Basilea Pharmaceutica AG

Ladies and gentlemen, welcome to the Basilea Pharmaceutica Half Your Results 2026 conference call and live webcast. I am Matilda, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to David Veach, Chief Executive Officer. Please go ahead.

Thank you. Hello, I'm David Veach, CEO of Bazalaya. Thank you for joining us today on our conference call and webcast. will be reviewing our financial results and key achievements for the first half year 2026, as well as highlighting our priorities going forwards. For further detailed information, please see the ad hoc announcement issued this morning and our half-year report. These documents, together with the webcast presentation, are all available on our website at basilea.com. I would like to mention that this call contains forward-looking statements. Joining me on our call today are Adesh Kaur, our Chief Financial Officer, and Dr. Mark Englehart, our Chief Medical Officer. We have had a great start to the year, delivering strong financial results and continued execution across the business. Let me briefly summarize some of the key highlights from the first half of 2026. Starting with our strong financial performance, Baselaya's total revenue grew 14% year-on-year, to 119 million Swiss francs, resulting in an operating profit of 32 million Swiss francs, an increase of 32% year-on-year. Our net cash position doubled to 105 million Swiss francs. During the first six months of 2026, we were awarded $61 million in non-diluted funding, which offsets a significant proportion of our R&D costs. Portfolio highlights include continued strong in-market sales of our lead commercial product, Crosemba, which are now close to $800 million and growing almost 30% year-on-year. The Phase 3 program of Phosphonajepix, our lead antifungal in development, is progressing as planned, evidenced by the recent BARDA funding award for achievement of a particular enrollment milestone. Also, our novel antibiotic, BAL2420, has started its first in-human phase 1 study. We also continue to invest in our earlier pipeline. In this context, we signed the collaboration agreement with Prokaryotics for the preclinical development of a novel broad-spectrum antifungal candidate. Basilea's pipeline today combines two commercial products, Grisembren's and Tura, with a diversified portfolio of development-stage anti-infective acids. all added over the last three years. We have now two phase three assets, Fosmanagepix and Ceftabutin-Ledermore-Bactam, which together have the potential to generate peak sales of approximately $1.5 billion, roughly doubling our current in-market sales level. Our earlier stage programs, BAL 2062 and BAL 2420, continue to advance towards their next decision points, adding further depth to the pipeline. Overall, we have built a balanced anti-infective portfolio, combining commercial growth drivers, late-stage value creation opportunities and early-stage innovation. Behind these assets, we also have preclinical research programs, developed both internally and from external collaborations. We announced two early-stage collaborations in the last eight months that further expand our innovative research pipeline. The first is a partnership with Fairbio, which applies generative artificial intelligence to the discovery of novel antibiotics, aiming to improve the efficiency of identifying and developing a new antibiotic candidate. Then we entered the collaboration with Prokaryotics to develop a first-in-class broad-spectrum antifungal candidate. The program aims to deliver an effective, safe, and easy-to-administer treatment for severe invasive fungal infections. Together, these partnerships expand our access to innovative technologies and new approaches with limited upfront investment from Basilea. I'll now hand over to Adesh for the commercial and financial update.

Thank you, David. Starting with Cresemba, which remains the cornerstone of our current commercial business. Global in-market sales in the 12-month period to the end of March 2026 amounted to $782 million. This 27% increase year-on-year underscores the continued strong demand across all key markets and is driven by continuous gain in market share, even in markets where Crescenta is already market leader. Let me turn to Ceftera, which was commercially launched in the US about a year ago by our partner in Aviva Specialty Therapeutics. For novel hospital antibiotics, the key focus in the initial 12-month period of the launch phase is on establishing broad market access and on supporting positive clinical experience. The KPIs we track in this early phase reflect these focus areas. Seferra continues to make good progress in securing access across the healthcare system, with important wins in group purchasing organizations, formularies, and reimbursement programs, helping to support future uptake. At the same time, increasing account numbers and repeat ordering trends, combined with encouraging medical community feedback, provide early evidence of positive clinical experience and acceptance. Inoviva has also further expanded its workforce to increase hospital coverage, from which Seftera is expected to benefit. We are therefore pleased with the progress in this launch phase and are looking forward to seeing these encouraging key lead indicators translate into increasing adoption and sales in the quarters and years to come, especially as Seftera has market exclusivity in the U.S. until April 2034. All of our clinical programs continue to be supported through BARDA and CARB-X agreements, which provide non-diluted funding for our R&D portfolio. Across these contracts, more than $440 million has been committed to Basilea. Approximately $165 million has been awarded to date, out of which $61 million was awarded in the first half of 2026. This non-diluted funding enables us to advance our clinical programs in a capital-efficient manner. Moving now to the financial results for the first six months of 2026. Unless otherwise stated, all numbers are in such ranks. Cresemba and Zephyr related revenue totaled 92.3 million. This included royalty income of 57.8 million. which grew by about 11% year-on-year. Milestone and upfront payments were $4.7 million. Other revenue, which include mainly reimbursements from Barta and Carbex, rose to $26.7 million. This brings total revenue to $119 million, an increase of 14% compared to the first half of 2025. Costs of products sold decreased to $15.4 million in the first half of 2026, positively impacted by the customer and product mix. Operating expenses amounted to $72 million, increasing mainly due to costs associated with the progress of the Phosphonanthropics Phase III program, preparations for the Ceftibutin Later Borobactam Phase III program, as well as the Phase I study for BAL 2420. As a result, we achieved an operating profit of 31.6 million and a net profit of 27.9 million, both significantly increasing year on year. Finally, cash and cash equivalents and restricted cash rose to 176 million. The cash flow from operating activities amounted to 19 million, including the impact from a temporary increase in receivables and inventory, reflecting the continued growth of our commercial business and strong operational execution in the first half of the year. The receivables are expected to be collected within their respective due dates in Q3 2026, and the inventories will allow us to address the increased product demand in the second half of 2026. We also continued to strengthen our balance sheet through debt reductions. During the reporting period, we repurchased $5 million in nominal value of our convertible bonds, reducing the outstanding nominal balance to $71 million. The convertible bond is due to mature in July 2027. Let me now turn to our updated full year guidance. Based on the strong performance in the first half of this year and the continued positive outlook, We now expect total revenue for full year 2026 to grow by approximately 15%. Within this, Cresemba Ancestera-related revenue is expected to reach around $210 million, compared to our previous guidance of around $200 million. This is expected to translate into a cash contribution of approximately $180 million from our commercial business. We continue to expect an increase of 20% year-on-year of our investments into R&D. Driven by the high expected revenue, we are raising our operating profit guidance and now expect an increase by approximately 40% year-on-year compared with our previous expectation of around 20% increase. This demonstrates the strength of our business model and our ability to maintain solid profitability while increasing investments in our growth pipeline. Looking at the components of our full-year guidance on Crescent Magispera-related revenues, we expect approximately $125 million from royalties, $35 million from milestone payments, and $50 million from product revenues. We expect the revenue mix to keep on shifting to its higher margin royalties and milestones, resulting in a significantly higher cash flow contribution from our commercial business in the second half of the year. I will now hand over to Mark for the portfolio update.

Thank you, Adesh. As David mentioned earlier, we currently have two Phase 3 programs, Falsman & Zepix and Sefti Guttenleder for Bacta. Advancing these programs efficiently and successfully through development remains a key priority for Basel AR. Safetywood and Lederborg Bactam, which we in-lifed in August 2025, is now in preparations for a global phase 3 program with study initiation expected in mid-2027. This program benefits from a well-established study design aligned with published FDA guidance for complicated urinary tract infections. Fosmonogepix is currently being evaluated in two global phase 3 studies, FASTA-IC in invasive candidiasis and candidemia, and FORVAD-IM in invasive mold infections. We expect both studies to read out in 2028. Importantly, the Fosmonogepix phase 3 program is supported by a growing body of real-world experience, which I will discuss in more detail shortly. Phosphonate X is a truly differentiated profile combining a first-in-class mechanism of action with broad spectrum activity against both molds and yeast. In addition, it has demonstrated excellent tissue penetration and offers both intravenous and oral formulations, providing important flexibility for patient management. We continue to make good progress with the Phase III development program that I mentioned earlier, which remains on track. At the same time, we continue to gain valuable real-world experience with Fosmone Adreplix through a globally expanded access program. This program provides access to Fosmone Adreplix for patients with serious or life-threatening invasive fungal infections who have limited or no alternative treatment options. To date, nearly 600 patients have been treated across 22 countries, and the continuous increase in patient numbers and the geographic reach reflect the significant global medical need expressed by Fosmona Tractins. Additionally, this growing body of real-world experience may complement clinical data package and support future market access following regulatory approval. BUL2420 is our first-in-class antibiotic targeting highly resistant negative pathogen. These infections remain a major global health challenge, including those caused by carbapenem-resistant Enterobacteraceae, where treatment options are often limited and patient outcomes can be poor. BUL2420 offers a novel mechanism of action based on inhibition of LPTA, which then leads to rapid bacterial cell death. Importantly, this mechanism is distinct from existing antibiotic classes, creating the potential to overcome resistance. We've initiated the first new Phase 1 dose escalation study in the first quarter of 2026 and I'm pleased to report that the study's progress is planned. In addition to Fosmonotrepix and UL2420, we are also progressing our other clinical stage antibacterial and antifungal programs towards the next milestones. The antibiotic Ceftibutane Levobactam is being developed as a potential first oral beta-lactam-beta-lactamase inhibitor combination for complex degenerative tract infections caused by enterobacterialis. The program addresses a significant need for new treatment options for multi-drug resistant or negative infections and benefits from both FAST-TRACK and QIDP designations from the FDA. All2062 is a novel antifungal candidate for the treatment of invasive vasovagalosis, including resistant strains. Following encouraging Phase I safety and tolerability data, Discussions with regulatory authorities regarding the optimal phase 2 and phase 3 development pathway are ongoing. With this, I'll head back to David.

Thank you, Mark. Building on what Mark showed you, we expect our commercial portfolio to expand over time. Cosemba will continue to generate substantial revenues, while with the US launch of Zeftira, we expect increasingly meaningful revenues over the coming years. Assuming successful clinical and regulatory outcomes, Vosmanagepix could become our third commercial product in 2029, followed by Ceftabutin Ledibor Bactam as our fourth commercial product approximately a year later. Together, these two assets are expected to become important future growth drivers for Basilea and diversify our revenue streams. At peak, they could generate combined in-market sales equivalent to approximately twice the level of today's sales. illustrating the significant value creation opportunity in our late-stage pipeline. Earlier this year, we announced our Agenda 2030, our roadmap for Basilea's next phase of development. We communicated that at the end of 2025, we had 162 million Swiss francs in cash and we expect approximately 600 million Swiss francs in cumulative cash flow from Cosemba and Zeptera alone between 2026 and 2030. In addition, more than $350 million of potential non-dilutive R&D funding remained available under existing agreements. These resources provide the foundation for the next phase of growth of Basilea. They allow us to advance Phosphanage Epics and Ceftabutin-Ledible Bactem towards commercialization, continue investing in our earlier stage pipeline, and further strengthen our portfolio through targeted business development opportunities. Currently, we are fully on track to deliver on these targets set out in our Agenda 2030. This is evidenced by our progress in the first half of 2026. We delivered another strong operational and financial performance, with double-digit growth in December revenue leading to an increase in our fully operating profit guidance. Across the pipeline, both cost-manage ethics Phase 3 studies continue to advance as planned. Also, preparations for the Cephributin-Ledipol Bactone Phase 3 program continue, and we initiated the first in-human study of BAL 2420. We entered into a new preclinical collaboration and secured $61 million in non-dilutive funding for our clinical programs. With a strong first half of 2026, we look forward to continue building on this momentum for the remainder of the year. Thank you for your attention, and we'll now open the line for your questions.

We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and 2. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. In the interest of time, please limit yourself to two questions. Anyone who has a question, may press star and one at this time. The first question comes from the line of Brian White from Calvin Partners. Please go ahead.

Yes, hello and thanks for taking my question. The first one's on force of energetics and just thinking about the commentary on enrollment and we still are seeing quite an explosion of resistant candida virus in the U.S. And I just wondered if that, if you're seeing a positive impact on enrollment there. And just also if you could remind us if you need both studies to read out for filing and approval, or if one was faster than the other, could you go ahead with one ahead of the second? And then also on the safety of use in medical Bactam program, we're now obviously looking forward to the initiation of Phase 3 next year. It's only days since the approval of Eutebsi in the US and I wonder if you've seen anything from the label or the approval that has given you some insight into the positioning of Kefi butyl barbhactamine CUTI. Thank you.

Okay, thank you Brian. Actually Mark, why don't you take the one about Candida aureus and and the impact potentially on our study and also are both studies needed? You take that question first.

Yeah, Brian, thank you very much for the question. So usually outbreaks do not have such a great impact on clinical file enrollment. They are often localized. And then for primal therapy of Candida infection, which is the study, it's restricted to no more than 48 hours of prior antifungal treatments, otherwise patients cannot be enrolled and that's often hours of outbreaks they have already started for a couple of days of treatment, so in principle it could support enrollment, but in practice the number of outbreaks is relatively small compared to the overall prevalence of cancer infections. The second question was about the two phase three studies, so we could file them separately, but we will need the candidemia study completed because of the required safety database for the NDA. So there are several options. We file candidemia and mold together or we file candidemia first and then mold infections depending on completion dates.

Excellent.

And then on your Tebby Penning question, Actually, it's interesting. I mean, obviously, all we read is what's public, but it looks like GSK, Sphero are positioned in tebupenem as an oral carbapenem, which obviously wouldn't directly overlap with ceftabutin-led abobactam, as that's, you know, an oral beta-lactam, beta-lactamase inhibitor. But obviously, in terms of the concept, the value proposition of an oral step-down or alternative to IV inhibitors, carbapenems, it will be similar. So actually, from that point of view, it would actually, I think, be quite helpful for us in terms of GSK, Spiro, you know, doing a lot of the groundwork in terms of educating the market in terms of the oral complicated UTI concept, which I think we would benefit from if and when we come to market with ceftabutin and edamobactam. So, you know, that's how we're sort of initially thinking about it. But obviously, we'll see what happens, you know,

Next question comes from the line of Jyoti Prakash from Edison Group. Please go ahead.

Hi, thank you for taking my questions and congratulations on the strong first half. So my first question is related to the guidance, and I'm just trying to reconcile the numbers here. So the operating profit is now expected to go by 40% versus 20% previously, which is, if I do the math, around 10 million. So it's a frank increase, and 5 million of that would obviously come from the increase in royalties. So just trying to understand where the other growth is going to come from, given that the milestone payments are not expected to change from last year. guidance that's the first question and the second question is again on royalties if you just look at the breakup of royalties in the first half it looks to be the growth looks to be primarily driven by estellas how do we think about this for the second half of the year yeah thanks thanks jyoti for that those questions you want to take

Thank you, Jyoti.

So maybe initially on your first question on how the guidance works, we are in essence guiding for an increase in 12 million in revenues, you could say. And as you correctly pointed out, 5 million is the increase in royalties that we expect, 5 million in product revenues. So Grisemba and Seftero-related revenues are expected to increase from $200 million previously guided to $210 million in the new guidance. And then there is sort of the residual value of $2 million that is coming from other revenues, in essence. And out of those 12 million, basically 10 million flow all the way down to the operating profit. So as you correctly pointed out, our operating profit guidance increases from 62 million to 72 million. And I think the structure basically how this works reflects also how our business model works, that we have actually quite high translation of revenue growth into profits. And then with regards to your second question on the royalty breakdown, I would point you simply to the, first of all, to the full year guidance. So in essence, we are guiding for 125 million in royalties for the full year. And hence, yes, there will be quite a lot of, I would say, positive dynamic in the second half of the year, driven by the underlying growth of Cresemba that we're seeing in the markets. One point to bear in mind when you're just looking at the year-on-year comparison in the first half is that the first half of last year was to some degree positively impacted by some, I would say, mitigation measures that some of our partners took with regard to the tariffs and tax situation that was announced in April 2025. So the first half of the year saw some mitigation measures. Therefore, the royalties in the first half of 2025 as a baseline were probably a little bit higher than they would have been on a run rate that normalized in the second half. And now if you're comparing the full year 25 to the full year 26, you're seeing a healthy double-digit growth in royalties that reflects on the in-market performance that we also see with Crescent.

So to build on that, so therefore, When you ask the question, you know, would the second half of the year the royalty rate growth come from Astellas, which you observed in the first half of the year, I think the point is it will come from more than just Astellas. It will come from both Pfizer and Astellas.

Great. I think that's very helpful. So I'll get back in the queue.

Thank you so much.

Thank you.

We now have a question from the line of Joris Zimmermann from Octavian. Please go ahead.

Yeah, hello. Thank you for taking the questions and congratulations on this strong set of results in H1. Two questions, if I may. One is also related to revenues, specifically to product sales. With almost 30 million, those have been significant, despite some of your partners actually shifting to in-house production. And I think also for the guidance, three-year guidance now, you expect a slight increase. Could you maybe talk a little bit to the drivers behind that? And then on Cefibutin, Melaborbactom, and the Phase 3 initiation, which you confirmed for MID27, I was wondering where you stand in terms of the meeting with the regulators, FDA, EMA, and then if you already have more clarity, if indeed it will be one study or it might still be multiple studies. Thank you so much.

Thanks, Joris, for those questions. Do you want to take on the product sales and why we have the levels we have in Q1?

Thank you, Joris, for your question. So maybe just give me a little bit of background initially. Indeed, Pfizer and GoZoon, as two big partners, have moved largely to supplying themselves, as it was always planned, and that was also reflected in our initial guidance for 2026. We had guided for product sales of 45 million for the full year versus about 15 million that we had in 2025. Now, we increased our guidance to basically 50 million, so in essence, flat product sales, compensating fully for the product sales that we are no longer doing to Pfizer and GoZone. And that is really driven by the underlying demand that our distribution partners and other partners that we are supplying have primarily for Crosemba. So on the one hand, you're seeing the positive dynamic in the increase in royalties. So that's why the royalty increase has gone up and correspondingly our partners are also ordering basically more and that is then reflected in the product sales guidance. product sales, just as a reminder, do not perfectly correlate with the in-market sales because we recognize product sales whenever we do the delivery. So they are sort of more distinct. Whenever we do a delivery, then basically we recognize the full amount. And that's why it's not a clear linear growth rate. But I think the dynamic is clear. On the line, demand is increasing and that's why our product sales across the partners that we're supplying is increasing as well. Maybe as the last remark I would like to make, which you didn't ask, but I'm volunteering the answer, is basically, that our product mix or our revenue mix on product sales is improving as well because we're selling more to partners where we have a higher margin, in essence, and that's also being reflected in our overall guidance.

Yeah. Thank you, Adarsh. I hope that answers your question there. And then there's Chef de Boutin, then we'll back to him one, and Mark, maybe your best place to comment on, you know, discussions with FDA or EMA and how many studies are required, etc. Can you just comment on that?

Yeah, so we've entered into an active discussion and a formal process with FDA and EMA for the program. The discussion includes the overall scope of the program, critical design elements, regimen selection, comparative endpoints, and our objective is to agree on a phase three program that provides a clear and efficient parts forward to registration and also to have the data to optimize commercial positioning. That is a process, a problem, so we have not yet come to a conclusion on, for example, the number of required studies, but we'll communicate once we have come to a conclusion.

But the idea is that this process goes in parallel with our other preparation activities so that we can start the study mid-2020.

Exactly, so that's an ongoing process that runs in parallel with the operational preparations. Thank you. Perfect.

The next question comes from a line of Tian Sun Li from Pareto Securities. Please go ahead.

Hi, Congrats on the strong results. Just two questions for me. So one is a follow-up question on force manager tips enrollment. So earlier this year in your business update, you announced that you are activating 21 new centers in China. For a fact, I see. Do you see any trends in this Chinese site? And do you see any impact on the overall timeline? and the second question is about the cash position. So with its continued improving, how are you thinking about the allocation between bond buybacks, funding the technical development and any additional BT activity? Thank you.

Yeah, so maybe Mark, you could comment on has the inclusion of China in the invasive candidiasis for the study to change the trend in any way? I think that was Chen's first question.

Yes, thanks for the question. I think we are on track with the program. There's no change really in the timelines and as expected, opening China contributes to the enrollment of the study. I think there's nothing really unexpected from that end.

I think on your cash position question and basically the use of capital, I think as we've said, at the moment for 2026, 2027, it's clear that our focus as we laid out in Agenda 2030 is basically investing in our R&D. so that both the late stage programs and the earlier stage programs and in addition to selectively you know in licensing acquiring assets like we've done for the last three years assets that are both innovative but have what we believe is commercial potential and that's the focus of our capital allocation now and then what we've always what we've said publicly up until now and it's still the current thinking is that when we get more visibility following the maturity of the convertible bond mid-2027 and we get visibility on the results, the initial results from cost managepics at the beginning of 2028 of the phase three studies, then we'll be in a position to assess, you know, capital distribution in terms of whether it be buybacks or dividends in addition to the other uses of capital that I've just mentioned. That's the way we're thinking of it, Jane, at this moment.

As a reminder, if you wish to register for a question, please press star and one on your telephone. We now have a question from the line of Jasmin Sperry from Züricher Kantonalbank. Please go ahead.

Thank you for taking my questions and also congratulations from my side. I have two questions. One is related to Zestera and the other one to your Phase 1 asset, BOL2420. The first one about Zestera is mainly that the US launch of Zestera appears to be progressing. Could you provide more details on maybe hospital adaptation and how you see this translating into revenue growth over the next 12 until 18 months. And second, Ball2420 has entered phase one trials. Could you share any early insights or timelines for when we might expect initial data readouts or how do you see this asset fitting into your voter portfolio strategy time-wise? Thank you.

Yeah, thanks Yasmin for the questions. I mean, maybe Yadesh, you comment on the Zeptera sort of 12 to 18 month sort of vision.

Yeah, so and I'll even go beyond that. So just as a reminder, Zeptera has exclusivity in the US until April 2034. And the way that we have structured the transaction and also the way that we philosophically think about our assets is that we look at optimizing the value over the entire product lifecycle. And hence, for us to focus when we're looking at the key performance indicators that we are tracking at this point in time is, are we, together with our partner, of course, in Aviva Specialty Therapeutics, setting the ground for long-lasting success, basically. And in this respect, we've done indeed, as you indicated, we've seen a good progress. We believe that market access has been established very well. we believe that the hurdles have been overcome that may have been there of barriers with regard to affordability, broad adoption, positive clinical, initial clinical experience, and so on. And the expansion of the field force by Noviva Specialty Therapeutics also plays into the expectation that we will see an increase in dynamic now going forward. However, to manage expectations, for us, again, more material impact or more material visibility on revenues from Sephira are probably going to come in the 28-29 timeframe. That's when we start to really look at, do these early indicators translate into tangible revenues that we're seeing, and are we on a good trajectory to achieving our goal of maximizing the value?

And just the 2420 question mark about, you know, where are we data readout timelines and thinking about next steps. Could you comment on that?

Yeah, I think first in human study, timelines are always not exactly to be predicted because we don't know how many dose levels we will have to dose until getting to an effective and safe dose. But our current expectation is that this study could be completed in around mid-2027. But as I said, it depends on the number of dose levels and dose cores. So this is single dose and multiple doses, and they go on in parallel with the multiple doses starting sometime after the single doses have been qualified. From a portfolio perspective, it's complete novel mechanism of action overcoming resistance one of the indications we are currently thinking about for this compound is from negative blood cell infections which are frequent with a high unmet medical need and I think that kind of discuss portfolio that would be our development direction hope that answers your question yes thank you very much

Once again, to ask a question, please press star M1 on your telephone. Ladies and gentlemen, there are no more questions at this time. I would now like to turn the conference back over to David Veach for any closing remarks.

Yeah, thank you. Thanks for your questions. Before we close, I'd just like to remind you of our Capital Market Day, which will take place on October the 28th in Zurich. During the event, we provide a more comprehensive update on our strategy, our development portfolio, and future value creation opportunities. In addition, we'll have two globally renowned infectious disease physicians who will share their insights on the medical need in serious fungal and bacterial diseases, which underpins our portfolio's development programs. So hopefully you can join us at that meeting. But thank you very much for your time today.

Ladies and gentlemen, the conference is now over. Thank you for sitting course call and thank you for participating in the Basilea Pharmaceutica Have Yourself 2026 conference call. You may now disconnect your lines. Goodbye.