Good afternoon, everybody. Welcome to Orion's earnings conference call and webcast for the financial period of January, March 2021. My name is Tuukka Hirvonen, and I'm the Head of IR here at Orion. In a few moments, our CEO, Timo Lappalainen, will present the results of the first quarter of the year, after which you will have the opportunity to ask questions either through the webcast chat below on your screen, or then if you're attending the teleconference, then through the teleconference lines. We will first take the questions through the teleconference and then take remaining questions from the webcast chat. Kindly, I remind you that please state your name and the organization you represent before asking your question. Before I let Timo to step in, I'd like to draw your attention to this disclaimer regarding any forward-looking statements here in this presentation. Now, please, Timo, it's your turn. Thank you very much, Tuukka. It's my pleasure to give you some of the highlights for the first quarter 2021. If we start with the net sales, of course, the comparable period 2020, that had a material event, which was the emergence of COVID-19, and then the subsequent hoarding effect that we saw towards the end of first quarter and in the beginning of second quarter. That made a comparison period a tough one. Still, we are seeing that due to the pandemic, there is demand for certain products that is at a higher level than normally. On the other hand, we also have much lower incidence of seasonal diseases such as flu here in the Northern Hemisphere. Also, there is a lower number of medical appointments and also traffic to pharmacies that has had an impact on pharmaceutical sales. Of course, because of the various restrictions, the OpEx reflecting how much actually the activity has also been brought down in certain aspects or moved to virtual environment, the OpEx have been clearly lower than last year. With regard to the COVID, Orion has been able to continue the operations without interruption, also to provide products to the marketplace. This has been able to do only by putting major effort in securing the health and safety of our employees, putting the patients in ongoing clinical trials, of course, as a priority throughout the pandemic. So far, there has been no material disruptions on the availability of products, raw materials, or materials that we use in our operations or in our CapEx programs. Of course, as the pandemic continues and we see the uneven growth pattern through the globe with all the potential stress on supply chains, one cannot count that this such a good performance is able to continue throughout the year. The numbers for the net sales, we were able to mark not far from the net sales of last year when we enjoyed the good sales due to the pandemic hoarding effect, but we're 4% shy of that. In the operating profit, that was more clearly so because the last year, of course, there was the product mix, and also the loading of the plants was very high during that period. Operating margin, we were able to pass our target of 25%. Cash flow for the period was certainly lower than last year. If we look at the waterfall for the period. The Easyhaler, certainly as an entire category of dry powder inhalers has suffered due to the pandemic. If we look at the overall category, we are pretty much along the lines with the category of dry powder inhalers when we look at the proportional how much we have come down, and that certainly, of course, is something that we are working on. Nubeqa, our new introduction to the market, is performing as it should at this stage. Dexdor, that's a tough one to forecast at this point because of the COVID-19 situation, of course, because there's a very much dynamic also in the marketplace due to the number of entrants in a generic form in the area. With regard to Simdax, we certainly had a decline there as we had anticipated for the year. The reference price products, a small decline there. We'll have to see how that will pan out as the year moves on. Some other items that then resulted to EUR 269 for the quarter. In terms of the operating profit, of course, having lower product sales, that certainly ate into our margin as well as the product mix. Those joined were the main reasons. We had some positive gains on the exchange rate and milestones. However, of course, due to the lower activity, the fixed cost, the operating expenses, those were lower. We'll come back to that a little bit later on because there's one larger item that one should note in that package. No major changes in the geographical breakdown and the development of the sales. Finland continues to be the largest single-country market. Scandinavia, the important part. Of course, the large European markets continue to be very important ones. Now subsequently with Nubeqa, of course, North America is growing as well. In Finland, we certainly saw a decline in sales. Scandinavia, that was mainly a result due to the lost tenders in biosimilars. Other parts of Europe and North America, the business did fairly well. When we look at the business broken down by different businesses, specialty products, which is mostly a business today in generics, prescription products, as well as self-care products. Some of them are considered pharmaceuticals, some are non-pharmaceuticals. There we saw the decline of 8%, which we consider in the current environment a fairly good result. Proprietary product, we'll discuss that a little bit more. Animal health certainly, of course, took a hit with the loss of one of the key distributor arrangements that was terminated towards the end of last year. In Fermion, the loading of all the plants in Fermion are at the very high level as we speak. When we look at the league table of the products, our Parkinson franchise is doing well and is moving as we had originally planned pretty much. With Easyhaler, that certainly was a disappointment, I guess, for everybody who are operating in that market segment. With Simdax and Dexdor, those are, as we have indicated, the difficult ones to forecast for the year. Maybe it would be fair to say that Dexdor was performing a little bit better than we anticipated in the beginning of the year. The animal sedatives, we had a lot of shipments for the quarter. Of course, the highlight is that Nubeqa is climbing up the league table as one would expect. If we turn firstly to proprietary products and look at there, so the Easyhaler we already saw, the Simdax and Dexdor, those are a little bit the wild cards in terms of forecasting. Nubeqa doing well, there are some other products as well. If we start with the Easyhaler, we see that, of course, we'd like to see the trend line to turn around and see the growth there. If we look at the overall performance and compare that to the first half of last year or second quarter, we are not all that much off. As I said, the entire category of products have suffered from the pandemic. The Parkinson franchise here, there are parts, as we have often said, there are deliveries to partners, and the timing effect of those is one part of the business. Of course, also in certain cases, how we are then providing products to our distributors. Basically, what we are seeing there is a pretty flat line. Now, turning to Dexdor, and this is a tough one. We certainly can see that there is a pattern as the second or third wave, depending how you count these, as that emerged. The sales of Dexdor picked up as that is a product that is used in ICU setting. There probably will be some leftover for that, but this is a very dynamic market, and it's very difficult to forecast how that will evolve in terms of the volume share. Of course, the second part is the pricing of the product in that segment. Simdax, there we have indicated that the loss of the IP coverage there, one should look at the declining trend line. There, the first generic in the marketplace has yet to be emerged, and now I am talking about the true generic product. That did not take place in the first quarter. We are expecting that to take place in the second quarter. However, that was probably one of the reasons that we did not lose volume share to generics. Of course, the price impact, just the mere threat of having a generic will have an impact or has had an impact on the pricing of the product. If we turn to specialty products, and here if we look at the overall market performance, as said, Scandinavia suffered from the biosimilar tenders. Finland, pretty much business as usual, this reflects especially our large exposure to the self-care market where the traffic was slower in the pharmacies. Eastern Europe and the rest of the world, pretty much at par. Of course, we have to look at the absolute size of the numbers as well here. When we look at the prescription products and the self-care products, certainly the self-care products took proportionally a higher hit in the market, and that in our understanding is mainly due to the slower traffic in the pharmacies, which are our distributor channel for self-care products. Our largest single country market, Finland, and our largest segment in that are the reference price prescription products. There, if we look at the entire market, declined by 10%. Orion sales certainly declined by the lower number, -7%, and by that, we did okay in that market. When we look at the market shares, we are at par compared to the comparison period with the reference price products, 24%. The self-care products are slightly lower, 25%, and the overall market share of 11%. Here is also the breakdown in the bar, how we've broken down the sales in these respective segments. Moving to the research and development, there are no major updates in this table. The ARASENS is continuing that study, and once we have enough events, we will of course with Bayer, the trial will be stopped and reported. So far, there are no events that would satisfy that criteria. The ARANOTE that was also a trial that we informed in the beginning of the year that has been initiated and that has been kicked off. The next subsequent trials, those relate to the products that have not been partnered, and those trials are currently recruiting. The Easyhaler Tiotropium there the development work is continuing. Last year, we started to tell the markets what are from the inside out, how we look at the company, the performance against the various metrics. We changed a little bit of the color coding, and this is now, of course, our own estimate. Are we proceeding against the target for this year? Are we behind the target, or is the situation such that today we feel that target is not anymore achievable? Nubeqa being the key priority, of course, for the company and we are working together with Bayer and especially in Europe, we've already kicked off the co-promotion in most European countries. As I said, the outcome of ARASENS is still up in the air because we don't have the completion of the trial. The ARANOTE trial has started out, and we are in the process of recruiting in that trial. Easyhaler, of course, we are looking forward to growth that's a major franchise for the company, the beginning of the year made that a little bit more challenging for the remaining part of the year. The development program for 208, we feel very strongly about that and we want to move forward with that as expeditiously as possible, and hopefully, through the end of the year, we'll be able to tell more news about that. In Finland, our market position has been maintained, the strengthening of the market position in the overall market has not taken place yet. Of course, just maintaining in the largest position in the market is an achievement by itself. In a similar fashion then when we look at the performance of our Scandinavian operations, of course, when we look at the overall numbers, the biosimilar certainly ate into our performance, but there are many other categories where we did well. We feel we have a good funnel of in-licensing opportunities that we feel could be of interest to us. Of course, once we have something to tell, then we will, but looks good so far. Of course, we are continuously evaluating inorganic growth, meaning acquiring portfolios or in some cases also companies, and that work is going on, but so far we have nothing to report on. Okay. Of course, what we are talking about everybody today is the ESG. Carbon neutrality is one of those aspects. What we've been doing for years is, of course, first of all, identify our climate impact of the Scope 1 and 2, which are on our own ramifications, what we do. We are working as we are energy-intensive industry in certain parts of our operations, especially in API side. There we have taken a serious action here and through the energy efficiency programs, also by converting to renewable energy, we've been able to reduce our greenhouse emissions substantially over the years. We continue that work by investing in renewable energy, both in terms of heat and steam. We have done the first work to develop the entire life cycle assessment for Scope 3, so that also our products across the life cycle, what is the impact of those products. First one we did for Easyhaler, and we expect that the remaining carbon footprint after what we've all done, that we will be able to compensate by 2030 and thus being carbon neutral by that time. That's a tough target, but we have a good program. We have a good, also track record in this regard, so we feel very strongly about this important matter. In our outlook, there are no changes. We estimate that in 2021, the net sales will be slightly lower than in our comparable period last year, and the operating profit is estimated to be lower or clearly lower than in 2020. Here are the key assumptions behind our outlook. There are no material changes in this, what we discussed in the fourth quarter earnings call. Of course, Nubeqa is one of the drivers here. There are some other products as well, but not a single one that would be such an important across the year. Of course, on the negative side, we note that especially in the second quarter that we had the major milestone events last year. Dexdor was very strong through the first half last year, as was Simdax. With Animal Health, we lost an important distributorship arrangement and that eats in our sales in that regard. In the operating profit, here is one important matter that relates also to our operating expenses for the quarter. We had roughly about EUR 1 million a month, so about EUR 3 million a quarter amortization relating to the Parkinson's disease franchise repatriation that we purchased back the product rights from Novartis. Those are now not anymore with us for 2021. About EUR 3 million of the OpEx savings relate to that. Of course, the milestones, Dexdor or Simdax, as we said. The one question is that nobody has a very good answer, is that when will the activities normalize? Of course, that would increase our OpEx. We'll all have to see how that year will develop. So far our plans are that that will not take place in the first quarter, unlikely to take place in the third quarter either. The upcoming events, we are going to hold a virtual Capital Markets Day in May, on May 26th. Of course, we'd welcome you all to join. The half year report is in July, on July 19th. With that, concludes my prepared remarks. At this stage, I'm happy to invite Jari Karlson, our CFO, to join me here at the podium. We're happy to take questions. Tuukka will take the questions. Do we take the telephone lines first? Call lines. Okay, we'll take the telephone lines first. As Tuukka said, kindly state your name and the organization you represent. Thank you. If you wish to ask an audio question, please press zero one on your telephone keypad. If you wish to withdraw from your question, you may do so by pressing zero two to cancel. Once again, please press zero one on your telephone keypad if you wish to ask an audio question. Our first question comes from Jo Walton from Credit Suisse. Please go ahead. Thank you. Jo Walton from Credit Suisse. I'm just going to ask about the cost lines, if I may, just to see how representative they are and whether there is a chance that you will be able to undershoot on your costs for the year. I understand that the COGS will depend on the level of sales. You had strong sales in the first quarter last year, slightly weaker sales this year because of COVID, your sales and marketing expenses, excluding anything to do with your Parkinson's amortization, came down really quite markedly, six million or so year-over-year in the quarter, and your R&D was also strongly down. Can you just tell us how much of that is better cost control than you were perhaps expecting, and how much is just timing and will definitely reverse in the second half of the year? Just another one on ODM-203. You've done the partnering. There weren't any milestones. Can you tell us a little bit about any arrangement there? Could there be any income coming to you, and if so, when might that be? Many thanks. I'll just ask the obligatory Nubeqa question, just in terms of your investment there. Have you been doing any work marketing? Have you got involved yet, or is this still really being led by Bayer from a marketing perspective in Europe? Okay. How do we split? Maybe I'll start and then Jari, you'll add on the cost side. Starting with the R&D, our current view is that the cost of the R&D would be weighted towards the second half or towards the remaining part of the year. Internally, we do not multiply this by four the first quarter, but would expect there to see an increase towards the second quarter when the activities, including the enrollment for the ongoing trials, starts to pick up. In terms of the sales and marketing, that's a good question. I think it would be fair to say that for the first quarter, the saving that has been materialized, that probably has been materialized and we are unable to pick that up. Have we done anything special activities? No, we have not. Not all the Nubeqa related co-promotion activities have all kicked in yet. That we expect also to go upward a little bit. That is a very good question, and we certainly do not have an exact answer to that question. As I mentioned today, our view is that the first half will be slow. Whether third quarter will allow us more face-to-face marketing sales activities with customers or do we continue mostly virtually remains to be seen. Today, we expect that the fourth quarter would see the resume of that. I don't know if, Jari, you want to add anything to that. No, I think that's true. It's a little bit difficult to forecast the level of activities. One could assume that last year, the last nine months, the COVID was going on all the time, and it might be that we actually will end up spending a little bit more than last year during this year, during the same time period. As it is today, it might be that towards the end of the year, the situation is a little bit calmer, but how much that will have a final impact, it's difficult to say, but I don't think we are talking about any really major numbers there. So it's quite likely that we will end up in the cost number, which is lower than last year. Then, of course, on top of that also then the EUR 12 million from the amortization of the Novartis deal a few years back. You were also asking about the Nubeqa role. Orion definitely has been doing the co-promotion in Germany and in some other markets, but Germany has by far been the most important. It's not only Bayer anymore. In Europe, as the launches proceed, Orion is also participating. Of course, U.S. clearly is the key market today, and there, Bayer continues to handle the matter on their own, of course. There's no change in the plan that we would expect Europe launches for Nubeqa to take place throughout the year. When we close the year, there should be very few countries, maybe one or two, where the product would not have been launched. There was a question on the ODM-203 and the deal terms thereof. We do not expect any material income from that this year. That is not in our forecast, and we would advise against putting anything in your spreadsheets on that. There is the opportunity, potentially as it progresses in other hands for you to get some income. Can I just clarify what Jari said? Is it possible that the marketing costs year-on-year will be lower? You have said that the operating expenses should be similar. Just checking that you think that the marketing cost can be lower despite your increased involvement with Nubeqa. The Nubeqa, we are not planning to really add any personnel on the overall number. Of course, promotion in the normal world requires traveling and stuff like that, which all have been on hold. There definitely can be some impact on those. The travel cost, for example, during first quarter were almost zero in our numbers this year, which definitely is not a normal situation. Thank you. I think your question is good, but we just don't know the answer yet. Our next question comes from [Casey Ariketnan] from Goldman Sachs. Please go ahead. Hello, everyone. Thank you for taking my questions. [Casey Ariketnan] from Goldman Sachs. I have two, please. On Nubeqa, I appreciate that the commercial side of things are being led by Bayer, but maybe you could talk a little bit about the treatment side of things. If ARASENS trial meets your expectations, how should we think about the target patient population and the treatment duration in this new indication? Also on ARANOTE that you're recruiting currently, how does the target population here compare to ARASENS case? That's the first one. The second question on M&A, can you remind us where your key priorities are? Are you looking at transformative deals, your target therapeutic areas, and if you're looking at early stage or late stage assets? Thank you. Okay. On Nubeqa, the ARASENS and ARANOTE, the difference is that basically in ARANOTE, the patient population do not have the chemo underlying treatment. They are only on a hormone suppressive treatment, whereas in ARASENS, they are on both. That's the patient population difference. On the target, what we are currently targeting are of course, patients who are on the label based on ARAMIS trial, which is a narrower patient population than should then the ARASENS work out. When we currently look at these patients, all the feedback that we get is that the tolerability aspect of the product seem to be real. Patients, including their caregivers or physicians, seem to appreciate that. The efficacy is there as far as, of course, you can see in the live patients. In overall, whether how much of a conversion from the other treatments there have been, that then depends really on the market. Of course, in some markets, they are newly or recently launched products, which however, may not have received the same favorable position from the reimbursement authorities when we are comparing that to Nubeqa. Maybe that is something that speaks also favorably for Nubeqa in Europe. In terms of the M&A, the targets, what we are looking for, that would be geographically, it would be Europe, firstly. Secondly, what we are looking for are areas that would fit in our commercial footprint in neurodegenerative products as we have the Parkinson's franchise there. Something towards the neurologists, of course, would be very much appreciated. The other side, what we are looking is in oncology, but we respect that in oncology, we probably have to be focusing there very much to narrower indications or in some cases even rare indications, but the oncologist would be one target audience. That then also leads to hospital care products, because we have a very strong franchise in hospital care, especially in continental Europe or in Southern Europe. Then a sort of separate item there is our animal health franchise, where we have the strong position in the Nordic countries, certain Eastern European countries. We have a good pipeline there as well as we are launching, but today we're still missing our own sales operations in Europe. Definitely we are not talking about transformative deals. Yes in that sense. We have, of course, certain loan facilities available, and now, of course, the AGM granted also the board rights to issue some shares, but definitely none of those rights or the available funds would allow us to make any kind of a transformative deal, just to give a description of what we are looking after. The money is enough to make deals which have good impact on the overall company, but definitely not enough to completely change the company. At this stage, there are no plans to merge with anybody or anything like that, which would be called transformative. They are normal add-on acquisitions we are targeting in the areas Timo just mentioned. Thanks, Jari, that's a good addition. Thank you. Our next question comes from Sami Sarkamies from Nordea Markets. Please go ahead. Hi, thanks for taking my question. I'll continue on Nubeqa. Firstly, coming back to the strong sales growth that you did witness in Q1. You're saying that this was in line with your expectations. Do you anticipate a strong sequential sales growth also during the remainder of this year, or was there something special in Q1? We would expect a continuation of a strong sales of that. You may recall how we book the sales of Nubeqa. The number that we show that is inclusive the product sales and the royalty. The way it works is that from the royalty are always deducted from the previous shipments of the product. From our perspective, there can be quarter-to-quarter variations due to the shipments. Basically from the marketplace, yes, we would certainly expect the sales to continue to climb up. Okay. Yes. Yeah. Further on Nubeqa, do you still view June as the most likely timing for headline data on the ARASENS study? I'm sorry, I didn't hear the question. What was the ARASENS study? Was that on timing? Yes. Is June still the most likely timing for ARASENS headline data? Well, that's difficult to say because we don't have the events yet, and the forecasting of the events, that's tough science or art. There certainly we cannot promise it's second quarter or even the third quarter. It really depends how we will see the events. Unfortunately, we don't have anything more to give on that at this time. Okay. Finally on Simdax, it seems that you have become a bit more cautious regarding the outlook. You did earlier expect somewhat smaller decline this year after 28% decline in Q4. Now it seems that is no longer the case. What has surprised you here? Where do you see the decline on a full year level now? Well, the positive one was for the first quarter that we did not see any true generics in the marketplace yet. That is still to become. We actually expected that we would have seen somebody, but we haven't seen that. We still expect in the first half, so in this quarter that there would be, but of course, we don't have insight what other companies are doing. I don't think anything really has changed from that perspective. We are seeing that there is a price pressure. We saw that already. Of course, the volume, at least for the first quarter was all with us, which is money in the bank so far. I don't think there has not been any material changes in our line of thinking. If I represented that in my opening remarks, in my tone differently, then that's an error on me. Okay, do you expect decline to ramp up from the Q1 level through the remainder of the year? That's tough to say, it really depends how the competition would work. Depends how many competitors we see. Of course, when we look at the opening up the new contracts, we are trying, of course, to secure the volume, and in some cases, the contracts are such that the purchasing organization has the right to open them as far as the pricing goes. We would still have always the matching right for the volume. It's fairly dynamic today when we look at the situation, but how this will evolve, it's a tough one. I cannot give you much more guidance than it certainly will be a negative this year. Whether the first quarter would be the right slope as we are moving forward, it's probably in the neighborhood there, but don't hold me to the last number. I guess it's quite clear that prices will not go up, and if we lose any volume, it means more decline line for us, and those are very difficult to forecast. Yep. Okay. Thank you very much. I'm done with further questions. Thank you. Our next question comes from James Vane-Tempest from Jefferies. Please go ahead. Hi. Good afternoon. Thanks for taking my questions. Just two, please. On the ARASENS trial, can you just remind us on the timing of that when you expect that to read out? Also how you think that could change the commercial opportunity. The second question is just on the specialty business. There's been this bifurcation of performance between Finland, Scandinavia, and some of the other regions. I'm just curious why that is also given in one of the slides you say how Finland and Scandinavia are performing behind your expectations for this year. What was it that transpired that wasn't in your expectations at the start of the year? Thank you. With regard to the ARASENS trial because that's an event driven trial, that's really difficult to estimate as we are approaching then to the end of the trial when we will have the last events which are death in this trial. That's a tough one. We expect that this year it will be there, but which is the actual month, we just don't know that yet unfortunately for that. In terms of the SVP or the generic business, there are two aspects to it here. One is the biosimilars effect that we saw in Scandinavia, and that resulted in this big decline there. We also saw last year the effect of certain countries in Scandinavia building up or stockpiling product, and of course, this was absent this year. Maybe something that we've seen development throughout the pandemic, but we've been affected by that because of our broad portfolio, especially when we look at some of the seasonal flus or other infective diseases that are typical in the Northern Hemisphere. Those we have been missing as we are all sanitizing our hands all the time, wearing the masks, so we just don't have the infections as much as we typically would have had throughout also the early part of the year. Also, the traffic to pharmacies, which are the main distributors for our products, has been, in many cases, much lower than in the pre-pandemic. That probably has taken us, not that we probably should have seen that, but it got verified through the first quarter. That's great. Thanks. Just to follow up on the first part of my question. If ARAMIS is positive then, how do you think it will change the commercial opportunity for the product? Thank you. I'm sorry. Of course, that would make us in par with competition. That would be the first answer to that. We would be, I guess, from the perspective that we have is what we believe is very strong data on the tolerability of the product. In then subsequently, we could also then meet the competition and in, of course, a little bit different setting for the trial, but we could also have the efficacy point there as well. As of today, we are with a narrower indication compared to the competition. That's great. Thank you. Thank you. Just as a reminder, if you wish to ask an audio question, please press the zero one on your telephone keypad. Once again, that's the zero one on your telephone keypad if you wish to ask an audio question. Okay. There appears to be no further registered questions at this moment, so I'll hand back to the speakers. Great. Thank you. Okay. Thank you. I have few questions coming from the webcast chat. Let's start with the first ones coming from Peter Smith of Bank of America. First one is about Nubeqa, surprise. Nubeqa royalty looks good, but small number. Is this a clean number to project from, no one-offs or anything else skewing it? I guess that you already addressed this, but do you want to add something, Timo? No. Nubeqa, as for any product where there are substantial partner business involved, be that Stalevo, be that Nubeqa, be that our animal health sedatives, there, the quarter-to-quarter variation can be quite volatile. The reason is just how the shipment takes place. In case of Nubeqa, as I explained, the shipments, product shipments, commercial product shipments are then deducted from the royalty. It lacks that. Having said that, there are nothing special in that, but of course, we are still in the early phases of the launch of the product. There are, in certain countries, certainly there are pipeline filling. You would see that. Just the demand is fairly volatile at this early days of the launch because we are practically just launching in some countries. Thanks, Timo. Another one from Peter. This regards the business targets for this year and to the line which is covering the M&A opportunities. We are stating that it is behind target. Peter wants to know, is this due to elevated valuations in the market? What's the outlook for this? Is it likely to turn red and be unattainable for this year? Well, it takes two to tango, that's a tough one. We have in our evaluation funnel, of course, we are monitoring, and quite extensively, the marketplace. That is true that the valuations, we've seen a quite high valuation inflation in the sector and in some subsegments of that. That, of course, makes the case tough for companies such as Orion, which has to also secure and guard the bottom line, not only to the EBITDA level, but we have to also secure the EPS. That makes or pushes us to find real synergies that are something beyond the cost side. With the cost side alone, you can never justify a transaction with current prices, you have to see something else. We are working very hard on that. I can only say that once we have something closed or something signed, we certainly will let the market know. I think it's premature and it would be not fair to discuss further on any prospects in this regard. The next one goes to Jari. This is about balance sheet and from Willis Hu from Sio Capital. Can you please add some color to the big step-up in the other current liabilities, which jumped to EUR 323.8 million in Q1 from EUR 109.8 million from last year? Do you expect it to return to historical level? Yes, that actually is an event which happens almost every year with the exception of last year. The reason is very simple, that we had our AGM in March, which means that the dividends were taken out of the equity and booked as liability, but they were paid only in April. At the end of March, they showed up as a liability. Last year, the AGM was held only in May, and the dividends were also paid in May, which explains that last year we didn't have these type of items in our balance sheet at the end of Q1. Thanks, Jari. The final one from the webcast comes from Anssi Raussi from OP Corporate Bank. It's about the outlook. If we think about Nubeqa sales growth, possibly Easyhaler sales rebound later this year-on-year lower sales and marketing costs, and all the other things together, your guidance starts to seem a bit cautious. Is there something we should consider in addition to this EUR 28 million milestone reached from 2020? Of course. If all we had was tailwind, that would be great, but we also need to plan for the lower number on Dexdor as we have lacked throughout also the first quarter. Also Simdax, we expect there not only to have price pressure, but also, as Jari said, we expect there to have generic competition, which would mean loss of volume as well. Certainly Easyhaler in our first quarter makes this year a little bit tougher for us. On the cost side, I think the question is valid, as we discussed in the early part of the Q&A. Nobody has a very clear vision on that for the year, how that will work out. I still would caution to draw too much conclusions from the first quarter as there is a hazy still outlook as we move forward for quite a number of products, which are important products for Orion and how the market and the competition especially will evolve in those. Also, I'd like to add that the total milestone number for last year was more than EUR 40 million, and this year the outlook is less than EUR 5 million. The EUR 28 million were only the Nubeqa-related milestone from Bayer, but we also had more than EUR 10 million of other milestones last year, mostly related to the new distribution rights of Stalevo around the world. The headwind compared to last year during the last nine months of this year from milestones is roughly EUR 40 million rather than the EUR 28 only. Good catch. Thank you. Now we have exhausted all the questions from the chat. Maybe we'll turn once more to the operator. Do we have any follow-ups on the conference call lines? There appears to be no registered questions at the moment. Thank you. It's then time about to wrap up. Okay, thank you very much. Thanks, everybody, for joining the earnings call, and I hope to see most of you, as many as you can. You are all welcome to join our CMD. It is virtual this year, so no excuses for missing that. Thanks. Stay safe. Thank you. Wear a mask and get vaccinated if possible.