Q3 2024 Novo Nordisk AS Earnings Call - London
Key results for HIV.
Yes.
Given our commercial strategy marketing from R&D and the IR team.
One is 10 to 15 minutes of intro comments, and then a Q&A, let's say without my pleasure coffee.
Okay.
The Microsoft.
Just one I guess here alright.
Good afternoon, everyone great to see you all were bringing a great quarter to London in terms of pet I know Northgate, you agreed with us and so we're kind of seeing you all yes as part of that.
The lungs breathing at bank of America.
Hum.
A short introduction and shoppers based on that then we do do Q&A.
And.
Of course as always it's important to remember that the.
That comes about the future are inherently uncertain that may play out differently. So so no changes to that compared to compared to the prior presentations.
So when we look at.
At our progress on our strategy execution than that and and during a day in each of the core core for instance, as we consistently use every quarter.
I saw report Cockpits watch you then that then get an historic pace in terms of growth as a company.
24% in the first nine months and that level of growth of course entails a lot of investments and a lotta research resources going into that and as a consequence, our SKU to emissions have also increasing by 34% driven by the Capex investments, we're pursuing to expand all of our supply chain. So so.
I'll ask you to emissions across scope, one two and three it's really scope three and driven by Capex.
So having more patients than ever before more than 43 million people.
Serious chronic diseases now using north-northeast products step up.
Towards the tune of $3 million compared to last year across all our different therapeutic categories.
Diabetes and obesity.
And the strong performance in commercial can be lumpy. It will come back to that and then R&D quadrant, our innovation and therapeutic focus quadrant, which is which is really fall in retro prototypes. So thats why matson has a very rich pipeline without coming up in a few side. So it's a real pleasure to see progress on it on the innovation.
And then financials, 24% sales growth and 10, and 22% operating profit growth, but do bear in mind that we have been cleaning reporting numbers. So this includes impairments that we did earlier this year.
Our EBITDA growth.
Is that 30%.
Over the first nine months, so some very strong growth.
And bottom line and that is converted into cash and and we have a bearish at the cap.
Capital returns to shareholders 57 billion on a yesterday measure.
So with those comments given the watsco Camilla.
Okay.
Camilla: Good afternoon, everyone and just a highlight on the how the sales growth was split 24% sales call and 31% in North America and.
Camilla: 18% sorry in international operations, we also see on the brand side.
Camilla: Part of our policy driven by GNC, one so I'll keep my answer <unk>.
Camilla: Two 100% <unk> and <unk>.
Camilla: When you look at the franchise did you see diabetes franchise growing 26% and obesity care growing 44%. So very strong growth and of course that also re class scaling and you'll see on this slide and we have basically over the last three years, it's tripled our scaling efforts and our weeks of patients in <unk> one.
Camilla: You'll also see that we are now covering 65% of the telephone PNC, one market across diabetes and obesity in the world.
Camilla: In terms of supply.
Camilla: And we will continue of course to do scaling efforts as we have talked about at the.
Camilla: The last many quarters, but we continue to do that and we are planning also on continued investments in this space.
Camilla: When we look at this.
Camilla: The script here you see the U S basically prescription.
Camilla: We continue to have solid formulary access in the U S covering more than 55 million lives.
Camilla: So looking at the continued rollout plan in international operations now questions in more than 15 countries with me Colby.
Camilla: And in the U S. You'll also see on this slide that our total scripts.
Camilla: My goal is still the leading brand in the U S OTC brands and.
Camilla: Of course.
Camilla: It doesn't stop with that May continue also to invest in research and development and Matson will talk a little bit too and what that looks like so much and over to you.
Matson: Very much.
Camilla: Right.
Camilla: So in the R&D space, obviously, we try to think holistically around how we build a competitive pipeline.
Camilla: And having a clear ambition of also expanding into new disease areas. Our focus has been expanding from the KOL diabetes into disease areas, where there is a metabolic component, allowing us to build synergies.
Camilla: Between.
Camilla: Our research development, our commercial capabilities and moving into those spaces.
Camilla: I think youll see that we are building a pipeline that is now beginning to grow in the cardiovascular space in the liver space and then yes requirement youll see it through the same thing in the kidney space and then obviously we also have.
Camilla: Small focus on all the time as disease, and that's basically because of the data that we've seen so far suggesting that <unk> could potentially be beneficial in the old Summer Street.
Camilla: But the way we go about this is obviously.
Camilla: And we feel really pleased about that we have a molecule that is really really good at doing weight lowering and be really good at doing glycemic control and diabetes.
Camilla: Also I have not been shown to have cardiovascular benefits both on the base, but also on the heart failure components.
Camilla: Components.
Camilla: We look at potential labor.
Camilla: Potential kidney, we look at potential as I talked about all of that machine.
Camilla: Having that holistic approach with one molecule allows us actually to build capabilities and the resources.
Camilla: Development and also in the commercial space.
Camilla: And obviously, we are really excited about what we're seeing from some April time in the cardiovascular.
Camilla: The vascular space.
Camilla: This had the potential to be a cardiovascular drug and then all of the film.
Camilla: And obviously, we continue to towards the end.
Camilla: The end of this decade continued strength there.
Camilla: Generate new data informing us of what kinds of making sector.
Camilla: To show the essence.
Camilla: While in just a minute next year, we'll see the results of the boat club.
Camilla: Towards the end of the decade. We also are looking at primary cardiovascular prevention and different profiles.
Camilla: That kind of approach allows us to broaden the menu of some maintenance and broaden the promise also magnified and Ed and continuous pieces to the puzzle of spec at a time.
Camilla: One of those pieces is something that some of us have been working on for many many years, it's been a long and somewhat bumpy road.
Camilla: We're super gratifying to see the first outcomes of B.
Camilla: Is this one.
Camilla: To those of you who don't remember the essence trial two part trial one part is for.
Camilla: Regulatory approval based on liver biopsy is the continued part of the study is basically to generate hot.
Camilla: Vince on endpoints on cardiovascular endpoints to document that theres not only just a liver biopsy.
Camilla: Upside to the intervention that we have been mitigated, but also outcomes benefit for patients for.
Camilla: Now we have what we call the regulatory part of the client because that is sufficient to cater to regulatory submission and hopefully approval.
Camilla: The regulatory requirements in U S.
Camilla: So half improvement inhibits withstand times without worsening fibrosis or vice versa.
Camilla: Europe.
Camilla: Required both.
Camilla: And we're super happy to see that we both win on the reducing.
Camilla: <unk> was the tightest, we do that by 63% as compared to placebo, 34%.
Camilla: But we're also reducing fibrosis.
Camilla: 87%.
Camilla: Compared to placebo approximately 23%.
Camilla: He's a really really strong data from a statistical perspective, but also from a clinical relevance.
Camilla: Can't say a lot more because of the safety and list of Super annoying Ultra to meet some of the data has been redacted basically because we have an ongoing trial and I and people who can make some decisions on the trial cannot be influencing the ongoing trials. So to preserve the integrity of the trial that data that I have no chance constant.
Camilla: So she went on about that.
Camilla: On the safety part.
Camilla: We once again confirm that mankind has an attractive safety profile and no new safety concerns identified India issue and that is gratifying in a new population. So yet another piece to the parcels of the value offering that we can do with some of these types of patients with serious chronic diseases.
Camilla: But it doesn't stop there.
Camilla: We have.
Camilla: The focus area first focus areas, obviously maximize our knowledge base in value from and second build.
Camilla: And leading and competitive obesity and diabetes pipeline and as you can see from the slide and I promised for customers to leave it out there for too long.
Camilla: A lot of progress and a lot of data coming in in both the diabetes space.
Camilla: Space over the next couple of quarters.
Camilla: But we are also building the contract vascular beyond some ecocide cardiovascular liver and kidney related.
Camilla: Maybe I can see progress in both phases, one two and frame.
Camilla: And given that we defined that focus area only a couple of years ago, It's gratifying to see that level of clinical activity at this point in time.
Camilla: And finally, obviously, we are super happy with the progress that we're also doing in red piece, specifically in the hemophilia space. While we also announce the progress of our sickle cell disease assets, which obviously again speaks to a disease area with huge unmet need so across the board.
Camilla: Increased investments, but also increasing excitement and R&D.
Camilla: Great.
Camilla: Thank you Martin.
Camilla: We really appreciate the return on investment in R&D.
Camilla: Sure.
Camilla: Great.
Camilla: <unk> continues to have its course.
Camilla: So thank you it's Martin.
Martin: Our outlook for the full year.
Camilla: Reiterated our outlook in terms of the mid point compared to Q2, but narrowed the range as time is passing and only not even two months left to go. So so really continuing executing on our plan and the growth level at a very high it's.
Camilla: Magnitude and now midpoint of 25% growth on a base as Youll recall up 232 billion Danish kroner last year, so very high both relative and absolute growth revenue for the company.
Camilla: Small tweaks towards currencies nothing to comment about and fine tuning of tax rate nothing changes on tax and just the same effective tax rate we reported in Q3 as Q2 and therefore the.
Camilla: Guidance of between 'twenty, and 'twenty, one and small technical tweaks to cash flow nothing upfront milestone.
Camilla: So this concludes the introductory presentation.
Camilla: Then we have Yahoo.
Camilla: Our new head of Investor relations, not so new anymore.
Camilla: Controller Q&A, so Oh sure Liana, Thank you and welcome Martin they can get it back on stage and we will follow our usual procedure in that there was that was the whole session and please state your institution and your name before asking questions.
James: James Thanks for America.
Camilla: One clarification question.
Camilla: Given my question yesterday has generated a lot of score I might just ask you to clarify.
Camilla: Austin, So high teens did you mean, 19%.
Camilla: Okay.
Camilla: And the reason I asked that there was a lot of misunderstanding as to high teens mid teens low teens like sorry to clarify and given that we're so close to consensus of 'twenty just the intent with essentially took less consensus provide a floor. This early in 'twenty four ahead of guidance.
Speaker Change: Question. One question two is a bigger picture one on oral strategy.
Speaker Change: The level of confidence in CB, one given the data you see.
Speaker Change: Will you pursue an external backup scalable strategy given you won't know the outcome of Seabee once at the end of next year. There's obviously a lot of interest in this given all the data phase III next year. Thank you very much. Thank you Sachin and the first one is clearly to you are constantly put a second one goes can be.
Speaker Change: Yeah. Thanks for that question Sachin I appreciate it then.
Speaker Change: Appreciate that also.
Camilla: Yeah.
Camilla: The notion in the market yesterday, our direction in the market. So just to reiterate including also.
Camilla: Our intention. So so first of all we are driving historic high levels of growth in the company Super High growth at the company now this year in the mid <unk>.
Camilla: What I said yesterday was we continued to scale our supply chain and scale of the company to continue to drive very attractive growth into next year.
Camilla: That's point number one point number two.
Camilla: When growth is at this magnitude than the base effect becomes really important when we talk about growth rates.
Camilla: Simple math.
Camilla: So this is just a reminder, about that and then the third piece was.
Camilla: Really really good efficacy comparable to that of injectable and with the CBA and other benefits that we know from some advertising and took a minute point.
Camilla: If that is something that we intend to launch than we can do that as we can.
Camilla: Think about the same way of approaching this with them accretive both of those options.
Camilla: And this scalable than the subcutaneous <unk>.
Camilla: When Luna.
Camilla: Okay.
Camilla: Scope.
Camilla: Hi potential approach in this space given the data that we've seen it was very very clear that two high doses had been pistols that led also to subside to fix that.
Camilla: From a commercial perspective would not be acceptable and that basically means that we have to investigate lower doses, but given that the doses that were very high.
Camilla: The dose response curve and the exposure response curve, we can actually allow us to decrease the dose still expect good efficacy in monotherapy and potentially also in combination therapy.
Camilla: Mitigates.
Camilla: Yeah.
Camilla: Construction.
Camilla: So when youre asking as well we are still confident and optimistic about what we know about but obviously given what we've seen the risk is somewhat higher our approach to this however, it remains the same I think even before the data came out and said we would do an additional phase III trial to make sure that we have the safe.
Camilla: An efficacious drug before we go into phase III and Thats still the plan.
Speaker Change: Thank you Barton I think et cetera, and then we'll go to M&A.
Speaker Change: Hi, Thanks, Emily field from Barclays two questions. The first one just on the logistics of the Catlin transaction.
Speaker Change: I know you said that you expect that that will increase supply from 2026, but do those three facilities transfer to novo Nordisk as soon as the Novo holdings deal closes and we won't see an increase in supply just because it's sort of a transitional period.
Speaker Change: And then secondly, I know there was a question asked on promotional efforts broadly yesterday, but more specifically in the U S. With the current competitive landscape really said last week that they were going to be heavily increasing promotional efforts in mid November maybe just a broader comment is that something you think you need to respond to or how are you seeing the competitive dynamics between the two molecules in obesity in the U S.
Speaker Change: Thanks.
Speaker Change: Thank you Emily the first one on <unk>.
Speaker Change: So.
Speaker Change: So we expect as I said yesterday the transaction to close this year then.
Speaker Change: Do immediately a carve out from from the Holdco into the three sites that are.
Speaker Change: The North operating company picks.
Speaker Change: So that will happen immediately and then the reason why we said 26 is that the debt.
Speaker Change: For us to transfer products to a new manufacturing lines, we need to do a technology transfer.
Speaker Change: And that's basically it.
Speaker Change: Between today and into 'twenty, six but important to remind everybody that the that we are producing in these facilities. So we have access to certain capacities already with cabinets today and of course that will continue and continue to perform as we speak.
Speaker Change: Sure.
Speaker Change: Thank you, Evan and Camilla and promotional efforts.
Speaker Change: On the promotional efforts in the USA we of course.
Speaker Change: We'll stay competitive.
Speaker Change: Have a very strong track record of being competitive in the U S. Establishing leading brands Youre looking at with <unk>. Those are very well recognized brands that of course.
Speaker Change: We have different channels to promote that and being used to be.
Speaker Change: The different approaches that it takes to be competitive in such a market and therefore, we are also happy to see that we have meetings both in diabetes.
Speaker Change: <unk>, we will remain very competitive.
Speaker Change: Okay. Thanks can we let them go two of which are also shown here.
Speaker Change: Sorry, hi, thanks, especially about JP Morgan, maybe you could just give us an idea of the latest demand.
Speaker Change: Ah stay time in markets, where you are not supply constrained such as maybe Denmark cool or are those just to give us a flavor of how that's panning out and maybe second question, just you talked about increasing supply and increasing the rollout ex U S. In Q4 with the acceleration, but maybe you could give us a bit more color on that.
Speaker Change: The rollout plans at <unk>.
Speaker Change: Think of the start to the EMEA had we had 10 markets and now Youll 15, how should we think about it relative to those on a market basis. Thanks very much. Thank you Richard I think both of those go through.
Speaker Change: Thank you so I'm on page 10.
Speaker Change: Yeah.
Colby: We continue to see with me Colby that Saipem is expanding if we look at particular markets like Denmark.
Speaker Change: Yeah.
Speaker Change: We have a pretty significant chapter population on the product.
Speaker Change: And continuing to see that people stay on for quite a long time.
Speaker Change: Yeah.
Speaker Change: It is difficult yet to set a specifically quantify that because it's still early days, but I can say that it is significantly longer than what we saw with Sandra and specifically for the U S. We see also save time, improving and continues to improve so I'm not yet to say that we are at the end of what it will be but we are definitely have moved from.
Speaker Change: You remember a few years back we were talking with Tech Center four five months, we have more now Joseph to seven months of daytime with me Gobi, but still I would say this is not the end of it. So it's all moving in the right direction.
Speaker Change: So your second question about the rollout in international operations, we've rolled out.
Speaker Change: <unk> 15 markets as we speak when you should expect that we will continue to do that and a few more markets coming up also this year.
Speaker Change: So it's important for us to also contribute to solving obesity.
Speaker Change: International operations, and we don't see.
Speaker Change: And demand is significant demand in many of these countries also so most recently we launched in Australia.
Speaker Change: On our way to our Brazil also and do that I'm all market on them on the list for this year.
Speaker Change: Thank you Pamela and I think Richard Parkes here with Nick.
Speaker Change: Okay.
Speaker Change: Yeah, Richard Parkes from BNP power bar exam, and surgical question coming back to 2025 and on specifically on capacity expansion and because I'm trying to understand what the risks.
Speaker Change: Downside, if you're executing on that.
Speaker Change: Because my understanding is you next.
Speaker Change: Next big API facility will open in 2026 and counseling what necessarily benefit you until 2026, when you can repurpose some of that so when you think about 2025 in terms of the capacity expansion, where does that where does that come from what do you need to execute on to optimize to deliver on those kinds of numbers in most of the risk to.
Speaker Change: The upside and downside on that.
Speaker Change: Thank you Richard constants are you on the outlook, Thanks, Richard and I think I'll just go back to <unk>.
Speaker Change: Just to repeat that this graph because I think this is a this is really a nice reminder, around how we're scaling.
Speaker Change: In terms of reaching more and more.
Speaker Change: Patients with our tier one so so right now we have scale with 4 million patients compared to 12 months ago patients using <unk>.
Speaker Change: Yeah, so on the.
Speaker Change: You're going to use that different of course channels and approaches that we would take and I think you should expect that over time that it's likely that there will be more that you can say direct care element. It's still early days and these are still small numbers. So I would say the traditional channels will play a significant go going forward, but in most countries.
Speaker Change: Trace it's likely that that over time will be more of an online of close to things as we've seen the development in the past four or so so I would not.
Speaker Change: Say that this is significant as of now, but it's but it's likely that people will be slowly growing or with over the years that technology also improved.
Speaker Change: Yes.
Speaker Change: And of course also as we see more and more patients and then there might be more efficient ways of dealing with chronic care in the future.
Speaker Change: This is more of an evolution than a revolution.
Speaker Change: Thank you Henning cosman release strategy.
Speaker Change: So so so we have a very stringent Danish regulator and intensify our listed companies and disclosure.
Speaker Change: Is that a material event needs to be disclosed immediately so that's the starting point. So that's what you should expect to our process to be its a really tight process.
Speaker Change: And then what.
Speaker Change: What will it be disclosing as what we assessed to be mature.
Speaker Change: The stock market.
Speaker Change: You can get get some direction looking at our historical releases, but the but ultimately it is a science.
Speaker Change: And the scientific resource from redefined.
Speaker Change: That defined so.
Speaker Change: Look at.
Speaker Change: Historic but of course, if there's something that points in either direction positive or negative.
Speaker Change: We assessed to be material.
Speaker Change: We are obliged to disclose that.
Eric: Second Kosmos Eric here.
Speaker Change: <unk> Deutsche Bank. Thank you for taking the questions.
Speaker Change: First question.
Speaker Change: Of the surprisingly well go the prescription trend through Q3 can you just confirm.
Speaker Change: The limitation on volumes in the U S market is exclusively on the supply side and not on the demand side, nor are you seeing any changes from payers.
Speaker Change: Obstructing patient access to therapy second.
Speaker Change: Second question since you studiously avoided answering an earlier on pricing out of it.
Speaker Change: Gross to net was pretty flat Q2 to Q3, who is.
Speaker Change: Is that the new normal what is the expectation we should have for that further widening next year is similar year on year quantum as we go into 'twenty three 'twenty cool long career 24, it should be fine. Thank you.
Speaker Change: Thank you <unk>.
Speaker Change: Yes.
Speaker Change: So I can start on the demand side to say that that is a very high demand continuously Paul edick already in the U S and that the when you see sort of ups and downs and on any theory. This is related to also supply and inflow into the market. So that is just to say that the part out.
Speaker Change: And then maybe back to you.
Speaker Change: Yeah.
Speaker Change: And just to build one China pizza uncommitted comment so so right now.
Speaker Change: Nicole.
Speaker Change: Reaching around 1 million Americans.
Colby: If you convert the 220000 scripts per week and so patients served 1 million out of more than 100 million Americans with obesity, and 55 million Americans with obesity with no one works with insurance coverage, probably Colby. So we're just at the beginning in terms of penetrating the market.
Speaker Change: And then that is surprising.
Speaker Change: Yes.
Speaker Change: A fairly clean quarter with the slight exception on that.
Speaker Change: On Victoza and <unk>.
Speaker Change: And then neutral development between Q2 and Q3 on an underlying.
Speaker Change: Value prescript, so so I agree to that.
Speaker Change: Which would normally also be the case because contracts are not negotiated between Q2 and Q3.
Speaker Change: And and then there's as to future outlook.
Speaker Change: On pricing then it's important to note that the debt that we are balancing access and reach to as many patients as possible with the with the rational pricing evolution and that's a sweet spot. We're looking at but logically speaking then then as as a product experience.
Speaker Change: And volume in channels.
Speaker Change: There'll be some catch up on pricing as you have seen on the on other products in history.
Speaker Change: Thank you constantly I think the final set of questions go toe to toe.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: Thank you if I can come back again to supply for next year. So you have added 4 million patients worth of coverage this year.
Speaker Change: And towards the end of the year, you've added more countries youre going to be adding direct to consumer advertising. Your competitor is bringing more interest to the market with direct to consumer advertising potentially we have the compound just having to come off the market because.
Speaker Change: You're saying you're not in short supply.
Speaker Change: I can see a very clear view that we could be seeing more than an incremental 4 million patients worth of demand next year, because you got 55 million people.
Speaker Change: Potentially go.
Speaker Change: Insurance coverage and they didn't know about it as much as they surely will with all of the DTC advertising that's happening.
Speaker Change: Should we be concerned, but it'll only be another sort of three months before youre back into telling us that you are in short supply because you not in short supply for the demand that you have today, but if we were to think about the demand in six months' time.
Speaker Change: Where are we going to have an issue with almost because.
Speaker Change: We are expecting more demand and we're expecting you to be able to supply it because you've deliberately gone ex U S and say well, we weren't supply, Brazil, and Australia, unless we can continue to support them. So thank god She would go.
Speaker Change: Must have more supply I think is implied in our models and expectations for growth.
Speaker Change: So that's the first question and secondly, if I could just ask a little bit more.
Speaker Change: You must have more understanding and then also about the <unk>.
Speaker Change: The background of the patients but.
Speaker Change: The piece that was a P. B M report out just recently, where they looked at two years' worth of treatment of people not diabetic.
Speaker Change:
Speaker Change: I'm sure, it's not a bean of money and frankly, just had to pay extra for the drug but they also said that the average BMI was 31 now I thought youll BMI was much higher than that so if you could just tell us a little bit more about.
Speaker Change: Who do you think the patient so that are coming to see that.
Speaker Change: And I'll just ask one final question on my mind.
Speaker Change: Okay.
Speaker Change: Well wait torches is a really sort.
Speaker Change: So late.
Speaker Change: Group of people, providing support et cetera, and that providing compounded.
Speaker Change: Would you consider perhaps being a supply to someone like them because youre supplying all of the cash as well as the product. Thank you.
Speaker Change: Thank you, Joe and Chris vehicles to your cloud customers are part of question. The first one yeah. So yeah. So I think it's important to note linked towards the unmet needs.
Speaker Change: Martin covered before.
Speaker Change: Then on a global scale demand so much greater than supply in the market.
Speaker Change: And and.
Speaker Change: That it's going to be the case for a number of years.
Speaker Change: So that's why this is really about scaling our company as fast as possible.
Speaker Change: And Thats two camillus light in terms of additional patients rights and the different levers that I called out before so so we are skating towards them excellent pace, we can.
Speaker Change: <unk>, which is which is possible and that's basically the approach on that and then of course, we make very conscious choices around the scaling that the that we do how do we allocate that between brands and between geographies and we have a very considered process on that on that front.
Camilo: Thank you camilo on patient characteristics, yeah on their patient characteristics to them.
Speaker Change: I'd say both from the U S. But also from other countries the average BMI surround.
Speaker Change: 37, approximately and most of these patients also have one or more comorbidities.
Speaker Change: Of course, the visa average data.
Speaker Change: You'll have to bear that in mind, but I think that is a critical picture. After the patients that we are dealing with an average.
Speaker Change: And then I would say on the compounding we remain concerned about.
Speaker Change: Patient safety and that's why.
Speaker Change: Yeah.
Speaker Change: We are accountable for this magnetite EPA API that we produce.
Speaker Change: Selling that to anyone else, we have a full value chain of operation. So we are marketing that ourselves also and.
Speaker Change: So and I think that is the best way that we can ensure that what is out there and also the macro side as well.
Speaker Change: Quality checks and approved and according to the pharma standards, which we cannot guarantee on any compounding and that that's basically all concerned and that's why we would also not be collaborating with the compounding companies.
Speaker Change: That's okay. Thanks, Pamela and thanks, everyone that concludes our Q&A Cochrane the final set of words for you.
Cochrane: Yeah, I think our I think we've been around the key topics for the company just closing out.
Cochrane: The midpoint of growth this year, 25% and an industry growing mid to mid single digits. So so amazing growth for the company, we're pushing everything we can to scale the company and supply chain wise to meet unmet need with patients and demand out there and at the same time with this growth that is that also enables us to invest significantly.
Speaker Change: In R&D and then the beauty shop today.
Speaker Change: Yeah April of <unk>.
Speaker Change: Converting that R&D into return any choices to the benefit of patients. So we look forward to seeing you all in February and talk about the <unk> backlog at that point in time.
Speaker Change: Okay.
Speaker Change: [noise].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yes.