalty acquisitions and if we think that, that is going to be driving the most value for shareholders, that's the strategy that we'll pursue there.

是的，傑夫。因此，關於資本配置和股票回購。正如我們所提到的，它是動態的。因此，我們非常高興能夠以我們認為非常有吸引力的價格回購第一季的股票。我認為隨著時間的推移，我們將繼續關注相對於內在價值的相對股價以及相對於特許權使用費機會的相對股價，並且它將繼續保持動態。我認為隨著時間的推移，如果我們繼續在幻燈片 17 上的左上象限進行操作，我認為這將是一種平衡的方法。幸運的是，我們擁有充足的財務能力來進行股票回購和特許權使用費收購，如果我們認為這將為股東帶來最大的價值，那麼這就是我們將要推行的策略。

And Geoff, on the second part of your question. So overall, no change in our approach. And I think you've heard us talk before that our core process is looking for products to add to the portfolio that bring benefits to patients, to physicians, to the system in some way. And I think we try to be flexible in our thinking about how products, how we can meet that definition. So certainly, first-in-class is something that is important, and we certainly like to invest in first-in-class products, but that core discipline of things that bring together both great science, great benefit for patients and being with a team that can maximize the value will continue to drive our investments. And so I think we've talked about a few with the profile that you mentioned lately, but I think overall, our core approach remains the same.

傑夫，關於你問題的第二部分。所以整體來說，我們的方法沒有改變。我想您之前已經聽我們說過，我們的核心流程是尋找能夠添加到產品組合中的產品，以某種方式為患者、醫生和系統帶來益處。我認為我們會嘗試靈活地思考如何生產產品以及如何滿足這個定義。因此，一流的產品當然很重要，我們也樂意投資一流的產品，但將偉大的科學、對患者的巨大益處以及擁有一個能夠最大化價值的團隊結合在一起的核心原則將繼續推動我們的投資。所以我認為我們已經討論過一些您最近提到的情況，但我認為總的來說，我們的核心方法保持不變。

Jason Gerberry, Bank of America Securities.

美國銀行證券公司的 Jason Gerberry。

Two for me. Just on ecopipam, I’m wondering if you can contextualize a little bit the clinical benefit in this group of patients. And do you see parallels at all to this market opportunity and say, tardive dyskinesia, another movement disorder? I know that at one point, the VMAT2 inhibitors are being developed for Tourette's. And just wondering, generally speaking, how to think about adoption rates and pricing at a high level if you think that TD might be a good market comp?

對我來說是兩個。就 Ecopipam 而言，我想知道您是否可以稍微描述一下該組患者的臨床益處。您是否看到了這個市場機會與遲發性運動障礙（另一種運動障礙）之間的相似之處？我知道，VMAT2 抑制劑正在被開發用於治療妥瑞氏症。我只是想知道，一般來說，如果您認為 TD 可能是一個良好的市場競爭對手，那麼如何從高層次考慮採用率和定價？

And then on the Vertex issue. My question is really, is there any amount of time that transpires that if you did not take action, then you forgo ability to bring a claim through dispute resolution. I'm just wondering if there's any timeline on that?

然後是 Vertex 問題。我的問題是，如果您不採取行動，那麼您是否會放棄透過爭議解決提出索賠的能力。我只是想知道這方面是否有時間表？

Marshall, why don't you take the Tourette's question and Terry, the CF question?

馬歇爾，你為什麼不回答妥瑞氏症的問題，而特里回答囊性纖維化的問題呢？

Sure. So Jason, thanks for the question. I think overall, the way I would think about it is that this is a market that, as we mentioned in the prepared remarks, hasn't seen new innovation in a very long time. And the options that are available to both adults and parents of children with Tourette's are either very old drugs or antipsychotics that were repurposed for treating Tourette's as well. So I think there is a lot of interest in this space and amongst physicians and patients and parents for new options here.

當然。傑森，謝謝你的提問。我認為總的來說，我的看法是，正如我們在準備好的評論中提到的那樣，這個市場已經很久沒有出現新的創新了。對於患有妥瑞氏症的成年人和兒童的父母來說，可以選擇的藥物要么是非常古老的藥物，要么是被重新用於治療圖雷特氏症的抗精神病藥物。因此，我認為醫生、患者和家長對這個領域以及新的選擇都有濃厚的興趣。

The TD market is certainly an interesting one. I think maybe an example of one where a new treatment option can lead to the growth and focus on it and investment in it can lead to the growth of what ultimately ends up being a significant commercial opportunity. So we certainly think that's an interesting one to think about. I won't comment on pricing, that's certainly something for the Emalex team to ultimately make a decision on, but we're certainly excited about this.

TD市場確實很有趣。我認為這也許是一個例子，一種新的治療選擇可以帶來成長，對它的關注和投資可以帶來最終成為重大商業機會的成長。所以我們當然認為這是一個值得思考的有趣問題。我不會對定價發表評論，這當然是 Emalex 團隊最終要做出決定的事情，但我們對此感到非常興奮。

And then, Jason, on your other question, we can't comment on the timing of any potential dispute with Vertex.

然後，傑森，關於你的另一個問題，我們無法評論與 Vertex 發生任何潛在爭議的時間。

I'm showing no further questions. I'd like to turn the call back over to Pablo for closing remarks.

我沒有其他問題。我想將電話轉回給 Pablo 做最後發言。

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. Thanks, everyone.

謝謝接線員，也感謝電話中所有人對 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了。祝大家有個愉快的一天。