Theratechnologies Inc (THTX) 2016 Q1 法說會逐字稿

Good morning ladies and gentlemen and thank you for standing by. Welcome to Theratechnologies' earnings conference call for the first quarter of fiscal year 2016. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. (Operator Instructions). I would like to remind everyone that this conference call is being recorded today, Thursday, March 31, 2016, at 8:30 AM Eastern time, and would now like to turn the meeting over to Denis Boucher. Mr. Boucher, please go ahead.

女士們先生們早上好，感謝你們的支持。歡迎來到 Theratechnologies 2016 財年第一季度財報電話會議。此時，所有參與者都處於只聽模式。演講結束後，我們將進行問答環節。 （操作員說明）。我想提醒大家，今天，即 2016 年 3 月 31 日，星期四，東部時間上午 8:30，我們正在錄製本次電話會議，現在我想將會議轉交給 Denis Boucher。布歇先生，請繼續。

Thank you and welcome. Mr. Luc Tanguay, President and Chief Executive Officer of Theratechnologies, and Mr. Philippe Dubuc, Senior Vice President and Chief Financial Officer, will be the speakers on today's call. A Q&A period open exclusively to financial analysts will follow their presentation. Lyne Fortin and Christian Marsolais will also be available to answer questions of a more specific nature.

謝謝你，歡迎。 Theratechnologies 總裁兼首席執行官 Luc Tanguay 先生和高級副總裁兼首席財務官 Philippe Dubuc 先生將在今天的電話會議上發表演講。在他們的演講之後，將有一個專門向金融分析師開放的問答環節。 Lyne Fortin 和 Christian Marsolais 也可以回答更具體的問題。

Before Mr. Tanguay begins his remarks, I have been asked by Theratechnologies to read the following message regarding forward-looking statements. I would like to remind everyone that Theratechnologies' remarks today may contain forward-looking statements about its current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or other future events or developments. In preparing these forward-looking statements, several assumptions were made by Theratechnologies and there are risks that results actually obtained by the Company will differ materially from those statements. As a consequence, the Company cannot guarantee that any forward-looking statement will materialize and you are cautioned not to place undue reliance on them. Theratechnologies refers current and potential investors to the forward-looking information section of its press release issued this morning, and to its annual information form dated February 24, 2016 and the risk factors section therein available at www.Theratechnologies.com under Theratechnologies public filings.

在 Tanguay 先生開始發言之前，Theratechnologies 要求我閱讀以下有關前瞻性陳述的信息。我想提醒大家，Theratechnologies 今天的言論可能包含有關其當前和未來計劃、預期和意圖、結果、活動水平、績效、目標或成就或其他未來事件或發展的前瞻性陳述。在準備這些前瞻性陳述時，Theratechnologies 做出了多項假設，並且存在公司實際獲得的結果與這些陳述存在重大差異的風險。因此，公司不能保證任何前瞻性陳述都會實現，請注意不要過分依賴它們。 Theratechnologies 請當前和潛在投資者參閱其今天上午發布的新聞稿中的前瞻性信息部分，以及日期為 2016 年 2 月 24 日的年度信息表以及其中的風險因素部分，這些信息可在 www.Theratechnologies.com 的 Theratechnologies 公開文件下獲取。

Forward-looking statements represent Theratechnologies expectations as of March 31, 2016. Except as may be required by securities laws, Theratechnologies does not undertake any obligation to update any forward-looking statement whether as a result of new information, future events, or otherwise.

前瞻性陳述代表 Theratechnologies 截至 2016 年 3 月 31 日的預期。除非證券法可能要求，否則 Theratechnologies 不承擔任何義務更新任何前瞻性陳述，無論是由於新信息、未來事件或其他原因。

I would now like to turn the conference over to Mr. Tanguay.

我現在想將會議轉交給 Tanguay 先生。

Thank you Denis. Good morning everyone and thank you for being with us today. This morning, I would like to start by providing you with background and perspective on our last quarter. Philippe will then give more detailed information on our financial results and I will come back after for closing remarks.

謝謝丹尼斯。大家早上好，感謝你們今天和我們在一起。今天早上，我想首先向您介紹我們上個季度的背景和觀點。菲利普隨後將提供有關我們財務業績的更多詳細信息，我將在結束髮言後回來。

To start with, let me go over some of the last quarter highlights. From the outset, I must say that I am quite pleased with what was achieved. Financial results show that we avoid a reduction in revenues that was normally seen between the fourth and the first quarter. In the past, Q1 revenues were down by as much as 15% to 20% compared to the fourth quarter. This was not unique to EGRIFTA. In fact, other niche products in HIV were still affected this year. This time, our revenue were down by only 3% compared to the fourth quarter.

首先，讓我回顧一下上一季度的一些亮點。從一開始，我必須說我對所取得的成就感到非常滿意。財務結果表明，我們避免了通常在第四季度和第一季度之間出現的收入減少。過去，與第四季度相比，第一季度的收入下降了 15% 到 20%。這不是 EGRIFTA 獨有的。事實上，今年 HIV 的其他利基產品仍然受到影響。這一次，我們的收入與第四季度相比僅下降了 3%。

But revenues don't tell us the whole story. First, it's important to realize that while our revenues were 3% lower, our unit sales were up by 9% compared to Q4. If you remember correctly, I mentioned during the last quarter's conference call that our sales in Q4 were positively impacted by a reversal of provisions.

但收入並不能告訴我們全部情況。首先，重要的是要認識到，雖然我們的收入下降了 3%，但與第四季度相比，我們的單位銷售額增長了 9%。如果你沒記錯的話，我在上一季度的電話會議上提到，我們在第四季度的銷售額受到撥備逆轉的積極影響。

Secondly, written prescription received at our call center increased by 30% from Q4 to Q1. As you probably know, written prescriptions are a lead indicator of future filled prescriptions.

其次，我們的呼叫中心收到的書面處方從第四季度到第一季度增加了 30%。您可能知道，書面處方是未來配藥處方的主要指標。

Pursuing on our financial results, I would like to highlight that as we continue to manage expenses responsibly, we recorded again a positive EBITDA and we completed the quarter improving our cash position. All of this to say that our new marketing initiatives are starting to pay off, and that I am convinced that we will continue to do so over the next quarters.

根據我們的財務業績，我想強調的是，隨著我們繼續負責任地管理費用，我們再次錄得正的 EBITDA，並且我們在本季度結束時改善了我們的現金狀況。所有這一切都表明我們的新營銷計劃開始見效，而且我相信我們將在接下來的幾個季度繼續這樣做。

The changes we made in the last couple of years put us in a position of growth and leverage. Our two most recent announcements certainly conference that the introduction of EGRIFTA into new markets is definitely part of the element that gives leverage and growth potential. As such, the approval of the 1 milligram vial presentation in Mexico is an important and significant step in that direction.

我們在過去幾年所做的改變使我們處於增長和槓桿的位置。我們最近的兩個公告肯定表明，將 EGRIFTA 引入新市場絕對是提供影響力和增長潛力的因素的一部分。因此，在墨西哥批准 1 毫克小瓶的介紹是朝著這個方向邁出的重要一步。

The next step in that territory will be to apply for reimbursement with public payors. This is very important for the commercial success of EGRIFTA in Mexico as most HIV patients in that country are covered under public plans. Obviously, finding new partners in other territory remains an objective for us in 2016.

該地區的下一步將是向公共付款人申請報銷。這對於 EGRIFTA 在墨西哥的商業成功非常重要，因為該國的大多數 HIV 患者都在公共計劃中。顯然，在其他地區尋找新的合作夥伴仍然是我們 2016 年的目標。

Of course, the transaction we announced just a few days ago regarding the acquisition of the commercialization rights to ibalizumab in the United States and Canada is a great source of pride and enthusiasm as it constitutes a game changer for Theratechnologies and holds such great potentials. As I said on the DOD announcement, this product is a perfect fit for us. I mentioned before that we wanted to remain focused on our core business, which means that finding a product that caters to the same patient population and the same treating physician is ideal.

當然，我們幾天前宣布的關於收購 ibalizumab 在美國和加拿大的商業化權利的交易令人感到自豪和熱情，因為它構成了 Theratechnologies 的遊戲規則改變者並擁有如此巨大的潛力。正如我在國防部公告中所說，該產品非常適合我們。我之前提到過，我們希望繼續專注於我們的核心業務，這意味著找到適合相同患者群體和相同治療醫生的產品是理想的。

The remaining focus on our core business has several advantages. First of all, it allows us to leverage our infrastructure. We have a sales force in place that will eventually be in a position to detail two products instead of one, and the same can be said for the medical liaison team. In addition, it will help to build Theratechnologies' reputation as a key player in niche treatments for HIV patients. Also important is the fact that we closed this transaction in a way that respects our financial capacity.

繼續專注於我們的核心業務有幾個優勢。首先，它允許我們利用我們的基礎設施。我們有一支銷售隊伍，最終將能夠詳細介紹兩種產品而不是一種產品，醫療聯絡團隊也是如此。此外，這將有助於建立 Theratechnologies 作為 HIV 患者利基治療領域關鍵參與者的聲譽。同樣重要的是，我們以尊重我們財務能力的方式完成了這筆交易。

As early as the first half of 2017, ibalizumab could be on the market, thus offering a new option to patients that are in dire need. Let me remind you that the FDA granted the breakthrough therapy designation to ibalizumab based on previous clinical data. The FDA also granted it the orphan drug status based on the population of 38,000 patients that could benefit from this treatment. Initially, we will focus our efforts on 8,000 to 10,000 patients who have multi-drug-resistant HIV infection and who need new treatment options.

ibalizumab最早可能在2017年上半年上市，為急需治療的患者提供新的選擇。讓我提醒您，FDA 根據之前的臨床數據授予 ibalizumab 突破性治療指定。 FDA 還根據 38,000 名可能受益於這種治療的患者群體授予其孤兒藥地位。最初，我們將重點關注 8,000 至 10,000 名患有多重耐藥性 HIV 感染且需要新治療方案的患者。

Finally, we believe that this product, once approved, could rapidly generate revenues comparable to those of EGRIFTA. This means that we will be very busy over the next quarters as we continue of course to support the growth of EGRIFTA and as we start preparing the US market for the approval of ibalizumab.

最後，我們相信該產品一旦獲得批准，可以迅速產生與 EGRIFTA 相當的收入。這意味著我們將在接下來的幾個季度非常忙碌，因為我們當然會繼續支持 EGRIFTA 的增長，並且我們開始為美國市場準備 ibalizumab 的批准。

On that note, I will ask Philippe to give you more detail on our financial results for the last quarter and I'll come back after. Philippe?

關於這一點，我會要求 Philippe 向您提供有關我們上個季度財務業績的更多詳細信息，我會在之後回來。菲利普？

Thank you Luc. Net sales from EGRIFTA recorded in the first quarter of 2016 amounted to CAD8.741 million compared to CAD4.567 million for the same period last year. While this is a quite impressive increase, I must say that I am also very pleased with the fact that we were able to avoid the usual decrease in sales that we normally saw from Q4 to Q1.

謝謝呂克。 2016 年第一季度 EGRIFTA 的淨銷售額為 874.1 萬加元，而去年同期為 456.7 萬加元。雖然這是一個相當可觀的增長，但我必須說，我也很高興我們能夠避免從第四季度到第一季度通常看到的銷售額下降。

On the expenses front, cost of sales rose in tandem with higher sales volume compared to the same quarter of 2015. It amounted to CAD1.4 million in Q1 2016 compared to CAD641,000 of Q1 2015.

在費用方面，與 2015 年同期相比，銷售成本隨著銷量的增加而上升。2016 年第一季度為 140 萬加元，而 2015 年第一季度為 641,000 加元。

As of January 2016, we began paying royalties to EMD Serono for sales of EGRIFTA in the United States. They are now included in cost of sales and amounted to CAD348,000 in the first quarter.

自 2016 年 1 月起，我們開始就 EGRIFTA 在美國的銷售向 EMD Serono 支付特許權使用費。它們現在包含在銷售成本中，第一季度達到 348,000 加元。

Cost of goods sold margins are stabilizing, reflecting smooth manufacturing operations. R&D expenses for the first quarter of 2016 came in at CAD1.9 million compared to CAD1.1 million for the same quarter last year. Compared to the previous quarter, R&D expenses were slightly higher, reflecting some of the activities we started implementing in Q4 2015 which Luc mentioned earlier. The increase comes from additional spending on medical affairs, which includes medical education programs aimed at increasing scientific awareness about EGRIFTA and small changes in exchange rates since most of these activities occur in the United States.

銷貨成本利潤率趨於穩定，反映了製造業務的平穩運行。 2016 年第一季度的研發費用為 190 萬加元，而去年同期為 110 萬加元。與上一季度相比，研發費用略高，反映了我們在 2015 年第四季度開始實施的一些活動，Luc 之前提到過。增加來自醫療事務的額外支出，其中包括旨在提高對 EGRIFTA 的科學認識的醫學教育計劃以及匯率的小幅變化，因為這些活動大多發生在美國。

The same can be said of selling and market development expenses, which also include initiatives that increase disease and product awareness in the marketplace. Given our intensified efforts, these expenses amounted to CAD3.9 million for the three-month period ended February 29, 2016 compared to CAD2.5 million for the same period last year. This is slightly lower than the CAD4.3 million spent on selling and market development expenses in Q4 2015, reflecting the fact that we now have the necessary infrastructure to accommodate future growth in EGRIFTA sales.

銷售和市場開發費用也是如此，其中還包括提高市場疾病和產品知名度的舉措。由於我們加大了努力，這些費用在截至 2016 年 2 月 29 日的三個月期間總計 390 萬加元，而去年同期為 250 萬加元。這略低於 2015 年第四季度用於銷售和市場開發費用的 430 萬加元，反映出我們現在擁有必要的基礎設施來適應未來 EGRIFTA 銷售的增長。

General and administrative expenses for the first quarter of 2016 were quite similar in comparison to the first quarter of 2015. More precisely, it totaled CAD1.1 million, slightly up from CAD1 million for the same period last year. They were also lower than in Q4 2015 as they amounted to CAD1.2 million for that period. As a result, we recorded an adjusted EBITDA of just over CAD1.1 million for the first three months of 2016. This compares to a negative adjusted EBITDA of CAD252,000 for the same period last year. For the quarter, we recorded a net loss of CAD158,000 compared to a net loss of CAD914,000 in Q1 2015.

2016 年第一季度的一般和行政費用與 2015 年第一季度非常相似。更準確地說，總計 110 萬加元，略高於去年同期的 100 萬加元。它們也低於 2015 年第四季度，因為同期為 120 萬加元。因此，我們在 2016 年前三個月錄得的調整後 EBITDA 剛剛超過 110 萬加元。相比之下，去年同期為負調整 EBITDA 252,000 加元。本季度，我們錄得 158,000 加元的淨虧損，而 2015 年第一季度為 914,000 加元的淨虧損。

I also want to point out that we ended the quarter with more liquidities than we had in the first quarter of 2015 as well as in the fourth quarter of last year. On February 29, 2016, we had CAD15.8 million in cash, cash equivalents and bonds compared to CAD15.350 million in Q4 2015 and just shy of CAD4 million in Q1 of 2015. Although we did increase our liquidities in Q1 compared to Q4, those were somewhat affected by working capital items such as an increase in receivables and a decrease in payables.

我還想指出，與 2015 年第一季度和去年第四季度相比，我們在本季度結束時擁有更多的流動性。 2016 年 2 月 29 日，我們擁有 1580 萬加元的現金、現金等價物和債券，而 2015 年第四季度為 1535 萬加元，2015 年第一季度略低於 400 萬加元。儘管與第四季度相比我們確實在第一季度增加了流動性，這些在一定程度上受到應收賬款增加和應付賬款減少等營運資金項目的影響。

On a final note, let me talk about guidance for fiscal 2016. We still expect to reach sales in the range of CAD46 million to CAD49 million. As for the adjusted EBITDA, we now anticipate that it will be between CAD9 million and CAD11 million compared to the previously announced numbers of CAD10 million to CAD12 million. This is directly linked to additional activities associated with ibalizumab.

最後，讓我談談 2016 財年的指導。我們仍然預計銷售額將達到 4600 萬至 4900 萬加元。至於調整後的 EBITDA，我們現在預計它將在 900 萬至 1100 萬加元之間，而之前公佈的數字為 1000 萬至 1200 萬加元。這與與 ibalizumab 相關的其他活動直接相關。

On this, let me turn the conference over back to Luc.

關於這一點，讓我把會議轉回呂克。

Thank you Philippe. Quickly, in conclusion, I think that we are in a good position moving forward. And we came out of the first quarter avoiding the usual downward sales trend. We increased our unit sales. Recent prescriptions were up. We controlled expenses, recorded a positive EBITDA, and increased our cash position. This is quite an impressive improvement over where we were just a year ago.

謝謝菲利普。很快，總而言之，我認為我們處於前進的有利位置。我們從第一季度出來，避免了通常的銷售下降趨勢。我們增加了單位銷售額。最近的處方已經到了。我們控制了開支，EBITDA 為正，並增加了我們的現金頭寸。與一年前相比，這是一個令人印象深刻的進步。

We also ended the quarter by adding a third territory where EGRIFTA is approved and we started the current quarter with a game-changing transaction. These are exciting times for Theratechnologies. Ever since resuming sales of EGRIFTA in the US, the Company has been gaining momentum and based on what has been happening in the first quarter of 2016, I can say that we are still going in the right direction. In a nutshell, I think that Theratechnologies is very, very well positioned for success.

我們還在本季度結束時增加了 EGRIFTA 獲得批准的第三個地區，我們在本季度開始時進行了一項改變遊戲規則的交易。對於 Theratechnologies 來說，這是激動人心的時刻。自從在美國恢復銷售 EGRIFTA 以來，公司的勢頭一直在增強，根據 2016 年第一季度發生的情況，我可以說我們仍在朝著正確的方向前進。簡而言之，我認為 Theratechnologies 非常非常適合成功。

On that note, we will now take questions from financial analysts. Thank you.

關於這一點，我們現在將回答金融分析師的問題。謝謝。

(Operator Instructions). Doug Loe, Euro Pacific.

（操作員說明）。 Doug Loe，歐洲太平洋。

Thanks very much and congratulations on the quarter, folks. Just a couple of things for me. You mentioned Mexico as being a growth market in 2016, as we would expect as well. Just wondering if you might be able to provide us with some additional granularity on whether or not you have a specific plan for rolling out the filings in other Latin American markets that I assume are still relevant under your partnership with Sanofi. That's the first thing.

伙計們，非常感謝並祝賀本季度。對我來說只有幾件事。你提到墨西哥在 2016 年是一個增長市場，正如我們所預期的那樣。只是想知道您是否可以向我們提供一些額外的詳細信息，說明您是否有在其他拉丁美洲市場推出申請的具體計劃，我認為在您與賽諾菲的合作夥伴關係下仍然相關。這是第一件事。

And then second of all, it's encouraging to hear that you're starting to get some growing volumes on EGRIFTA demand in Q1. I was just wondering if, based on your existing marketing efforts, historically the sort of caps to EGRIFTA adoption have been some combination of physicians not recognizing HIV lipodystrophy as a treatable medical condition or misdiagnosing it or the challenges of getting reimbursement from private insurers and elsewhere. So just wondering where you think you're starting to see most of the positive traction on EGRIFTA adoption as compared to what some of the historic challenges have been to driving its adoption, including but not limited to the three things I just mentioned? And I'll leave it there. thanks.

其次，聽到第一季度 EGRIFTA 需求開始增長的消息令人鼓舞。我只是想知道，根據你現有的營銷努力，從歷史上看，EGRIFTA 採用的上限是否是醫生不承認 HIV 脂肪營養不良是一種可治療的疾病或誤診，或者從私人保險公司和其他地方獲得報銷的挑戰.所以只是想知道，與推動採用 EGRIFTA 的一些歷史挑戰相比，您認為您從哪裡開始看到採用 EGRIFTA 的大部分積極影響，包括但不限於我剛才提到的三件事？我會把它留在那裡。謝謝。

Thanks Doug. I'll start with Mexico and I'll ask Lyne maybe to talk about the second question. I'll give a little bit of color on it as well.

謝謝道格。我將從墨西哥開始，我可能會請 Lyne 談談第二個問題。我也會給它一點顏色。

Mexico, as I mentioned, we really need to get the reimbursement by public plan there. This is very important for the commercial success of EGRIFTA.

墨西哥，正如我提到的那樣，我們確實需要通過那裡的公共計劃獲得報銷。這對於 EGRIFTA 的商業成功非常重要。

I don't think the contribution of Mexico for 2016 will be very significant. Of course, we anticipate to have some sales particularly like Canada and Europe. But in those territories, public plans reimbursement is very important for commercial success. So as -- we are going to work on that for Mexico in the coming months, and as we are doing now in Canada, in Quebec and Ontario as well. So we are doing the same thing for Canada. So that's my view on Mexico.

我認為墨西哥在 2016 年的貢獻不會很大。當然，我們預計會有一些銷售，尤其是加拿大和歐洲。但在這些地區，公共計劃報銷對於商業成功非常重要。因此，我們將在未來幾個月為墨西哥開展這項工作，就像我們現在在加拿大、魁北克和安大略省所做的那樣。所以我們正在為加拿大做同樣的事情。這就是我對墨西哥的看法。

On the other territories, there's no news. As you know, there's no news for other territories in Latin America. But as I mentioned in my speech, our intent is to get other partners in other territories. We want to expand our -- the market for EGRIFTA in other territories with some agreements like we did for example with AUP and BL&H.

在其他地區，沒有任何消息。如您所知，目前還沒有關於拉丁美洲其他地區的消息。但正如我在演講中提到的，我們的目的是在其他地區獲得其他合作夥伴。我們希望通過一些協議擴大我們在其他地區的 EGRIFTA 市場，例如我們與 AUP 和 BL&H 所做的協議。

On the sales, before I let Lyne answer on our reimbursement, physician, and so on, just highlight to you, Doug, that I think we had pretty good quarters. Our sales in units were up by 9% compared to the usual decrease in that quarter. Our scripts, the scripts coming in into our call center is up by 30%. I think it's very good news. I think we start to see the effect of our marketing campaign, and as you have seen on Bloomberg recently, numbers are starting to go up.

關於銷售，在我讓 Lyne 回答我們的報銷、醫生等問題之前，Doug，我想向你強調一下，我認為我們有很好的季度。與該季度通常下降的情況相比，我們的單位銷售額增長了 9%。我們的腳本，進入我們呼叫中心的腳本增加了 30%。我認為這是個好消息。我認為我們開始看到我們的營銷活動的效果，正如你最近在彭博社看到的那樣，數字開始上升。

So everything is pointing in the right direction. And in fact, that is why we are still very, very confident on our guidance for the CAD46 million to CAD49 million in sales. And of course our EBITDA has been affected and not because of the structure of the Company but because now we have a new product in the back and we need to get the market prepared for that because it could be approved as soon as in the first half of 2017.

所以一切都指向正確的方向。事實上，這就是為什麼我們對 4600 萬至 4900 萬加元的銷售額的指導仍然非常、非常有信心。當然，我們的 EBITDA 受到了影響，不是因為公司的結構，而是因為現在我們有一個新產品在後面，我們需要讓市場為此做好準備，因為它可能會在上半年獲得批准2017 年。

So, I think the planets are very well aligned for us at this point. And it's -- our investment I think will provide some fruit in the very near future. On that, I will ask Lyne maybe to give you more colors on the physician and reimbursement tidbit like you asked.

所以，我認為行星在這一點上非常適合我們。這是——我認為我們的投資將在不久的將來帶來一些成果。關於這一點，我會要求 Lyne 可能會像您要求的那樣給您更多有關醫生和報銷花絮的顏色。

Yes. So as we continue to work with the patients' advocacy and the key opinion leader in the scientific community, it becomes even more evident that there is an awakening to the fact that visceral adipose tissue accumulation in HIV treated patients is an important medical condition that is now more recognized and is deemed to be important to treat. So I think that our largest opportunity remains there, but there's a lot of validation that comes recently.

是的。因此，隨著我們繼續與患者的倡導者和科學界的主要意見領袖合作，人們更加明顯地意識到，接受 HIV 治療的患者的內臟脂肪組織積聚是一種重要的醫療狀況，現在更被認可並被認為是重要的治療。所以我認為我們最大的機會仍然存在，但最近有很多驗證。

I don't know if you're connected to the science that was shared at CROI and also the recent publication of a paper from Grace McComsey that really tells the story about that existing in that patient population, why this is still happening even in the modern area of newer antiviral therapy, and therefore the need to treat it and the recognition that there is only one product that FDA approved for that condition. So that is the largest opportunity that we continue to work on with both the patient efficacy and the KOL scientific community.

我不知道您是否了解 CROI 上分享的科學知識以及 Grace McComsey 最近發表的一篇論文，該論文真實地講述了該患者群體中存在的故事，為什麼即使在新抗病毒療法的現代領域，因此需要對其進行治療，並認識到只有一種產品獲得 FDA 批准用於該病症。因此，這是我們繼續與患者療效和 KOL 科學界合作的最大機會。

With our call center, I must say that we are looking at all the reimbursement issues, and this is not a major barrier, although we investigate every case diligently through our dedicated personnel, but really the opportunity that we continue to work on is to elevate the importance and the recognition that excess abdominal fat exists with that population and it needs to be treated and there is one proven therapy to do so.

對於我們的呼叫中心，我必須說我們正在研究所有報銷問題，這不是主要障礙，雖然我們通過我們的專職人員努力調查每一個案例，但我們繼續努力的真正機會是提升重要性和認識到腹部脂肪過多存在於該人群中，需要對其進行治療，並且有一種行之有效的療法可以做到這一點。

That's great. Thank you.

那太棒了。謝謝。

(Operator Instructions). Neil Maruoka, Canaccord Genuity.

（操作員說明）。 Neil Maruoka，Canaccord Genuity。

Good morning. I think my first question has largely been answered but really was just on the price increase that you took on EGRIFTA, and what was the rationale there and what were are reasons -- why haven't we seen any impact on patient update. You seem to show some pretty strong prescription growth, even in the face of that price increase.

早上好。我認為我的第一個問題在很大程度上已經得到了回答，但實際上只是關於您對 EGRIFTA 的價格上漲，那裡的理由是什麼以及原因是什麼——為什麼我們沒有看到對患者更新有任何影響。即使面對價格上漲，你們似乎也顯示出相當強勁的處方增長。

And my second question is on ibalizumab. Apologies, I wasn't able to be on the call a couple of weeks ago, but your Phase III is complete in Q4, and given that it's an open label study and the data collection on the primary endpoint is very short, could you see topline data there over the next couple of months?

我的第二個問題是關於 ibalizumab。抱歉，幾週前我沒能參加電話會議，但你們的 III 期已在第四季度完成，鑑於這是一項開放標籤研究，主要終點的數據收集非常短，你能看到嗎未來幾個月的頂線數據？

Okay. First, on the price increase, Neil, rapidly, we increased the price by 9.7% at the beginning of the year. Maybe why you haven't seen the full impact in the first quarter is it was not applicable to the whole quarter. So, we basically, with the price increase, hit around the middle of the quarter, and it was based on the price increase that we have seen in the comparable products, and also on the increase of our cost of goods, which was around 8%. So based on all of that, I think it was a reasonable price increase, and it was in line with the rest of the industry.

好的。首先，關於價格上漲，尼爾，我們在年初迅速將價格提高了 9.7%。也許你沒有看到第一季度的全部影響是因為它不適用於整個季度。所以，我們基本上是在本季度中期左右提價，這是基於我們在可比產品中看到的價格上漲，以及我們商品成本的增加，大約是 8 %。因此，基於所有這些，我認為這是一個合理的價格上漲，並且與其他行業一致。

On ibalizumab in the Phase III, I will ask Christian Marsolais. Maybe, Christian, can you answer to that?

關於 III 期的 ibalizumab，我會問 Christian Marsolais。也許，克里斯蒂安，你能回答這個問題嗎？

Neil, regarding the Phase III at the moment, we've been informed by TaiMed that the screening of the patients will be completed today. And there are enough patients to screen now to recruit the minimum 30 patients requested for the completion of that trial. That will take a few weeks. After that, there's a 14-day period before the patient reach the defined primary endpoint and there will be also a need for all control of the data. And following all this work a few weeks from now, we should be able to announce some of the results for the primary endpoint.

Neil，關於目前的 III 期，我們已從 TaiMed 獲悉，患者的篩查將於今天完成。現在有足夠的患者進行篩查，以招募完成該試驗所需的最少 30 名患者。這將需要幾週時間。之後，在患者達到定義的主要終點之前有 14 天的時間，並且還需要對數據進行所有控制。幾週後完成所有這些工作後，我們應該能夠宣布主要終點的一些結果。

Okay. Great. Thank you.

好的。偉大的。謝謝。

[Hedesay Tremblay], National Bank.

[Hedesay Tremblay]，國家銀行。

Just wondering, you mentioned a 30% increase in scripts in your call center. Can you remind us how long this typically takes to convert to sales? Is that something that we could see the impact of that as early as Q2 or does it take longer than that?

只是想知道，您提到呼叫中心的腳本增加了 30%。您能否提醒我們這通常需要多長時間才能轉化為銷售額？這是我們最早可以在第二季度看到它的影響還是需要比這更長的時間？

Definitely we should see that in Q2 usually depending on the -- I would say the range is maybe between two weeks to a month and a half, let's say a month overall to see the impact of a new script to convert into a script in the pharmacy.

當然，我們應該在第二季度看到，通常取決於 - 我會說範圍可能在兩周到一個半月之間，比方說一個月總體來看新腳本轉換為腳本的影響藥店。

Okay, great.

好的，太好了。

Luc Tanguay

呂克·唐圭

So maybe in Q2. Of course, out of the 30, some of them will drop, but in general it's 30% more than what we had the previous quarter. It's very, very good.

所以也許在第二季度。當然，在這 30 個中，有些會下降，但總的來說比上一季度高出 30%。非常非常好。

Okay. On the revised guidance, you mentioned that the revision is mostly or entirely related to the new product. I'm just wondering if you could provide some color on what the expenses actually are, like where you are spending the money?

好的。關於修訂後的指南，您提到修訂主要或完全與新產品有關。我只是想知道你是否可以提供一些關於實際支出的顏色，比如你把錢花在哪裡了？

It's a regular job you need to do before to launch a project such as pricing, and it is this market and it is this finding or commercial line. Ibalizumab I think is not the name we want for a commercial product. We'll have some MSLs, maybe one or two more MSLs on the field to prepare the market. Of course, sales rep will come later next year, but basically it's that. It's MS sales and some work we need to do in terms of getting the product, commercial product, ready.

這是啟動定價等項目之前需要做的常規工作，它是這個市場，它是這個發現或商業線。我認為 Ibalizumab 不是我們想要的商業產品名稱。我們會有一些 MSL，也許還有一兩個 MSL 來為市場做準備。當然，銷售代表明年晚些時候會來，但基本上就是這樣。這是 MS 銷售和我們在準備產品、商業產品方面需要做的一些工作。

Thanks for that. And are you still looking at adding more products? And if so, can you comment on the pipeline or what you're looking at?

感謝那。您是否還在考慮添加更多產品？如果是這樣，你能評論管道或你正在看什麼嗎？

I think, in the short-term, we have our -- first priority, again, I mentioned that last quarter, last week and this week as well, our first priority is to really push EGRIFTA in 2016. And that's what I like about the ibalizumab transaction. It will keep focus our team on EGRIFTA this year. Of course, part of the team marketing basically here in the head office will be preparing the market for ibalizumab, but our sales force still be pushing very hard EGRIFTA. And in fact, that's the first priority.

我認為，在短期內，我們有我們的首要任務，我再次提到上個季度、上周和本週，我們的首要任務是在 2016 年真正推動 EGRIFTA。這就是我喜歡的ibalizumab 交易。今年，我們的團隊將繼續關注 EGRIFTA。當然，總部的部分營銷團隊將為 ibalizumab 的市場做準備，但我們的銷售人員仍在非常努力地推動 EGRIFTA。事實上，這是第一要務。

Second is to get ready for ibalizumab. It's a very significant product. It could rapidly have sales in the range of EGRIFTA, so we'll need to get prepared for that.

其次是為 ibalizumab 做好準備。這是一個非常重要的產品。它的銷量可能會很快達到 EGRIFTA 的範圍，因此我們需要為此做好準備。

So we have a lot on our plate as we speak phonetic. So we are not looking for a product in the next couple of weeks or months, but in our business, we need to keep our eyes open, look at opportunities. We have a good platform, but we need to find the perfect fit we did once. Can we do that twice in the same year? I don't know. But we have a good potential in the short-term. We will focus on that and if there's opportunity, we think we will look at it, but it's not a number one priority at this point.

所以當我們說語音時，我們有很多事情要做。所以我們不是在尋找未來幾週或幾個月內的產品，但在我們的業務中，我們需要睜大眼睛，尋找機會。我們有一個很好的平台，但我們需要找到我們曾經做過的完美契合。我們可以在同一年做兩次嗎？我不知道。但我們在短期內有很好的潛力。我們將專注於此，如果有機會，我們認為我們會考慮它，但這不是目前的首要任務。

Great. Thank you very much.

偉大的。非常感謝。

(Operator Instructions).

（操作員說明）。

Okay.

好的。

There are no further questions at this time. I turn the call back over to Mr. Boucher.

目前沒有其他問題。我將電話轉回給布歇先生。

Thank you very much. As there are no further questions at this time, we will conclude this morning's conference call. We want to thank everyone for joining us this morning and we wish you a very pleasant day. Thank you.

非常感謝。由於此時沒有其他問題，我們將結束今天上午的電話會議。我們要感謝大家今天早上加入我們，祝您度過愉快的一天。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。