Q1 2025 Esperion Therapeutics Inc Earnings Call
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Speaker Change: Ladies and gentlemen, and thank you for standing by and welcome at this time all participants are in a listen only mode. Following the presentation. There will be a question and answer session. Please be advised that today's conference call. It will be recorded I would now like to hand, the conference over to Ilene oven that's yeah.
Ilene Oven: Director of Investor Relations for Spirit on Therapeutics. Please go ahead.
Speaker Change: Operator, good morning, and welcome to <unk> first quarter 2025 earnings Conference call.
Sheldon Keenan: With us on today's call are Sheldon Keenan, President and CEO, and then holiday CFO.
Sheldon Keenan: Other members of the executive team will be available for Q&A following our prepared remarks.
Sheldon Keenan: We issued a press release earlier this morning detailing the content of today's call a copy can be found on the investor page of our website together with a copy of the presentation that we will also be referencing.
Speaker Change: Once you remind callers that the information discussed on the call today is covered under the safe Harbor provision of the private Securities Litigation Reform Act I'd caution listeners that management will be making forward looking statements.
Speaker Change: Actual results could differ materially from those stated or implied by our forward looking statement due to the risks and uncertainties associated with the business.
Speaker Change: These forward looking statements are qualified in their entirety by the cautionary statements contained in today's press release and in our SEC filings. The content of the conference call contains time sensitive information that is accurate only as of the date of this live broadcast may six 2025, we undertake no obligation to revise or update any forward.
Speaker Change: We're looking statement to reflect events or circumstances. After the date of this conference call and webcast. As a reminder, this conference call and webcast are being recorded an archive.
Speaker Change: I'll begin the call with prepared remarks, and then open the line for your questions and I'll turn the call over to Sheldon.
Sheldon Keenan: Thank you Elena good morning, everyone and thank you for joining us throughout the first quarter, we continued to make progress across our three pillars for growth revenue growth portfolio expansion and pipeline advancement, we posted year over year net U S product sales growth enhanced reimbursement and access effort.
Sheldon Keenan: Introduced new marketing initiatives targeting both physicians and patients and advanced our ACL why pipeline with our declaration of our lead indication primary sclerosing cholangitis known S. PSC.
Sheldon Keenan: Turning to our progress and plans moving forward with our first pillar, increasing revenue and operating profitability, let me start with the sales and marketing of our beverage like acid products in the U S and global markets we.
Sheldon Keenan: We are pleased with our performance this past quarter, which despite an overall flat lipid market in the U S saw green shoots of progress with significant strides in expanding our reach both domestically and internationally.
Sheldon Keenan: Total revenue for the first quarter 2025 grew 63% year over year to $65 million after adjusting for a one time milestone received in the first quarter 2024.
Sheldon Keenan: U S net product revenue grew 41% year over year to $34 $9 million driven by the expanded label and commercial initiatives started in 2024.
Sheldon Keenan: First quarter 2025 script growth increased 2% sequentially compared to fourth quarter 2024. This was somewhat muted by the impact of a flat lipid lowering market in the first quarter 2025 that experienced seasonal headwinds due to changes in Medicare part D and higher out of pocket costs as patients.
Sheldon Keenan: Need to meet their annual insurance deductibles.
Sheldon Keenan: In the U S. We expanded our field reimbursement support team three fold and now have 15 season payer access specialists strategically aligned with a 15 sales regions to support our growing prescriber base and educate on the favorable reimbursement landscape for our products.
Sheldon Keenan: Our market access team achieved a number of victories this quarter, we had more than 30 plants, including several of the nation's largest insurance removed prior authorizations implemented electronic step edits and included new formulary additions. These milestones highlight the strong clinical profile and competitive pricing of neck and neck.
Sheldon Keenan: Those at instilling greater confidence in the health care providers, who prescribe these treatments.
Sheldon Keenan: These achievements not only brought in access for patients, but also reinforce our commitment to improving cardiovascular health on a large scale.
Sheldon Keenan: In further support of our sales and marketing efforts. We are particularly pleased to report that next football index was that were recently added to the new 2025, ACC AAJ multi society guidelines for the management of patients with acute coronary syndrome or Acs.
Sheldon Keenan: Beverage like acid earned level, one a recommendations the highest level of guidance, indicating strong recommendation were benefit greatly outweighs risks for patients with Acs already on maximally tolerated statin therapy and in patients with Acs who are statin intolerant.
Sheldon Keenan: <unk> acid also earned a level to a recommendation me that moderate evidence exists and a recommendation is reasonable for patients with Acs who are already on maximally tolerated statin therapy here again, a non statin lipid lowering therapy is recommended to reduce the risk of mace.
Sheldon Keenan: Inclusion in these guidelines allows us to more effectively market, our perpetuity acid products to health care practitioners.
Sheldon Keenan: Combined with expanded payer coverage reductions in prior authorization requirements and the available reimbursement support resources. We believe we have significantly improved the access environment for patients and physicians alike.
Sheldon Keenan: To better leverage this broader patient access we recently introduced a series of payer and provider tactics that highlight the fact that up to 30% of patients are statin intolerant and showcase the evidence to demonstrate how nerf footballs and that's what that are the only approved therapies proven to reduce cardiovascular events and statin.
Tolerant patients.
Sheldon Keenan: Our goal is to underscore the persistent unmet need while promoting a safe and effective therapies.
Sheldon Keenan: As a result of our efforts we began seeing a shift in prescribing behavior starting in March.
Sheldon Keenan: Early Q2 trends are encouraging with prescription volume currently tracking approximately 8% higher than Q1, we.
Sheldon Keenan: We expect this growth to continue as momentum builds and patient access improves further, particularly as co pay levels continued to decline.
Sheldon Keenan: To further support health care practitioners and their management of their LDL cholesterol levels. We are excited by the opportunity for the Triple combination product. We are developing in the U S. As it will provide physicians with the flexibility of a suite of options that include monotherapy excellent. All dual therapy next was that and triple combination therapy temperature.
Sheldon Keenan: Asset is that them up and either atorvastatin or vasu the statin.
Sheldon Keenan: We view this as a compelling opportunity to expand our role in the cardiovascular prevention market as the published literature suggests that the triple combo products can lower LDL cholesterol in excess of 60%.
Sheldon Keenan: This level of efficacy has the potential to rival existing injectable and emerging oral therapies offering a valuable oral option for both patients and physicians.
Sheldon Keenan: We expanded our partnerships with regulatory experts and others in the field to advance this important work with a goal to complete the clinical requirements and commercialize this triple combination in 2027.
Sheldon Keenan: Moving on to international markets, where we and our partners are making great strides we continue to see compelling growth from our partner Daiichi Sankyo, Europe, where they are making meaningful progress expanding the use of <unk> to benefit patients at risk of cardiovascular disease, who cannot manage their LDL cholesterol levels in <unk>.
Sheldon Keenan: <unk>. We are looking ahead to an exciting year of continued growth in Europe, and new product approvals and launches across a number of key geographies.
Sheldon Keenan: Our royalty revenue from DSC increased 8% from the fourth quarter of 2024 to $10 $5 million in the first quarter of 2025 as of the end of February approximately 472500 patients have been treated with our therapies in Europe. The ongoing growth in these European markets give us confidence that with our layer.
Sheldon Keenan: Expansion, we can build a sizable market in the U S. In addition, the tech transfer for both Orlando and you said you are also progressing nicely.
Sheldon Keenan: Our Japanese partner Otsuka Pharmaceuticals submitted for approval of our pepitone acid product in Japan for LDL cholesterol lowing, lowering and remain on track for approval and National Health insurance pricing in the second half of 2025 the.
Sheldon Keenan: The Japanese market as the world's third largest cardiovascular prevention market and we believe the royalties on Japanese product sales will be a meaningful revenue contributor over time.
Sheldon Keenan: Looking to the progress we made during the first quarter 2025, we expanded the breadth of our global reach by entering commercial partnerships with CSL and <unk> in Australia, and New Zealand.
Sheldon Keenan: Date needle farm Israel filed for regulatory approval during the first quarter and expect to receive approval in early 2026 and.
Sheldon Keenan: In addition experience filed submissions for approval in Canada for next Little Index was that and we anticipate marketing approval in the fourth quarter of 2025.
Sheldon Keenan: Our international partnerships continue to deliver increasing royalty revenue further demonstrating the global potential of our preparatory acid products and supporting our strategic focus to drive revenue growth and operating profitability.
Sheldon Keenan: Turning to advancing the pipeline pillar, we recently hosted our R&D day in New York, where we introduced our novel program targeting PSC.
Sheldon Keenan: <unk> is a rare progressive liver disease with no approved therapies and represents a major unmet need with an estimated $1 billion annual market opportunity.
Sheldon Keenan: This program reflects our strategy to expand into high knee high value indications and highlights the broader potential of ACL why biology.
Sheldon Keenan: The R&D day event was very engaging and featured Kols discussions Ah patient advocacy representative for the PCF community Ah patient video and an engaging Q&A session. I encourage those of you who may have missed it to listen to the archive of the event that is available on the Investor Relations section of our website.
Ben: With that overview of the business, let me turn the call over to Ben for a detailed review of our financial progress during the first quarter Ben.
Ben: Thank you Sheldon and good morning, everyone and thank you for joining US today, our first quarter 2025 financial results can be found in the press release, we issued this morning and more detail will be included in our upcoming 10-Q.
Ben: First quarter 2025, total revenue was $65 million a decrease of 53%. This decrease was driven by one time settlement agreement milestone with DSC, which we received in the first quarter of 2024, excluding the settlement agreement milestone total revenue grew 63%.
Ben: U S net product revenue was $34 $9 million compared to $24 $8 million for the comparable period in 2024, an increase of approximately 41%.
Ben: Q1 product revenue growth in the U S was impacted by several factors, including changes to Medicare part D and patient deductible requirements every year during the first quarter, we experienced lower product revenue was patients fulfill their insurance deductibles impacted impacting branded prescription fills.
Ben: This year with changes to the IRA and confusion around Medicare made this season trend, particularly burdensome. Despite these seasonal headwinds we remain committed to navigating these complexities and ensuring patient access to our innovative cardiovascular health solutions beginning.
Ben: Beginning in March we have seen a clear shift in prescribing behavior that signals a return to our typical growth trajectory.
Ben: Early Q2 data shows prescription volume tracking approximately 8% above Q1 levels and we expect this upward trend to continue.
Ben: Collaboration revenue was $30 $1 million compared to $113 million for the comparable period in 2024, a decrease of approximately 73% driven by the settlement agreement milestone with DSC offset partially by increases to our royalty sales within our partner territories and product sales for our collaboration partners from our supply agreements.
Ben: Excluding the settlement agreement milestone collaboration revenue grew 97% from the comparable period.
Ben: Turning to the rest of the P&L for the first quarter 2025 research and development expenses were $12 $6 million compared to $13 4 million for the comparable period in 2024, a decrease of 6%.
Ben: Selling general and administrative expenses were $43 million compared to $42 million for the comparable period in 2024, an increase of 2% the increase quarter over quarter was primarily related to increased marketing and consulting costs.
Ben: We entered 2025 and a very strong financial position with cash and cash equivalents of $114 $6 million as of March 31 2025.
Ben: We are reiterating our full year 2025 operating expense guidance, which is expected to be approximately $215 million to $235 million, including $15 million in noncash expenses related to stock compensation.
Sheldon Keenan: With that I will now turn the call back over to Sheldon for closing remarks Sheldon as.
Sheldon Keenan: As we conclude todays earnings call I want to take a moment to reflect on the meaningful progress. We've made an exciting journey ahead, our commitment to revolutionizing cardiovascular risk reduction through our innovative benzoic acid products is unwavering. In addition, we are excited by the opportunities to leverage our leadership in ACL, why biology and look forward to.
Sheldon Keenan: Advancing our newly introduced pipeline is has groundbreaking potential our focus on innovation collaboration and expansion will continue to guide us as we strive to make cardio metabolic prevention accessible to everyone everywhere. We are confident that our strategic initiatives will propel us towards a future where millions of lives are.
Sheldon Keenan: Positively impacted by our efforts.
Sheldon Keenan: Thank you to our shareholders partners and team members for your steadfast support your commitment to our mission inspires US every day and we are excited to share. Our continued progress with you in the coming year together, we are making a difference and I look forward to the incredible advancements we will achieve operator, we are now ready to open the call to questions.
Speaker Change: Thank you and to ask a question you will need to press star one one on your telephone and wait for name to be announced to withdraw. Your question. Please press star one again placed on Violet, we compile the Q&A or offer.
Speaker Change: One moment for next for first question.
Dennis: The first question will come from the line of Dennis <unk> from Jefferies. Your line is open.
Dennis: Hey, good morning, Congrats on all the progress.
Speaker Change: I have two questions.
Speaker Change: One is on PD I guess when should we expect the new BD deal and perhaps remind us of your cash outlook for the remainder of this Europe, you'll have to wait for the otsuka milestones before executing the deal.
Speaker Change: And then my second question is on the Triple is that your way of playing clinical defense by specifically leveraging convenience for when <unk> gets approved in 2027, because from an efficacy perspective, I guess for triple get 60% plus LDL reduction in one pill, but all of a social care can get there or higher with two.
Speaker Change: So is that how you see the value proposition here for the Triple one versus two build thank you.
Speaker Change: Hey, Dennis Thanks for joining appreciate the question on the BD side, so to answer your question.
Speaker Change: We're making very good progress there I've said before we're not going to set a timeline just because we don't want to feel like we have to execute a deal to get a deal done we want to wait for the right deal that makes sense for this company I will say they are not predicated on having the otsuka milestones in hand, everything we've been looking at would be sort of separate from that.
Speaker Change: And when we see the right asset that makes sense in the commercial bag that we can put it in and we're going to we're going to execute it and not necessarily wait around for some other timeline here.
Speaker Change: Thanks, Ben Thanks, Dennis as it relates to the Triple combination keep in mind, Dennis and we've talked about this before that and Theres publications that support the triple combination we've seen LDL lowering in excess of 60% actually in some cases up to 70%.
Speaker Change: Definitely something as it relates to a play a convenience. It's one pill and is also has really the potential of being the most efficacious LDL lowering drugs on the market. So that's how we look at it is it just one pill that a patient has to take in as you know many patients are taking some time.
Speaker Change: Six to seven medications in.
Speaker Change: In this case.
Speaker Change: They don't have to take one I'm not going to make comments compare it to <unk>, that's a product in development and well just have to wait to see if that product actually comes from it comes to the market.
Speaker Change: Thank you.
Speaker Change: Alright, thank you.
Speaker Change: One moment our next question.
Speaker Change: Our next question comes from the line of Joe and Guinness from H C. Wainwright. Your line is open.
Speaker Change: Hey, everybody. Good morning, Thanks for taking the questions. So first on the sales front.
Speaker Change: Youre up to about 15 right now as you said wanted to get a sense of do you feel it's right sized your continuing to wait to see on the potential expansion of sales to consider.
Speaker Change: Expanding your sales force number one and then number two I think more importantly, as we continue to talk about education around next looked hall.
Speaker Change: I'll provide one example, and maybe you have others as well so with regard to the education.
Speaker Change: What are you seeing with regard to any potential variability with regard to physicians defining statin intolerance.
Speaker Change: And are there any other key factors that still need to be tackled with regard to education.
Speaker Change: Sure. Thanks, Joe and good morning, So let me start with the sales force. So right now we have approximately 155 sales representatives and we do think that is the right amount. We've commented before that we have found the right balance between personal promotion and digital promotion and we do return on investment analysis on all of those so we're.
Speaker Change: Constantly monitoring those investments.
Speaker Change: You start off with 15, and I think what you were talking about with a 15 field reimbursement managers and that is new they were effective on April 1st we have 15 sales regions across the nation and we did have six field reimbursement managers, but we've expanded that to 15, where we have one in each sales region and we think that.
Speaker Change: Is going to be.
Speaker Change: And we've already seen something that's very successful because it really helps physicians think about how they have to fill out prior authorization and so it's just another way of supporting limiting barriers to prescribing. So we're excited about that regarding education. So that's very interesting.
Speaker Change: We've been very focused on statin intolerance, we have a new a piece out there their representatives are using the national lipid Association earlier in the year it came out and actually define that statin intolerance.
Speaker Change: It's about 30% of the population three zero so significant amount of folks just do not want to take a statin or can't tolerate a statin.
Speaker Change: And so.
Speaker Change: What we're finding is that physicians are really responding to the fact that the N. L. A has put out there its actually in our detail aid.
Speaker Change: And we go to physicians offices, just to give you a real life storage to your point and tell them that.
Speaker Change: Doctor out of the patients are sitting in your waiting room, you know I'm sure that many of them can't take a statin or theyre, just tolerating taken a stab but they really can't take it.
Speaker Change: And here now this is an opportunity where you can prescribed next with Paul and excellence that and I can tell you that message is gaining a lot of traction. So the education and we're just starting by the way there are some other things that we have planned that we'll continue to update you through the year, but we're not only focusing on physicians, but we're also looking at ways to act.
Speaker Change: Right the consumer.
Speaker Change: Fantastic Thanks, a lot children.
Speaker Change: Hey.
Speaker Change: One moment for our next question.
Speaker Change: Our next question comes from line of Jason's Monsky from Bank of America. Your line is open.
Jason Monsky: Good morning, Congrats on the quarter and thank you so much for taking our question.
Jason Monsky: I wanted to ask you is the triple combination the right approach here and I ask this because on one hand as you've just mentioned.
Jason Monsky: Patients, who aren't necessarily interested in taking a statin and on the other hand, there does seem to be a growing buzz or interest in LIFO protein and reducing that which is again something that both the PCF canines in the <unk>.
Jason Monsky: Have had success lowering so in terms of looking at the landscape down the road.
Jason Monsky: Where does the triple fall into place here.
Speaker Change: Yeah. So thanks, Jason so.
Jason Monsky: Yeah, we actually do think it's the right approach.
Jason Monsky: For the products that we have keep in mind that we also lower Hs CRP, which is a marker of inflammation, we actually showed a 22% reduction in Hs CRP and our endpoint in our clear outcome study.
Jason Monsky: And not only are we excited about this but our partners Daiichi Sankyo are excited about this there's going be more news coming as it relates to this in the fall as we've mentioned before.
Jason Monsky: As you know with LP little a.
Jason Monsky: There's a lot of science around it I think we're still waiting to see the data we thought we'd see some data this year, we will see it.
Jason Monsky: Next year, but I think.
Jason Monsky: H S. CRP L. P. Little a these are all important markers as.
Jason Monsky: As we've mentioned in the past you know cardiovascular disease is the number one killer and we can do something about it today with next was that and next locale and that's what we're focused on we're focused on getting our drugs prescribed today.
Jason Monsky: And next year and the year after the triple combination.
Jason Monsky: <unk> efficacy.
Speaker Change: As you know LDL efficacy is still a primary endpoint that the FDA considers for registering the drug so yes, it's absolutely the right play and we look forward to bringing it to market.
Speaker Change: But again for patients who aren't interested in taking a statin I mean is this the option for them well. So the nice thing now is we have and as we said in our prepared remarks, we have a suite of alternatives, which is something that the competition doesn't have.
Speaker Change: The beauty of the clear outcome study as it gave US a label where you can take our drug with a statin or you can take our drug without the statin. The other thing that you may recall out of a clear outcome study is that we are the only.
Speaker Change: Oral and only non statin that has both primary and secondary prevention.
Speaker Change: And so this allows a physician to have greater flexibility.
Speaker Change: And we've done market research to support that.
Speaker Change: Got it thanks for the color sure.
Speaker Change: Sure thing.
Speaker Change: Thank you one moment for our next question.
Speaker Change: Our next question will come from the line of Christian <unk>.
Speaker Change: <unk> from Cantor Fitzgerald Your line is open.
Speaker Change: Hi, good morning, everybody as it relates to the ACC a multi society guidelines can you talk about historically, how adoption may have changed based on the other therapies that have been added to these recommendations.
Speaker Change: Essentially trying to figure out how instrumental it is too.
Speaker Change: Patient uptake and adoption.
Speaker Change: Yes. Thank you Kristen so I think right now, it's a little bit too early to comment as it relates to other products, but I can tell you with us with initial feedback. This is all something this is also something that we have included in our detailing of the product. So it's kind of a one two punch, where we can talk about the <unk> law.
Speaker Change: A recommendation or the statement of statin intolerance, but we can also talk about this new guideline and I can tell you that having that message as it relates to both of those is very impactful to not only cardiologists, who really follow the guidelines more southern primary care, but we are seeing that primary care.
Speaker Change: Physicians are also very responsive to this as well so for US it's been a I would say again very early but feedback from the field is that it's been very meaningful.
Speaker Change: Thank you.
Speaker Change: One moment for our next question.
Speaker Change: Our next question will come from the line of Serge Belanger from Needham Your line is open.
Speaker Change: Hi, Good morning, everyone. This is John on for Serge today, Thanks for taking our questions.
Speaker Change: So I just wanted to touch on first seasonal market dynamics for Mexico next was it.
Speaker Change: Obviously, there is a little bit of a slowdown in <unk>.
Speaker Change: You mentioned the flat lipid market changes the med part D. It et cetera.
Speaker Change: Just curious qualitatively whether you think this was worse this year than in years prior and.
Speaker Change: Could this in any way kind of portends, a bigger bounce back for <unk>.
Speaker Change: Yeah. Thanks, John.
Speaker Change: No doubt this was definitely worse.
Speaker Change: 10 years prior and part of it was just because of the I R. A N. A lot of it was there was new but let me turn it over to BJ, who can also give us some more color on it yes, John that prescription growth was impacted by a variety of the seasonal factors, which included the annual insurance deductible.
Speaker Change: And reset but there was also an added confusion also around the inflation reduction act and those related adjustments, but from an emerging positive trends starting in March.
Speaker Change: Observe.
Speaker Change: Improving trends, including reductions in patient co pays.
Speaker Change: Which positively influences prescription uptake and we're also seeing really great feedback and early signs from our targeted payer initiatives.
Speaker Change: Aimed at also increasing prescribing among previous non writers so were really from an out of pocket perspective, we.
Speaker Change: We've seen this decrease in elevated levels and observed in January and February and really looking forward to that trend continuing.
Speaker Change: And to add just a little bit more color BJ and team also did research John with Medicare providers to see what was causing this confusion and what's your confusion and all the feedback and these are from all the top Medicare providers in United States. There is confusion amongst consumers what do they have to pay what was their true out of pocket.
Speaker Change: At one point you may recall back in January there is rhetoric that.
Speaker Change: Medicare was going to be shut down.
Speaker Change: Which also created confusion, so theres a lot of different dynamics and that's what made it probably the worst that we've ever seen.
Speaker Change: Great Yeah. Thanks for that color and then just quickly to touch on the Triple combo.
Speaker Change: Do you have any timelines at this point as to when it could reach market.
Speaker Change: What any sort of regulatory framework will look like here to get it approved.
Speaker Change: Sure Yeah, so in our prepared remarks.
Speaker Change: The timing is we'd like to see this product hit in 2027, the regulatory aspect of this is that this is just really a bioequivalence and stability. There's no clinical study that's necessary.
Speaker Change: In order to get the product onto the market, but I think the biggest question. There is the timing and that's 2027.
Speaker Change: Thank you one moment our next question.
Jessica Fye: Our next question will come from the line of Jessica Fye from JP Morgan Your line is open.
Jessica Fye: Hey, guys. Good morning. Thanks for taking my question I was hoping you could help us think about the gross margin trajectory over the remainder of this here in the next few years I'm just kind of in addition to you know which direction. The numbers are going kind of explain to us what's what's behind the evolution in gross margin as well. Thank you.
Jessica Fye: Yes, Hi, Jeff This is Ben so.
Ben: Our gross margin is largely influenced by the proportion of what sales received between the U S and those tablet sales to our partners, mainly DSC, which I think we've mentioned before or at the flat to negative margin. So as the tech transfer progresses, we will see those margins improve.
Ben: And we'll also see improvement on the working capital side as we start transitioning some of that to DSC.
Ben: I think that's kind of a multiyear progression, it's not going to be overnight.
Ben: I won't comment this quarter, we did have some cost adjustments in Cogs, which inflated it I would say more so than typical.
Ben: We do not expect those to recur again in Q2.
Ben: But I think we'll continue to see improving margins as the tech transfer goes on over the next year or so here.
Ben: And.
Ben: Ultimately, we will come back to what I would say are in normal pharmaceutical margin for a biotech company in this space.
Ben: Thank you.
Ben: Thank you.
Sheldon Keenan: And I'm not showing any further questions in the queue I would like to turn the call back over to Sheldon for any closing remarks.
Sheldon Keenan: Thank you operator, and thank you all again for your time and attention. This morning, we are looking forward to participating in the citizens JMP Life Science Conference later, this week and hope to have the opportunity to connect with many of you then in the meantime, if you have any questions or like to have a call with the team just.
Sheldon Keenan: Reach out to our head of Investor Relations, Alicia Valencia and have a great day and thank you for your support.
Sheldon Keenan: Thank you for your participation in today's conference.
Sheldon Keenan: This concludes the program you may now disconnect everyone have a great day.
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