Q1 2020 Earnings Call

Ladies and gentlemen, thank you for standing.

Operator: Ladies and gentlemen, thank you for standing by. Welcome to Alnylam Pharmaceuticals' first quarter 2020. There will be a question and answer session to follow. Please be advised that this call is being taped at the company. I would now like to turn the call over to the following people: Good morning, I'm Christine Lindenboom, Senior Vice President of Investor Relations and Corporate Communications at Alnylam. With me today on the phone are John Maraganori, Chief Executive Officer, Gary Green, President, Akshay Vaishnaw, President of R&D, Jeff Poulton, Chief Financial Officer, and Yvonne Greenstreet, Chief Operating Officer. For those of you participating via conference call, the accompanying slides can be accessed by going to the events section of the investors page of our website, alnylam.com slash events. The topics discussed during today's call are outlined in slide 2. John will provide some introductory remarks and general context, and Barry will provide an update on our commercial and medical affairs progress. Akshay will review recent clinical and preclinical updates.

Welcome to the on island Pharmaceuticals first quarter 2020.

There will be a question and answer session.

Please be advised that this college.

The company's request.

I'd now like to turn the call over to the company.

Good morning, and put things on the boom senior Vice President of Investor Relations of corporate Communications El Nio them.

Today on the phone Clark Junkyard, Hillary Chief Executive Officer, very Green light today after they've now.

He kept open chief financial Officer, and been Greenstreet, Chief operating officer for those stupid, it's getting to be a company called the accompanying slides can be accessed by going to see them section.

After Q1 website among dotcom stocks about.

During today's call is outside of side too.

That's about the introductory remarks, Angela contracts, there's about an update on our commercial and medical affairs proper.

Okay, what would be good clinical and preclinical update you up because we do have financials and a bomb to provide a brief summary upcoming milestones before opening the call to your question.

Christine Regan Lindenboom: Jeff will review our financials, and Yvonne will provide a brief summary of upcoming milestones before opening the poll for your questions. I'd like to remind you that this call will contain remarks concerning Alnylam's future expectations, plans, and process, which constitute political statements for the purposes of the Safe Harbor Provision under the Private Security Mitigation Reform Act of 1995. However, attendees will play differently, surely, than those indicated by these forward-looking statements, as well as various other important factors, including those discussed in our most recent annual report, quarterly report, and 8-K current report on In addition, any forward-looking statements represent our views only at the date of this recording and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to provide such statements. With that, I'll now turn the call over to John.

I'd like to remind you that this call will contain remark.

Future expectations plans and talk about its constitute forward looking statements for the purposes of the safe Harbor provision on the private Securities Litigation Reform Act like United by.

I can go because it's really loved the dictated by these forward looking statements about various other important stops are considered it goes just stop in our most recent you know for quarterly report.

Correct or sometimes you see in addition, any forward looking statements represent our views only at the state of the supporting that should not be relied upon its representing our views.

Okay.

We disclaim any obligation was such that even with that I'll now turn the call, but it does.

Thanks, Christine and think thank everyone for joining us on the call today.

John Maraganore: Thanks Christine and thank you everyone for joining us on the call today. I think it goes without saying that the first quarter of 2020 has been unlike any that we have faced as a company, as individuals, or as a society. We find ourselves in an unprecedented situation as the world confronts this ongoing public health crisis with the COVID-19 pandemic. Let me begin by acknowledging the tremendous impact this disease has had on so many people, including our communities, families, friends, and co-workers. And also, let me recognize the heroic efforts of our healthcare workers everywhere during this crisis. I'm also especially proud of the amazing work by our Alnylam team in their ongoing efforts to bring medicines to patients around the world, including our work on potential RNAi therapeutics for COVID-19. Together, we are in the fight against this virus.

It goes without saying that the first quarter 2020 has been I'm like any that'd be a things as a company as individuals or as a society.

We find ourselves in an unprecedented situation as the World Conference is ongoing public health crisis, what's it called Nike I've got it.

Let me begin by acknowledging the tremendous impact. This diseases have has had on so many people, including our communities families friends and co workers and also let me recognize her Roman Catholic healthcare workers everywhere during this crisis.

I'm also especially proud of the amazing work by our or our own island team and their ongoing efforts to bring medicines to patients around the world, including our work architectural Barnyard therapeutics for Cold Nike together, we are the fight against this worse.

With that let me start this morning's call with their covert 19 planning framework later, Barry will discuss commercial its supply chain implications on to cope with 19.

John Maraganore: With that, let me start this morning's call with our COVID-19 planning framework. Later, Barry will discuss the commercial and supply chain implications of the COVID-19 pandemic, and Akshay will discuss the pandemic's impact on our clinical trials and the steps we're taking to mitigate it. As you know, the COVID-19 pandemic represents a very fluid global crisis that changes almost daily.

And Oxaydo will discuss the kind that mix impact on our clinical trial and the steps we're taking to mitigate this.

You know the Coke Nike pandemic represents a very fluid global crisis that changes almost daily there are significant uncertainty about how the situation will unfold, but for now our Omar Laplante framework is based on the following three phases.

John Maraganore: There is significant uncertainty about how this situation will unfold, but for now, our Alnylam planning framework is based on the following three phases. First, the current pandemic phase, which we believe will likely encompass most of the second quarter. Second, a recovery phase, which we believe will likely encompass most of the third quarter, where we will see a gradual resumption of activities, including at hospitals and clinics, and the reopening of businesses with precautionary measures. And then, a new normal phase, potentially starting in the fourth quarter, where we hope to see a return toward normal. You'll hear us refer to these three phases throughout our presentation this morning. Now, rest assured that Alnylam is prepared for times like this. Challenge accepted is part of our R&A.

For the current academic centers, which we believe will likely in copper most of the second core stuck and recoveries days, which we believe will likely caucus most of the CIRCOR, where we will see a gradual resumption of activities, including at hospitals and clinics and reopening the businesses.

With precautionary measures and then a new normal things potentially starting in the fourth quarter, where we hope to see your worker toward normal sheet.

You'll hear us refer to these three phases drew out our presentation. This morning.

No rest assure that Omar I live in his prepared for times like this challenge accepted is part of our our day.

John Maraganore: And we are making adjustments as needed across our operations for the benefit of the patients and communities we serve and also for the safety of our employees. Now, in light of the current situation, despite our strong conviction about Elmila's prospects in 2020 and beyond, we have decided to lower our 2020 guidance for Ompatro by 5%. We believe that this is a prudent decision, not because of any underlying lack of confidence in Alpatro's growth and long-term prospects but simply due to the near-term uncertainties that we're all facing. We also intend to moderate our spend this year and are lowering our expense guidance as well, and Jeff will talk about this in just a minute.

And we're making adjustments as needed across our operations for the benefit of the patients and communities. We serve adult smokers safety of our employees.

Alan why does the current situation. Despite our strong conviction for all models prospects, it's like a 20 or beyond we have decided to lower our 2020 guidance for all kind of grow by 5%.

We believe that this is a prudent decision not because of any other like lack of confidence or not petros growth long term prospects, but simply due to the near term uncertainties that world They say.

We also intend to moderate our spend this year and are lowering our expense guidance as well and Jeff will talk about this in just a minute.

No amid all of this unprecedented public health crisis, how Milo continues to fire on all cylinders advancing our pipeline and bring Barney actor predicts the patients on capital continues to demonstrate study and continued growth globally with a very strong Q1, which we're very proud.

John Maraganore: Now, amid all of this unprecedented public health crisis, Alnylam continues to fire on all cylinders, advancing our pipeline and bringing RNAi therapeutics to patients. Contacto continues to demonstrate steady and continued growth globally with a very strong Q1, which we're very proud of. We're also pleased to have completed our first full quarter as a multi-product global commercial company, with Giblari showing impressive performance in the U.S. And then, with Lumassaran, we've submitted regulatory filings in the U.S. and Europe, with approval anticipated later this year. We also made significant progress across our TTR franchise expansion opportunity, completing enrollment in the Helios A Phase 3 study of VutriSaran and continuing enrollment in Apollo B and the Helios B Phase 3 studies of T-Saran and VutriSaran, respectively.

We're also pleased to have completed our first full quarter as a multiproduct global commercial company with good Lori showing impressive performance in the U.S.

And then well Mascherano, we've submitted regulatory filings or the U.S. in Europe with approval anticipated later this year.

We also made significant progress across our TTR franchise expansion opportunity completing enrollment into Healios a phase three study of the tree threat and continuing enrollment in a hobby and to give you got to be phase III studies, well diffuse rash and who treats ran respectively.

John Maraganore: In addition to these achievements across our late-stage pipeline, our early-stage programs continue to advance. For example, we're announcing positive top-line results this morning from our ongoing Phase I study of ALN-ATT, an investigational RNAi therapeutic targeting angiotensinogen for the treatment of hypertension. We're very excited about the potential of ALNHET, as hypertension is the number one modifiable risk factor for cardiovascular disease, and a safe and effective infrequently-dosed therapy could provide much-needed innovation in a highly prevalent condition. We are also doing our part to help address the COVID-19 pandemic, and we're proud to be part of an entire industry advancing science and innovation toward this common goal. Our approach involves targeting the RNA genome of SARS-CoV-2, the virus that causes COVID-19.

In addition to these achievements across our late stage pipeline. Our early stage programs continue to advance for example, we're announcing positive topline results. This morning from our ongoing phase one study of a 11, ATP and investigational party I'd therapeutic targeting angiotensin engine for the treatment of hypertension.

We're very excited about potential tailwind ATP as hypertension is the number one modifiable risk factor for cardiovascular disease, and a safe and effective it frequently dose therapy could provide much needed innovation in a highly prevalent condition.

We're also doing our part to help address the cold in 19 pandemic. They were proud to be part of an entire industry advancing science and innovation toward this common goal. Our approach includes targeting be Barney genome with Sars koby to the virus that causes cobot Nike and earlier this week, we announced the selection of in development.

John Maraganore: And earlier this week, we announced the selection of a development candidate, ALN-CoV, also referred to as VIR-2703, with potent and highly cross-reactive activity. And also, we announced plans, together with our partners at Deere, for an accelerated filing of an IND at or around year-end 2020, which would break all records from time from program initiation to filing of an IND.

Incident Aylwin Cobi also refer to is the or 27 or three with Coke and highly cross reactive activity.

And also we announced plans together with our partners appear for an accelerated filing of an might be at or around yearend 2020. This would break all records from Timeframes from program initiation to falling over 90.

John Maraganore: Finally, let me finish with the bigger picture for Alnylam as we look forward to the rest of the year and beyond. Alnylam continues to lead the advancement of RNAi therapeutics as a whole new class of medicines, and we're very much on track to achieving and, in fact, exceeding our Alnylam 2020 strategic goals that we originally announced in early 2015. Indeed, we believe we're on track to exit 2020 as a multi-product global commercial company with a deep clinical pipeline for future growth and a robust and organic product engine for sustainable innovation. A few weeks ago, we announced a landmark strategic financing collaboration with Blackstone worth up to $2 billion. This deal, one of the largest ever financings in biotech history, provides Alnylam with very significant capital that we believe secures our bridge toward achieving a self-sustainable financial profile without the need to access the equity market ever in the future.

Finally, let me finish with the bigger picture for a while up as we look forward to the rest of the year and beyond.

Hello continues to lead advancement of already our therapeutics as a whole new class a medicines and worked very much on track to achieving and in fact exceeding our El Pilar 2020 strategic goals that we originally announced in early Twentys 15.

Indeed, we believe we're on track to exit Twentytwenty, that's a multiproduct global commercial company with a deep clinical pipeline for future growth and a robust and organic product engine for sustainable innovation.

Few weeks ago, we announced a landmark strategic financing collaboration with Blackstone worth up to $2 billion. This deal one of the largest ever financings and biotech history provides el Nio, but very significant capital that we believe secures our branch toward achieving a self sustainable financial profile without the need to access the.

Equity market, however in the future.

John Maraganore: With his significantly strengthened cash position, along with the multiple drivers for potential top-line revenue growth and disciplined expense management, we are more confident than ever that we can build a top-tier biopharmaceutical company focused on advancing medicines with transformative potential to patients around the world. With that, I'll turn the call over to Barry to review our commercial progress and medical affairs activities in more detail.

With a significantly strengthened cash position along with the multiple drivers for offer potential topline revenue growth and disciplined expense management, we're more confident than ever that we can build a top tier biopharmaceutical company focused on advancing medicines were transformative potential to patients around the world.

With that I'll turn the call over to Barry to review, our commercial progress and medical affairs activities in more detail Barry.

Thanks, John Good morning, everybody I hope everybody is healthy and staying safe.

Barry: Thanks, John. Good morning, everybody. I hope everybody is healthy and staying safe. I'll begin by reviewing our commercial performance in the first quarter. For Ampatro, we achieved $66.7 million in global net product revenues, representing nearly 20% quarter-on-quarter growth. As of March 31st, we're delighted that over 950 patients were on commercial on-patient treatments worldwide. In the United States, we continue to see progress with both repeat and new prescribers. In the first quarter, we had 22 new prescribers. As for the mix of these U.S. prescribers, 57% of STAARC forms submitted in the first quarter came from neurology, 26% from cardiology, and 17% from other physician specialists.

I'll begin by reviewing their commercial performance in the first quarter from Petro, we achieved 66.7 million mobile net product revenues, representing nearly 20% quarter on quarter gross.

As of March 31st we're delighted that over 950 patients who are in commercial and petru treatment worldwide.

United States, we continue to see progress both through key new prescribers and the first quarter V 22, new prescribers.

That's because the mix of these U.S. prescribers, 67% start forms submitted the first quarter came from neurologists, 26% from cardiologist and 17% other physician specialties.

Fortunately for patients received the treatment increasingly candidate multi disciplinary teams and include neurology cardiology other physician specialties and we expect this mix continue to evolve.

Barry: Fortunately for patients, we're seeing that treatment is increasingly handled by multidisciplinary teams that include neurology, cardiology, and other physician specialists, and we expect this mix to continue to evolve. In the United States, we also continue to see increased concomitant use of Empatio with TTR-Stabler. And recent market research suggests we've got about 15 to 30% of patients with HHTQR amyloidosis polyneuropathy are receiving the common treatment, as we expect this pattern in the U.S. to grow. Overall adherence to therapy remains very strong at over 90% in the first quarter, which we believe is an encouraging sign and consistent with the Apollo phase 3 data. Regarding U.S. market access, we continue to avoid any of the pair of headwinds often reported with other orphan drug launches. Our DBA strategy continues to be very well-respected.

Net speech. We also continued to see increased two comments have been Petro teach you are stable use.

In recent market research suggests.

Got it about 15% to 30% of patients each year and that goes pulling up the or we see didn't become treatment as we expect this pattern in the U.S. to grow.

Well the wells your exit therapy remains very strong any of the 9% in the first quarter. Two believes is encouraging signs and consistent with the Apollo phase three data.

Regarding your smoked access we continue to avoid any the pair headwinds Austin reported other orphan drug launches.

Strategy continues to be very what we see.

Now turning to the rest of World, we're getting very pleased with on Patrick performance. You planned delivered another very strong quarter growth and you continue to disappear it'll be a second largest country. After the U.S. fourth Petro revenue and patient some therapy exiting 2020.

Listen you region, we observed strength in France, Germany, and UK, the first quarter and continued spend or for footprint recent launches you believe Sweden, Israel, Turkey instinct.

Our team also remains committed to addressing the challenge of raising disease awareness improving diagnosis of each each year and my guess is including with all my element.

Barry: Now, turning to the rest of the world, we're again very pleased with Ampat's performance. The plan delivered another very strong quarter of growth, and we continue to anticipate it will be our second largest country after the U.S. for on-patrol revenue and patients on therapy by exiting 2020. In the Samir region, we observed strength in France, Germany, and the UK in the first quarter, and we continue to expand our footprint with recent launches in Italy, Sweden, Israel, Turkey, and Spain. Our team also remains committed to addressing the challenge of raising disease awareness and improving diagnosis of HAPTR myelodosis, including with alnylamab, a third-party genetic screening initiative in the United States and Canada and now As of April, almost 25,000 samples have been submitted, out of which over 1,500 have tested positive for a pathogenic TTR mutation.

A third party genetic screening interested in United States in Canada, and now recently in Brazil.

As of April almost 25000 samples have been submitted out of which over the 200 had tested positive for pathogenic teacher education.

As most diagnostic tests across therapeutic areas, we've seen some slowdown in testing as a bit them exceeds said it but we expect.

[noise] substantial numbers two turns in your endemic.

Vendors as recovery phase in Q3 begins and beyond into the new Gamble.

Moving to Biglari.

Acute hepatic porphyria or HP.

Achieved 5.3 million U.S. net product revenues strong performance and our first full quarter launch.

So were 60 start from the United States. The 50 patients on commercial prudent from launch through March 30, Onest. We're pleased to see the patients are getting on drug within one to two weeks. After the physicians have submitted a start.

We're also seeing patients Miss you therapy outside of start forms a strong signs that providers appreciate strong access environment loans, establishing for their patients.

To that point similar to our experience don't touch true.

Barry: As with most diagnostics and tests across therapeutic areas, we've seen some slowdown in testing as the pandemic phase set in, but we expect sample numbers to return to near-pandemic levels as the recovery phase in Q3 begins and beyond into the new normal. Moving to the glory, in acute hepatic porphyria, or AHP, we achieved $5.3 million in U.S. net product revenues with strong performance in our first full quarter of launch. We received over 60 start forms in the United States, with over 50 patients on commercial treatment from launch through March 31st. We're pleased to see that patients are starting on drugs within one to two weeks after the physicians have submitted a start. We're also seeing patients initiate therapy outside of START forms, a strong sign that providers appreciate the strong access environment Alnylam is establishing for their patients. To that point, similar to our experience with Alpaccio, we've not experienced any major repair headwinds with Velour in the United States to date.

Experiencing meet your peer headed into larger United States today.

Again for BB based approaches listens obsessed with here and we're pleased to report they already had one signed you'd be able to be Laurie and their discussions with multiple payers interesting de approach a progressing well.

Another highlight patient access the payers are adopting medical policies that are generally consistent you prove give largely not restrictions to a number of vslam your pets.

Now outside the United States Keys.

Two piece announced approval you do Laurie in first quarter, and we expect to open up key commercial geographies. This year. There initially European launch in the way in Germany in Q2, and named patient sales occurring elsewhere in the region.

Again or team is focused on improving awareness and diagnosis of HP patient and physician teams.

No matter. We can report 809 test admitted 84 patients with positive HCV patients as of April representing about a 10% hit rate and samples tested.

We finished with more color around our supply chain and commercial activities.

It could be 19.

Barry: Again, our VBA-based approach is looking successful, and we're pleased to report that we've already had one signed VBA for Guwahari, and our discussions with multiple payers interested in the VBA approach are progressing well. Another highlight of patient access is that payers are adopting medical policies that are generally consistent with the approved February label without restrictions on a number of baseline attacks. Now, outside the United States, we're pleased to announce the approval in New Year for Bivolari in the first quarter, and we expect to open up key commercial geographies this year, with our initial European launch underway in Germany in Q2, and named patient sales occurring elsewhere in the region. Again, our team is focused on improving awareness and diagnosis of AHP in the patient and physician communities. Through MyoMath, we can report 809 tests performed in 84 patients with positive AHP mutations as of April, representing about a 10% hit rate in samples tested.

As John mentioned, we expect 2020 to be comprises endemic period most of Q2.

Recovery phase and keep very nimble starting in Q4.

Supply chain remains intact, and we're confident you have sufficient inventory of commercial products. Good pilot drug substance as long as raw materials from Petromedia glory and for the next year and because we used to prepare for that launch.

Comprehensive mitigation measures in place through these any potential supply chain exposure if needed.

Our global field operations have largely shifted to virtual interactions H.C. piece payers and patients.

Section of Japan, or field employees are still able to conduct person meetings subject to local restrictions.

I want to note that the sometime amount has been developing digital virtual tools. So we were well prepared to books interactions. We expect virtually directions engagements to continue through the pandemics agents recovery phase and worldwide face to face interactions are preferable. Many cases, he works with tools will be part of the normal.

We believe some of the changes are actually very positive.

And we think it's improved efficiency and effectiveness of HCP interactions for field force going forward.

Barry: Let me finish with more color around our supply chain and commercial activities in the face of COVID-19. As John mentioned, we expect 2020 to be comprised of pandemic periods through most of Q2, a recovery phase in Q3, and a new normal starting in Q4. Our supply chain remains intact, and we're confident we have sufficient inventory of commercial products, drug products, and drug substances, as well as raw materials for Ampatro and Guari and for Lunasaran as we begin to prepare for that one. We have comprehensive mitigation measures in place to reduce any potential supply chain exposure if needed.

Our teams also been successful helping patients received their own petru infusions for large injections at appropriate sites of care, that's determined to their physicians, including home setting is particularly important during the pendency period.

Well I'm Petro home infusion has become broadly available most countries. Thanks in part to the recognition of value by physicians payers in the U.S.

And then you can you ask the recent will change that CMS created options for Medicare patients have coverage for home based administration.

Looking at the proportion of treatments received across academic centers local centers in the home we've seen a significant shifts were homecare Q4, 2019, you want 2020 epidemic response extends well do.

Barry: Our global field operations have largely shifted to virtual interactions with HCPs, payers, and patients, with the exception of Japan, where our field employees are still able to conduct in-person meetings subject to local restrictions. I want to note that for some time, Alnylam has been developing digital and virtual tools, so we are well prepared for virtual interactions. We expect these virtual interactions and engagements to continue through the pandemic phase and into the recovery phase, and while live face-to-face interactions are preferable in many cases, these new virtual tools will be part of the new normal. We believe some of the changes are actually very positive. And we think they can improve the efficiency and effectiveness of HCP interactions for the field force going forward.

We believe particularly in United States teams and patient shifted homecare locally fusion centers in Q2 young.

Well I'll pass through we believe inherence like decrease during the pandemic phase in Q2 theme Park Sims doses would those delays caused by patients moving to new care sites, including home care.

[noise], we will continue the site of care optimization recovery phase as patients are being comfort turning to hospitals and clinics to treatment or decide to continue with didnt home administrations, that's an option to them.

Finally, we also anticipate that the pace of new patients gene therapy, the slow during Q2.

Reduced genetic testing diagnosis and patient flow <unk> healthcare systems.

He expects and no impact in Q2, then Patrick revenues potentially decreasing by about 10% versus Q1, and then are you expecting proven to be growth in the second passive year has helped your systems return.

Barry: Our team has also been successful in helping patients receive their Ampato infusions or Guavari injections at appropriate sites of care, as determined by their physicians, including home settings. This is important during this pandemic period. For Ampato, home infusion has become broadly available in most countries, thanks in part to the recognition of value by physicians, payers, and regulators. In the U.S., a recent rule change by CMS created options for Medicare patients to have coverage for home-based administration.

Coverage and into some of them.

Let me highlight here the midpoint of our on Petru revenue guidance represents.

Second year ends up your growth greater than 70% and we remain highly confident that trajectory you know reasons, we're planning on being here and our goal is to continue to build an industry leading teach your franchise.

Let me turn to get worried HP patients who built in for your tax often require urgent care hospitalization.

So at least since new patient starts and cut needed glory deep water treatment are particularly important given the impact of code 90 urgent care and hospital sites.

Do you envision results, which a reduction in age few attached requiring urgent care visits hospitalizations.

Barry: Looking at the proportion of treatments received across academic centers, local centers, and in the home, we've seen a significant shift toward home care from Q4 2019 into Q1 2020 as the pandemic response expands globally. We believe, particularly in the United States, we'll continue to see patients shift to home care or local infusion centers in Q2 and beyond. For Ampato, we believe adherence will likely decrease during the pandemic phase in Q2, due in part to some missed doses or dose delays caused by patients moving to new care sites, including home care.

Like less of an impact one good Lori here in new patient starts to independent mcdade's relative to on Patrick.

In summary, I'll reiterate that were not simply waiting for the condemn the past we're taking you know steps do what's right for patients its immediate impact on our business during the pendency period.

Very confident but our growth in recovery phase and beyond and also continued to see very great long term prospects for a broader eat your franchise and other marquee products like the board.

We've heard from as you heard from US many times well through the ever changing environment will be stronger for it as John said challenge itself.

I'll now turn over the object to your recent R&D pipeline progress option.

Thanks, Barry and good morning, everyone.

I'll start with our efforts in 80 terribly basis would be working diligently to the bumps that two product candidates teach friends nutrition.

Barry: We will continue with site of care optimization in the recovery phase as patients regain comfort returning to hospitals and clinics for treatment or decide to continue with in-home administration if that's an option. Finally, we also anticipate that the pace of new patient-initiated therapy will flow during Q2, giving reduced genetic testing and diagnosis, and patients will flow through the healthcare system. Plus, we expect some negative impact in Q2 with Ampato revenues potentially decreasing by about 10% versus Q1.

Hello, Patrick is currently approved in multiple markets around the world to treat probably dropped the associate HFT traveler doses.

Committed to expanding the product label for the treatment opt in both inherited and wild type.

This is patients.

The Vince and we're conducting the Apollo be phase three study.

We continue to enroll patients and Apollo.

Hi, bounce today due to the impact.

We expect completion of enrollment to ship Twentytwenty lump.

But rest assured that will work very hard to make up any lost time as we head into the recovery and new global faces in Q3 Q4, yeah.

Barry: And then we expect improvement in growth in the second half of the year as healthcare systems return from recovery and into a new normal. Let me highlight here that the midpoint of our Ampatrio revenue guidance represents expected year-on-year growth of greater than 70%, and we remain highly confident in our growth trajectory in all regions. We're planning on being here, and our goal is to continue to build an industry-leading TTR franchise. When we turn to Kivlari, AHP patients who experience debilitating peripheral attacks often require urgent care or hospitalization.

Russo policy, Butros ride and which delivered by a quarterly subcutaneous injection and is also development.

Doses.

Yeah, we're conducting two phase three studies.

Yes, it's easier say, which is evaluating buttress rad nature its each family those patients.

Enrollment has now completed here, saying we remain on track to report topline results early next year.

Second phase three studies interest around his helio speed, which is being conducted inherited wall type they teach out with doses patients become obsolete.

Enrollment is ongoing in the study which is to then relatively early stages, having just initiated in December of last year.

Do you expect some enrollment delays here as well independently phase two in Q2.

Barry: So in this sense, new patient starts and continued galore treatment are particularly important given the impact of COVID-19 on urgent care and hospital sites. Given the envisioned results, which show a reduction in AHP attacks requiring urgent care visits or hospitalization, we expect less of an impact on Gloria adherence when a new patient starts during the pandemic phase relative to when We're taking numerous steps to do what's right for patients and to mitigate the impact on our business during the pandemic. We're very confident about our growth in the recovery phase and beyond and also continue to see a very bright long-term prospect for a broader ATTR franchise and other marketing products like the VLAR. And we've heard from, as you've heard from us many times, we're up for the ever-changing environment and will be stronger for it. As John said, the challenge was accepted. With that, I'll now turn over to Akshay to review our recent R&D and pipeline progress. Akshay?

Well, that's such a recent progress with live mass fan.

Yes, or no therapeutic that we're developing for treatment of primary metals <unk>, one P.H. one in the ILLUMENATE development paradigm.

Includes Loopnet, Hey, pivotal studies adult an adolescent patients with mild to moderate.

We reported positive top line results in December.

We now plan to present photos from the Loopnet a study in June.

So you're meeting has been Pittsburgh and once again.

I would imagine phase three program, which includes our looping studied pediatric patients on six years of age.

Goldman is complete we remain on track to report top line results in the Twentytwenty.

We're continuing enrollment in the movement see study in patients with advanced page one disease for school age groups.

We recently completed the rolling submission of our in <unk> and Smith ebay from the last Friday.

This is our first and yet I may submit to do that stuff working Betsy and I'm proud that I've seen is ready to do this in less than four months off that topline results.

We expect a regulatory decision on the best friend approval by the end of 20 to 20.

As you know two additional late stage programs during development partners, whose this rapid development slot, Let's review no problem, It's office, which is the registration the U.S. and you are both India and M&A filings accepted and wherever you expect initial approval in late Twentytwenty.

Akshay K. Vaishnaw: Thanks, Barry, and good morning, everyone. I'll start with our efforts in AP-tel amyloidosis, where we're working diligently to advance our two product candidates, Petit Serum and Butyric Serum. While Onpatia is currently approved in multiple markets around the world to treat polyneuropathy associated with HAT triambulidosis, we're committed to expanding the product's label for the treatment of coli in both inherited and wild-type AP terminal low-dose patients. To this end, we're conducting the Apollo B Phase 3 study. I will continue to enroll patients. You have an ounce.

Well it seems it for to try and the development spending for yet a b either without inhibitors, probably would kinda.

That is recently disclosed the two of the I would say speed trials that completed enrollment.

We expect topline results from the Atlas phase three trials in the first off I just want to one of Sanofi has guided.

In addition to our late stage clinical programs. We believe you. We've also been making great progress about mid stage.

This includes as an AG team departments will hypertension.

Is this hypertension pest.

Akshay K. Vaishnaw: Thanks to the impact of the COVID-19 pandemic, we expect completion of enrollment to shift into 2021. But rest assured that we'll work very hard to make up any lost time as we enter the recovery and new normal phases in Q3 and Q4 of this year. We're also advancing Dutriceran, which is delivered by a quarterly subcutaneous injection and is also in development for ATK amyloidosis. Yeah, we're conducting two phases. The first is Helios A, which is being evaluated with Trisran in HAT tramloidosis patients with polyneuron.

Control more.

Greetings and drugs.

It's an estimated 11 million people in the United States alone.

These patients started substantially high risk of stroke heart failure renal failure and other tissue damage.

Potential is the number one multi fold modifiable. This fact of cardiovascular disease, and we believe LNG T has the potential offer significant benefit to patients by addressing the need for improved blood pressure control.

[laughter].

Our press release. This morning, we announced positive initial topline and let agency results from 48 patients for the special attention you own Big Phase one study.

Hey, let a U T was administered as a single subcutaneous dose the cheap by people said meltdown attachments imaging waging tea.

In addition at HGTV was associated with 10 minutes of making reduction of being 24 hour stalling partnership you take outs to see.

Akshay K. Vaishnaw: Enrollment is now completed, and we remain on track to report top-line results early next year. Another phase 3 study of vitreous RAN is Helios B, which has been conducting inherited wild-type ATP amyloidosis patients with cardiomyopathy.

The durability of agency knockdown adopt Fisher effects appears to be supportive of a once quarterly and perhaps a biopsy based regimens.

Akshay K. Vaishnaw: Enrollment is ongoing in the, which is still in relatively early stages having just initiated in December of last year. We do expect some enrollment delays here as well during the pandemic phase during Q2. I'll now turn to recent progress with Lumastran, an investigational RNAi therapeutic that we're developing for the treatment of primary hyperoxylurea type 1, or PH1, in the Illuminate development program, which includes Illuminate A, a pivotal study in adult and adolescent patients with mild to moderate, where we reported positive top-line results in December. We now plan to present the full results from the LUMET A study in June, as the Office of Europe meeting has been postponed once again.

Similar to the results we achieved the initial phase one study because right.

Safety and Tolerability profile of hasn't changed he looks encouraging with no drug related serious adverse events.

We plan on protecting these data the medical meeting the second half in Twentytwenty.

In time, we're very excited about these additional topline results. This pool for the development of LNG in phase two studies that we expect to stop next year.

Let me talk covered 99 out of Therapeutics African collaboration with that partisan there.

Now selected development candidate LMC available via two said next week with potent and highly clustered active activity to will thoughts could be too.

Oh based assays LLC, a V, which should look viral replication pockets, we love the peak mode that you'd see 50.

Akshay K. Vaishnaw: A Lumatra in Phase III program also includes our Illuminate B study in pediatric patients under 6 years of age. Enrollment is complete, and we remain on track to report top-line results in mid-2020. We're continuing involvement in the ILLUMINAT-C study in patients with advanced PHD, that was O.H. We recently completed the rolling submission of our NDA.

Got knowledge. This is the most potent direct anti viral for SaaS could be two reported today.

Hi, Cross reactive T to 4300 far islip, including the 2003 solves problems shows that we're talking I would consider using a virus is likely to be maintained for the current pandemic potentially future clinical virus outbreak.

Our plan is to evolved in relation to ministration beds are these treatment and prevention 'cause it 19.

Akshay K. Vaishnaw: and Smitana Emei from Lubas. This was our first NDA and M.A. submitted without staff working virtually, and I'm proud that our teams were able to do this in less than four months after our top-line results. We expect a regulatory decision on Lumastran approval by the end of 2020. As you know, we have two additional late-stage programs that are in development with partners. Chris Rann, Development and Hypercholesterolemia, is now partnered with Medartus, which is in registration in the US and EU, where both NDA and MA filings have been accepted, and where we expect initial approval in late 2020. Also includes Fitusaran in development for A or B with or without inhibitors, partnered with PhanaPhy. Sanofi has recently disclosed that two of the Atlas Phase III trials have now completed enrollment.

That soon discuss this program with the FDA and other regulators, we expect to funded 90 Pat.

Around year that Twentytwenty.

Finally, I'd like to wrap up by addressing potentially impacted coated 19 on athletic locations activities at the steps were taken to mitigate.

Of course, the top prosecutors ensuring patient safety, while continuing to conduct that trials. The papers way since these investigational trials as well you involved and potentially lifesaving electrons.

Well I thought protocols and statistical analyses plans include measures to account for missing data.

We continue to work with types and CRM partners to minimize missing data and digital studies continue it was little interruptions possible.

We're pleased to see regulatory agencies issue, but I think guidance no possibility for principal deviations missing data et cetera.

As such were capturing the impact on teed on these conferences, which we really cool paid interest w. documentation.

Akshay K. Vaishnaw: So we can expect top-line results from the ATLAS Phase III trials in the first half of 2021, as Sanofi has guided. Now, in addition to our late-stage clinical programs, we believe we've also been making great progress with our early and mid-stage programs. LNAGT, Departments on Hypertension, Resistant to hypertension, blood pressure that is not adequately controlled with three or more anti-hypertensive drugs, affects an estimated 11 million people in the United States. These patients are at substantially high risk of stroke, heart failure, renal failure, and other tissue damage. My potential is the number one modifiable risk factor for cardiovascular disease, and we believe LNAGP has the potential to offer significant... Addressing the Need for Improved Blood Pressure Control

This is taking steps in all about studies to minimize patient exposed with exposure to the virus and keep patients on study.

We've done this like standing out that's what I've heard care I didn't just because it does collecting labs monthly or.

I think really collection about this event.

During the pandemic phase, we expect continued to see impact on new patient enrollment and to a lesser degree delayed open spaces in sub about studies.

As rich said, we'll do everything we can to minimize these impacts makeup for any lost side as we had to be would help you need phases.

In summary, Waldo some disruptions in place itself activities through the pandemic phase, which successfully implemented many mitigation steps to minimize in Pakistan programs.

We expect any shifts about time bunch be factored in others.

And with that let me now turned over to Jeff to review our financial results Jeff.

Thanks, Akshay and good morning, everyone I'm pleased to be presenting islands Q1, 2020 results as Barry has already highlighted it was a very strong quarter of commercial execution.

Akshay K. Vaishnaw: In our press release this morning, we announced positive initial top-line LNAGT results from 48 patients with essential hypertension in the ongoing cycle. LNAGT was administered as a single-substance dose and achieved a 90% knockdown of angiotensinogen or AGT. In addition, ALNAGP was associated with an over 10 millimeters of mercury reduction in mean 24-hour systolic blood pressure at week 8 relative to C. The durability of AGT knockdown and blood pressure effects appear to be supportive of a once quarterly and perhaps bi-annual dose regimen.

Outstanding results for both on Petro and good Laurie.

Ill focus my comments on three topics today.

One product sales result, strong petrol and good Laurie.

In summary.

Pulpit all results for the quarter and comments on our guidance for 2020.

Turning to our results first front, Petro, where we had another quarter or continued and steady global growth.

Generated 66.7 million net revenue for the quarter, representing 19% growth fourth quarter of 2019 at 154% growth compared with Q1 2019.

Akshay K. Vaishnaw: Similar to the results we achieved in the initial phase 1 study of InglisRat, the safety and tolerability profile of LMHET is also encouraging, with no drug-related serious adverse events. We plan on presenting these data at a medical meeting in the second half of 2020. In the meantime, we're very excited about these initial top-line results. They support further development of LNAG, and Unsafe Two Studies that we expect to stop. Thank you to our COVID-19 RNAi Therapeutics Association, in collaboration with our partners at VIA. We've now selected a development candidate, LNCOV or VIA-2703, with potent and highly cross-reactive activity towards RSS-CoV-2. L-based assays, LNCOV, were shown to block viral replication up to three long orders with the picamolar EC50.

You are less growth during the quarter was negatively impacted by modest de stocking in Q1 2020, compared with modest stocking in Q4 2019.

Inventory in the distribution channel in the U.S. is between two and two and a half weeks at the end of Q1.

You EPS growth during the quarter benefited from a lower level of gross to net deductions. Following the increase in Q4 2019 that we highlighted on our yearend earnings call continue to express expect gross to net deductions will remain in the mid Twentys as a percentage of global growth sales from Patrick and 2020.

Broken our international markets was very strong during the quarter and was broadly driven across many markets in Europe as well strength in Japan.

I think that's clearly reflects the benefit of having a strong and growing global brand.

Akshay K. Vaishnaw: To our knowledge, this is the most potent direct antiviral for SARS-CoV-2 reported to date. A high cross-reactivity tool with over 4,300 viral isolates, including the 2003 SARS virus, shows that we are targeting a highly conserved region of the virus that is likely to be maintained for the current pandemic and potential outbreak. Coronavirus Outbreak, Our plan is to advance inhalation and menstruation of air and sea relief and treatment and or prevention of COVID-19.

Turning to our results for good Laurie we had a strong first full quarter of sales generating 5.3 million net revenue in Q1 fall into late 2019 launch in the U.S. that's covered in various prior remarks.

I anticipate seeing any contribution from our international markets in the second quarter with the launch in Germany.

It is worth noting that we believe the impact of the cobot 19 pandemic on our Q1 product sales results from Patrick but couldn't get Laurie is minimal.

Turning now to a summary of our full PML results for the quarter.

Net revenue from collaboration for the quarter was 27.5 million a significant increase from last year, primarily due to revenue recognized from our regeneron collaboration.

Akshay K. Vaishnaw: We plan to discuss this program with the FDA and other regulators, and we expect to file an IND at or around year-end 2020. Finally, I'd like to wrap up by addressing the potential impacts of COVID-19 on our Clinical Operations Act. All steps were taken to mitigate the spread of the virus.

Gross margin was 82% for the quarter down from 87% in Q1 19, primarily due to the current utilization a bond Patrick full cost inventory last year benefited from zero cost money petrol inventory.

Our combined non-GAAP R&D and that's DNA expenses for the quarter increased 40% versus the prior year.

Akshay K. Vaishnaw: Of course, the top priority here is ensuring patient safety while continuing to conduct our trials in a vigorous way since these investigational trials are supporting the advancement of potentially life-saving or life-transforming therapies. Therefore, all of our protocols and statistical analysis plans include measures to account for missing data. And we continue to work with clients and CRO partners to minimize missing data and ensure studies continue with as little interruption as possible. We're pleased to see regulatory agencies issue pragmatic guidance acknowledging the possibility of protocol deviations, missing data, etc. As such, we're capturing the impact of COVID-19 on these parameters, which we will incorporate into our study. We're also taking steps in all of our studies to minimize patient exposure to the virus and keep patients on study. We've done this by expanding our efforts around home care, by being busy, and others collecting labs locally or at home and doing remote collection lab visits at home.

He driver for the increase in best bet, They had seen or late stage pipeline programs and increased investment that's DNA to support ongoing launches along patrimony give laurie.

Non-GAAP net operating loss for the quarter increased by 12% versus the same period in 2019. However, we remain confident between 19 represents for Pete non-GAAP net operating loss year as we expect more moderate operating expense growth for the balance of the year and strong topline growth in second half of 2020.

We ended the quarter with cash and investments of approximately 1.4 billion.

Expect to see an increase in our cash balance in Q2, as we received 600 million cash in early April following the close of the Blackstone strategic financing collaboration.

Now turning to our financial guidance, we believe our results for the first quarter demonstrate the strength of our commercial teams and challenging circumstances.

However, as various noted earlier, we do expect an impact from the covert 19 pandemic.

So we have decided below our 2020 on Patra revenue guidance from 285 to 315 million to 270 to 300 million.

Akshay K. Vaishnaw: During the pandemic phase, we expect to continue to see impact on new patient enrollment and, to a lesser degree, delayed or missed doses in some of our studies. However, as we enter the recovery and new normal phase, In summary, while there are some disruptions in clinical development activities during the pandemic phase, we've successfully implemented many mitigation steps to minimize impacts on programs, and we expect any shifts in our timeline to be effectively managed in the short term. And with that, I now turn it over to Jeff to review our financial results. Thanks, Akshay. Good morning, everyone.

This represents a 5% decrease at the midpoint of the guidance range still represents more than 70% planned growth versus 2019.

In parallel you're implementing further disappointment or operations to moderate or spend and our lowering our guidance range for combined non-GAAP R&D and <unk> expenses to 1 billion to 1.075 billion from 1.025 billion to 1.125 billion.

Our guidance for net revenue from collaborations remains unchanged at 100 250 million.

Regarding cash we believe our 2 billion strategic financing collaboration with Blackstone secures on islands bridge towards the self sustainable financial profile without the need for future equity financings.

With that I'll now turn the call do have on to review our goals for the remainder of the year Yvonne.

Jeff Poulton: I'm pleased to be presenting Alnylam's Q1 2020 results. Barry has already highlighted it was a very strong quarter of commercial execution with outstanding results for both Patro and Gublari. I will focus my comments on three topics today.

Thanks, Jeff I'm kinda give everyone.

I'll Twentytwenty presents challenges related to the could've been 19 pandemic it promises to be an importance of exciting yeah, you know not an appetite, but below the top tier Biopharma company.

Jeff Poulton: B1 Product Sales Results from Patro & Gigliari, A summary of our full P&L results for the quarter and comments on our guidance for 2020. Turning to our results first for Ampatro, where we had another quarter of continued and steady global growth, generated $66.7 million in net revenue for the quarter, representing 19% growth from the fourth quarter of 2019 and 154% growth compared with Q1 2019. U.S. growth during the quarter was negatively impacted by modest stocking in Q1 2020 compared with modest stocking in Q4 2019. Inventory in the distribution channel in the U.S. is between two and two and a half weeks at the end of Q1. U.S. growth during the quarter benefited from a lower level of gross-to-net deductions following the increase in Q4 2019 that we highlighted on our year-end earnings call.

This office.

Plan to continue our global commercialization of our Patrick It's what is the global launch of getting Irene including in Europe. Following our recent C N. They approval.

We're also expecting two additional regulatory approvals by the end of the after they must around and in case around.

We also executing on six late stage programs in nine distinct clinical trials.

We plan to continue enrollment in our eighth TTR cardiomyopathy study, specifically pulled it would be with the teach man and he gets me with the treatment.

Maybe just when we look forward to presenting full results will be it didn't make a phase three study and topline results. They didn't makes me phase three study.

And of course will also continue advancing the rest about pipeline, that's what it's exciting preclinical assets and we'll highlight these milestones throughout the yet is that.

Notably we aim to develop a two new items. These boddington twentytwenty, namely alien HST for Nash and very very important.

And coking coal.

Okay that 19 for my product engine.

Let me now turn it back to Christine to coordinate documenting session Christine.

Thank you a bond operator, we'll now open the call for questions to those Taliban like asking to limit yourself to one question each and then get back Mickey that you have additional question [noise].

Jeff Poulton: Global Growth Sales from Patrol in 2020

Jeff Poulton: Transcription by CastingWords We think this clearly reflects the benefit of having a strong and growing global brand. Turning to our results for Gibralari, we had a strong first full quarter of sales generating $5.3 million in net revenue in Q1 following a late 2019 launch in the U.S., as covered in Barry's prior remarks.

[noise] like to ask your question please signal by pressing star.

Telephone keypad.

If you're using a speakerphone. Please make sure your immune function has turned out to like your signals to reach our equipment.

Press Star one to ask a question.

Well take our first question from Gina.

Jeff Poulton: I anticipate seeing a contribution from our international markets in the second quarter, which

[noise] Hi, this is Peter Karen could you know rank. Thanks for taking my question then congratulations on the it's.

Thank you.

Well, you're revise on patch for diet guidance I'm I know you gave a lot of color, but I would still I'm wondering how much of that you expected coming from I guess you patients.

Jeff Poulton: It is worth noting that we believe the impact of the COVID-19 pandemic on our Q1 product sales results for Ampatro and Givlare was minimal. Turning now to a summary of our full P&L results for the quarter. Net revenue from collaborations for the quarter was $27.5 million, a significant increase from last year, primarily due to revenue recognized from our Regeneron collaboration. Gross margin was 82% for the quarter, down from 87% in Q1 2019, primarily due to the current utilization of on-patrol full-cost inventory, while last year benefited from zero-cost on-patrol inventory, Our combined non-GAAP R&D and SG&A expenses for the quarter increased 40% versus the prior year, eDrivers were the increased investment in advancing our late-stage pipeline programs and increased investment in SG&A to support ongoing launches along Petro and Gibraltar.

Oh, great new patients versus existing patients and also I think you mentioned.

In some patterns of skipping those obama existing patients and I was wondering if you have any sense on how they continue.

In various different phases that you laid out. Thank you very much yeah, yeah, Peter that's a great question.

Let me, let me I'm going to handed over to its area just a second but let me just start by by saying again, you know what we expect as part of our planning framework is to see impact in Q2 that starting in Q3 Q4 recovery back toward a toward normalcy. So we do view the impact of office to be sure.

Yes.

Of course, obviously you know this short lived the fact that would be quite in the context of the broader efforts we have in advancing our TTR franchise, which of course, we view is a very significant a growing opportunity. So Barry do you want to specifically talked to Peters, a particular questions, which I thought were quite good.

Yes, Peter let me give you some color and just to say that.

Jeff Poulton: and Giblari's non-GAAP net operating loss for the quarter increased by...

Each country the handled 'cause handling the pandemic phase a very differently. So no.

Jeff Poulton: [inaudible] We ended the quarter with cash investments of approximately $1.4 billion. We expect to see an increase in our cash balance in Q2 as we receive $600 million in cash in early April following the close of the Blackstone Strategic Financing Collaboration.

Broad color, but every country little little bit different.

The reason that we believe that Q2 will have impact is the site of care changes that were made by patients across to a wound patient moved from an academic center to home care or local infusion center it requires that patients and their health care provider.

Jeff Poulton: Now turning to our financial guidance, we believe our results for the first quarter demonstrate the strength of our commercial teams in challenging circumstances. However, as Barry noted earlier, we do expect an impact from the COVID-19 pandemic, so we have decided to lower our 2020 on-patrol revenue guidance from $285 to $315 million. $270 to $300 million. This represents a 5% decrease at the midpoint of the guidance range. It still represents more than 70% planned growth versus 2019. In parallel, we are implementing further discipline in our operations to moderate our spend and are lowering our guidance range for combined non-GAAP R&D and SG&A expenses. $1,000,000,000 to $1,075,000,000 From $1,025,000,000 to $1,125,000,000, our guidance for net revenue from collaborations remains unchanged.

To help us activates that change and as you know maybe the health care providers were absorbed and starting to put them back itself. So because we can see a you know said three weeks it might take in four or five weeks for patients to change will generally through all of those changes in countries, where we want us to remain friends.

I don't see much more change coming patients are where they're going to be.

Note that many academic centers it did stay open in patients who need to move.

Centers I think in United States in Q2 will continue to see move towards a towards home infusion.

Because oh, because some academic centers are asking the patients to me to make that move and just to give you you do a little bit more.

Flavor in.

In the United States, So we had about 9%.

Home use and that's about 60% in late April and I see that that's percent moving up even more as we continue to patients to call me teaching.

Jeff Poulton: 100. 100. 100.

Okay, I hope that helps from a call perspective.

Your next question from.

Jeff Poulton: Regarding cash, we believe our $2 billion strategic financing collaboration

With Morgan Stanley.

Oh thinking over the last couple to my question.

Yvonne L. Greenstreet: Collaboration with Blackstone secures Alnylam's bridge towards a self-sustainable financial profile without the need for future equity financing. And with that, I'll now turn the call over to Yvonne to review our goals for the remainder of the year. Yvonne? Thanks, Jeff. And hello, everyone. While 2020 presents challenges related to the COVID-19 pandemic, it promises to be an important and exciting year in Alnylam's efforts to build a top-tier biopharma company. For starters, we plan to continue our global commercialization of Onpatro, as well as the global launch of Gibralari, including in Europe, following our recent EMA approval. We're also expecting two additional regulatory approvals by the end of the year for Lumasaran and Inquisaran. We're also executing on six late-stage programs in nine distinct clinical trials.

With respect to Jeep Laurie.

Or the patient bad.

I guess not aligned but he's mostly from patients somewhere on prior trials.

Or how transitioned over from U.P. programs or are these.

Were found.

Sure.

Efforts.

Yeah. That's a great question, David obviously, we're very happy with our first full quarter up a good Lori performance.

In the U.S. and we're now looking forward to to the watch that has initiated in Germany, and and also named patient sales that we haven't in Europe. So we're excited about where Q2 can take us would give laurie.

It is well the straight answer to your question is are these are all patients outside of our largely outside of our EAP program and largely outside of <unk> clinical studies the patients ever in the clinical studies are still on the clinical studies in the open label study a stage and E. P patients that we had the U.S.

Yvonne L. Greenstreet: We plan to continue enrollment in our ATTR cardiomyopathy studies, specifically Apollo B with the T-SRAM, and Helios B with the T-SRAM. With the latter, we look forward to presenting four results from the Illuminate A Phase 3 study and top-line results from the Illuminate B Phase 3 study. And, of course, we'll also continue advancing the rest of our pipeline, as well as exciting preclinical efforts, and we'll highlight these milestones throughout the year as they occur. Notably, we aim to deliver two new IND filings in 2020, namely ARN HSD for NASH and, very, very importantly, ARN for COVID-19 from our product engine. Let me now turn it back to Christine to coordinate our Q&A session. Thank you, Christine.

By the time, we launched a was very very small low single digits.

Because of the fact that being achieved approval before.

You know ahead of schedule. So these are all a brand new patients.

Thank you for that.

Yeah. Thank you.

Your next question.

Thank you.

Hi, Good morning metric is my question, maybe a quick one on your early data for hypertension.

Lots under contract for the competitive landscape, where roughly 10 millimeter work wearing a reduction so how can you just decide what the next step back for that program.

Yeah, Great Dizzying, we're obviously very excited about the potential frail that HGTV in hypertension. This is an area that is crying for innovation that's been watching for decades.

Okay do you want to answer the question specifically.

Christine Regan Lindenboom: Thank you, Yvonne. Operator, we will now open the call for questions from those dialed in. We would like to ask you to limit yourself to one question each and then get back in the queue if you have additional questions. Thank you. If you would like to ask a question, please signal by pressing star 1 on your telephone keypad. If you're using a speakerphone, please make sure you're in the correct position to allow your signal to reach. Again, press star 1 to ask a question. We'll take our first.

Show with respect to the first with respect the first one the greater than 10 millimeter drop that you described frankly is a very impressive result relative to most of the.

Drugs at this stage of development, so get very excited about.

But the.

Impact in the contribution I think is not just from the change in degree of blood pressure change that Weve descriptors little cities in Threeq and administration, which increasingly looks to us like it could be quickly. You'll you every six months, so beyond that and the whole Patton seems to be repeating being as Ron probably talking.

Unknown Executive: [inaudible] Hi, this is Peter Kim on behalf of Gena Wang. Thanks for taking our questions and congratulations on the... Thank you. For your revised patient guidance, I know you gave a lot of color, but I was still wondering how much of that you expected coming from, I guess, new patients? ______ mutation versus existing patients. And also, I think you mentioned that you've seen some patterns of skipping those among existing patients, and I was wondering if you had any sense of how this may continue in the various different phases that you laid out. Thank you very much.

That's very exciting that's clearly.

50% of patients come off.

And we didn't wants to use and stopping at that rate and then finally the other issues.

With clamped control of angiotensin agent.

We would get that politics plant club and current many patients do not get that you'd have to get suke cyclical effects as you take your tablets.

John Maraganore: Yeah, yeah, Peter, that's a great question. Let me, let me, I'm going to hand it over to Barry in just a second.

The tablet, whereas off that look they should change is back to <unk>.

Logical range again.

Bruce and that kind of Seesawing pharmacology, not desirable and puts patients with so so it's certainly the millimeters of Mercury is impressive but beyond that there are other factors that we will suffer please.

Barry: But let me just start by saying again what we expect as part of our planning framework is to see impact in Q2, and then starting in Q3 and Q4, recovery back toward, toward normalcy. So we do view the impact of all this to be short lived. And obviously, you know, this short-lived effect has to be put in the context of the broader efforts we have in advancing our PTR franchise, which, of course, we view as a very significant and growing opportunity. So Barry, do you want to specifically talk about Peter's particular questions, which I thought were quite good?

In terms of back steps out they're busy planning phase two of them and obviously, we're heavily engaged with regulators to making sure we do that in a way but.

You that are important but at the bottom troubles regulate himself.

So.

We see lot of could potentially for the stream.

Yeah. Thanks, I'd say, we're very very excited about imaging.

Okay.

Thank you.

Comes from <unk>.

Great. Thanks, so much again, a couple of questions. The agency. If you don't line up where these patients on ace inhibitors or arbs and I guess can you just tell us a little bit more about safety. There's historically been some concerns with dual RAF blockade hyperkalemia things like that and then second.

Barry: Yeah, Peter, let me give you some color and, you know, just to say that... Each country is handling the pandemic phase very differently, so this is just a broad color, but every country is a little bit different. The reason that we believe that Q2 will have impact is the site of care changes that have been made by patients across the world. When a patient moved from an academic center to home care or a local infusion center, it required that patient and their health care provider to help us activate that change. And as you know, many of the health care providers were absorbed in fighting the pandemic itself. So we could see, you know, instead of three weeks, it might have taken four or five weeks for a patient to change.

With with drugs like out scare in and also I think he's in our combination studies.

Lucky you'd have a history of killing of what fresher benefit, but not necessarily a benefit on outcomes. So maybe you can comment on biologically.

Why you think this early PFC data, it's going to translate ultimately to video.

Hopefully it impact on mortality. Thanks, so much.

Yeah, great questions Paul Okay, you Gotta.

Yeah, so with respect to pay deep hole patients, where on a stable antihypertensive crashing but that to come off the drug to be in the study said there was no combination a uses such as background therapy that aged him talk this was a clean hypothesis test.

Barry: We're generally through all of those changes in countries where we want them to be, the U.S., Germany, France. So I don't see much more change coming. Patients are where they're going to be, and I will note that many academic centers did stay open, and patients continue to move. I think in the United States in Q2, we'll continue to see a move towards home infusion because some academic centers are asking their patients to make that move. And just to give you a little bit more flavor, in the United States, we had about 9% of home use, and that moved to about 16% in late April, and I see that percent moving up even more as we continue to move patients to home infusion. I hope that this helps from a color perspective.

Oh, Hey, let AGP alone in patients with essentially.

But the overall safety profile as I've mentioned during the formal public presentation, because it's very encouraging so no serious adverse events and Oh overall, we continue to be very very encouraged lets say you say fall with respect to the pulp full woods.

Dual RASK blockade certainly has had some interesting baked in the past our untapped tend to be effects, but there's also some safety issues. The people that want to about a particularly with respect to renal function.

Unknown Executive: We'll move on to our next question. Thank you very much for taking my question. With respect to Gidwari, are the patients that are now on drug IDs mostly those who were on prior trials or have transitioned over to programs, or are these new patients that were found?

One of the things that we're very excited about is the folks just a phone could not get effect of the OFAB drugs on the liver and the one reason why Peter.

Barry: Yeah, that's a great question, David. Obviously, we're very happy with our first full quarter of Givlari performance in the U.S. And we're now looking forward to the launch that has initiated in Germany and also patient sales that we have in Europe. So we're excited about where Q2 can take us with Givlari as well. The straight answer to your question is these are all patients outside of our, largely outside of our EAP program, and largely outside of clinical studies. The patients that were in the clinical studies are still in the clinical studies in the open-label stage. And the EAP patients that we had in the U.S. by the time we launched were very, very small, low single digits, because of the fact that we had achieved approval before, you know, we had a schedule. So these are all my brand new patients. Thank you. Yeah, thank you.

And so [laughter] ace inhibitors at UBS amazed at the never talk.

Our local effects and the kidney those drugs and so with the engines energy T. acting on live load because of the Galnac targeting system will span the kidney of any effects.

Directly back and so we hope it will have a you know in process safety profile. This was an impressive anti hypertensive conforming combination of course, we're going to evaluate.

Uh huh.

Great. Thanks, so much.

Thanks, Paul.

Next question comes from.

Yes.

Hi, good money. This is talking about foreign Laurie congratulations on a ready subsystem club or a couple of questions. Just a couple of questions on early stage. So part of the insulin or the program that is say 99.9 person active publicly hunger June loans ended up a little bit above that.

Akshay K. Vaishnaw: Hi, good morning. Thanks for taking my question. Maybe a quick one on your early data for hypertension. Can you give us, in the context of the competitive landscape, what a roughly 10 millimeter mercury reduction means? And how can you just define what the next steps are for that program? Thanks.

Okay, then that deal does right now in a different kind of a little different forms of providers.

And then I follow.

Yeah, Great Akshay do you want to handle that.

Akshay K. Vaishnaw: Yeah, Greg Tazeen, we're obviously very excited about the potential for ALMA-GT in hypertension. This is an area that is crying out for innovation that's been lacking for decades. Akshay, do you want to answer the question specifically?

I'll cover program at all.

Sure. So has moved in discovery phase with because it program because we we track to borrow Gina.

The sequences and come online.

Akshay K. Vaishnaw: Sure. With respect to the first one, the greater 10-millimeter drop that we described is, frankly, a very impressive result relative to, you know, most other drugs at this stage of development. So we're very excited about that. But the, you know, impact and the contribution, I think, is not just the change in the degree of blood pressure change that we've described, but it's also this infrequent administration, which increasingly looks to us like it could be quarterly or, you know, every six months or beyond. And the whole pattern seems to be repeating the increase around the profile. (Inaudible) That's clearly important given that 50% of patients come off their meds within months to years. Transcription by https://otter.ai Back to the pathological range again, and then you take your time. [inaudible]

The T 300.

Sequences available now I'm studying our target fight against those sequences. You know, we're very very confident that this fight appears to be highly constrain not paid to mutation and we'd have a match.

Almost all of those units.

Secondly, the 99.99 number.

Equally the cross reactivity to the TV as far as far as from the early 2000 Twelves could be long. It also suggests that the target size highly constrained. So hence my comment, but we anticipate this study will be a highly applicable driven just kind of crisis, you likely future crisis and these.

It's not.

Right.

Mutation directly.

Okay, and just one follow up on a on the HBV. They try to go do simply President Mike is that make an ongoing work of striking Hughes from a combination perspective with you.

Yeah, no absolutely I mean as beer has guided a the next step of the HBV program.

He is a further phase two studies in combination with interferon.

Which is the initial focus that that additional agents will be explored as well, including proprietary agents that are in the fear a pipeline. So we're quite excited about the data that fear recently presented with a with the HBV molecule quite to 18, a as they call it and obviously it represents a significant.

Akshay K. Vaishnaw: In terms of next steps, we're busy planning phase two, and obviously, we're heavily engaged with regulators in making sure we do that.

Akshay K. Vaishnaw: Regulators are supportive of the path ahead, but we see...

Akshay K. Vaishnaw: There is a lot of good potential for this drug.

Unknown Executive: Yeah, thanks, Akshay. We're very, very excited about it.

Unknown Executive: Thank you. Great, thanks so much. Again, a couple questions on ADT if you don't mind. Were these patients on ACE inhibitors or not?

Opportunity for L., Milo because we have the right. The opted for 50 50 or at the end of phase two just prior to pay phase three so it gives us a away for free up until then to see how the data mature at to be able to come in with what could be a very attractive asset for the future of the company.

Unknown Executive: and I guess, can you just tell us a little bit more about safety?

Unknown Executive: Dual RAS blockade has a history of showing a blood pressure benefit but not necessarily a benefit on output.

Unknown Executive: [inaudible]

Akshay K. Vaishnaw: Yeah, great questions, Paul. Akshay, you got them.

Okay.

Thank you all much that sounds like you're gonna questions. Yeah. Thank you.

Akshay K. Vaishnaw: Yeah, so with respect to safety, Paul, patients were on a stable antihypertensive regimen, but they had to come off their drugs to be in the study. So there was no combination use as such with background therapy with ALNHT on top. This was a clean hypothesis test of ALNHT alone.

Next question comes from.

Yeah.

Hey, guys. Thanks for taking my question then that's got to stand phasing out there.

You know my question is on I'm, Potrero and rest of world on the trends look pretty strong on on certainly a dollar denominated growth basis. So I guess I'd like to talk a little bit more about you know like UK or whats the big markets are driving that and when you think about the mix Oh, you know kind of the potential site on the thing your guidance now I'd.

Akshay K. Vaishnaw: The overall safety profile, as I've mentioned during the formal part of the presentation, is very encouraging. We saw no serious adverse events, and overall, we could see a lot of improvement. With respect to the path forward, dual rest blockade certainly has had some interesting data in the past; there are antihypertensive effects, but there are also some safety issues that people have wondered about, particularly with respect to renal function. One of the things that we're very excited about is the focused pharmacodynamic effect of our drug on the liver.

And then move out because many of US next year.

Yeah, that's a great question Alexia and yeah. We're pleased we're really pleased with the rest of world performance.

That we've seen with a with without patch ROE and it just as a real testament to our commercial teams execution in those parts of the world are very do you want to ask the specific ehrlichia.

Akshay K. Vaishnaw: [inaudible] will spare the kidney of any. Directly there.

Yes, yes, I'd say in that group I agree with John completely so Lisa I'll remind you that we think about hereditary TTR amyloidosis patients and where they come from we communicated previously, but they really come from three different streams. There's there's patients on drug <unk> free goods program, there's patients known to sites and then there's pure.

Akshay K. Vaishnaw: And so we hope that you'll have an, you know, impressive safety profile as well as an impressive anti-hypertensive profile. We're going to evaluate all of this moving forward. Great. Thanks so much. Thanks, Paul. The next question comes from: Hi, good morning. This is Swapnilam for Maury. Congratulations on a very successful quarter. Thank you. I have just a couple of questions. Yep, just a couple of questions about the early stage. So for the 3703 program, where you say 99.9% active in 4300 GWOMs, can you talk a little bit about the applicability of this drug now in different communicative forms of the virus? and then I'll follow on.

The new patient funny, which requires patience to flow through the health care system obviously.

To get diagnose somewhere between 10% to 50% of patients would be preserved ejection fraction heart failure patients are due to TTR. So those patients have to show up to be probably diagnosed so when we think about outside the United States. We had the benefit in UK, Italy, and others for a patients coming from all three buckets.

Those patients far off can be naive patients who are on patches given front line those patients can also be patients that.

Unknown Executive: Yeah, great. Akshay, do you want to handle that with our COVID program?

Moved from free of goods easier others to commercial goods for patients that get switched from stabilizers and saw a lot of that in France for example.

Akshay K. Vaishnaw: So, as we've been in the discovery phase with the COVID program, of course, we've tracked the viral genomes as the sequences have come online, and with over 4,300 sequences available now and studying our target site against those sequences, we're very, very confident that this site appears to be highly constrained, not prone to mutations, and we have a match in almost all of those unions as we flagged. and is not likely to be prone to mutation readily. Okay, thanks. And just one follow-up on the HBB data that was recently presented, like, is there any ongoing work or strategies from a combination perspective with you?

France has a lot of experience with patients progressing on stabilizers and has the opposite experience without Petro and then of course, Japan is also market where patients are coming from.

Patients known to site and then move to mobile phone patients really United States. Since it was the first launch until mid teen.

Largely worked through those first two buckets in U.S. Mark is dependent on patients pulling through health care system. So that we can be.

It could be a purposely diagnosed so feel good about the growth across all four regions as Brazil's getting up online as well. So you can see that in United States. The dynamic is fine mutation.

Unknown Executive: Yeah, no, absolutely not. I mean, as VIIR has guided, the next step with the HPV program is further phase two studies in combination with interferon, which is the initial focus, but then additional agents will be explored as well, including proprietary agents that are in the VIIR pipeline. So, you know, we're quite excited about the data that VIIR recently presented with the HPV molecule, 2218, as they call it, and obviously represents a significant opportunity for Alnylam because we have the right to opt in for 50-50 at the end of phase two, just prior to phase three. So it gives us a way for free until then to see how the data matures and to be able to come in with what could be a very attractive asset for the future of the company.

But the amount of touch will add to it previously prescribed stabilizer, whereas all the parts world are still benefiting from all three of those streams of patients could that obsolete.

Thanks, Eric.

Your next question.

With JP Morgan.

Hey, guys. Thanks, so much for taking the question and I think they'll all be color on I guess, you're thinking about managing through because the banking and dynamic and I hope everyone that the company doing well.

Just a quick question for Mark on the full data or eliminate a.

We are you hearing what potential near now seem to be expecting sort of beyond the top line that we already know thanks so much.

Yeah. Thanks, Thanks, how hot it thanks for your your hard work at the beginning.

Really appreciate that up there are actually do you want to comment on the eliminate a topline.

Yeah, I mean, I I think a wheel because then the full data set obviously the primary endpoint the change in face Union plasma promises rambles late a steady same trench safety of course would be or.

Unknown Executive: Okay, good. Thank you very much. Thanks for taking my question.

Unknown Executive: Thank you.

And you know the proportions of patients are coming to near normal renewable.

Unknown Executive: The next question comes from Alethea Young with Canada. Hey guys, thanks for doing my question, and I hope you guys are staying safe and healthy out there.

These are important perhaps as well so it's going to be a comprehensive data presentations, just because we did last year.

Okay Division.

Yeah, and I would just I would just add to that out of hub that that obviously you know we will we have a lot of data that we can share and he'll share. It at a very completed transparent way as we always do.

Barry: My question is about Platraut and the rest of the world. The trends look pretty strong on certainly a valid nominee and growth basis, so I guess I wanted you to talk a little bit more about whether it be the UK or what specific markets you're driving at, and when you think about the mix of the potential foiling that's in your guidance now, do you think it's kind of evenly balanced between the US and ex-US?

So we're looking forward to doing that it's it's up would've hoped they've done it in March with eat up so Europe meeting, but that got shifted and then canceled Watson twice. So the E. Our agency a organizers have been kind enough to allow us to present, there and that's what we're going to do.

Great. Thanks for taking my question.

Good thank you.

Next question comes from content Ken Thanks.

Barry: Yeah, that's a great question, Alethea. And yeah, we're pleased. We're really pleased with the rest of the world performance that we've seen with Alpatro, and it just is a real testament to our commercial teams' execution in those parts of the world.

Congratulations on the progress and thanks for taking the question on one more just to revisit the question on rest of rolled on padro into geographies, where you launched how much of the patients are coming from the E b or from the pool of patients where orders are known to sites I guess, what portion of patients who were producing notified got onto the P. and then how far you through parts of the transition.

Barry: Barry, do you want to give the specifics for Alethea?

Barry: I agree with John completely. I'll remind you that when we think about hereditary PTR and meiosis patients and where they come from, we've communicated previously that they really come from three different streams. There are patients on the drug via EAP or free goods program, there are patients known to sites, and then there's pure new patient finding, which requires patients to flow through the healthcare system, obviously, to get diagnosed. Somewhere between 10 to 15 percent of patients would be preserved injection fracture, heart failure patients are due to TTR. Those patients have to show up to be appropriately diagnosed. When we think about outside the United States, we have the benefit in the UK, Italy, and others for patients coming from all three buckets. Those patients are, can be naive patients who are on patchers given on the front line.

You'd be patient.

And he and I guess pieces for notice sites on the commercial drug in from the major geographies you outlined.

And then one one more just.

The guidance.

Just any delays to the timing Oh, U.S. reimbursement decisions really related to go ahead.

So those are two great questions I I think I might have very after that I think the first one you're you're going to your where you're looking for a level of precision at I think we're not going to share, but but Barry maybe you can provide some color Rob that it's certainly other payer question and in other countries you might want to comment on that area as well.

Yeah, absolutely. Thanks. Thanks.

Great question so.

As I mentioned in the United States those it's pure mutation finding that the stage the United States again, as we launch in Europe. Most European countries have rules that does move patients very quickly from D.A.P. recharge program onto the paid programs that happens quickly in most countries across Europe and the.

Barry: Those patients can also be patients that move from free of goods via EAP or others to commercial goods, or patients that get switched from stabilizer. We saw a lot of that in France, for example. , David B. Thank you, Karen.

Akshay K. Vaishnaw: Hey guys, thanks so much for taking the question. And thanks for all the color on how you guys are thinking about managing through the COVID-19 pandemic. And I hope everyone at the company is doing well. Just a quick question from us on the full data for Illuminate A, ER, EDTA, what potential new analysis should we be expecting sort of beyond the top line that we already know? Thanks so much.

Our getting patients from all but all three buckets healthy workstreams patients I will highlight and he can you as you know Europe has significant experience with stabilizers and soft patients progress this stabilizers and the polyneuropathy frame, but also in the cardium out inside so the desire to move a patient onto.

Drugs like on past show that has an opportunity of of stopping disease progression in many cases reversing things like the thought polyneuropathy is highly attractive profile. So in Europe patients are coming from all three of those streams in Japan, where we did not having E P.

Akshay K. Vaishnaw: Thanks Anupama, thanks for your kind words at the beginning. I really appreciate that. Akshay, do you want to comment on the top line of Illuminate Aid?

Akshay K. Vaishnaw: Yeah, I mean, I think we'll present the full data set, obviously the primary endpoint, the change in phase union plasma parameters. [inaudible] So, it's going to be a comprehensive data presentation, just as we did last year with the Givers-Rand data, where we had an issue.

Patients or are coming from patients known the site can move down patients, but both of those are coming again, Miss many patients are being switched off a stabilizers, but there are new patients being sound economic reasons in Japan in Bennett, we're benefiting from finding those patients and getting them on and Petro.

John Maraganore: Yeah, and I would just add to that on a bomb that obviously, you know, we have a lot of data that we can share, and we'll share it in a very complete and transparent way, as we always do. So we're looking forward to doing that. It's it'd have hoped they'd do it in March with the Oxford Europe meeting, but that got shifted and then canceled once and twice. So the ERA EDTA organizers have been kind enough to allow us to present there. And that's what we're going to do.

In terms of payer.

For full on Patra, we haven't seen any significant delays in the United States. These really been no delays in the blurry VVA and there have been slight caught a week or two delays and scheduling Oh PNR discussions across countries in Europe, but nothing significant that leads to any of the the change the guidance we provided the.

The change really is the impact to our health care system is an inability to patients to get into those academic centers. So that's reflected in your guidance.

Unknown Executive: Great, thanks for taking our questions. Good, thank you. The next question comes from... Bernstein

Right there. Thank you.

Thank you.

Thanks, I'll take your next question.

Unknown Executive: Congratulations on the progress. Thanks for taking the time to answer the question.

Good morning, everyone I'm, great to hear you all wells can Guam. Thanks for taking the question I'm curious to hear you well well Victor.

Unknown Executive: Oh, one more just in here.

Unknown Executive: Tazeen Ahmad, Paul Matteis, Ritu Baral, David Lebowitz, Jessica Fye, Salveen Richter, Gena Wang, Maury Raycroft, Leland Gershell, Myles Minter, Kevin Fitzgerald, Alnylam Pharmaceuticals Inc.

So what some let's look first to be Apollo apology. If my guess is studying since they do more mature study what should be pretty thinking about that's far <unk> law school anything that can be likud tell a microphone and how that might impact powering the.

Unknown Executive: [inaudible]

Barry: Decisions related to COVID-19. So those are two great questions. I think the first one is you're looking for a level of precision that I think we're not going to share. But Barry, maybe you can provide some color on that. And certainly on the payer question, in other countries, you might want to comment on that, Barry, as well.

Yeah, and he's flexibility around questionable cadence as we think about until cookie.

And then my quick follow up is can you.

Lane to get worried trying to sell the ones a two week because.

That's the goal of most often watching like six months Wow. So why is it so fast so early and could stretch back out but that's just.

Barry: Yeah, absolutely. Thanks. Thanks, John.

Barry: And a great question. So, as I mentioned, in the United States, it's pure new patient funding. That's the stage that the United States is in. As we launch in Europe, most European countries have rules that move patients very quickly from an EAP or free of charge program to a paid program. So that happens quickly in most countries across Europe, and we are getting patients from all three buckets, all three workstreams of patients. Now, I will highlight, and as you know, Europe had significant experience with stabilizers and saw patients progress with stabilizers in the polyneuropathy framework, but also on the cardiomyopathy side. So the desire to move a patient onto a drug like Ampatro that has an opportunity of [inaudible] In terms of payers, for Ampatra, we haven't seen any significant delays.

How's it going forward.

Well, let me quickly answer your second question that Akshay can prepare to answer. Your first question you know basically our teams have gotten better way better at from the actual experience you know to being able to do this much more rapidly with a with a good Laurie I think it also reflects the be.

It's around reimbursement that we have built within the system.

So we're really happy with that we see no reason why should stretch out.

At this point, we're very much you know really operating and using our patient have effectively to get patients not to treat that as soon as host our parts come in within you know just a couple of weeks. So very happy about that don't see that changing so akshay do you want to handle the portion of the clinical trials, which I was very good.

Sure Yeah higher too so.

In terms of the endpoint structure, we don't see any changes anticipates and the primary endpoint their approval strategy and construction. So I think we could secure.

Barry: In the United States, there have really been no delays in the Gublari VBA, and there have been slight, we call it a week or two delays in the rescheduling of PNR discussions across countries in Europe, but nothing significant that leads to any of the changes to guidance we're providing. The change really is the impact on our healthcare systems and the inability for patients to get into those academic centers. So that's reflected in the new guidance.

Vis-a-vis Apollo be you know as we mentioned today that the main issues that the.

Size has made some slow.

So weve shifted.

Out the completion of enrollment to two next year.

Ritu Baral: Great Barry, thank you. Thank you. We'll take our next question from Ritu Baral in Wisconsin.

40 cents come on that from the into this year and with respect to the overall issue of.

John Maraganore: Good morning, everyone. Great to hear you all well. And thanks for taking the question. Great to hear you well as well, Ritu.

Maintaining study integrity and patient continuity I would say you know the way we've been able to do that is.

Akshay K. Vaishnaw: So let's, let's go first to the Apollo, Apollo B, and Helios A studies. Since those are more mature studies, what should we be thinking about as far as lost data, anything that can be recouped on telemedicine, and how that might impact powering or, you know, any flexibility around collection of those data as we think about the integrity of the data set? And then my quick follow-up is, can you explain the Gibralari time to fill, this one to two weeks, because that's the goal of most orphan launches, like six months out. So why is it so fast, so early? And could it stretch back out? Or is this just how it is going forward?

Widening assessment windows.

Getting patients on over the station, which we've done very successfully.

Okay. So it's drugs.

And a lot of remote collection of both access it then I'd labs.

So along with the either showing some flexibility around because it windows and by the way all of these things that I'm mentioning I was supported by regulators in various guidance documents and Ah. So we feel comfortable that weve documented it very carefully as the rationale for that.

Barry: Well, let me quickly answer your second question and then Akshay can prepare to answer your first question. You know, basically, our teams have gotten better and better from the Apache experience to being able to do this much more rapidly with Giblari. I think it also reflects the confidence around reimbursement that we have built within the system. So we're really happy with that. We see no reason why it should stretch out at this point. We're very much, you know, really operating and using our patient hub effectively to get patients onto treatment as soon as those initial forms come in within, you know, just a couple of weeks. I am so very happy about that. I don't see that changing. So, Akshay, do you want to handle the question on the clinical trials, which I thought was very good?

And so I think yes, certainly some slowdown enrollment for Apollo be but overall.

Putting tiger two study I guess, the we're looking good.

Sounds good thanks two questions.

Next question comes from Salveen Richter with Goldman Sachs.

Thanks for taking my question a few here so how does on a patch or being prescribed in the mix you know tight right now given some increase evidence combination use with Pfizer, it's going to call and then just secondly, if you can talk to any numbers around the contribution of cardiologists and the prescriber mix.

And some of the Q over Q trends, you're seeing just given some competitors and noted some declines and I'd be diagnostics.

Yeah. Those are great question, let me just start by saying that of course attach was being prescribed for treating the polyneuropathy that's present.

Akshay K. Vaishnaw: So, in terms of the endpoint structure, we don't see any changes anticipated in the primary endpoint and the overall strategy of the endpoint structure. [inaudible] Maintaining study integrity and patient continuity. I would say, you know, the way we've been able to do that is by widening assessment windows, getting patients on home administration, which we've done very successfully in the case of both drugs, and allowing remote collection of both adverse events and labs. So, along with showing some flexibility around visit windows, and by the way, all of these things that I'm mentioning are supported by regulators in various guidance documents, and so we feel comfortable there. We've documented it all very carefully as the rationale for that. And so I think, yeah, certainly some slowdown in enrollment for Apollo B, but overall endpoint integrity and study integrity, we're looking good. Sounds good!

In patients that wherever we see combination use we believe it's it's because I patras being given a for the polyneuropathy appropriately and that the to the stabilizers being used or given to treat the cardiomyopathy. So that is what we appear to be saying, but your question very.

Maybe you should after the rest of the question.

Yeah, absolutely so the agree to John's completely John just described as the U.S. dynamic.

Not miss not the rest of the world dynamic in U.S., what we're seeing is cardiologist working with neurologist and multi disciplined teams and emulate senders popping up and if and when she was very good news, that's an ROE with neurologist, how they renewed sense of urgency prescribed on Petro, but probably interruptive e. cheese. Jeremy this is that they didn't miss him.

See it it's both stabilizers, both top and if he's all depending on on insurance and ability to pay so we're seeing we're seeing a patch read in the United States to a patient would stabilize or that see maybe a new care center. They understand the mix the phenotype nature of the disease and are adding on Petro.

Unknown Executive: I have a few questions. So how is Onopatrol being prescribed in the mixed phenotype right now, given some increased evidence of combination use with Pfizer's Vindaquil? And then, just secondly, if you can talk to any numbers around the contribution of cardiologists in the prescriber mix and some of the Q over Q trends you're seeing, just given some competitors and noted some declines in new diagnostics.

For other parts of the World, where we're seeing mostly patient switched off of the stabilizer.

For the treatment appalling dropped to breach Jim the doses.

John Maraganore: Yeah, those are great questions. Let me just start by saying that, of course, Ampatra is being prescribed for treating the polyneuropathy that's present in patients, and where we see combination use, we believe it's because Ampatra is being given for the polyneuropathy appropriately, and that the stabilizer is being used or given to treat the cardiomyopathy. So that is what we appear to be saying, but your question was different. Maybe you should answer the rest of the question.

They had or thank you.

Thank you.

Next question comes from Ted.

Right.

Great. Thanks.

My question and congrats on a really good quarter <unk> well.

Thank you very real quickly personally.

I appreciate all the hard work you guys because your to come back or Kurt Cobain to uncover 19.

In addition to the anti viral program, which is advancing towards the clinic workover refer to your theory.

With.

Barry: Yeah, absolutely. So, I agree with John completely. What John just described is the U.S. dynamic, not the rest of the world's.

The or I think the partnership because a little bit more expensive if he could explain that there wasn't real quick sort of her job particulates and based ticket there she covered.

Barry: In the U.S., what we're seeing is cardiologists working with neurologists in these multi-discipline teams, and amyloid centers popping up. And this is very good news that neurologists have a renewed sense of urgency to prescribe Onpatro for the polyneuropathy of HHG on myosis. The dynamic we see is both stabilizers, both TAP and Difenzol, depending on insurance and ability to pay. So, we're seeing Onpatro added in the United States to a patient with a stabilizer that's seeing maybe a new care center. They understand the mixed phenotype nature of the disease and are adding Onpatro. In other parts of the world, we are mostly seeing patients switched off of the stabilizer for the treatment of polyneuropathy for HHG. Thank you all very much.

From Blackrock Hercules <unk> hundred upfront did your ticket the debt down yet quickie summer.

Yeah, Great question, Ted Let me, let me just quickly after your first one of that give it over to Jeff you know in addition to the work we're doing targeting the Sars koby to genome directly which is the Ala Koby program. That's now aiming for a at I.E. by the end the year. We also are targeting.

And this is still preclinical we're targeting piece too which is the known receptor for Sars perfectly what other corona viruses as well as TMT, Rss kit, which as a protease that that cleaves despite protein and activates it for body case too. So we do have these hosts Dr programs going on in addition.

Unknown Executive: Thank you.

Akshay K. Vaishnaw: Great, thanks for taking my question and congrats on a really good quote. I'm glad everyone's well. Thank you.

John Maraganore: Okay, real quickly. Firstly, I appreciate all the hard work you guys are doing.

Unknown Executive: Thank you all for joining us for today's webinar. Thank you all for joining us for today's webinar.

To the direct anti viral strategy that we're developing those are further back we're obviously going to explore them appropriately you know when you're talking to host factor you have to think about the safety of the our target effect and what does that mean, you know, but obviously, we do think of these are important things to explore.

Unknown Executive: In addition to this antiviral program which is advancing towards a clinic, what other efforts are you doing?

Unknown Executive: I think the partnership is a little bit more...

Unknown Executive: https://www.youtube.com.au from BlackRock. I believe that's 100 up front. Did you take any debt down yet? Thank you so much.

We ended the data supports it will take them into development. So Jeff you want to add city blocks. So question of the death.

Yeah sure, though the 600 600 million that that's come in to date at close was 100 million an equity and 500 million for the first installment on the royalty monetization, we have not taken any debt down we would expect to take the first 200 million down at the end of this year.

John Maraganore: Yeah, great questions, Ted. Let me just quickly answer your first one and then give it over to Jeff.

Jeff Poulton: You know, in addition to the work we're doing targeting the SARS-CoV-2 genome directly, which is the ALN-CoV program that's now aiming for an ID by the end of the year, we also are targeting, and this is still preclinical, we're targeting ACE2, which is the known receptor for SARS-CoV-2 and other coronaviruses, as well as TMPRSS2, which is a protease that cleaves the spike protein and activates it for binding to ACE2. So we do have these host factor programs going on in addition to the direct antiviral strategy that we're developing. Those are further back. We're obviously going to explore them appropriately. You know, when you target a host factor, you have to think about the safety of the on-target effect and what does that mean? You know, but obviously, we do think that these are important things to explore preclinically, and if the data supports it, we'll take them into development. So, Jeff, you want to answer the Blackstone question on the death? Yeah.

Yeah. Thanks, Thanks, Chad.

And just as a reminder ride the.

First 500 adopt and it's not into Q1 numbers, it's been foresee but it'll be in Q2.

Yep apart from Coke.

Yeah.

Next question comes from anywhere.

Yes.

Yes.

Hi, guys. Thanks for taking my question I'm glad every turn say aren't a follow up on an earlier question on a on EG. She Paul I'll be free here on for historical Challenger drug safety for.

Oral therapies that are not targeted the way you're galnac platform is not.

Can you give us a little bit of a sense of her commercial perspective, how do you think about the opportunity and what that means in terms of clinical trial design showed a compared or arm b, Alan AG t. versus versus Dublin, <unk> existing approved oral those village to your versus single therapy with something.

For example, LSR Tan.

Jeff Poulton: Yeah, sure. The $600 million that's come in to date at close was $100 million in equity and $500 million for the first installment on the royalty monetization. We have not taken any debt down, and we would expect to take the first $200 million down at the end of this year.

And what does that mean in terms of where the clinical.

Algorithm hail and he will fall yeah in terms of after world.

First line like how how does that clinical trial design interplay with your own commercial strategy potential target population.

Unknown Executive: Yeah, thanks. Thanks, Jeff. And just as a reminder, the first 500 is not in the Q1 numbers because it's been received, but it will be in Q2. Yeah, awesome. Thanks.

Yeah, well that's a great question that you should have been at our development review meeting yesterday [laughter] participate into discussion.

Because it is still evolving strategic question I thought as to which angle we want to pursue of course, all that'll be very about stated for the with our phase one data. That's obviously looking you know really exciting but also with the take two data that emerges. So you probably would be too soon to say exactly where we will go.

Unknown Executive: [inaudible]

Unknown Executive: This question comes from Annie Forouan with SBB Lyric. Hey guys, thanks for taking my question. I'm glad everyone's doing safe. I want to follow up on an earlier question about ALN EGT.

Unknown Executive: Paul obviously on some of the historical challenges around safety for oral therapies.

So, but we can certainly provide some context on sort of the range of opportunities and so maybe I'll turn it over first the OCC shaken commented that may be very you'll have some perspective as well the share so akshay.

Unknown Executive: That are not targeted the way you've got them.

Unknown Executive: ... Can you give us a little bit of a sense of the commercial perspective, what you think about it?

Unknown Executive: [inaudible]

Oh, sorry, Yeah [noise].

Unknown Executive: and what does that mean in terms of where in the clinical...

You know the preliminary data, but we have to had we really think there's a very wide opportunity. This drug.

Unknown Executive: Algorithm, ALNHET will fall, you know, in terms of...

Unknown Executive: First line, like how does that clinical trial design interplay with your own commercial strategy and potential target population? Yeah, well, that's a great question, Manny.

So we think about it even if we just thought with the resistant hypertension segment, which is in some says the apex of and you didn't have attention when looking at.

Probably hundreds of millions of people around the world double digit number maybe in the U.S.

John Maraganore: You should have been at our development review meeting yesterday to participate in the discussion, because it is still an evolving strategic question as to which angle we want to pursue. Of course, all that will be very much data-driven with our Phase 1 data that's obviously looking really exciting, but also with the Phase 2 data that emerges. So, it probably would be too soon to say exactly where we will go, but we can certainly provide some context on sort of the range of opportunities. And so, maybe I'll turn it over first to Akshay to comment, and then maybe Barry, you'll have some perspective as well to share. So Akshay.

About them was consistently sorry, and you know that I think the approach would be.

And then they would have to be developed in the context of background therapy to to get control those patients.

So you got bad one extreme.

The other read you have patients with mild or moderate and severe hypertension from who require mono therapy, but that's an even larger number then the resistant segment, but as we know.

50% of some fall off therapy for one of the reason and that an infrequent administration. Once every six months or something like that I think this ran a would provide consistent control and the return on clinical benefit for patients healthcare systems and pay us so there's another opportunity there.

Akshay K. Vaishnaw: Oh, sorry, yeah, um... I, you know, with the preliminary data that we have to hand, we really think there's a very wide, [inaudible] We're looking at. Probably hundreds of millions of people around the world, a double digit number of millions in the U.S. alone, and that number, LNHT would have to be developed in the context of banks and their infrequent administration. And then, you know, ultimately, we know that the RAS blockers or RAS pathway agents are involved in providing cardiac benefit, not just from the direct, Thank you very much. Well, I'm cardiac rebonding in half. [inaudible] Blood pressure. So that's just sort of painting the landscape. There's a lot more thinking to do, and obviously, we'll share it out.

Yep.

And then ultimately you know we note that the the RASK glaukos a rough spots wage agents are involved in providing cardiac benefit most is directly affect them tension, but also a beer issues like cardiac remodeling and so yes other opportunities in them.

I don't want to think about as well cardiac remodeling in heart failure.

Hmm.

So that's just the enormous sort of possibilities here within the face of drugs that could be administered very frequently as we get on a consistent control of the keep offsetting family.

So, but that's the sort of painting the landscape is a lot more thinking can do and obviously, we'll share out forces.

John Maraganore: Yeah, and before Barry makes his comment, just want to remind you, Manny, that, you know, we've shown preclinically some very impressive effects on cardiac function with knockdown of AGT in animal models. So that's, that's very encouraging to see. Barry, do you want to add any commentary on the commercial side?

Yeah, and before Barry you call that I'm, just want to remind us.

Rely too many that we've shown pre clinically some very impressive attacks on cardiac function with knockdown of 18 in animal models. So that's that's very encouraging to see very any color you want to add any commentary the commercial side.

Barry: The only thing I'd add, and I think you and Ashley covered the opportunities incredibly well, is that we will approach commercialization with the innovation that we've shown for at least our first two launches. And we've got some time to develop this drug, of course. We have to get into phase two and then phase three, but we will launch with that value-based agreement concept around the world. And I would argue that if you have an efficacious, safe, and infrequently administered drug that clamps blood pressure to the numbers we've suggested, it's a drug that has an opportunity to lower catastrophic risk at the population level. And that's something I'm confident we can get paid for.

I guess, the only thing I again, and I think you actually covered the off the cheesy incredibly well if we will approach the commercialization would be innovation that we've shown for at least there for two launches and we've got some time to develop the struggle of course, we get to get into phase two in phase three but we will we will launch that value base.

The concepts around the world and I would argue that if you have the application spaces infrequently administered drugs like plants blood pressure to the numbers. We've suggested its a drug as an opportunity lower catastrophic risk to the population level and that's something I'm confident we get paid for.

Thank you Barry.

Great. Thanks, guys.

Barry: Thank you, Barry.

Our next question comes from Doe Kim.

Unknown Executive: Great. Thanks, guys. This question comes from Dokim with the email capital, Good morning, everyone. This is DK on for DOE.

Capital Mike.

Good morning, everyone. This is Terry on for Doe, Congratulations on the Q1 update and Gram negative ones. So.

Unknown Executive: Congratulations on the Q1 update, and I'm glad to be here with you. Thank you. It's been a pleasure.

My pleasure I didn't have a two quick questions first one just wanted to take you back off.

John Maraganore: Quick questions. First one, I just want to piggyback off the AUT in terms of the long-term strategy there. Is it reasonable to think that a partnership, possibly Ex-US, could transpire in the future, given how capital intensive it can be to kind of, you know, commercialize for such a large population? And my second question has to do with Mesarin. Given that there could be a end-of-year launch, similar to Givlaree, can you give us a sense of how the pre-commercial efforts have been going? How have your market access discussions been going with payers? Do you foresee a similar ease of use to what you saw with Givlaree in terms of converting patients?

We are in terms of the.

A long term strategy there is a reasonable to think that a partnership possibly actually Wes.

Could transpire off the future given how they'll capital expenses can be some kind of you know commercialized for such a large population and my second question had to do with a mess around given that there could be and ended the year award from us.

Laurie can you give a sense of how the pre commercial efforts have been going how have your marquee active discussions with payers or do you foresee a similar needs of a somewhat would be subject to borrowing in terms of converting patients.

Unknown Executive: It needs to be a commercial product, or there are some gating steps that we should be thinking about. Yeah, I mean, listen, I mean, for starters, and maybe Yvonne, you want to comment on the partnership side of it? I mean, we're very bullish on AGT as a product that we would take all the way. You know, we're a company, as we look out in the 25 and beyond period of time, where we're going to want to have a potential blockbuster product like, like AGT, whether we, you know, whether we complement our promotional efforts in some way with, you know, another type of company, something we can imagine, you Yvonne, do you want to comment any further on that for the AGT program?

The commercial product or there's some gating steps that we should be thinking about thank you.

Yeah, I mean listen I mean for starters and maybe if I do want to comment on the partnering side of it I mean, we're very bullish on AG t. as a product that we would take all the way you know we're we're a company as we look out at the 25 of the off period of time, where we're going to want to have a potential blockbuster product like like agent.

He whether we you know whether we complement our promotional efforts in some way with with you know what other type of company. So that we can imagine you know contemplating into future abide you want to comment any further on that for the agency program.

Yvonne L. Greenstreet: No, John, you've covered it. I mean, we really think it's a very exciting program for us. And, you know, we have time to think it through. As we look out to the 2025 period, this could be a really nice, you know, additional growth driver for Alnylam. And, you know, we'll, we'll, you know, enjoy being able to progress that, most likely within Alnylam, but it gives us the opportunity, the optionality to consider it, to consider partnering approaches, you know, at the right point in time, but for now, thinking about it very much as an Alnylam opportunity.

No John you've covered at I mean, we really think it's a it's a very exciting programs for us and you know we have time to we have time to think it through as we look out suspension ptwenty five pair this could be a really nice you know additional grits driver for on item that you know well well.

You know enjoyed being able to progress that most likely but then on them, but it gives us the opposite the optionality to consider it to consider partnering approaches.

You know at the right points in time, but for now thinking about it very much of that I'm not an opportunity.

That's great and Barry you want to comment on the really great question about access and give Laurie.

Sure.

Just one comment back on AG T cells, or where would the apologies is in studies seemed success, they will hasn't really significant cardiovascular footprint, which positions us well move into.

Barry: And Barry, do you want to comment on the really great question about access and give Laurie an answer?

Barry: Just one comment back on AGT. As you are aware, with the Apollo-B and Zealous-B studies assuming success, they will have a very significant cardiovascular footprint, which positions them as well to move into the world of AGT. So I'm excited about that. Clearly, the regulatory discussion that determines the label will be important for other activities that we pursue and then the engagement with payers. We have talked to payers at a high level about the data and our value-based agreement approach, and they are very excited to work with us for Th1. Thanks, Barry.

The world of AGTC I'm excited about that in terms of I think there's a question about what we're doing for the master and Tom So right now in this stage of development, we're getting disease awareness health care provider patient.

Dixie group disease awareness, we have.

Virtual digital set up for the mess around so patients health care for boats and getting permission on websites about about understand P. H, one and its impact.

Clearly the regulatory discussion that determines the label I will be important for other activities that we pursue and then engagement with the payers we have talked to payers at a high level about the data and our value based agreement approach and they are very excited to work with us for P. H one.

Great. Thanks, Barry.

Alan Carr: We'll take our next question from Alan Carr. Thank you. Um, kind of back to your guidance, I'm just trying to get a better sense of whether or not this is, um, based on actual patterns you've seen in, um, the second quarter, or is it just an abundance of caution in terms of what you expect to happen, you mentioned with some,

Well take our next question.

With me.

I don't think it questions.

Sure no sense of whether or not the says.

Based on actual dependency.

In the second quarter is it just.

Abundance of caution.

Which is something will happen.

Looking at some.

Gotcha and pushing boots.

After that.

And my viewpoint.

Oh this is just caution or something else and soon and then let's just pick up I think.

Most people on exactly what locally.

John Maraganore: Yeah, well, let me just, you know, the guidance change Alan, let me just start by saying, of course, this really reflects what we believe to be the impact of the pandemic phase in Q2. And obviously, we expect things in Q3 and Q4 to really come back to more normalcy. And obviously, you know, we believe that our teams are really well equipped to navigate through the Q2 period as well, as we've demonstrated with our performance in Q1. But Jeff, maybe you can comment on that. And also the final question as well: yeah, sure. You know, as it relates to the reduction.

<unk>.

Yeah, well, let me let me just you know the guidance change Alan Let me just start by saying of course, you know this really reflects what we believed to be the impact of the pandemic phase in Q2, and obviously, we expect things in Q3 in Q4 to really come back to more toward normalcy.

And obviously you know we believe that our teams are really well equipped to navigate through even the Q2 period as well as we've demonstrated in performance in Q1.

But Jeff maybe you can comment on that and also the final question as well.

Yeah sure no as it relates to the reduction in on Petro Garden, Barry I think very well highlighted the reasons for us reducing the guidance by 5% and we have seen some of those impacts in April and that's why we anticipate Q2.

Jeff Poulton: I'd like to start with the impact of the COVID-19 reductions and patch of guidance. Barry, I think you very well highlighted the reasons for us reducing the guidance by 5%, and we have seen some of those impacts in April. And that's why we anticipate having the most impact for the year. As it relates to the spend guidance, I'd say there are really two drivers of the reduction. One is just natural savings as a result of the pandemic, and in the environment that we're operating in, certain things like travel are significantly reduced.

Having the most impact from for the year.

As it relates to the spend guidance I'd say, there's really two drivers of the reduction one is just natural savings as a result of a bit pandemic and the environment that we're operating in certain things like travel are significantly reduce but secondly, we have made some prioritization decisions. It could delay certain activities that we think are not gonna have.

Jeff Poulton: But secondly, we have made some prioritization decisions to delay certain activities that we think are not going to have a significant impact on the business, either in the short or the long term. The midpoint of the revised operating expense guidance reflects 8% growth versus 2019. So I do think it reflects very good discipline. As we think about the move towards being a profitable company, we've consistently talked about the drivers for that being both top-line growth and discipline in the way we manage our operating expenses. And so I'm proud of the organization, frankly, that we're sort of moving quickly towards that. And, you know, again, 8% growth year over year, I think reflects, you know, very, very good discipline in managing in an uncertain environment.

Significant impact on the business either in the short or long term.

At the midpoint of the of the revised operating expense guidance reflects 8% growth versus 2019. So I do think it did reflects very good discipline as we think about the move towards being a profitable company weve consistently talked about the drivers for that being both topline growth and discipline.

When in the way, we manage our operating expenses and so I'm proud of the organization frankly that that were sort of moving quickly towards that and you know going to 8% growth year over year. I think reflects you know very very good discipline in managing in an uncertain environment.

Jeff Poulton: Yeah, I'm also proud of the organization, Jeff, as you know, and pleased with your leadership in this regard, for sure.

Yeah I'm also proud of the Organise organization, Jeff as you know and pleased with please with your leadership in this regard for sure.

Unknown Executive: Thank you for taking the question.

That's it took them of course.

Unknown Executive: Thank you.

Thank you.

Unknown Executive: That concludes today's question and answer session. I'll hand it over to the speakers for additional or closing remarks.

That concludes today's question and answer session.

Today's speakers.

Just another question remix.

Unknown Executive: Great, well, thank you everyone for joining us on this call, and again, I want to thank all of our Alnylam employees for their dedication and continued hard work. This is certainly a difficult time, but we're really pleased with our ability to march forward and deliver R&D and commercial progress with the challenge-accepted spirit that is in the Alnylam R&A. So we look forward to updating you on our continued progress in the coming weeks and months, and until then, I hope that all of you stay safe and healthy. Bye bye now.

Great well. Thank you everyone for joining us on this call and again I want to thank all of our El Nio the poised for their dedication and continued hard work. This is certainly a difficult time, but we're really pleased with our ability to master March forward and deliver R&D a commercial progress with the challenge accepted spirit that is in the Alnylam Our day. So we look forward.

To updating you on our next at our Catania progress in the coming weeks and months and until that I hope that all of you stay safe and healthy Bye bye now.

Operator: Connect.

That concludes today's presentation. Thank you for your participation you may now disconnect.

Unknown Executive: , , , , , , ,

Unknown Executive: [inaudible]

Unknown Executive: Copyright 2020 Mooji Media Ltd. All Rights Reserved. No part of this recording may be reproduced without Mooji Media Ltd.'s express consent.

[noise] Oh.

[noise].

[noise] Oh.

[noise].

..