Theratechnologies Inc (THTX) 2017 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Theratechnologies' Earnings Conference Call for Fiscal Year 2017. (Operator Instructions) I would like to remind everyone that this conference call is being recorded today, Wednesday, February 7, 2018, at 8:30 a.m. Eastern Time.

早上好，女士們，先生們，感謝你們的支持。歡迎參加 Theratechnologies 2017 財年的收益電話會議。（操作員說明）我想提醒大家，今天，即 2018 年 2 月 7 日，星期三，上午 8:30 正在錄製此電話會議。東部時間。

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

我現在想把會議轉交給 Denis Boucher。布歇先生，請繼續。

Well, thank you, and welcome. Luc Tanguay, President and Chief Executive Officer of Theratechnologies; and 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 his presentation.

嗯，謝謝，歡迎。Theratechnologies 總裁兼首席執行官 Luc Tanguay；高級副總裁兼首席財務官 Philippe Dubuc 將在今天的電話會議上發言。在他的演講之後，將有一個專門對金融分析師開放的問答環節。

Before Luc 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 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 6, 2018, and the Risk Factors section therein available at www.sedar.com under Theratechnologies' public filings. Forward-looking statements represent Theratechnologies' expectations as of February 7, 2018, 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.

在 Luc 開始他的評論之前，Theratechnologies 要求我閱讀以下有關前瞻性陳述的消息。我想提醒大家，Theratechnologies 今天的言論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，公司無法保證任何前瞻性陳述都會成為現實，並告誡您不要過分依賴它們。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和日期為 2018 年 2 月 6 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 上的 Theratechnologies 公開文件中找到.前瞻性陳述代表 Theratechnologies 截至 2018 年 2 月 7 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 Luc Tanguay.

我現在想將會議轉交給 Luc Tanguay。

Thank you, Denis. Good morning, everyone, and thank you for being with us today for the presentation of our annual results. We are quite satisfied with the way 2017 unfolded and where our company is today as well as where it is heading in 2018. We are now on the verge of seeing the fruits of almost 2 years of hard work and commitment with the expected decision on Trogarzo in the coming weeks.

謝謝你，丹尼斯。各位早上好，感謝大家今天出席我們的年度業績發布會。我們對 2017 年的發展方式、公司今天所處的位置以及 2018 年的發展方向感到非常滿意。我們現在即將看到近 2 年的辛勤工作和承諾的成果，預計將在未來幾週內對 Trogarzo 做出決定。

Our 2017 revenues and EBITDA reflect the investments made to be ready to successfully launch Trogarzo upon receiving regulatory clearance from the FDA. One of the important moves that we made was to expand our sales team, which has been fully deployed for the last 6 months of our fiscal year. This was required to start building a relationship with almost 5,000 key prescribing physicians in the U.S. in light of the anticipated launch of Trogarzo. We also knew that it will give us a springboard to grow EGRIFTA sales.

我們 2017 年的收入和 EBITDA 反映了為準備在獲得 FDA 監管許可後成功推出 Trogarzo 所做的投資。我們採取的一項重要舉措是擴大我們的銷售團隊，該團隊已在本財年的最後 6 個月得到全面部署。鑑於 Trogarzo 的預期推出，這是開始與美國近 5,000 名主要處方醫生建立關係所必需的。我們還知道，這將為我們提供增加 EGRIFTA 銷售額的跳板。

Indeed, this is what happened. For the last 3 consecutive quarters, we experienced continued growth. Moreover, our sales for the fiscal year increased by 16% compared to 2016, despite a nonfavorable exchange rate and the fact that our expanded sales force was in place only for the last 6 months of 2017. As we look at our number for '17, we can definitely see the impact our expanded sales force has had and will continue to have. In fact, our last 2 quarters were the best ever since regaining rights to our product in 2014.

確實，這就是發生的事情。在過去連續三個季度，我們經歷了持續增長。此外，儘管匯率不利，而且我們擴大的銷售隊伍僅在 2017 年最後 6 個月到位，但與 2016 年相比，我們本財年的銷售額增長了 16%。當我們查看 17 年的數字時，我們絕對可以看到我們擴大的銷售團隊已經產生並將繼續產生的影響。事實上，我們最後兩個季度是自 2014 年重新獲得我們產品的權利以來最好的。

Q4 unit sales grew by 23% compared to Q4 of last year. Of course, our sales force will get busier than ever once they start [detailing] Trogarzo to key physicians in the U.S. Before then, they will continue building their network and relationships as they have done for the last 8 months. Around approval, we’ll host national sales meeting, during which they will receive a thorough training on Trogarzo. We will also begin accepting prescription and working with patient on the reimbursement. We expect that about 6 week after FDA approval, Trogarzo will be commercially available to patients with multidrug resistant HIV-1. We will also transition patient from the Expanded Access Program.

與去年第四季度相比，第四季度的單位銷售額增長了 23%。當然，一旦他們開始向美國的主要醫生[詳細介紹] Trogarzo，我們的銷售人員將變得比以往任何時候都更加忙碌。在此之前，他們將像過去 8 個月一樣繼續建立他們的網絡和關係。批准前後，我們將舉辦全國銷售會議，期間他們將接受關於 Trogarzo 的全面培訓。我們也將開始接受處方並與患者合作報銷。我們預計在 FDA 批准後約 6 週，Trogarzo 將在市場上銷售給具有多重耐藥性 HIV-1 的患者。我們還將使患者從擴展訪問計劃中過渡。

Of course, as I mentioned before, it's important to remember that reimbursement is going to be a central piece of building this brand. We expect that we will gradually secure reimbursement over a period of 6 months after approval. Thus, we expect that Trogarzo sales will gain momentum as reimbursement becomes more and more available. This is why we have spared no effort in the last year to prepare our strategy and to ensure that we will start filing for formulary inclusion on private and public payers lists as soon as we receive FDA approval.

當然，正如我之前提到的，重要的是要記住報銷將成為打造這個品牌的核心部分。我們預計我們將在批准後的 6 個月內逐步確保報銷。因此，我們預計隨著越來越多的報銷可用，Trogarzo 的銷售將獲得動力。這就是為什麼我們在去年不遺餘力地準備我們的戰略，並確保我們將在獲得 FDA 批准後立即開始申請將處方集列入私人和公共支付者名單。

In addition, we have significantly progressed on the European front. We have created a subsidiary in Ireland. We have also been recognized as a small and medium enterprise, or SME, by the European Medicines Agency. Such status is quite advantageous as we can benefit from support and guidance from the EMA. Much of the EMA filings fees are also heavily discounted for SMEs. We have also hired external resources to start devising and implementing our regulatory and pricing strategy in what will be the second most important market for Trogarzo in the world. We expect the technical meetings with the rapporteur and co-rapporteur countries, namely The Netherlands and Italy, will happen in Q2.

此外，我們在歐洲方面取得了重大進展。我們在愛爾蘭成立了一家子公司。我們還被歐洲藥品管理局認定為中小型企業 (SME)。這種地位非常有利，因為我們可以從 EMA 的支持和指導中受益。很多 EMA 申請費也為中小企業提供了大幅折扣。我們還聘請了外部資源，開始在將成為 Trogarzo 全球第二重要市場的地方制定和實施我們的監管和定價策略。我們預計與報告人和聯合報告人國家（即荷蘭和意大利）的技術會議將在第二季度舉行。

We also hired consultants to assist us in establishing the appropriate corporate structure in Europe. As we anticipated, the investments we made in 2017 to prepare for the launch of Trogarzo in the U.S. had an impact on our financial results. Furthermore, we accelerated our preparatory work in the European market. As Philippe will discuss in more details in a moment, investment made toward the commercialization of Trogarzo in Europe is the main reason why we ended the year with a negative EBITDA slightly above our guidance of $5 million to $5.5 million. In terms of sales, we ended the year within our guidance and our financial position is as strong as it has ever been.

我們還聘請了顧問協助我們在歐洲建立合適的公司結構。正如我們預期的那樣，我們在 2017 年為準備在美國推出 Trogarzo 所做的投資對我們的財務業績產生了影響。此外，我們加快了在歐洲市場的準備工作。正如 Philippe 稍後將更詳細地討論的那樣，對 Trogarzo 在歐洲商業化的投資是我們以略高於我們 500 萬至 550 萬美元指導的負 EBITDA 結束這一年的主要原因。在銷售方面，我們在我們的指導範圍內結束了這一年，我們的財務狀況一如既往地強勁。

Without any kind of experience and track record with Trogarzo and knowing that it will have a significant impact on our company's profile, you will understand that it would be premature to provide formal guidance for the coming year. Nevertheless, as far as EGRIFTA is concerned, we aim to have a sales growth of 10% to 15% this year. Once we have a decision and clearer picture in terms of reimbursement and market acceptance for Trogarzo in the U.S., we will certainly be better equipped to give you more complete guidance.

如果沒有 Trogarzo 的任何經驗和業績記錄，並且知道這將對我們公司的形象產生重大影響，您就會明白，現在為來年提供正式指導還為時過早。儘管如此，就 EGRIFTA 而言，我們的目標是今年的銷售額增長 10% 至 15%。一旦我們在 Trogarzo 在美國的報銷和市場接受度方面有了決定和更清晰的畫面，我們肯定會更好地為您提供更完整的指導。

With that said, let me turn to Philippe, who will give you both our quarterly and annual results and I'll come back after for closing remarks. Philippe?

話雖如此，讓我轉向 Philippe，他將向您展示我們的季度和年度業績，之後我會回來發表結束語。菲利普？

Thank you, Luc, and good morning, everyone. As Luc just mentioned, we have to look at our numbers by keeping in mind that we made important investments that will provide unprecedented leverage to our company. Wasn't it for those investments, our EBITDA would certainly have been even better than last year. But given the tremendous potential of Trogarzo, we have every reason to conclude that we took the right decision.

謝謝你，呂克，大家早上好。正如 Luc 剛才提到的，我們必須牢記我們進行的重要投資將為我們的公司提供前所未有的影響力，從而審視我們的數字。如果沒有這些投資，我們的 EBITDA 肯定會比去年更好。但鑑於 Trogarzo 的巨大潛力，我們有充分的理由得出結論，我們做出了正確的決定。

First of all, EGRIFTA sales keep going up. This was our best year ever. Q4 was also our best quarter ever, and may I remind you that this was also true of our third quarter. I'm also happy to report that sales thus far in Q1 continue on an upward trend compared to Q1 of last year.

首先，EGRIFTA 的銷量一直在上升。這是我們最好的一年。第 4 季度也是我們有史以來最好的季度，我想提醒您，我們的第三季度也是如此。我也很高興地報告，與去年第一季度相比，第一季度迄今為止的銷售額繼續呈上升趨勢。

In 2017, we recorded net sales revenue of almost 43 million, which represents a 16% increase over 2016 in Canadian dollars and 18% when reported in U.S. dollars. Of course, as I just mentioned, this performance was offset by the investments we made to be ready for the launch of Trogarzo in the U.S. and the accelerated implementation of our European strategy for Trogarzo. This is why we ended the year with a negative EBITDA of $6.9 million in 2017 as opposed to a positive EBITDA of $6.6 million in 2016. Of course, this takes into account royalties paid to EMD Serono in the amount of close to $4 million in 2017 compared to slightly over $2.4 million in 2016. We anticipate a blended royalty rate in the low teens for 2018.

2017 年，我們錄得近 4300 萬的淨銷售收入，以加元計算比 2016 年增長 16%，以美元計算比 2016 年增長 18%。當然，正如我剛才提到的，這一業績被我們為準備在美國推出 Trogarzo 所做的投資以及加速實施我們的 Trogarzo 歐洲戰略所抵消。這就是為什麼我們 2017 年的 EBITDA 為負值 690 萬美元，而 2016 年的 EBITDA 為正值 660 萬美元。當然，這考慮了 2017 年支付給 EMD Serono 的特許權使用費近 400 萬美元，而 2016 年略高於 240 萬美元。我們預計 2018 年的混合特許權使用費率將處於較低水平。

Higher sales mean -- also mean higher cost of goods. They amounted to almost 5 million in 2017 compared to 4.3 million in 2016, but remain stable in terms of net sales, standing at 11.6%. Selling and market development expenses is where most of our investment in the Trogarzo launch can be found. Not surprisingly, this budget item grew to 26 million in 2017 from 14.7 million in 2016. These amounts include approximately $2 million in noncash amortization associated repurchase of the EGRIFTA rights.

更高的銷售額意味著——也意味著更高的商品成本。他們在 2017 年達到近 500 萬，而 2016 年為 430 萬，但淨銷售額保持穩定，為 11.6%。銷售和市場開發費用是我們對 Trogarzo 發布的大部分投資。毫不奇怪，這個預算項目從 2016 年的 1470 萬增加到 2017 年的 2600 萬。這些金額包括約 200 萬美元的非現金攤銷，與 EGRIFTA 權利的回購相關。

R&D expenses also included additional investments in light of the Trogarzo launch. Among others, it includes additional resources in our medical science liaison team. Expenses made towards the development of the F4 formulation of EGRIFTA also include -- are also included in R&D. As a result, we recorded R&D expenses of approximately 11.9 million in 2017 compared to close to 7 million in 2016. G&A expenses were $5.8 million in 2017 compared to $4.9 million last year which is a direct consequence of our growth.

鑑於 Trogarzo 的推出，研發費用還包括額外投資。其中，它包括我們醫學科學聯絡團隊的額外資源。開發 EGRIFTA 的 F4 配方的費用也包括——也包括在研發中。因此，我們在 2017 年記錄的研發費用約為 1190 萬美元，而 2016 年則接近 700 萬美元。G&A 費用在 2017 年為 580 萬美元，而去年為 490 萬美元，這是我們增長的直接結果。

As for finance costs for the 12 months ended November 30, 2017, they came to $7.7 million compared to $3 million in fiscal 2016. Finance costs in fiscal 2017 reflect the loss of 6.7 million related to the fair value of the warrant liability as a result of our strong stock market performance compares to a loss of $1 million in fiscal 2016. As a reminder, virtually all warrants were exercised upon expiry and as such this line item will no longer appear going forward. Accretion expense on the long-term obligation was 1.4 million in 2017 compared to 1.9 million in fiscal 2016, reflecting the lower average balance outstanding during the year. These noncash items, along with additional investments made for the launch of Trogarzo and royalties of close to $4 million to EMD Serono led to a $18.5 million loss or 0.25 per share in 2017. This compares to a profit of $410,000 or 0.01 per share in 2016.

截至 2017 年 11 月 30 日止 12 個月的財務成本為 770 萬美元，而 2016 財年為 300 萬美元。由於我們強勁的股票市場表現，2017 財年的財務成本反映了與認股權證負債的公允價值相關的損失 670 萬美元，而 2016 財年的損失為 100 萬美元。提醒一下，幾乎所有認股權證都在到期時行權，因此這一行項目將不再出現。2017 年長期債務的增加費用為 140 萬歐元，而 2016 財年為 190 萬歐元，反映出年內未償平均餘額較低。這些非現金項目，連同為推出 Trogarzo 進行的額外投資以及向 EMD Serono 支付的近 400 萬美元的特許權使用費，導致 2017 年虧損 1850 萬美元或每股虧損 0.25 美元。相比之下，2016 年的利潤為 410,000 美元或每股 0.01 美元。

Looking at our numbers on a quarterly basis, I am pleased to report that we just had our best quarter ever. Q4 2017 revenues stood at $12.6 million in comparison to $10.4 million in Q4 of last year or an increase of 21% in Canadian dollars but of 28% when looking at sales in U.S. dollars. Unit sales to our distributor, RxCrossroads, were up 23% compared to the same quarter of 2016. Cost of sales in Q4 2017 was also up and reached $3.5 million compared to close to $2 million for the same quarter last year. Cost of sales include $1.1 million in royalties to EMD Serono and 1 million in various production related costs.

按季度查看我們的數據，我很高興地報告我們剛剛度過了有史以來最好的一個季度。2017 年第四季度的收入為 1260 萬美元，而去年第四季度為 1040 萬美元，按加元計算增長 21%，但按美元計算增長 28%。與 2016 年同一季度相比，我們的經銷商 RxCrossroads 的單位銷售額增長了 23%。2017 年第四季度的銷售成本也有所上升，達到 350 萬美元，而去年同期接近 200 萬美元。銷售成本包括 110 萬美元的 EMD Serono 特許權使用費和 100 萬美元的各種生產相關成本。

R&D expenses grew to approximately 3.1 million in Q4 2017 compared to 1.2 million in Q4 2016. As I explained earlier, R&D expenses include additional resources related to medical affairs activities in the United States, regulatory costs associated to our European activities for Trogarzo as well as expenses related to the development of the F4 formulation of EGRIFTA.

研發費用從 2016 年第四季度的 120 萬增長到 2017 年第四季度的約 310 萬。正如我之前解釋的那樣，研發費用包括與美國醫療事務活動相關的額外資源、與我們在歐洲的 Trogarzo 活動相關的監管成本以及與開發 EGRIFTA F4製劑相關的費用。

For the 3-month period ended November 30, 2017, selling and market development expenses came to almost 8 million compared to about 3.8 million for the same period last year. The increase can mostly be attributed to the preparation for the launch of Trogarzo as well as increased expenditures for Europe. G&A expenses grew to -- close to $1.6 million in Q4, slightly more than the 1.4 million during the last quarter of 2016.

截至 2017 年 11 月 30 日的三個月期間，銷售和市場開發費用達到近 800 萬美元，而去年同期約為 380 萬美元。增長主要歸因於 Trogarzo 上市的準備工作以及歐洲支出的增加。G&A 費用在第四季度增長至接近 160 萬美元，略高於 2016 年最後一個季度的 140 萬美元。

In Q4 2017, we recorded $713,000 in finance costs compared to $1.3 million in Q4 of last year. Figures from 2016 reflect an $805,000 loss related to the valuation of warrant liability. The adjusted EBITDA for Q4 2017 was negative $1.9 million compared to a positive EBITDA of $2.8 million for the same quarter in 2016.

2017 年第四季度，我們記錄了 713,000 美元的財務成本，而去年第四季度為 130 萬美元。2016 年的數據反映了與認股權證責任估值相關的 805,000 美元損失。2017 年第四季度調整後的 EBITDA 為負 190 萬美元，而 2016 年同期為正 EBITDA 280 萬美元。

Finally, operating activities generated approximately $2 million of cash in Q4 2017 in comparison to $2.7 million in Q4 2016, mainly due to changes in working capital. You will remember that we completed an offering of common shares, which generated about $15 million in net proceeds. And the company also received cash proceeds of 8 million from the exercise of common share purchase warrants, broker options, broker warrants and stock options. This allowed us to end the year with almost $33 million in cash and cash equivalents on our balance sheet.

最後，經營活動在 2017 年第四季度產生了大約 200 萬美元的現金，而 2016 年第四季度為 270 萬美元，這主要是由於營運資金的變化。你會記得我們完成了普通股發行，產生了大約 1500 萬美元的淨收益。並且公司還從行使普通股認股權證、經紀人期權、經紀人認股權證和股票期權中獲得現金收益800萬。這使我們在年底的資產負債表上擁有近 3300 萬美元的現金和現金等價物。

On this, I will now turn it to Luc for his closing remarks.

關於這一點，我現在將請 Luc 作結束語。

Thank you, Philippe. Some of you will remember that we held an Analyst Briefing Day on March 1 of last year. At the time, we explained our game plan for 2017. Our strategy was based on growing EGRIFTA sales, support our partner TaiMed toward the approval of Trogarzo in the U.S. and invest in building the proper structure to be ready to successfully launch this life-saving drug in the most important market in the world.

謝謝你，菲利普。你們中有些人會記得我們在去年 3 月 1 日舉行了分析師簡報日。當時，我們解釋了 2017 年的遊戲計劃。我們的戰略基於不斷增長的 EGRIFTA 銷售額，支持我們的合作夥伴 TaiMed 使 Trogarzo 在美國獲得批准，並投資建立適當的結構，為在全球最重要的市場成功推出這種救命藥做好準備。

Looking back, I can see today that we have met our goals and that our plan was implemented methodically and that we are now ready to make Trogarzo a success in the U.S. The only thing that we did not plan in '17 was how far and fast we would have advanced the European file. This is certainly not something anyone will complain about. We are now at the doorstep of a new era in our company, and we made it there while keeping a solid cash position. Soon, patient in the U.S. should have access to the first HIV treatment with a new mechanism of action to be approved in 10 year. This drug is going to make a difference for thousands of people with multidrug resistant HIV-1 and it will be a defined milestone in our company's history when we see the first sales being recorded.

回顧過去，我今天可以看到我們已經實現了我們的目標，我們的計劃得到了有條不紊的實施，我們現在已經準備好讓 Trogarzo 在美國取得成功。我們在 17 年唯一沒有計劃的是多遠和多快我們會推進歐洲文件。這當然不是任何人都會抱怨的事情。我們現在正處於公司新時代的門口，我們在保持穩固現金狀況的同時做到了這一點。很快，美國的患者應該能夠獲得第一個具有新作用機制的 HIV 治療，該藥物將在 10 年內獲得批准。這種藥物將對數以千計的多重耐藥 HIV-1 患者產生影響，當我們看到第一筆銷售記錄時，這將是我們公司歷史上一個明確的里程碑。

So we look forward to speaking with you again upon receiving the decision from the FDA. And thank you for being on the call today. And we'll now take questions from financial analysts.

因此，我們期待在收到 FDA 的決定後再次與您交談。感謝您今天的來電。我們現在將接受金融分析師的提問。

(Operator Instructions) Your first question comes from Prakash Gowd with CIBC.

（操作員說明）您的第一個問題來自 CIBC 的 Prakash Gowd。

Just a few questions on Trogarzo. First of all, can you talk a little bit about TaiMed's contact with the FDA since the PDUFA date was delayed and some of the nature of those interactions?

關於 Trogarzo 的幾個問題。首先，您能否談談自 PDUFA 日期推遲以來台脈與 FDA 的聯繫以及這些互動的一些性質？

Yes. TaiMed, in fact, since the PDUFA date was delayed by 3 months, TaiMed has responded to all questions and information required by the FDA. And at this point, we are on the waiting month from feedback from the FDA. Everything is in their hand now.

是的。TaiMed，事實上，由於PDUFA日期推遲了3個月，TaiMed已經回應了FDA要求的所有問題和信息。在這一點上，我們正處於 FDA 反饋的等待月。現在一切都在他們手中。

Okay. Was there any request for a manufacturing reinspection?

好的。是否有製造複檢的要求？

No, not at all.

一點都不。

Okay. And to the best of your knowledge, have they built inventory of Trogarzo?

好的。據你所知，他們是否建立了 Trogarzo 的庫存？

Yes, they have inventory that will be sent to the U.S. as soon as it is approved and we already have inventory in North America.

是的，他們有庫存，一旦獲得批准就會發送到美國，我們已經在北美有庫存。

Okay. And then at what stage would the labeling discussions be at now?

好的。那麼標籤討論現在處於什麼階段？

As I said, everything is in the hand of the FDA and we haven't received any more questions for many, many weeks at this point.

正如我所說，一切都掌握在 FDA 手中，此時我們已經很多很多周沒有收到任何問題。

Okay. Just to clarify on the revenue recognition for Trogarzo when it's approved, would you recognize it when RxCrossroads ships to pharmacies or at another time?

好的。只是為了澄清 Trogarzo 在獲得批准時的收入確認，你會在 RxCrossroads 運送到藥店時或在其他時間確認嗎？

It's like EGRIFTA, Prakash. When we -- we recognize the revenue when we are selling to RxCrossroads which is our only client in the U.S. So they are placing order every week and usually they don't have many months of inventory. It fluctuates a bit but they have a few weeks of inventory.

這就像 EGRIFTA，Prakash。當我們——我們在向 RxCrossroads 銷售產品時確認收入，RxCrossroads 是我們在美國的唯一客戶，因此他們每週都會下訂單，通常他們沒有幾個月的庫存。它有點波動，但他們有幾週的庫存。

Okay, perfect. And has your national sales meeting been scheduled already?

好的，完美。您的全國銷售會議已經安排好了嗎？

It's a moving target as we speak. As soon as we'll have the decision from the FDA we'll choose a date. But it's going to be very soon after the decision. Everything is ready. In fact, we were ready to do it, but you understand that we want to do it with the good news.

正如我們所說，這是一個移動的目標。一旦我們得到 FDA 的決定，我們就會選擇一個日期。但很快就會做出決定。一切都準備好了。事實上，我們已經準備好這樣做了，但你明白我們想帶著好消息去做。

Sure. Right. Last question, I'll get back in queue. What is the updated range of pricing that you're now considering?

當然。正確的。最後一個問題，我會回到隊列中。您現在考慮的更新定價範圍是多少？

As I mentioned the last time, will be definitely over the Fuzeon price which is 50,000 a year, but we definitely want to be under the average price of orphan drugs in the U.S. which is USD 140,000. So we'll be below that price.

正如我上次提到的，肯定會超過每年 50,000 美元的 Fuzeon 價格，但我們肯定希望低於美國 140,000 美元的孤兒藥平均價格。所以我們會低於這個價格。

Your next question comes from Andre Uddin with Mackie Research Capital.

你的下一個問題來自 Mackie Research Capital 的 Andre Uddin。

I just have a quick question here just in terms of were there any increases in EGRIFTA selling price this quarter? And does the 10% to 15% increase in sales -- in your sales forecast, does that include any price increases?

我在這裡有一個簡短的問題，即本季度 EGRIFTA 的售價是否有所上漲？銷售額增長 10% 到 15%——在您的銷售預測中，這是否包括任何價格上漲？

Do you want to answer, Philippe?

你想回答嗎，菲利普？

Yes, we increased the price in September of 2017 and we don't plan to increase it before the same period of 2018.

是的，我們在 2017 年 9 月提高了價格，我們不打算在 2018 年同期之前提高價格。

Okay. And in terms of -- based on your ongoing market research, if you look at the key prescribers of Fuzeon, how do you envision a switch to Trogarzo would proceed?

好的。就您正在進行的市場研究而言，如果您查看 Fuzeon 的主要處方者，您如何設想轉向 Trogarzo 將如何進行？

We don't really have a lot of insight into Fuzeon prescriptions. We think there's maybe 300 to 400 patients. So we can't really find them. It's not really the way that we're approaching our targeting.

我們對 Fuzeon 處方並沒有太多了解。我們認為可能有 300 到 400 名患者。所以我們真的找不到他們。這並不是我們接近目標的真正方式。

(Operator Instructions) Your next question comes from Jenny Wang with Canaccord Genuity.

（操作員說明）您的下一個問題來自 Canaccord Genuity 的 Jenny Wang。

I have a couple of questions. The first one would be are you guys looking at any other assets? And how far outside the HIV space would you consider going?

我有一些問題。第一個是你們在看其他資產嗎？您會考慮在 HIV 領域之外走多遠？

Yes, it's on our game plan to look at possible other commercialized product to add to our sales force. So we mentioned that few times in the past and it's still on our game plan. So we think there are still some asset available. But of course, what we’re looking at this point is will not be product as significant in terms of sales than we’re thinking for Trogarzo. It's just to complete or optimize, if you will, our sales force team in the U.S. -- optimize our portfolio.

是的，我們的遊戲計劃是研究可能的其他商業化產品以增加我們的銷售隊伍。所以我們過去幾次提到過，它仍然在我們的遊戲計劃中。所以我們認為仍有一些資產可用。但當然，我們目前所關注的是，就銷售而言，產品不會像我們對 Trogarzo 的預期那樣重要。如果你願意的話，這只是為了完成或優化我們在美國的銷售團隊——優化我們的產品組合。

And for the moment, we don't have any plans to go out of HIV.

目前，我們還沒有任何擺脫 HIV 的計劃。

Yes, exactly.

對，就是這樣。

Okay. And another question would be for the quarter, what contributed to your higher G&A? And how long do you expect to be spending at an elevated level in preparation for the launch?

好的。另一個問題是本季度，是什麼導致您的 G&A 增加？您希望在較高水平上花費多長時間來準備發布？

So the G&A was actually not quite different from last year, but it's probably on the SG&A. The selling expenses are pretty much what we'll see going forward. If you take Q4 it's quite representative of the organization that we have in place. And it's pretty much the organization that we need to bring Trogarzo to peak sales.

所以 G&A 實際上與去年沒有太大不同，但它可能在 SG&A 上。銷售費用幾乎就是我們將要看到的。如果你拿 Q4 來說，它非常能代表我們現有的組織。這幾乎是我們將 Trogarzo 推向銷售高峰所需要的組織。

Okay. And for your European strategy, last question, are you going to pursue an approval through a centralized process from the EMA? Or are you looking at more decentralized from individual countries?

好的。對於您的歐洲戰略，最後一個問題是，您是否打算通過 EMA 的集中流程尋求批准？還是您正在考慮從各個國家/地區更加分散？

No, we are going with the centralized filing. And if you recall in my speech I mentioned that we already have been designated our rapporteur and co-rapporteur which is Netherland and Italy. So we’re going with central filing.

不，我們要進行集中歸檔。如果你還記得我在演講中提到過，我們已經被指定為荷蘭和意大利的報告員和聯合報告員。所以我們要進行集中歸檔。

Your next question comes from Endri Leno with National Bank.

你的下一個問題來自國家銀行的 Endri Leno。

I just have a quick one, Luc. Will you be able to provide any guidance as to what you expect costs will be associated with European preparations for 2018?

我只是有一個快速的，呂克。您能否就您預計與 2018 年歐洲籌備工作相關的費用提供任何指導？

In fact, we don't provide any guidance except that we think that EGRIFTA sales will -- we are aiming a growth of 10% to 15%. In term of spending, as Philippe mentioned, we’re pretty much at the proper level and budget should be quite -- in terms of spending should be quite similar to what we had in the fourth quarter.

事實上，我們沒有提供任何指導，只是我們認為 EGRIFTA 的銷售額將會——我們的目標是增長 10% 到 15%。正如 Philippe 提到的，就支出而言，我們幾乎處於適當的水平，預算應該相當——就支出而言，應該與我們在第四季度的水平非常相似。

Okay. But for EU as well, right? I mean, approximately I think maybe $1 million or so you had in Q4 for the EU launch. Would you expect proportionally higher for 2018 perhaps?

好的。但對於歐盟也是如此，對吧？我的意思是，我認為您在第四季度為歐盟推出大約有 100 萬美元左右。您是否期望 2018 年的比例更高？

It's probably a little more than that in Q4, and it will be a little higher than that in 2018. But we're not -- we're still mostly dealing with consultants. We're not ready to have a full organization in Europe. So 2018 should be quite similar as 2017.

可能比Q4多一點，比2018年會高一點。但我們不是——我們仍然主要與顧問打交道。我們還沒有準備好在歐洲建立一個完整的組織。因此，2018 年應該與 2017 年非常相似。

And in fact, Endri, if we -- we're going to have our technical meeting in Q2. And if we're ready to file the submission in this year and we see that the approval could be not that far, we might have accelerate spending. But at that time, we will of course mention that to you all and it's going to be probably very good news that we can accelerate our implementation in Europe.

事實上，Endri，如果我們 - 我們將在第二季度舉行技術會議。如果我們準備在今年提交申請，並且我們看到批准可能不會那麼遙遠，我們可能會加快支出。但到那時，我們當然會向大家提及這一點，我們可以加快在歐洲的實施，這可能是一個非常好的消息。

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

目前沒有其他問題。我把電話轉回 Denis Boucher。

Well, thank you. As there are no further questions at this time, we will conclude today's earnings conference call. On behalf of everyone here at Theratechnologies, let me thank you for being on the call today. Have a great day.

嗯，謝謝。由於此時沒有其他問題，我們將結束今天的收益電話會議。我代表 Theratechnologies 的每一個人，感謝你們今天的電話會議。祝你有美好的一天。

This does conclude today’s conference call. You may now disconnect.

這確實結束了今天的電話會議。您現在可以斷開連接。