Good morning, everyone. Welcome to this session of the Morgan Stanley Global Healthcare Conference Day 2. [indiscernible] www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. So with that, I’m very excited to welcome the Genmab team.

We have Jan and Anthony representing up here. Maybe just to start, as you know, I’m somewhat newer to the story, but for people who are less familiar with Genmab is, maybe you can give a high-level overview of sort of the current sources of revenue and how you anticipate those sources could change over the coming years, if that’s a good way to frame the high-level story.

Absolutely. So over 25 years [indiscernible] differentiated entire [indiscernible] had a good track record, as you know, a FDA-approved antibody therapeutics that are based on our science on the market, 2 of them we commercialize [indiscernible]. And at [indiscernible] is a late-stage [indiscernible] multiple Phase III clinical trials add to that [indiscernible] also are moving into more and more late-stage clinical cloud. We will actually make sure that they will grow into the future. And of course, we are also trying to look at the external world or opportunities there like we did perform to a buyer and also from our own pipeline. We actually intend to add more touts though it actually drive sustainable growth for the coming decades.

Okay. Great. So maybe if we start with the ongoing Phase III trial for our CD3/CD20 specific opportunity in first-line DLBCL. So how has the trial been progressing? What do you see as the benchmarks or outcomes for a strong commercial launch in the frontline setting in DLBCL?

The trial is completely recruited actually very far ahead of self schedule, and we expect it to read out that we know at the end of next year. So very near the near on. And I think that based on the data, this is, of course, a PFS standpoint based on the data, we think that this could actually add a lot of income for us [indiscernible] EPKINLY because this is essentially half of the market from [indiscernible] as you now look at the landscape.

So we’re very excited about the potential of that still to read out quickly, but that can terrible boost the income of EPKINLY and also improve our position, what you’ve seen is also we have a second-line foliculymphoma. So recently, moving to top line results. We submitted that data for us. I think they’re going to give me a new microphone because they’re unhappy with my microphone. I apologize for that. So no, should I start all over again?

No, we heard everything you said.

The second [indiscernible] trial has fantastic data, as you have seen, with a hazard ratio of 2.21%. So 79% lower risk of disease progression that is simply enough being seen. So EPKINLY is doing really, really well. And we actually moved to earlier in earlier lines of [indiscernible] another second line plus diffuse as B-cell lymphoma trial, which is also fully recruited. Also expected to read out between now and end of next year. They are event-driven, so we cannot give you the exact timing but you’re very excited about the potential of EPKINLY and we’re going to further problem it. We submitted nearly 30 abstracts to ASH this year, including the ficlaymphoma second-line pivotal data. And many of them are novel combinations, basically either tried by up together with AI in our collaboration or investigator initiated studies because one of the real advantages of EPKINLY is it’s not only super effective, that’s a very clean safety profile.

You don’t need hospitalization and it is easily combinable with other mains. So — and that is exactly what doctors want to see for the next phase of treatment of besacancer. So we’re very excited about that can be as soon actually, it’s better than what we anticipated actually.

Okay. So maybe moving to just kind of a level higher up on the broader lymphoma space. I guess, how do you anticipate bispecific antibodies and ADCs will ship lymphomas in or to care more generally as you advance into earlier treatment lines. And I guess, specifically, how does EPKINLY fit within that?

I mean, EPKINLY, it’s optimally positioned as they’re super, super potent. I mean, and it gets better when you combine it with other agents actually multiple other agents that is actually not requiring hospitalization. You can inject it in around 2 center injection. So which is a real advantage if you think about combinations with small molecule, the drugs, which will certainly be positioned in the future to take over from chemotherapy because I think that’s not really both patients and doctors want to get away from in the coming year. EPKINLY absolutely the potential to become the backbone therapy for new combinations and for metal cancer potentially beyond that it moves into other areas. .

Okay. Great. And maybe if we move to Rina-S your ADC, how do you view competitive positioning in platinum-resistant ovarian cancer, endometrial cancer especially against ADC competitors that may be further advanced in development, kind of, I guess, we asked specifically to them within the broader ADC landscape.

I mean [indiscernible] has a unique linker technology and a DAR of 8 or 8 payloads per antibody molecule, without change in the PK/PD. So the net-net is that you can actually get very potent killing even of cells with very low levels of expression of [indiscernible], we see that both in ovarian cancer cells in endometrial cancer in different settings. There will be another data download at ESMO in October and Berlin of the endometrial cancer second is data. And it is differentiated because it actually can actually hit tumors with very low levels of expression of 48 receptor alpha that for very durable responses. So it is absolutely differentiated from the first generation of product offer ADCs is needed a very high expression and we’re only working like 30% of the patients.

So it can broaden the market and move out into other markets. We believe that this is — this molecule has the potential to be an all come time for multiple cancers. So we’re going to move our next into a non-small cell lung cancer, and we will do it this year. We have already treated some patients with non-small cell line nd an earlier trial that we took over from profound bio. And so we are very excited about the potential to move into other cancers because there’s actually a lot of the cancers which have full cetera operation, lower than in ovarian cancer, but it may not be that relevant for Arena. So we believe it’s all about differentiation. Not all of these folate also targeted ADCs are similar identical. And I think it comes down to differentiation and Sura. It comes down to low of execution. I mean remember that we only acquired performed in May last year.

And now, 1.5 years later, we have not only accelerated it from Phase 1 II into 1 Phase III, you will add 2 more Phase IIIs there between now and the end of the year, and we’re planning multiple Phase IIIs for the coming years. So we are — I think it comes down to a combination of doing the right trials and do them flawlessly and very rapidly because it’s all down to execution in the end.

Okay. Great. And then maybe just getting back to platinum-resistant ovarian cancer and endometrial cancer. How can an accelerated pathway come together for renting those conditions?

I mean we’re doing a Phase II trial in both second line plus refractory ovarian cancer. And in the metal can also second plus. We do a Phase I/II trial. This could be the basis for an accelerated approval. Remember, we got the first preternation recently for second plus endometrial cancer. But we’re also running Phase III trials. The Phase III trial for POC is already running and is expected to complete recruitment in ’27. That’s why we think that based on the Phase II data, we can get the drug on the market. Second [indiscernible] ovarian cancer. And then for endometrial is exactly the same but lagging a little bit behind. And the strategies in place. We got already a breakthrough [indiscernible] based on the endometrial cell cancer data. And I think we have to all figure out how to optimally position it very rapidly for the market that we still believe that we can get it on the market in ’27 in the ovarian cancer setting. .

Okay. Great. And maybe just specifically on platinum-sensitive ovarian cancer, how does that opportunity compare to platinum resistant, what does competition look like in platinum-sensitive and why might we [indiscernible] while suited there.

It’s a different landscape. What we are going to do is do a Phase III. I don’t run it against observation or against the bevacizumab. So it befits rinse or bevacizumab or run it against other patients against observation. And we will start a Phase III before now and the end of the year, that will add competition-wise, another 25,000 patients potentially as a market for Rina-S. So we’re very excited about that potential. We are actually planning an additional Phase III for next year also in that setting. So we actually are going in multiple settings in both platinum-resistant as platinum sensitive ovarian cancer because we believe there is really good market share there and a medical need, which is the most important in the end.

What we want to do is to provide better treatments for patients because that in the ante, think drive the success of the company. And also I think that’s what the company is aiming for.

Okay. Great. And then you touched [indiscernible], with what you’re doing in lung, but in terms of expanding reason ovarian and endometrial cancers, lung and breast is an indication. You talked about — how are you thinking about expanding into additional indications?

So we’re going to do some basket trials in the future. We are going to start with lung cancer, second plus lung cancer pretty soon. We start the different cohorts. One is the [indiscernible] mutated cohort, where we know there’s a decent level of folate alpha expressed, we also test multiple other cohorts. And the same holds for other cancers, we would prefer you that to keep the cars towards just for this moment because it’s a very competitive area, as you said, because fully set off is now, I think, clinically validated target. More and more companies are becoming interested and you all know about innovation in China. I mean this all molecule was actually originated in Suzhou in China, very quickly for validated targets multiple companies coming up now.

The innovation landscape is changing dramatically over the coming years. So I think we want to keep the costs a bit longer to close adjust for [indiscernible] cancer, but we see actually multiple tumors that [indiscernible] expression levels, which are not different from some of the expression levels we have witnessed in both ovarian cancer and in endometrial cancer, especially endometrial cancer test have lower levels of [indiscernible] expressed in ovarian cancer. So we believe that they may actually be optimal for Rina-S to provide help and opportunity for patients there.

Okay. So maybe just taking a step back, it does seem like you said that other fully receptor alpha targeted agents are going to broaden their indications, I guess, how is [indiscernible] kind of maybe uniquely positioned from a molecule design perspective versus what you think those competing molecules could do?

I mean the unique characteristics for Rina-S [indiscernible] Hydrophilic linker, and the net-net is that you can attach hydrophobic payloads because that’s what you want. You want actually toxic molecules attached to the antibody. You do that with a regular linker, which is not hyperfilc, you changed the PK/PD characteristics of the antibody. You got a very short half lives. They got very strange clearance characteristics. And that is why they become toxic and also you cannot dose escalator faster. And what happens to be with the linker and payload combination and Rina-S. You get very good bystander killing. So you kill other cells which enter negative. It’s a folate negative. And the vicinity of [indiscernible] set the positive cells, without toxicity. It has a very clean safety profile, no ocelo toxicity, no [indiscernible] lung disease, which is seen that other folate alpha targeted ADC, so other ADCs in general.

So I think it has unique characteristics to be very, very effective from what I can tell you one of the terms of the perform via acquisition last year due that there was the very first acquisition in 25 years for the company, but we brought in technology from another company that we can actually use their payload and linker technology also for other programs. And actually, a number of programs now in preclinical development, several of which are slated to go to the clinic pretty soon between now and end of next year, for sure, under our leadership. So we think that we can actually use that same technology base for other antibody drug conjugates and combine that with immuno-oncology antibodies, we have [indiscernible] has a very potent immune activator and also others like 142 also an immune activator both targeting CD40 but we actually have other molecules in our preclinical pipe, which we think could actually be added to ADCs and actually, together with ADCs provide new treatment paradigms for the future.

Okay. Maybe just turning back to EPKINLY for a minute. Can you give us kind of the latest thinking on your strategy for developing epithelia immunology and inflammatory disease indications?

I mean EPKINLY is a good candidate, I think, for treatment of immune-mediated diseases. The depletion of B cells is, I think, a known mechanism of action in different autoimmune disorders, and we are discussing a potential use in that direction together with a partner AV, which is, of course, an autoimmune specialized company because you have to balance that with what we can do in the cancer area. I mean, for Genmab, I can tell you, we have actually a number of applications preclinically. Some are working on a bit with Argenx as our partner, these are like 50-50 partnerships and some we are doing 100% of sales. But we are actually experiencing that it takes longer to develop the molecule for an INI indication because you need more safety data, more extensive tox data. And we definitely believe that some of these approaches will be valuable in the future for treatment of patients.

But I think the majority of the activities for Genmab will for the coming years, be focused on cancer because we have a track record there despite knowing [indiscernible] some of our molecules work really, really well. For example, [indiscernible]. You’re aware of that molecule is a CD20 antibody which we originally developed in the early 2000s and part of the GSK in 2006 for the treatment of CLO is actually a far better medicine for relapsing on us. I mean, [indiscernible] is doing a fantastic job there. It’s the fastest-growing rigor relapsing on than that actually in the last quarter at over $1 billion in sales for Novartis. So we believe that actually molecules are specifically targeted for cancer treatment can actually work really with regarding the right autoimmune disease.

We have a second example, as you know, with the beta, which is now part of Amgen after the acquisition of Horizon Therapeutics. And that molecule was originally developed for in a Roche partnership in 2003 was overseeing the preclinical development at that time for that molecule. And at x I think I can tell you it works actually really well in some of cancers. But despite that [indiscernible], they do one trial in grace eye disease or [indiscernible] spectacular data and FDA breakthrough [indiscernible] on a New England Journal paper. Of it back to Roche, this is all in the public domain. [indiscernible] says no, because they didn’t believe that it was a good market for that molecule for the reason that there’s never been a molecule developed in the United States medicine for treatment of time in that disease.

And gas spot Horizon brings it to the market in the first year, which was not even a full year of $50 million sales for next year, $1.6 billion, and the next one, they didn’t even make that because [indiscernible] then borders for $28 billion. So yes, we know that our molecules can actually work very, very good and other indications. But realistically, I think Genmab is a company with most of its expertise in oncology. So we will probably focus on that more in the future but we will already make available our technology for companies who can develop antibody-based medicines in other areas.

Another good example is [indiscernible]. That is a molecule not created with our help and our technology or [indiscernible] technology platform against fact of 11 and 12. And that is for her treatment of hemophilia tend 1 molecule out of over 30,000 molecules 5-fetter than [indiscernible] in their preclinical evaluation and that has been, I think, filed this year also for a regulatory approval. So there could be another molecule, which is based on the general technology it could actually work really well for treatment of another disease, which is an important disease hemophilia.

Okay. Now that’s a good overview of kind of how you’re thinking about strategically approaching the market. So I guess with the focus on oncology, specifically for EPKINLY. We do get questions on adoption in the community versus academic citing given the advantage of no required hospitalization with it, can how are you thinking about commercialization across those settings?

We are definitely very, very actively interested in moving out from the academic hospitals from the cancels into the community health care centers because it’s such an important area of treatment in this country, which is the biggest market, as you all know, for a molecule like [indiscernible]. This has the unique characteristics that is a very, very effective medicine. That’s a very clean safety profile, can easily be combined with other molecules. And of course, right now, it’s only on the market in third line plus the use [indiscernible]. But this one molecule for both of these indications, which is a unique positive for smaller health care centers because they don’t want to think about if this patient if follicular lymphoma patients or hazard already has the tumor already changed into a more aggressive the fuse B-cell lymphoma direction because then you need to use a different molecule for one.

So this is much more straightforward. It is a 2-second injection under the skin, that patients like doctors, o I think we get more and more visibility and traction now in the community health care centers or commercial teams have really set up a very good structure of engaging with these health care centers. And I think with now the molecule move more to earlier lines of therapy because remember, that is how most of the patients want to be treated in community health care centers. It’s very early after their diagnosis, they have a real preference of being treated in the community health care center close by their home and not travel like 3 hours to cancer hospital with a plane or by car. And so I think we have a molecule uniquely positioned to do really, really well, especially in earlier lines of treatment. I mean we now have the Phase III data in second-line follicular lymphoma.

We still have a frontline clincal lymphoma trial also together with our Square recruiting as we speak. So we cannot give you a time estimate there. But the most important, I think, is the portline diffusion Phase II that should read out between now and end of next year, hopefully sooner based on the event rate or building up quickly. So I think that could be an ideal combination, I think, for when you have frontline diffuse from a second line, third line plus, then it becomes really attractive, I think, to position can optimally in the community health care center. And I think that’s all the characteristics of what I understand from our commercial team, the feedback is very, very positive and gets more and more momentum.

I think upcoming [indiscernible] will be important because of the nearly 30, I think abstracts that we have submitted. We have not yet heard back what we know for some years is that most of the asset base on an are selected for presentation by the hematology community. So we have good hopes that we have actually have a good exposure at ASH this year in December. But I think important is that we can actually get the label in the fourth line of second line setting.

Maybe just to add on a little bit. As we think about the actual performance we’ve seen so far, and that provides a really strong foundation doing about $211 million in global sales in H1 competing very effectively against the incumbent and that didn’t happen by accident that we had years of planning that was years of investment. As we thought about approaching the launch of EPKINLY in May of 2023 in the United States and then subsequently in Japan, these are the markets where we’re leading. We spent a lot of time thinking about this is the first time to really launch Genmab into the marketplace and the chance to launch EPKINLY. And as we did that, we had an eye that EPKINLY was not going to always be a late-line product, ultimately would get into earlier lines.

This could be a multibillion-dollar opportunity as well, we are competing against fierce competition. So this is resourced accordingly from day 1. And as you can see, so far, the execution has been rather strong, I would say. And I think it provides a really strong platform for additional launches for kidney moving forward. But the overall, let’s say, commercialization capability of that platform will also serve us very well for Arena. Now very specifically to your question around the community setting, that this is more relevant as you get into earlier line, just to remind everybody, we did recently announce some data in the outpatient setting very encouraging data that it could be — the patients could be treated the first full dose outside of the hospital.

I think the results speak for themselves. And there importantly, a large part of that trial was actually conducted in the community. So I think that was another way to sort of demonstrate not only sort of in theory, can you do this in our academic center, but in practice, yes, you can get patients the first full dose in the community setting. So we’re very pleased with, let’s say, the overall performance so far, but also the prospects moving forward.

Okay. Great. Maybe that’s a good way to kind of move into some sort of strategy and capital allocation question. So maybe can you just set the data, I guess, from your perspective in terms of where the company sits from a strategy standpoint, how do you plan on allocating capital in the relative near term, maybe over the next couple of years? And how has that changed versus maybe 5 years ago?

So look, our capital allocation strategy is super clear and is 100% aligned with our strategy. Number 1 is investing back in our business, more specifically, prioritizing our late-stage programs, particularly at EPKINLY, Rina-S and acrosumumab. You’re all aware of the Phase III work ongoing for those programs. I think if I think about those programs, they also have characteristics where we could potentially do more than the existing Phase III work. So certainly, we’re looking to do more with those Phase III programs. As it relates to R&D, no one should take what I said that we we’ve stopped thinking about innovation in our early stage research and discovery, preclinical Phase I/II work remains fully on track and is a big focus and here, I think Jan and I and the team fully expect that one or more programs out of this research and discovery engine will progress to mid- to late stage here and hopefully not the not-too-distant future. .

So number one, that’s sort of our priorities around R&D. Certainly, we’re very excited about the prospects for our existing products and more to come. Likewise, in our commercialization capabilities, we’re absolutely focused on realizing scale benefits based upon the investments we’ve made, but we’re not going to shy away from investments that are going to generate incremental revenue incremental profit. So we’ll take it very carefully as the market’s opportunities expand for EPKINLY as we bring Rina-S to market, while at the same time, be focused on realizing scale benefits, but we’re not going to shy away from making the required investments to position our products for success. So that’s in terms of number one, investing back into our business.

Number 2 is looking outside the 4 walls of Genmab. Here, we’ve demonstrated that we can do this rather effectively post the Profound Bio acquisition, the first priority was integrating that. I think we can all agree that’s gone rather well. We’re going to exit this year with 3 ongoing Phase IIIs and 2 registrational Phase IIs. Moving forward, of course, you would expect us to continue to look for opportunities. We’re doing that. But you shouldn’t think that we’re going to be chasing deals. If the right deal crosses our desk we’ll certainly pursue it. But we’ll have to kind of wait and see.

Last but not least, really is if — once you go through items #1 and 2, in terms of investing back in our business, considering external opportunities, we can think about potentially returning capital to shareholders. So that is number three as we speak here. So that’s, I think, very clearly, our capital allocation strategy and it sort of aligns with our overall business strategy.

When we think about potential external deals or business development internally, are there sizes that you’ve guided folks towards? Or is it a fairly wide right?

We were focused on looking at the right product where we can be very good evaluators, right? Can we apply the expertise and the capabilities that we’ve built up over time to really evaluate what is we’re looking at and then transition to if we execute, the very good owner. So that’s the primary lens, then you get into kind of a value and price discussion. That’s a function of the product opportunity, where it is in development and a cash flow sort of profile. So for now, we’ve not gotten to discussion around size.

Got it. Okay. Super helpful. And then maybe just one last one company specific. Anything we didn’t talk about that you’d want to highlight to investors or maybe folks that are newer to the story.

I think we covered it quite nicely. I mean there’s a big focus on our commercial programs. And also, what we didn’t cover yet is move now also into Europe. It’s a dip back. I mean it has been approved in Japan and in Europe. And I can tell you this launch now in both territories, but we do this in a stepwise gradual way. and also to make ourselves ready in ’27 for launches of Rina-S [indiscernible] very closely the offer. So we’re building more momentum, but we all do that in a strategic and very stepped-up type manner, which I think is the right way to really build the company to the next level. Also higher than [indiscernible] a year ago with over 26 years of experience at Amgen, for supply chain management and technical operations because we now need to think about how to actually produce these materials in different continents in the future.

And we never had to do that because it was always the partner who actually took the heavy lifting, either [indiscernible] or Pfizer for the 2 commercial products that I think they are also building up our expertise and stronghold to really be very effective. And of course, the world is changing sort of geopolitical dynamics factored in there. So I think it’s important to have people like an on board now to really set us up for success in the future. So we’re building a stronger and stronger team. Coming back to the Perform Bay acquisition, what Anthony already has summarized really, really nicely. We are very proud of over 90% of the team members associated with Perform Bay are now integrated in Genmab. So we’re actually quite good in integrating a new entity into the Genmab team. And that also, I think, both also if you would do that again, I think the market can be assured that we will focus on that and then effectively execute and do this all in a very rational way.

Okay. Great. And I’m going to move now into sort of a mini survey that we’re asking all of our management team. If anyone in the audience has a question, just raise your hand and we’ll get your microphone. So biotech seems to be more exposed to external and macro factors of late. So we’re asking each of our management teams 3 related questions. The first, and you touched on it a little bit, Jan. With China’s rise in biotech innovation, how are you thinking about your competitive position here will this influence your R&D or business development strategy in any way?

Very clearly, we think that the innovation ecosystems are changing. We are very pleased with having the 2 sides actually one in [indiscernible] and one in Shanghai, which both came in via the acquisition of [indiscernible] Bio. So we are more or less a foothold in the Chinese innovation landscape. And when I read, I think if some of your analyst reports that in 2040, 35% of the predicted FDA approvals come from China, with science based on happening in China. I think it’s very good for an innovative biotech company like Genmab an international company to have a foothold in that ecosystem.

So we’re very, very actively watching the field. We will do this in a very careful strategically sound manner if you would strike. But we also — we have a number of oncology opportunities have been sourced from China. I think the world is changing. And I think we — it’s good for us to be represented there. We’re very excited about our site. And we believe that this is the right move because the world is actually moving into a new level at this moment.

Okay. And the second theme is AI. How are you currently leveraging AI or thinking about the potential for AI to disrupt the biotech space? Positively [indiscernible] .

I mean at Genmab, we have a very, very proactive view on AI, use it in all parts of our business in a very integrated manner. I think we have literally over 1,000 GPT company version. This is a close version that you are using basically as the next tool, but we use it in discovery and development. We actually are working on a silicon generation of antibody medicines. It’s not ready for prime time [indiscernible], but we are definitely investing in that quite a lot. You also look at clinical trials, can we actually do the trials in centers. It’s a [indiscernible] so that they are actually the heavy recruiting at so we can actually learn and take medicines more rapidly to that development stage to commercial.

We actually combining information sets from different databases and the [indiscernible]. So we know exactly in this hospital patients are going to show up, which are eligible to potential treatment with our medicine. So we’re using AI digital technology all over. I think it will fundamentally disrupt the way we do business between now and 5 years from now. Our goal is that we actually can bring medicines much more quickly to patients than we can do right now. I think the company is well set up to be quick already. I mean EPKINLY, literally in less than 5.5 years from the first injection and the first patient to a U.S. market approval. This is, I think, a real record for an antibody-based medicine because we think we can speed that up even by using AI technology in a more proactive way in the future, and we have actually had in a very, very senior the data science expert from Amgen, can hear made who’s also seen all of our data, digital and AI work at general, but it’s a pretty sizable team [indiscernible]

Okay. Great. And the last topic is just the regulatory side of things. I guess, what would you characterize as being most impactful from the regulatory side? And what’s keeping you up at these days, changes on pricing debates, tariffs, anything you can think about on the regulatory side?

I mean none of these are keeping me a big at night luckily. And there’s not a lot can tell you it’s keeping me up at night. But we follow the landscape like really, really closely. We have a geopolitical dynamics task for which meets on a weekly basis. We get updates and the board got updates on a weekly basis on what is changing. I mean this is a very fluid situation. I mean nothing is concrete. We think that right now, the way we organize we are not impacted significantly this year for sure, either of these changes, but with the new U.S. administration that may change in the future. But then what we need to do as a company is very actively reacts and proactively react on potential changes in dynamics.

Right now, limited impact, I would say, on our business. And also that is also attributable to, for example, EPKINLY that actually the drug is produced in the United States right now, that is a big market via partner [indiscernible] and so I think we are well protected to know, but that may change, for example, that Rina-S right now, we have a supply chain from Asia, but we, of course, setting up other supply chains. As we speak, I already spoke about technical operations because we need that in the future. And I think we need to anticipate, I think, changes. But up to now, we are relatively relaxed about it.

Okay. Great. That was a great overview. There are no questions in the audience. I think we’re just about at time. So thank you again for participating.

Thank you, see you, and have a good day, everybody.