Good morning, everybody. I'm Chris Schott at JP Morgan, and it's my pleasure to be introducing Endo this morning at the JP Morgan Healthcare Conference. From the company, we're gonna have a presentation from Blaise Coleman, President and CEO. Blaise, thanks for joining us. Before I turn it over to Blaise, I did wanna remind people that if you wanted to ask a question during the Q&A, please feel free to use the Ask a Question feature and I'll work those into the presentation from there. We're gonna have a broader segment of the management team also joining us for Q&A. So with that, Blaise, turn it over to you and I look forward to the presentation. Great. Good morning, Chris, and it's good to be with you, and I really appreciate the opportunity to present at today's conference and appreciate the interest by all those watching and listening. I am joined here at the conference by our CFO, Mark Bradley, and our Global Head of Commercial Operations, Patrick Barry, as well as our investor relations team. With that, moving to slide two, please note our forward-looking statement. Switching to slide three. For those that might be new to the Endo story, Endo is a diversified specialty pharmaceutical company. Our company's vision is helping everyone we serve live their best life. It's a short sentence, but a big statement, and one we aspire to live in every day. Our mission directly supports our vision and clarifies what we do and how we do it across every aspect of our company. We're focused on driving long-term growth by building a differentiated and durable portfolio of businesses. Our branded pharmaceutical segment is focused on the U.S. market and includes our medical therapeutics business, which is driven by our flagship product, XIAFLEX, and our medical aesthetics business, which currently includes QWO, the first and only FDA-approved injectable treatment for cellulite. Our sterile injectables segment is primarily focused on the U.S. hospital-based sterile products market. It has a diverse on-market portfolio of products spanning a broad range of indications. It has an outstanding track record of reliable manufacturing and high-quality supply. The business also has an attractive and diverse pipeline of ready-to-use long-acting injectables and drug device combination opportunities. Our generics segment is focused on the U.S. generics retail market and consists of a portfolio of products spanning various dosage forms. The product pipeline includes several first to file and first to market opportunities. Our generic business also has a strong track record of reliable manufacturing and high-quality supply. Although not reflected on the slide, we also have a small international segment that primarily consists of our Paladin Labs business in Canada. Paladin is a scalable marketing company that has a broad portfolio of branded and OTC products. During today's presentation, I'll share with you an update on our ongoing transformation journey. We'll also spotlight on our different segments, highlighting our anticipated growth drivers, our evolving capabilities in support of those drivers, and how we're committed to investing for long-term success. Turning to slide four. Endo has a long history of evolving as a company in order to develop and deliver differentiated high-quality products in our constant pursuit of addressing the many dynamic needs of healthcare professionals and the patients they serve. Our strategic priorities guide all that we do as we work to continue to evolve and transform our company. Our first strategic priority, expand and enhance our portfolio, represents our focus on investing to build a more differentiated and durable portfolio, mainly in medical therapeutics, medical aesthetics and sterile injectables. We are looking to fully capitalize on the opportunities in our current portfolio and add complementary external opportunities in our core areas of growth over time. Reinvent how we work is our second strategic priority and reflects our focus on embracing the future and evolving our ways of working to better serve our customers, promote innovation and improve productivity. Whether it be how we engage with customers or how we conduct our clinical development studies, how we manufacture our products, or how we move from a more physical to more virtual world and work environment, reinventing how we work is critical to our future success. This priority drives us to increase our effectiveness in all we do and opens up exciting opportunities for us to create value for all of our stakeholders. Our third strategic priority, to be a force for good, expresses our commitment to delivering our priorities in a way that benefits all of our stakeholders. We're focused on building a more sustainable company across the many ESG dimensions. We deeply believe operating with this priority in place is essential to our long-term goal to create sustainable value. Throughout the course of this morning's presentation, you will hear more about the many different initiatives we have in place across each of these strategic priorities and the progress we've made to date. Moving to slide five. Taking a closer look at each one of our segments, today, we are well established in branded specialty pharmaceuticals. Our branded pharmaceutical segment, which includes our medical therapeutics and medical aesthetics portfolios, is focused on developing and commercializing unique non-surgical treatments to improve patients' lives. Our branded pharmaceutical segment represents approximately 30% of total company's revenue. The majority of our branded segment revenue is driven by our medical therapeutics portfolio and is mainly focused in on the areas of urology and orthopedics. Over the last several years, we've invested in our medical therapeutics capabilities and have a proven set of capabilities across the entire value chain, from R&D to manufacturing and commercialization. Our core commercial capabilities include a highly efficient selling model that effectively mobilizes around our key specialty physician segments, delivers a high touch and focused approach to consumer activation and engagement, and provides seamless product acquisition via our strong specialty distribution capabilities. Additionally, we have developed a best-in-class patient support model. These demonstrated capabilities have helped deliver solid top line growth in our medical therapeutics portfolio, led by XIAFLEX. Through meaningful and consistent investment and execution, XIAFLEX now represents the largest and fastest-growing product in our medical therapeutics portfolio. XIAFLEX is the only FDA-approved non-surgical treatment for Peyronie's disease and Dupuytren's contracture. As we continue to maximize the XIAFLEX on market indications, we're also pursuing new orthopedic-focused indications through our ongoing clinical development programs. We believe XIAFLEX has the potential to address a large unmet need for patients who are seeking a non-surgical approach to care. We'll talk more about these opportunities in a moment. Our medical aesthetics business launched its first commercial product, QWO, in the spring of last year. QWO was the first and only FDA-approved injectable treatment for cellulite, and represents a new category in the rapidly growing non-surgical body contouring U.S. market. To provide some context, current spending on aesthetic procedures is over $15 billion in the U.S., with the growing body contouring and injectable procedures market at nearly $4 billion. We believe that QWO has a large target market of approximately 8.5 million women, many of whom are aesthetically experienced. In building our medical aesthetics capabilities over the last two years, we've put in place a highly credentialed and experienced medical aesthetics selling and marketing team. Our commercial capabilities are scalable to support our future portfolio ambitions. We are actively assessing external opportunities that we believe could be highly complementary with our portfolio and current capabilities. With that said, the number one focus of our medical aesthetics business is the ongoing launch of QWO, which I'll cover in more depth shortly. With that overview, let's move to slide 6 to talk about our flagship product, XIAFLEX. As noted earlier, maximizing XIAFLEX for long-term growth is a critical element of our strategic priority to expand and enhance our portfolio. We believe that XIAFLEX has the potential to satisfy the large unmet needs that continue to exist for non-surgical options to treat both Peyronie's disease and Dupuytren's contracture. Over the last several years, we've executed a commercial strategy grounded in a deep understanding of patient needs, the marketplace, and the market dynamics of both our market indications. The strategy is focused on increasing diagnosis and treatment rates through increased patient awareness of non-surgical options, coupled with physician education and training and investment in clinical data and data analysis. We've invested in this strategy in order to realize the long-term potential of these two indications. As a result, we've seen consistent and meaningful demand growth over that same period. Unfortunately, over the last two years, XIAFLEX volume growth has been impacted by a slowdown in elective procedures, patient flow, and workforce disruptions in physician offices as a result of COVID. Despite the challenges presented by COVID, we remain encouraged by the prospects of sustainable XIAFLEX demand growth and anticipate significantly improving market conditions throughout 2022 and beyond. Through the Peyronie's indication, our recently launched branded direct-to-consumer campaign is off to a strong start. The Bent Carrot campaign is a friendly, tasteful, and visual approach to a condition that often causes embarrassment and may feel too intimate to discuss. Our market research showed the campaign was memorable, easy to recall, and builds upon the disease state awareness that we've been doing for the last several years. Our overall objectives with the campaign are to medicalize the condition and empower men to have a specific branded XIAFLEX conversation with a trained urologist. We know from our market research that when a patient specifically requests XIAFLEX, their physician honors that request nearly 70% of the time. We are very excited about our branded campaign and look forward to further supporting patients and HCPs with a non-surgical treatment option for Peyronie's disease. Moving to Dupuytren's contracture. Building on the success of the John Elway's Facts on Hand unbranded campaign, we just launched a new unbranded campaign featuring real patients. Patients are often told to wait and watch without clarity on when to return for treatment. This campaign is designed to create further condition awareness and give clear direction regarding appropriate time to treat while informing patients that non-surgical options are available. In addition to optimizing our on-market indications, a critical element of our XIAFLEX maximization plan includes continued investment in the development of potential future new indications for XIAFLEX. The current XIAFLEX indications in clinical development are plantar fibromatosis and adhesive capsulitis. We believe these potential orthopedic-focused indications represent the opportunity to potentially bring an innovative treatment option to address a large unmet need for patients who are seeking a non-surgical approach to treatment. In addition, these potential indications represent attractive market opportunities, are highly synergistic with our current orthopedic selling footprint and commercial capabilities, and represent highly efficient adjacencies for our XIAFLEX franchise. Plantar fibromatosis presents as nodules on the plantar fascia in feet, and in the majority of cases, patients have pain associated with the condition. U.S. patient claims data suggests that over 400,000 surgeries for plantar fibromatosis are performed annually. The majority of patients are symptomatic, and nearly all have pain. Currently, the only treatment option is surgery with potential complications from surgery. Adhesive capsulitis or frozen shoulder is a thickening and fibrosis of the shoulder capsule that results in shoulder motion restriction and can be painful. With a 2%-5% prevalence rate in the U.S. and over 200,000 surgeries performed annually, adhesive capsulitis also represents an attractive market opportunity. We're proud to advance our clinical trial studies in these indications with the ultimate goal of truly improving patient care. From a timeline perspective, we recently initiated our phase II study for plantar fibromatosis, and we continue to progress our adhesive capsulitis program and expect final phase II study results in the third quarter of this year. As we continue to advance our strategy of pursuing solutions for non-surgical orthopedic care and keeping with our existing complementary call points in orthopedics, we have additional potential indications in pre-clinical development and look forward to sharing more throughout the year. Switching to slide seven. Our medical aesthetics business was very excited to launch QWO in spring of last year. QWO is the first and only FDA-approved injectable treatment for cellulite and provides a non-surgical option that addresses the underlying causes of cellulite. Our launch efforts have been focused on establishing Endo Aesthetics as an innovator while building brand awareness and driving trial and adoption for QWO. Since we are establishing a new category with medical aesthetics, we've been emphasizing the importance of product education and proper patient selection that are necessary for positive patient outcomes. In terms of our launch execution, based on our ongoing ATU market research survey of aesthetic clinicians, we've successfully established Endo Aesthetics as a recognized new player in the U.S. medical aesthetics market. We've significantly increased the number of patients raising the topic of cellulite with their aesthetic clinician, and QWO is now the leading cellulite treatment category with the highest level of unaided awareness. These results have been driven in part by effective PR and media planning focused on generating brand awareness and consumer enthusiasm in the marketplace. Our efforts on this front have created over 7.3 billion media impressions with more than 220 media placements, including QWO recently making the cover of Allure magazine under the headline "Science of Beauty." In terms of driving QWO trial, we've made very good progress with greater than 1,800 accounts trained and certified to date. However, we've seen much smaller group of adopters to date and have plans in place for this year to drive increased levels of adoption and practice integration. Moving to slide eight. We believe that QWO, as the only approved injectable, can be a cornerstone treatment for cellulite, and its product profile lends itself to being easily accessible to clinicians and a relatively simple product to onboard and integrate into medical aesthetic practices. Additionally, consumers continue to be increasingly accepting of injectable treatment modalities and embrace body contouring procedures. In 2022, our efforts will be focused on three key areas as we continue to build a new treatment category and further drive increased levels of QWO adoption and product confidence. First, we'll be focused on continued education, and specifically, we'll focus on product education and emphasizing the importance of patient selection that leads to positive patient outcomes. Second, we will focus on increased consumer activation with the expected launch of our QWO direct-to-consumer campaign titled Butt First. The Butt First campaign will be fully integrated to connect to all customer segments, consumers, aesthetic clinicians, and media. Our campaign is aimed at peaking curiosity, generating excitement, and bolstering awareness of QWO as the first and only FDA-approved injectable for the treatment of moderate to severe cellulite in the buttocks of adult women. The DTC campaign will be utilizing proven media channels such as digital at home, social media, online video, and point of treatment to scale the campaign and optimize our reach and frequency based on our targeted audience. Lastly, we'll continue to focus on data generation. In obtaining FDA approval of QWO, Endo studied outcomes and safety in the largest U.S. clinical trials in the history of cellulite investigation. In addition to progressing our existing data generation efforts, we plan to design and initiate additional data generation studies this year that will utilize real-world learnings, observations, and customer feedback that we have received with QWO's continued use. Although still in the design and protocol development stage, one key area of focus will be further researching the potential prevention, mitigation, and treatment of certain known adverse events associated with injection site bruising. We look forward to sharing the results of our work with the aesthetic community as they become available. As we move forward into 2022, we're pleased with our launch progress to date, the level of positive feedback we're receiving from both the aesthetics clinicians and the women who have been treated with QWO, and the opportunities we have going forward to build a category and build even greater confidence in QWO across the aesthetics community. Moving to slide nine. Another key area of strategic focus for the company is our sterile injectable segment, which currently represents just over 40% of total company revenues. The sterile injectable segment has a diverse portfolio of products spanning a broad range of indications, helping patients from birth to life-saving events. Our sterile injectables business unit also has best-in-class commercial capabilities and is supported by a diversified manufacturing network with a long track record of reliable and high-quality supply, anchored by our flagship manufacturing site in Rochester, Michigan. We're pleased our sterile injectables business has recently awarded the first U.S. government contract as part of its future pandemic critical medicines preparedness program. As part of this contract, we will expand capabilities at Rochester site and provide fill finish manufacturing services as needed for the U.S. government's critical medicines program. With the goal of supply resiliency and capacity expansion, we have been building a new manufacturing facility in Indore, India. Despite the challenges of COVID, we continue to make good progress on the facility. I'm pleased that we recently submitted several product applications to the FDA from Indore. Currently, we're awaiting FDA inspection of the Indore facility and anticipate it being approved for commercial production later this year. Although our existing sterile injectable on-market portfolio reflects a broad range of products and customer offerings, a high percentage of our steriles business's current revenue is concentrated in our VASOSTRICT products. With the recent approval of the first ANDA for vasopressin last month, and the generic manufacturer's stated intentions to launch at risk, there is a high likelihood VASOSTRICT will experience a near-term loss of exclusivity. We've taken the appropriate steps to prepare for this potential near-term launch at risk, and more importantly, we continue to make progress on transforming our sterile injectable portfolio by investing in a pipeline of more differentiated products and the capabilities we need to support our evolving pipeline of future launches. The expansion of our capabilities and evolution of our portfolio is critical as we work with hospitals and healthcare systems to reduce complexity through life-enhancing solutions, innovating together with them to add value where it matters, so healthcare providers can focus even more on patient care. Slide 10 illustrates the evolution of our portfolio as we focus on more differentiated endurable products to create sustainable long-term growth. From a product selections perspective, we're going to continue to focus on identifying those opportunities aligned with our strategy and sourcing them through a combination of internal R&D, selective partnership, and targeted acquisitions. We currently have products in development across this continuum with more than two-thirds of our current pipeline in the ready to use or other differentiated category. These products can potentially eliminate the need for human manipulation, reduce costs, increase dosing flexibility, and provide other benefits to our customers and the patients they serve. Moving to the overview of our generic segment on slide 11. Our primary focus of this segment is to bring high quality differentiated generics to market while continuing to improve the segment's profitability profile. Consistent with our strategic priority to reinvent how we work, we launched a series of business transformation initiatives in early 2020 that included, among other things, the optimization of our generic manufacturing network. These initiatives have all progressed as planned, and with the announcements of the sale of our Chestnut Ridge and Irvine manufacturing facilities in the second half of last year, we are clearly on track to deliver the cost savings and operational efficiencies we previously announced in November 2020. In addition to further optimizing the generic manufacturing network, we remain focused on bringing high-quality, differentiated generics to market, and 2021 was a great year for the generics business on this front. The year started with the launch of lubiprostone capsules in January and was followed by a series of product launches, eventually leading up to the earlier than expected approval and launch of varenicline tablets late in the third quarter. Our varenicline product is currently the only FDA-approved generic varenicline tablet. Depending on the competitive landscape, this product has the potential to be a significant opportunity for us this year as we continue to ramp up our manufacturing capacity this quarter. We look forward to the potential for additional new product launches throughout the course of this year. Wrapping up today's presentation on slide 12. As we look forward to this year and beyond, we will continue to execute against our strategic priorities by looking to further expand and enhance our portfolio by investing for growth in our branded medical therapeutics portfolio, our branded medical aesthetics portfolio, and our sterile injectable segment. Our capital allocation priorities and disciplined approach will remain unchanged. As we previously discussed, we will continue to prioritize investing in the business to drive long-term unit net growth. We will do this by fully investing in our internal portfolio of opportunities in our core growth areas, as highlighted a moment ago, and look to complement these opportunities over time with targeted external business development that looks to leverage our existing core capabilities. We will drive our sustainability initiatives forward and continue to proactively identify ways to reinvent how we work to increase our overall effectiveness and will continue to strive to be a force for good in all we do. There's no doubt that given some of the uncertainties that we face, our journey of transformation will have its twists and turns as we navigate our way forward. We're confident we have the right vision, the right mission, the right strategic priorities, and the right team to transform ourselves as the company we aspire to be over the long term. I wanna finish up by saying thank you to all of our Endo team members around the globe for their dedication, commitment, and teamwork in 2021 in support of advancing our strategic priorities and aspiring to live into our vision every day. I look forward to continuing our journey of transformation together in 2022. Thank you again, everyone, for your time today and your interest in Endo. We appreciate it. Back to you, Chris. Great. Thanks so much, Blaise, for that. Maybe just to jump right into some questions here. I think a couple times in the presentation you talked about COVID and some of the impacts that that's had on your business. Can you just maybe talk kind of bigger picture as we think about 2021, how the company managed through COVID? How much of an impact was that to the business last year? As we look out to 2022, are you expecting a lot of those, you know, kind of headwinds to normalize? Is that a nice tailwind for you, I guess, to go through this year? Yeah. Thanks, Chris. You know, as a company, what we've talked quite a bit about over the course of last year is how COVID has impacted how we operate across many different areas of our business. Generally speaking, we do believe that many of the new ways of working we've implemented across our organization in response to COVID has made us way more flexible, more efficient, more effective. Now, in terms of how it's impacted our business and enabled us to focus more recently, if we think about fourth quarter of this year. For VASOSTRICT in the fourth quarter, we saw significantly higher utilization, particularly in the month of December than expected. That was clearly driven by the increased levels of hospitalizations driven by the surge of COVID variants. For our physician administered products such as XIAFLEX, you know, their performance in the fourth quarter, you know, was partially, you know, unfavorably impacted versus our expectations due to slowdown in elective procedures, patient flow and physician office, work disruptions, you know, primarily as a result of the COVID variant. You know, with that said, you know, we do anticipate conditions will progressively improve this year, you know, as we move, you know, past this current and hopefully final, you know, meaningful wave of COVID variants. As a result, we do believe that we'll also see the performance from this part of our business steadily pick up through the course of the year. Okay, that makes a lot of sense. On VASOSTRICT and a lot going on here. You mentioned the December kind of bump in demand. What is a normalized run rate when we think about what VASOSTRICT should look like versus some of the trends we're seeing with COVID right now? Yeah, you know, so clearly, you know, we've seen elevated levels of VASOSTRICT utilization, both in 2020 and in 2021, you know, driven by COVID. You know, as we, you know, move past this, you know, current wave of COVID and assuming, again, no further surges, you know, we would expect to see volumes begin to revert toward pre-COVID levels as we move through the year. Now, in terms of sort of annual volume growth, in a normalized market environment, Chris, you know, we would expect to see that be in sort of the low single digits, you know, consistent with what that pre-COVID annual market growth volumes were. Okay. We could be seeing still a bit of elevation and kind of normalizing from there. I think the other big question we have is just the generic dynamics here. I guess with Eagle kind of pushing forward with an at-risk launch, what type of share do you envision as this rolls out? And could you talk a little bit about how you think about defending this franchise as competition enters the market? Yeah. You know, right now, Chris, what I would say, it is a little too early for us to comment on the VASOSTRICT. Sure. Outlook for 2022. There are a number of different key market dynamics that will help inform and shape our outlook. Maybe first, you know, and why we can't comment on the specific terms of, you know, sort of any executed VASOSTRICT settlement agreements we've done. It is commonplace in settlement agreements to include acceleration clauses that allow launches by other filers once there is and has been a launch at risk, which is what, you know, this generic launch this month would be considered. Such clauses also may trigger an authorized generic launch. Those are just sort of important context as we think about things. The second thing I would mention is it's also important to note that one of the potential competitors has been approved through the 505(b)(2) pathway and would not be subject to the 180 exclusivity period. The third thing to talk about what we're doing going forward, you know, clearly, you know, we've been preparing, you know, for this, for a long period of time, and our ready to use pre-mixed bottle is a really important part of our plan to bring, incremental value to the market. As we've previously stated, we'll plan to launch the pre-mixed bottle, strategically. There's just a number of different factors here that will inform our outlook. Given, you know, where we are right at this moment, it's a little too early for us to provide specifics on the VASOSTRICT outlook at this time. As some of these, you know, things begin to develop, we'll be able to provide more clarity around that. Can I just follow up on that pre-mixed bottle? Is that a strategy to maintain volume, or do you think that can get a premium price versus any generic that comes to the market? Well, listen, we feel really good about the pre-mixed bottle and the added value it'll bring to the market. Mm-hmm. I'm not gonna discuss our pricing strategy right now, but just to say that we really do think this is a differentiated, and we know this is a differentiated product. That'll be informing how we bring that to market, Chris. Okay. Maybe just a couple more on this. I know there's a lot of complexity in the near term. If I look out in an environment where at some point down the road we've got multiple competitors in the market and the dynamics have settled out here, what's a reasonable level of sustainable revenue to think about for VASOSTRICT? You know, let's say looking out a couple of years when this has all shaken out, is it a fraction of what we're seeing today, or do you think you can maintain a decent portion of a revenue base? Yeah, I think, again, you know, as mentioned, you referenced a lot of moving pieces here, so it's a little early for us to get into the outlook on this. It's a little hard to size. I think what I would say is that clearly in a multiplayer market, one would anticipate a very meaningful impact to our current VASOSTRICT revenue levels. Okay. Final question, I guess here. VASOSTRICT has obviously been a big contributor to the business. What does this do to kinda your broader, I guess, spending initiatives and investment levels? I guess the question is, do you need to change the way you run the business in 2022 as you see competition, or are your underlying spend assumptions kind of predicated more on those businesses versus anything from that we see from VASOSTRICT? Yeah. Mark, do you wanna comment on our spend levels for this year and how we're thinking about it going forward? Yeah, sure. I'd be happy to. Yeah, Chris, you know, although we're not gonna provide 2020 guidance at this point, you know, as Blaise mentioned earlier, we do remain committed to investing for the long term in those core areas of growth. You know, we continue to believe that this will generate long-term value for Endo. We do expect increased commercial investment in the near term to support the continued growth of the XIAFLEX on-market indications and then the continued ramp up and growth of QWO and our medical aesthetics capabilities. Excuse me. We are planning additional investments in our DTC campaigns in 2022 as part of that overall commercial strategy for XIAFLEX. That does include the new campaign that Blaise mentioned for Dupuytren's that we just launched. Additionally, we are planning a new DTC campaign for QWO this year. In addition to those commercial investments, we also expect increased investments in R&D to support the XIAFLEX clinical development program, so plantar fibromatosis and adhesive capsulitis, and the pre-clinical development programs that Blaise mentioned, as well as our sterile injectables pipeline and capabilities. Now, we do expect lower investment in the generic pipeline, and we do expect to see the impact from some of the cost savings initiatives that we announced at the end of 2020 and implemented through the course of 2021. However, those decreases will really only partially offset the increases that I just mentioned. It seems like from a spend perspective, it's, you know, business as usual, and, you know, there'll be some, we'll see how this impacts VASOSTRICT, but it's not like you're rescaling your investment levels in the core growth drivers as a result of this outcome. Is that a fair assumption? That's correct. Okay. Excellent. I guess on that, and then on the flip side of the coin, generic Chantix has been, you know, the you know nice opportunity for you. I think you mentioned this in the presentation, but just the latest on, you know, kind of opportunity and competitive landscape. I guess, you know, how much capacity you're adding, how much demand would be there, latest thinking on when you could see competition here. Just, you know, help me a little bit about the size and duration of that opportunity. Yeah, no. As we mentioned, and as you know, Chris, you know, currently our varenicline product is currently the only FDA-approved generic varenicline tablet. Our performance in fourth quarter was much stronger than we anticipated. You know, we captured nearly 65% of the total molecule volume. We're very pleased with, you know, how we've been able to launch this to date. We're also pleased with the progress we're making on ramping up our manufacturing capacity. Depending on that competitive landscape, and admittedly, you know, we don't have a great line of sight into the timing of potential new entrants. As I mentioned, you know, in the prepared remarks, you know, this really could be a real potential significant opportunity for 2022, and we're gonna be prepared to seize that opportunity. Okay. Obviously, yeah, lots of revenue now. We'll just see, you know, at some point. We'll, you know, the duration's still kind of a bit unknown. Is that a fair first take? Yeah. In terms of timing of when new entrants will come in. Yeah. Just a little, we don't have a great line of sight to that right now. Okay, great. Maybe pivoting over to XIAFLEX, just initial feedback you've had from the branded DTC campaign for PD, any, you know, just would love to hear what you're seeing out there. Yeah. No, we're really excited, but Patrick, please, go give Patrick on this one. Thanks for the question, Chris. Yeah. We launched our Bent Carrot campaign on October 25, so it's relatively early. As Blaise talked about in his opening comments, it's very much an integrated approach, so it's certainly broadcast. You've probably seen some of those airings. It's nonlinear, it's streaming, it's digital, and then we're pulling it through within the office with our HCP efforts. It's a very integrated approach. In the early days, what we've seen in November and December that the things we look at in terms of efficacy against the campaign are our website activity and particularly our physician locator activity. At the end of the day, what we're trying to do is not only medicalize the condition of Peyronie's, but also empower those men who have been suffering in silence to go into a specially trained urologist office and specifically ask for XIAFLEX. The preemptive behavior usually is a physician locator site activity. We're seeing a big pop on men going to our physician locator site, which we believe is a really good pre-indicator of demand. The early days are very positive, Chris. Great. Good to hear. I know you talked about some of the COVID disruptions to kind of, you know, becoming less of a challenge in 2022. Have you had to scale back any near-term promotion efforts through whether it's Delta or Omicron or you've been able to kind of push through those? I think at this point, it's hard to believe you mentioned it when we were rendering for the broadcast. You know, we're going into our third calendar year where we're dealing with the pandemic. Yeah. I think, you know, in the spirit of reinventing how we work, back in 2020, we did make the right investments in terms of virtual capabilities. We have, you know, virtual selling capabilities, and our aim is to make it an energizing experience for our customers, whether it's person to person or virtually. We haven't scaled back our efforts, but we've certainly adapted under the spirit of reinventing how we work. We've certainly seen consumer consumption not wane at all. As Mark talked about, we are committed to XIAFLEX maximization, both on the condition awareness side with Dupuytren's, and now we're very excited about launching a branded direct-to-consumer campaign with XIAFLEX on the Peyronie's side. Great. Then maybe last one for me on this topic is just bigger picture. I'm just trying to get a sense of like, what inning are we in terms of the ramp and penetration of these two new indications? 'Cause it seems like as every time you scale up, you know, whether it's unbranded, now branded, I mean, it seems like you're getting a nice response each time. I guess, how much more runway is there ahead for these two initial indications? Yeah, I don't know if I would speculate as to an inning per se, but I do think, you know, we've talked about this. We do feel like there's a lot more game to be played here with XIAFLEX. You know, Blaise laid out a really good narrative of what we've done over the last few years, that we're mobilizing effectively around our clinicians. We're really mastering that specialty distribution channel and specialty pharmacy channel. We've developed quite a strong direct consumer capability. Because of all those things coming together in a holistic way, you know, Blaise talked about that 19% growth from 2017 to 2021. That's supported by really strong underlying demand. You know, albeit COVID hampered occasionally, you know, as we see these surges. Long term, we still look forward to the ability to be able to fill that patient funnel because diagnosis rates and treatment rates are relatively modest, and we still have market penetration opportunities on the treated patient populations as well. We're getting one in four patients on Dupuytren's. We're doing better on Peyronie's at a 60% market share. As we fill the funnel and now with the Peyronie's indication, having men specifically ask for XIAFLEX, we think is a winning strategy. We still believe that there's a good growth profile long term, and that's why we're investing behind our XIAFLEX maximization strategy. All right. Great. Just on pivoting over to. We've got a couple minutes left here on QWO. Maybe first question here, just biggest learnings from the first year on the market. What maybe were the biggest positive surprises, biggest negative surprise? Anything you'd kind of pass along there? Yeah. Blaise talked about some of this in his prepared comments. We're certainly pleased by the receptivity that we've seen with QWO. There's certainly a lot of work. When I look at the things that have worked really well, certainly the launching of our launch price, that has been really well received by the market. It's an opportunity for a new vertical, new margin. It's still a price point where our medical aesthetic clinicians can develop a profitable vertical, but yet it's successful to consumers. That's been really great. The ability to onboard 1,800 accounts suggests to us that there's an unmet need out there, so that's a positive proof point in the learning. I think that, you know, one of the key learnings as you're launching a new vertical, it's the first and only injectable in the body contouring space, specifically for cellulite. I think what we're learning is, as you transform that market and build that market, it's a little bit different to operationalize an injectable body contouring product than a facial injectable. We've had to discern and work through that base of injectors. You know, there's a lot of facial injectors, there's a lot of body contouring practices. Not all of the injectors wanna do body, and not all body wanna do injectors, injectables. Working through that and addressing the medical education gaps associated with onboarding a body contouring injectable has been, I think, a learning for us, and we're adapting and appropriately, you know, addressing that. You know, we knew that QWO is associated with bruising and injection site bruising. Blaise talked a little bit about what we're wanting to do in terms of continuing to address that head on. One of the learnings is there's been a little bit of a perception in terms of how long does bruising stick around in the patient. In our clinical trials, we didn't see that there was prolonged discoloration, and there is some emerging perceptions in the marketplace that we are addressing and we plan on addressing both clinically and scientifically. All those things coming together, as we pivot into 2022, it's really about addressing those market opportunities and focusing on this great trial and building confidence in QWO, both scientifically, clinically, and commercially, and driving towards adoption long term. It's not unnatural. I mean, we're learning, we're adapting, and we believe, you know, based on the proof points that we've seen to date, that it's a very big, big market opportunity for us and a great opportunity to establish the medical aesthetic business. Great. Well, I think we're just about out of time here, so again, appreciate the comments from the whole team here and look forward to seeing the progress as we go through 2022. Thanks for joining us. Great. Thank you, Chris, for the invite. Thank you, everybody.