Incyte at Bank of America Conference: Strategic Insights on Growth

On Tuesday, 13 May 2025, Incyte Corporation (NASDAQ:INCY) participated in the Bank of America 2025 Healthcare Conference, offering a strategic overview of its operations. The company focused on mitigating potential impacts of drug pricing regulations while emphasizing growth through its key products, Jakafi and OPSELURA. Incyte highlighted its optimism about pipeline developments, despite challenges posed by new tariffs and executive orders.

Key Takeaways

• Incyte reported a 24% year-over-year growth for Jakafi, driven by demand and reduced destocking.
• OPSELURA’s revenue guidance is set between $630 million and $670 million, with a 38% growth in Q1.
• The company is pursuing approval for Jakafi XR by the end of the year, with expected approval by mid-2026.
• Positive results from Povorcitinib trials indicate potential market advantage in Hidradenitis Suppurativa.
• A strategic focus on the mutant CALR antibody program aims to maintain leadership in the MPN space.

Financial Results

Jakafi:

• 24% year-over-year growth
• 10% growth from demand, 7% from reduced destocking
• Net price increases aided growth, offset by 340B expansion
• Approval filing for Jakafi XR expected by year-end, with approval targeted for mid-2026

OPSELURA:

• 38% growth in Q1
• Revenue guidance: $630 million to $670 million
• U.S. revenue split: 55% from atopic dermatitis (AD), 45% from vitiligo
• Improved refill rates for vitiligo, exceeding 70%

Operational Updates

Jakafi:

• Jakafi XR aims for once-daily dosing to extend the product lifecycle
• Transition plans for existing patients before patent expiry

OPSELURA:

• Focus on patient adherence, especially in vitiligo
• Targeting pediatric AD population with potential launch later this year
• Considering application in Hidradenitis Suppurativa (HS) with planned pivotal trial

Povorcitinib (POVO) for HS:

• Positive Phase III trials with significant pain reduction
• Filing for approval with potential priority review
• Expected approval between late 2026 and early 2027

Future Outlook

Jakafi:

• Strategy to transition patients to Jakafi XR

OPSELURA:

• Expanding market penetration in AD and exploring pediatric applications
• Investigating additional indications, including HS

Povorcitinib (POVO) for HS:

• Pursuing a broader label for both biologic-naive and exposed patients
• Oral alternative for HS could reach 10-15% of patients

Pipeline:

• Development of mutant CALR antibody program for ET and MF
• Commitment to dominating the MPN space for the next 15-20 years

Q&A Highlights

• Incyte’s response to drug pricing executive orders remains cautious due to lack of detail
• Tariffs expected to have minimal impact due to U.S. manufacturing and dual sourcing
• Competitive advantage for POVO highlighted by strong pain data and broader label potential
• No changes anticipated in the sales force for HS launch
• Goal to replace Jakafi revenue and achieve double-digit growth through pipeline developments

For a deeper dive into Incyte’s strategic plans and financial performance, refer to the full transcript below.

Full transcript - Bank of America 2025 Healthcare Conference:

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Welcome to the Bank of America Healthcare Conference. I’m Tazeen Ahmad. I’m one of the senior med biotech analysts at the firm. It’s my pleasure to have with us our next presenting company, two members from the Insight management team. Thanks, guys, for flying over to the West Coast.

Hopefully, you didn’t have to fly through Newark. So speaking for insight, we’ve got, Pablo Cagnoni as well as Christiane Estamulis, president of r and d, head of r and d as well as chief financial officer, respectfully. So I will turn the floor over to the both of you to, before you talk about Insight in general, we wanted to talk about some macro questions, if I could. So maybe let’s talk about the most recent update, which was the, executive, order that was announced yesterday morning. We’ve written about it.

We’d like to hear your thoughts as well in terms of what do you think it actually means at the end of the day? And specifically, what do you think the impact to Incyte could be?

Christiane Estamulis, Chief Financial Officer, Insight: So I saw your note and I would agree with it. There is no detail in the executive order. So it’s very hard to comment on what the impact could be. There is no definition of what the most preferred nation pricing would be. And there is no information as to the scope, whether it would be Part B or Part D.

So I can’t really comment on what would be the impact. Having said that, a couple of things is important to note is, first of all, Insight commercializes Jakafi only in The U. S. We set price in The U. S.

And ex U. S. Is Novartis that commercializes the product. We have nothing to do with the pricing there. The second is that for OPSELURA and in general for dermatology, the majority of patients in the case of Opsilura, over eighty five percent are on commercial plans.

Medicare has no role when it comes down to Opsilura. And then when you look at the pipeline, the pipeline currently, of course, is not commercialized in any market. So that gives us the flexibility based on what how the most preferred nation pricing will end up or framework will end up being to adjust the strategy accordingly, the commercialization strategy.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: In general, some of our companies have been saying that they like to price their products in a tight range. Based on what you think that interpretation is, would you expect that if you were in that type of position in the future, you would kind of decide to either not sell product in a particular country if the pricing ended up being negatively impactful to the overall business? Or would you, from the get go, try to find a price point that you think would be you know, more in line with not necessarily premium pricing, but pricing that would be generally accepted, if you know the type of question that I’m asking?

Christiane Estamulis, Chief Financial Officer, Insight: Yes. I think that’s where I was going with being able to adjust the strategy. We will have flexibility to take into consideration all these alternative approaches.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Okay. And then on the question of tariffs, can you remind us what Insight’s position is on that?

Christiane Estamulis, Chief Financial Officer, Insight: So we expect tariffs to have very limited, if not at all, impact for inside. Jakafi is manufactured in The U. S. And when you look at the rest of the portfolio, we have been pursuing a dual sourcing strategy where we have manufacturing in both The U. S.

As well as in Europe, and that allows us to move the manufacturing of each of the programs in the portfolio based on the market. So we could manufacture in The U. S. For The U. S.

Market and we could manufacture in Europe for the ex U. S. Market.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: And in terms of where does your IP reside, it’s going to become a moot point for Jakafi, but can you just talk to us about products that are currently in development where their IP is?

Christiane Estamulis, Chief Financial Officer, Insight: It’s in The US. All of it? For The US market. Okay.

Pablo Cagnoni, President of R&D, Insight: So there

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: would be no transfer pricing need whatsoever?

Christiane Estamulis, Chief Financial Officer, Insight: Not for The US market. Yeah.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Okay. So last question is on FDA interactions. So over the last eight weeks or so, to the extent that you’ve had to have, interactions with the agency, you know, has anything noticeably or notably changed, whether it be delays to meetings, timelines, you know, the type of, meetings that you’re having, the topics that are coming up, etcetera?

Pablo Cagnoni, President of R&D, Insight: No, so far, so we have three PDUFA dates coming up, right? We have RET TUFFA and the, Opsalura pediatric AD. And our interactions with FDA have been absolutely normal. We have not seen any delays or any problems so far. So, you know, we obviously follow the headlines.

I think CEDAR has been so far relatively or maybe fully insulated, at least at the senior level. I think it’s been a little bit less terminal than in CBER. We’ll hope that will continue. Fingers crossed. So far, we’ve seen no delays.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Okay, perfect. So now let’s talk about specifics to the company. We’ll start off with Jakafi just because I think it’s still topical for folks. This past quarter, you talked about Part D redesign being a factor. But despite that, I think probably some people were pleasantly surprised.

So can you talk about why this Part D redesign was particularly complicated for this quarter? And should we expect negotiations every year to, on a go forward basis, become more involved as opposed to less?

Christiane Estamulis, Chief Financial Officer, Insight: So under the Part D redesign, we pharmaceutical companies no longer cover the donut hole, which was what we were doing in the prior years. And we had that big impact of the gross to net discount in the first primarily in the first quarter of the year. And instead, we participate in the initial and catastrophic pace. Jakafi has got qualified for the small biotech exception, and as a result, the participation in 25 in this initial and catastrophic phases is much smaller than other pharmaceutical products that don’t have that exception. For us, this year is 1%.

It will grow to 2% next year and gradually grow to the same level as others over time. So this year, instead of having the participation in the covering the donut hole, we had that participation. And that’s the benefit from the Part D redesign that you saw in the numbers. As we shared, Jakafi grew 24% year over year, 10%, the biggest growth driver was demand, 7% was less destocking versus what we saw in Q1 of twenty twenty four. And the rest was because of net price and the majority of that net price benefit came from the Part D and D redesign, and it was partially offset by the continuous growth that we see in 340B.

So that was compared now to 02/1941. Going forward, as a result of not having that big impact on gross to net at the beginning of the year because of the doughnut hole, you would expect gross to net in the subsequent quarters to be pretty much in line with what you saw in Q1. So you won’t see that big movement between Q1 and Q2 that you saw in the prior years. And as a result, you would see a more gradual increase in the quarter over quarter growth driven exclusively by demand. Okay.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Can you talk about Jakafi XR and how it’s important for life cycle management? So XR, first of all, we expect

Christiane Estamulis, Chief Financial Officer, Insight: to file for approval in by the end of the year and expect approval mid of twenty six. That now gives us two point five years before the patent expiry to get patients on XR. We would expect that primarily new patients who could benefit from the advantages of compliance advantages of once a day will get on Jakafi XR. And so by the time of the Pattern X period, the majority of the existing patients are likely to be on XR. At that point, it would be hard to get a patient, an existing patient, who is on a once a day therapy move to a generic twice a day.

So we would expect that most of those patients would continue on a once a day for the duration of therapy, and then new patients will be the ones getting on generics. And when you think about the duration of therapy of those patients, MF patients stay on therapy on average for two years and PV patients for close to four years. So that means that the revenue coming from Jakafi XR will continue for a longer period of time, and that will change the revenue erosion that you would otherwise expect.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Okay. And then how should we be thinking about between now and, LOE for Jakafi, the revenue expectations? So what’s the upside in continuing to invest in Jakafi is a question that we get just because your LOE is coming to an end. Why is that not the right question to be asking?

Christiane Estamulis, Chief Financial Officer, Insight: So we Jakafi is a very important drag and position that we have in our commercial portfolio. It generates significant cash flow, and that cash flow allows us to invest heavily in the next set of growth drivers for the company.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Yes. So one of those is, I think, Opsalura. So can you talk about the ramp so far that you’ve seen? And can you talk about where in the launch trajectory it is for both AD as well as vitiligo?

Christiane Estamulis, Chief Financial Officer, Insight: So OPSELURA is continuing to grow very nicely across both indications. You saw the numbers for Q1, it represented a 38% year over year growth. The growth was really driven by demand, both in The U. S, across both indications as well as increasing contribution from Europe. And you saw the guidance that we have provided for ObsEleura, putting revenues net sales for the year at $630,000,000 to $670,000,000 So it’s becoming a sizable product.

In The U. S, in AD, we continue to see nice growth as Opsalura is really differentiated by the very rapid itch reduction that it can provide, which is obviously very important for atopic dermatitis patients. And vitiligo, we see the growth be driven by the fact that there are no other therapies available for repigmentation. Opsilura has been the first and still only one. And so we are continuing to work on getting new patients on therapy.

But also in the case of vitiligo, the other growth driver is the improvement in adherence. As we have discussed in the past, there is still quite some work to be done on making sure that patients that get on therapy stay on therapy and appropriately use the cream twice a day and for a long period of time so that they can see the desired results.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: So is it correct to say that most of your revenues right now are coming from AD?

Christiane Estamulis, Chief Financial Officer, Insight: No. The split is 50 fiveforty five in The US, and of course, ex US is all vitiligo.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: So in terms of compliance then, if it’s pretty similar in terms of the split, is it that patients are coming off therapy but, you know, choosing to go back on after short holidays? Or is it just the volume of new patients is coming in, allowing the split to be close together?

Christiane Estamulis, Chief Financial Officer, Insight: So for Vitiligo, you have both new patients as well as patients that start staying longer on therapies. We have been working on adherence. Already we are seeing patients that refill their prescription accounting for more than seventy percent. So that has been improving. In the past, we were seeing a great number of patients actually getting one script and then stopping.

So that has been improving. And now we are working on making sure that they apply the cream appropriately, and that will translate into a higher number of tubes per patient per year. So that’s what has been driving with Lilo in The US.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: So some of the feedback that we’ve gotten from physicians consistently is that they really do like OBSOLURA, especially for AD, to the point where, the number of tubes that a patient is taking is lower than what we had originally modeled, because the itch, which is like predominant for why people go on it, gets resolved pretty quickly. So that’s a good problem to have, I think, but also how do you think about continuing to grow revenue, And is there a certain type of patient

Christiane Estamulis, Chief Financial Officer, Insight: that you’d be targeting going So there is a lot of room to continue to grow revenue. You still have OPSELURA, where it plays is after usually patients who have tried TCIs and TCSs and have not been well controlled, and then they move to a topical. And to your point, each has been or reached a reduction and the rapid onset of that has been a very big differentiation for ObsEleura. There are still a very big percent of patients that are on TCI and TCACs, so that there is a very big market to continue to tap. And in addition to that, you have the pediatric patient population that will be looking to hopefully start addressing beginning the second half of the year.

Pablo Cagnoni, President of R&D, Insight: No, I just to complement that, look, if you take adults and pediatrics, there’s more than five million people with AD in this country alone. I mean, that’s a lot of people to think that we’re anywhere near penetrating that market. It’s just not the case.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: That’ll be in a crowded market though for AD. Fairly crowded market though for AD.

Pablo Cagnoni, President of R&D, Insight: That’s my point. And so in a crowded market, even though it’s so large, I’d rather have the best drug, at least the best topical. And that’s what we’re hearing consistently. Same thing you heard. Opsilura is the best topical when it comes to itch improvement or resolution in patients with atopic dermatitis.

That’s pretty clear. So yes, it’s a constant battle for those patients, but we have what we think is the best topical and the market size and volume of patients is very, very large. In vitiligo, again, there’s one point five million people with vitiligo. We’re nowhere near impact in that market. In vitiligo, the challenge, as Cristina said, is a little bit different because both we need new patients, but refills are key.

Having convincing patients to be patient and stay on drug to see the repigmentation that we’re seeing clinical trials is the bigger challenge in vitiligo.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Okay. And then as we think about other indications, how are you now thinking about HS given that you’ve also, you know, had bovore?

Pablo Cagnoni, President of R&D, Insight: Yeah, going back to what treaters are telling us, I mean, our team spent a lot of time at AAD interacting with the community and we have some former KOLs at INSIGHT. There is an extraordinary amount of interest in Observatory Chest. I know everybody’s talking about systemics and all of our attention has been on Pogo for the right reasons. We have pivotal data and biologics are coming, etcetera. But when you talk to dermatologists and people that see a lot of patients with HS that have, in addition to whatever systemic therapy you want, having a topical agent that leads to rapid improvement in the signs and symptoms of the disease, it’s something that is a lot of interest.

So we are moving as quickly as we can. We’ll give an update at some point in the future where the status is, but we fully intend to proceed with a pivotal trial for Opsalura in mild to moderate HS. We think that’s an important complement to PoVo as we try to impact the HS market overall.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Yeah, so maybe let’s move on to PoVoR. I think some people maybe misinterpreted what the data actually showed, your pivotal data.

Pablo Cagnoni, President of R&D, Insight: So two positive studies, I don’t know.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Can you talk about, just give us a quick summary of what you showed and how it met your expectations?

Pablo Cagnoni, President of R&D, Insight: Look, we conducted two pivotal phase three trials. Both studies were positive of both doses. I think that’s sort of the headline there. You know, everybody can talk about data they promise to have. We have two positive studies at both doses.

The primary endpoint was what it was. It was high score at week twelve. We can’t change that, obviously. Some people are hoping or we maybe are hoping that would have been a later time point or high score 75, which was also positive, by the way. But, you know, it was high score at week twelve.

One of the things that we’ve been saying all along, and I think it was confirmed in the two phase three trials about approval is their rapid and substantial impact on pain. And pain is the number one symptom patients with HS complain about. Obviously we like to count lesions and come up with endpoints to get these medicines approved, but what patients complain about is pain. And the data we’ve seen with POVO and pain is pretty striking. When you compare side by side with Phase two RINVOQ pain data is much, much stronger.

So we think that’s going to be a key differentiator. Now, because the data was at week 12, what we tried to do at the last earnings call was give you an update on longer follow-up. Obviously that’s not placebo controlled data. We understand the caveats there. But when you take the placebo patients that crossed over to POGO, and you forget denominators, let’s forget percentages for a while, denominators change because obviously the patients are progressing.

The number of responders doubled. So you take patients on placebo, you cross them over to 45 or 75, and in basically six weeks, from week 12 to 18, the absolute number of responders doubled. We think that is another piece of evidence of the very rapid and strong effect that Pogo has in HS. We appreciate this is going to be a competitive market, both in biologics and orals. We are a year ahead of our oral competitor.

We think we’re going to have stronger pain data. And let’s remember, they’re running a study only in biologically exposed. So that’s what their label is likely to be. Our study included two thirds biologic naive, one third biologic exposed. We showed efficacy in both groups.

In fact, in biologic exposed, the efficacy was even better. So we think we’re likely to have a broader label. So broader label, we’re ahead, and we have a very strong impact on pain. We think that’s a good competitive position to be in.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: So when you say broader label, is your view that this could be used frontline?

Pablo Cagnoni, President of R&D, Insight: Yeah. As highlighted in the last earnings call, there’s a group of patients that, you know, you can quantify, and we’ve done a number of interviews, ranges probably between ten and fifteen percent patients that prefer an oral to an injectable. Now, right now that’s a hypothetical question. Data will drive the decision. But there is a group of patients for sure that when you offer them an oral with rapid improvement and significant improvement in pain, as well as high score, I think they will opt for an oral.

That’s about ten to fifteen percent. Then there’s a group of patients that are going to sequence through biologics. And the way we see the market evolving is it’s unlikely that patients and physicians will opt to sequence one IL-seventeen after an IL-seventeen another. That is unlikely to happen. And so when patients fail after an IL-seventeen, and they will, this is an incurable disease, everybody will progress, We think that the best option will be change mechanism.

And we think data will hopefully show that over time that we have the best JAK1 inhibitor and the best oral. So that’s the way we see the competitive market evolve over the next several years.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Okay, so what are the next steps as far as POVAR is concerned?

Pablo Cagnoni, President of R&D, Insight: For HS, we need to follow the patients, at least a significant percentage of them for fifty two weeks, it’s the first approval for approval. So we need fifty two week safety data in a percentage of patients, whether it’s one hundred percent or seventy five percent of them something we need to discuss with the agency. So we’ll file this as soon as possible. Right now we’re guiding to a potential and we’ll request prior review, which we think we’ll get as the first, oral approved in HS. So we think, an approval could come if everything goes well late twenty twenty six, early ’20 ’20 ’7.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Okay. Would you need to make any modifications to your current sales force in order to accommodate an HS launch?

Christiane Estamulis, Chief Financial Officer, Insight: So there is a very big overlap. And so we should be able to fully leverage the existing sales force and maybe some additions to that, but to right size it for the number of programs and indications in the portfolio, but we should be fully able to leverage the infrastructure we have in place.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: So maybe I wanted to ask, a broad question. You’ve got a lot going on in the pipeline, but if you had to pick a program that you’re most excited about, I’ll ask each of you. Let’s start with Pablo. What program would you find most exciting?

Pablo Cagnoni, President of R&D, Insight: I think the most exciting program in our pipeline, and there’s several, you know, love all our children, but I think the mutant cholera antibody program has to be at the top of your list. And the reason is we have a broad pipeline. We’re trying to diversify our portfolio to some extent while we retain a certain amount of focus, we can’t do everything. But we are the MPN company. We are the company that has redefined the standard of care for MF and PV.

And what we’re planning to do and the mutant color antibody program is the first step. We’re planning to that be the case for the next fifteen to twenty years with a sequence of development candidates. Mutant color is the first one. B617 is a little bit behind, but we’ll have data this year. And there will be others that we haven’t disclosed yet.

Our intention is to continue to dominate the myeloproliferative neoplasm space. And mutant caller antibody in ET and MF is the first step in that direction. So that’s a program that we’re all very excited about.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Would RUX still play a role going forward with these molecules?

Pablo Cagnoni, President of R&D, Insight: It’s possible, right? I mean, RUX LOE is obviously at the end of ’twenty eight. So after and you asked about investment in that product development investor right now is near to zero. I mean, there’s little bit of medical affairs effort, the rest is commercial. Whether the development path for the mutant cholera antibody in MF is in combination with RUX, we’ll discuss when we show the data, but that’s a certain possibility.

Rux improves survival in MF. And one cannot forget that as you design the next generation treatment regimen for patients with MF may very well involve rux in some form or another. We’ll talk more when we have the data, which will happen this year.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: And would you present it as a press release first or would it be at a medical meeting

Pablo Cagnoni, President of R&D, Insight: or

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: on an earnings don’t the

Pablo Cagnoni, President of R&D, Insight: of thing we’re to drop on an earnings call. I think it’s going to almost certainly going to be a scientific meeting of some kind, we’ll decide.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: And would it be just a single meeting or were there opportunities for multiple presentations?

Pablo Cagnoni, President of R&D, Insight: We haven’t made that decision, but the one promise we made and we will fulfill is you will have data mutant color in ET and MF this year, and you’ll have V six seventeen data this year.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Okay. And then, Cristiano, what’s your you don’t have to pick KALAR, feel free to pick your

Christiane Estamulis, Chief Financial Officer, Insight: top I was going to say KALAR, but for all the reasons that Pablo discussed. So if you were to ask me what’s the other one, POBO is a drug that we are developing across already five indications and more to come. We have validation in already in four out of those five Phase III data in HS with two other indications already in Phase III, this is a multibillion dollar drug. And so we believe that it will play a very important role in the overall portfolio and for insight.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Do you think either of these could fill the role of Jakafi in terms of revenues single handedly?

Pablo Cagnoni, President of R&D, Insight: Let me offer this thought. I’m not going to go there. Look, I think that, first of all, our goal is not just to replace Jakafi. Our goal is to replace Jakafi and show double digit growth after Jakafi That’s the goal.

Just replacing Jakafi is not the point really. If you take ET, the percentage of ET patients are color mutated. That’s the same size as all MF. And in MF, we know the duration of therapy Jakafi is about twenty to twenty four months. So if all of a sudden we have an ET drug that gets used in about twenty five percent of the patients with duration of therapy longer than Jakafi, with something that is a biologic that is priced for $20.27 whenever it launches prices.

I mean, that’s a big step in the direction. Then you take mutant calorie and MF. And then you take 617F in PV. Ninety five percent of the patients with PV are 617F mutated. Just by taking the NPM portfolio, you can start to add those numbers.

And then you throw the multi billion dollar promise that Cristiano made about PoVo. I think you make the numbers work pretty easily actually in terms of replacing Jakafi and showing growth after 2028.

Tazeen Ahmad, Senior Med Biotech Analyst, Bank of America: Okay. So Cristina, you’ve promised, so now we have to, we got to get it. Okay. We’re out of time now. So, thanks guys for stopping by and listening to the fireside.

And of course, Pablo and Cristina, thank you for chatting with me this Thank you.

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