Q1 2022 MorphoSys AG Earnings Call
[music].
Operator: Ladies and gentlemen, welcome to the MorphoSys first quarter 2022 financial results conference call. Please note that for the duration of the presentation, all participants will be in a listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. Please note that we can only take your question if you have registered by name. Should anyone need assistance during the conference call, they may signal this by pressing the star and zero on their telephone.
Ladies and gentlemen, welcome to the first quarter 2022 financial results conference call of Morphosis. Please.
Please note that for the duration of the presentation, all participants will be in a listen only mode and the conference is being recorded after the presentation. There will be an opportunity to ask questions. Please note that you can only take your question. If you have but just that Bernie.
Anyone need assistance during the conference call today May six notice by pressing star and zero on your telephone.
Julia Neugebauer: Now I would like to turn the conference over to Dr. Julia Neugebauer. Please go ahead. Ladies and gentlemen, good afternoon and good morning. My name is Julia Neugebauer, Senior Director of Investor Relations at Morphosys, and it is my pleasure to welcome you to our first quarter 2022 Financial Results Conference. Joining me on the call today are Jean-Paul Kress, Chief Executive Officer, Sun Li, Chief Financial Officer, Martha Peters, Chief Research and Development Officer, and Joe Howard, U.S. General Manager.
Now I would like to turn the conference over to Dr. Julia Microbar. Please go ahead.
Ladies and gentlemen, good afternoon, and good morning, My name is Suzanne <unk> Senior director Investor Relations.
It's my pleasure to welcome you to our first quarter 2022, and financial results conference call joining.
Joining me on the call today are John Paul Kress, Chief Executive Officer sung Lee Chief Financial Officer, Mark <unk>, Chief Research and development officer and to hold our U S General manager.
Julia Neugebauer: Before we begin, I'd like to remind you on slide 2 that some of the statements made during the call today are from developmental statements and some of our statements regarding our expectations for the commercialization of our program and our development plan. Thank you all for your participation in the Composite Network pipeline, as well as the development plans of our collaboration partners. These forward-looking statements are subject to a number of risks and uncertainties that may cause our actual results to differ materially, including those described in MorphoSys' 20 F, an annual report for the year ended December 31, 2021, and from time to time in, It is important to keep in mind that our statements on this webcast speak as of today.
Before we begin I'd like to remind you on slide two that some of the statements made during the call today are more element I'll statements and to hold our statements regarding our meditation for the commercialization of <unk> before we begin our development plans.
Expectations for the compounds in our pipeline as well as the development plans of our collaboration partners. These forward looking statements are subject to a number of risks and uncertainties that may cause our actual results to differ materially including those described in the form 20-F annual report for the year ended December 31, 2021 and from time to time in other.
SEC documents of muscles.
It is important to keep in mind that our statements on this webcast speak as of today.
Julia Neugebauer: On slide three, you will find the agenda for today's call. Jean-Paul will begin with an overview, and we'll give an outlook. Joe will provide a commercial update, and Martin will provide an update on our development pipeline before turning the call over to Sam for a summary of our first quarter 2022 financial vision. Following these prepared remarks, we will open the call for your vote. With that, I now hand the call over to...
On slide three you will find the agenda for todays call John Paul will begin with an overview and we'll give an outlook.
Joe will provide a commercial update and Michael will provide an update on our development pipeline before turning the call to songs for a summary of our first quarter of 2022 financial business.
Following these prepared remarks, we will open the call for your questions.
With that I'll now hand, the call over to John Hall.
Jean-Paul Kress: Thank you, Julia. Welcome, everyone, and thank you for joining us today. In the first quarter, we continued to make progress on our mission to become a leader in hematology oncology. Our first commercial product, Monjuvi, a cancer immunotherapy treatment, remains the market leader in new patient stops of second-line DLV-CL. There is now a designated preferred regimen for circumcline therapy in the updated NCCN Clinical Practice Guidelines.
Thank you Julia welcome everyone and thank you for joining us today.
In the first quarter, we continued to make progress on our mission to become a leader in hematology oncology.
I'll first commercial product launch will be.
Cancer immunotherapy treatment.
<unk> remains the market leader in new patient starts will circle blind <unk>.
These now these big needs of preferred regimens, both <unk> gland therapies in the updated mtc and clinical practice guidelines.
Jean-Paul Kress: Joe will provide a commercial update shortly. We have a robust and mature pipeline, and we are seeing strong patient enrollment in our pivotal phase three study. We are evaluating Monjuvy in additional types of non-Hodgkin's lymphoma, and are optimistic about collaborations in first-line myelofibrosis.
Joe will provide a commercial update shortly.
We have a robust and metro pipeline and we are seeing strong patient enrollment in our pivotal phase III studies.
We are evaluating module in additional types of non Hodgkin's lymphoma.
And are optimistic that both collaborate steep in first line myelofibrosis.
Jean-Paul Kress: We believe we have the potential to change the treatment paradigm for these difficult-to-treat heme-onc diseases and to have a positive impact on patients' lives. For Montjuvi, we see the largest opportunity in first-line DLBCL, where there remains a large unmet need. Our Pivotal Frontline trial continues to enroll very well, with significant interest from the medical community, and we are confident in our approach, focusing on the thyroid role very well, with an idea of free from the medical community.
We believe we have the potential to change the treatment paradigm for these difficult to treat diseases and to have a positive impact on patients lives.
For module.
See the largest opportunity in first line <unk>.
There remains the largest unmet needs.
Our people at the frontline trial continues to enroll very well with significant interest from the medical community.
And we are confident in our approach focusing both on the high rate of roll 30 Wes.
<unk> integrated from the medical community.
Jean-Paul Kress: And we are very excited about the potential opportunity of Pellabrasib in first-line myelofibrosis, which is being studied in our Pivotal Manifest 2 trial, in combination with Roxolytinib. We believe PellaPrecip could potentially change the standard of care for patients with myelofibrosis and be a greater than $1 billion opportunity. In addition to our late-stage pipeline, we are advancing our mid-stage program, the EZ-H2 inhibitor, CPI-0209, in a basket oncology trial, and Felder Tamab in autoimmune diseases. For both programs, we are expecting data later this year. We continue to stay disciplined as we execute on our priorities, both commercially and on the development front.
And we of course are very excited about the potential opportunity of pillar <unk> in first line myelofibrosis, which is being studied in the people side of it.
Manifest two trials.
In combination with rux solid Geneva.
We believe <unk> could potentially challenge to start out of care for patients with myelofibrosis and be a greater than $1 billion opportunity.
In addition to our late stage pipeline, we are advancing our mid stage programs.
<unk> H two inhibitor CPI <unk> hundred nine.
In the busquets oncology try out.
And filled up the amount of in autoimmune diseases.
For both programs, we are expecting data later this year.
We continue to stay disciplined as we execute on our priorities both commercially and on the development front.
Jean-Paul Kress: The major focus this year is to drive Monjovi sales and to continue to rapidly enroll our pivotal studies, which are our largest potential value-creating opportunities over the long term for the benefit of patients and our shareholders, as we look to data this year. We are excited about two potentially significant readouts from our partner program. Roche is planning to announce pivotal data for container remod in A.D. and GSK to announce pivotal data for otilimab in rheumatoid arthritis by the end of this year. We are also pleased to share that we expect a number of additional partners to advance their programs into pivotal studies this year. Most importantly,
The major focus this year is to drive module b cells and to continue to rapidly enrolling our pivotal studies.
Which are our largest put some shelves value creating opportunities.
But the long term for the benefit of patients and our shareholders.
As we look to data this year.
We are excited about to potentially significant readouts of our partner programs.
Rush is planning to announce pivotal data for company Remodels in AG and.
And GSK to announce pivotal data for <unk> in rheumatoid arthritis by the end of this year.
We are also pleased to share that we expect a number of additional partners to advance their programs into pivotal studies this year.
Most importantly.
Jean-Paul Kress: Novartis is expected to advance Ianalumab for Sjögren's syndrome and lupus nephritis, and Anthos Therapeutics to advance Abelacimab for the Prevention of Venous Tromboembolism. Also, Mural and Ultrasonics are investigating Sestrusumab in a Phase II-III clinical study for the treatment of osteogenesis imperfecta. For these programs, we stand to receive potential royalties, which could provide us with attractive future income streams as we execute on our commercial efforts and late-stage pivotal trials. Malte will provide more information on this next wave of partner products. As we look at our financial position, we have a very strong balance sheet.
Novartis is expected to advance the jetblue mud salt sugar and syndrome.
Lupus nephritis.
And also therapeutics to advance ability mob, while the prevention of venous thromboembolism.
Also <unk> and <unk>.
We are investigating <unk> <unk>.
<unk> in a phase II III clinical study for the treatment of osteogenesis imperfecta.
While these programs with them to receive potential royalties, which could provide us with attractive future income streams as we execute on our commercial defaults and late stage people without trials.
<unk> will provide more information on this next wave of partner programs.
Jean-Paul Kress: And our cash runway takes us through our pivotal collaborative data in the first half of 2025. With that, I will now turn the call over to Joe for a commercial update. Thank you, Jean-Paul.
As we look at our financial position, we have a very strong balance sheet and our cash runway takes us to help people collaborative data in first half 2024.
Joe Howard: Turning to our Monjuvie commercial results, Monjuvie net sales in the first quarter were at $18.7 million, representing 21% year over year growth coming out of the first full year of launch with a novel immunotherapy. We are pleased with the continued gradual uptake for Monjuvi in this aggressive disease. On a sequential basis, we saw a decline of 21 percent. However, if you look at the underlying demand, it was lower by only 9% as demand was impacted by the Omicron wave.
With that.
I will now turn the call over to Joe for a commercial update Joe Please.
Thank you John Hall.
Joe Howard: For the remainder of the year, we expect sales to grow sequentially. Breaking down the results further, greater than 70% of orders from sites of care came from the community setting, and the balance from the academic setting. We continue to expand our reach with more than 1,100 sites of care ordering Monjuvi since launch through the end of Q1. In the first quarter, approximately 80% of orders from sites of care were repeat orders, which reflects the ongoing use of Monjuvia.
Turning to our module commercial results.
<unk> net sales in the first quarter were $18 7 million.
Representing a 21% year over year growth.
Coming out of the first full year of launch with a novel immunotherapy.
We are pleased with the continued gradual uptake for <unk> in this aggressive disease.
On a sequential basis, we saw a decline of 21%.
If you look at the underlying demand is lower by only 9% as demand was impacted by the omicron wave.
For the remainder of the year, we expect sales to grow sequentially.
Breaking down the results further greater than 70% of orders from sites of care came from the community setting and the balance from the academic setting.
We continue to expand our reach with more than 1100 sites of care ordering one juvie since launch through the end of Q1.
In the first quarter.
And at least 80% of orders from sites of care, where repeat orders, which reflects the ongoing use of Bon Jovi.
Joe Howard: As we penetrate more sites of care, we would expect the repeat order rates to continue to be high as physicians prescribe Monjuby more consistently due to its attractive and uniquely differentiated profile. We continue to have the leading market share in second-line new patient starts. In March, Monjuvi was designated as a preferred regimen by the NCCN guidelines for approved second-line labor.
As we penetrate more sites of care, we would expect a repeat order rates to continue to be high as physicians prescribed Bon Jovi more consistently due to its attractive and a uniquely differentiated profile.
We continue to have the leading market share in second line new patient starts.
In March module <unk> was designated as a preferred regimen by the NCC guidelines for approved second line label.
Joe Howard: This recognition further emphasizes the potential of Monjuby for these patients. As we move forward, we continue to be focused on improving the duration of treatment or persistence. Education efforts are ongoing to evolve prescribing patterns for monjuvy as immunotherapy.
This recognition further emphasizes the potential of <unk> for these patients.
As we move forward, we continue to be focused on improving the duration of treatment for persistence.
Education efforts are ongoing to evolve prescribing patterns per month, Judy as immunotherapy.
Joe Howard: An important part of this education effort is the emphasis on the importance of keeping patients on treatment until progression, which is consistent with how other immunotherapies are utilized in the outpatient setting. We believe these education efforts will lead to an increase in treatment duration over time and, more importantly, a benefit to patients. With that, I'll turn the call over to Malta for an R&D update. Thank you, Joe.
An important part of this education effort is the emphasis on the importance of keeping patients on treatment until progression, which is consistent to how other immunotherapies are utilized in the outpatient setting.
We believe these education efforts will lead to an increase in treatment duration over time.
More importantly, our benefit to patients.
With that I will turn the call over to Malta for an R&D update.
Thank you Joel.
Malte Peters: As Jean-Paul mentioned, we have a strong pipeline that we are excited to advance. We are focused on our late and mid-stage assets, and especially on rapid enrollment across our pivotal phase precedents. Let's start with collaboration. The ongoing Manifest 2 Phase 3 trial is exploring the effectiveness and safety of Pilabazip in combination with Rucelitin as a first-line treatment for myelofibrosis. The current standard of care for myelofibrosis is Roux-Riginib, a JAK inhibitor.
As you know Paul mentioned, we have a strong pipeline and we are excited to advance we are focused on our late and mid stage assets and especially on rapid enrollment across our pivotal phase III studies.
Let's start with collaborative.
The ongoing manifest two phase III trials is exploring the effectiveness and safety of <unk> in combination with roots in lithium as a first line treatment for myelofibrosis.
The concept of care for Myelofibrosis is routes originate a JAK inhibitor.
Malte Peters: But only 50% of patients with myelofibrosis can be adequately treated with this therapy. Based on the latest data from ARM3 of the MANIFEST trial, our Phase 2 study of pellucid in myelofibrosis, we believe pellucid may have the potential to change the standard of care in the first-line treatment of myelofibrosis. We will be presenting new clinical and translational data from the MANIFEST trial at an upcoming medical conference this summer, including data on Pallavazib's disease-modifying potential.
But only 50% of patients with myelofibrosis can be adequately treated with this therapy.
Based on latest data from <unk> III after manifest trial, our phase two study of <unk> in Myelofibrosis, We believe spill opposite may have the potential to change incentive of care in the first line treatment of myelofibrosis.
We will be presenting new clinical and translational data from the manifest trial at an upcoming medical Medical conference. This summer.
Including data on collaborative disease modifying potential.
Malte Peters: The enrollment in the Manifest 2 study is progressing well, and we expect to report top-line data from this trial in the first half of 2021. For our other important program, Trafacitamab, we have two phase three studies underway, front-line and in-line, expanding the potential of this cancer immunotherapy to patients living with first-line DABCL and patients living with relapsed or refractory indolent lymphoma The Frontline Study is examining tapetetumab as a first-line treatment for GLBCL, an area where there is a significant need for new and more effective treatment.
The enrollment of manifest two study is progressing well and we expect to report top line data from this trial in the first half of 2024.
For our other important program San Francisco mob, we have two phase III studies underway frontline and in mind expanding the potential of this cancer immunotherapy to patients living with first line <unk> and patients living with relapsed or refractory indolent lymphoma.
The frontline study examining <unk> as a first line treatment for <unk>.
An area, where there is significant need for new and more effective treatment options.
Malte Peters: We are confident in our trial design that focuses on high-risk patients with an IPI score of three to five, and we believe Tafacetamab plus lenalidomide may have the potential to enhance the current standard of care. The trial is enrolling at a very promising pace and has garnered significant interest from the medical community. Our partner ZEN-Core is investigating the combination of tafacitamab and their CD20-CD3 antibody, plamotamab, and lenalidomide in patients with relapsed or refractory DLB-CL.
We are confident in our trial design that focuses on high risk patients with an ipi score of three to five and we believe <unk> plus lenalidomide may have the potential to enhance the con standard of care.
The trial is enrolling at a very promising pace and has garnered significant interest from the medical community.
Our partner Zen core is investigating the combination of <unk> and their CD <unk>, three antibody <unk> and lenalidomide in patients with relapsed or refractory deal this year.
Malte Peters: The study has been initiated, and the first patient's first visits have occurred. Supplemental to this, we are also close to treating the first patient in our MINDWAY trial, a study that is investigating an optimized treatment schedule with a reduced number of administrations for patients with non-Hodgkin's lymphoma. We also have two mid-stagers. CPI-00209, our ECH2 inhibitor, is in clinical development for oncology, and filzartumab, our anti-CD38 antibody, is in clinical development for autoimmune indications.
The study has been initiated and the first patient first visit have occurred.
Supplemental to this we're also close to treating the first patient in our mind weight trial. A study that is investigating an optimized treatment schedule with a reduced number of administrations for patients with non Hodgkin's lymphoma.
We also have two mid stage assets.
2009, our <unk> two inhibitor is in clinical development for oncology and transaction.
DCD 38 antibody is in clinical development for auto immune indications.
Malte Peters: In the second half of this year, we expect data readouts from both in clinical development for autoimmunity. Finally, we have used a number of our partners to release data and programs to help you control your nervous system. As you may be aware, MorphoSys has a long and effective track record of leading to release data and programs to help you control your nervous system.
In the second half of this year, we expect data readouts to be even more of an answer is in clinical development for auto immune indications.
Only we assume that that's not going to all partners to renewed vigour data revolve around the chemical corridor.
Clinical development for <unk> as you may be aware <unk> is a long way.
On the call <unk> meeting to review the data.
Companies.
Malte Peters: While MorphoSys has transformed from being a research-based fee-for-service company into an integrated biopharma company, we are excited to see some meaningful progression of programs arising from some of our key collaborations. In the fourth quarter of this year, Roche is planning to announce data from the two pivotal graduate studies with Gantanerumab and Alzheimer's disease. Also, this year, we expect GSK to share data from its Phase 3 study of Otelima in rheumatoid arthritis.
While <unk> has transformed from being a research based FIFA service company into an integrated Biopharma company. We are excited to see some meaningful progression of programs arising from some of our key collaborations.
First.
In the fourth quarter of this year Roche is planning to announce data from the two pivotal graduate studies with guns and aeromar in Alzheimers disease.
Also this year, we expect GSK to share data from its phase III study of <unk> in rheumatoid arthritis.
Malte Peters: NOVARTIS recently shared plans to advance Yanalumab, an antibody directed against the BAF receptor, into pivotal studies this year, exploring it as a treatment for Sjögren's syndrome and lupus nephritis. ANTAS Therapeutics is also planning to advance Abilaximab, an antibody directed against Factor XI, for the prevention of venous thromboembolism. And lastly, Ultragenyx and Mirio are investigating tetruzumab in a phase 2-3 clinical study for the treatment of osteogenesis imperfecta, a genetic bone disorder also known as brittle bone disorder.
Novartis recently share plan to advance <unk>, an antibody directed against the battery sector into pivotal studies this year exploring it as a treatment for sharpen syndrome and lupus nephritis.
<unk> Therapeutics is also planning to advance a relaxed him up an antibody directed against structurally.
For the prevention of venous thromboembolism.
And lastly, <unk> and Mario are investigating to true them up in a phase II <unk> clinical study for the treatment of osteogenesis imperfecta genetic bone disorder also known as brittle bone disease.
Malte Peters: So over the next several years, we expect to deliver a steady flow of clinical data. We are very excited about our progress and the potential of our. With that, I now turn the call over to Frank for a review of the financials. Thank you, Malta.
So over the next several years, we expect to deliver a steady flow of clinical data.
We are very excited about our progress and the potential of our pipeline.
With that ill turn now the call over to <unk> for a review of the financials.
Unknown Executive: We're pleased to share our financial results for the first quarter of 2022. Moving to slide 14. As Joe stated earlier, Monjuby sales were $18.7 million in the first quarter of 2022, reflecting a year-over-year growth of 21%. However, on a sequential basis, sales declined by 21%, largely due to the inventory dynamics and clinical trial purchases that occurred in the fourth quarter of 2021, in addition to the effects of Omicron on demand. We continue to be excited about the Nanjubi opportunity outside of the US, which our partner Insight is responsible for.
Thank you Melissa we're pleased to share our financial results for the first quarter of 2020 to move.
Moving to slide 14.
As Joe stated earlier <unk> sales were $18 7 million in the first quarter of 2022, reflecting a year over year growth of 21%.
On a sequential basis sales declined by 21% largely due to the inventory dynamics in clinical trial purchases that occurred in the fourth quarter of 2021. In addition to the effects of omicron on demand.
We continue to be excited for the many <unk> opportunity outside of the U S, which our partner insight is responsible for.
Unknown Executive: While it's early days for the launch there, we recorded €0.7 million in royalty revenue for Minjuvi. Total revenues in the first quarter of 2022 were 41.5 million euros compared to 47.2 million euros in the same period a year ago. Prior year revenues benefited from €16 million of Milestone Payments from GSK. Total cost of sales was 7.9 million euros in the first quarter of 2022 compared to 5 million euros a year ago. The year over year increase was primarily driven by higher Monjuby sales in the US. Cost of sales specific to Monjuby US product sales was 3.5 million euros in the first quarter of 2022.
While it's early days in the launch there we recorded <unk> 7 million euros in royalty revenue from in jewelry.
Total revenues in the first quarter of 2022 were $41 5 million euros compared to $47 2 million euros in the same period a year ago.
Prior year revenues benefited from 16 million Euro.
Of milestone payments from GSK.
Total cost of sales was $7 9 million euros in the first quarter of 2022 compared to 5 million euros a year ago.
Year over year increase was primarily driven by higher <unk> sales in the U S.
Cost of sales specific to <unk> U S product sales was $3 5 million euros in the first quarter of 2022.
Unknown Executive: Turning to operating expenses, R&D expenses in the first quarter of 2022 were 65 million euros, compared to 33.3 million euros for the first quarter of 2021. Their growth primarily reflects the inclusion of Constellation and increased investment to support the advancement of our clinical stage program. Selling expenses decreased to 21.9 million euros in the first quarter of 2022, compared to 28.2 million euros for the same period in 2021.
Turning to operating expenses R&D expenses in the first quarter of 2022 were 65 million euros compared to $33 3 million euros for the first quarter of 2021.
The growth primarily reflects the inclusion of constellation and increased investment to support the advancement of our clinical stage programs.
Selling expenses decreased to $21 9 million euros in the first quarter of 2022 compared to $28 2 million euros for the same period in 2021 the.
Unknown Executive: The year over year decline was driven by the additional investments made in 2021 to support the first full year of the Monjuvi line. GNA expenses in the first quarter of 2022 were 14.6 million euros compared to 10.3 million euros in the first quarter of 2021. This increase was primarily driven by the inclusion of consolation and higher legal and professional fees.
The year over year decline was driven by the additional investments made in 2021 to support the first full year of the <unk> launch.
G&A expenses in the first quarter of 2022 were $14 6 million euros compared to $10 3 million euros in the first quarter of 2021.
This increase was primarily driven by the inclusion of constellation and higher legal and professional fees.
Unknown Executive: For the first quarter of 2022, we reported a consolidated net loss of 122.7 million euros, compared to a net loss of 41.6 million euros in the first quarter of 2021. Turning to our balance sheet, we ended the first quarter of 2022 with cash and investments of 847 million euros, compared to 977 million euros at the end of 2021. This amount is sufficient to take us through the collaborative pivotal data readout, which is anticipated in the first half of 2024.
For the first quarter of 2022, we reported a consolidated net loss of $122 7 million euros compared to a net loss of $41 6 million euros in the first quarter of 2021.
Turning to our balance sheet. We ended the first quarter of 2022 with cash and investments of 847 million euros compared to 977 million euros at the end of 2021.
This amount is sufficient to take us through the collaborative pivotal data readout, which is anticipated in the first half of 2024.
Unknown Executive: As a reminder, we also have access to development funding bonds from Royalty Pharma in the range of $150 million to $350 million. We will communicate the exact amount that is drawn down later this year. Nonetheless, the amount drawn will only serve to extend our cash runway. Turning to our guidance for 2022, on slide 16. We are reiterating all aspects of our financial guidance. With that, we would like to open the call to questions. Operator?
As a reminder, we also have access to development funding bonds from royalty pharma in the range of 150 million to $350 million.
We will communicate the exact amount that was drawn later this year. Nonetheless, the amount drawn will only serve to extend our cash runway.
Turning to our guidance for 2022 on slide 16.
We are reiterating all aspects of our financial guidance with that we would like to open the call for questions operator.
Thank you ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question. Please press star zero and one on your telephone keypad now.
Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question, please press zero and one on your telephone keypad now. You will be advised when to ask your question. If you change your mind and wish to withdraw your question, please press 0 and, participants are requested to use only their handsets while asking a question. One moment, please, for the first question. Your question, please press zero and... Participants are requested to use only their handsets while asking a question.
You will be advised to ask your questions. If you change your mind and wish to withdraw your question. Please press zero and two participants are requested to use only handsets when asking a question.
One moment. Please for the first question a question. Please press zero and two participants are requested to use only <unk> subsequent to the first question comes from James quickly Morgan Stanley . Please go ahead. Your line is now open.
Unknown Executive: Great, thank you for taking my question. So, firstly, on Monjuvi, could you give us an idea of, in terms of the percentage of the MBRX or the new term brand share where you are in the second line for DLBCL and where you are currently overall as well, so just sort of showing us where you are now and where you could get to with the new patient share. And have you seen any evidence of treatment duration starting to increase, and how are you managing to change that prescribing behavior of physicians?
Great. Thanks for taking my question so.
Firstly on Wednesday evening.
Yes.
Can you give us an idea of.
Okay.
Percentage of MBR X well, then the near term trends.
Where you are in the second line.
Michelle.
Where you are currently overall as well.
Showing us where you are now.
It could get too risky.
Sure.
And have you seen any evidence of treatment duration starting to increase.
And how are you managing to change prescribing behavior physicians I know I know.
Unknown Executive: I know it's still early days, but have you started to see any sort of leading indicators of a change there? And then on R&D spend, could you give us an idea of how you expect R&D spend to phase throughout 2022 and then how much of the cost in the first quarter was related to the phase three trials? And also sort of related to that in your guidance, so can you give us an idea of what the impact is of the phase three trials again?
No.
Still early days, but have you started to see any sort of.
You may begin.
China is there.
And then.
On R&D spend could you give us an idea of how do you expect R&D spend to face throughout throughout 2022.
And then how much of the cost in the first quarter was related to the phase III trials, and then also sort of related to that.
Guidance.
Can you give us an idea of what the impact is.
The phase III Charles again.
Yes.
But given where you came in I was trying to get a sense of is there any possibility that R&D actually wont come in but.
Unknown Executive: I know it's early in the year, but given where you came from, I'm just trying to get a sense of if there's any possibility that R&D actually might come in below the range and if that could have a positive impact on cash flow.
No.
But Jim if I could have a positive impact on cash flow.
Sure.
Unknown Executive: Thank you. Thank you, James. Joe, we'll take the first part of your question, and then Son will answer your R&D question.
Thank you James and Joe will take the first part of your question in <unk>.
And with that answer your R&D standpoint, Julien thanks.
Joe Howard: So as it relates to new patient starts... What we see is that about one out of every two, one out of every three patients are prescribed Monjuvi in the relapsed refractory setting. We do anticipate, with our differentiated profile, that there is opportunity to improve on that. There is fluctuation in data because the data sets are small, but we continue to see it as a preferred choice. As it relates to duration of treatment, as we know, duration of treatment is always in arrears. We only have the first six months of last year and the last six months of last year.
Thank you James so as it relates to new patient starts but.
What we see is both one out of every two one out of every three patients.
<unk> prescribed <unk> in the relapsed refractory setting.
We do anticipate with our differentiated profile.
There is opportunity to.
Improve on that there is fluctuation of data because of the datasets are small, but we continue to see it as a preferred choice.
As it relates to duration of treatment.
As we know duration of treatment is always in arrears.
Only have the first six months of last year.
In the last six months of last year. So as we look to this year. It is still early days.
Joe Howard: So as we look to this year, it's still early days, but our teams continue to have strong success with in-person engagement, and we're leveraging a large, broad, multi-channel approach that delivers our message to support our uniquely differentiated profile as an outpatient immunotherapy of choice. We feel that we'll continue to make gradual increases in duration of treatment as the year goes along. Okay, James, this is on your question with respect to R&D expenses and the phasing of that for the remainder of the year.
But as our teams continue to have strong success with in person engagement and we're leveraging a large broad multichannel approach that deliver our message to support our uniquely differentiated profile as the outpatient immunotherapy of choice.
We feel that we'll continue to make gradual increases in duration of treatment as the year goes along.
Okay. James This is on your question with respect to R&D expenses and the phasing of that for the remainder of the year.
Joe Howard: Our guidance is intact across the board, so we do expect R&D expenses to ramp up as we move through the year. So there's been no change on that front, and if you just look at the year-over-year increase for quarter one, R&D expenses increased about 95%, so that's pretty substantial, and that shouldn't come as a surprise, as we're moving through a bolus of pivotal studies. Now, with regard to the composition of our R&D expenses, the majority, and this is well over 50%, probably closer to 60% of R&D expenses are for CRO-related expenses, clinical materials, everything that goes into running a Phase III pivotal study.
Our guidance is intact.
Cross the board. So we do expect R&D expenses to ramp up as we move through the year. So there's been no change on that front and if you just look at the year over year increase for quarter. One R&D expenses increased about 95%, so that's pretty substantial and that shouldnt come as a surprise.
As we're moving through a bolus of pivotal studies now with regard to the composition of our R&D expense.
The majority and this is well over 50% probably closer to 60% of R&D expenses are for.
Crow.
<unk> related expenses.
Nicole materials everything that goes into <unk>.
<unk> a phase III pivotal studies and then we also have some mid stage.
Studies ongoing as well, but.
The vast majority of our R&D expenses are geared towards our development.
Joe Howard: And then we also have some mid-stage studies ongoing as well. But the vast majority of our R&D expense is geared towards our development. Thank you very much. And the next question comes from Jason Butler, JMP Securities. Your line is now open. Hi. It's Ronan on behalf of Jason.
Perfect. Thank you very much.
And the next question comes from Jason Butler JMP Securities. Your line is now open.
Joe Howard: Thanks for taking our questions. I guess a follow-up on the Monjuvi commercialization. You have, you know, a couple of positive factors, a high reorder rate, and a leading market share. So I guess our two questions are, so for physicians that have been hesitant to start using Monjuvi, what's the main driver behind their decision?
Hi, it's gone on for Jason Thanks for taking our questions I guess.
A follow up on the module the commercialization of <unk>.
A couple of positive factors a high reorder rate.
The leading market share.
I guess my two questions are for the physicians that have been hesitant to start using mind UV whats the main driver behind the decision and the other question is what's the receptivity that youre getting to the educational efforts to drive utilization to progression and then I guess to clarify.
Joe Howard: And the other question is, what's the receptivity that you're getting to the educational efforts to drive utilization to progression? And then, I guess to clarify, the market share was a half to a third of the second-line patients are being prescribed Monjuvi. Thanks. Yeah, so thanks, Jason. You're correct.
The market share was at half to a third of the second line patients are being prescribed mondavi. Thanks.
Joe Howard: Half to a third of patients. And the reason we have that is because the numbers are small. In any given month, we see some volatility in the data. But overall, we see that leading share. As it relates to the hesitation, I think I would say it's more of a lack of understanding and a lack of awareness.
Yes, so thanks, Jason Youre correct.
Half to a third of patients and the reason we have that is because the numbers are small in any given month, we see some volatility on the data, but overall, we see the leading share.
And as it relates to.
The hesitation.
I think I would say, it's more of a lack of understanding of lack of awareness.
Joe Howard: You know, it's still early days in the launch, and our focus is to continue to penetrate the market and continue to raise awareness and understanding of using Bon Jovi as a novel immunotherapy with this uniquely differentiated profile so we can continue to increase the number of patients and ensure that our key stakeholders and patients understand what to expect from their response and how to manage treatment so that the patients can remain on therapy as long as appropriate. So with this, we expect to see a gradual build-up in that duration of treatment.
Still early days in the launch and our focus is to continue to penetrate the market.
And continue to raise the awareness and the understanding of using <unk> as a novel immunotherapy with this uniquely differentiated profile. So we can continue to increase the new number of patients and ensure that our key stakeholders and patients understand what to expect from their response and how to manage treat.
<unk>.
Patients can remain on therapy as long as appropriately possible. So with this we expect to see a gradual build in that duration of treatment.
Okay that makes sense, so it's more about touches and getting out there and seeing the physicians I guess can.
Joe Howard: Okay, that makes sense. So it's more about touches and getting out there and seeing the physicians. Can you remind me what percentage of the target physicians you've marketed to so far are getting out there yet, or where are you at? Seeing the physicians, I guess.
Can you remind me how what percentage of the target physician.
You have marketed to so far is getting out there and yet or where you are seeing the physicians I guess.
Joe Howard: No, we're not at 100% yet, but we're certainly well over half. Obviously, there's always opportunities to increase, but we continue to get out. Our teams are seeing high, in-person engagements, and we are getting access to more offices. But there's always opportunities to improve, and we continue to do that. Okay, great. And then for Fels Artemab, for the updates later this year, is that going to be both in membranous and IGA nephropathy? Which one should we see first?
We're not at a 100%.
Certainly well over half, obviously, there's always opportunities to increase but and.
And we continue to.
Get out our teams are seeing.
Hi.
In person engagements and we are getting access to more offices, but there's always opportunities to improve and we continue to do that.
Okay, Great and then for Phil talked about for the updates later this year is that going to be both novartis and <unk>.
Net profit.
Which one might we see first and has there been any impact from Ukraine and Russia.
Malte Peters: And has there been any impact from Ukraine-Russia on those trials? Thanks. Yeah, so we are planning to provide updates for both trials, for the AMN trial and for the IJNephritis trial. Of course, as you remember, the AMN study is more mature because it started earlier, so the dataset is going to provide a bit more information compared to the IJNephritis trial. And we are going to be excited to show where the data is currently at, and we will share updates on both studies towards the end of the year.
Those trials thanks.
Yes, so we are planning to provide updates or both trials for the and for the <unk> trials of course as you remember the <unk> study is more.
More mature because it started earlier so the data set is going to provide a bit more information when compared to the Iga nephritis trial.
And we are going to be excited to show where the data.
It's currently at.
We will share updates on both studies towards the end of the year.
Malte Peters: With respect to Russia-Ukraine, remember that for the AMN study, the study is fully enrolled, and also for the IJNephritis study, the study is fully enrolled, so the Russian-Ukraine war has no impact on the two studies that I was... Great, thank you, and the next question comes from Xian Deng. Bernberg, your line is now open.
With respect to Russia.
Russia Ukraine.
Remember that for the <unk> study. The study is fully enrolled and also for the IGN and Friday study.
Study is fully enrolled so the Russia and Ukraine War has no impact on the two studies that I was referring to.
Alright, thank you.
Mhm.
And the next question comes from Sean Zhang and Bob Your line is now open.
Unknown Executive: Hi, thank you. Thank you for taking my questions. Two, please.
Alright. Thank you. Thank you for taking my questions two please.
Please.
So the first one is is that I mean at Q4 of last year, there were some positives like inventory.
Unknown Executive: So, the first one is that, I mean, in Q4 last year, there was some positive, like, inventory effect for Montjuli. So, just wondering, with the Q1 sales, as in this quarter, were Montjuli sales actually within your expectations when you were making the four-year guidance last year? And also, for the remainder of the year, I was just wondering if you could maybe elaborate a bit more on what are the drivers that could help Montjuli sales to meet the four-year guidance?
Julie.
Just wondering with the Q1 sales.
I think this quarter, what's the until the sale is actually we think.
Patient when you were making the full year guidance I think the last year and also for the remaining of the year I was just wondering if you could.
Maybe elaborate a bit more what are the drivers that could help.
Should we fail to meet our full year guidance.
Unknown Executive: And the second one is, as the CAR T is actually moving into the second line in the LPCL, I was just wondering, you know, what are your thoughts on the impact of the use of Montjuli in the third line?
And the second one is.
As the car T is actually moving into second line.
PCL I was just wondering what are your thoughts on the impactful use of Montreal Beijing certain line. Thank you.
Unknown Executive: Thank you. Great. Well, thank you for your questions. I will take the first part and show the second.
Great well. Thank you for your questions I will take the first half and ensure the circumstance.
Unknown Executive: Yeah, Xian, thanks for those questions. With regard to the impact of the inventory buy-in and clinical trials that happened in quarter four to quarter one, it was within our range of expectations in terms of the sequential decline, and we communicated that as such. So if you look at the overall decline in absolute dollars, we're down $4.9 million quarter over quarter.
Yes, John Thanks for those questions with regard to the the impact of the.
Inventory buy in in clinical trials that happened in quarter four to quarter one.
It was within our range of expectations in terms of the sequential decline and we communicated that as such so if you look at the overall decline in absolute dollars.
We're down $4 $9 million quarter over quarter end.
Unknown Executive: Three million of that is related to the Inventory Swing as a result of the buy-in in Q4. And then the balance, 1.9 is... purely due to the lower demand due to Omicron. So it was within our range of expectation. Now, in terms of the drivers to get to the various endpoints of the guidance, and there is quite a bit of range there, so you have to keep that in mind. It comes down to these three variables, continuing to drive patient uptake.
$3 million of that is it related to.
Inventory swing as a result of the buy in in Q4.
And then the balance one nine is purely due to the.
The lower demand due to omicron.
So it was within our range of expectations.
In terms of the drivers to get to the various endpoints of the guidance and there is quite a bit of range. There. So you have to keep that in mind.
It comes down to these three variables are continuing.
Continuing to drive patient uptake.
Unknown Executive: Persistence is very important, and then penetrating additional sites of care, so you know, these are things the commercialization team continues to focus on, and it's early days, but it's safe to assume that, similar to last year, we do expect the second half to be proportionally larger than the first half. And as it relates to your question on the CAR T's.
Persistence is very important and then penetrating additional sites of care. So.
These are things the commercialization team continue to focus on and.
It's early days, but it's safe to assume that similar to last year, we do expect the second half to be proportionately larger.
Then the first half.
Yes.
As it relates to your question on the car Ts and we always anticipated that the second line plus population is a competitive market.
Unknown Executive: And we have always anticipated that the second line plus population is a competitive market. However, we feel strong about the value proposition that Monjuvi brings. Academics are important, and we continue to seek good support with academics representing almost 30% of our sites of care. As we mentioned in the past, Monjuvie does have a uniquely differentiated profile as the outpatient immunotherapy choice for those patients in a relapsed or refractory setting. So we continue to feel that patients will benefit in the second line setting. Thank you. And the next question comes from Vineet Agrawal, from Connecticut. Please go ahead with your line.
However, we feel strong about the value proposition that <unk> brings.
Academics are important and we continue to see good support with the academics, representing almost 30% of our sites of care.
As we mentioned in the past Bon Jovi does have a uniquely differentiated profile as the outpatient immunotherapy choice for those patients in a relapse refractory setting.
So we continue to.
We feel that patients will benefit.
And the second line setting.
Thank you.
And the next question comes from Oklahoma City.
Please go ahead. Your line is now open.
Unknown Executive: Hi, thanks for taking my questions. First, given the recent FTA outcome on PI3K, should we assume your top-point trial, the Faceted Map, in combination with Insight's PI3K, is no longer being pursued? I mean, I understand Insight is running this trial, but it would be helpful to get your thoughts.
Hi, Thanks for taking my questions.
So.
Even the recent FDA AD com on <unk> should be up year on year top point tried capacity in combination with <unk>.
It is no longer beat both Hugh.
Spending cycles.
But.
It would be helpful to get your thoughts.
Unknown Executive: Basically, just trying to understand if this handicaps your plans for the CLL indication. And can you confirm if the $19 million revenue in the quarter is there any contribution from clinical trial purchases this quarter? Okay, well, thank you Vineet for your question. Let's stop by Sean for the financial question, and we'll go to Malte for the PI3K delta.
Basically just trying to understand if this handicap sales plans for the <unk> indication.
And so.
Can you confirm the $19 million revenues in the quarter.
Is there any is there any.
<unk> pharmaceutical client purchases.
In this quarter.
Okay. Thank you Vincent for your question, let's talk by sung and to finish that question and we go to <unk>.
Unknown Executive: Yeah, hey, Vinny, thanks for the question. The simple answer is no; there were no clinical trial sales in quarter one. Yeah, so for the impact of the advisory committee that you referred to recently conducted at FDA, first of all, I think we are happy to say that we do not see any impact on the ongoing studies, front-line and in-line, because they do not have a PSA kinase delta inhibitor. It is true that for the Parasartazep combination, there may be some impact coming from the FDA's opinion. I think we are remaining interested in this combination because the combination is actually very active. The doublet of the PSA kinase delta inhibitor in combination with Tafelsilamab is very active in CLL.
Yes, hey, thanks for the question. The simple answer is no there were no clinical trials sales in quarter one.
Okay, Yeah, so for the for the impact of the <unk>.
We see that you referred to recently conducted at FDA.
First of all I think we are happy to say that we do not see any impact on the ongoing studies frontline's ends in mind, because they do not have a PSA kind of beta inhibitor.
It is true.
For the.
<unk>.
Combination.
There may be some impacts.
Coming from the Fda's opinion.
I think we are.
Our remaining interest in this combination of the cost base.
The combination is actually very active.
Thanks.
After <unk> kinase Delta inhibitor in combination with.
<unk> is very active in CMA.
Malte Peters: So these programs are conducted by Insight, and I think both Insight and us remain interested in these combinations, going to be guided by the data that the studies will generate. But I think it's clear that for the PSA kinase delta development situation, FDA's opinion did have some impact, and it's clear that the bar has gone up. If I can squeeze in one more, on your headcount reduction of about 10% in the first quarter, how is that spread across the functions? If you could add any color to that?
So these are programs are conducted by insights and I think both inside and us remain interested in these combinations.
And we are.
Going to be guided by the data that the studies.
With generates but I think it's it's.
Clear thats for the PSA kind of developments.
Situations Fda's opinion did have some impact and it's clear that the bar has gone up.
Okay.
If I can squeeze in one more on your head count reduction of about 10% in the first quarter, how is that spread across the function.
If you could add any color to that that would be great.
Unknown Executive: Yeah, this is Sung again. I'm happy to give you some color on that. So recall the announcement that we made at the start of the year, where we did have a consolidation of our research organization, where that's all consolidated in Planet Germany now. So I would say that was certainly one of the major reasons why you saw a quarter-on-quarter headcount decline. So I think it's fair to think that that's significant or the majority of it. Thank you. And the next question comes from Victor Flock, Stiefel. Please go ahead, your line.
Yes. This is Don again.
Happy to give you some color on that so recall the announcement that we made.
At the <unk>.
Started the year.
We did have a consolidation of our research organization, that's all consolidated in planet, Germany now.
So I would say.
That was certainly one of the major reasons why you saw.
Quarter on quarter head count decline.
No.
It's fair to think.
That's a significant or the majority of it.
Thank you.
The next question comes from.
Block Stifel. Please go ahead. Your line is now open.
Unknown Executive: Yeah, thanks a lot for taking my question. I actually have two, one about Monje-V and one on Felsatamab. First one, is it likely to see an inflection in Monje-V's momentum as soon as next quarter, or should we wait at least for the second part of the year? And on Felsatamab, well, you've always been pretty clear that it was not a core product for you. And so I was wondering, should we expect data expected this year to be significant enough to drive, potentially, an out-licensing deal for this asset? Thanks, thanks a lot.
Yes, Thanks, guys for taking my question.
I have two actually one about <unk> and one third of that first.
First one.
Is it likely to see an inflection in monitoring these momentum as soon as next quarter or should we wait at least for the second part of the year and.
Is that.
You've always been pretty clear that it was another culprit for you and so I was wondering.
Should we expect data expected this year to be significant enough to drive potentially out licensing deal for the.
Thanks, Thanks for that.
Yeah.
Malte Peters: Well, thank you, Victor. I'll take the SELSA question, and Joe can take the MongoDB question. You're right, we had indicated that SELSA, as exciting as it is, is not really in our..., you know, area of top priorities, meaning hematology, oncology. So we have signals and said that we are contemplating potential partnership or licensing opportunities. And it's actually ongoing.
Well I think youll be Phil I'll take the first question and Joe can take the launch of the question.
You are right we had indicated that.
So this is.
As exciting as it is.
Is not really in outerwear.
The priorities, meaning hematology oncology, so we have 6000.
<unk> said that we are contemplating put them show partnership or licensing opportunities in the sexually ongoing we can't comment further.
Malte Peters: We can't comment further, it's related to the data, but it's not really that we're waiting for some more data to do that. So it could happen with what we have in hand. It could be enriched with some data later. But these initiatives are ongoing, as we mentioned earlier. So stay tuned on this. Joe?
It's related to the data, but it's not really that will waiting for some.
Multi data to do that so it could happen with what we have in hand, it could be in the region with some data later, but this is.
Initiatives are ongoing as we mentioned earlier so stay tuned on this one.
Perfect. Thanks Victor.
Joe Howard: Perfect. Thanks, Victor. As Sun mentioned before, as we move forward, we continue to focus on penetrating more accounts and broadening the utility of Monjuvie. And through that and the differentiated message, driving new patients, and increasing the duration of treatment, with all these combined, we see that leading to gradual sequential growth, quarter over quarter. So that's what we would expect to see as we go through the year. Okay, got it.
<unk> mentioned before as we move forward, we continue to focus on penetrating more accounts and broadening the utility of <unk> and through that and the differentiated message driving new patients and increasing duration of treatment.
With all of these combined.
We see that leading to a gradual sequential growth quarter over quarter. So that's what we would expect to see as we go through the year.
Okay, great. Thanks for that.
Thank you.
Unknown Executive: Thanks a lot. As a reminder, if you would like to ask a question, please press 01 on your telephone. And the next question comes from Zayn Ibrahim, JP Morgan. Please go ahead; your line is now open. Hi there, it's A&W. I'm Jason Morgan.
As a reminder, if you would like to ask a question. Please press <unk> one on your telephone keypad.
And the next question comes from Zain Ebrahim J P. Morgan. Please go ahead. Your line is now open.
Hi, guys, Hey, Brian Jason Mogens. Thank you for taking my question just two if I may the first question Raytheon Keith about sequential growth expected graduate sequential Greg one JV.
Unknown Executive: Thank you for taking my question. Just curious, if I may, my first question would be on Q2. So you talk about sequential growth, expected gradual sequential growth for Monjuvi. But just any disruption you're seeing or what you're seeing from the B.A.2 variant outbreak in the U.S., and your expectations there.
But just any disruption you're seeing or what you're seeing from the DXP bearing outbreak in the U S.
Unknown Executive: And my second question, also I'm on GV. Would you mind telling us what your peak sales ambition is for 500 million dollars, it seems for the average duration of therapy? Thank you. We had a bit of a halftime to hear the first part of the question. I think, Dane, I heard you ask the first part of the question is the potential of any further COVID outbreaks and the impact on our guidance. Oh, look, this is a moving situation.
And your expectations there and the second question also on JV, we can see.
On a year on my mind.
It was ambitious so positive <unk> million dollars.
Thanks, Paul.
Rich Youre right.
Thank you.
We had a beautiful hop time to hear the first part of the question.
Zane I heard you ask the first part of the question is.
The potential of any further COVID-19 outbreaks and the impact to our guidance.
Unknown Executive: Obviously, we've had a couple of years in a row with different waves of COVID variants, but we are reiterating our guidance, including the Monjuby product sales guidance. You know, going back to a comment that Joe made, while we do expect gradual, sequential increases in the second half, we would expect that the growth there would be outsized relative to the first half. And then I think you had a question on peak sales, if I heard correctly, with regard to Monjuvi. The goal remains the same.
Look this is a moving situation obviously, we've had a couple of years in a row with different waves of Covid variance.
We are reiterating our guidance, including the <unk> product sales guidance.
Going back to a comment that Joe made while we do expect.
Gradual sequential increases in the second half, we would expect that to be the growth there to be outsized relative to the first half.
And then I think you had a question on peak sales if I heard correctly with regard to <unk>.
Unknown Executive: You know, it's our goal to achieve that $500 million to $750 million range. Albeit, you know, with the start that we've had with two COVID headwinds in two consecutive years, it's safe to assume we're probably turning towards the bottom end of that peak range, and also the peak has been pushed out here. Great.
Golar remains the same.
It's our goal to achieve that $500 million to $750 million range.
Albeit with the start that we've had with <unk>.
Covid headwinds in two consecutive years.
It's safe to assume we're probably trending towards the bottom end of that peak range.
Our range and also the peak peak has been pushed out years.
Right Thats correct. Thank you.
Unknown Executive: Thank you. And the next question comes from Rajan Sharma of Deutsche Bank. Please go ahead. Your line is now open.
And the next question comes from Brian <unk> from Deutsche Bank. Please go ahead. Your line is now open.
Unknown Executive: Hi, thanks for the question. Here are just a couple more on the commercialization of Monjuvie. Maybe I could just push a little bit more on the duration of therapy. I think four-year results will update in March. You mentioned that the duration of therapy was around three months. Could you provide an update on that? And secondly, could you just update us on the number of patients currently on Monjuvie therapy right now? Thank you. Yeah, Rajan, thank you for that question.
Hi, Thanks for the question just a couple more on the commercialization of <unk>, maybe I could just push a little bit more on duration of therapy I think.
Full year results update in March you mentioned that duration of therapy was that around three months.
Could you provide an update on that.
And then secondly could you just.
Update us on the number of patients currently on longevity therapy right now thank you.
Unknown Executive: As I mentioned earlier, the duration of treatment is always in arrears. So we do have data from the first six months of last year and the last six months of last year. And we're collecting data from this year. So suffice it to say that it's still in that range of a few months, but we continue to work at extending the duration of treatment by managing expectations, and we fully expect that that will increase as the year goes on. And then there is the second question.
Yes.
Thank you for that question as we as I mentioned earlier the duration of treatment is always in a rear.
So we do have data from the first six months of last year last six months.
Last year.
We're collecting the data from this year.
So.
Suffice it to say that it's still in that range.
A few months.
And we continue to work at <unk>.
Extending the duration of treatment by managing expectations.
We fully expect that that will increase as the year goes on.
And the second question.
Joe Howard: Related number of patients on Monjuvie. I believe we reported at the last call that we've got now over 2,000 patients that have been prescribed Monjuvie since launch. So we continue to penetrate and get strong new patient starts, and that's reflected in our leading market share. Yeah, I would also add, Rajan, that we have patients who have greatly exceeded these couple of months. She's not great.
Related to number of patients or number of patients on longevity.
Reported.
At the last call that we've got now over 2000 patients that have been prescribed <unk> since launch. So we continue to penetrate and get strong new patient starts and.
And thats reflected in our leading market share.
I would also add.
Roger that we have that we have patients who have greatly exceeded these couple of months.
Which is in that bridge, we have some patients who have more than a year of treats them. I think we have a couple of patients with 18 months since.
Unknown Executive: We have some patients who have had more than a year of treatment. I think we have a couple of patients who have been 18 months since the launch. So the great news here is that it's possible, and it's possible that in real life in the market, we can reproduce what we have seen in our L-MIND study.
Since the launch so the great news here is that it's possible.
It's possible that in actually in the real life in the market. We can produce what we have seen in our L mind study.
Unknown Executive: It's a question, as Joey articulated and as we said earlier, it's a question of educating patients on the opportunity to trade longer, to leverage the strength of our immunotherapy regimen, and obviously, it comes together with a behavioral change in the market, which has been dominated by our chemo. So it's a process, but obviously, we have the data for it, and we're the team's totally focusing Okay, thank you. And maybe just one follow-up, if I can.
It's a question of Julia articulated and that we said earlier, it's a question of educating on the opportunity to threep longer to leverage the strengths of our immunotherapy for human and obviously it comes together with a behavior change in the market, which has been dominated by up chemo.
So it's it's a process.
Obviously, we have the data stories and with teams.
Totally focusing on that.
Unknown Executive: Given the way that the first quarter of this year has gone for Mangevis, is it fair to say that one follow-up at the end of your 2022 guidance range for the drug is realistic? Well, Rajan, we just reiterated guidance, and I'm not going to dissect the pieces of the guidance, but obviously, we have a big task ahead of us, and we're focused on, as I said, the uptake of Monjuvi, increasing the number of sites of care in terms of penetration, and extending the duration of therapy. There is a wide swing in any of those variables that could get you to the bottom and the top end of the range.
Okay. Thank you and maybe just one follow up if I can.
Kevin.
Great.
First quarter of this year going into <unk> is it fair to say that.
<unk>.
2020 guidance range for the drug.
Is realistic.
Well, Ron we just reiterated guidance and I'm not going to dissect the pieces of the guidance that obviously we have.
A big task ahead of us and we're focused on as I said.
The uptake of <unk>, increasing the number of sites of care in terms of penetration and extending the duration of therapy. So.
There is a wide swing in any of those variables that could get you to be the bottom and the top end of the range.
Okay. Thank you.
Unknown Executive: Okay, thank you. And if we haven't received any further questions at this point, I will return to you. Ladies and gentlemen, this concludes today's conference call. If any of you would like to follow up, the MorphoSys investigations team is available for the remainder of the day. Once again, thank you for joining our call. Have a good day, and goodbye. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect. D-D-D-D-D-D
And we haven't received further questions at this point I will hand back to you Julia.
Ladies and.
Gentlemen, This concludes today's conference call if any of you would like to follow up you Mr maintenance 200000.
Available as part of our main yesterday once again, thank you for joining our call hasn't been <unk>.
Ladies and gentlemen, thank you for your attendance. This call has been concluded you may disconnect.
Okay.