It's a great pleasure to welcome you to the Q2 webcast today. As you probably have seen, we have some exciting news to share, and we're very pleased that you have an interest in the company. With this said, let's go right into the meat of the session. Forward-looking statement, please next slide. Please just take note of this and as per usual, didn't expect you to read it. I'm joined today by our CFO, Henrik Stenqvist, and our head of R&D, Ravi Rao. With this having said, let's go right into the numbers and the data points. When you look at our performance during the Q2, we're very happy that we were back to double-digit growth. We had 14% growth as reported. We're quite gratified by this. Particular strong Doptelet. The 42% growth is including the milestone payment that we received last year in Q2 and as reported. This was to the tune of SEK 100 million. Taking this away, it's around 167% growth for Doptelet. It's a strong growth there. 14% growth with KINERET and 46% with Gamifant shows a strong trajectory with our growth portfolio. For us, very important is the patient growth with our hemophilia franchise and therefore most the 3% growth on the patient side with Elocta and 16% with Alprolix. This basically then lays the foundation for some of the proper development as we have shown is over SEK 900 million. Let's go to the next slide. Basically, you have to see the performance view of our strategic roadmap that we laid out at the Capital Markets Day last year. Basically, in Q2 we have basically come back after a challenging Q1 to a much more solid trajectory. When I start from the core business. What we have achieved is really strengthening again the consumption per capita, as I will show you later for Elocta and Alprolix. We have continued growing the number of patients. That solidified our core business. We have surfaced our growth project products primarily with Doptelet and with Gamifant. Notwithstanding this, obviously, performance of KINERET was very gratifying, and I'll touch base on this later. We're making great strides building out our global footprint. We're very happy that we got the reimbursement approval for Elocta in Russia and have got two products now in the approval system and are looking forward to further approvals in emerging markets by the end of the year. We'll touch base on this later today. Please go to the next slide. Let's go right into hematology. I think the numbers are clear. 12% growth at constant currency on a franchise level was quite gratifying. Let's move to the next slide. I think this is the bridge that we wanted to share with you. What you can see is we had a ForEx effect of 5%. We have patient growth of 4.3%. We had the SEK 90 million is driven by the price reduction primarily in Germany. The de-stocking is a result that in Q1 last year, we had obviously an acceleration of sales. This one we didn't have this year. As a consequence, we have normal stock levels. Mostly, I mean, there's maybe a little flexibility but mostly it is an effect to normalization and that basically helped us. I think it's important to note that the SEK 81 million, the consumption per capita, that delta is now shrinking. We had a 4% increase of consumption per capita from Q2 to Q1. We are closing the gap as we go along and as we have explained to you after the Q1 and that basically makes us more optimistic for our future with all the reservations and that's what we will talk about also later. Next slide. With Alprolix, I think these numbers have a similar trend. Here we have a stronger patient growth of 16.6% and that's quite gratifying. We had also a stocking effect as explained. The overall growth story for Alprolix is holding nicely together. Next slide. This is now Doptelet. The big takeaway, the milestone payment as depicted nearly triples the product Q2 this year versus Q1. It's fair to say that we are not 100% where we want to be yet, but we like the trend in any case. We think that this is going to be a very significant revenue driver for us, very happy with the changes that has been executed in the U.S. organization to further propel our business. It's also interesting to see that our product is doing quite well in China, which is promoted there by our partner, Fosun. Next slide. Let's talk quickly about immunology. I think, for us, important to notice that we still benefiting from COVID with KINERET, but to a not material overall degree anymore. In the U.S., there's hardly any COVID impact anymore. It's a function of the disease. Overall, the product is obviously doing quite well with 14% growth at CER. What we like is that we have been able to submit before the 9th of July to EMA, the SAVE-MORE study for approval. Ravi will talk a little bit more about it. Very happy to see that we are also in the R&D sector becoming more and more of an organization that is delivering results, and I think that's very gratifying. Next slide. Gamifant. We talked about this 46% growth. Here we are still subjected to the weightage of the patient and the patient mix in terms of absolute number of patients, or whether we are having this very significant increase with the wellness previous year. The product seems to be on a good trajectory, and we're obviously making strides with the RHLH trial to further extend the label of Gamifant. Next slide, please. Before I hand over to Ravi, just a couple of reflections. When you think about us in the Q2, I think it is very positive that we have demonstrated now operationally to further propel the company. We had a couple of endpoints. I would rather we talk about this more with Dave Moore. Pointed out that we have also positive endpoints. Sometimes our partners, like Apellis with PRINCE and with approval in the U.S. with BIVV001, there was a warning with 8897. What it tells you is that in terms of probability, obviously the company is making significant progress to progress its pipeline, and that is approval with some pride, even though I think you will see this later with Henrik. We are still conservative as far as the outlook is concerned, because we don't want to get ahead of ourselves, particularly in times of uncertainty as we are facing them today. With this having said, Ravi, why don't you take it from here? Thank you, Guido. I'll talk about the progress we've made in the last quarter and then highlight some short and medium-term catalysts looking forward. As Guido mentioned, we were pleased with the ability to submit the SAVE-MORE data to the EMA in July for the treatment of COVID-19 in adult patients who were at risk of severe respiratory failure. That's data that we announced and shared with you at the end of Q1. The dossier has also gone to the MHRA in the U.K., and we will be seeking emergency use authorization with the FDA. I think as we're seeing, the pandemic continues to evolve, and we still feel there's a huge unmet need for patients in hospital to benefit from intervention with Kineret. We look forward to that review, and we've collaborated well with our chief investigator, as well as with the agencies. Switching to other products. BIVV001 or efanesoctocog alfa is progressing well. We've dosed the first patients in the pediatric study, which was dependent on completion of enrollment in the adult study. Those timelines and studies are progressing well. For pegcetacoplan, we announced in collaboration with Apellis, positive top-line results from patients in the PRINCE study. These are patients who had not received C5 inhibitors and were treatment naïve with PNH. Those data, consistent with the PEGASUS study, showed significant benefit of pegcetacoplan over standard of care. Finally, over the last month or so, AstraZeneca and Sanofi have announced positive data from two trials with nirsevimab or MEDI8897, the MELODY phase III trial, which met the primary endpoint in healthy infants and the MEDLEY phase II/III trial, which showed similar safety and tolerability of nirsevimab compared to Synagis in patients who were preterm or infants who were preterm or who had concomitant conditions in the lung or the heart. The next slide, please. Looking forward, there are a number of near-term catalysts that we anticipate within the pipeline. For BIVV001, we will expect in early 2022 the top-line data from the adult study, and thereafter, data from the pediatric study. For pegcetacoplan, we expect EU approval by the end of the year. In the follow-on indicator is good progress. For cold agglutinin disease, we will initiate a phase III study in the second half of the year, and similarly for C3G, MPGN for kidney disease. The ALS study should complete enrollment by the end of the year and will also commence a phase II program in thrombotic microangiopathy by the end of the year. As Guido mentioned, we're still expanding in emapalumab, and we expect to dose the first patient in the rheumatologic HLH study soon, with a readout of the first 16 patients in the middle of next year. We expect a decision from China and Russia for the primary HLH dossier. Data from SEL-212 in chronic refractory gout will read out in the second half of next year, and we will see the full data from nirsevimab early in 2022. With that, I will hand over now to Henrik. Thank you, Ravi. Let's go to the financial summary for the quarter. Revenues of SEK 3.2 billion in the quarter was equivalent to a growth of 14% at CER, and that was driven mainly by strong growth of Doptelet, particularly in the U.S. market, and a continued patient growth as we saw for Alprolix. The COVID impact was not as severe as in previous quarters, considering that Synagis was out of season, obviously in Q2, and that the negative pressures from COVID on Elocta and Alprolix were less pronounced in terms of COVID infection rates and lockdowns, et cetera. If we move on to the gross margin. As we said in Q1, gross margin would normally be seasonally weak in Q2 and Q3, given the absence of material sales of Synagis during these quarters. The Q2 gross margin was 76% compared to 78% the previous year. This decline is explained by the price reduction of Elocta in Germany, a larger share of sales of lower margin business such as TEGSEDI and WAYLIVRA from the agreement with Akcea, and the sales of Doptelet to our partner Fosun in China. Also the negative effects on revenue. We would expect these factors to remain in Q3. Further to EBITDA. The EBITDA reached close to SEK 922 million for the quarter, corresponding to a margin of 29% versus 33% in Q1 2020. In addition to the lower gross margin that I just mentioned, SG&A increased by some 11% in CER, reflecting mainly increased efforts for Doptelet and launch preparations for pegcetacoplan, as well as spend for the new specialty care products. R&D spend increased to SEK 484 million for the quarter, corresponding to 15% of revenue as a result of the new programs for pegcetacoplan and SEL-212, as well as the efforts on emapalumab. If we go to next slide. Operating cash flow in Q2 amounted to SEK 1.4 billion, confirming the seasonal strength in cash flow in the second quarter. As a result, net debt at the end of the quarter amounted to SEK 11.2 billion, corresponding to net debt to EBITDA of about two times. The available liquidity at the end of the quarter was close to SEK 6 billion. As you will have seen, and in terms of the full-year guidance, we stick to the previous outlook from Q1, that is revenues in the range of SEK 14 billion-SEK 16 billion and an EBITDA range of 30%-35%. We believe that we are progressing very well, but there is still remaining risk related, not at least to COVID, that could particularly impact our two largest products, Elocta and Synagis. With that, I hand over to Guido. Yeah. Thank you, Henrik. Let's go to the next slide. Yeah, basically, when you think about it, our pathway to drive the company into the future is really unchanged, yeah? We obviously want to continue delivering on the core. We will continue driving our late-stage pipeline. We have seen that we've got now quite a few data points confirming that we have made good choices with the. selection of our late-stage pipeline, good progress with Rexedag vibrates, with BIVV, with MEDI8897, making our strides for Gamifant. Overall, I think that this creates more confidence. We will obviously further take advantage of the global opportunities that we have with this franchise and making further strides in this regards to build the business in particular emerging markets. For us, as we laid out at the Capital Markets Day, the opportunity in Japan, for instance, is going to be very significant. We're building further this. This basically is built upon strong cash flows that help us to reinvest and build the company, let's say, to another level. When you think about it, company is in a good shape. We're making strategic progress. What we don't want, and that's the reason why we haven't changed the guidance, is getting ahead of ourselves. The Q2 is traditionally a softer quarter in absolute terms. Whilst we have the ability, we want to make sure that we have more data points. Also when you look at the recent trends for COVID, I think we feel it would be not prudent now to already start getting ahead of ourselves and upgrade our guidance, even though the signals that you're seeing from the data are very positive. Next slide. I think we can then probably wrap it up. For question and answers, because I think this was more to give you an insight from our side. We understand that today it's much more about your questions and letting you in on our thought process on the data. With this, maybe we open the floor for questions. If you can, please limit your number of questions to two per speaker. That will allow us to have a broader audience covered by the end of the session. Thank you. Thank you. Ladies and gentlemen, if you have a question for the speakers, please press zero one on telephone keypad now. Please keep to two questions per person, and reenter the queue to ask your remaining questions later. Our first question come from the line of Eun Yang from Jefferies. Please go ahead, your line is open. Thank you. I have two questions. By the way, good quarter. Congrats. I appreciate it is too early to modify full-year revenue guidance given the limited data so far. Even assuming your high end of a guidance and synergis seasonality, you are not really expecting any growth from the pipeline products besides the synergies. I have two questions. One, can you talk about RSV season that you are expecting for upcoming year, upcoming season? Secondly, for hemophilia product, there was a stocking in second quarter helped the sales. When you look at the sales last year with the 1st quarter stocking, there was a de-stocking in second quarter, subsequent quarter. Should we expect that to happen in third quarter? Thank you. Thank you, Eun. With regard to established synergies, let's say the indicators when we follow the CDC publications are quite positive. We see that the season, that the RSV prevalence is coming back. We have no indications at this stage not but to believe that we have a normal season. This obviously could be significantly disrupted again if we would have another reemergence or research of new COVID variants that could lead to more social distancing again, less international travel, and we could end up again in a bit of a, from a synergies perspective at least, disadvantageous position. We think the indicators that we have from the virology, also from our field activities, are at this stage positive. It's just because this is such a big swing factor, it's just very difficult to predict now with some precision how it's coming out. That's the reason why we left the guidance a little bit allowed more flux in the guides than maybe operational indicators and virology today would suggest so. With regard to hematology, I think the de-stocking effect that we have seen is primarily in effect of Q2 last year. I don't expect that we see such a significant effect in the next quarters. What I would expect, though, is that okay, Q3 in Europe is always a bit of a challenging one given the vacation period. Normally I would expect that we see further improvements. With regard to consumption per capita, clearly by the end of the year, and that's what we also explained to you, I think, in the first quarter, that basically the drivers, of course, would be related to further patient gain, even though it's not a lot, but we're still gaining more patients. We see that our competition doesn't have a Panacea either. We see a space for us. We see a space with improvement of consumption per capita. We will have headwinds, obviously, from ForEx. We will continue having headwinds from the price variance that we have now realized primarily with the German price reduction. As the variance on the consumption per capita is not from zero to hero, that will still take a while until you see the full benefit during the flow of this year. To your point, I don't anticipate that we will have a significant variance in comparison versus last year in Q3. Thank you. Thank you. Thank you. Our next question comes from the line of Christopher Uhde from SEB. Please go ahead. The line is open. Hi there. Thanks very much and nice results. My first question is related to this consumption improvement. To what extent is this due to lockdown relief, and to what extent is it potentially from a different approach by patients or prescribers to the target trough? Yeah. My second question is, I guess for now, let's see, the China market access team. Do you have one in place ahead of the potential approvals you've got there? Because I guess you have roughly a year or so after approval to get on the reimbursement list, right? Thanks. Yes. Thank you, Christopher. With the consumption per capita increase, it's obviously a little bit like a chicken and the egg question. We clearly benefit from the fact that the economy is opening. People are resuming a more active life. Consequently, they want to be better protected. Having said so, we have a significant step up of our activities in terms of medical education, the interaction of our MSLs, and we had numerous seminars with KOLs talking about the subject of protecting patients and what could be the consequences if you have an atrophy of your muscles and how this could affect joint leads and so on and so forth. That, I think, is a combination. I don't think we are in a position to really separate out both elements. Clearly, there's a benefit from more activity. We have very materially stepped up our activity level. We felt that this was a subject matter that was considered to be relevant for many KOLs. They happily teamed up with us and they were supporting quite numerous medical events. That was clearly helpful. With regard to China, we have a team in place in China that is at this stage, obviously more pre-operational, but we have broadened market access team members. We're expecting, obviously, the approval for Gamifant end of this year. We are working already very hard because we believe that this could be a very significant and important launch for us on how to basically unlock the reimbursement on a national level, because we believe that the product would deserve to be covered nationwide. We have the capabilities in place. Frankly, we have quite a bit of China experience within the company. The people who are at the helm in China used to be driving a business with 2,000 people in China in a different setting. They know what they're doing. Terrific. Thanks much. I'll get back in the queue. Thank you. Thank you. Our next question comes from line of Rajan Sharma from Deutsche Bank. Please go ahead. Your line is open. Hi. Thanks for the question. First one, if we could just go back to RSV revenues and just thinking ahead into 2022. Is there a risk of lower RSV revenues if nirsevimab cannibalizes Synagis before broader volumes kick in in 2023? Second question, just on the cost outlook for the second half of this year. How should we think about that, given that you're already at the top end of the range for full year EBITDA margins? Thanks. Yeah. Thank you. Let's start with nirsevimab. Very hard to make a forward-looking statement, obviously. When we look at it, we think that we will probably have a much more normal season in 2022. It's too early to speculate, I'll be aware of the timelines that are publicly known. I think you can deduce nearly for yourself what the risk you get is as nearly as good as ours on the launch schedule. I think we say that Synagis will have good place in also next year. With regard to cost outlook, we think that we will obviously want to support the pre-launch of pegcetacoplan. We want to support the launch phase of Doptelet, and we want to support the numerous clinical projects that Ravi has familiarized you. We think that we can stay within the remit of the guidance. I don't see that there are other things to report. Henrik, you want to comment on cost? No. What Guido just said means that we expect a somewhat higher spend level both in SG&A and R&D for the second half. Yeah. I think you need to just recognize that with pegcetacoplan, we have a very significant product in our stable, and it just needs to be properly supported. Very good. Okay. Thank you very much. Thank you. Thank you. Our next question comes from the line of Rosie Turner from Barclays. Please go ahead. Hi. Good afternoon. Can you hear me all right? Yes. Perfect. I will stick to the two questions. Firstly, it would be good to understand a bit more around the drivers of specialty care growth. Did I hear you correctly that WAYLIVRA is margin dilutive? Just one on the pipeline, emapalumab. What are the actual economics behind the expected Russia and China approvals? What are the revenue dynamics there? Thank you. Thank you. Let's start with specialty care growth. The specialty care growth, we have made a licensing agreement with Ionis on TEGSEDI and WAYLIVRA in Europe and for TEGSEDI in United States. Basically that influence our margin mix particularly also because there were some setup costs. You would expect, as there was very limited payments involved, that the gross margins would not reflect our average gross margin of our proprietary business, even though the gross margin of this business are clearly north of what typically we had under partnering, and that we basically downscaled considerably. Relatively speaking, still not comparable, which is no surprise. Therefore, let's say the mentioning. I think, as we are evolving as a group, obviously, you'll think that the larger footprint will make us more attractive as we move forward for more partnering business. Then it's a question on how profitable you can structure this and what is your level of commitment to these businesses. With regard to emapalumab, let's say we have not guided on the economic relevance. Basically just to give you some direction in order to interpret. Emapalumab, obviously, in a broader HLH setting could be quite significant. In the primary HLH, you have seen the numbers in the U.S. There is, in a stricter sense, it's an opportunity. You look at the total populations of Russia and China, you come up, obviously, that this could be still material. Our hope would be, obviously, over time, as we try in the U.S. to expand the label. The question will be, that is an answer to this uncertainty to this, what will be the price that we were able to obtain in order to get, for instance, in China on the NRDL. The numbers on the low end would suggest, in line with the population, that there are quite a number of patients. I've seen data suggesting 5,600. It's probably even north of that for HLH. The question is, what will be the price level to enable this, and over what time do you expect an HLH label, whilst initially we would have a primary HLH label. I'm afraid we are at an early stage, and typically we would not guide on sales potential per region. It gives you a little bit of a frame to think about it, that this is a significant opportunity, but we are not at a stage where we can basically already say that we have this opportunity in our hands. Perfect. Okay. That's very helpful. Understood. Thank you. Thank you. Our next question comes from the line of Viktor Sundberg from ABG Sundal Collier. Please go ahead. Your line is open. Hi. Thank you for taking my questions. Congratulations on a solid quarter. My first question is on pegcetacoplan. Could you highlight where you are in the process with the EMA? Have you entered a second clock stop, for example, or any special questions from regulators or outstanding issues that have been discussed? Also, could you highlight perhaps how far developed your sales force is in Europe at the moment, and how far you have left in the first countries where you will commercialize the product? Thank you Yeah. Thank you. Maybe I'll start with the easy bit and talk about our commercial readiness. There we affirm that in the first-wave countries, we have built considerable teams already, whilst in the second-wave countries, we are about to do this. We do this in a sequential way in order to minimize the impact on our results, obviously. We will not compromise the launch readiness, and we have really stepped up our understanding of the first indication considerably, whether it's in various medical parts of the organization or whether it is commercially. With regard to the interaction with EMA, maybe, Ravi, you want to comment. Yeah. Thank you. I won't go into detailed questions that we've received, but we have answered the major issues. The process is pretty well advanced. We're obviously in the summer recess clock from EMA, but we are confident, as I mentioned, that we would get approval by the end of the year. Okay. Thank you. Also, you didn't specifically mention any headwind in haemophilia due to competition. What is the status from your point of view of HEMLIBRA competition? I suppose, you can speculate that it will intensify when it's easier to reach physicians with less COVID in the second half, I'm guessing. With HEMLIBRA, they're obviously a formidable competitor. We recognize this. For us, it's important that we continue gaining more patients, mostly from other, let's say, first-generation factor products at this juncture than from HEMLIBRA directly, that we continue gaining more so that we have a net gain versus what we lose. At this stage, this is clearly in place. We have the business in a decent balance. They will not rest. Probably have not fulfilled their ambition yet. We have not fulfilled ours. This will stay with us. What we can see is that with more activity, also maybe some of their data points will be put into perspective, because clearly, an equivalent level of 10 may not do it if you have more ambitions for an active life. I think, as we go along, you have obviously the early adopters, then you will have other patients who will want to seek this. On the other hand, you will have also patients who realize that this treatment needs to be complemented if you want to be protected against bleeds and, as many of the patients were in the studies, who got supplementary factor VIII. I think that basically rationalization and reasoning will set in. When this new equilibrium will be established, who knows? I'm not making forward-looking statements in this regard, but I can reassure you we will make every effort to do so. Obviously, we are very gratified to have Bivriozumab in our armament, and any of the feedbacks we are receiving from the phase III trials are very positive. Okay. Thank you. I jump back in the queue. Thank you. Thank you. Our next question comes from the line of Peter Östling from Pareto Securities. Please go ahead. Your line is open. Okay. Thank you. Two questions. One first for Elocta and Alprolix. If you look at the sales bridge and if you move one quarter ahead, the stocking effect, which has influenced it positively this quarter, will go away. Some of the others will improve, for instance, the consumption per patient. What about the pricing factor? Will that still be around 10% year-over-year negative in Q3 and Q4? That's my first question. Then secondly- If you adjust for the sales to China of Doptelet, the sales were essentially flat year-over-year for Doptelet. I'm just wondering, these SEK 58 million, how will that develop over the coming quarter? Do they build up a stock now that they will sell down during Q3 and then maybe order a little bit more in Q4? How will the order pattern look like going forward? Thank you. Yeah. I start with the sale of Doptelet. It's a little bit tough to separate this. When you look at our performance Q2 last year and you take away the milestone, you have roughly SEK 100 million of business at the same time. That basically is a comparator. That's the reason why we say we nearly tripled on a sales basis, because there was a milestone payment that we obtained in that quarter. When you look at the growth of the U.S. business, excluding China, we have a very nice evolution of in average, 30% compounded on a quarterly basis. Yes, Guido. Yeah. about specifically the China number. Yeah. Will that fluctuate over the coming quarter? Yeah, this is obviously export business, but the good news is that we don't think that the sales in Q2 is a one-off. Yeah. We will have significant more sales. It seems that these sales are reflecting the demand, granted that they can be because of the order pattern, always a quarter where you have less and then a quarter where you have more. I don't think that what you have seen in Q2 is a one-off. I think we can look forward to a significant more sales from China for this year and also for next year. Okay. I understand that it wasn't a one-off, but I reckon that the initial order was a little bit of a stocking ahead of launch that will be sold down during maybe Q3. No, they launched already earlier. I'm not making forward-looking statements, obviously what they will order. That was dimensionally to what the size of that business is not exaggerated. There may be some consumption of product in Q3. When you look at it on an annual basis, I would be surprised if you would consider this Q2 as an extraordinary quarter. You could essentially multiply this by four then, for China? Well, I'm not suggesting this now, Peter, but I just don't say that this is an extraordinary quarter, but yes, there will be significant more sales to come for us, yeah. Yeah. Whether or not the number is times four or whatever, let's say I'm not saying. Yeah. Because we typically don't guide on this, but it's not an extraordinary sales number and now we will not see anything till year-end and assuming that's clearly not the case. Okay, great. The price component going forward year- over- year? The price component for- Hemophilia Yeah. They are basically, the SEK 90 million is pretty much, we don't expect for this year more price, an aggravated price situation, knowing full well that you cannot predict pricing. We don't expect it. What you see is pretty much, on a relative basis, what basically the impact of that, primarily the German price impact is. That is something that we would carry forward with us during the course of the year. Okay, great. Thank you. Thank you, Peter. Thank you. Our next question come from the line of Erik Hultgård from Carnegie. Please go ahead. Your line is open. Hi there. Thanks for taking my questions. I have two, if I may. First on Doptelet, going back a little bit on the previous question. Taking out the SEK 58 million in sales in China for the quarter, it looks like the sales performance in the U.S. looks pretty flat-ish over the past two, three quarters, despite the launch in Europe. I was wondering, are you sort of reaching a plateau in terms of market share in the U.S.? What should get you back to growth in the second half in the U.S.? Secondly, on guidance and if I'm correct, it looks like the Akcea deal was expanded to include the U.S. in early April. After your guidance was announced. My question is basically that, are you just being conservative? You're adding some $200 million in incremental sales in the U.S., but you're still keeping guidance unchanged. Are you sort of conservative or are there any other headwinds that you didn't foresee earlier in the year? That was my two questions. Thank you. Erik, when you look at the Doptelet, and you basically look at it quarter by quarter, and I just compare it on a patient basis, then I would have end of Q2 versus end of Q4. I have up to around, this is approximated now, close to 50% more patients. In my books, that's not flat-ish. There may be some movements of sales where you had an anticipation, where you had an oversell in Q4 and as a consequence, a lower Q1. Let's say when I look at it by all the yardsticks in the U.S. business, and maybe what we can do is have an offline discussion, that actually looks pretty decent to me, the development. That doesn't mean that we cannot do better. That's what we discussed with the team, we are working on this, I'm not too pessimistic about it in particular. The more recent indicators, we have brought in a new team here that obviously wants to make a bigger impact. It is also an indication, to be honest, particularly in COVID, where vertical launch was not possible. I think not so bad. If somebody would have told me last year that this is going to be our sales evolution, I would have taken it anytime. Yeah. I think in terms of new patients, we will try to do better. There's still some opportunity. The team is, in terms of understanding that business, I think is quite positive. With regard to Akcea, the SEK 200 million, in fact, that you are describing, I think, consider it as conservatism. Because we are not aware of any material adversity. Otherwise, we would have reported this. Second, on the other hand, when you think about the swing factors that we are facing in today's world, that basically is something that we took, let's say, and pocketed. It is not something that we have already used for. I think it's at least we don't want to disappoint. Yeah. That's our clear mantra. As we go along in this year, as some of the uncertainty around the environment is lifting, I think that we will make sure that we properly account for this. Okay, great. Thank you so much. Thank you. Thank you. Our next question comes from the line of Peter Ekström from Handelsbanken. Please go ahead. Your line is open. Thank you. It's Peter from Handelsbanken. Thanks for Handelsbanken. Thanks for taking my questions. Congratulations on the results. Furthermore, by the fact that the 2022 consensus or 2023 consensus actually now below my numbers. That means that there is upside to consensus and that the negative revision cycle may be over. Let's not take things too granted. I have a couple of questions here. Firstly, just to follow on Docetrax. With the current run rate, you might be adding incremental sales of roughly SEK 600 million compared to last year. You are in the launch phase. Typically there you see accelerating sales. What is your expectations internally for Docetrax? Should we see this as a, let's say, a product that is still in a exponential growth phase where we might see increasing incremental sales? Should we take a more, let's say, standard view and just see this as a linearly growing product, as you typically see for mature pharma products? That was number one. With respect to nirsevimab, I guess the communication, or at least the previous I heard of from many of you, Astra, et cetera, was that this product could be low priced in order to have a mass market appeal. Is there any update on how the strategy for nirsevimab is going to be set in terms of price and market access and accessibility? Thank you. Thank you, Peter. With regard to upside short- and midterm versus consensus, we have guided on what we have guided on. Let's say with regard to Doptelet, let's say at this stage, I think we should see during the second half an acceleration, of course. Let's say because that's what we are working towards, too. Is this now exponential? It's always a question on how you define exponential. As we are now rolling up, let's say the events, we think that we are clearly not done with Doptelet as we have guided to. Also, if you wanted to achieve our overall guidance for the products, you would expect that there will be an acceleration at one stage. The team is gearing up for this. With regard to nirsevimab, obviously due to our competitive situation, we are not plugged into the commercial strategy of Sanofi as much at this juncture. I don't have further updates than basically Sanofi has given to the market. I think there is a good data point in the Capital Markets Day last year. I would not be able to share more than this because they don't share this with us and due to the competitive situation that we still have with Synagis. Thank you very much. Thank you. Thank you. Our next question comes from the line of Jon Berggren from Kepler Cheuvreux. Hi. Thanks for taking my questions. I have two. You're running this study with emapalumab in malignancy-driven HLH. I didn't see the specific study on the R&D slide you showed here in the presentation. I was just wondering if you could give an update on the status or progress of the study. When will we see the first data, essentially? My other question is related to pegcetacoplan. Apellis, they will offer this infusion system called Enable, and they will have it available to patients already next year. I was wondering if you will also offer this kind of infusion system in your territories. Thank you. Yeah. Thank you. I start with the infusion system because I just discussed it actually with Apellis. There we will review this, their advancement. We have right now selected, and there is no common standard amongst geographies. Let's say, I would say best-in-class infusion systems that is supported, but also has the right distribution. That's our first step, and then we will look with Apellis, and the decision has not been made to what degree we should use their own version. With regard to the malignant HLH study, I'd like to refer to Ravi because he's very close to this. Yeah. Thanks, Guido. We've been conducting that study for some time. We've had a look at the results from the initial 10 patients. It's a difficult area to work in. We don't envisage progressing that particular indication with emapalumab simply because of the complexity of standard of care and the sickness of the patients. We'll be focusing on other secondary HLH subtypes going forward. Good. I think maybe one more question, and then we probably have to wrap it up. Yes. Our next question come from line of Christopher Uhde. It's a follow-up question. Christopher Uhde from SEB. Please go ahead. Line is open. Yeah. Thanks so much for taking my follow-up. A question on pegcetacoplan in IgA nephropathy. I wondered why aren't you and Apellis going for this indication given the iptacopan data. I wondered, are you held back by the route of administration or the infusion reactions, or is it something else on efficacy? Thanks. Ravi, you want to talk through what it takes us? Yeah, I think, Christopher, thanks very much for that. No, we're not being held back by anything. I think within both companies, I think we want to continue to expand the indication set for pegcetacoplan. As you can see, we are really full in progress with four indications on top of PNH. I think it's really a question of staging our investments and staging the indications that we do. All right. Yeah. I think, Christopher, we just have to recognize you don't want to be a company that remain an opportunity but never had the opportunity to make something out of it. I think on this note, thank you so much for your interest. I think we close the session now because we reached 2:00 P.M. If you have further questions for us, please don't hesitate to reach out to our IR team and we will revert promptly. Thank you. Wish you all a great day and a great week. Thank you. Bye-bye.