Hello, and welcome to Ipsen's Conference Call and Webcast on Full Year Results 2023. I'll now hand you over to David Loew, Ipsen's CEO. Good afternoon or good morning, everyone. I'm delighted to welcome you to our Full Year Results Call. As you just heard, I'm David Loew, Chief Executive Officer of Ipsen, and it's a pleasure to be here today to run through our performance last year, as well as an exciting year ahead. Please note that our presentation is available on ipsen.com. Please turn to Slide 2. Before we begin, here is our safe harbor statement, which outlines the routine risks and uncertainties contained within this presentation. Also, any commentary on growth you hear today will be based on constant exchange rate, unless stated otherwise. Please turn to Slide 3. I'm joined today by our CFO, Aymeric Le Chatelier, as well as Christelle Huguet, Head of Research and Development. Christelle will be with us for the question and answer session later. Before I go into the details of our progress last year, I want to walk you through the progress we are making on our exciting growth journey. Please turn to Slide 4. The last three years have really set the foundations for the next phase of dynamic growth. Through our new strategy and alongside the divestment of our consumer healthcare business, we have significantly grown our brands, while at the same time managed a gradual decline of Somatuline. We have also expanded the pipeline through external innovation, delivered significant efficiencies, and refocused our culture on patients and society. We have a strong platform going into an exciting second stage of our growth journey, illustrated by our sharp focus on four anticipated launches this year. Our external innovation strategy and firepower also provide us with more opportunities to expand the pipeline in 2024. Over the longer term, we'll build on these opportunities and deliver a more balanced and diversified portfolio of medicines across our three therapy areas. Our ambition is to deliver sustained growth through the end of the decade and beyond, supported both by our internal pipeline and by further acquisitions and in-licensing opportunities. Ipsen is a growth company for the short, medium, and long term, and I'm confident that the continued successful execution of our strategy will allow us to deliver on these objectives. Let's now turn to the highlights of Ipsen's performance in 2023. Please turn to Slide 5. Today's headlines illustrate how we are continuing to produce sustainable growth. In 2023, total sales grew by 6.7%, and this included another strong performance from our growth platforms, which were up by 13%. We also delivered a core operating margin of 32%. Since our Q3 results, we made more good progress with the pipeline, including U.S. filing acceptance of elafibranor in second-line PBC. With the designation of priority review, we look forward to the FDA's decision in June, with the EMEA to follow in the second half. Lastly, in a year of four anticipated launches, we're guiding to total sales growth of more than 6% at constant exchange rates in 2024, with a core operating margin of around 30%. Please turn to Slide 6. Looking further at our sales performance last year, our growth platforms continued to outweigh the gradual decline of Somatuline. Over the full year, Cabometyx and Dysport stood out, while new medicines, Bylvay, Tazverik, and Sohonos, began to make meaningful contributions. Somatuline sales declined by 10%. I'll take you through more details of our sales performance in the fourth quarter. Please turn to Slide 7. Beginning with our growth platforms, Dysport saw strong growth over the year in the treatment and aesthetic indications, even after a decline in sales in Q4 of 7%, reflecting a one-off effect from the phasing of sales to our aesthetic partner. Market conditions remained unchanged, and the underlying aesthetic and therapeutics performance was strong. Cabometyx sales were up by 19% in the quarter, with strong volume growth from first-line renal cell carcinoma combination, where the uptake has been especially encouraging in Germany, France, and Italy. Cabometyx in the second line, renal cell carcinoma cancer also continues to see good volume growth. Decapeptyl grew by 7% in the quarter, reflecting a good performance in China and robust sales in Europe. Finally, Onivyde is growing nicely. In North America, Q4 sales increased by 15%, as we saw further growth in the current setting. In December, the Onivyde regimen was awarded Category One Recommendation status by the NCCN. We're making final preparations for a potential immediate launch of the Onivyde regimen in first-line pancreatic cancer. As a reminder, we anticipate the decision by the FDA soon. Please turn to Slide 8. Looking now at our new medicines, they made significant contribution to our top line in 2023. Since completion of the Albireo acquisition, Bylvay has delivered EUR 74 million in sales, and we are pleased to launch in the United States a few months ago in a second indication, Alagille syndrome. Sales in the initial indication, PFIC, were encouraging as we increased the number of treated patients in both North America and Europe. The latest country to see reimbursement was Poland last month, taking the total to 12 markets so far. In the E.U., we have refiled odevixibat in Alagille syndrome under a second brand and anticipate an EMEA decision in the second half of the year. Tazverik's relaunch continues to progress. With a new field force in place, we have completed our strategic rebuild of our operational capabilities. Our current phase of the relaunch sees a focus on the community setting and expanding use in wild type patients. Finally, Sohonos sales amounted to EUR 7 million, following its recent U.S. launch. There were also some special license sales in some ex-U.S. markets. Please turn to Slide 9. Turning to Somatuline, sales fell by 5% in the quarter and by 10% over the full year. In North America, sales declined by five percent in Q4. Volumes remained stable in the U.S., with the market in mid-single-digit growth. Underlying pricing challenges for Somatuline remain. However, with the improved Q4 performance driven by a favorable one-off catch-up pricing adjustment. In Europe, the sales decline of 2% in Q4 was less than in recent quarters, given the reduced baseline effect. We also benefited from a number of competitive stock outs. Finally, in the rest of the world, sales declined by 18%, partially driven by the impact of the launch of a lanreotide generic in Australia, as well as phasing and tendering in some markets. We continue to assume the possibility of a number of further lanreotide generic entrants in several markets from 2024, and therefore further erosion of total Somatuline sales over the medium term. Please turn to Slide 10. Our pipeline remains in good shape, thanks to our external innovation strategy. The second half of the year will see the completion of the CONTACT-O2 phase III trial of Cabometyx and atezolizumab in prostate cancer, while in 2025, we expect phase II longer-acting neurotoxin data, as well as pivotal phase II data for fidrisertib, the ALK-2 inhibitor in FOP. 2026 is also a potentially significant year for Ipsen's pipeline, with phase III readouts expected for Tazverik plus R-squared in second-line follicular lymphoma, Bylvay in biliary atresia, and Dysport in both chronic and episodic migraine. Please turn to Slide 11. 2024 could be an important year for Ipsen as we anticipate launching four new medicines or new indications. Firstly, we await the imminent FDA decision on the Onivyde regimen in first-line pancreatic ductal adenocarcinoma. We also anticipate the regulatory decision in the European Union under a different brand name for odevixibat in Alagille syndrome later this year. As I mentioned earlier, with the designation of priority review, we look forward to the FDA's decision on elafibranor in June, with the EMEA to follow in the second half. Finally, Sohonos has just been launched in the United States. We expect to roll out this important medicine in selected other markets over time. Please turn to Slide 12. Turning to Generation Ipsen, our sustainability program, I'm very proud of the progress we have made last year. Under environment, we achieved significant reductions in Scope 1, 2, and 3 emissions, while we plan to be carbon neutral by the end of next year and reach net zero emissions by 2045. With a key focus on patients and as a new objective, we're determined to reduce the length of time between clinical trial readouts and filings outside of the United States and Europe. Within people, we have already achieved 53% representation by women in our global leadership team, while 43% of colleagues were engaged in healthcare or environmental projects in 2023, against a 2024 target of 35%. Finally, within governance, ISO 37001 certification for anti-corruption management was renewed in the year. That concludes the first part of our presentation. I'll now hand over to Aymeric. Please turn to Slide 13. Thank you, David, and hello to everybody. I will now take you through more detail of our financial performance last year, as well as our guidance for 2024. Please turn to Slide 14. Looking at the detail of the core P&L, the growth in total sales of 6.7% at constant exchange rate translated into 3.4% at current rates, given the adverse currency movement of around 3 percentage points. Other revenue increased by 36%, partly reflecting payment in respect of license rights for Onivyde from our partner. This outweighed the increase in the cost of goods sold that was driven by an unfavorable mix of sales and royalty paid. The overall net effect was an improvement of the gross margin by around half of a point of percentage point to 87.5%. Now, looking at SG&A, they increased by 16%, reflecting commercial investment to support the growth, including Bylvay and Tazverik, as well as preparing for four potential launches this year in 2024. R&D costs increased also by 39%, mainly coming from the recent acquisition of Albireo and Epizyme, to reach a ratio close to 20% of total sales. As a consequence, core operating income declined by almost 10%, with the core operating margin standing at 32%. Please turn to Slide 15. Looking more closely at the dynamic of the core operating margin, you can see its evolution versus last year. Our base business margin was broadly stable, given the strong momentum of the growth platform and despite the erosion of Somatuline. The acquisition of Epizyme and Albireo led to a dilutive impact of 5.7 percentage points, fully in line with our expectations. There was also a negative 1.5 percentage point impact from milestone payment for license right from our ex-U.S. Onivyde partner, and currency movement had also a favorable impact on the margin, given our hedging strategy. Please turn to Slide 16. Turning to core operating income to consolidated net profit, I wanted to highlight a few movements. First, there was a doubling of the amortization of intangible assets to over EUR 200 million, mainly related to the new intangible assets recognized for Bylvay and Tazverik. Restructuring and other operating expenses amount to more than EUR 230 million, mainly impacted by the integration and transaction costs related to the Albireo and Epizyme acquisition, as well as additional Ipsen transformation program. Finally, it's worth noting that we book an impairment reversal of EUR 253 million, mainly related to Sohonos, following the approval by the FDA in August 2023. As a conclusion, IFRS consolidated net profit was unchanged at EUR 647 million. Please turn to Slide 17. In 2023, we continued to deliver strong cash flow generation, and we have today a healthy balance sheet, even after the acquisition of Albireo. Free cash flow declined by 13% to EUR 711 million, given the lower level of operating, core operating income and the higher level of tax paid. This was offset by a very good management of working capital and capital expenditures. Net cash at the end of December amount to EUR 65 million, after the payment of dividends for EUR 100 million and the acquisition of Albireo for around EUR 1 billion, which drove the main increase of the net investments. As a consequence, firepower for external innovation, which remain our capital allocation priority, stood at EUR 1 billion at the end of 2023. This is based on net debt at 2x EBITDA, and that does include contingent liability. Please turn to Slide 18. Now, I would like to turn into the detail of our guidance and underlying assumption for 2024. As you can see, we expect growth in total sales of more than 6% at constant exchange rates. Our growth platform are set to continue performing well, including the potential upcoming launch of Onivyde in the U.S. Our growth platform will more than outweigh the higher decline of Somatuline, for which we assume in 2024, the potential entry of additional generics in the U.S. and in Europe. In 2024, we will also see the first full year impact of Bylvay and Sohonos, as well as the potential contribution from new launches, including elafibranor. It is worth noting also that we have a 1% headwind coming from currency. This is based on the average level of exchange rate this last month of January. Now, turning to the core operating margin, we anticipate a level around 30% of total sales. This level will include additional R&D expenses from potential early and mid-stage external innovation opportunity. This is fully in line with our midterm 2027 outlook that we provided last December. This guidance reflects for 2024, the solid base business performance, but also the improved profitability of Albireo and Epizyme, but also the commercial investment to support our four potential launches. As you remember, in 2023, as I just presented, the margin was positively impacted by the one-off receipt from our ex-US partner, and also the positive gain from the currency hedging. With all of that, I will now hand over back to David. Please turn to Slide 19. Thank you, Aymeric. Please turn to Slide 20. To conclude, there are three key messages to take away from today's results. Firstly, the next phase of transformation is built on strong foundations. We continue to deliver good financial results that in 2023 reflected a combination of solid total sales growth and core operating margin. Secondly, we're making good progress on the pipeline with a particular focus in 2024 on regulatory decisions for Onivyde and elafibranor. Finally, we have a strong platform going into an exciting period for Ipsen, illustrated by our sharp focus on the four expected launches. Our external innovation strategy will give us more opportunities to expand the pipeline this year. Please turn to Slide 21. Thank you for listening to our presentation. Aymeric, Christelle, and I now have time for your questions. Operator, over to you. Thank you. If you would like to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Thank you. We'll now take our first question. Please stand by. First question is from the line of Brian Balchin from Jefferies. Please go ahead. Hey, yeah, thanks. Maybe there's quite a few in here, but it's just, if you can help us understand how we should be thinking about the launch product. So specifically, Tazverik, I just wondering when you think we'll see an inflection for that. And then just on elafibranor and Onivyde, following the first-line approval, I think on the 13th, how should we be thinking about the speed of those launches? And then thirdly, if you could just help us with any one-off this year as well, please. Thank you. Okay. Thank you, Brian. I will start with your first question on the launch products on Tazverik. On Tazverik, the real inflection is gonna come from the second-line indication, which we're gonna unblind in 2026. Until then, we will see a gradual slow ramp-up because third-line follicular lymphoma is not a very large indication, and physicians, especially the office space that we are targeting, they see about two-three patients per year. So you need to be really, be there in the moment, detect when they have a patient that they can switch, and that's when they can put them on Tazverik. We have embarked onto, as I said, hiring a new field force, training them. We have deployed them now, so, we will see more growth on Tazverik, but it's gonna be a relatively slow growth. On elafibranor and Onivyde speed of uptake. So, I started with elafibranor. With elafibranor, you can probably model an uptake, which is kind of a classical uptake for a new drug and new indication in the United States, meaning that you will have to get the listings, et cetera. So, we have modeled kind of in line with other launches in the industry. On Onivyde, the speed of uptake should be a bit faster because the physicians actually already know that product. And we have, you know, a target group of about 3,300 physicians. We are already having 3,000 that we have targeted for second line, so we're adding 300 physicians, which we have not visited yet. So there should be a faster uptake than what you normally see with the launch. You can, of course, take analogs of launches where you have had a third line or a second line indication, and then you move into a first line. It's gonna be pretty similar. And then on your question, on one-offs, I will ask Aymeric to answer that. Yeah. So to answer your question, as you see in 2023, we had a positive one-off coming from both the Onivyde milestone and upfront, and also the acquisitions on the alliance side. In 2024, we do not expect any material one-off, as assumed in our guidance. Thank you very much. Thank you. Thank you. We'll now take our next question. This is from the line of Delphine Le Louët from Société Générale. Please go ahead. Yeah. Hi, good afternoon. Thank you very much. A quick, more broader question regarding the strategy and especially, on top of what's going on in the U.S. and overall into the biotech sector. We have more and more deals and valuation back to a very high level, to my point of view. So I was wondering, and we all know about your firepower, but how these past two years and the stage where we are now, when you see the project being very highly valued, how your view has changed regarding any potential acquisitions? Could you give us any tips on what sort of stage would you be more keen in looking at or even, I don't know, any urgency to the existing, let's say, portfolio? Yeah. Thank you, Delphine. Regarding deals, so it's true that some of the large multinationals have done pretty sizable deals, but I would say they're in a very different environment than where we are present. We are present in, you know, most of our competitors are mid-sized companies. We have not seen those kind of multiples being paid on the mid-sized company deals. And you remember, on our strategy, we have carved out very specific segments where we wanna go and do either acquisitions or licensing. So we see that there are still reasonable multiples and market caps or licensing terms that we can absolutely stand with our firepower that we have. In terms of- And- Yep. Yeah, no, just a quick follow-up. Do you think that the organization now is in a capability of making both the launching and assuming the launching and all the resources needed into the marketing and selling, as well as integrate a future deal? Or is it something that will be pushed back by the end of the year? Yeah, it's a great question. Of course, we have to be very thoughtful about this precise question. I mean, what I can say is that the organization has become much better at integrating companies. When you look at Epizyme and Albireo, we have done it in a very actually swift, and I would say, proficient way. So we have really gained more experience. And when you look at integrations, often it affects a lot of back-office functions, like HR, you have finance, you have legal, et cetera. So that in itself does not divert you away from the launches. Now, it could impact, of course, on the launches if you would do a deal that would come into the same field force that you're launching at this moment. So for example, in oncology in the U.S., obviously the field force is pretty busy now launching Onivyde and relaunching Zepatier in oncology. On rare diseases, we have basically three drugs that we are launching. So we will have to be very mindful of not overloading the truck there, but that does not preclude us from potentially making deals which actually satisfy those criteria. So, more to come, I would say. To your question on which stage, it can be, as we always said, across all stages, preclinical, early stage clinical, late stage, phase three development, or on market drugs. So it can, it can be all of the above. Thank you. Thank you. We'll now move to our next question. This is from the line of Xian Deng from UBS. Please go ahead. Hi. Thank you for taking my questions. Three, please. So the first one is on 2024 margin guidance. You mentioned this margin guidance include essentially more external R&D. So I was just wondering if you could elaborate a little more, a little bit more on, you know, what this means, and if you could give us a sense about what the margin guidance, you know, underlying margin would be if you exclude that, that would be great. And second one is on elafibranor. So just wondering if you could give us a think about what your thoughts around competition, given CymaBay also request a priority review. So any launch versus competitor, that would be great. And then the third one is on Botox, please. Sorry, Dysport. So, as we commented, you know, Botox, Botox Cosmetic, they've seen recovery in the U.S., and just wondering, what are the trends that you have seen in the U.S., and what are your expectations in 2024 for both, U.S. and ex-U.S. market? Thank you. Yeah. Thank you very much. We will start with your first question on the margin guidance and what it means with the external R&D. So, Aymeric? Yeah. So thank you, thank you for the question. So just to clarify, as you said, this year, we are guiding, I mean, consistently with the outlook that we provided at the Capital Markets Day, to include all the early mid-stage external innovation transactions that we are targeting to deliver this year. So far, they are potential transactions. I'm not gonna comment about the quantification of that. This is gonna be somewhat material, but not to a very large extent. I think as we said at the Capital Markets Day, and you've seen the number this year in 2023, we are at 19.8% of sales invested in R&D. The objective is to get that ratio above 20%, and that will include some of these additional transactions that we want to complete in 2024. This will highly depend, by the way, on the timing and the size of the transaction. As David said, we are looking across all the states, so even in this space between preclinical phase one, phase two assets, and we take also into consideration the timing of completing those transaction during the year. Thank you, Aymeric. On your second question regarding elafibranor and competition, it's clearly a tight race with CymaBay. We have a head start of about two-three months in the United States, and it seems that we have more head start in Europe because we have not yet picked up that they have filed in Europe. So it you know, we filed in October in Europe, so we have to see what's gonna happen there. Then on Dysport, I can say that the trends that we have seen in the aesthetics and in the treatment are actually very good. We have not observed the you know, downturn that we have heard Botox talk about. We are gaining market share with Dysport in aesthetics and in the treatment space, so that bodes well for Dysport. The same is true for ex-United States, so, where we have indications, and we are promoting them, we have some market share gains there. Thank you. Thank you. Thank you. We will now take our next question. Please stand by. This is from the line of Thibault Boutherin from Morgan Stanley. Please go ahead. Hello, thank you for taking my questions. Just two. First one, on fidrisertib development in FOP. I know that Sohonos is on the market, and you start to get real-world experience and feedback on the drug. How does this inform your view for the clinical development of fidrisertib, and your view on the potential, the commercial potential for this asset? Are you seeing it as an independent asset, or could you potentially develop it as a combination with Sohonos? Second question on, on Bylvay. When you, made the Albireo acquisition, you estimated that around half of your peak sales would be derived from biliary atresia. And now that you have some experience in the market in PFIC, and you launched in the U.S. in Alagille syndrome, do you still have the same expectations in terms of the split of your peak sales target, or did your, have your view on the peak sales mix changed since then? Thank you. Thank you, Thibault. On fidrisertib and, you know, what have we learned from Sohonos. So, Sohonos is going to be a kind of a slow build because you need to remember that there are in the U.S., where we have the indication and the registration, there are about four key reference centers. And these patients who sometimes have already significant invalidities when they need to travel to these centers to actually go and get a prescription for Sohonos, that can be complicated, and so it's going to take time. And then once they have the prescription, they need to actually go and find a doctor who is going to deliberate locally to them, because that is how the U.S. system is set up, and they need to get the reimbursement by their insurance company. So it's going to take a little bit of time to work through all of this. But that doesn't lower our, I would say, expectations for fidrisertib. It's just the way how you model the uptake curve. On fidrisertib, the advantage will be that, first, it's a randomized placebo-controlled trial, so we think we will also be able to file it ex-U.S., because on Sohonos, it was natural history study, and you remember that, Europe turned it down, based on the failed efficacy endpoint with the initial statistical method. Now, the FDA recognized that when we took the right statistical method, this drug shows activities, but the Europeans did not agree to this. So with fidrisertib, clearly, we're learning on what is the statistical method that you need to take, and we also have a placebo control arm, so the chances of being registered outside of the U.S. are much higher. And then, on the commercial potential, of course, you know, FOP is not a huge indication, so, you know, it's always going to be a relatively small drug for us. So, we're going to guide more once we have seen the results. But you remember the guidance on Sohonos, because of course, you have to take into account that it's only registered in the U.S., and it will, we will try to register it also in some markets outside U.S. Regarding combo, I let Christelle answer. So thank you, Thibault, for the question. So you will remember that fidrisertib is differentiated from Sohonos. It's in the same pathway, but it targets the altered mutated receptor in FOP that is a driver. When we think of the positioning of fidrisertib versus Sohonos, first of all, fidrisertib is directed to a younger patient population, so it would be the only option for patients less than 8- 10 years old. It could also come as an option for patients that might not derive full benefit from Sohonos, so as a switch. And finally, we can also think of potential combinations between the two mechanisms once we have the full data readout with fidrisertib from our pivotal trial. Thank you, Christelle. And then on Bylvay, you're right, we guided that half of the sales potential should come from BA. That has not really changed with the PFIC and Alagille experience that we're collecting now. Of course, what has changed is that Mirum failed their biliary atresia trial because, and this is what we have always said to you, is that we said they—this is the wrong endpoint. They have taken a biomarker endpoint, yet we are going for outcome study because in biliary atresia, you need to wait first a certain amount of time until the drug can play its effect, and the lowering of the bilirubin in the blood and the liver is actually going to slow down the degradation of the liver. That's why we have a hard endpoint, which is liver transplant. Mirum could not see that, because they only had a study with six months duration. So, that could potentially open up more potential for us in biliary atresia long term, but we need to, of course, see the results of the Bylvay trial. So next question? Thank you. We'll now take our next question. Please stand by. This is from the line of Richard Vosser from JPMorgan. Please go ahead. Hi, thanks. A couple of questions, please. One, just going back to Onivyde, and I think the NCCN guidelines were updated late last year. So just wondering, I know that it's not approved yet, but whether you've seen any inflection in growth already around Onivyde in first line PDAC? And then second question, just going to Somatuline. A couple of questions here. I mean, we've seen as well some potential generics coming or getting approved for Sandostatin LAR. So, how do you think that would impact the U.S. erosion of Somatuline? Is there more price pressure? How should we think of that? And then with the stock-outs in E.U., how do you see ahead of the launch of further generics? Do you see any comeback from those stock-outs in terms of resupply from the competitors? Thanks very much. Yeah. Thank you, Richard. On your first question on Onivyde and the impact of NCCN guidelines, they have been really published at the end of December, so it is too early to say, because, you know, we don't even have the market research data to really see how and any spontaneous pickup would fall down then in the script. So it's a bit early to say. But in any case, the NCCN guidelines and the registration are actually gonna be very close together. So as you know, we have the action date on the thirteenth, so in five days from now. So it really, we're gonna deploy full force, the field force, once we have the full approval. On Somatuline and the potential entry of generics, you're right, there are entrants on Sandostatin. We do not think that's gonna impact on lanreotide because we have not seen any, you know, impact on Sandostatin from a lanreotide generic. So we don't think it's gonna cross kind of impact. However, we do anticipate that there are gonna be also more generics coming on lanreotide, so we do anticipate that, you know, this gradual erosion is gonna somewhat accelerate this year and in the years to come, as we have guided before. Regarding stock out in Europe, I mean, it was interesting to see that it's kind of a bit of a on, off symptom. So Advanz Pharma and Pharmathen seems to struggle to produce enough lanreotide generic. So, you know, sometimes they can provide for, like, four months, and then they have suddenly, again, a six-month stock out, and it depends on which country, et cetera. So it's very hard to anticipate what's going on there, and if actually there is an impact of producing also the Sandostatin generic, because that's being produced in the same facility, so I don't know if they have enough experts or analytical experts and et cetera. So can't speculate on this one, but that's what's happening right now. So, it's hard to really predict what's gonna happen there. Great. Thank you very much. Thank you. As a reminder, if you would like to ask a question, you'll need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, you can press star one and one again. Please stand by while we check for any further questions. There are no further questions coming through, so I will hand back to the speakers for any closing remarks. Thank you. Thank you very much, operator, and thanks to all of you for joining today. Have a good day. Thank you. Thank you. This does conclude the conference for today. Thank you for participating, and you may now disconnect. Speakers, please stand by.