Q3 2025 Mallinckrodt PLC Earnings Call

There will be a question and answer session to ask a question. During the session you will need to press star one on your telephone you will then hear an automated message advising you. Your hand is raised to withdraw your question. Please press star. One again, please be advised that today's conference is being recorded I would now like to hand, the conference over to your speaker today Gerard mutant <unk>.

Speaker #1: You will then hear an automated message advising you your hand is raised. To withdraw your question, please press *11 again. Please be advised that today's conference is being recorded.

Speaker #1: I would now like to hand the conference over to your speaker today, Gerard Muchner. Please go ahead, sir.

Go ahead Sir.

Speaker #2: Thank you, operator, and welcome, everyone. Before we begin, let me remind you that we will make forward-looking statements on this call, and it's possible that actual results could be materially different from our stated expectations.

Thank you operator and welcome everyone.

Before we begin let me remind you that we will make forward looking statements on this call and it's possible that actual results could be materially different from our stated expectations.

Speaker #2: Please note these forward-looking statements are made as of today, November 10, 2025. And we assume no obligation to update them, even in the event of new information or if actual results or future expectations change materially, except as required by law.

Please note. These forward looking statements are made as of today November 10, 2025, and we assume no obligation to update them even in the event of new information for us.

Actual results or future expectations change materially except as required by law.

Speaker #2: We encourage you to refer to the cautionary statements contained in our SEC filings for a more in-depth explanation of the inherent limitations of such forward-looking statements.

We encourage you to refer to the cautionary statements contained in our SEC filings for a more in depth explanation of the inherent limitations of such forward looking statements.

Speaker #2: Additionally, we note that this call does not constitute an offer to sell, or the solicitation of an offer to buy any securities, and any such offering would be made pursuant to the registration statement to be filed with the SEC.

Additionally, we note that this call does not constitute an offer to sell.

Or the solicitation of an offer to buy any securities.

Christiana Stamoulis: Net sales of Percocet were $15 million, a decrease of 37% versus the prior year quarter. That was largely due to a formulary status change in the quarter by a major player. Turning to guidance, as a result of AstraZeneca's continued strong performance in Q3, we are raising 2025 full-year net sales growth guidance for Astra from a 20% to 30% range to a 30% to 35% range. In addition, we are updating net sales growth guidance for Siaflex from a high single-digit range to a mid-single-digit range. We are raising full-year 2025 pro forma net sales and adjusted EBITDA guidance for Chinova compared to the implied guidance for the branded business previously provided back in August. The updated guidance excludes PyreHealth's results.

Any such offering would be made pursuant to the registration statement to be filed with the SEC.

Speaker #2: We will also provide select non-GAAP adjusted measures related to our financial performance on this call. A reconciliation of these non-GAAP measures is included in our earnings release and in this presentation, which can be found on our website, kenova.com.

We will also provide select non-GAAP adjusted measures related to our financial performance on this call.

A reconciliation of these non-GAAP measures is included in our earnings release and in this presentation, which can be found on our website <unk> dot com we.

Speaker #2: We use our website as a channel to distribute important and time-critical company information. You should look to the Investor Relations page of the website for this information.

We use our website as a channel to distribute important and time critical company information and you should look to the Investor Relations page of the website for this information.

Speaker #2: As noted in our earnings release, the third quarter for Mallinckrodt ended on September 26, 2025. Mallinckrodt's third quarter earnings report includes combined business results since the completion of our merger with Endo on July 31, 2025.

As noted in our earnings release, the third quarter for Mallinckrodt ended on September 26, 2025.

Mountain <unk> third quarter earnings report includes the combined business results since the completion of our merger with Endo on July 31 2025.

Speaker #2: Joining me on today's call are Sigurdur Olafsson, our president and chief executive officer, and Christiana Stamulis, our president and chief financial officer. Sigurd and Christiana will provide an overview of our new company, Kenova Therapeutics, and review our performance for the third quarter in detail.

Joining me on today's call are Siggi, Olafsson, President and Chief Executive Officer, and Christiana, <unk>, our president and Chief Financial Officer.

Christiana Stamoulis: We now expect pro forma net sales to be between $1.87 and 1.89 billion, and pro forma adjusted EBITDA to be between $505 and 515 million, inclusive of approximately $135 million in compensation expenses related to the merger of Mallinckrodt and Endo expected for the full year. This updated full-year guidance reflects expected fourth quarter 2025 net sales of $485 to 505 million and adjusted EBITDA of $155 to 165 million, inclusive of approximately $10 million of expected transaction-related compensation expenses in the fourth quarter. Lastly, as Sigurd noted, we remain on track to realize approximately $75 million of pre-tax run-rate synergies in the first 12 months post-merger, and at least $150 million of annual pre-tax run-rate synergies by year three post-merger, primarily driven by the integration of business functions, and savings from economies of scale, among other areas.

And Kristina will provide an overview of our new company Qdoba therapeutics.

And review our performance for the third quarter in detail.

Speaker #2: I'll now turn the call over to Sigurd.

I'll now turn the call over to Siggi.

Speaker #3: Thanks, Gerard. And good morning, everyone. This year has been nothing short of transformative for us. First, we brought together two pharmaceutical leaders with a merger of Mallinckrodt and Endo.

Thanks Kara.

Good morning, everyone.

This year has been nothing short of transformative for US first we brought together two pharmaceutical leaders with a merger of Mallinckrodt Fernando.

Speaker #3: Then, we combined our generics and sterile injectable businesses under the name Pyrehealth, and announced today that we completed the spin-off of that business as a separate private company.

We combined our January <unk>.

Several injectable businesses under the name powerhouse.

And announced today that we completed the spinoff of the business as a separate private company.

Speaker #3: This is an exciting day for our teams. And we are proud to introduce you to Kenova Therapeutics, a new company with a new identity and new future.

This is an exciting day for our teams and we are proud to introduce you to <unk> therapeutics.

A new company with a new identity, a new future.

Speaker #3: Kenova strives to develop therapeutics that help patients with rare and unaddressed conditions live happier and healthier lives. The name Kenova evokes two complementary attributes of our company: the keen focus on helping patients receive the care they deserve, and the innovation required to develop our therapeutics.

<unk> strives to develop therapeutics that help patients with severe and address conditions live happier healthier lives.

The name key Nova evokes two complementary attributes of our company.

Christiana Stamoulis: I'll now hand the call back to Sigurd for closing remarks.

The keen focus on helping patients receive the care they deserve.

Sigurdur Olafsson: Thank you, Christiana. As we introduce Chinova to the investor community, I want to say that I'm deeply proud of our teams and the incredible work they have done this year. We have a tremendous opportunity ahead, and we look forward to keeping you informed of our progress. With that, I will now open it up for Q&A.

On the innovation required to develop our therapeutics.

Speaker #3: Our new tagline, "Keen to solve, keen to serve," reflects our commitment to help solve the challenges our patients face and to serve them with integrity.

Our new tagline.

Keen to solve keen to serve reflect our commitment to help solve the challenges our patient phase and to serve them is integrity.

Speaker #3: Our diversified portfolio serves areas of significant and medical need, with focus on rheumatology, ophthalmology, nephrology, pulmonology, neurology, urology, orthopedics, and neonatal respiratory critical care.

Our diversified portfolio serves areas of significant unmet medical need with focus on rheumatology and ophthalmology, nephrology Pulmonology neurology, urology, orthopedics and neonatal respiratory critical care.

Operator: Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. One moment while we compile our Q&A roster. I'm showing no questions at this time, and I would like to hand the conference back over to Gerard Meuchner for closing remarks.

Speaker #3: We have a strong platform in place with two key brands: AsterGel and Xiaflex. A US-focused footprint and strong commercial capabilities. Following the merger with Endo, we have a greater financial flexibility to build a robust pipeline by expanding the approved indications of existing assets and pursuing business development opportunities.

We have a strong platform in place with two key brands offset deal on XIAFLEX.

Gerard Meuchner: Thank you. Thanks, Sigurdur and Christiana, and thank you all again for joining us today. We look forward to engaging with you in the days and weeks ahead. If you have any questions, the best way to contact us will be via email, and we will work to get back to you as soon as possible. Thank you.

U S focused footprint and.

Strong commercial capabilities.

Following the merger with Endo, we have a greater financial flexibility to build a robust pipeline by expanding the approved indications of existing assets.

Operator: This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

Pursuing business development opportunities.

Speaker #3: The merger also created a meaningful fraternity opportunity. Kenova is on track to realize and benefit from approximately $75 million of pre-tax run rate fraternities in the first 12 months post-merger, and at least $150 million of annual pre-tax run rate fraternities by year three post-merger.

The merger also created a meaningful synergy opportunities.

Quinoa is on track on realized.

The benefit from approximately $75 million of pre tax run rate synergies in the first 12 months post merger.

And at least $150 million of annual pre tax run rate synergies by year three post merger.

Speaker #3: In the third quarter, we were pleased to welcome new leadership to add to the existing strength of our executive team at such an important moment for the business.

In the third quarter, we were pleased to welcome new leadership to add to the existing strength of our executive team at such an important moment for the business.

Speaker #3: That includes our president and chief financial officer, Christiana Stamulis, who has an exceptional record of achievement in strategy, finance, corporate development, and execution. She is with us on today's call and will review our financials shortly.

That includes our president and Chief Financial Officer, Christiana Stylists, who has an exceptional record of achievements and strategy finance corporate development and execution.

She is with US on today's call I will review our financials shortly.

Speaker #3: Executive Vice President and Chief Scientific Officer, Dr. Marek Honczarenko, has another impressive addition to the team. Marek has a successful track record of launching name-brand products at some of the world's largest and most accomplished pharmaceutical companies, and his leadership will be key to building a more robust pipeline as well as a world-class R&D organization at Kenova.

Excessive vice President and Chief Scientific Officer, Dr. Marek.

Marek <unk> as another impressive.

Was another impressive addition to the team.

Mark has a successful track record of launching named brand product up some of the world's largest and most accomplished pharmaceutical companies and his leadership will be key to building a more robust pipeline as well as our world class R&D organization Quinoa.

Speaker #3: Looking ahead, we currently intend to pursue a listing of Kenova's ordinary shares on the New York Stock Exchange in 2026. Subject to approval by Kenova's board of directors, and other considerations and conditions.

Looking ahead, we currently intend to pursue a listing of <unk> ordinary shares on the New York stock exchange in 2026.

To approval by <unk> board of directors and other considerations and conditions.

Speaker #3: We expect to conduct a public offering of Kenova's ordinary shares to facilitate the listing at that time. In short, we have a strong foundation in place.

We expect to conduct a public offering of <unk> ordinary shares to facilitate the lifting at that time.

In short we have a strong foundation in place and.

Speaker #3: And we are eager to keep building and delivering meaningful benefits for our patients and value for our shareholders and partners. Our results for the third quarter reflect that Kenova is off to a great start.

And we are eager to keep building and delivering meaningful benefits for our patients and value for our shareholders and partners.

Our results for the third quarter reflect that quinoa is off to a great start.

Speaker #3: While we operated as a combined business in the third quarter, we will focus our comments today on results related to the brand business, where we delivered a 10% top-line growth on a pro forma basis versus the prior year quarter.

While we operated as a combined business in the third quarter, we will focus our comments today on results related to the brand business, where we delivered 10% top line growth on a pro forma basis versus the prior year quarter.

Speaker #3: Let's take a closer look at some key products and drivers from the portfolio. Starting with AsterGel, net sales in the third quarter increased 44% compared to the prior year quarter, making another quarter of significant growth.

Let's take a closer look at some key products and drivers from the portfolio.

Starting with Axa Deal's net sales in the third quarter increased 44% compared to the prior year quarter, making another quarter of significant growth.

Speaker #3: We are now in the second year of rolling out our self-desk device, and with strong active continues to play a pivotal role in AsterGel's growth.

We are now in the second year of Rolling out our self test device.

Strong ethic continues to play a pivotal role in after sales growth.

Speaker #3: On the back of growing demand and a broadening prescriber base, and with self-desk consistently exceeding expectations, we now expect AsterGel's net sales growth to be between 30% and 35% for the full year.

On the back of growing demand and broadening prescriber base and sensitive consistently exceeding expectations. We now expect after deal net sales growth of 30% to 35% for the full year.

Speaker #3: Next, Xiaflex net sales growth in the third quarter was 2% versus the prior year quarter, as we experienced certain unexpected shipment delays. We are also making important progress in our Xiaflex pipeline for new indications.

Next sire flex net sales growth in the third quarter was 2% versus the prior year quarter as we experienced a certain unexpected shipment delays.

We're also making important progress in our <unk> pipeline for new indications.

Speaker #3: I'm pleased to share that we have initiated a clinical program evaluating Xiaflex for hammertoe and we have already recruited over 30 patients. We are also on track to complete patient enrollment in our phase three clinical program evaluating Xiaflex for plantar fibromatosis by the end of the year.

I am pleased to share with US we have initiated a clinical program evaluating XIAFLEX for hammer toe and we have already recruited over 30 patients.

We're also on track to complete patient enrollment in our phase III clinical program evaluating <unk> flex for flat for plantar fibromatosis by the end of the year.

And we now expect top line data to be available in the second quarter of 2026.

Lastly on IMAX, we are pleased to see continued growth outside the U S.

Our strong performance in Japan.

We also continued to advance our multiyear rollout of the evolve es delivery system into U S hospitals.

As of the end of third quarter, we have more than 900 devices placed in over 100 hospitals nationwide.

Our excellent execution this quarter position us to have a strong finish to the year.

Before Christiana discusses the financial results in more detail.

I would like to take a moment to acknowledge our teams.

As I mentioned this year has been transformative and our employees have navigated many significant challenges.

Primarily.

The work of bringing together two companies and executing a spinoff.

Their unwavering focus on advancing our strategic priorities and dedication to serving patients have put us in a position for continued success.

Our people are why I have every confidence in our bright and future bright future for Qdoba.

Now I'll turn the call over to Christina.

Thank you for the introduction Cindi I'm excited to be speaking here for the first time as president and CFO.

He started my new role in September I have been deeply impressed by the team here and their commitment to making the most of the unique opportunity we have to reinvent our company.

Before Cristiana discusses the financial results in more detail. I would like to take a moment to acknowledge our teams.

As I mentioned, this year has been transformative for our employees.

It's a promising time for all of Us and an honor for me to be part of thinking of our team.

Have navigated many significant challenges primarily.

Before discussing the financial results for the quarter. It is worth noting that as a result of the merger with and both the company operated in three reportable segments during the third quarter of 2025.

The work of bringing together 2 companies aren't executing a spin-off.

Specialty, Brian G&A and sterile injectables.

Their unwavering focus on advancing, our strategic priorities and dedication to serving patients, have put us in a position for continued success.

Going forward in other comprises only the specialty brands segment, one five half comprises of genetics and sterile Injectables segment.

Our people are why I have every confidence in a bright and future, bright future for kinova.

I would like to also point out that the company's third quarter earnings report reflects only two months of combined business results since the merger of kind of closed on July for Victor.

Now, I'll turn the call over to Christiana.

Thank you for the introduction, Sigi. I'm excited to be speaking here for the first time as President and CEO of Kinova.

To support year over year comparability in our presentation slides, we have provided pro forma financial results as if the companies were combined for the entirety of the corresponding period presented.

She started my new role in September. I have been deeply impressed by the team here, and the commitment to making the most of the unique opportunity. We have to reinvent our company.

Therefore this information is in addition to the information included in this morning's earnings release, which we encourage you to also review.

It's a promising time for all of us and an honor for me to be part of the kinova team.

The pro forma results also exclude mallinckrodt set across business and then dose international pharmaceutical business and did not reflect the impact of potential synergies or in the case of packed house. The additional costs required to operate the business on a standalone basis.

Before discussing the financial results for the quarter, it is worth noting that, as a result of the merger with Endo, the company operated in three segments during the third quarter of 2025.

Specialty brand generic and several injectables.

Vincent Pascal spinoff was completed today the primary focus of our discussion will be on particularly Nova results.

Going forward, Innova comprises only the specialty brand segment, while part Health comprises the generics and sterile injectable segments.

Ipass has surpassed published its third quarter results. This morning.

I would like to also point out that the company's third quarter earnings report reflects only 2 months of combined business results since the merger of endo closed on July 3rd.

Turning to slide seven in the third quarter financial highlights.

Pro forma net total net sales for the company in the third quarter of 2025 eight.

$869 million in.

to support year-over-year comparability in our presentation slides, we have provided performance Financial results as if the companies were combined for the entirety of the corresponding period, presented

An increase of 3% compared to $845 million in the third quarter of 2024.

Therefore, this information is in addition to the information included in this morning's earnings release, which will encourage you to also review.

Pro forma net sales for Qdoba in the third quarter of 2005 were $480 million, an increase of 10% compared to $435 million in the third quarter of 2024, primarily driven by the strong performance of our funds yet.

The performance results also exclude Mallinckrodt, cross-border cost business, and those international pharmaceutical businesses, and do not reflect the impact of potential synergies or, in the case of Past Health, the additional costs required to operate the business on a standalone basis.

Pro forma net sales for <unk> in the third quarter of 2005 was $389 million.

A decrease of 5% compared to $410 million.

Since the Park Health spinoff was completed today, the primary focus of our discussion will be on speaking over resolve.

In the third quarter 2004.

Separately published its third quarter results this morning.

Pro forma adjusted EBITDA for the company in the third quarter of 2005 was $129 million compared to $268 million since the third quarter.

Turning to slide 7 and the third quarter financial highlights.

Quarter of 'twenty four.

Pro forma adjusted EBITDA from Canada in the third quarter of 25 was $52 million compared to $143 million in the third quarter of 2004.

Performant net sales for the company in the third quarter of 2025 were $869 million, an increase of 3% compared to $845 million in the third quarter of 2024.

This decrease was primarily due to a $123 million in compensation expenses in the quarter related to the merger of Mallinckrodt and anthem.

Partially offset by growth in Africa.

<unk> compensation expenses pro forma adjusted EBITDA increased by $25 million.

Proform and sales for kinova in the third quarter of 2015 were 480 million and increase of 10% compared to 435 million in the third quarter of 2024 primarily driven by the strong performance of our

Pro forma adjusted EBITDA for <unk> in the third quarter of 'twenty, five or $77 million.

Compared to $125 million in the third quarter of 2004.

Foreman at Sales for Part Health. In the third quarter of 2025, sales were $389 million, a decrease of 5% compared to $410 million in the third quarter of 2024.

Now, let's take a closer look asking of us performance.

Net sales of zelle in the third quarter of 2580 $1 million, an increase of 44% compared to $126 million in the third quarter of 2012.

ProForm just a bit for the company in the third quarter of 25 was 129 million compared to 268 million in the third.

Quarter of 24.

This growth is reflective of strong category expansion, a broader and deeper prescriber base as 30% of the active prescriber base was new to the category.

In the third quarter of 24.

Accelerated adoption of the self check device with Charles checked accounting for 84% of all new retailer routes in the quarter.

This decrease was primarily due to 123 million in compensation expenses, in the quarter related to the merger of Malin protein endo.

Partially offset by growth in Africa.

And then paint patient of what that mean.

Excluding compensation expenses, performer adjusted VA increased by 25 million.

Turning to XIAFLEX.

Net sales in the third quarter of 2025 were $130 million, an increase of 2% compared to $128 million in the third quarter of 2024.

For former Justice. EBA Health in the third quarter of 25 was 77 million compared to 125 million in the third quarter of 24.

I think he mentioned third quarter 'twenty five XIAFLEX growth was negatively impacted by an unexpected delay in certain shipments, which safety from the third quarter to the fourth quarter.

Now, let's take a closer look at kenova's performance.

With respect to the remaining portfolio would note that in the third quarter of 2005 net sales for final remarks were $69 million, a decrease of 8% compared to the prior year quarter, driven by competitive pressures in the U S, partially offset by 19% growth in check.

Net sales of a gel in the third quarter of 25 where 181 million and increase of 44% compared to 126 million dollars in the third quarter of 24.

This growth is a reflective of strong category expansion.

A broader and deeper prescriber base as 30% of the actors. Prescribe, their base was new to the category.

Hi.

Net sales of Percocet.

Accelerated adoption of this, just check device with self checked accounting for 84% of all new reseller routes in the quarter.

<unk> million dollars, a decrease of 37% versus the prior year quarter that was largely due to a formulary status change in the quarter by a major player.

And then change patient affordability.

Turning to zylex.

Turning to guidance.

Net sales in the third quarter of 2025 were $130 million, an increase of 2% compared to $128 million in the third quarter of 2024.

As a result of <unk> continued strong performance in Q3.

Raising 25 full year net sales growth guidance for Rockstar commit 20% to 30% range.

30% to 35% range.

As CG mentioned, third quarter, 25 Z Flex growth was negatively impacted by an unexpected delay in certain shipments, which received it from the third quarter to the fourth quarter.

In addition, we are updating net sales growth guidance for XIAFLEX promising high single digit range to a mid single digit range.

We are raising full year 2025 pro forma net sales and adjusted EBITDA guidance for Qdoba compared to the implied guidance for the branded business previously provided back in August.

With the respect to the remaining portfolio. Would note that in the third quarter of 25 net sales of final Max were 59 million, a decrease of 8% compared to the prior year quarter driven by competitive pressures in the US partially offset by 19% growth in Japan.

The updated guidance excludes health results.

We now expect pro forma net sales to be between one seven and $1 $9 billion.

And pro forma adjusted EBITDA to be between 505, and $515 million inclusive of approximately $135 million in compensation expenses related to the merger of myelin, Claude and Anvil expected for the full year.

Net sales of Percocet were 15 million dollars. A decrease of 37% versus the prior year quarter, that was largely due to a formulated status change in the quarter by a major player.

Turning to guidance.

This updated full year guidance reflects it.

As a result of Pastor gel continued, strong performance in Q3 we are raising 25 full year. Net sales, growth guidance for AAR, from a 20 to 30% range to a 30 to 35% range.

Active fourth quarter 25, net sales of $485 million to $505 million.

In addition we are updating net sales, growth guidance for zylex.

From the high single-digit range to emit, the single-digit range.

And adjusted EBITDA of $155 million to $165 million inclusive of approximately $10 million of expected transaction related compensation expenses in the fourth quarter.

We are raising full year. 2025 performance sales and adjusted DBA guidance for kinova, compared to the implied guidance for the Branded business. Previously provided back in August.

Lastly, I think you noted we remain on track to realize approximately $75 million.

The updated guidance, excludes for health to resolve.

Pre tax run rate synergies in the first 12 months post the merger and it takes a $150 million of annual pre tax run rate synergies by year three post merger, primarily driven by the integration of business actions and savings from economies of scale among other areas.

We now expect performance at sales to be between 1.87 and 1.89 billion dollars.

I'll now hand, the call back to CEO for closing remarks.

And perform a Justice Vida to be between $5.005 million and $515 million, inclusive of approximately $135 million in compensation expenses related to the merger of Mallinckrodt and Endo, over the three years.

Thank you Christina.

We introduced quinoa to the Investor community I want to say that I'm deeply proud of our teams on the incredible work they have done this year.

this updated full year guidance, reflects expected, fourth quarter 2525, net sales of 485 to 500 of 5 million,

We have a tremendous opportunity ahead, and we look forward to keeping you informed of our progress.

And with US I will now open for Q&A.

In Austria of 355, 265 million inclusive of approximately 10 million dollars of expected transaction. Related compensation, expenses in the fourth quarter.

Thank you.

<unk> to ask a question. Please press star one on your telephone and wait for your name to be announced to withdraw your question. Please press star one again.

One moment, while we compile our Q&A roster.

I'm showing no questions at this time I would like to hand, the conference back over to Gerard mute Shneur for closing remarks.

Thank you, thanks, Siggi and Christiana and thank you all again for joining US today, we look forward to engaging with you in the days and weeks ahead. If you have any questions in the best way to contact us will be via email.

Lastly, I see you noted. We remain on track to realize approximately 75 million of free tax, 1 rate synergies. In the first 12 months post the merger and at least 150 million dollars of annual pre-tax 1 rate synergies by year. 3 post merger primarily driven by the integration of business functions and savings from economies of scale among other areas.

I'll now hand the call back to CG for closing remarks.

Thank you, Cristiana.

And we will work to get back to you as soon as possible. Thank you.

This concludes today's conference call. Thank you for participating and you may now disconnect everyone have a great day.

I'm deeply proud of our teams and the incredible work they have done this year. I would like to introduce Kinova to the investor community.

We have a tremendous opportunity ahead, and we look forward to keeping you informed of our progress.

And with that, I will now open the floor for Q&A.

Thank you as a reminder, to ask a question. Please press star 1, 1 on your telephone and wait for your name to be announced to withdraw your question. Please. Press star 1 1 again.

1 moment while we compile our Q&A roster.

I'm showing no questions at this time and I would like to hand the conference back over to Gerard muter for closing remarks.

Thank you. Thanks Siggy, and Chris Gianna, and thank you all again for joining us today. We look forward to engaging with you in the days and weeks ahead. If you have any questions, the best way to contact us will be via email.

And we will work to get back to you as soon as possible. Thank you.

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.