Ladies and gentlemen, welcome to the Basilea Pharmaceutica full-year results 2023 conference call and live webcast. I am Sandra, the call's operator. I would like to remind you that all participants have been placed 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 one 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 Veitch, Chief Executive Officer. Please go ahead, sir. Thank you. Hello everyone. I'd like to welcome you to our conference call and webcast reviewing our financial results and key achievements for the full year 2023, as well as highlight our upcoming key milestones. For further detailed information, please see the ad hoc announcement issued this morning and also our full-year report. These documents are both available on our website at basilea.com. I'd also like to mention this call contains forward-looking statements. Joining me on our call today are Adesh Kaul, our Chief Financial Officer, and Dr. Marc Engelhardt, our Chief Medical Officer. I'd like to start with a brief summary of our key achievements in 2023, starting with our commercial products. Cresemba, our antifungal for invasive mold infections, continues to perform very well, as demonstrated by the 22% increase in global in-market sales according to the latest available data for the 12-month period to September 2023. For our antibiotic ceftobiprole, which is marketed in many countries as Zevtera, we submitted a new drug application in August 2023 to the FDA seeking regulatory approval for this broad-spectrum anti-MRSA antibiotic in the most important commercial market, the United States. The FDA set the PDUFA target action date to April the 3rd, 2024. So this is the date when we expect the regulatory decision, and we aim to enter into a commercial partnership before this date. Our financial performance in 2023 was very strong. Cresemba and Zevtera-related revenue increased by almost 23% to CHF 150 million. Our strong top-line results enabled us to fully absorb the investments for the expansion of our portfolio and still to remain profitable, reporting a better-than-expected operating profit of CHF 19.2 million. We used our free cash flow and cash at hand to reduce significantly our debt level in 2023. Based on the positive cash flow from our commercialized brand, we were able to significantly strengthen our clinical portfolio, most notably by the acquisition of the phase III ready antifungal fosmanogepix, but also by acquiring the rights to the antifungal BAL2062 and an evaluation license for the antibiotic tonabacase. Each of them has a promising potential and unique profile. With our expanded clinical pipeline, we are establishing ourselves as a leading anti-infectious company, taking anti-infectious drugs from research through clinical development to commercial success. I'll now hand over to Adesh. Thank you, David. I'd like to start first with a short update on the commercial performance of Cresemba, a key driver of our strong set of financials. I will then highlight some of the key financial figures that we published today. I would like to mention that all figures I refer to are in Swiss francs unless specifically stated otherwise. Cresemba in-market sales in the 12-month period to September 2023 amounted to $445 million and continued to show double-digit growth. We are already seeing notable contributions from China, where our partner Pfizer launched the drug in mid-2022. We see significant growth potential for the brand going forwards. Cresemba continues to gain market share in established markets. In the U.S., Cresemba is the biggest selling product by value for the treatment of invasive mold infections, and our partner Astellas recently reported 22.5% growth year-over-year for full year 2023. We also expect to see increasing contributions from China and Japan, where Cresemba was launched more recently. These two countries alone represent approximately 25% of the global market opportunity for Cresemba. The continued commercial success of Cresemba is reflected in our strong financial results for 2023. Cresemba and Zevtera-related revenue amounted to CHF 150.3 million, which is a 22.9% increase year-over-year and at the upper end of our guidance. Included in this number is royalty income, which increased by 21.4% year-over-year to CHF 78.9 million, directly reflecting the continued growth of Cresemba in-market sales in the key territories. The reported growth rate is even more remarkable when taking into consideration that the Swiss franc has appreciated significantly versus key currencies in 2023. Total revenue increased to CHF 157.6 million. Total cost and operating expense amounted to CHF 138.4 million. Overall, this resulted in an operating and net profit of CHF 19.2 million and CHF 10.5 million, respectively, and both exceeding our guidance. The increasing cash flow contributions from our commercialized drugs have been driving the consistent improvement of our operating cash flow over the past years. This reflects the significant leverage provided by our commercialization model, which allows us to minimize our investments during the commercial phase. In 2023, we were able to double our cash flows from operating activities to CHF 14.2 million compared to 2022, while absorbing an investment of almost CHF 40 million related to our newly acquired and in-licensed assets. Besides investing into the expansion and progression of our pipeline, we used the cash flows from our commercial business to strengthen our balance sheet. Since January 2022, we have significantly reduced our debt level in a completely non-dilutive way. Starting at a level of CHF 221 million at the beginning of 2022, we've extinguished CHF 108 million in debt by the end of 2023, now going to repay the remaining CHF 15.6 million of the senior secured loan by the end of the first quarter 2024. All in all, we will have achieved a non-dilutive debt level reduction of CHF 124 million between 2024 and 2022 and 2024, so that the only remaining debt as of Q2 2024 will be our CHF 97 million convertible bond, which is going to mature in mid-2027. Moving now to our guidance, Cresemba and Zevtera-related revenue is expected to increase by about 20% to approximately CHF 180 million. We expect continued double-digit growth in royalties to approximately CHF 89 million. Total revenue is expected to amount to approximately CHF 183 million. As a result of increasing product sales, cost of product sold is expected to increase to approximately CHF 33 million, and operating expenses are expected to be around CHF 120 million. We expect a more than 50% increase in operating profit to approximately CHF 30 million and a more than doubling of net profit to approximately CHF 25 million. The disproportional increase in net profit versus operating profit is partially explained by lower interest payments and fees in 2024. This is due to the accelerated repayment of the senior secured loan in 2023 and 2024. Our healthy financial situation allows us to build and progress a strong R&D pipeline to support the long-term growth of Basilea. With respect to our guidance on Cresemba and Zevtera-related revenue, I would like to provide a little bit more granularity. Royalties are expected to continue growing at a healthy double-digit range. This royalty growth in Swiss francs, however, does not fully reflect the underlying in-market growth of our brands due to the negative currency impact in the mid-single-digit percentage range as compared to 2023. Milestone payments have been more volatile in the past years but have been generally at higher levels since 2021. We expect 2024 to follow this pattern with an approximately 15% growth in milestone payments versus 2023. The third major component of our revenue are product revenues from selling product to our partners. These are also variable as deliveries happen in bulk and depend on the manufacturing schedules, but in general are reflecting the increasing demand for our products. In 2024, we expect approximately 40% higher product revenue as compared to 2023, reflecting the expected continued strong growth of our products in 2024 and 2025, as product revenue can generally be considered as a lead indicator for expected future in-market demand. I will now hand over to Marc for the portfolio update. Thank you, Adesh. Starting with our antibiotic ceftobiprole, we believe that the United States is the most important market for ceftobiprole, which is why we have submitted an NDA to the U.S. FDA in early August 2023. With the NDA, we are seeking approval for SAB, ABSSSI, and CABP based on three successfully completed phase III studies in these indications. The SAB and ABSSSI studies were supported by and received significant funding from BARDA. In line with our business model, we plan to commercialize ceftobiprole in the U.S. through a partner and aim to enter into such a partnership prior to the FDA decision on the NDA. Just a quick reminder on the NDA review process. Ceftobiprole was granted QIDP status, which provides for a priority review of six months compared to 10 months under standard review. Hence, 60 days after our NDA submission, the FDA started a six-month review process and set the PDUFA target action date to April 3rd, 2024. As the QIDP status also provides for additional market exclusivity, a ten-year market exclusivity period would start at the date of approval. Based on its pharmacology and antibacterial spectrum, the data from various phase III studies, and the post-marketing experience, we consider ceftobiprole an excellent treatment option in difficult-to-treat patients presenting to the hospital with severe infections when the clinician suspects involvement of Gram-positive pathogens, including methicillin-resistant Staphylococcus aureus or MRSA. For these patients, ceftobiprole provides a single-agent first-line bactericidal treatment options with proven efficacy in SAB, ABSSSI, and CABP. As already mentioned, we believe that the U.S. is the most important market for commercializing branded hostile antibiotics and is estimated to account for up to 90% of global sales for anti-MRSA treatments, as shown by daptomycin and ceftaroline. Considering the need for anti-MRSA antibiotics in the U.S., this is why one of our key priorities is to gain access to the U.S. market for ceftobiprole. Now let's move to our recently acquired or licensed products. Starting with fosmanogepix. Fosmanogepix is a novel broad-spectrum antifungal that is targeting the treatment of resistant invasive yeast and mold infections. We're very excited about fosmanogepix because it holds a lot of promise in the fight against invasive fungal infections. We've acquired the drug from Pfizer, who maintains the right of first negotiation for the commercialization of fosmanogepix. With its extended spectrum covering both yeast and molds, fosmanogepix opens up a significant opportunity for treatment of invasive fungal infections and has the potential to become our next lead commercial product and value driver in the midterm. To date, more than 300 patients have been treated for up to six weeks with fosmanogepix in phase I and phase II studies. Fosmanogepix is ready for clinical phase III, and we plan to initiate the first phase III study in invasive candidiasis around mid-2024, followed by an invasive mold study towards the end of 2024. Fosmanogepix is the product of the active compound manogepix. Manogepix inhibits the GPI-anchored wall transfer protein 1, or GWT1, which is responsible for keeping important fungal surface proteins such as cell wall mannoproteins attached to the fungal cell membrane. By interfering with the anchoring of these cell wall proteins, manogepix causes multiple and unique effects that lead to fungal cell disintegration and death. The FDA has acknowledged fosmanogepix's potent broad-spectrum activity and has granted it fast-track and orphan drug designations for seven separate indications, including invasive candidiasis, invasive osteomyelitis, scedosporiosis, mucormycosis, cryptococcosis, and coccidioidomycosis. In addition, it has received QIDP designations for these indications. Fosmanogepix provides activity against all fungi that the WHO has included in their list of critical priority pathogens. The urgent and unmet medical needs for developing new treatment options for patients infected with these pathogens are evident when looking at the high mortality rates that have remained at 25%-40% or higher over the last decade in these yeast and mold infections. The antifungal spectrum of fosmanogepix addresses these urgent needs, and it is favorably differentiated against existing antifungal treatment options and against other novel compounds that are in clinical development. The broad tissue distribution of fosmanogepix enables penetration into the central nervous system and into the eye. Because fosmanogepix is available IV and oral with high oral bioavailability, it can be used in both inpatient and outpatient settings. Finally, fosmanogepix has a favorable drug action profile and may be synergistic with amphotericin B and echinocandins, which provides additional options in difficult-to-treat patients. We are planning a double-blind phase III non-inferiority study in candidemia and invasive candidiasis that will include approximately 450 patients randomized to initial intravenous therapy with fosmanogepix or caspofungin. We foresee an oral step-down option to fosmanogepix in the fosmanogepix group and to fluconazole in the caspofungin group. The primary endpoint for the FDA is 30 days survival and for the EMA overall response at the end of study treatment. It is a non-inferiority study with a non-inferiority margin of 15%. The prior sponsor already obtained initial health authority approvals from the FDA and in Europe for this protocol. Basilea has selected a CRO for the phase III program, and we are now in the process of operational study setup and expect study initiation in mid-2024. Our planned phase III study in invasive mold infections will include a total of approximately 200 patients. Patients will be enrolled in an open-label randomized portion comparing fosmanogepix with respective best available therapies for separate cohorts of patients with invasive fungal infections caused by azole-resistant Aspergillus species, Fusarium species, Scedosporium species, Lomentospora prolificans, and Mucorales fungi. In addition, patients requiring salvage therapy will be enrolled in a separate cohort. We anticipate initiating the invasive mold infection study at the end of 2024. If successful, this phase III program will provide a comprehensive data set supporting broad use of Fosmanogepix in yeast and mold infections as primary therapy and as a salvage therapy option. Moving to our second clinical asset, BAL2062 is a first-in-class cyclic hexapeptide antifungal targeting patients with invasive aspergillosis. It is actively transported into fungal cells through the siderophore iron transporter 1, or Sit1, which is not present in mammalian cells. One of the key attributes of this compound is its rapid killing and fungicidal activity against Aspergillus species. BAL2062 does not show any cross-resistance with marketed antifungal agents. It is active against azole- and amphotericin B-resistant Aspergillus species and has shown activity in invasive pulmonary aspergillosis animal models. In addition, it has a low propensity for drug-drug interactions. Clinical safety has been demonstrated in the phase I study, and we expect to start the phase II program in early 2025 based on results from the additional preclinical profiling studies. BAL2062 has FDA QIDP orphan drug and fast-track designation for invasive aspergillosis. Turning to our third new program, tonabacase. Tonabacase is a potent bactericidal endolysin derived from bacteriophages with potential utility for the treatment of severe life-threatening staphylococcal infections such as endocarditis. We are currently evaluating tonabacase under an exclusive evaluation license and option agreement with iNtRON Biotechnology. Tonabacase is characterized by potent and rapid bactericidal activity and biofilm degradation that is superior to exebacase, which is a compound in the same class. Tonabacase can be dosed multiple times, which may significantly increase exposure. We are currently conducting preclinical studies, including PKPD investigations. Upon successful completion of this preclinical profiling, Basilea has the exclusive option to in-license tonabacase. Once in-licensed, we plan to start a phase II study in the second half of 2025. Our clinical program would be focused on a high unmet medical needs indication of infective staphylococcal endocarditis. I will now turn over to David. Thank you, Marc. Let me close with a quick summary and outlook. We reported strong financial results for 2023, a year in which we significantly expanded our clinical stage pipeline. We were able to fully absorb these investments by the positive cash flows generated from our commercial brands while still remaining profitable, with operating profit as well as net profit up by guidance. We have provided a strong financial guidance for 2024 too, reflecting the robustness of our business model. We are also very much looking forward to the FDA decision on the ceftobiprole NDA. An approval in the U.S. would mark a major milestone in the history of our antibiotic, which would then have ten years of market exclusivity in the U.S. As we said, we're in discussions with a few potential partners for the commercialization of Zevtera in the U.S., which we aim to execute prior to the FDA's decision. Our focus for 2024 is to keep supporting our commercial partners to maximize the revenues of Cresemba and Zevtera while at the same time progressing our clinical and preclinical assets through research and development. We are planning to start two global Phase III studies for our most advanced clinical asset, the antifungal fosmanogepix, one in candidiasis in mid-2024 and the other in mold infections by the end of 2024. We will see many important milestones during 2024. Thank you for your attention, and we'll now open the line for any questions you may have. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. You will hear a tone to confirm that you have entered a queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets if you're asking a question. Only three questions may be asked in a row. Then the line will be open for others. You can get back in the queue again for follow-up questions. Anyone who has a question may press star and one at this time. The first question comes from Brian White from Calvine. Please go ahead. Yes. Good afternoon. Thanks for taking my questions. Just looking at fosmanogepix in the phase III program, I just wondered why the gap between the two studies in terms of the six months, if there were manufacturing issues or what we're looking for there. And then just secondly, in terms of is this something that Basilea expects to bear the cost of itself over the next couple of years, or is the opportunity of non-diluted funding? And then just finally on ceftobiprole, obviously, we're all very much looking forward to the action date in the U.S. And assuming that you do, in fact, manage to execute an agreement prior to that date, when do you expect a formal launch of Zevtera in the U.S.? Thank you. Okay. Thank you, Brian. So first of all, at the high level, the reason why the fosmanogepix, candidiasis, and the mold infection studies, the phase III studies are starting sort of you could argue sort of six months apart if we talk about mid-year and end of year, it's nothing to do with supply. It's actually just a practical point that the candidiasis study, the protocol had been agreed by EMA and by FDA, whereas actually there's some finalization of some details of the mold protocol still to happen. But maybe, Marc, do you just want to build on that? That's correct. I think the candidiasis studies, also, they follow a more standard approach while invasive mold studies usually require more discussion with the regulators. These studies are somewhat smaller, and then these statistical assumptions can require a little bit more discussions with regulators. And that's why the candidemia invasive candidiasis study is just a more straightforward type of study that has much more precedent. But we still expect, as the candidemia study is a 450-patient study, invasive candidiasis study, and the invasive mold study is around 200 patients, that we expect that these studies, although they're six months apart, they will finish around at the same time. Okay. Thank you. Okay. And then maybe Adesh, you pick up the point around the cost of the fosmanogepix program? Yeah. So maybe to start out with and to broaden a little bit your question or the answer to your question is that we believe that we'll be able to finance, basically, not only fosmanogepix but also if tonabacase and BAL2062 would advance further everything through the cash flows that we would be generating from our commercial business. So we are not factoring in any non-dilutive support that we may get. However, as you know, we believe that all, actually, our programs that we have in-licensed and acquired tick the boxes in principle of the projects that would be eligible, in general terms, for non-dilutive support. And we will certainly be pursuing, as we have done in the past, opportunities to get support from government agencies, from other sources that support the development of novel antimicrobials. Okay. Then your final question around the ceftobiprole sort of launch timings. I mean, you're correct that we have the PDUFA date, April the 3rd, and then we plan to launch with a partner as soon as possible afterwards. Usually, in the U.S., that can be quite quickly. So we haven't given an exact date, but that should be relatively soon afterwards. Okay. That's great. Thanks very much. The next question comes from Chien-Hsun Lee from Pareto Securities. Please go ahead. Hi. Good afternoon and congrats on the strong financials. Just a few questions from my side. So for your 2024 guidance on the operating costs, how much are attributed to the R&D costs of fosmanogepix, and how much are other activities? And do you expect the operating costs will remain stable over 2025 and beyond? And the next question is a follow-up on BARDA reimbursement. So as you just mentioned, you are confident that you fulfill all the criteria, but do you have a timeline on when this decision can happen? Thank you. Yeah. Thanks, Chien, for those questions. Maybe, Adesh, do you want to take the point about the operating costs, R&D costs, Fosmanogepix versus other for 2024, and what the outlook looks like after that? Yeah. Maybe for 2024 first. So we're guiding for about CHF 120 million in operating expenses. What you can assume is, just given our model, that the SG&A costs are fairly stable sort of year-on-year. So if you would be roughly thinking about CHF 35 million relating to SG&A costs, that would leave you with about CHF 85 million related to R&D. A substantial part of that is attributed to startup activities for fosmanogepix. We're not breaking down the exact numbers per project, but that's certainly going to be one of the key drivers of the R&D expenses in 2024 and, as a matter, also in 2025. If we look forward, I would build on the answer to the question from Brian before. Most importantly, going forward, we believe that we can finance all the trials, our existing portfolio, with the cash flows that we are generating from our commercial business. From a P&L perspective, there are, of course, a lot of moving parts. So our expenses in 2025 will partially be driven by the results or the decision to move forward into phase II with the two assets that we were discussing before. It will also depend on whether or not we would get any support from non-dilutive sources. So it is too early to say how exactly the P&L would look like in 2025. And then maybe, Marc, pick up on the point about potentially getting any BARDA reimbursement for fosmanogepix. Yeah. I'd like to say that, as we indicated, I think the product characteristics of new compounds, they tick the boxes. They address the urgent need pathogens. Also, we have a longstanding relationship with BARDA. We're working with them since 2012 almost without interruption. So I think we should be able to get more information during 2024 when it comes to the availability or potential availability of non-dilutive funding from BARDA. Clearly, just to state the obvious, if we were to succeed in achieving non-dilutive funding from BARDA or, for that matter, for anyone else, we would obviously, as soon as we know that for sure, we would communicate that. Okay. Perfect. Thanks for taking the question. The next question comes from Edouard Riva from ZKB. Please go ahead. Good afternoon. Thank you very much for taking my question. I have actually two. My first question would be, should we expect any surge in net working capital or net working capital buildup? I'm thinking about inventories with the arrival of ceftobiprole in the U.S. My second question, I'll ask right away, it would be, regarding the guidance, do you include any upfront payment from the upcoming distribution partner that you will partner with for the U.S. for ceftobiprole? Thank you. Thank you, Edouard, for your question. Maybe on your first question, net working capital, we don't expect any massive changes. Also, I think what you can see is just the way that the demand for our products are going. It's not that we are holding a lot of actual finished product inventory. So from that perspective, no significant change in net working capital. With regard to guidance, let me just take your question a little bit one step back. The way that we intend to structure the partnership for the US for Zevtera is that we would like to secure an appropriate participation over the lifetime of the product. So we want to participate over the entire 10-year period. So the focus is therefore more on having an appropriate royalty rate, having milestones as the product is commercialized. So we're not necessarily looking at front-loading the transaction. Our guidance, as such, does not include any potential upfront payments that we may get related to a partnership. It does include some initial contributions from a launch in the U.S. where we would expect that the drug could be launched actually later this year, subject to being positively approved. Great. Thank you very much. As a reminder, if you wish to register for a question, please press star and one. The next question comes from Leonildo Delgado from Baader Helvea. Please go ahead. Good afternoon. Thanks for taking my questions. First question is, could you shed some light on how the economics of the ceftobiprole deal might look like in terms of upfront milestones and royalties, especially when compared to Cresemba, for example? And the second question would be, should we expect additional asset acquisitions in 2024, or do you feel that the pipeline already has sufficient value at the moment? Thank you. Yeah. Thanks, Leonildo. Actually, I'll take the second one about the assets. And Adesh, you can build on your previous answer with regard to the ceftobiprole deal. With regard to future assets, I think it's fair to say that we've got a great foundation from what we did in terms of activity around BSLN in 2023. But what's clear is, with all biotech companies, there's attrition. Products don't all make it to the market. So clearly, we have a view that we want to keep identifying the right opportunities that are both innovative but also can be commercially viable. And so we're actively discussing all the time with potential companies with regard to their assets in this antibacterial and antifungal space, and we'll continue to do that. I mean, I think it's fair to say the limiting factor's not going to be on our sort of financial ability, I think, to do deals, but it's actually on us identifying the quality assets to bring in. But we will continue to do that. I mean, maybe not as much activity as we saw in 2023 and 2024, but we'll continue to look as we sort of, I think, proved by the Spexis deal, which was for an earlier deal, preclinical deal, that we announced in January. So we'll continue to look for assets in our sweet spot of late preclinical through to the end of phase II. We'll continue to do that. But maybe then on the point about the terms of a ceftobiprole deal, Adesh? Yeah. So we, of course, can't be specific before we have executed an agreement that discloses sort of the economics or the structure of such an agreement. However, I think, in general terms, what you'll be looking at is tiered royalties, in essence, starting somewhere in the double digits or in the teens, going into the 20s, and some product sales that you would be getting and sales milestones. But the numbers can really vary because, depending on which counterparty you're talking to, they may be more leaning towards having more sales milestones. Other parties have a preference for having higher royalty rates, so there's not a general statement. If you look at the totality of value distribution, I think probably looking at what we have been guiding for for Cresemba in general is a good starting point where we said that we are participating in the Cresemba in-market sales to an extent of about 30%-40% over the lifetime of the drug. And probably that's a good rough indicator for Zevtera in the U.S. as well, depending on what your peak sales estimates are. So if you're at the higher end, we probably have a participation that's closer to 40%. If it's at the lower end, then it's close to 30%. But that's sort of the order of magnitude in the area under the curve of sales in the U.S. Does that answer your question, Leonildo, to the extent that you could work with it? Thank you. Once again, to ask a question, please press star followed by one. We have a follow-up question from Edouard Riva from ZKB. Please go ahead. Yes. Thank you again for taking this follow-up question. And could you give us an idea of the sense of urgency there may be or not to find a partner for ceftobiprole in the U.S.? In other words, until when can you afford without taking the risk of losing precious, exclusive QIDP time? Until when can you go? Yeah. I think, Edouard, yeah, I mean, that's clearly why I think we've said consistently that we'll announce a partnership before the PDUFA date, before the approval date. So clearly, that's always been our aim, and we're consistently just saying that, and we're saying that again today, that is the aim, Edouard. So in terms of that answers your question that we don't really want to go after the PDUFA date because then, as you said, we'll start eating into that 10-year exclusivity period. Sorry. My question would be, how long would it take once you have the partnership signed for the partners to be, I would say, ready to march, to be ready to sell? What time do you guess that would be? Yeah. And that's similar to a question, I think, or an answer I gave a moment ago, which is that we assume we could launch with a partner. I mean, obviously, we have to finalize the discussions following the PDUFA. There are certain things that need to happen around product supply, etc., but we can launch pretty quickly. So we're aiming to launch definitely in 2024 following the PDUFA date. And obviously, it's as quick as we've obviously been doing activities in preparation ourselves. So actually, some things have already happened that we want to have happened, but it will be a final decision taken in discussion with the partner that we announce in the coming weeks. Okay. Great. Thank you very much. Okay. Thank you. Gentlemen, so far, no more questions from the phone. Okay. Thank you, everyone, for your questions and your interest, and enjoy the rest of your day. Thank you. Ladies and gentlemen, the conference is now over. 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