Good morning, ladies and gentlemen. My name is Paul, and I will be your operator today. Welcome to Knight Therapeutics Inc. 2021 First Quarter Financial Results Conference Call. Before turning the call over to Jonathan Ross Goodman, CEO of Knight, listeners are reminded that portions of today's discussion may, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the company and its subsidiaries may ultimately prove to be incorrect. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether a result of new information, future events, except as required by law. We would also like to remind you, questions during today's call will be taken from analysts only. Should there be any further questions, please contact Knight Investor Relations department via email to info@knighttx.com or via phone at (514) 678-8930. I would like to remind everyone that this call is being recorded today, May 14th, 2021, and would now like to turn the meeting over to your host for today's call, Jonathan Ross Goodman. Please go ahead, Mr. Goodman. Good, as in G-U-D, morning, everyone, and welcome to Knight Therapeutics' first quarter 2021 conference call. I am joined on today's call with Samira Sakhia, our President and Chief Operating Officer, Amal Khouri, our Chief Business Development Officer, Arvind Utchanah, our Chief Financial Officer, and Jeff Martens, our VP, Commercial. Since founding Knight in 2014, we've set out to build a rest-of-the-world pharmaceutical company that brings innovative products that help the lives of patients. Since our 2014 founding, Knight has deployed or invested over CAD 900 million of capital while generating over CAD 270 million in net income. Today, we commercialize pharmaceuticals in Canada and 10 Latin American countries with nearly 700 talented people. We are in the business of making people better while creating shareholder value. I have been faithfully reporting quarterly results to shareholders for the last 27 years or 104 quarters. Effective September 1st, 2021, I will assume the role of Executive Chairman and the talented and get stuff done, Samira Sakhia will assume the role of President and CEO. In addition, James Gale, who has been Knight Chairman since founding, will transition to the role of Lead Director. I will continue to direct Knight strategy and remain focused on non-operational areas where I can add the most value. I have worked side by side with Samira for 18 years, where I've had the privilege of watching her develop into a seasoned top brass executive. Knight is my baby, and I would only entrust its stewardship to the best and brightest. I will now turn over the call to Samira, who will walk through our corporate updates. Thank you, Jonathan. Good morning, everyone. As I said yesterday, I started as CFO of Paladin in the summer of 2001, and it has been a privilege to have worked hand- in- hand with and learned from Jonathan for the last 20 years. I'm honored and humbled to take on the role of President and CEO of Knight and to lead an exceptionally talented and dedicated executive team and Knight across Canada and Latin America. Over the last 18 months, we have executed on a transformational acquisition and remain focused on executing on our strategy of building on our Pan-American ex-U.S. footprint. We will continue on our mission to in-license late-stage innovative products, acquire under-promoted products from Big Pharma, and develop branded generic products that improve the lives of patients in Canada and Latin America. As for the quarter, I'm excited to report that our key launch plans in Latin America, including Cresemba, HALAVEN, and Lenvima, as well as Trelstar and NERLYNX in Canada, grew 116% combined compared to the same period last year. Subsequent to the quarter, we executed on another transformational transaction with the acquisition of Exelon from Novartis for Canada and Latin America. Turning now to the NCIB, which we launched in July last year. Under this NCIB, Knight can purchase up to 10.9 million common shares until July 2021. During the quarter, we purchased approximately 3.6 million common shares for an aggregate cash consideration of CAD 18.6 million. Subsequent to the quarter, we have purchased an additional 512,000 common shares for an aggregate cash consideration of CAD 2.7 million. I'll now turn the call over to Amal for an update on BD activities. Thank you, Samira. As we previously announced, we have entered into a definitive agreement to acquire the exclusive rights to manufacture, market, and sell Exelon in Canada and Latin America, as well as an exclusive license to use the intellectual property and the Exelon trademark within Canada and Latin America. This acquisition leverages our Pan-American ex-U.S. platform and further validates our rest-of-world strategy. Exelon will be the first product that we will be selling across our entire territory. At closing, we will pay $168 million in cash and an additional milestone payment of up to $12 million upon the achievement of certain conditions. The transaction will be funded with Knight cash, and we expect to have remaining cash of at least CAD 150 million to continue to execute on more business development opportunities. The closing of this transaction is subject to antitrust clearance in Brazil. At closing, we will enter into a transition service period, during which Novartis will continue to distribute and sell Exelon until the transfer of marketing authorizations on a country-by-country basis. During this transition period, we will receive a net profit transfer, and once the marketing authorizations are transferred, we will begin distributing the product through our own local affiliates on a country-by-country basis. Our business development team will continue to focus on leveraging our broader footprint to continue and position ourselves as the partner of choice for Canada and LATAM. I will now turn the call over to Jeff to go over the commercial update. Thank you so much, Amal. Building on our hard work of 2020, the first quarter of 2021 was directed to executional excellence on our new launches. Our revenues on a constant currency basis increased by CAD 4.1 million, or 10%, versus the prior quarter, driven by the launch of Cresemba, Lenvima, HALAVEN, NERLYNX, and certain BGx products, as well as Trelstar, which Knight started to commercialize in April of 2020. In addition, in March, we launched Ibsrela for the treatment of irritable bowel syndrome with constipation in Canada, which is now covered by most private insurance companies. We finalized our commercial leadership structure with the addition of a country manager in Colombia. Now today, the management of our commercial operations is organized in five regions, comprised of Brazil, Colombia, South LATAM or SOLA, North LATAM or NOLA, and Canada. Over the remainder of the year, we will focus on the execution of our new launches. We'll prepare for the upcoming launches of Lenvima and HALAVEN in Colombia, as well as Lenvima, HALAVEN, and Cresemba in Ecuador. I'll now turn the call over to Arvind to go over our financial results. Thank you, Jeff. In the course of this conference call, I will refer to EBITDA and adjusted EBITDA, which are both non-IFRS measures. Knight defines EBITDA as operating loss or income excluding amortization and impairment of intangible assets, depreciation, purchase price accounting adjustments, and the impact of accounting under hyperinflation. Adjusted EBITDA excludes acquisition costs and non-recurring expenses. In addition, constant currency is also a non-GAAP measure excluding foreign currency fluctuations. Financial results at constant currency are obtained by translating the prior period results at the average foreign exchange rates in effect during the current period, except for Argentina, where we only exclude the impact of hyperinflation. I am pleased to report that for the first quarter of 2021, revenues were CAD 46 million, an increase of 1% compared to the same period last year. The growth of revenues from our new launches was offset by the depreciation of our LATAM currency. As for gross margin, we reported CAD 20.6 million, or 45%, compared to CAD 19.9 million, or 43%, in the same period last year. The increase is mainly due to lower inventory provision and product mix, partially offset by renegotiation of certain license agreements and the depreciation of the LATAM currencies. Excluding the impact of hyperinflation, the gross margin would have been 47% for the quarter. Our operating expenses decreased by CAD 3.8 million compared to the same period in 2020. The decrease is mainly explained by CAD 1.1 million of bad debt provisions recorded in Q1 of 2020, compared to none this quarter. CAD 1.5 million of depreciation of the LATAM currencies, and the remainder is due to restructuring activities and cost-saving measures put in place as a result from the pandemic. Moving on to EBITDA. The EBITDA for the quarter was CAD 5.2 million, compared to an EBITDA of CAD 1.2 million in the first quarter of last year. Adjusted EBITDA was CAD 5.6 million for the quarter, compared to adjusted EBITDA of CAD 3.2 million in the same period last year. The increase of CAD 2.4 million, or 75%, is driven by the previously mentioned increases in gross margin and decrease in operating expenses. Now moving on to certain items that are not reflected in our adjusted EBITDA. During the quarter, we generated CAD 2 million of interest income from our cash, marketable securities, and strategic loans. This represents a decrease of CAD 2.7 million, or 57%, compared to the first quarter of 2020 due to a decline in interest rates, as well as a decrease in our cash, marketable securities, and strategic loan receivable balances. In addition, we recorded interest expense on our bank loans of CAD 660,000, a decrease of 42% compared to the same period last year due to a decrease in interest rates in Brazil as well as our average loan balance outstanding. Furthermore, we recorded a net gain on financial assets measured at fair value to profit or loss of CAD 9.5 million during the quarter, which is mainly coming from our strategic fund investments. I want to remind listeners that our financial assets are subject to equity price risk. I would like to point out that an investment held in one of our funds has seen a material decline in its share price subsequent to the first quarter. Should the share price remain at the current levels, Knight will record a loss of over CAD 15 million in the second quarter of 2021. Knight generated cash inflows from operations of CAD 17 million in the first quarter of 2021 as compared to cash outflows of CAD 21 million for the same period last year. The significant increase in cash from operations is driven by an improvement in our operating results and working capital, as well as interest collected on the maturity of certain marketable securities during the quarter. I will now turn the call back to Samira. Thank you, Arvind. Looking ahead, we remain committed to building a leading Pan-American ex-U.S. specialty pharmaceutical company. After closing Exelon, we will have at least CAD 150 million in cash to continue to execute on our strategy to in-license and acquire innovative pharmaceuticals, as well as developing our brand generic products for Canada and Latin America. I'll now turn the call back over to Jonathan for his concluding remarks. Thank you, Samira. Thank you for your support and confidence in the Knight team. This concludes our formal remarks. We will now open the call up to questions. Thank you. Operator? Before we begin, may I please remind you, questions during today's call will be taken from analysts only. Should there be any further questions, please contact Knight Investor Relations department via email to info@knighttx.com or via phone at (514)-618-8930. If you would like to ask a question please press star followed by the number one on your telephone keypad. If you're using a speaker phone please lift your handset before pressing any key. The first question is coming from David Martin of Bloom Burton. David, your line is live. Good morning. Congratulations to both Samira and Jonathan. First question, Samira, do you have any changes in mind for when you take over as CEO, or will it be pretty much stay on the same path? Dave, thank you. Definitely it's business as usual. When it comes to what the strategy is, this is exactly what we set out to do. This is what we were doing before Knight, this is what we'll continue to be doing in in-licensing and acquiring and bringing innovative products that help patients. Okay. As far as the CAD 150 million you'll have on hand after the closing of the acquisition, what about the money that's tied up in loans and investments and funds now? Do you consider that as accessible capital if you had a larger acquisition in mind? Right now, as far as the financial assets are concerned, we may borrow against them because what we've seen is if we were to sell them, we're likely not to receive the value that they're worth on the balance sheet. The other thing that we're looking to do after closing of Exelon is add debt into the balance sheet in local currency to hedge against the currency exposure there. That's really what's going to give us a little bit more flexibility and capital. Okay. The last question is just a housekeeping question. What exchange rates do you use when you report a quarter? The rate at the end of the quarter or the rate as the revenues come in or something else? I'm going to turn that over to Arvind to answer. In terms of the conversion, the exchange rate is really the average for the Q. It's converted from each functional currency of each of our entities to Canadian dollars using that rate. The only exception that I would say to that rule is Argentina. The accounting rule and the calculation is different. I would refer you to, we posted on our website, the illustration of how the conversion works for Argentina, and I would point you out to that example posted online. Okay. Thank you. I'll get back in queue. Thank you. The next question is coming from David Novak of Raymond James. David, your line is live. Good morning, folks. Thanks for taking my questions. First and foremost, congratulations, Samira, on the new title. There's really nobody better suited to lead Jonathan's baby into the next stage of life. Two from me this morning. Let's first on financial assets. I know you guys mentioned a variance here at AVIR were mark-to-market mid-May. The company in question looks like they're working on a COVID antiviral, which I suppose explains the equity performance as the market looks to vaccine uptake. I'm just wondering if you can help me understand how Knight ended up with such a significant exposure to that specific equity. Did Sectoral just take an outsized position here to the tune of, I guess it looks like 30% allocation. Is that what's going on there? Arvind, do you want to take that? Yeah. First of all, on the first question on AVIR, this was an investment made by one of our funds, so it was not a direct investment made by Knight. Even though we're saying there will be a reversal of gains with this decline that you mentioned, we are still sitting on an overall profit based on the cost base of where the fund entered into that company. The fund really invested in the company pre-IPO. Okay, got it. Great, thank you. Just looking at revenues by therapeutic area here, looks like you guys are seeing a nice uptick in infectious diseases, which I guess might be helped by Cresemba here. Despite the launch of neratinib and other onc therapeutics, the onc hem line is still a bit under pressure. Is that a function of continued COVID impact on hospitals and patients not being managed in a timely manner in LATAM? Is there additional color you could add there? Jeff, do you want to take that one on? Sure. Yeah, so the infectious disease piece, both Cresemba, and we are seeing ICUs full of patients in many of our LATAM countries where Cresemba can definitely benefit some of those patients. When a patient with COVID gets aspergillosis, they obviously need and require urgent care. Additionally, we're starting to see maybe some potential traction with AmBisome in the same area for Brazil and ICUs. As for the hem onc piece, yeah, we have continued to see decreased treatments for our oncology portfolio in LATAM for several of our brands. Some of them, like a HALAVEN, which is an infused product in hospital, is challenged because of that, while others which are oral, like a Lenvima, benefit where doctors are looking to treat those patients externally. It's a bit of a mixed bag. Please, Samira, anything that you'd like to add? That's exactly right. All of these products are actually, whether it's HALAVEN, Lenvima, and Cresemba, they're in launch phase, and it's also promotional efforts are a little bit tougher, and that's also on NERLYNX and Trelstar in Canada. We are seeing traction. When I look at a Cresemba, which was launched pre-COVID in Mexico, it is chugging along a lot better because it is a great product and provides a lot of clinical efficacy and benefit. Excellent. That's helpful. Thank you very much. Just looking at revenues another way by jurisdiction, Argentina seems to be disproportionately under pressure relative to other key territories. Do you guys largely attribute this to the ongoing pandemic, hyperinflation, currency, things like that, or is there additional color around Argentina specifically you could provide? No, it's really a currency issue and pandemic. Argentina is a great pharma market. Unfortunately, right now, the financial crisis isn't really allowing us to obtain the results that we'd like to get. Got it. Great. Just lastly, a small housekeeping item. On the non-recurring expenses, there's CAD 874,000 in inventory write-off, and you mentioned an insurance claim. Is that claim expected to hit in Q2? Arvind, I think that was for last year. Yeah. Arvind, do you want to take that? Yes. This was really a claim that and write-offs are showed] due to a temperature excursion when we were shipping the product. I don't believe we provide any further updates on the claim, but we were working through it. Great, got it. I will hop back in the queue. Thank you very much for answering my questions. Thank you. Thank you. Once again, just a reminder, ladies and gentlemen, if you wish to enter the Q&A queue, please press star one on your phone. The next question is coming from Endri Leno from National Bank. Endri, your line is live. Hi, good morning. Thanks for taking my questions. Congrats, Samira, on the job. A couple from me. First, I just wanted to ask, was there inventory building in the quarter as there had been a building or depletion in the prior quarters, or do you think it is in a good spot right now at the wholesalers? Arvind, do you want to take that first, and then I'll add if necessary. Sure. Yes. At throughout 2020, we've been really working hard in setting a process and controls and making sure we have an efficient allocation of working capital. This really paid off, like you see it at the end of 2020 and really in this quarter where we see the current levels as a more stable levels going forward. Also do keep in mind that depending on timing of purchases and sales, there could be fluctuation in working capital going forward. On the other side, on as to inventory in the trade, one of the things we know is, and it's similar to Canada, where Q4 is because of the holiday season, it's usually a little bit higher. We saw that. Unfortunately, it's really hard with COVID to know how much was wholesaler buildup versus just a reaction to COVID. Once the market stabilizes post-COVID, we'll have a better idea. Okay. Great. Thank you. Next question is, first, congrats on launching those new products. Are you able to quantify what their contribution was in the quarter? What I'm trying to get there is more kind of like how efficient were these launchings versus a more normalized environment? We're not providing revenue by product. Part of that is both for confidentiality as well as competitive reasons. When we start to have market data, we'll start to disclose that more. The other side is, as you know, when you're launching products, they're not profitable because there is a lot of commercial spend. You have a lot of people working, and they're just doing an uptake in revenue. We do expect all of the brands that we outlined in the next three to five years to be big contributors, not just to the top line, but also to the bottom line. Okay. Understood. One last one for me. Are there any significant renegotiation agreements coming up, let's say, in the next 12 months? Amal, do you want to take that one? Sure. I think what you should assume, Endri, it's normal course to always have renegotiations and renewals coming up just because of the nature of the business. On the Biotoscana site specifically, they've had partnerships for a long time. It's normal course to be renegotiating and renewing. Okay. We shouldn't be expecting any major impacts over the next few. We're not. Outside of normal? We're not expecting any. Correct. Great. Thank you. That's it for me. Thanks. Thank you. The next question is coming from Justin Keywood from Stifel GMP. Justin, your line is live. Good morning. Thank you for taking my call, congratulations on the appointment. For Exelon, I know the sales were $47 million last year, just wondering if there was any pandemic impacts in that figures, how sales have trended over the past couple of years. Amal, do you want to take that? Sure. In the last couple of years, I would say if you look at LATAM specifically, I think sales have been relatively flat. In Canada, we have seen a decline because of genericization of the patch and just how generic dynamics work in Canada. On COVID specifically, it's really hard to tell. However, this is a chronic care product, so it's not in-hospital, and it's not acute. Right? If there was an impact, it would be really hard to parse out that impact because despite COVID, patients would have continued their therapy. That's really what I can tell you, and we're not seeing anything in the sales that would tell us that there was a COVID impact. Okay. What's the split, roughly, of the sales between LATAM and Canada? We had said is that 2/3 of the sales were Brazil and Colombia. Most of the sales are coming from LATAM. Canada is a small contributor. Okay. Sorry, just to add there, I think when we also said that according to IMS, the Canadian sales are about CAD 2 million less. Okay, that's helpful. When's the anticipated close date again? On the close date. Amal, that's for you. Sure. On the close date, the antitrust process in Brazil is going faster than expected. We've passed through the first level of review. Right now we're expecting a final clearance and hopefully closing in the next two to three weeks. That would be much sooner than, I think it was first described as it could close over a number of months, if I was correct. Yeah, the initial estimation was 45- 90 days. This will actually be just under 45 days. It's gone very well. Okay. Thank you. Just a final question on the global ERP system implementation. I know this was highlighted last quarter. Just wondering how that's going and if there's a timeline to complete that integration. Arvind, do you want to take that one? Yeah. No, the update is that the integration is progressing well as planned, and as we've disclosed it in the MD&A, we expect substantially most of the work to be completed in the next 12 months. In the next 12 months, is that progressive throughout that, or is it a system that basically you need to do all the work and at the end of the 12 months it's ready to go? Just if you have any additional color on that timeline? Yeah. No, it's really a progressive approach, given we have so many different entities and jurisdiction. The way the ERP would work is also customized to the local rules for certain countries. It's really a progressive approach, and it's a rollout basically on a country-by-country basis for the next 12 months. Okay. Thank you. I appreciate you taking my questions. No worries. Thank you, Justin. Thanks. Thank you. Next up, we have a follow-up from David Martin. David, your line is live. Yes. Thanks for taking the follow-up. Trelstar you consider a launch product, but unlike some of your other launch products, that was already selling as you took it on. I'm wondering what kind of growth, if any, are you seeing with Trelstar since you've taken over sales? Sure. I'm going to actually ask Jeff to answer that question. Thanks so much for the question. Yes, we do consider it a relaunch. When we acquired it was actually declining. There was a lot of work that went into bending that curve, and I think Q1, we're starting to see the benefits of our work. It was up by about 20% Q1 this year versus same time last year. Okay. I think you said you have full reimbursement for Ibsrela now. Did I hear that correctly? I'm happy to take that, Samira. Yeah. Please go ahead. On Ibsrela, the primary market is going to be private, and we have been able to obtain a large portion of the private coverage in Canada. Okay. Thank you. Thank you. Once again, ladies and gentlemen, if there are any final questions, please press star one on your phone. The next question is coming from Doug Miehm from RBC. Doug, your line is live. Yeah, good morning. Congratulations from me as well. Maybe you can talk, Samira, about the trends within the South American marketplace as we enter a new season with respect to COVID and your thoughts on perhaps when we might see a light at the end of the tunnel here. The second question just has to do with margins. Gross margins were a little bit better than we thought they'd be. Can you maybe walk us through why that is and what trends we could see with respect to those margins over the next while? Sure. I'm going to kind of speak to COVID. The situation isn't improving rapidly. That being said, each of the countries is slowly advancing through vaccine distribution. I know, for example, in Argentina, they are in lockdown. Our team is having to deal with another winter of lockdown. As you've seen in the news, there is a lot more talk about trying to get vaccines into developing countries and hoping that that'll move things forward. Our teams are looking into what we can do to also vaccinate our teams. I do think that things will start, on the back end of this year, to start improving because vaccine rollout will move faster. We will see an uptake. There is obviously a lot of uncertainty. There's a bit of political unrest as well. I think that as countries see a turn to the better, we're going to see an impact of that as well. Okay. Thank you. I'm going to ask Arvind to answer the question on margin. In terms of the margin, really the improvement that you're referring to is really driven by product mix, where higher margin products have outperformed expectations. In terms of forecasting for the rest of the year, I would say it's really hard to predict because of currency. What I can tell you is for the current business, I would say expectations should be low to mid- 40s as what we guided to last year. Again, as we close Exelon, keep in mind this will be a net profit transfer before the MAs are transferred on a country-by-country basis. During that transition period, we will be recording net sales at the 100% gross margin. Thank you very much. Thank you. There were no other questions in queue at this time. I'll now hand the call back to the Knight management team for any closing remarks. It's Jonathan. Thank you for the confidence in the Knight team and for joining our Q1 2021 conference call. Stay safe and be healthy. Thank you, ladies and gentlemen. This does conclude today's conference. You may disconnect at this time, and have a wonderful day. Thank you for your participation.