I'm TJ Savant, I'm the Life Science Tools and Diagnostics Analyst at Morgan Stanley. It's my pleasure this afternoon to host Catalent. From the company, we have Alessandro, Tom, and Paul. So thank you all for doing this. Before we get started, just need to rattle off the disclosure statement here. Please see the Morgan Stanley website at morganstanley.com/researchdisclosures. If you have any questions, do reach out to your sales rep. So with that, Alessandro, maybe, you know, look, you've been at Catalent for a very long time, been in the hot seat for about three months now. Any early learnings you'd like to share? What has surprised you to the upside? And where do you think Catalent can do better as a company on a go-forward basis? Yeah, sure. Number one, it's a privilege and a pleasure to step in this role after 12 years in the company and having been in this space for a long time. And, you know, it's exciting to be here. You know, it's exciting to be sitting in this seat with a very sound strategy going forward, ambitious targets for 2026, which we're gonna start to work on it. We already started working on it. We keep working very hard on it to reach $7.5 billion in revenues and a margin of 30-plus%. You know, when I look at where I started, when I joined the company, it's just an amazing story of growth and cultural evolution of the organization. So, I believe that the company has gone through significant growth in the last couple of years. But while, well, I'm very proud of what the company has done in delivering vaccines and having a huge impact on the lives of people all over the world and very much here in the US, delivering hundreds, you know, hundreds of millions of doses of the vaccine doses. I feel great about, you know, that as we were working in the last three years about scenario planning, what's next after the pandemic. We were able to design very credible scenarios and according to these scenarios put plans in place so that the company can continue to thrive and grow, you know, after that period. So feel very good about it. And, you know, it's all about execution now. Got it. That's great. So start with, you know, your favorite topic, COVID, and then I promise I won't turn to COVID again for the rest of the talk. You know, look, there've been a bunch of recent updates here. You know, COVID vaccines are likely to transition to the private sector here in terms of purchasing. And you have the bivalent formulations get approved as well. How should we be thinking about sort of the implications here for your demand trends? Well, look, you know, unavoidably, you know, this is now to, you know, going to be normalized in terms of a product and really is gonna be the typical evaluation about what is the patient population that is gonna be really considered for forecast of volumes. What is the age group? What is more or less risky population? How much this is gonna be combined with other cycles of vaccination like flu and so forth? There is also for us, you know, getting ready for the transition towards different dosage forms. Clearly, you know, when you look at the private sector and the, you know, pandemic use of these vaccines, the current still current formulation, which is in multidose vials, is just, you know, not ideal for those setups where you're gonna have the people showing up at the pharmacies to get the or at the physician to get the vaccine. So, there is still some work to do to get ready for that new phase. I feel that, you know, when you look at the current volumes, you know, somewhat is already there in terms of demand. And in terms of, you know, what is gonna be the patient populations that was recently in the news, some scenario planning. As always, you know, there is a range and we prepare for both cases of the range. Got it. And, you know, Tom, maybe you can chime in here. You talked about a sort of 66% reduction in volume embedded into your fiscal 2023 guide. And then you also have the take-or-pay contract dynamic. Sure. So how does that 66 translate into revenue? Is it fair to assume it's 50% or is it sort of more or less, at parity? Sure. So, Tejas, as you mentioned, we did take a relatively conservative approach to our fiscal 2023 guidance as it pertains to COVID. We took a substantial de-risking, down to two-thirds of the volume that we saw in fiscal 2022. In terms of what that means from a revenue standpoint, I would say your 50% number is probably a little bit light. It's somewhere between 50% and the parity of 60%, 66% or 67%. And when you think about fiscal 2022, I think we've given a lot of different pieces of information here to help investors triangulate around a number that's, I would say, a bit more than $1 billion of revenue in terms of what we had in the fiscal 2022 starting point. Got it. And as you think about sort of, you know, your, your largest customers here and then, sort of transitioning away manufacturing, some of the COVID trends, normalizing as well, is it fair to assume that, you know, I think they were about 8% or 9% that goes down to, you know, rough math, low single digit or so, and that's a sustainable run rate on a go-forward basis for the cumulative amount of work that they do with you? Or is there a, I guess, a further step down to be thinking about come fiscal 2024? In terms of the revenue contribution. Yeah. From the key customer? Yeah. Look, we've not talked about what the individual revenue contribution of any customers would be going forward or any individual programs. So I'll stay away from that. I will say, though, that customer continues to be a very strong strategic partner of the company and one with an extremely robust pipeline. Yeah. And I would add on that point very much underlining that, you know, the way some of these contracts have been built is that there is a collaboration that is wider than just COVID. So as the new assets come through the pipeline, there will be some revenues with the same COVID customers, which are not necessarily. Mm-hmm. Pure COVID revenues. Got it. Makes sense. Turning to the ex-COVID biologics business, you know, can you just walk us through the degree to which that fiscal 2022 number was weighed down by COVID projects crowding out the base business? And you talked about sort of, you know, the fourth quarter ex-COVID growth. You know, I think it was close to 30%. Tom, correct me if I'm wrong. Is that a better proxy for how we should think about normalized growth in the segment looking forward? Number one, I look, I believe that there were a number of things going on here. For sure, the one you mentioned, you know, during the COVID, the pandemic, at the peak of the volumes, clearly we had, you know, the system was capacity constrained. This is not a secret. All of us were making priorities in the US and our suppliers in terms of which products to support. So clearly there were a number of other products that, you know, suffered a little bit from that situation and that position has to be recovered and still be recovered. So there is a little bit of that backlog being, you know, going through the system. I also believe that, look, what is happening today with COVID is not a surprise to us. You know, nobody knew what exactly would happen. But three years ago, two years ago, we did our scenario planning exercise, which we should do. And what we're seeing today was one of the many scenarios we had in front of us. And of course, you know, what you do, you know, you hope for the better, but you plan for the worst. You know, that's what normally you do. And so two years ago, we decided to accelerate a number of investments. Probably otherwise, there would have been a little bit more scattered across a longer period when you think about how many drug product assets we brought online, mainly prefilled syringes, you know, the doubling on the DS capacity in Madison and Bloomington, the acquisition of finally a European asset for drug substance in Oxford, you know, accelerating the transition of the cell therapy from clinical stage to GMP-grade commercial scale with the acquisition of our facility in Princeton. When you look at some of the other plays we've done outside of pure biologics, but you know, when you look at gene therapy doubling the presence in Baltimore, going from eight suites really operational to by the end of this year, we're gonna have 18 suites. Mm-hmm. Operational. Mm-hmm. This is a huge undertaking for the company. And this is the CapEx side of it. You don't see what you don't see, although you could figure that out by the significant investment in base cost the company has done, is the increase in the sales force that we have out there selling our services, the increase in the project management teams and so forth. Everything preparing for the rest of the business to go through a period of higher growth than normal, so to speak. And so we've been, you know, really measuring our teams not on wins. Mm-hmm. But on COVID wins and ex-COVID wins, trying to put a specific focus on non-COVID wins because we want to get ready. So this is what is really driving. The Q4 performance was a proxy of what we expect to happen in the next three quarters. Now, if this is a trend that is sustainable in the long run, I don't necessarily think so, you know. Clearly there is an enormous amount of capital that went into the business, both organic and inorganic. And that was really facilitated by the hypergrowth. Mm-hmm. Of the EBITDA of the company over the last two years. So, you know, there was the possibility to invest. We did invest. We did the selling to the investments. Now we need to execute. Got it. And that's actually a great segue to my next question on, you know, the capacity build-out. You know, you talked about sort of some extended lead times for capital projects. Mm-hmm. Where are you seeing those delays? And is that what exactly are they related to? So look, I believe that, number one, construction cost is more the concern. They're getting more expensive than longer. Not necessarily longer, but more expensive. Surely the lead time of manufacturing equipment has got longer in the last 18 months or so forth. Part of it because of the demand. These are all equipment that are under demand. Part of that because there are some fundamental pieces of these equipment like steel and so forth that had some periods of a shortage of supply. I believe that this is being resolved as we speak, although we're gonna see still a few months of concern in front of us. I believe that all in all, that is what the push does in changing a little bit our plans. When you think about what was our initial plan to build the cell therapy GMP-grade commercial capabilities in North America, we had already in flight in Europe. We were thinking about doing that organically, investing in one of our sites. And we had to change the plan because, you know, again, our scenario planning was saying that this capacity was needed earlier than what was realistic in the current climate. And we went to acquire the Princeton facility, which is ready now. Mm-hmm. So essentially we can onboard the clients tomorrow with the commercial scale and GMP-grade, manufacturing for cell therapy. And the rate of interest we've seen is very, very high. So we're pretty pleased with that. Got it. Where is there a need for additional capacity build-outs within the biologics business? And do you find yourself actually turning away customers because, you know, your capacity is basically spoken for at this point? And to the extent that that opens up opportunities for, you know, new CDMOs without perhaps as extensive a track record as the. Mm-hmm. Catalent or, you know, some of your other peers, how do you think about sort of the, the emerging competition? Yeah. Sure. Sure. That's a great question. Number one, I have to tell you as a CEO, you face a lot of pain. And the biggest pain I can face is a customer going away because we cannot serve them. So that cannot happen. It's just such a painful event. And we worked really, really hard to put ourselves not in that very position. Now, I do believe that if I could accelerate a little bit the creation of prefilled syringe capacity. Mm-hmm. I would do that. But across the rest of the spectrum of our offering, we have plenty of runway for our customers. And in fact, in some cases, we have built a little bit faster than what we required because, you know, when customers, especially in these new modalities, get in phase three, the biggest concern on their mind is never, "I have too much capacity." The biggest concern is always, "I don't have enough capacity. Would I have enough capacity for my BLA, for my PPQ, and so on?" So you need to give them not only the conviction that you can execute today, but you give them to also cover their upside case. Because if they, they're not getting covered, they'd rather go to someone else to cover their upside cases. So you really want to get there and have available capacity. Look, I believe that, to your question about competition, if there is anything that the pandemic has demonstrated for the CDMO space is that the scale does matter. Mm-hmm. Right? When you see what are the CDMOs that emerged through the pandemic as the ones that could really step up to the plate and deliver where all the larger ones, the usual suspects, and so on. So I believe that, you know, more and more ability to deploy capital, ability to reach level of absorption that, you know, in turn redeliver good returns is gonna be paramount going forward. So look, it's still, especially cell and gene therapy, is still capacity constrained, but I see more and more trends towards the big ones as opposed to the small ones. Got it. Makes sense. On the fiscal 2023 outlook for biologics ex-COVID, I mean, our math sort of, you know, got us to about, I don't know, 40% something in that zip code. Just given your pipeline today, could you share some color on what underpins your confidence in seeing that level of growth in the base business? Yeah. I believe I, I covered these apart, partly before, and so did, you know, Tom. You know, the reality is this one. Look, there is, as I said, a little bit of backlog coming from previous prioritization of different volumes. There is significant demand coming through for prefilled syringes, a number of tech transfers going in those assets. There were a number of things that were fairly unimpactful, so to speak, in the last couple of years. When you look at our offering in cell therapy was not really material. This is the fiscal year where we expect because of some of these late-stage assets, cell therapy to be more impactful to the performance of the company. So it's plasmid DNA. You know, over the last two years, we've built this business, but we were primarily clinical-grade. Mm-hmm. Preclinical phase one type of scale, and now we have, as we speak, fermenters coming online to start, you know, scaling up those offerings and producing larger quantities of material, and it's a fairly efficient process anyway. When you look at, you know, drug product, again, the prefilled syringe is dynamic, and on drug substance, we have doubled the capacity in our key sites like Madison and Bloomington, so there are a number of things coming together all at once, which are behind these, if you like, a little bit accelerated growth in the non-COVID space. And also at the capacity expansions we've made on the gene therapy front. Got it. We're exiting fiscal 2022 with about eight suites up and running within our Baltimore facility for gene therapy biovector manufacturing. We're in the process of bringing on an additional 10 suites. And so during fiscal 2023, at some point, we will have 20, 20, 18 suites, rather, up and running, during that period of time. So that's another area here. So, you know, the fact that we're going to see growth in excess of 25% here within the business, we've already seen that in our fourth quarter results, as we've mentioned. But that's not the same store growth rate, right? Right. These additional capacity investments that we have been making, over the course of two years are starting to materialize and come online, and we're seeing the filling of those assets. Got it. Alessandro, you've talked about sort of biologics growing at 10% to 15% longer term. How do you to what degree does that sort of range embed biosimilars? And how do you see that opportunity, you know, driving upside for you over the next, say, two to three years? I mean, it's an increasing focus for investors here. Yeah. So look, biosimilars is an interesting one. I would tell you that on the drug substance side, we are more skewed toward innovator. Mm-hmm. You know, for sure, we asked ourselves back, you know, a few years ago if we should or not enter the larger scale bioreactor and so on. It's a question that we keep asking ourselves. But, on the drug substance, our strategy, you know, is really in and around technology. You know, we want to make sure that we have the best possible solutions for our customers to bring cell lines sooner rather than later to stable and productive state, high yields, high titers, especially for complex proteins. Mm-hmm. Which is complex antibodies. So this has been the investment of the last two years. And that is coming to fruition when you look at, you know, the data coming from the results on our GPEx Lightning technology. They are just amazing. You know, that's just incredible data. And these data are really generating a lot of customer interest and a lot of wins, to be honest with you, in our clinical side of the drug substance business. So on that side, we are more, you know, focused on that. On the drug product, look, it's a combination of the two. Clearly, the dynamic of biosimilars are a little bit different from the dynamics of innovator products. But there is an opportunity there, which, you know, we are there. I do believe that that's something that what is behind the demand for prefilled syringes capacity is like the fact that, you know, some biosimilars do need the capacity. They do need this capacity under isolator. Mm-hmm. to give a higher, you know, sterility assurance profile. And all of that coming together is generating significant demand. Got it. I want to head up on the Brussels remediation very quickly, Alessandro. What are your key lessons from that sort of experience? Where does the remediation work stand today? Have there been sort of any impacts to your, you know, customer relationships? Look, besides, you know, what, what's happened in Brussels where these 483 became very public and because of the other products being implied and the impact on other products and so on. Look, the way it works, any possible audit inspection you receive is a learning opportunity. It's a data point with external eyes that is telling you what you're doing well, where you have opportunities to improve. Especially when it comes to regulators. Regulators are increasing their expectations all the time. Mm-hmm. And especially after a period where regulators have been not so much out there because of the pandemic, you know, you've seen these a little bit like a step change as opposed to an incremental, a smooth increase of expectations. So our job is to take these on, internalize, and not looking at these opportunities just in the site, but look at them holistically and try to understand what we can learn from that. So, look, at the end of the day, do I plan for them? Am I happy about it? Absolutely not. I expect much better from us. I take accountability of it. Surely the fact that we didn't have a lot of oversight possible during the pandemic because most of our oversight was kept out of the site has been part of it. But no excuse that we need to be better than that. And we're gonna take this opportunity to be even better than what we've been so far. Got it. Sort of touching on what you just said and if you, you know, put on your hat as an industry veteran, is it just an occupational hazard of being in a highly regulated business and doing a lot of manufacturing? Look, you know, it's a regulated environment. This doesn't apply only to pharma. I do believe that, you know, there is always, you know, especially in more, you know, sensitive assets like sterile assets, there is more possibility that you're gonna get observations also on some of them, and where, you know, you can make your own math. There is statistics out there that are gonna tell you how many of these inspections for sterile assets end up with some form of 483s and so on. Mm-hmm. The thing is that there are some cases in which 483s, 483, which, you know, clearly are the majority of the cases, can be addressed, you know, by procedural changes, by reviewing your practices and so on. Sometimes you need to do engineering changes to your facility. Mm-hmm. Especially if your facility is a little bit more dated, and what you need to do is, engineering changes in a sterile facility. There is no way to do that but stop production because there is risk of contamination to the product, so it is, it is something that does happen. Mm-hmm. You don't plan for it again. You try to be as perfect as you can. But, you know, I wouldn't say that, the need to post-production is something that happens all the time. Most of the time. Right. These 483s don't even, you know, they get a notice because you address them with the remediation that it doesn't require a stop in production. Got it. Before we move to the PCH side of things, you know, yesterday we saw this executive order on biomanufacturing from President Biden. Any early thoughts? I mean, the press release was, you know, admittedly light on details. But just curious if you heard anything. I know I saw yesterday on CNBC, Catalent on the screen, and well, look, you know, at the end of the day, you know, we've been seeing these, not now from the last couple of years that one of the aftermaths of the pandemic would have been a different look at the biopharma industry, right? And I've been seeing in many forums many times that my own vision was the pharma industry would be seen more and more as the defense industry just because the biggest threat to societies will come from biothreats like viruses and so forth. And the fact that a country can find themselves enabled to be fully independent at the scale to face those realities and also, you know, when you look at also, cancer treatments and so on. And the fact that some geopolitical tension and probably globalization is gone for good at this point, you know, when you put all of these together, it makes absolute sense that now you look at this industry under different lenses. And you want to have way more local domestic manufacturing than you used to. And I believe this is a trend that does not apply only to US When I look at my fellow European, you know, countries, they are doing very much the same. There is a lot of incentives to create local manufacturing. When you look at the Limoges investment we've done, that was done under, you know, a significant collaboration with the French government as well. So it's a little bit happening everywhere in the Western world. I believe it's a good trend. And when you look at that, you know, again, the other aftermath of the pandemic is that biomanufacturing will really rely on CDMOs. We are the only ones that for these new modalities can generate significant returns on capital. Mm-hmm. Right? There is, you know, for every innovator company, and where you have one or two assets with very small patient populations, very capital-intense investments, how are you gonna generate the returns that you need to be efficient? And the more the cost of the capital, the more you're gonna make those savvy decisions. Right. So all in all, I believe that this is somewhat something that we were expecting to happen. And this is now happening. And I do believe it's good news for us and particularly for patients because for patients will be important to know that at any point in time, the country is in control. Mm-hmm. Of biomanufacturing. Got it. On PCH and the retooling that you laid out in the last earnings call, Alessandro, can you talk to us about, you know, have you already started to see some of the positive benefits here? Do you anticipate any sort of learning curve? Are there any sort of like low-hanging fruit in terms of generating that 100 basis points increase in your long-term targets that you, Yeah. I have to say that we started to work retooling the commercial engine primarily on the small molecules a couple of years ago. This is not new, right? We started to incentivize our team to do cross-selling. We've been trying to have customers which will use us for clinical distribution, also to use us to generate the formulation development, also to produce the clinical material. We've been co-locating project managers like having project managers of one offering in the same site or project manager of the other offering and so on. But clearly, this, there is only so much you can achieve until you still have P&L barriers. And, you know, we all work for the P&L at the end of the day. I believe that putting together these in one segment, having all the teams, you know, measured on the same goals, strategic goals of growth, has been removing the latest barriers. So I don't, you know, this started this summer. It's something that we've been working all along. This summer was really removing the last hurdle. Mm-hmm. For this to happen. And yes, I will tell you that we're seeing already, you know, interesting, you know, synergies going on there. And when I measure the win rate, which we always monitor, which are a good predictor of what is happening two years down the road or one year down the road, we've been seeing some good trends there. So pretty pleased with the progress. And I believe we're gonna see even more going forward. Got it. You talked about sort of 6%-10% growth in PCH and in steady state. The question we've gotten is more around what does, you know, Softgel and OSD growth look like at 10%, right? Because those markets, people don't view them as a double-digit sort of grower. Yeah. Look, you know, you have these cycles in this industry. And sometimes, you know, we, you know, we are used in this industry to always look forward and not look backward. And sometimes, there are events in the past that are, you know, removing some of the base. And, and this base gets replaced. So, I believe that, in, in the pharmaceutical softgel, we are seeing a little bit of new youth of the business where, you know, some of the legacy products which have dampened the growth in the last, you know, couple of years, they are now a little bit out of the system. Now you're seeing some of the investment in the pipeline coming to fruition. It's a fact anyway that there will be more and more molecules requiring some bioavailability enhancement. Mm-hmm. You know, technology. Either it's liquid formulation or it's spray drying or whatever. So there is a need for these technologies to evolve. But I believe that the story of Softgel really, you know, got better when we formed SOT. And so now we have all the late-stage sites all in under the same umbrella. And really, we can offer to customers different multiple options for their molecules and be less agnostic, you know, more agnostic and say, "Okay, look, these are the molecules. These are the needs. This is what we can offer you." And when you look at what the legacy SOT has been driving in terms of growth, it's really coming from complex oral solids. And one of the gaps that we had still in that space was high-potent, you know, compounds. Mm-hmm. Which is a very attractive subscale subset of the industry. And with the acquisition of Metrics that we just acquired, we just announced in August, we are really covering that gap. It's plugging that gap. They come with a nice pipeline with a lot of capacity we can fill and accelerate in. So we are very excited. And we look forward to closing the acquisition sooner rather than later. Got it. Just in the near term here, and perhaps Tom, you can chime in as well. What drives your confidence that PCH can grow sort of meaningfully above even that 10% sort of long-term, you know, high end of that long-term range? And that's before you, you know, bake in the Metrics contributions to your point, Alessandro, pending close. Is low teens a fair way to think about it? Or could we see even sort of higher growth than that, in fiscal 2023? I would say this year we feel pretty comfortable with our fiscal 2023 guidance, which would see the PCH business growing in excess of that 6%-10% range. Whether we look at mid-teens or not, I would say that certainly within the realm of possibility. And something like that probably lands us closer to the higher end of our guidance range than the midpoint. Mm-hmm. But I would expect that business to be at a minimum growing in that 10%-12%-ish here, in fiscal 2023 based on the pipeline that we have, the commercial volume that we're seeing for existing products, as well as, you know, the commercial synergies that I would say we continue to see on the consumer health side. You know, adding the Bettera business to the portfolio has really accelerated the growth rate of this business. Mm-hmm. and really has helped us be able to meet the needs of existing consumer health customers that we've had that were tied to the Softgel dose form, now being able to offer the gummy soft chew lozenge dose forms in addition there. So we've really been able to see, I would say, an acceleration of consumer health-related growth as a result of adding the Bettera technologies to the portfolio. Got it. The one comment I would add is that the PCH, we don't not only expect that to be contributing to accelerate growth, and that's why we revise guidance, but also contributing to the margin story of the company and the expansion of margin. And that's why, you know, we are very, very intentional in where we want to grow in PCH, you know. Mm-hmm. High-complex oral solid, the gummies, all the offerings that in the portfolio are on the higher end of the Zydis, on the higher end of the margin profile so that as we continue to grow faster in these areas. Mm-hmm. The overall mix of the business will improve the margin profile and will contribute to our target of 30-plus% in 2026. Got it. Alessandro, very quickly, I wanna get your thoughts on the Inflation Reduction Act. I mean, are you starting to hear anything from your customers in terms of, you know, trimming their small molecule pipelines? Clearly, it's not gonna impact you like next year or even the year after. But over the medium term, is that something you're expecting? Well, look, again, you know, there are two sides of the coin. Like on one end, you know, there is a little bit of trimming of the cash going into the system. And so you see customers to be a little bit more intentional and selective about which assets they want to bring forward. But this doesn't mean that affects us necessarily. You know, they are more selective. It depends on when there is more selectivity, what is the CDMO that is gonna be. Mm-hmm. Selective. But I do believe that the flip side of the coin is that there will be an even increasing, you know, outsourcing rate. As I said, you know, the more the cost of the capital, the more challenging is gonna be the story of returns for innovator company and the more they're gonna be relying on other external parties to bring these molecules to fruition. So I believe that if anything, the inflation rate and these dynamics of macroeconomic dynamics will play into additional increase and accelerated outsourcing of products to CDMOs. Got it. One final one I'm gonna jam it in here. Capital deployment, look, I mean, you've got sort of, you know, the niches where, you know, you see sort of differentiated capabilities and, you know, above-market growth. But, how do you think about, you know, expanding into niches outside of contract manufacturing, things like, you know, supplying, selling gene therapy workflow inputs, work, you know, bioprocessing equipment, etc.? Is that sort of too far afield for you or, or, or something that, that would make sense? No, look, you know, I don't see necessarily, you know, vertical integration plays per se. You know, I do see, you know, I want Catalent to be a collection of synergistic assets, meaning that whenever you win business in one corner of the company, that has the possibility to enhance dramatically the possibility of other parts of the company to win business with the same customer. Okay? So that is what I call commercial synergy because the reality of our space is that customers are more and more smaller. Mm-hmm. And are more and more willing to have one-stop shop where they can find an ecosystem to progress their molecule through the pipeline. So to the extent that we can provide that ecosystem to our customers and having them, you know, coming to us maybe in the first place for clinical distribution and then they say, "Can you give me also formulation development?" "Yes. Can you give me also this, this, this, this, this?" and, you know, having a salesforce that is educated to think that way and rewarded to think that way and having assets which are synergy. So I believe that over the next few years, you're gonna see us more and more pursuing, you know, an organism that, you know, in which the different parts of the organism are feeding each other with the commercial opportunities. So whatever addition or, you know, subtraction to the organism that maximize. Mm-hmm. That cooperation in terms of generating commercial opportunities is gonna be on the cards. Got it. Very helpful. Perfect place to stop. So thank you so much, guys. Appreciate the time. Yeah. Thank you.