Theratechnologies Inc (THTX) 2016 Q2 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 second quarter of fiscal year 2016. (Operator Instructions). I would like to remind everyone that this conference call is being recorded today, Wednesday, July 6, at 8:30 AM Eastern Time.

早上好，女士們，先生們，感謝你們的支持。歡迎參加 Theratechnologies 2016 財年第二季度的收益電話會議。（運營商說明）。我想提醒大家，今天（東部時間 7 月 6 日星期三）上午 8 點 30 分正在錄製本次電話會議。

I would now like to turn the call over to Denis Boucher. Mr. Boucher, please go ahead.

我現在想把電話轉給 Denis Boucher。布歇先生，請繼續。

Thank you very much, 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. The Q&A period, open exclusively to financial analysts, will follow their presentation.

非常感謝，歡迎。 Theratechnologies 總裁兼首席執行官 Luc Tanguay 先生；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言。問答環節僅對金融分析師開放，將在他們的演講之後進行。

Before Mr. Tanguay begins his remarks, I've 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.

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。

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.

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 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.sedar.com, under Theratechnologies' public filings.

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.sedar.com 的 Theratechnologies 下獲取' 公開文件。

Forward-looking statements represent Theratechnologies' expectations as of July 6, 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 7 月 6 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. Much has happened during our last quarter, and it may very well be regarded as yet another important moment for our Company. I'll explain why in a moment. Philippe will then proceed with the detailed financial information for the quarter. After Philippe's presentation and before answering analyst questions, I will make a short closing remark.

謝謝你，丹尼斯。大家早上好，感謝你們今天和我們在一起。上個季度發生了很多事情，這很可能被視為我們公司的又一個重要時刻。稍後我會解釋原因。然後 Philippe 將繼續提供本季度的詳細財務信息。在 Philippe 的演講之後和回答分析師的問題之前，我將做一個簡短的結束語。

So, as I just mentioned, the second quarter was very active on many fronts. And I have every reason to believe that it will have a major impact on our Company's future. As you will recall, we announced on March 18 an agreement with TaiMed Biologics for the commercialization of ibalizumab in the US and Canada. This was truly the right deal at the right time, and let me reiterate why.

因此，正如我剛才提到的，第二季度在許多方面都非常活躍。我完全有理由相信它會對我們公司的未來產生重大影響。您可能還記得，我們在 3 月 18 日宣布與 TaiMed Biologics 就 ibalizumab 在美國和加拿大的商業化達成協議。這確實是在正確的時間進行的正確交易，讓我重申一下原因。

First, ibalizumab is really a great product. This compound, as you know, is for the treatment of HIV multi-drug resistant patients. Recently we announced that primarily Phase III result showed that the primary endpoint of the trial, which is to reduce viral load by a level equal to or greater than 0.5 log, was met in 82.5% of patients after seven days of treatment, which exceeded our initial expectations.

首先，ibalizumab 確實是一個很棒的產品。如您所知，這種化合物用於治療 HIV 多重耐藥患者。最近我們宣布，主要的 III 期結果表明，在治療 7 天后，82.5% 的患者達到了試驗的主要終點，即病毒載量降低等於或大於 0.5 log 的水平，這超過了我們最初的期望。

I have to say that everybody here was more than excited by those results, and convinced that this product will put Theratechnologies in a new category of players in the HIV field. This is the last clinical trial before submitting the product to the FDA for approval. The 24-week trial will be completed in October of this year. Once completed, data analysis will not take a long time, as it is an open-label study in a limited number of patients.

我不得不說，在場的每個人都對這些結果感到非常興奮，並堅信該產品將使 Theratechnologies 成為 HIV 領域的一個新參與者。這是將產品提交給 FDA 批准之前的最後一次臨床試驗。為期 24 週的試驗將於今年 10 月完成。一旦完成，數據分析將不會花費很長時間，因為這是一項針對有限數量患者的開放標籤研究。

This means that the ibalizumab biologics license application, or the BLA, should be submitted to the FDA around the end of the year. Having been designated as a breakthrough therapy, it will be reviewed in priority by the FDA. As a consequence, if approved, the product should generate revenues in the short term, as it could be launched in the US as early as mid-2017.

這意味著 ibalizumab 生物製劑許可申請或 BLA 應在年底左右提交給 FDA。被指定為突破性療法後，FDA將優先審評。因此，如果獲得批准，該產品應該會在短期內產生收入，因為它最早可能在 2017 年年中在美國推出。

In addition, the deal required minimal upfront payment, and represents minimal risk for our Company. In fact, there will not be any other payment to our partner until the product is approved and commercialized in the US. As we prepare for the launch of ibalizumab, minimal investments will be required. Ibalizumab is very much aligned with our existing infrastructure, and we can pretty much take care of every pre-launch activity without significant additional resources.

此外，該交易需要最少的預付款，對我們公司的風險也很小。事實上，在產品在美國獲得批准和商業化之前，不會向我們的合作夥伴支付任何其他款項。在我們準備推出 ibalizumab 時，將需要最少的投資。 Ibalizumab 與我們現有的基礎設施非常一致，我們幾乎可以在沒有大量額外資源的情況下處理每一項上市前活動。

This means that as we get ready for the launch of ibalizumab, we will not need to divert financial resources that otherwise would've been directed toward the commercialization and growth of EGRIFTA.

這意味著，當我們準備好推出 ibalizumab 時，我們將無需轉移本應用於 EGRIFTA 商業化和發展的財政資源。

In addition, once approved, the product will be targeted -- will target a minimum population of 8,000 to 10,000 patients that are in dire need of life-saving treatment option. At present, the alternative product is called Fuzeon. It sells for CAD3,500 to CAD4,000 a month, but it comes with characteristics that we believe make ibalizumab more attractive.

此外，一旦獲得批准，該產品將針對至少 8,000 至 10,000 名急需挽救生命的治療方案的患者。目前，替代產品稱為Fuzeon。它每月售價 3,500 至 4,000 加元，但我們認為它具有使 ibalizumab 更具吸引力的特性。

The first presentation of ibalizumab to reach the market will be a twice-monthly IV injection, whereas Fuzeon requires painful injections twice a day. That, combined to being a first-in-class medication with a new mechanism of action, make us believe that we will be in the position to sell ibalizumab at a premium price compared to Fuzeon. In short, ibalizumab holds great financial potential for Theratechnologies.

首次上市的 ibalizumab 將是每月兩次的靜脈注射，而 Fuzeon 需要每天兩次痛苦的注射。這一點，加上作為具有新作用機制的一流藥物，使我們相信，與 Fuzeon 相比，我們將能夠以高價出售 ibalizumab。簡而言之，ibalizumab 為 Theratechnologies 帶來了巨大的財務潛力。

The beauty of it is that we could start reaping the benefit in a relatively short time frame. This is a rare occurrence in the pharmaceutical world, where, as we very well know, it can take over a decade before a molecule is commercialized.

它的美妙之處在於我們可以在相對較短的時間內開始收穫收益。這在製藥界很少見，眾所周知，分子商業化可能需要十多年的時間。

Ibalizumab could certainly be described as our Company's second win. This was all made possible from believing in the potential of EGRIFTA and shifting our Company's focus from research to commercialization. Indeed, EGRIFTA is proving to be, quarter after quarter, the tool that we needed to make things happen for Theratechnologies.

Ibalizumab 無疑可以被描述為我們公司的第二個勝利。這一切都是因為相信 EGRIFTA 的潛力並將我們公司的重點從研究轉向商業化。事實上，EGRIFTA 每季度都被證明是我們實現 Theratechnologies 所需的工具。

The second quarter of 2016 was no exception. Revenues are showing steady growth. Wasn't it for the stronger Canadian dollar, our result will be more impressive than the ones we are reporting today, and that Philippe will present in detail in just a moment.

2016 年第二季度也不例外。收入呈現穩步增長。不是因為加元走強，我們的結果將比我們今天報告的結果更令人印象深刻，菲利普將在稍後詳細介紹。

The surprisingly strong value of the Canadian dollar has two main impacts. The first one is that our growth does not look as good as it is in reality. The second one is the impact on our guidance for the year, which is also affected by another factor. Indeed, in our sales in US dollar experienced a more than respectable double-digit growth in Q2 compared to Q1, and we are now seeing steady but slower growth than we were anticipating.

加元出人意料的堅挺價值有兩個主要影響。第一個是我們的成長看起來沒有實際那麼好。第二個是對我們當年指引的影響，這也受到另一個因素的影響。事實上，與第一季度相比，第二季度我們的美元銷售額實現了兩位數以上的可觀增長，我們現在看到穩定但增長速度低於我們的預期。

The lower growth rate for EGRIFTA in the US is a reflection of the longer than anticipated cycle for our increased marketing efforts to have its full impact on EGRIFTA sales. I want to make it clear here that we believe that unit sales will continue to increase. Combined to our pricing policy, we should continue to see double-digit yearly growth in US revenues for EGRIFTA.

EGRIFTA 在美國的較低增長率反映了我們加大營銷力度以對 EGRIFTA 銷售產生全面影響的周期長於預期。我想在這裡明確表示，我們相信單位銷售額將繼續增加。結合我們的定價政策，我們應該會繼續看到 EGRIFTA 在美國的收入以兩位數的年增長率增長。

In light of this information, we now estimate that sales for the current fiscal year will be in the range of CAD36 million to CAD37 million. As a consequence, our expectations for the adjusted EBITDA in 2016 are now in the region of CAD5 million to CAD6 million. That being said, we think that we need to focus on the fact that Theratechnologies is in a desirable position. We have a great product that, solely based on US sales, could provide double-digit yearly growth for the years to come.

根據這些信息，我們現在估計本財年的銷售額將在 3600 萬至 3700 萬加元之間。因此，我們對 2016 年調整後 EBITDA 的預期目前在 500 萬至 600 萬加元之間。話雖如此，我們認為我們需要關注 Theratechnologies 處於理想位置的事實。我們有一個偉大的產品，僅基於美國的銷售額，可以在未來幾年提供兩位數的年增長率。

Moreover, this product enables our Company to be cash flow positive and to focus on our long-term growth strategy. We also have the rights to a second product, ibalizumab, which has shown fantastic preliminary Phase III results. If approved, it could completely change the financial picture of the Company. In a nutshell, there is a great potential for Theratechnologies.

此外，該產品使我們公司的現金流為正，並專注於我們的長期增長戰略。我們還擁有第二種產品 ibalizumab 的權利，該產品已顯示出出色的 III 期初步結果。如果獲得批准，可能會徹底改變公司的財務狀況。簡而言之，Theratechnologies 具有巨大的潛力。

And on this note, let me turn to Philippe, who will give you the main financial results for the second quarter of 2016. And I will come back right after.

在此說明中，讓我轉向 Philippe，他將為您提供 2016 年第二季度的主要財務業績。我會在之後回來。

Philippe?

菲利普？

Thank you, Luc. Given what Luc just mentioned regarding variations in the exchange rate, I would like to give you an opportunity to appreciate just how much of an impact this has had on our numbers by giving you some of our results in both US and Canadian dollars.

謝謝你，呂克。考慮到 Luc 剛才提到的匯率變化，我想給你一個機會，通過以美元和加元給出我們的一些結果，讓你了解這對我們的數字產生了多大的影響。

So, measured in US dollars, revenues grew from $6.3 million in Q1 to close to $7 million in Q2, representing sequential growth of 11%. You may recall that marketing efforts implemented in late 2015 alleviated the usual downward trend that we normally experience in the first quarter. As such, an 11% increase in quarter-over-quarter US revenues is quite satisfying.

因此，以美元計算，收入從第一季度的 630 萬美元增長到第二季度的近 700 萬美元，環比增長 11%。您可能還記得，2015 年底實施的營銷工作緩解了我們通常在第一季度經歷的通常下降趨勢。因此，美國收入環比增長 11% 非常令人滿意。

When looked at it in Canadian dollars, revenues increased from CAD8.7 million in Q1 to a little over CAD9 million, representing an increase of over 3%. You can see here the impact of the Canadian currency on our results. When compared to the same quarter last year, our revenues increased 22% from $5.7 million to $7 million. In Canadian currency, they went up by 28% from CAD7.1 million to CAD9 million.

以加元計算，收入從第一季度的 870 萬加元增加到略高於 900 萬加元，增幅超過 3%。您可以在此處查看加元對我們結果的影響。與去年同期相比，我們的收入從 570 萬美元增加到 700 萬美元，增長了 22%。以加元計算，它們從 710 萬加元增加到 900 萬加元，增長了 28%。

In terms of expenses, cost of goods sold was slightly up from the same quarter last year. It amounted to CAD1 million in Q2 2016 compared to CAD900,000 in Q2 2015, which correlates with higher sales volume. On a percentage basis, our cost of sales went down to 11% compared to 13%. This reflects continued manufacturing optimization.

在費用方面，銷貨成本較去年同期略有上升。 2016 年第二季度為 100 萬加元，而 2015 年第二季度為 900,000 加元，這與更高的銷量相關。按百分比計算，我們的銷售成本從 13% 下降到 11%。這反映了持續的製造優化。

Royalties to EMD Serono grew to CAD0.7 million in the last quarter from zero in the second quarter of last year, and CAD348,000 in Q1 of this year. R&D expenses for the second quarter of 2016 amounted to CAD2.1 million compared to CAD1.3 million in Q2 of last year. The increase can be explained mostly by a larger investment made in medical education programs to increase sales of EGRIFTA.

EMD Serono 的特許權使用費從去年第二季度的零增長到最後一個季度的 70 萬加元，今年第一季度為 348,000 加元。 2016 年第二季度的研發費用為 210 萬加元，而去年第二季度為 130 萬加元。增加的主要原因是為增加 EGRIFTA 的銷售額而對醫學教育計劃進行了更大的投資。

In our second quarter, selling and marketing expenses stood at CAD3.3 million compared to CAD2.5 million for the same quarter of last year. Again, those results reflect the intensification of our marketing efforts.

第二季度，銷售和營銷費用為 330 萬加元，而去年同期為 250 萬加元。同樣，這些結果反映了我們營銷工作的加強。

Looking at general and administrative expenses, you will notice they remained stable. They stood at just over CAD1 million, or CAD96,000 more than in the comparable three-month period of last year. I'm happy to report that our operating expenses, including R&D, selling, and general and administrative expenses, reached a stable level.

查看一般和行政費用，您會發現它們保持穩定。他們的收入剛剛超過 100 萬加元，比去年同期的三個月多出 96,000 加元。我很高興地報告我們的運營費用，包括研發、銷售以及一般和管理費用，達到了穩定的水平。

In light of these numbers I just provided, we generated an adjusted EBITDA of CAD1.4 million for Q2 2016 compared to close to CAD1.9 million for the same period last year. Keep in mind that we now pay royalties to EMD Serono, which for Q2 of this year amounts to CAD0.7 million. Given the impact of the royalty, our EBITDA would have been slightly better than last year's, when no such royalty was payable to EMD Serono.

根據我剛剛提供的這些數字，我們在 2016 年第二季度產生了 140 萬加元的調整後 EBITDA，而去年同期接近 190 萬加元。請記住，我們現在向 EMD Serono 支付特許權使用費，今年第二季度的特許權使用費達到 70 萬加元。考慮到特許權使用費的影響，我們的 EBITDA 會略好於去年，當時沒有向 EMD Serono 支付此類特許權使用費。

We ended the quarter with a net loss of CAD498,000 or CAD0.01 per share in comparison to a net profit of CAD818,000 or CAD0.01 per share in Q2 of last year.

本季度結束時，我們的淨虧損為 498,000 加元或每股 0.01 加元，而去年第二季度的淨利潤為 818,000 加元或每股 0.01 加元。

I want to highlight that this resulted is impacted by two factors compared to last year: first, the reevaluation of the warrant liability, which had a negative impact of just over CAD1 million. This is a non-cash item, and without this accounting rule we would have generated positive net earnings in Q2 of this year. Fluctuations in the market value of our outstanding warrants will continue to impact our bottom line, in tandem with our stock price performance. Further increases in the market value of our outstanding warrants will continue to cause a non-cash reevaluation expense on our income statement until the warrants are expired or are fully exercised.

我想強調的是，與去年相比，這一結果受到兩個因素的影響：首先，對權證責任的重新評估，產生了超過 100 萬加元的負面影響。這是一個非現金項目，如果沒有這個會計規則，我們今年第二季度就會產生正的淨收益。我們未償還認股權證的市場價值波動將繼續影響我們的底線，連同我們的股價表現。我們未償還認股權證的市場價值進一步增加將繼續在我們的損益表中造成非現金重新評估費用，直到認股權證到期或完全行使。

Second, we recorded royalties to EMD Serono on sales of EGRIFTA, which we didn't in Q2 of last year. Taken together, those two items have a negative effect of CAD1.7 million on our bottom line compared to last year.

其次，我們記錄了 EGRIFTA 銷售給 EMD Serono 的版稅，我們在去年第二季度沒有這樣做。與去年相比，這兩項加在一起對我們的利潤產生了 170 萬加元的負面影響。

Our operating activities generated positive cash flow of close to CAD1.4 million in the last quarter. We did close the quarter with less liquidity than in the previous quarter, since we made a CAD5.2 million payment against our long-term obligation to Serono; and a CAD1.5 million payment, which includes related expenses, under the terms of the ibalizumab agreement. As a result, we ended the quarter with CAD9.2 million in liquidities compared to CAD15.8 million at the end of the first quarter of this year, which is still a very comfortable position.

我們的經營活動在上一季度產生了近 140 萬加元的正現金流。我們確實以比上一季度更少的流動性結束了本季度，因為我們支付了 520 萬加元作為我們對 Serono 的長期債務；根據 ibalizumab 協議的條款，包括相關費用在內的 150 萬加元付款。因此，本季度結束時我們的流動資金為 920 萬加元，而今年第一季度末的流動資金為 1580 萬加元，這仍然是一個非常舒適的狀況。

On a final note, and as previously mentioned by Luc, we are revising our revenue guidance for 2016 to between CAD36 million and CAD37 million to reflect the impact of the strength of our currency, which has a negative effect of CAD3 million, and with the rest of the adjustment being a result of lower than anticipated sales growth for EGRIFTA.

最後一點，正如 Luc 之前提到的，我們將 2016 年的收入指引修改為 3600 萬至 3700 萬加元，以反映我們貨幣強勢的影響，這產生了 300 萬加元的負面影響，並且其餘調整是由於 EGRIFTA 的銷售增長低於預期。

However, I want to emphasize that the fact that we are anticipating steady revenue growth for EGRIFTA in the coming years. Our marketing efforts should generate sustained unit sales growth, which will be further supported by our pricing policy.

但是，我想強調的是，我們預計未來幾年 EGRIFTA 的收入將穩定增長。我們的營銷努力應該會產生持續的單位銷售增長，這將得到我們定價政策的進一步支持。

As for adjusted EBITDA, we are now forecasting between CAD5 million and CAD6 million. The effect here is less than on the top line, because we have and will continue to control expenses to ensure solid EBITDA margins, even considering our investment in the launch of ibalizumab.

至於調整後的 EBITDA，我們現在預測在 500 萬至 600 萬加元之間。這裡的影響小於頂線，因為我們已經並將繼續控制開支以確保穩定的 EBITDA 利潤率，即使考慮到我們對推出 ibalizumab 的投資。

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

關於這一點，讓我把會議轉回呂克。

Thank you, Philippe. In summary, EGRIFTA is providing us a cash flow positive company with steady sales growth, and we are working hard to ensure that we bring this product to its full potential. We need to keep in mind that EGRIFTA is the foundation that made the ibalizumab deal possible, which could turn out to be yet another significant cash flow generating product for our Company.

謝謝你，菲利普。總之，EGRIFTA 為我們提供了一家現金流為正的公司，銷售額穩定增長，我們正在努力確保我們充分發揮該產品的潛力。我們需要記住，EGRIFTA 是使 ibalizumab 交易成為可能的基礎，這可能會成為我們公司的另一個重要的現金流產生產品。

As we get ready to launch a life-saving treatment option for patients that have multidrug resistant HIV infection, we will not lose our focus on EGRIFTA. Rather, we will ensure that we fully leverage the amazing synergies between both products. Also, despite two large payments made in the last quarter, we ended the quarter with liquidities just under CAD10 million, and with the [reinsurance] that our operating activities are generating good cash flow. That's a nice position to be in.

當我們準備為具有多重耐藥性 HIV 感染的患者推出挽救生命的治療方案時，我們不會失去對 EGRIFTA 的關注。相反，我們將確保我們充分利用這兩種產品之間驚人的協同作用。此外，儘管上個季度支付了兩筆大額款項，但我們在本季度結束時的流動資金略低於 1000 萬加元，並且 [再保險] 我們的經營活動產生了良好的現金流。這是一個很好的位置。

Our strategy of building a solid company on the strength of our lead product is working, and we can look forward to the additional contribution of ibalizumab in a relatively short time frame.

我們利用領先產品打造一家穩固公司的戰略正在奏效，我們可以期待 ibalizumab 在相對較短的時間內做出額外貢獻。

Finally, we were surprised to learn last month that the government of Quebec has decided not to add EGRIFTA to its list of reimbursed medications. We have submitted a request for a reconsideration of this decision within the prescribed timeline. And we are pleased to say that we received yesterday the decision that the government has agreed to reevaluate its decision.

最後，上個月我們驚訝地得知魁北克政府決定不將 EGRIFTA 添加到其報銷藥物清單中。我們已在規定的時限內提交了重新考慮該決定的請求。我們很高興地說，我們昨天收到了政府同意重新評估其決定的決定。

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

因此，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, Echelon Wealth Partners.

（操作員說明）。 Doug Loe，Echelon Wealth Partners。

Thanks for the update on the quarter, and for the ibalizumab update specifically. But our attention shifts very quickly to EGRIFTA, so just wanted to focus on that, if I may. Just want to try and understand what specific headwinds you might be encountering that compelled you to revise your guidance down to -- essentially we're expecting flat growth in the second half. Just wondered if you are still encountering issues with prescribing physicians not seeing lipodystrophy as a medical market meriting therapy. Or if there was any pushback on the price point that you are encountering, or any reduction in the overall HIV lipodystrophy incidence, just based on next-generation protease inhibitor drugs not engendering symptoms as dramatically as first-generation drugs did.

感謝本季度的更新，特別是 ibalizumab 更新。但我們的注意力很快轉移到 EGRIFTA，所以我只想專注於此，如果可以的話。只是想嘗試了解您可能遇到的具體逆風迫使您將指導下調至 - 基本上我們預計下半年將持平增長。只是想知道您是否仍然遇到開處方的醫生不認為脂肪代謝障礙是一種值得治療的醫療市場的問題。或者，如果您遇到的價格點有任何阻力，或者 HIV 脂肪營養不良的總體發病率有任何降低，只是基於下一代蛋白酶抑製劑藥物不會像第一代藥物那樣顯著地產生症狀。

We've talked about all those things before, but just want to parse the possible elements that are impacting sales in a more specific way, and how you are addressing those. So, it's a broad question, but that's the first thing.

我們之前已經討論過所有這些事情，但只是想以更具體的方式分析影響銷售的可能因素，以及您如何解決這些問題。所以，這是一個廣泛的問題，但這是第一件事。

And then second of all, just wonder if you could provide an update on the rest-of-world approval activity. I know you have obviously the approval in Canada and Mexico. Just wondering if you have an update on other rest-of-world markets you could be exploring. And perhaps Europe could be a specific focus in your answer to that question. And I'll leave it there, thanks.

其次，想知道您是否可以提供有關世界其他地區批准活動的最新信息。我知道你顯然在加拿大和墨西哥獲得了批准。只是想知道您是否有關於您可以探索的其他世界其他市場的最新消息。也許歐洲可以成為您回答該問題的具體重點。我會把它留在那裡，謝謝。

Okay, thank you, Doug, and thanks to be on the call. I think as far as the guidance is concerned, the reason why we reduced our guidance and compared to what we had before is simple, in a way. When we launched our marketing efforts at the end of last year, we were thinking that at some point in time we will have a kind of a peak in sales; and then have what we have normally: steady growth after that.

好的，謝謝你，道格，感謝你接聽電話。我認為就指導而言，我們減少指導並與之前相比的原因在某種程度上很簡單。當我們在去年年底啟動營銷工作時，我們認為在某個時間點我們會出現某種銷售高峰；然後擁有我們通常擁有的東西：之後穩定增長。

What we haven't seen yet is that peak. And what we're seeing -- I want to be clear with that -- we are seeing steady growth in our sales, but we haven't seen yet that peak. And so we have decided, instead of trying to estimate the timing for that peak to come, base on our forecast on only what we are seeing, I mean the steady growth. If you compare last quarter to this quarter's, over 10% growth in our sale, which is not bad. We think that we are still going to have growth in our units sold. And we wanted to base that on what we are seeing in fact, and not try to estimate when we are going to see the result of that peak.

我們還沒有看到的是那個高峰。我們所看到的——我想明確一點——我們看到我們的銷售額穩步增長，但我們還沒有看到那個高峰。因此，我們決定，不再試圖估計高峰到來的時間，而是根據我們所看到的預測，我指的是穩定增長。如果將上一季度與本季度進行比較，我們的銷售額增長超過 10%，這還不錯。我們認為我們的銷量仍將增長。我們希望基於我們所看到的事實，而不是試圖估計我們何時會看到那個峰值的結果。

What we think, in fact, is a little bit what I explained in my speech, is that it's taking a little bit more time in the cycle. From the time we do marketing, we speak to the physician, we speak to the patient; for them to get to the office of the physician, to get the prescription, to get to the pharmacy, and so on. So it's taking -- this cycle is longer than what we have anticipated, and we just have decided to readjust according to that.

事實上，我們的想法有點像我在演講中解釋的那樣，就是在周期中花費了更多的時間。從我們做營銷開始，我們就與醫生交談，與患者交談；讓他們去醫生辦公室，拿到處方，去藥房等等。所以它需要 - 這個週期比我們預期的要長，我們只是決定根據這個重新調整。

To address that, in fact, again it is simple. I think we don't want to stop our effort. We have seen -- even if the growth compared to last quarter is not -- or for the rest of the year, is not what everybody was anticipating. If you compare Q2 of this year to Q2 last year, where we were still in full operation at that time, we are seeing more than 20% increase in our sales quarter, Q2 of this year compared to Q2 of last year.

事實上，要解決這個問題也很簡單。我認為我們不想停止我們的努力。我們已經看到——即使與上一季度相比的增長不是——或者在今年餘下的時間裡，並不是每個人都預期的那樣。如果將今年第二季度與去年第二季度（當時我們仍在全面運營）進行比較，我們發現今年第二季度的銷售季度與去年第二季度相比增長了 20% 以上。

And we think that all the marketing and what we're doing in terms of speaker program and so on, worth continuing those investments. So we want to continue to push on EGRIFTA to see this growth. And as I mentioned and Philippe mentioned as well, unit sales, combined to pricing policy, should be able to generate us a product that will have a double-digit growth in the coming years, year after year. That's what we want to have.

我們認為，所有的營銷以及我們在演講計劃等方面所做的一切，都值得繼續這些投資。所以我們想繼續推動 EGRIFTA 看到這種增長。正如我提到的和 Philippe 也提到的那樣，單位銷售額與定價政策相結合，應該能夠為我們生產一種產品，該產品將在未來幾年年復一年地實現兩位數的增長。這就是我們想要的。

For the rest of the world, I haven't talked about that this morning because there is very little to say about it. It is still working on some country on the regulatory plan; for example, Europe. We think we are having people this week in Europe working with patient groups or working with [constant] over there to get prepared for the possible resubmission that we could do at the end of the year.

對於世界其他地方，我今天早上沒有談這個，因為沒什麼好說的。它仍在研究一些國家的監管計劃；例如，歐洲。我們認為，本週我們將派人在歐洲與患者團體或那裡的 [constant] 合作，為我們可能在年底進行的重新提交做好準備。

In the other country, like Mexico and Canada, as I just mentioned, we are working on the reimbursement part. We are pleased with the fact that Quebec will reconsider this decision. We will see what will come out of that.

在另一個國家，如墨西哥和加拿大，正如我剛才提到的，我們正在研究報銷部分。我們很高興魁北克將重新考慮這一決定。我們將看到結果會怎樣。

But as I mentioned at the beginning of the year, revenue from other territory will be very little this year. We expect to have an impact probably more next year, once in fact we have reimbursement in those territory.

但正如我在年初提到的，今年來自其他地區的收入將很少。我們預計明年可能會產生更大的影響，一旦我們在這些地區獲得報銷。

That's great. Thank you for that update.

那太棒了。謝謝你的更新。

(Operator Instructions). Andre Uddin, Mackie Research Capital.

（操作員說明）。 Andre Uddin，Mackie Research Capital。

I just actually had a couple questions here, if you could just go through. I know Doug had touched on this. But could you also talk a little bit about EGRIFTA, what your plans are for Japan and China, if you are going to look to license the product out there? And also if you could just discuss a little bit about what your plans are there, as well as if you can give an update on South America as well.

我實際上只是在這裡有幾個問題，如果你能通過的話。我知道道格已經談到了這一點。但是您能否也談談 EGRIFTA，如果您打算在那裡獲得產品許可，您對日本和中國有什麼計劃？另外，您是否可以稍微討論一下您在那裡的計劃，以及您是否也可以提供有關南美洲的最新信息。

Okay. In fact we have plans for other territory, but doesn't include China and Japan as we speak. It doesn't mean that in the future we won't to look at it, but we have other territory that we are working on at this point. We want to complete maybe some in Europe that are not covered with our AOP partnership. So that's our plan for that territory.

好的。事實上，我們有其他地區的計劃，但不包括我們所說的中國和日本。這並不意味著我們將來不會考慮它，但我們目前正在研究其他領域。我們希望在歐洲完成一些我們的 AOP 合作夥伴關係未涵蓋的項目。這就是我們對該地區的計劃。

In South America, the -- as you know, we have been approved now with the 1 milligram in Mexico. We focus on that territory on our reimbursement. That's the next step, as you know; maybe no. In Mexico, public reimbursement is more than important; it's 99% of the patient that are covered by public plans. So we really need to have a decent market in that territory to have reimbursement by the government. So we are working on that.

在南美洲，正如你所知，我們現在已經在墨西哥獲得 1 毫克的批准。我們專注於我們的報銷領域。如您所知，那是下一步；也許沒有。在墨西哥，公共報銷非常重要；公共計劃涵蓋了 99% 的患者。所以我們真的需要在那個地區有一個像樣的市場才能得到政府的補償。所以我們正在努力。

In the other territory, it's -- not much happened in the last quarter, Andre.

在另一個領域，安德烈，上個季度發生的事情並不多。

Okay. And just in terms of ibali's lab Phase III results, are you -- have you confirmed a medical conference now? I know you were looking at IDWeek before to possibly present. Is that being confirmed? Is that -- where (multiple speakers)?

好的。就 ibali 的實驗室 III 期結果而言，你 - 你現在確認召開醫學會議了嗎？我知道你之前在看 IDWeek 可能會出席。這是要證實了嗎？那是——在哪裡（多個發言者）？

I'll ask Philippe maybe to --.

我可能會請 Philippe 來——。

Well, obviously IDWeek is the most important conference coming up. There's two important ones: one is IDWeek, and one is CROI. I believe we have submitted an abstract for IDWeek. We haven't heard back yet. But I believe the limit for late breakers is in July at some point, so we won't hear probably for the next month or so. But we are pretty confident that we will be accepted for that. And IDWeek is in October, and CROI is in February.

好吧，顯然 IDWeek 是即將舉行的最重要的會議。有兩個重要的：一個是IDWeek，一個是CROI。我相信我們已經為 IDWeek 提交了一份摘要。我們還沒有收到回复。但我相信遲到的破壞者的限制在 7 月的某個時候，所以我們可能不會在下個月左右聽到。但是我們非常有信心我們會因此而被接受。而 IDWeek 是在 10 月份，而 CROI 是在 2 月份。

Okay. And just in terms of your new guidance that you provided, would you say you are being overly conservative? And does your new guidance include any rest-of-the-world sales? And I'll leave it at that. Thanks.

好的。就您提供的新指導而言，您會說您過於保守了嗎？您的新指南是否包括世界其他地區的銷售？我會把它留在那裡。謝謝。

I think the guidance for the rest of the year is pretty much in line and based on what we have seen in the first quarter. So, yes, I think we are conservative on that side. As I mentioned, Andre, what we have taken out of our guidance is the fact that we were expecting a kind of a peak, and after that a stable growth. So now we base our guidance only on the stable growth. And if the peak happens, that's going to be a nice to have.

我認為今年剩餘時間的指引與我們在第一季度看到的情況基本一致。所以，是的，我認為我們在這方面是保守的。正如我提到的，安德烈，我們從我們的指導中取出的是我們期待一種高峰，然後是穩定的增長。因此，現在我們的指引僅基於穩定增長。如果達到頂峰，那將是件好事。

But since it's very difficult to estimate the timing of that peak, we prefer now to base our forecast on what we see week after week, the growth that we see normally in our patient base.

但是由於很難估計那個高峰的時間，我們現在更願意將我們的預測基於我們一周又一周看到的情況，即我們通常在患者群中看到的增長。

Okay. That's fair. Okay, thanks. Thanks, guys.

好的。這還算公平。好的謝謝。多謝你們。

There are no further questions at this time.

目前沒有其他問題。

I turn the call back over to Mr. Boucher.

我將電話轉回給布歇先生。

Thank you very much. As there are no additional questions, we will conclude today's conference call. On behalf of everyone here at Theratechnologies, we would like to thank you for dialing in today, and we wish you a very good day. Thank you.

非常感謝。由於沒有其他問題，我們將結束今天的電話會議。我們代表 Theratechnologies 的每一個人，感謝您今天的來電，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。