Q1 2026 Ascendis Pharma A/S Earnings Call

May 7, 2026

Operator: Good day, thank you for standing by. Welcome to the Q1 Ascendis Pharma earnings conference call. I would like to hand the conference over to your first speaker today, Chad Fugere, Vice President of Investor Relations. Please go ahead.

Speaker #1: After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star 101 on your telephone.

Speaker #1: You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 101 again. Please revise that today's conference is being recorded.

Speaker #1: I'll now extend the conference over to your first speaker today, Chad Fugure, Vice President of Investor Relations. Please go ahead.

Speaker #2: Thank you, Operator, and thank you, everyone, for joining our first quarter 2026 financial results conference call. I'm Chad Fugure, Vice President of Investor Relations at Ascendis Pharma.

Chad Fugere: Thank you, operator, and thank you everyone for joining our Q1 2026 financial results conference call. I'm Chad Fugere, Vice President, Investor Relations at Ascendis Pharma. Joining me on the call today are Jan Mikkelsen, President and Chief Executive Officer, Scott Smith, Chief Financial Officer, Sherrie Glass, Chief Business Officer, and Jay Wu, EVP and President, US Market. Before we begin, I'd like to remind you that this conference call will contain forward-looking statements that are intended to be covered under the safe harbor provided by the Private Securities Litigation Reform Act.

Speaker #2: Joining me on the call today are Jan Mikkelsen, President and Chief Executive Officer; Scott Smith, Chief Financial Officer; Sherry Glass, Chief Business Officer; and Jay Wu, EVP and President, US Market.

Speaker #2: Before we begin, I'd like to remind you that this conference call will contain forward-looking statements that are intended to be covered under the Safe Harbor provided by the Cybersecurity Litigation Reform Act.

Chad Fugere: Examples of such statements may include, but are not limited to, statements regarding our commercialization and continued development of Duodys, YUVIWEL, and SKYTROFA, as well as certain expectations regarding patient access and financial outcomes, our pipeline candidates, and our expectations with respect to their continued progress and potential commercialization. Our strategic plans, partnerships and investments, our goals regarding our clinical pipeline, including the timing of clinical results and trials, our ongoing planned regulatory filings, and our expectations regarding timing and the result of regulatory decisions. These statements are based on information that is available to us as of today. Actual results may differ materially from those in our forward-looking statements. You should not place undue reliance on the statements. We assume no obligation to update these statements as circumstances change except as required by law.

Speaker #2: Examples of such statements may include, but are not limited to, statements regarding our commercialization and continued development of Dorby Path, UBWell, and SkyTrofa. As well as certain expectations regarding patient access and financial outcomes, our pipeline candidates and our expectations with respect to their continued progress and potential commercialization, our strategic plans, partnerships and investments, our goals regarding our clinical pipeline, including the timing of clinical results and trials, our ongoing planned regulatory filings, and our expectations regarding timing and the result regulatory decisions.

Speaker #2: These statements are based on information that is available to us as of today. Actual results may differ materially from those in our forward-looking statements.

Speaker #2: You should not place under reliance on these statements. We assume no obligation to update these statements as circumstances change, except as required by law.

Chad Fugere: For additional information concerning the factors that could cause actual results to differ materially, please see our forward-looking statements section in today's press release and the Risk Factors section of our most recent annual report on Form 20-F filed with the SEC on 11 February 2026. TransCon PTH is approved in the US by the FDA for the treatment of hypoparathyroidism in adults and the European Commission and Medicines and Healthcare products Regulatory Agency have granted marketing authorization for TransCon PTH as a replacement therapy indicated for the treatment of adults with chronic hypoparathyroidism. TransCon CNP is approved in the US by the FDA for the treatment of achondroplasia in children aged 2 years and older. Continued approval for this indication, which is based on an improvement in annualized growth velocity, may be contingent upon verification with description of clinical benefit and confirmatory trials.

Speaker #2: For additional information concerning the factors that could cause actual results to differ materially, please see our forward-looking statements section in today's press release, and the risk factors section of our most recent annual report on Form 20F filed with the SCC on February 11, 2026.

Speaker #2: TransCon PTH is approved in the US by the FDA for the treatment of hypoparathyroidism in adults in the European Commission. In the United Kingdom's Medicines and Healthcare Products Regulatory Agency, have granted marketing authorization for TransCon PTH as a replacement therapy indicated for the treatment of adults with chronic hypoparathyroidism.

Speaker #2: TransCon CMP is approved in the US by the FDA for the treatment of achondroplasia in children aged 2 years and older. Continued approval for this indication, which is based on an improvement in annualized growth velocity, may be contingent upon verification of description of clinical benefit and confirmatory trials.

Chad Fugere: TransCon hGH is approved in the US by the FDA for the replacement of endogenous growth hormone in adults with growth hormone deficiency, in addition to the treatment of pediatric growth hormone deficiency, and in the EU has received MAA authorization from the European Commission for the treatment of pediatric growth hormone deficiency. Otherwise, please note that our product candidates are investigational and not approved for commercial use. As investigational products, the safety and effectiveness of product candidates have not been reviewed or approved by any regulatory agency. None of the statements during this conference call regarding our product candidates shall be viewed as promotional. On the call today, we'll discuss our Q1 2026 financial results, and we'll provide further business updates. Following some prepared remarks, we'll then open up the call for your questions. With that, let me turn it over to Jan.

Speaker #2: TransCon HGH is approved in the US by the FDA for the replacement of endogenous growth hormone in adults with growth hormone deficiency. In addition to the treatment of pediatric growth hormone deficiency, and in the EU, has received MAA authorization from the European Commission for the treatment of pediatric growth hormone deficiency.

Speaker #2: Otherwise, please note that our product candidates are investigational and not approved for commercial use. As investigational products, the safety and effectiveness of product candidates have not been reviewed or approved by any regulatory agency.

Speaker #2: None of the statements during this conference call regarding our product candidates shall be viewed as promotional. On the call today, we'll discuss our first quarter 2026 financial results, and we'll provide further business updates.

Speaker #2: Following some prepared remarks, we'll then open up the call for your questions. With that, let me turn it over to Jan.

Jan Mikkelsen: Thanks, Chad. Good day, everyone, here from Copenhagen. Our first quarter of 2026 was another milestone point for 500 years with the FDA approval of our third TransCon product, YUVIWEL. Our revenues are growing rapidly. We are profitable. We have a pipeline of high-value product opportunities to support long-term growth. Three elements are cementing our position as a leading global biopharma company. First, our diversified product portfolio in one single therapeutic area. Following FDA approval of YUVIWEL, we have now achieved approval of three products in a row across four rare endocrine indications. Second, our rapid revenue growth from our existing endocrine rare disease portfolio, YORVIPATH, YUVIWEL, and SKYTROFA is highly differentiated with long durability. We expect sustained revenue growth for many years to come. Third, expanding our pipeline. We have proven our ability to create transformative medicines addressing unmet medical needs using our TransCon technology platform.

Speaker #3: Thanks, Jan. Good day, everyone, here from Copenhagen. At this quarter of 2026, we'll send our inflection point for Ascendis. With the FDA approval of our third TransCon product, UBWell.

Speaker #3: Our revenues are growing rapidly. We are profitable. We have a pipeline of high-value product opportunities to support long-term growth. Three elements are cementing our position as a leading global biopharma company.

Speaker #3: First, our diversified product portfolio in one single therapeutic area. Following FDA approval of UBWell, we have now achieved approval of three products in a row.

Speaker #3: Across four rare endocrine indications. Second, our rapid revenue growth. From our existing endocrine rare disease portfolio, UBWell, UBWell, and SkyTrofa, each highly differentiated with long durability, we expect sustained revenue growth for many years to come.

Speaker #3: Third, expanding our pipeline. We have proven our ability to create transformative medicines. Addressing unmet medical needs. Using our TransCon technology platform. To date, we have more than 20 ongoing or planned clinical trials.

Jan Mikkelsen: To date, we have more than 20 ongoing or planned clinical trials aiming at label and market expansion, including 4 differentiated new clinical entities in preclinical development. Turning now to YORVIPATH. Global YORVIPATH revenue in Q1 reached EUR 197 million. YORVIPATH revenue for Q1 was impacted by 2 one-time items: a temporary increase of US patients supported by free drug caused by reimbursement disruption and one-time impact of Europe direct related to expanded market access. Scott will explain the financial impact of these 2 events in his remarks. In the US, new patient enrollment in Q1 remain in line with the strong uptake we have seen in Q4 2025, with more than 1,000 new patients prescribed YORVIPATH during the quarter.

Speaker #3: Aiming at label and market expansion. Including four differentiated new chemical entities in preclinical development. Turning now to UBWell. Global UBWell revenue in the first quarter reached $197 million euros.

Speaker #3: UBWell revenue for the first quarter was impacted by two one-time items. At temporary increase of US patient supported by free drug caused by reimbursement disruption, and one-time impact of UBWell direct related to expanded market access.

Speaker #3: Scott will explain the financial impact of these two events in his remarks. In the US, new patient enrollment in Q1 remained in line with the strong uptake we have seen in Q4 2025.

Speaker #3: With more than 1,000 new patients prescribed UBWell during the quarter. To the end of March 2026, more than 6,300 patients have been prescribed UBWell by more than 2,700 unique healthcare providers.

Jan Mikkelsen: Through the end of March 2026, more than 6,300 patients have been prescribed YORVIPATH by more than 2,700 unique healthcare providers. March was our largest revenue month ever for YORVIPATH, supported by an increased number of new patients as well as patients returning to reimbursement from free drug. Importantly, the enrollment trends we saw in Q1 have continued to improve through April, consistent with our guidance. Insurance approval rates and median time to approval continue to improve. This strong support a strong foundation for revenue growth in 2026 and many years to come.

Speaker #3: March was our last revenue month ever for UBWell. Supported by an increased number of new patients as well as patients returning to reimbursement from free drug.

Speaker #3: Importantly, the enrollment trend we saw in Q1 has continued to April, consistent with our guidance. Insurance approval rates and medium time to approval continue to improve.

Speaker #3: This strong support, as strong foundation for revenue growth in 2026 and many years to come. Outside the US, UBWell is available commercially or through named patient programs in 35 countries.

Jan Mikkelsen: Outside the US, YORVIPATH is available commercially or through named patient programs in 35 countries, including full commercial reimbursement in 6 of our Europe direct markets, with additional launches expected through 2026. Looking forward ahead, we continue to pursue multiple expansion opportunities for YORVIPATH in new markets and indications. This includes doses up to 60 micrograms in the US, global expansion to patients aged 12 to 18, and continue development of once-weekly TransCon PTH for patients on stable YORVIPATH doses. With 70,000 to 90,000 patients living with chronic hypoparathyroidism in the US, and 5 to 10 times that number outside the US, we remain highly confident in YORVIPATH's long-term global potentials. I will now turn to our growth disorder franchise. With once-weekly YUVIWEL alongside our once-weekly growth hormone SKYTROFA, we believe Ascendis is uniquely positioned to strengthen its leadership in growth disorders.

Speaker #3: Including full commercial reimbursement in six of our UBWell direct markets, with additional launches expected through 2026. Looking forward ahead, we continue to pursue multiple expansion opportunities for UBWell in new markets and indications.

Speaker #3: This includes doses up to 60 micrograms in the U.S., global expansion to patients aged 12 to 18, and continued development of once-weekly TransCon PTH for patients on stable UBWell doses.

Speaker #3: With 17,000 to 90,000 patients living with chronic hyperparathyroidism in the US, and 5 to 10 times that number outside the US, we remain highly confident in UBWell's long-term global potential.

Speaker #3: I will now turn to our growth disorder franchise. With once-weekly UBWell alongside our once-weekly offering among SkyTrofa, we believe Ascendis is uniquely positioned to strengthen its leadership in growth disorders.

Speaker #3: Our US commercial infrastructure built and refined since SkyTrofa launched in 2021 has enabled a focused and high-impact launch for UBWell. With. Became commercially available in early April.

Jan Mikkelsen: Our US commercial infrastructure, built and refined since SKYTROFA launched in 2021, has enabled a focused and high impact launch for YUVIWEL, which became commercially available in early April. Since then, YUVIWEL has already been prescribed for more than 60 children by more than 35 unique healthcare providers, with children approved for reimbursement as fast as a few days. YUVIWEL has shown compelling results compared to placebo across multiple clinical trials. In addition to linear growth outcomes, these results include improvements in leg bone, spinal canal dimensions, body proportionality, physical function, and health-related quality of life compared to placebo without compromising safety or tolerability. We believe these outcomes reflect YUVIWEL's unique ability to provide continuous systemic CNP exposure throughout the body over the weekly dosing interval. Looking ahead, we plan to make YUVIWEL available in selected international markets through early access programs using the FDA approval.

Speaker #3: Since then, UBWell has already been prescribed for more than 60 children by more than 35 unique healthcare providers. With children approved for reimbursement as fast as a few days.

Speaker #3: UBWell has shown compelling results compared to placebo across multiple clinical trials. In addition to linear growth outcomes, these results include improvements in leg bowing, spinal canal dimensions, body proportionality, physical function, and health-related quality of life compared to placebo, without compromising safety or tolerability.

Speaker #3: We believe these outcomes reflect UBWell's unique ability to provide continuous systemic CMP exposure throughout the body over the weekly dosing interval. Looking ahead, we plan to make UBWell available in selected international markets through early access programs using the US FDA approval.

Jan Mikkelsen: As a reminder, our global infrastructure covers over 70 countries and has already generated product revenue for us in more than 35 countries. In EU, our regulatory decision on our marketing authorization application for YUVIWEL is expected in Q4 2026. We are also pursuing label expansion for YUVIWEL through ongoing trials. These include infants under 2 years of age with achondroplasia, and children with hypochondroplasia, as well as geographic label expansion clinical trials. Turning now to SKYTROFA. In the US, SKYTROFA maintains consistent performance as a premium product, with 7% share of the overall growth hormone market, reflecting steady demand across pediatric and adult patients as the only once-weekly product delivering unmodified somatropin.

Speaker #3: As a reminder, our global infrastructure covers over 70 countries and has already generated product revenue for us in more than 35 countries. In EU, a regulatory decision on our marketing authorization application for UBWell is expected in the fourth quarter of 2026.

Speaker #3: We are also pursuing label expansion for UBWell through ongoing trials. These include infants under two years of age with achondroplasia and children with hypochondroplasia, as well as geographic label expansion clinical trials.

Speaker #3: Turning now to SkyTrofa. In the US, SkyTrofa maintains consistent performance as a premier product with seven percent share of the overall growth market. Reflecting steady demand, a course pedagogic and adult patient as the only once-weekly product delivering unrevised somatopies.

Jan Mikkelsen: With the expected label expansion that could double the addressable patient population in the US and geographic expansion outside the US, we believe SKYTROFA will remain a cornerstone product in our growth disorder portfolio. Turning to our pipeline, this includes combination therapy with once-weekly TransCon CNP and TransCon growth hormone for children with achondroplasia. In our phase II CODE trial, we have reported unprecedented results that exceeds the already compelling foundation established by YUVIWEL monotherapy. Week 52 data from CODE presented in January showed improvement in achondroplasia-specific height z-score that indicate a triple of efficacy compared to TransCon CNP monotherapy, along with improvement in body proportionality. More recently, we shared additional Week 52 data that showed improvement in lower limb alignment, as well as an accelerated improvement in spinal canal dimensions, and an improvement in arm span not previously demonstrated with pharmacotherapy within a single treatment year.

Speaker #3: With the expected label expansion that could double the addressable patient population in the US and geographic expansion outside the US, we believe SkyTrofa will remain a cornerstone product in our growth disorder portfolio.

Speaker #3: Turning to our pipeline. This includes combination therapy with once-weekly TransCon CMP and TransCon growth hormone for children with Akondroplasia. In our phase two co-stripe, we have reported unprecedented results that exceed the already compelling foundation established by UBWell.

Speaker #3: Monotherapy. We see two data from codes. Presented in January showed improvement in Akondroplasia-specific height set score that indicates a triple of efficacy compared to TransCon CMP monotherapy along with improvement in body proportionality.

Speaker #3: More recently, we shared additional week 52 data that showed improvement in lower limb alignment as well as an accelerated improvement in spinal canal dimensions.

Speaker #3: And an improvement in arm strength, not previously demonstrated with pharma therapy within a single treatment year. Based on these findings, we believe our unique combination therapy of TransCon CMP and TransCon growth hormone could potentially eliminate the need for highly invasive procedures such as leg lengthening, arm lengthening, and leg straightening surgeries.

Jan Mikkelsen: Based on this finding, we believe our unique combination therapy of TransCon CNP and TransCon growth hormone could potentially eliminate the need for highly invasive procedures such as leg lengthening, arm lengthening, and leg straightening surgeries. We believe that this combination therapy could become the preferred treatment option for achondroplasia. I will now briefly turn to oncology. In our phase I/II IL-Believe trial, we have evaluated TransCon IL-2 β/γ in combination with paclitaxel in patients with late stage platinum-resistant ovarian cancer or clear cell. Median OS improved up to 10 months from 6 to 7 months from historical controls with a generally well-tolerated safety profile, validating the science behind TransCon IL-2 β/γ.

Speaker #3: We believe that this combination therapy could become the preferred treatment option for Akondroplasia. I will now briefly turn to oncology. In our phase one, two, I believe trial, we have elevated TransCon year two beta gamma in combination with paclitzab.

Speaker #3: In patients with late-stage plasma-resistant ovarian cancer or PRC, medium or worse improved up to 10 months from six to seven months from historical trials.

Speaker #3: With a general well-tolerated safety profile, validated the science-based TransCon IL-2 beta gamma. As further internal oncology development does not align with our strategic focus, we have decided to discontinue internal development of TransCon IL-2 beta gamma in oncology and will explore other ways to maximize the value of this asset.

Jan Mikkelsen: As further internal oncology development does not align with our strategic focus. We have decided to discontinue internal development of TransCon IL-2 β/γ in oncology and will explore other ways to maximize the value of these assets. Turning now to our partnership, our once monthly TransCon semaglutide with Novo Nordisk continue to advance towards the clinic. At Iconix, TransCon anti-VEGF also remain on track to enter the clinic this year. These programs further highlight the broader potential of our TransCon technology platform to address product opportunities in larger indications. In closing, in Q1 2026, we made significant progress across our business and our ability to make a meaningful difference for patients. We have 3 FDA-approved TransCon products across 4 indications, growing revenues, improving cash generation, and a pipeline to support long-term growth. I will now turn the call over to Scott to review our financial results.

Speaker #3: Turning now to our partnership, our once-monthly TransCon semaglutide with Novo Nordisk continue to advance towards the clinic. At Arconis, TransCon anti-BGF also ran on track to enter the clinic this year.

Speaker #3: These programs further highlight the broader potential of our TransCon technology platform to address product opportunities in larger indications. In closing, in the first quarter of 2026, we made significant progress across our business and our ability to make a meaningful difference for patients.

Speaker #3: We have three FDA-approved TransCon products across four indications: growing revenues, improving cash generation, and a pipeline that supports long-term growth. I will now turn the call over to Scott to review our financial results.

Speaker #3: Thanks a lot, Jan. And good afternoon, everyone. I will touch on some key points surrounding our first quarter financial results, which reinforce our confidence for growing operating profit and cash flow into the future.

Scott Smith: Thanks a lot, Jan, good afternoon, everyone. I will touch on some key points surrounding our Q1 financial results, which reinforce our confidence for growing operating profit and cash flow into the future. For further details, please refer to our Form 6-K filed today. YORVIPATH global revenue was EUR 197 million in Q1. Q1 was characterized by steady global uptake and normal seasonality, as well as two one-time items. Patients temporarily transitioned to free drug in the quarter in the US and a one-time impact in YORVIPATH direct related to expanded market access. The combined impact of these two items was approximately EUR 15 million. SKYTROFA contributed EUR 44 million in Q1. On a sequential basis, performance reflected consistent underlying demand with the expected drawdown in channel inventory built in Q4.

Speaker #3: For further details, please refer to our Form 6K filed today. Your path global revenue was $197 million in Q1. The first quarter was characterized by steady global uptake and normal seasonality.

Speaker #3: As well as two one-time items. Patients temporarily transitioned to free drug in the quarter in the US. And a one-time impact in Europe Direct related to expanded market access.

Speaker #3: The combined impact of these two items was approximately 15 million euros. SkyTrofa contributed 44 million euro in Q1. On a sequential basis, performance reflected consistent underlying demand with the expected drawdown in channel inventory built in Q4.

Speaker #3: Including 6 million euro in collaboration revenue, total Q1 2026 revenue amounted to $247 million euros. Continuing to expenses, R&D expenses in Q1 were $59 million euro, down from $78 million euro in Q4 25.

Scott Smith: Including EUR 6 million in collaboration revenue, total Q1 2026 revenue amounted to EUR 247 million. Continuing to expenses. R&D expenses in Q1 were EUR 59 million, down from EUR 78 million in Q4 2025. R&D in Q1 was favorably impacted by a write-up of YUVIWEL inventory consisting of EUR 11 million due to FDA approval and lower clinical activity across the portfolio. SG&A expenses rose to EUR 145 million in Q1 2026 compared to EUR 136 million in Q4 2025, reflecting continued impact of global commercial expansion. Total operating expenses for Q1 2026 were EUR 204 million, and operating profit was EUR 25 million, reflecting a 10% operating margin. Non-IFRS operating profit was EUR 55 million, and non-IFRS operating margin was 22%.

Speaker #3: R&D in Q1 was favorably impacted by a write-up of UGOL inventory consisting of €11 million due to US FDA approval and lower clinical activity across the portfolio.

Speaker #3: SG&A expenses rose to $145 million euro in Q1 2026 compared to $136 million euro in Q4 2025, reflecting continued impact of global commercial expansion.

Speaker #3: Total operating expenses for Q1 2026 were $204 million euro and operating profit was $25 million euro, reflecting a 10% operating margin. Non-IFRS operating profit was $55 million euro and non-IFRS operating margin was 22%.

Speaker #3: As revenue scales, we expect meaningful improvement in our operating margin, which will be visible over the course of 2026 and beyond. Net finance expense for Q1 2026 was $63 million euro primarily driven by non-cash items, including remeasurement loss of financial liabilities of $34 million euro.

Scott Smith: As revenue scales, we expect meaningful improvement in our operating margin, which will be visible over the course of 2026 and beyond. Net finance expense for Q1 2026 was EUR 63 million, primarily driven by non-cash items, including remeasurement loss of financial liabilities of EUR 34 million. Net cash financial expense for Q1 2026 was about EUR 1 million. Net profit for Q1 2026 was EUR 629 million, which included recognition of a EUR 679 million deferred tax asset in the P&L. Refer to our Form 6-K for more detail. Non-IFRS net profit was EUR 18 million or EUR 0.27 per share.

Speaker #3: Net cash financial expense for Q1 26 was about $1 million euro. Net profit for Q1 2026 was $629 million euro, which included recognition of a $679 million euro deferred tax asset in the P&L.

Speaker #3: Referred to our 6K for more detail. Non-IFRS net profit was $18 million euro, or $27 cents per share. We ended Q1 2026 with $573 million euro in cash and cash equivalents which includes the impact of $60 million euro in Q1 from our previously announced share repurchase program and net settlement of certain RSUs.

Scott Smith: We ended Q1 2026 with EUR 573 million in cash and cash equivalents, which includes the impact of EUR 60 million in Q1 from our previously announced share repurchase program and net settlement of certain RSUs. In April, we successfully completed our transition to a direct listing of our ordinary shares on Nasdaq. We believe this will broaden access to global investment in the company, which has the potential to further enhance institutional ownership and trading liquidity for Ascendis shares. In May, we completed the full redemption of all of our outstanding convertible senior notes. Today, we announced that we entered into an agreement to sell our PRV for $187.5 million in cash. The PRV was awarded by the US FDA upon approval of YUVIWEL in February.

Speaker #3: In April, we successfully completed our transition to a direct listing of our ordinary shares on NASDAQ. We believe this will broaden access to global investment in the company which has the potential to further enhance institutional ownership and trading liquidity for Ascendis shares.

Speaker #3: In May, we completed the full redemption of all of our outstanding convertible senior notes. Finally, today we announced that we entered into an agreement to sell our PRV for $187.5 million US dollars in cash.

Speaker #3: The PRV was awarded by the US FDA upon approval of UBWell in February. Turning to our commercial outlook, for Yorba Path, we expect continued steady underlying increase in patients on therapy and the reversal of one-time factors seen in Q1 to drive strong growth sequentially in Q2.

Scott Smith: Turning to our commercial outlook, for YORVIPATH, we expect continued steady underlying increase in patients on therapy and the reversal of one-time factors seen in Q1 to drive strong growth sequentially in Q2. For SKYTROFA, we expect stable revenue throughout the year following a similar seasonal pattern to 2025. Regarding YUVIWEL, as Jan indicated earlier, we are encouraged by the early demand trends and look forward to sharing more with you on our Q2 call. With that operator, we are now ready to take questions.

Speaker #3: For SkyTrofa, we expect stable revenue throughout the year following a similar seasonal pattern to 2025. Regarding UBWell, as Jan indicated earlier, we are encouraged by the early demand trends and look forward to sharing more with you on our Q2 call.

Speaker #3: With that. Operator, we are now ready to take questions.

Speaker #1: Thank you. At this time, we'll conduct the question and answer session. As a reminder to ask the question, you'll need to press star 11 on your telephone, and with your name to be announced.

Operator: Thank you. At this time, we'll conduct a question and answer session. As a reminder to ask a question, you'll need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please limit yourself to one question, and if you have additional questions, kindly rejoin the queue. Please stand by while we compile the Q&A roster. Our first question comes from the line of Jessica Fye of J.P. Morgan. Your line is now open.

Speaker #1: To withdraw your question, please press star 11 again. Please limit yourself to one question, and if you have additional questions, kindly rejoin the queue.

Speaker #1: Please stand by while we compile the Q&A the line of Jessica Phi of JPMorgan. Your line is now open.

Speaker #3: Hey, guys. Good morning. Thanks so much for taking my question. I was wondering if you could help us estimate what US Yorba Path sales were in the quarter?

Jessica Fye [Managing Director, Equity Research Analyst: Hey, guys. Good morning. Thanks so much for taking my question. I was wondering if you could help us estimate what US YORVIPATH sales were in the quarter. I think in the past you had run through an algorithm to consider, but I know the press release notice noted some one-time impact to YORVIPATH direct as well. Just trying to get a better sense of the US versus ex-US split this time around. Thank you.

Jessica Fye: Hey, guys. Good morning. Thanks so much for taking my question. I was wondering if you could help us estimate what US YORVIPATH sales were in the quarter. I think in the past you had run through an algorithm to consider, but I know the press release notice noted some one-time impact to YORVIPATH direct as well. Just trying to get a better sense of the US versus ex-US split this time around. Thank you.

Speaker #3: I think in the past you had run through an algorithm to consider but I know the press release noticed noted some one-time impact to Europe Direct as well.

Speaker #3: So just trying to get a better sense of the US versus ex-US split this time around. Thank you.

Jan Mikkelsen: I think that Scott will give you just a little bit more background on the financial element specific, one time in YORVIPATH direct, I mean, it's actually happened when we sometime and specific for one single country because we had an early access program that was running for nearly 15 months, 16 months. It gave us a one-time event where we needed to write down for this single case. It's not something that really happening in other countries, but it was a single country event which basically impacted our YORVIPATH as, you know, say Q1 results. Scott, you can give you a little bit more flavor on the finance numbers.

Speaker #4: I think that's Scott that will give you just a little bit more background on the finance element specific, but one-time in Europe Direct and its actual happening when we sometime and specific for one single country because we had an early access program that was running for nearly 15 months, 16 months.

Speaker #4: And it gave us a one-time event where we needed to write down for this single case. It's not something that really happening in other countries, but it was a single country event which basically impacted our Europe as you can say Q1 results.

Speaker #4: But Scott, you can give you a little bit more flavor on the finance numbers.

Jay Wu: Yeah, just for modeling purposes, it's probably a little bit more of an impact. I would say that the best way to think about it is take the algorithm that we laid out where you add 4 to 5 a quarter. For Q1, basically that addition was just shifted into Q2. From there, the algorithm continues.

Scott Smith: Yeah, just for modeling purposes, it's probably a little bit more of an impact. I would say that the best way to think about it is take the algorithm that we laid out where you add 4 to 5 a quarter. For Q1, basically that addition was just shifted into Q2. From there, the algorithm continues.

Speaker #5: Yeah, just for modeling purposes, it's probably a little bit more of an impact, but I would say that the best way to think about it is take the algorithm that we laid out where you add four to five a quarter and for Q1, basically that addition was just shifted into Q2.

Speaker #5: And then from there, the algorithm continues.

Jan Mikkelsen: Yeah, I think just one of the key elements I will take into regard is basically underlying patient demand. I think the key element is really that we continue the same successful, you can say, rollout of the loans, both in US, where we now as we have providing you the number of indicated new patient on treatment with YORVIPATH. As we have given in our previous guidance, we're still 100% correct in that, where we really see the same stability, we see the same flow coming in. Jay can comment about how he already starting to improve both the time to reimbursement and the numbers. I do not, Jay, will you comment about your effort in really improving what we call the reimbursement situation for the US?

Speaker #4: But I think just one of the key elements I will take into regard is basically the underlying patient demand because I think the key element is really that we continue the same successful you can say rollout of the longs both in US where we now as we have providing you the number of indicated new patient on treatment with European.

Speaker #4: And as we have giving in our previous guidance, we still 100% correct in that where we really see the same stability. We see the same flow coming in.

Speaker #4: And Jay can comment about how he already starting to improve both the time to reimbursement and the numbers. I do know Jay, will you comment about your effort in really improving what we call the reimbursement situation for the US?

Jay Wu: Sure. When you think about our reimbursement, we're seeing improved metrics across the board. First and foremost, we've talked a little bit about our upstream coverage now expanding to about 80% of patient lives, which we're feeling really good about given the time on market. I think, again, a testament to the compelling clinical value proposition that we have. We're also seeing continued rapidity as it relates to patients being approved for reimbursement upon entering the funnel. Again, over half approved within 8 weeks of enrollment, and we are seeing continued progress again with patients moving through the funnel, whether it's upstream as the enrollments are coming in, but also supporting patients as they're entering into the funnel.

Speaker #6: Sure. When you think about our reimbursement, we're seeing improved metrics across the board. So first and foremost, we've talked a little bit about our upstream coverage now expanding to about 80% of patient lives, which we're feeling really good about given the time on market.

Speaker #6: And I think, again, a testament to the compelling clinical value proposition that we have. We're also seeing continued rapidity as it relates to patients being approved for reimbursement upon entering the funnel.

Speaker #6: So again, over half approved within eight weeks of enrollment. And we are seeing continued progress against patients moving through the funnel whether it's upstream as the enrollments are coming in, but also supporting patients as they're entering into the funnel.

Jessica Fye [Managing Director, Equity Research Analyst: Great. Thank you.

Jessica Fye: Great. Thank you.

Speaker #3: Great. Thank you.

Speaker #1: Thank you. One moment for our next question. Our next question, because our line of testing of Bank of America, your line is now open.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Tazeen Ahmad of Bank of America. Your line is now open.

Speaker #7: Hi guys. Good morning. Thanks for taking my question. Mine will also be on Yorba and maybe this is for Jay. Can you talk about the reauthorization rates that you're seeing now that patients are starting to annualize?

Tazeen Ahmad: Hi, guys. Good morning. Thanks for taking my question. Mine will also be on YORVIPATH, maybe this is for Jay Wu. Can you talk about the reauthorization rates that you're seeing now that patients are starting to annualize at this time of year? Any things to point out about things that were maybe unexpected or taking a little bit longer? Then can you talk about usage among physicians? Is there a way of providing a split between how much abuse is coming from first-time physicians versus an increasing use among doctors who've tried YORVIPATH before? Thanks.

Speaker #7: It's this time of year. Any things to point out about things that were maybe unexpected or taking a little bit longer? And then can you talk about usage among physicians?

Speaker #7: So, is there a way of providing a split between how much of use is coming from first-time physicians versus an increasing use among doctors who've tried Yorba Path before?

Speaker #7: Thanks.

Jan Mikkelsen: Jay, there was multiple questions. I hope you got everyone down. Will you start on some of them?

Speaker #4: So Jay, there was multiple questions I hope you got everyone down. Will you start on some of them?

Jan Mikkelsen: Jay, there was multiple questions. I hope you got everyone down. Will you start on some of them?

Speaker #6: Sure. I think I heard a few questions. One, which maybe I'll start with towards the end, which is prescriber breath and depth. I think was the question.

Jay Wu: Sure. I think I heard a few questions. One, which maybe I'll start with towards the end, which is prescriber breadth and depth, I think was the question. As Jan mentioned earlier in the script, we've had over 2,700 prescribers, which again is an addition of about a 300+ quarter-over-quarter, which we're feeling really good about. That would answer your question around new prescribers. Within existing prescribers, we're also feeling really good because the average prescription per physician continues to increase as well. In fact, about 10%-ish of prescribers have now over 5 enrollments for patients. Again, as you think about the provider landscape here, they all do have a different patient volume, just given how diffuse the patient volume is.

Speaker #6: We're seeing continued traction across both. So as Jan mentioned earlier in the script, we've had over 2,700 prescribers which, again, is an addition of about a 300-plus quarter-over-quarter which we're feeling really good about.

Speaker #6: So that would answer your question around new prescribers. And then within existing prescribers, we're also feeling really good because the average prescription per physician continues to increase as well.

Speaker #6: In fact, over about 10%-ish of prescribers have now over five enrollments, patients. Again, as you think about the provider landscape here, they all do have a different patient volume just given how diffuse the patient volume is.

Speaker #6: But generally speaking, we're seeing not only one additional prescriber sign on to Yorba Path given the strong patient satisfaction scores that we're seeing, but then, because of those positive patient experiences, we're also seeing providers expand their scope of who they deem to be eligible, given that lab values alone are not the reason that patients should be treated.

Jay Wu: Generally speaking, we're seeing not only one additional prescribers sign on to YORVIPATH, given the strong patient satisfaction scores that we're seeing. Because of those positive patient experiences, we're also seeing providers expand their scope of who they deem to be eligible, given that lab values alone are not the reason that patients should be treated.

Speaker #7: Okay. Thanks. And then reauthorization was the last one.

Tazeen Ahmad: Okay, thanks. Reauthorization was the last one.

Speaker #6: And reauthorization, yes, that was the first part of your question. We're not seeing any meaningful differences in terms of approval rates for reauth versus, necessarily, a patient that's coming in at the top of the funnel.

Jay Wu: Reauthorization, yes, that was the first part of your question. We're not seeing any meaningful differences in terms of approval rates for a re-auth versus necessarily a patient that's coming in at the top of the funnel. We typically, again, have shared that 4 to 8-week timeframe. We've seen those numbers continue to increase in terms of speed, which I referenced earlier with the first analyst question. We're not seeing any meaningful difference with the re-auth coming in versus a new patient coming in. Generally, what you'll see is if it's a re-auth of an existing payer insurance where there hasn't been a change in insurance, you might see some faster timeline there. If it's a brand-new insurance, you're obviously gonna treat it as just a brand-new case, so to speak.

Speaker #6: We typically, again, have shared that four to eight-week timeframe we've seen those numbers continue to increase in terms of speed, which I referenced earlier with the first analyst question.

Speaker #6: But we're not seeing any meaningful difference with the reauth coming in versus a new patient coming in. Generally, what you'll see is if it's a reauth of an existing payer insurance where there hasn't been a change in insurance, you might see some faster timeline there.

Speaker #6: But if it's a brand new insurance, then you're obviously going to treat it as just a brand new case, so to speak.

Speaker #1: Thank you. One moment for our next question. Our next question, because our line of Aaron Weber of TD Colonial is now open.

Operator: Thank you. One moment for our next question. Our next question comes to the line of Aaron Weber of TD Cowen. Your line is now open.

Aaron Weber: Great. Thanks so much. Maybe a quick follow-up and then a question on YUVIWEL. A follow-up on YORVIPATH. Of the DKK 15 million, should we roughly kind of split it, like half in YORVIPATH and half in the US? I don't know if you can give us any sort of, you know, view on that. For YUVIWEL, in the ITC cases progressing, the briefing document, the briefs are out kind of back and forth, and it looks like the court is kind of siding with both parties. What I know you've been importing drug in the meantime. Any view sort of on how much capacity you might be able to have in the system by the time a decision is rendered? Thank you.

Yaron Weber: Great. Thanks so much. Maybe a quick follow-up and then a question on YUVIWEL. A follow-up on YORVIPATH. Of the DKK 15 million, should we roughly kind of split it, like half in YORVIPATH and half in the US? I don't know if you can give us any sort of, you know, view on that. For YUVIWEL, in the ITC cases progressing, the briefing document, the briefs are out kind of back and forth, and it looks like the court is kind of siding with both parties. What I know you've been importing drug in the meantime. Any view sort of on how much capacity you might be able to have in the system by the time a decision is rendered? Thank you.

Speaker #8: Great. Thanks so much. Maybe a quick follow-up and then a question and you'll be well. A follow-up on Yorba so of the 15 million should we roughly kind of split it like half in Europe and half in the US?

Speaker #8: I don't know if you can give us any sort of view on that. And then for UV Well, in the ITC cases progressing, the briefing document, the briefs are out kind of back and forth.

Speaker #8: And it looks like the court is kind of siding with both parties. What I know, you've been importing drug in the meantime. Any view, sort of, on how much capacity you might be able to have in the system by the time a decision is rendered?

Speaker #8: Thank you.

Jan Mikkelsen: First of all, I believe when you see the uptick in the prescriptions of YUVIWEL in the US, we have more than 60 children being prescribed YUVIWEL treatment in less than 4 or 5 weeks. I think it illustrate the unmet medical need that exists in the US related to an improved treatment in achondroplasia. I believe what we have seen of clinical data in our multiple trials with YUVIWEL just as a monotherapy is really describing the reason why we see this take-up. This is not just of having a once-weekly product. This is providing an tolerability profile and documented effect on benefit beyond linear growth. I think everyone is aligning with the unmet medical need, the public interest, always to have a product as YUVIWEL in the market.

Speaker #4: First of all, I believe when you see the uptick in the prescription of UOL in the US, we have more than 60 children being prescribed UOL treatment in less than four or five weeks.

Speaker #4: I think it illustrates the unmet medical need that exists in the US related to an improved treatment in a contract patient. And I believe what we have seen of clinical data in our multiple trials with UOL just as a monotherapy is really describing the reason why we see this takeoff.

Speaker #4: This is not just about having a once-weekly product. This is providing a durability profile and documented effect on benefit beyond linear growth. And I think everyone is aligning with the unmet medical need and the public interest always to have a product as a UOL in the market.

Jan Mikkelsen: We will continue to be in a position that we have such a strong belief that in this case here, too, like it was in YORVIPATH, we can prove that this IP case, it should never have existed and only is built on false promises. I'm 100% confident YUVIWEL is here to stay, and it will always be a treatment option for patients with achondroplasia in the US. I hope that answer your question related to that part. The other part, I think you're somewhere in the right estimate when you think about it.

Speaker #4: We will continue to be in a position that we have such a strong belief that in this case here too, like it was in Europe, we can prove that this IP case should never have existed and only is built on fault promises.

Speaker #4: So I'm 100% confident UOL is here to stay. And it will always be a treatment option for patients with a contract patient in the US.

Speaker #4: I hope that answer your question related to that part. The other part, I think you're somewhere in the right estimate when you think about it.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Gavin Clark-Gartner of Evercore ISI. Your line is now open.

Speaker #1: Thank you. One moment for our next question. Our next question, because the line of Gavin Clark Gardner of Evercore ISI is now open.

[Analyst] (Evercore ISI): Hi, this is Evie on for Gavin. We have two quick questions. Number 1 is for the phase III ACon CNP and growth hormone combo trial. Can you share any update on the enrollment speed? Secondly, what are you seeing in YUVIWEL practice discontinuation rates over time?

Speaker #7: Hi. This is Evie on for Gavin. We have two quick questions. Number one is for the phase three ACOM CMP and growth hormone combo trial.

Speaker #7: Can you share any update on the enrollment speed? And secondly, what are you seeing in your view at this continuate discontinuation rates over time?

Jan Mikkelsen: When we talk about, as I understood your question, right, it was related to the combination trial, the phase II trial, the trial we call the COACH trial. We basic, now I do not know how many years we are into the trial now, but I think we're 2 years in, one and a half year now in it. I think we see basic and extremely high element of retention in this trial. To my knowledge, last time I looked, it was 100%. I think it's really been harder to get more than 100% in a clinical trial, to my knowledge. I think that's a very few trial where you have 100% retention after nearly 18 months.

Speaker #4: So, when we talk about SI—understood your question, right? It was related to the combination, right? The Phase 2 trial, the trial we call the COACH trial.

Speaker #4: And we basically are now—I do not know how many years we are into the trial now, but I think we're two years in, one and a half years now in it.

Speaker #4: And I think we see basic and extremely high element of protection in this trial. To my knowledge, last time I looked, it was 100%.

Speaker #4: And I think it's really been harder to get more than 100% in a clinical trial, to my knowledge. And I think that's a very, very, very few trials where you have 100% retention after nearly 18 months.

Speaker #4: So from that perspective, I think it's really illustrating and addressing the satisfaction with the benefit you see in the treatment compared to the burden of treatment.

Jan Mikkelsen: From that perspective, I think it's really illustrating and addressing the satisfaction with the benefit you see in the treatment compared to the burden of treatment. I think that is really the key element that we always are looking in the fundamentals. We want to see benefit for patients. This is why we working, and we will continue to focus on that.

Speaker #4: And I think that is really the key element that we always are looking in the fundamentals we want to see benefit for patients. This is why we're working.

Speaker #4: And we will continue to focus on that.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Li Watsek of Cantor. Your line is now open.

Speaker #1: Thank you. One moment for our next question. Our next question, because our line of Lee Wasek of Cantor, your line is now open.

Li Watsek: Hey, thanks, guys. I guess on your new patient, as you mentioned, you know, steady growth, is it reasonable for us to assume 1,000 is sort of the number that we should be looking at for the coming quarters? Will you be sharing new script number going forward? Thanks.

Speaker #9: Hey, thanks, guys. I guess on your view, new patient as you mentioned, steady growth, is it reasonable for us to assume 1,000 is sort of the number that we should be looking at for the coming quarters?

Speaker #9: And will you be sharing new script number going forward? Thanks.

Jan Mikkelsen: That's a great question. Now, somebody going back to last time I said I will not come up with more prescription data for new events because I believe that the revenue progression was so clear. When I said that there was a big, what I call the element of some interesting funds that push back and saying I did not want to come out with numbers because it must be really, really bad. Now we have illustrated for one quarter more that they are not bad, they are extremely good, and exactly as predictable as we have said in this way. I expect a steady state enrollment in all the quarters because that is what we expect. We are only touching a small amount of this patient group.

Speaker #4: That's a great question. Now, somebody going back to last time, I said I will not come up with more prescription data for Europeans because I believe that the revenue progression was so clear and when I said that there was a big, big, big what I call element of some interesting funds that push back and saying, "I didn't want to come up with numbers because it must be really, really bad." And now we have illustrated for one quarter more that they're not bad.

Speaker #4: They're extremely good and exactly as predictable as we have said in this way. And I expect a steady state enrollment and all the quarters because that is what we expect.

Speaker #4: We are only touching a small amount of this patient group. We have so much more patient that is coming new patient every, every, every, every year.

Jan Mikkelsen: We have so much more patient that is coming, new patient every year. I'm somewhat giving up to say that I will not come up one quarter more because I last time I said we will not come up in one quarter, and then I got basic press because I didn't want to listen to that we didn't want to come up with a number because they're bad. I don't hide anything. I always want to be transparent. This is why I say come up with a number, then you can see it. I think we will continue to be so transparent on everything what we're doing, so you always have the best possible opportunity to see how well we have performed in our fundamentals.

Speaker #4: So I'm somewhat giving up to say that I will not come up one quarter more because last time I said we will not come up in one quarter.

Speaker #4: And then I got basic press because I didn't want to listen to that, that we didn't want to come up with the number because they're bad.

Speaker #4: I don't hide anything. I always want to be transparent. And this is why I say come up with a number, then you can see it.

Speaker #4: So I think with the continue to be so transparent on everything what we're doing so you always have the best possible opportunity to see how well we are performing in our fundamentals.

Speaker #1: Thank you. One moment for our next question. Our next question, because our line of Alex Thompson of Steel is now open.

Operator: Thank you. One moment for our next question. Our next question comes on the line of Alex Thompson of Stifel. Your line is now open.

Speaker #5: Hey, thanks for taking the question. This is Patrick on for Alex. Could you guys just talk about the potential impact of the URV 60 micrograms being on the label and maybe what percentage of those 6,300 patients in the US is dose capped at 30 with maybe less than ideal supplementation levels?

[Analyst] (Stifel): Hey, thanks for taking the question. This is Patrick on for Alex. Could you guys just talk about the potential impact of YORVIPATH 60 micrograms being on the label? You know, maybe what percentage of those 6,300 patients in the US is dose capped at 30 with, you know, maybe less than ideal supplementation levels?

Jan Mikkelsen: This is a question which are very, very difficult for us to answer today because we see different kind of up-titration in both different situation in clinical trials and also situation in what I call more real world. We are following it a lot. We are now open for enrollment in our trial where we are having two arms in our iteration of dose titration over 30 up to 60, and we will enroll that in a decent speed. We only do that in the US because this is only place where we restricted down to 30 and not have 60. We believe that even if you are coming up to 30 microgram, you still have a major benefit to be still on 30 microgram compared to many of the positive effect that YORVIPATH is still providing to it.

Speaker #4: This is a question without very, very difficult for us to answer today because we see different kind of uptitration in both different situations in clinical trials and also situation in what I call more real-world.

Speaker #4: We are following it a lot. We are now open for enrollment in our trial where we are having two arms. In our evaluation of those titration, over 30 up to 60.

Speaker #4: And we will enroll that in a decent speed. We only do that in the US because this is the only place where we restricted down to 30 and not have 60.

Speaker #4: And we believe that even if you were coming up to 30 microgram, you still have a major benefit to be still on 30 microgram.

Speaker #4: Compared to many of the positive effect that your path is still providing to it. So I think you can say yes, there is someone that will be in the benefit to go higher up, but today we still providing the benefit to the patient that need to stop on 30 micrograms.

Jan Mikkelsen: I think you can say yes, there is somewhat of a benefit to go higher, but today we're still providing the benefit to the patient that need to stop on 30 microgram.

Operator: Thank you. One moment for our next question. Our next question comes on the line of Joseph Schwartz of Leerink Partners. Your line is now open.

Speaker #1: Thank you. One moment for our next question. Our next question, because our line of Joe Schwartz of Lyric Partners, your line is now open.

Joseph Schwartz: Great. Thanks so much for taking my question. Some physicians we've spoken with have suggested that they might not want to put their office staff through the reimbursement challenges of switching their achondroplasia patients to a once weekly injection, only to then later switch them to a once daily pill in the not too distant future. Is this a dynamic that you guys are aware of, and what can Ascendis do to help support the achondroplasia patient or physician community rather, and encourage uptake? My second question is, have any physicians prescribed YUVIWEL in combination with SKYTROFA since YUVIWEL was approved? Thanks.

Speaker #2: Great. Thanks so much for taking my question. So some physicians we've spoken with have suggested that they might not want to put their office staff through the reimbursement challenges of switching their chondroplasia patients to a once-weekly injection only to then later switch them to a once-daily pill in the not-too-distant future.

Speaker #2: Is this a dynamic that you guys are aware of? And what can Ascendis do to help support the chondroplasia patient or physician community rather and encourage uptake?

Speaker #2: And then have any my second question is, have any physicians prescribed UveWell in combination with Skytrova since UveWell was approved? Thanks.

Jan Mikkelsen: Answering your first part of the question, I think the number speaks for itself. When you think about it, more than 10 prescription per week for such a rare disease product. I think it talk about the unmet medical need and the willingness for basic physician in connection with the parents, in connection with the child to have the desire to take them on a treatment with YORVIPATH. I think it says everything with numbers. You can go out and ask 1 physician, you can go out and ask 1 parents. I look at numbers from a statistic odds. The numbers talks for itself. Related to the last question. I cannot some way discuss an element we cannot promote. We cannot promote any way in iteration the combination therapy.

Speaker #4: So answering your first part of the question, I think the number speaks for itself. When you think about it, more than 10 prescription per week was just a rare disease product.

Speaker #4: So I think it talked about about the unmedical need and the willingness for basic physician in connection with the parents, in connection with the child to basic to have the desire to take them on a treatment with your path.

Speaker #4: I think it says everything the numbers. You can go out and ask one physician. You can go out and ask one parents. I look at numbers from a statistic of the numbers talk for itself.

Speaker #4: Related to the last question, I cannot someway discuss an element we cannot promote. We cannot promote anyway in situations the combination therapy. We have disclosed the benefit of the combination therapy.

Jan Mikkelsen: We have disclosed the benefit of the combination therapy, then it's up to the physicians if they really want to prescribe it or not prescribe it. To my knowledge, and I can be pretty open about it, yes, it happens, and I understand why. This is the only way you basically can be in a position where you basically can avoid any kind of surgeries, which I think is such a positive element for any child with achondroplasia to avoid these invasive surgeries. I think this is the reason why the physicians do it. Sure, we looking forward to finalize the phase III trial. We looking forward to have it on label so we really also can go and promote it actively.

Speaker #4: And then it's up to the physicians if they really want to prescribe it or not prescribe it. And to my knowledge, and I can be pretty open about it, yes, it happens.

Speaker #4: And I understand why. This is the only way you basically can be in a position where you basically can avoid any kind of surgeries.

Speaker #4: Which I think is such an positive element for any child with a chondroplasia to avoid this invasive surgeries. And I think this is a reason why the physician do it.

Speaker #4: And sure, we're looking forward to finalize the phase three trial. We're looking forward to have it on label so we really also can go out and promote it actively.

Speaker #2: Thanks for the insights.

Joseph Schwartz: Thanks for the insights.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Carter Gould of Barclays. Your line is now open.

Speaker #1: Thank you. One moment for our next question. Our next question, because our line of Ellie Merle of Barclays, your line is now open.

[Analyst] (Barclays): Hi, this is Jasmine on for Carter Gould. Thank you for taking our question. Just kind of a follow-up to the last question. For you, Ebel, can you say how many of those 60 enrollments were new starts versus switches? More generally, do you think the initial population is going to be more new starts or switches? What kind of patients do you think are the most likely to initially want to switch? Thank you.

Speaker #6: Hi, this is Jasmine on for Ellie. Thank you for taking our question. Just kind of a follow-up to the last question, for UveWell, can you say how many of their 60 enrollments were new starts versus switches?

Speaker #6: And more generally, do you think the initial population is going to be more new starts or switches? And what kind of patients do you think are the most likely to initially want to switch?

Speaker #6: Thank you.

Jan Mikkelsen: The insight you're asking for is the insight we will develop in the coming months and quarter. After 5 weeks to try to come with a general statement about what kind of patient, what kind of preference they have to go onto the other treatment, I think it's too early for us to come with a conclusion when it is such a topic. The only thing I can say, and Jay, you can add on, what we see is basically coming from everywhere. It's not just a new patient. It's not just Swiss patient. It's coming everywhere from where we expect it also to come from.

Speaker #4: The insight you're asking for is the insight we will develop in the coming months and quarter. After five weeks to try to come with a general statement about what kind of patients, what kind of preference they have to go onto your treatment, I think it's too early for us to come with a conclusion whether it is such a topic.

Speaker #4: The only thing I can say, and Jay, you can add on what you see, is basic coming from everywhere. It's not just a new patient.

Speaker #4: It's not just Swiss patients. It's coming everywhere from where we expected also to come from. And one of the things we have done at Ascendis that Jay has made and impact on to help the physician, the patient, is really to have a path that can go out and really help the physician, the patients, everywhere to get to this journey to be sure they can come on the right treatment.

Jan Mikkelsen: One of the things we have done at Ascendis, that Jay have made an impact on to help the physician, the patient, is really to have a path that can go out and really help the physician, the patients everywhere to get through this journey, to be sure they can come on the right treatment. Jay, do you have anything to add?

Speaker #4: Jay, do you have anything to add?

Jay Wu: Yeah. I think you summed it up well. The only two additional things I would add is, one, to Jan's point, we're seeing across all segments, and we've discussed before the three areas or types of patients that we envision coming are, one, patients currently on VOXZOGO that are switching over. Two, patients that were previously on VOXZOGO but since discontinued and were on no therapy. Three, a patient that perhaps had never made the decision to start therapy at all. We are seeing anecdotally that it's coming across all three of those groups. I think really what that underscores is the continued and existing unmet need that exists in achondroplasia today, even with the existing therapy on market, which I think emphasizes the value of having YUVIWEL on the market and the compelling value proposition that it offers patients.

Speaker #2: Yeah, I think you summed it up well. The only two additional things I would add are, one, to Jan's point, we're seeing this across all segments.

Speaker #2: And we've discussed before the three areas or types of patients that we envision coming are one, patients currently on Voxogo that are switching over; two, patients that were previously on Voxogo but since discontinued and were on no therapy; and then three, a patient that decision to start therapy at all.

Speaker #2: And we are seeing anecdotally that it's coming across all three of those groups. And I think really what that underscores is the continued and existing unmet need that exists in a chondroplasia today, even with the existing therapy on market, which I think emphasizes the value of having UveWell on the market and the compelling value proposition that it offers patients.

Speaker #2: I think the second area that Jan was talking about is our continued investment in just making sure that everything we're doing is hand in glove with patients both as it relates to partnerships with the patient advocacy groups, but also as it relates to our scaling up of our patient access liaison team, which is our patient-facing field group that invests in the support and the journey as they go through the continuum of prescription to ultimately being on therapy.

Jay Wu: I think the second area that Jan was talking about is our continued investment in just making sure that everything we're doing is hand in glove with patients, both as it relates to partnerships with the patient advocacy groups, but also as it relates to our scaling up of our patient access liaison team, which is our patient-facing field group that invests in the support and the journey as they go through the continuum of prescription to ultimately being on therapy.

[Analyst] (Barclays): All right. Thank you.

Speaker #6: All right. Thank you.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Yun Zhong of Wedbush. Your line is now open.

Speaker #1: Thank you. One moment for our next question. Our next question, because our line of Yoon Jong of Whitebush, your line is now open.

Yun Zhong: Hi. Good morning. Thank you very much for taking the question. My question is on the monotherapy for hypochondroplasia. I remember that there have been some changes in terms of approach for that program, whether you're going to pursue that indication at all, and whether it's gonna be mono or combo or maybe. Are you able to share any information regarding the thought process behind the decision, if this is the final decision that you are going to just using monotherapy to target hypochondroplasia? Thank you very much.

Speaker #5: Hi. Good morning. Thank you very much for taking the question. My question is on the monotherapy for hypochondroplasia. I remember that there have been some changes in terms of approach for that program, whether you're going to pursue that indication at all.

Speaker #5: And whether it's going to be mono or combo or maybe just wanted to know are you able to share any information regarding the thought process behind the decision if this is the final decision that you are going to just using monotherapy to target hypochondroplasia?

Speaker #5: Thank you very much.

Jan Mikkelsen: I think the strategy that we have applied to achondroplasia, where we started with monotherapy and then moving forward to the addition to combination therapy. I think you will see that as there will be alignment between the strategic approach that we have used in achondroplasia, we will likely also use in hypochondroplasia. I can basically tell you that we're using the same principle between the two indications. The two indications are very much aligned in the fundamentals of the disease. There is only, you can say, different mutation, different severity, and other things like that. We will implement the same thinking and treatment regime between these two indications.

Speaker #4: Yeah. I think the strategy that we have applied to and chondroplasia where we started with monotherapy and then moving forward to the addition to combination therapy I think you will see that as there will be alignment between the strategic approach that we have used in chondroplasia, we will likely also use in hypochondroplasia.

Speaker #4: I can basically tell you that we're using the same principle between the two. Indications. The two indications is very much aligned in the fundamentals of the disease.

Speaker #4: There's only you can say different mutation, different severity, and other things like that. And we will implement the same thinking in treatment regime with two between these two indications.

Operator: Thank you. Our next question comes on the line of Luca Issi, RBC Capital.

Speaker #1: Thank you. One moment for our next question. Our next question, because our line of Luca Esai, our BC Capitals, your line is now open.

Luca Issi: Oh, great. Yeah, thanks so much for taking my question. Maybe Jay or Scott, can you educate us on the mechanics of this free drug for YORVIPATH? Who are the patients that got the free drug? For how long do they stay on free drug? Are you expecting any patients still on free drug in Q2, or is this just a kind of Q1 phenomenon? Any call there much appreciated. Super quickly, I think AstraZeneca is presenting their phase III data for eneboparatide this week in the European Congress of Endocrinology. Wondering if you can comment on what are your expectations for that data. Thanks so much.

Speaker #2: All great. Yeah. Thanks so much for taking my question. Maybe Jay or Scott, can you educate us on the mechanics of the free drug for your VPAT?

Speaker #2: Who are the patients that got the free drug? For how long do they stay on free drug? And are you expecting any patients still on free drug in Q2, or is this just a kind of Q1 phenomenon?

Speaker #2: Any call there. Much appreciated. And then super quickly, I think AstraZeneca is presenting their phase three data for inhibo this weekend, the European Congress of Endocrinology.

Speaker #2: So wondering if you can comment on what your expectations for that data. Thanks so much.

Jan Mikkelsen: I can somewhere start from the last question, and then I can move it up, and then Jay can take over in the end. The compound we are talking about in the end is the Amylin compound. You know we have discussed that on many earnings call, the lack of information that was related to data. Now that is disclosed some kind of information of the data packet, 1 year after finalization of the phase III trial. For me, I think the key question, do this data packet provide an approvability of any way of this compound? To my best judgment, I hope this product never will be approved, and I don't see really as possibility that it should be and going to be approved.

Speaker #4: Yeah. I can summarize start from the last question and then I can move it up and then Jay can take over in the end.

Speaker #4: The compound we are talking about in the end is the amyloid compound. And we have discussed that on many earnings calls. The lack of information that was related to data now that is disclosed some kind of information of the data packet.

Speaker #4: One year after finalization of the phase three trial, and for me, and I think the key question do this data packet provide an approval ability of any way of this compound?

Speaker #4: And to my best judgment, I hope this product never will be approved. And I don't see really as possibility that it should be and go into be approved.

Speaker #4: So I think when we look on the competitive landscape for treatment in hyperparal, I see your paths, our once-weekly approach to stable patient on your paths is really providing the fundamentals for a 20, 30 years treatment regime where I don't see anything that really can live up to the benefit we will see in the treatment with your path on any other product that is currently in clinical development from that perspective.

Jan Mikkelsen: I think when we look on the competitive landscape for treatment in hypoparathyroidism, I see YORVIPATH, our once weekly approach to stable patient on YORVIPATH is really providing the fundamentals for a 20, 30 years treatment regime where I don't see anything that really can live up to the benefit we will see in the treatment with YORVIPATH from any other product that is currently in clinical development from that perspective. Related to the first part of your question, you're right. We started to take already December a group of patients over to free drug because the essential part of YORVIPATH is that you cannot stop. If you first have started taking you over to basic the element on what we call the conventional therapy, it's basically is a disaster for the patient.

Speaker #4: Related to the first part of your question, you write we started to take already December a group of patients over to free drug because the essential part of your path is that you cannot stop.

Speaker #4: If you first have started taking you over to basic the element on what we call the conventional therapy, this basic is a disaster for the patient.

Speaker #4: So if there was a hiccup in the reimbursement which there was a hiccup and it's something we had done corrected action to ensure that we can handle it much better next year, we were in a position that we took and Scott explained the impact of that here in Q1 to take already from December until March and series of patients on free dog.

Jan Mikkelsen: If there was a hiccup in the reimbursement, which there was a hiccup, and it's something we had done corrective action to ensure that we can handle it much better next year. We were in a position that we took, and Scott explained the impact of that here in Q1 to take already from December until March, a series of patients on free drug, and they are now coming back to be fully reimbursed. We are in a position that Jay and the organization in US, someway have built up network, other things that can help it, that we not ending in the same situation one time more. Jay, have you any comments to

Speaker #4: And they are now coming back to be fully reimbursed. And we are in a position that Jay and the organization in the US are someway have built up network or other things that can help it that we not ending in the same situation one time more.

Speaker #4: I did have you any comments to?

Jay Wu: Again, I think you summarized the need for Bridge program well. I think just to clarify the earlier question, there is 2 types of free programs. We have Bridge program, which again is pretty standard across the industry for those that have experienced a temporary insurance lapse. We also just have our patient assistance program for patients that are under-insured or uninsured. I think that's an important point to note because there will always be some patients that qualify for the patient assistance program. We don't anticipate that that will ever go away completely, knowing that there will always be a certain level of patients that qualify for that.

Speaker #2: Yet. Again, I think you summarized the need for bridge program well. I think just to clarify, the earlier question, there is two types of free programs.

Speaker #2: We have bridge program, which again is pretty standard across the industry for those that have experienced a temporary insurance lapse. But we also just have our patient assistance program for patients that are underinsured or uninsured.

Speaker #2: So I think that's an important point to note because there will always be some patients that qualify for the patient assistance program. So we don't anticipate that that will ever go away completely.

Speaker #2: Knowing that there will always be a certain level of patients that qualify for that.

Jan Mikkelsen: Yeah. I think that is a clarification that's great from Jay Wu, where we talk about this number of patients is only what we exceeded as success compared to the base level of patients. We always will help and provide free drug if there is an element of something where there is a disruption of the normal way to have drug. It's such an essential drug for the patients that we are always will take our patient focus first, and if there's a patient that get it disrupted, we will do everything to help this patient. That include also to take them for a period on free drugs until the disruption getting solved. We will always be there for the patients.

Speaker #4: Yeah. I think that is a clarification. That's great from Jay. Where we talk about this number of patients is only what we exceeded as access compared to the base level of patients.

Speaker #4: We always will help and provide free drug if there is an element of something where there is a disruption of the normal way to have drug.

Speaker #4: It's such an essential drug for the patients. That we are always will take our patient focus first. And if there's a patient that get it disrupted, we will do everything to help this patient.

Speaker #4: And that include also to take them over for a period on free drugs until the disruption getting solved. And we will always be there for the patients.

Luca Issi: Thanks so much.

Speaker #2: Thanks so much.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Maxwell Stiebel of Morgan Stanley. Your line is now open.

Speaker #1: Thank you. One moment for our next question. Our next question, because our line of Maxwell score of Morgan Stanley, your line is not open.

[Analyst] (Morgan Stanley): Hello, this is Selina on for Max. Thanks for taking our question. Given the relatively low treatment penetration in achondroplasia in the US to date, what proportion of patients typically initiate treatment at age 2 years or older?

Speaker #5: Hello, this is Selena from Max. Thanks for taking our question. Given the relatively low treatment penetration in oncotroplasia in the US to date, what proportion of patients typically initiate treatment at age two years or older?

Jan Mikkelsen: I think some way to roll it a little bit back, because you can ask the question, why do you have undertreatment in the US? I think actually this is the key question to find out how can we really help this patient better. I think, and we believe that the undertreatment is basically the cause of lack of the right efficacy to show real benefit beyond linear growth. Many of these parents, children don't see linear growth as a key element. They really want us to address all the comorbidity specific. If you can avoid leg surgeries for changing the pain, complication with leg bone, you can avoid arm lengthening, leg lengthening. I believe by having this focus on these elements, and here I talk about the older children.

Speaker #4: I think someway to roll it a little bit back because you can ask the question why do you have under treatment in the US?

Speaker #4: And I think actually this is the key question—to find out how can we really help this patient better. And I think, and we believe, that the under-treatment is basically the cause of lack of the right efficacy to show real benefit beyond linear growth.

Speaker #4: Many of these parents' children don't see linear growth as a key element. They're really want us to address all the comorbidity specific. If you can avoid leg surgeries for changing the pain complication with leg bone.

Speaker #4: You can avoid arm lengthening. Leg lengthening. And I believe by having this focus on these elements, and here I talk about the older children, if we go to a younger newborn, yes, if we can avoid any kind of spinal stenosis, by having early intervention from newborn, yes, there will be a major benefit for initiate treatment in the newborn state.

Jan Mikkelsen: If you go to a younger newborn, yes, if we can avoid any kind of spinal stenosis by having early intervention from newborn, yes, there will be a major benefit for initiate treatment in the newborn state. I believe our product profile that we have generated with YUVIWEL showing as the only product clear benefit beyond linear growth compared to placebo. It needs always to be placebo-controlled because there is a development to the side. You cannot say, Oh, we also improve arm span or arm length. Yes, and a child with achondroplasia actually have a base increase in arm length. You always need to really show it compared into a placebo-controlled trial. It's the only way you can really adjust the benefit of the medical treatment in it.

Speaker #4: So I believe our product profile that we have generated with your work showing as the only product clear benefit beyond linear growth compared to placebo.

Speaker #4: It need always to be placebo controlled because there is a development to the shy so you cannot say, oh, we also improve arms span or arm length.

Speaker #4: Yes. And childhood acondroplasia actually have a base increase in arm length. So you always need to really show it compare into a placebo controlled trial.

Speaker #4: It's the only way you can really just the benefit of the medical treatment in it. So the question and the answer to you is, I believe your work will be appealing product to the vast majority of parents, children in the US, also because if provide a way to address the comorbidities.

Jan Mikkelsen: The question and the answer to you is, I believe YUVIWEL will be appealing product to the vast majority of parents, children in the US also because it will provide a way to address the comorbidities. Like important one, leg bowing, arm span, everything like that you basically will see benefit for not only tall quality of life that's associated with it, but also the element of physical strength.

Speaker #4: Like important one, leg boning, arm span, everything like that that you basically will see benefit for not only talk quality of life that's associated with it, but also the element of physical strength.

Operator: Thank you. One moment for our next question. Our next question comes on the line of Paul Choi of Goldman Sachs. Your line is now open.

Speaker #1: Thank you. One moment for our next question. Our next question, because our line of Paul Troy of Goldman Sachs, your line is not open.

Paul Choi: Hi, thank you and good morning, and congrats on the good start with YUVIWEL as well. I was just wondering if you would clarify in terms of the more than 60 prescriptions you've seen to date, whether it's more driven by treatment-naïve patients or switches. Any quantification there would be great. I'm also curious in terms of your early starts or through the quarter, if you're seeing potential utilization in the below 2 years of age population, even though that's not officially on label yet. Thank you.

Speaker #6: Hi. Thank you and good morning and congrats on the good start with you as well. I was just wondering if you would clarify in terms of the more than 60 prescriptions you've seen to date, whether it's more driven by treatment naive patients or switches and any quantification there would be great.

Speaker #6: And I'm also curious in terms of your early start or through the quarter, if you're seeing potential utilization in the below two years of age population, even though that's not officially on label yet.

Speaker #6: Thank you.

Jan Mikkelsen: We need to come with a meaningful answer. We need longer time because we only have been there for 4, 5 weeks now, and we want to be sure that what we see in the initial part of the launch is also being representative of what we'll see in the later stage of launch. Paul, we can discuss it, as Jay said, in a perfect manner. We see patient coming in for all 3 different groups, which was a naive group, patient that have discontinued with VOXZOGO, and patient that come directly on switching for with VOXZOGO. Often that we see coming in for all 3 different groups. In the initial launch, we will expect to see perhaps 1 mix, and when we come a little bit longer into the launch, we will potentially see a switch in the different 3 classes.

Speaker #4: Yeah. We need to come with a meaningful answer. We need longer time because we only have been there for four or five weeks now.

Speaker #4: And we want to be sure that what we see in the initial part of the long is also being representative of what we'll see in the later state of long.

Speaker #4: So Paul, we can discuss it as Jay said in a perfect manner. We see patient coming in for all three different groups. Which was naive group, patient that have discontinued with shorter time.

Speaker #4: And patient that come directly on switching for shorter time. So out from that, we see coming in for all three different groups. In the initial launch, we will expect to see perhaps one mix.

Speaker #4: And when we come a little bit longer into the longs, we will potentially see a switch in the different three classes. And this is why we need to make it meaningful.

Jan Mikkelsen: This is why we need to make it meaningful. We need to wait longer time before we can give you something you can do the right modeling on. When I look at this number be coming up more than 10 patient per week, it's such an orphan block indication. I'm extremely proud that our product profile is getting so well-recognized in the society in this way. Under 2, I cannot comment on that currently.

Speaker #4: We need to wait a longer time before we can give you something you can do the right modeling on. But when I look at this number becoming up more than 10 patients per week, it's just an orphan dog.

Speaker #4: Indication I'm extremely proud that our product profile is getting so well recognized in the society in this way. Under two, I cannot comment on that currently.

Speaker #6: Okay. Thank you.

Paul Choi: Okay. Thank you.

Speaker #1: Yeah. Hey, good morning and thanks for taking the questions. For the 70% cumulative U.S. insurance approval rate that you previously cited, can you give us any more color on what that cumulative rate looks like today?

[Analyst]: Yeah. Hey, good morning, and thanks for taking the questions. For the 70% cumulative US insurance approval rate that you previously cited, can you give us any more color on what that cumulative rate looks like today? Then second, the EUR 500 million operating cash flow target that you laid out previously, are you reaffirming that guidance given the Q1 trends that you're seeing? How should we think about the contribution of YUVIWEL to that target? Thank you.

Speaker #1: And then second, the $500 million euro operating cash flow target that you laid out previously, are you reaffirming that guidance given the Q1 trends that you're seeing?

Speaker #1: And how should we think about the contribution of UV valve to that target? Thank you.

Speaker #4: Did you have a last one? We would like to come back in Q2 because we have a lot of positive element coming in now.

Jan Mikkelsen: The last one, we would like to come back in Q2 because we have a lot of positive element coming in now. We have the selling of our PRV, the CT, and the launch of YORVIPATH going much, much stronger than I even myself had hoped for. Apart from that, we will come with a changed guidance, but we will prefer to do it after our Q2 call, and we will give you what will be reflected on the 26th. Scott is saying yes to me. Jay, you can give the factual number how it's improving the overall numbers.

Speaker #4: We have the selling of our PIVVC and longs of your work going much, much stronger than the even myself at home for. So out from that, we will come with a change guidance, but we will prefer to do it after our Q2 call.

Speaker #4: And we will give you what will be reflected on 26 Scottish saying yes to me and Jay, you can give the factual number, how it's improving the overall numbers.

Speaker #6: Sure. So, the overall cumulative approval rate since launch has continued to creep up as well. I think we're now closer to the mid-70%, which again is incredibly high for any rare disease asset, much less one that has been on the market for the amount of time that we have.

Jay Wu: The overall cumulative approval rate since launch has continued to creep up as well. I think we're now closer to mid 70%, which again, is incredibly high for any rare disease asset, much less one that has been on the market for the amount of time that we have. A lot of that is just a function of time, given the favorable access policies that we have. Even some enrollments that might be, you know, many months old are coming through on appeal online, which would affect the cumulative approval rate over time. Given that it is a lagging indicator, it will take quite a bit of time for that metric to mature.

Speaker #6: A lot of that is just a function of time, given the favorable access policies that we have. So even some enrollments that might be many months old are coming through on appeal online, which would affect the cumulative approval rate over time.

Speaker #6: But given that it is a lagging indicator, it will take quite a bit of time for that metric to mature.

Scott Smith: Got it. Thank you.

[Analyst]: Got it. Thank you.

Speaker #1: Got it. Thank you. Thank you. One moment for our next question. In our last question, because the line of Cecilia Hernandez of Van Lenshot Kempton, your line is now open.

Operator: You one moment for our next question. Our last question comes from the line of Sushila Hernandez of Van Lanschot Kempen. Your line is now open.

[Analyst] (Van Lanschot Kempen): Hi. Thanks for taking our questions. This is Sandrine on for Sushila. Given the revenue now from three commercial products, the redemption of the convertible notes, and the sales of the PRV, can you tell us anything on your capital allocation strategy? What is the order of priority for you guys?

Speaker #5: Hi. Thanks for taking our questions. This is somebody in all for Cecilia. So given the revenue now from three commercial products, the redemption of the convertible notes and the sales of the PRV, can you tell us anything of your on your capital allocation strategy, what is the order of priority for you guys?

Speaker #4: I think Scott want really to answer the last question for today. So Scott get this opportunity now. Thanks a lot again. Of course, as you've seen with our R&D success, a key component for us is to invest in R&D.

Jan Mikkelsen: I think, Scott, want really to answer that last question for today. Scott, get this opportunity now.

Jay Wu: Thanks a lot, Jan. As you've seen with our R&D success, a key component for us is to invest in R&D and allocated capital there to continue to sustain not only into the 2030s, but the 2040s and beyond with a continuous flow of new products. I think Jan highlighted four new NCEs in his prepared remarks, you'll learn about more of those in the coming future. I think after we give an update after Q2, as Jan mentioned, to our outlook for the rest of the year, you may get more color at that point as well.

Scott Smith: Thanks a lot, Jan. As you've seen with our R&D success, a key component for us is to invest in R&D and allocated capital there to continue to sustain not only into the 2030s, but the 2040s and beyond with a continuous flow of new products. I think Jan highlighted four new NCEs in his prepared remarks, you'll learn about more of those in the coming future. I think after we give an update after Q2, as Jan mentioned, to our outlook for the rest of the year, you may get more color at that point as well.

Speaker #4: And allocate capital there to continue to sustain not only into the 2030s, but the 40s and beyond with the continuous flow of new products.

Speaker #4: I think Jan highlighted more new NCEs. And is prepared remarks. And you'll learn about more of those in the coming future. And of course, I think after we give an update after Q2, as Jan mentioned, to our outlook for the rest of the year, you may get more color at that point as well.

Operator: Thank you. That is all the time we have for questions. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

Speaker #1: Thank you. That is all the time we have for questions. Thank you for your participation in today's conference. This is conclude the program. You may now disconnect.