Good morning, and welcome to the Amnil Pharmaceuticals Fourth Quarter and Full Year 2025 Earnings Call. I'll now hand the call over to Amnil's Head of Investor Relations, Tony DiMaio. Go ahead, please, sir.

Good morning, and thank you for joining Amnil Pharmaceuticals Fourth Quarter 2025 Earnings Call. Today, we issued a press release reporting Q4 results. The earnings press release and presentation are available at amnil.com. Certain statements made on this call regarding matters that are not historical flags, including but not limited to management's outlook or predictions, are forward-looking statements that are based solely on information that is now available to us. Please see the section entitled Cautionary Statements on Forward-Looking Statements for Factors that May Impact Future Performance. We also discussed non-GAAP measures. Information on use of these measures and reconciliations to GAAP are in the earnings release and presentation. On the call today are Sharag and Shintu Patel, co-founders and co-CEOs, Tazos Konidara, CFO, our commercial leaders, Andy Boyer for Affordable Medicines, Joe Renda for Specialty, and Jason Daly, Chief Legal Officer. I will now hand the call over to Sharag.

Thank you, Tony, and good morning everyone. 2025 was a defining year of excellence excellent execution and portfolio expansion at emmio as a diversified biopharmaceutical company across specialty complex products injectables and biosimilars we're building category leadership positions in large and growing markets in 2025 Revenue grew 8%, adjusted EBITDA increased 10%, adjusted EPS rose 43%. 2025 marks our sixth consecutive year of growth in our industry. That consistency of growth stands out. What's most exciting is not only what we have achieved so far, which we are truly proud of, but the even greater opportunity that lies ahead. We entered 2026 with a strong foundation and exciting strategic growth opportunities. Whether we are advancing the standard of care with innovative therapies like Crexon or expanding access to affordable complex medicines, our mission is clear to become America's number one affordable medicines company. Since our founding over 20 years ago, M-Neal has always been driven by the deep passion and responsibility to serve the millions of patients who rely on our medicines every day. And we're just getting started. Let me begin with our largest segment, Supportable Medicines. The business continues to grow year after year, driven by an expanding portfolio of complex, differentiated, and durable products. 2025 was an exceptional year for approvals and launches, particularly in complex generics and injectables. These launches are not one-time events. They are multi-year value drivers. As a result, we expect meaningful acceleration in our affordable medicine segment, revenue growth in 2026 and 27 in injectables we are executing with a clear ambition to become a top five player in the U.S. institutional market over the years we have significantly expanded our R&D and manufacturing capabilities adding the technical capabilities required for long-term leadership our strategy focuses on providing differentiated offerings for hospitals including ready-to-use specialty injectables with over 40 products and a pipeline of differentiated launches we expect this business to scale substantially over time in biosimilars we're building a long-term growth engine we began within licensing and creating a strong commercial platform in december we received approval for our data biosimilars our fourth and fifth products with biosimilar solar under review we remain on track to have six biosimilars in the u.s market by 2027. strategically our goal remains to be vertically integrated in biosimilar biosimilars across development, manufacturing, and commercialization, which we believe is essential for long-term success. From a macro perspective, the opportunity is remarkable. Over the next decade, about 234 millions of biologic cells will lose exclusivity, more than double the prior 10 years. And only about 10% of those products have biosimilars in development these creates a significant long-term opportunity to dramatically expand patient access and drive very meaningful growth for our company next in glp once our collaboration with pfizer is progressing well and both teams are working together we are here to assist pfizer in a meaningful way. This initiative builds on what we do best, develop, manufacture, and commercialize complex medicines at scale, and position us to play a meaningful long-term role in one of the largest and fastest growing therapeutic categories in healthcare. Now, let's turn to the specialty segment. We're very pleased with the uptake of Crexon. At the end of 2025, about 23,000 patients were on therapy, reflecting over 3% market share one year post-launch. For context, RITERI reached roughly 42,000 patients and 6% market share 10 years after launch. In December, interim phase 4 data reinforced that what physicians and patients are already seen. Trexon delivers more good on time than other therapies. We remain confident in peak U.S. cells of 300 to 500 million for Trexon, which we believe is setting a new standard of care for Parkinson's patient. In the fourth quarter, we launched Brachia, a first and only auto-injector for severe migraine and cluster headache patients. For many of these patients, the prior option was an emergency room visit. Drankia gives them control, delivering the same hospital medication in a ready-to-use auto-injector. Drankia is our next growth catalyst in specialty with expected peak sales of 50 to 100 million dollars. Lastly, EvCare continues to provide diversification and strategic advantage. Through government and distribution channels, EvCare strengthens over direct access to key end markets and provides an efficient path for new launches, including biosimilars, complex generics, and specialty products. Overall, we are building a diversified biopharmaceutical company that expands access and provides new therapies for patients and delivers consistent growth for investors. With that, I'll turn it over to Chintun.

Thank you, Chirag, and good morning. I will begin with gratitude and thank the global MNIL team for their dedication and hard work, which continue to drive our company's success. The formula for strong execution remains the same. Operational excellence, robust innovation, and a differentiated portfolio. First on operations, our global manufacturing network and leading technical capabilities remain a core strategic advantage. We continually enhance efficiency through digitization, automation, and AI, which will drive cost efficiencies. In GLP-1s, our collaboration with Pfizer is progressing very well. Our manufacturing build-out of two new GLP-1 facilities remain on target, one for large-scale peptide production and one for advanced sterile field finish manufacturing. manufacturing designed to support all dosage forms. We are well positioned to participate meaningfully in the long-term GLP-1 market with the scalable and flexible manufacturing platform. In Affordable Medicine, we look to launch 20 to 30 new products each year. Importantly, it is not just the number of launches, but the value and complexity of these products that matter. In that regard, in 2025 was an exceptionally strong year. For years, we have strategically prioritized the development of complex generics, including injectables, ophthalmics, inhalation products, and other advanced drug device combinations. As a result, we are now in the midst of one of the most concentrated and impactful waves of high-value affordable medicine launches in MNIL's history. During the fourth quarter, we meaningfully expanded our portfolio with a series of important late 2025 approvals and launches across multiple areas. Highlights included Rasperidone extended release, our first long-acting injectable, sodium oxibate, bimatoprost, and cyclosporine in ophthalmics. The first generic for iohexol and multiple other injectables for hospitals including several epinephrine products notably we also announced approval and now launching our first two inhalation products baclomethazone dipropionate and albutrol sulfate this reflects a decade of hard work by the team and marks our new entry into inhalation which is new growth platform starting this year With this level of activity, we are reaching an inflection point in complex innovation. Today, we have 59 ANDS pending with 64% classified as complex products and 52 more products in development with 94% complex. We look to file 10 to 15 key complex programs in 2026, including several more injectables and inhalation programs. This complex portfolio evolution positions us very well for sustainable growth. In biosimilars, we continue to build our business deliberately over time. Our next major milestone is biosimilar Zolaire, which represents our sixth potential biosimilar and our largest opportunity to date. Zolaire was one of the first blockbuster LNG biologics, and we expect to be among the first biosimilars in this over $4 billion U.S. market next year. We are very proud of the progress we have made in building a biosimilar business. As Chirag noted, we see a very significant opportunity ahead with the upcoming wave of biologics LOEs. Success in this space will require vertical integration from cell line development and R&D to manufacturing and commercial capabilities. That is what will be needed to be a long-term leader in biosimilar. In specialty, Crackson continues to perform exceptionally well and believe it has the potential to become the standard of care for all people living with Parkinson's disease. For decades, the foundation of treatment has been immediately released, Carbidopa-Livodopa, a therapy that dates back to 1970s. IRCD-LD is limited by fluctuating symptom control, frequent dosing, and significant off time as the disease progresses. CREXONT represents a meaningful advancement in therapy designed to address these long-lasting limitations by delivering more consistent symptom control with fewer daily doses. In 2024, we initiated a Phase 4 real-world study of approximately 225 patients, converting them from RITER-E, IRCD-LD, and IRCD-LD with COMT inhibitors to CREXON. In December, we shared the first interim result from this open-label study, which demonstrated clear and clinically meaningful differentiation. Patients treated with CREXON experienced substantially more good on time, less of time, and longer intervals of continuous good on time. Importantly, patients converted from IR to CREXON showed over three hours more good on time per day, a result that is highly meaningful for Parkinson's patients. We look to generate further evidence to demonstrate CREXON effectiveness and expect to share more data over 2026 and 2027. In addition, internationally, we have filed the products in a number of key countries, including India, Canada, and in Europe. Beyond Craxon, we plan to expand our specialty portfolio over time with products in areas like CNS and others, where differentiated delivery, real-world performance, and patient convenience matters. Brachia auto-injector is a clear example, combining a proven therapy with differentiated drug delivery system that improves how patients receive care. Specialty represents a multi-product growth engine for amniac and we'll share more on our pipeline as it evolves. In summary, we are executing well, driving operational excellence, advancing innovation, and expanding a differentiated portfolio across affordable medicines, specialty, and biosimilar. The progress we made in Q4 reinforces our confidence in the path ahead. With that, I will turn it over to Tasos.

Thank you, Chentu, and good morning, everyone. The fourth quarter completed another terrific year for MNIL with strong top and bottom line growth as Q4 revenues grew 11%, adjusted EBITDA grew 13%, and adjusted EPS grew 75%. Our consistent performance reflects our strategic choices, relevancy of our broad portfolio, prudent capital allocation, and strong execution. In addition to strong top and bottom line growth, we also delivered strong full-year operating cost flow of $340 million, reduced net leverage to 3.5 times, and our successful refinancing extended maturities to 2032 and substantially reduced interest costs. So, all in all, an excellent finish to the year. Over the next few minutes, I'll cover in more detail our fourth quarter and full year 2025 results and move on to our 2026 guidance. Starting with the fourth quarter, total company revenues grew 11% to a record $814 million. First, our affordable medicines segment was essentially flat to $437 million, reflecting the timing of key products and new launches. Second, specialty revenues were very strong again in Q4, up 38% year-over-year to $167 million due to strong demand across our key brands such as Crexon, Ritory, Unitroid, and some small initial sales of our newest branded product for key auto-injector for cluster headaches. Third, healthcare revenues grew 24% to $211 million, driven by strong growth in the government channel. Our Q4 revenues continued to benefit by approximately $50 million associated with one significant new product launch, which accounted for approximately $100 million in new revenue for the full year 2025. Fourth quarter adjusted EBITDA of $175 million grew 13% driven by top line growth and limited operating expense growth. Q4 earnings per share of $0.21 grew 75% due to adjusted EBITDA growth and lower interest expense due to our favorable refinancing earlier in 2025. Let me now shift to our full year 2025 performance where we exceeded all our financial guidance metrics. Total company revenue of $3 billion increased 8%, driven by growth across all of our business segments as affordable medicines grew 4%, specialty grew 19%, and healthcare grew 12%. We're also very pleased by the growth of our adjusted gross margin, which expanded by 50 basis points to approximately 43%. It's worth noting that Avocare's 2025 adjusted gross margin increased in excess of 400 basis points due to our concerted efforts to prioritize profitability. On the bottom line, full year 2025 adjusted EBITDA grew 10% to $688 million and adjusted EPS grew 43% to $0.83. In addition to our strong financial performance in 2025, we feel great about the actions we have taken to strengthen our balance sheet. First, we have reduced net leverage from 7.4 times in 2019 to 3.9 times at the end of 2024, and finally to 3.5 times at the end of 2025. Second, we fully refinanced our debt last summer, and in January of this year, we repriced our term loan B to further lower interest rate expense. As a result, our weighted average cost of debt is down from 10% in 2024 to about 6.8% in 2026, and maturities have been extended out to 2032. Accordingly, interest expense in 2025 was $217 million compared to 256 million in 2024, and as importantly, we expect a further reduction in 2026. I'll now turn to our full year 2026 guidance, which in summary reflects another year of growth across all financial metrics. In summary, we expect top-line growth between 1 and 4 percent, Adjusted EBITDA growth between 5% and 10%, and adjusted EPS growth between 12% and 24%. Let me provide a bit more detail on each of our guidance metrics, starting with total company revenue of $3,050,000,000 to $3,150,000,000, up 1% to 4%, as I mentioned. We expect the growth to be driven by our largest business segment, Affordable Medicines, where we expect growth between 7 and 8 percent. This is an acceleration from 4 percent growth in 2025, but in line with our prior three-year average. Our growth expectation is rooted in the robust cadence of new product launches we received from the FDA the last couple of months. As a result, we're entering 2026 with the highest number of product approvals, which de-risks our growth expectations. In our specialty segment, we expect 2026 revenues to be about flat to 2025. This temporary poison growth simply reflects the continued growth of Crackson and our other brands, then offset by the expected generic erosion of Ritari. As we look forward to 2027 and beyond, we expect our specialty business to resume its strong growth trajectory as the growth of Craxen and our multiple other branded products overcome the loss of exclusivity of Raitari. In our healthcare segment, we expect revenue between $625 million to $700 million in 2026 compared to $745 million in 2025 and $663 million in 2024. While the year-over-year revenues will be down in 2026, our expected profitability is flat year-over-year as we continue our successful efforts to focus on the more profitable segments of the business. For some of the newer audience on our call, It's worth noting that it has been about six years since we acquired 65% of Upcare, and over that time, top and bottom line have increased by over three times. We're very excited about Upcare's growth potential, given the strong fundamentals of expanding population of more than 20 million veterans and federal government workers, as well as the growing portfolio of new launches, such as biosimilars, complex generics, and specialty products. Overall, Avco remains a highly strategic direct platform for Avneo, and we expect it to continue generating substantial profits and cash flow over time. Moving down the P&L, we expect 2026 adjusted gross margins of over 44%, which reflects Approximately 100 basis points of gross margin expansion driven by the continued mix shift in our business as the higher margin parts of our business are growing faster. As a result, we expect 2026 adjusted EBITDA between 720 and 760 million, up between 5 and 10 percent from an eps perspective we expect 2026 adjusted eps between 93 cents and a dollar three which reflects 12 to 20 percent earnings growth driven by strong adjusted ebitda growth and lower interest expense now in terms of quarterly phases for 2026 we expect a gradual build over the year for a couple reasons. First, the revenue associated with many new affordable medicines launches, as well as correction, will build throughout the year. And second, some launch-related investments are more front-end loaded to support key launches such as a Brickia photo-injector. Moving on to cash, we expect robust 2026 operating cash flow between $325 million to $375 million, compared to approximately $340 million in 2025. And capex of approximately $110 million, or 3% of revenue. Lastly, we're pleased to be added to the S&P Small Cap 600 Index a month ago, which reinforces the consistency of our operating and financial performance over time. We believe this inclusion enhances our visibility with the investment community and continued expansion of our institutional investor base. In summary, we enter 2026 in our strongest position yet and with a wind in our backs. We expect sustained top and bottom line growth, supported by our diversified portfolio and multiple growth drivers, including new branded launches such as correction and brachia new biosimilar launches and a very strong wave of new affordable medicines combined with our discipline focus on profitable growth operating efficiencies and strong balance sheet we see clear path for substantial value creation with that i'll turn the call back to chirac thank you tasos for a strong 2025 results and 2026 guidance reflect the momentum across our diversified business.

We remain focused on the discipline execution of our strategy as we progress towards becoming America's leading affordable medicines company. Let's now open the call.

Thank you. As a reminder for our audience, if you would like to ask a question, you by pressing star followed by the number one on your telephone keypads. Again, that is star followed by the number one on your telephone keypads, please. And we now have our first question here from Chris Schott from JP Morgan. Go ahead, please. Your line is now open.

Great. Thanks so much for the questions and congrats on all the progress.

Maybe just to start out on CorrectZone, post the phase four data for the product can you just elaborate a little bit more on the response you're seeing in the market from these results and maybe as part of that as we think about 2026 how should we think about either revenue or market share targets for the product just had one follow-up after that excellent well i'll start and have my brother added on to this as well so uh the phase four uh it's interim result showing a 3.13 hours of good on time which is what we've been hearing from physicians and the experience of patients. So it's a huge uptake, 80% of the IR patients are converting to CREXON. And the phase four continues, Chintu will give more details on it. And we also have another study, which he will share as well. Market share, we would double it in 26, more than double the revenue. and as we march towards the first goal is to reach 100 000 patients and second goal post would be to reach 200 000 patients reminding you total is 700 000 patients on cdld treatment uh chintu why don't you add more on the clinical studies please yeah hi chris good morning so we are very excited about our in-crim results which we were shared for 50 patients throughout 26 and early 27 we will be sharing remainder which is the total study was about 225 patients

and the data is looking pretty promising and we have done as i as i mentioned converting patient first time from you know different therapy not on just the ir cdld we have done conversion from the RITERI, from IR with Compton inhibitor, and CrackSond is clearly showing substantial benefits of good on time compared to all those therapies. So we are very excited. We have a lot more data coming, and I think that will further enhance CrackSond's position in the market. Plus, we are looking at another phase four. At the right time, we will also disclose that phase four, which continue to generate the data. And what we are excited about is the difference it's making in patient lives. And that makes we have so many testimonials from the patient and the doctors. So I think when the product is doing well, obviously it will reflect in the sales and the revenue and uptake. So we are very pleased and a lot more coming in 26 and 27 with new data.

Great. Thanks so much. And just maybe a quick follow-up on just on healthcare. Can you just make sure I'm understanding the 2026 guidance? relative to 2025. So can you just talk a little bit more about the growth you're expecting in that kind of higher margin government channel versus the distribution business and just like roughly what type of gross margins we can think about kind of for that franchise for the year?

Yeah, I can take that, Chris. This is Nasos. Yeah, as I mentioned before, kind of stepping back, right? This business, when we acquired 65% of Avcare, Since then, we have more than tripled the revenue gross margins and EBITDA, so it's great, because we were able to leverage both the unique assets Emil brought to the transaction, as well as the inherent growth in that business. So as we talked about, so when you look at 2025 versus 2024, right, so in 2025 the total revenue of healthcare was about 745 million dollars and in 2024 the revenue was 663 million. So that grew about total about 12 percent. About 50 percent of the revenue is between about 40 percent of the revenue kind of goes into the government channel, 60% of the revenue goes in the distribution channel. So when you think about this 12% growth 2025 versus 2024, the distribution part of the business declined while the government business grew. And the distribution decline, it was purposefully done because that's why we talked about it because we decided to not chase businesses with one or two gross margin, okay? So as a result of that kind of what I would say is pivoting, right, into the kind of leaning hard into the government channel, the gross margin of our Avcare business grew over 400 basis points. So the gross margin in 2025 of Avcare was 147 million compared to about 100 million in 2024. And the operating income in 2025 was 94 million compared to 57. So essentially, 25 versus 24, revenue up 12, gross margin up 41, operating income up 65. So great, great performance. So now as we look into 2026, there's two things that are happening. We continue to expect the distribution business to be declining, but because it's such a low profitability part of the business, it doesn't hurt the bottom line. The government business is gonna be down slightly, not because of anything fundamental that is happening, but in 2025 was such an extraordinary growth because we had this one generic product, essentially generic and Tresto. That was essentially we're the only ones in the market. That product had $100 million worth of revenue, as I mentioned before in 2025. In 2026, as it always happens, it will have some additional competition. So that's why in 2026, revenue is declining is down because of our pivot away from distribution, number one, and not having kind of that exclusivity, if you want to call that, of generic interest or impacting the government business as well. So that's what's going to drive the decline, and what we like to call it almost like a reset level, reset level for 2026. But the bottom line is not going to be impacted because for a couple of reasons. A, there is other more profitable parts of the business who will be allocating resources, who will also be linked on some of the operating expenses. So these are the dynamics that are happening in Navcare, which essentially creates this reset revenue in 2026 before we resume top line and bottom line growth in 2027 and beyond. So I know I said that a lot, Chris. Let me know if that was helpful.

That was perfect. Thank you so much.

Thank you for that question, Chris. Moving on, we now have Matt Vellatore from Goldman Sachs. Go ahead, please. Your line is now open.

Great. Good morning, guys, and thanks for the question. Maybe on the Pfizer-Glip1 obesity partnership, could you just share your latest update on the status of that partnership, and then how should we think about potential outcomes? For example, if they do end up buying you out, would that be a complete return of all rights and economics, or are there other scenarios where, for instance, maybe you don't manufacture for a developed market, but you keep emerging market rights? And then if it is a complete buyout, what would be the plan for the new facilities in India and the cash you would receive? And then I had one follow-up. Thank you.

So, good morning, Nick. With Pfizer, our collaborations continue, such as we had it with MetSera. Both teams are working together. facilities actually accelerated in manufacturing, and several levels of C-level meetings have been already conducted with Pfizer. So we expect nothing much to change. Right now, it's all waiting for starting the phase three and getting the products, and you know the demand is global, And we have built a building such a remarkable, highly automated fill-and-finish facility with latest and greatest equipment. So Pfizer is very excited about that. And also, we are making great progress on our peptide manufacturing, which you know is in shortages with solid-phase technology. And we're also introducing hybrid in the future. So, our teams are working with Pfizer on those aspects as well. And we continue to have the marketing rights for 18 countries, including India and Southeast Asia. So, we're excited about the entire partnership, and there are no plans to think about right now. It's moving great.

Okay, awesome. That's exciting. And then maybe just on business development, could you share your latest thoughts on strategy areas of interest and capacity and then how you're thinking about the potential vertical integration of biosimilars? Thank you.

Yeah. So, as we've been saying it since last couple of years, time is now to do the vertical integration. Biosimilar opportunities These are awesome, regulatory is streamlined, and we are very familiar with the market. So very excited. That's where the capital allocation will go first. And then, as I said previously, 2027 and onward, we'll be more focused on specialty assets and keep building our pipeline there. And remember, organically, we are very strong in our R&D pipeline. so we keep our pipeline full. More complex products, a great team in-house we have so we'll continue to invest in our own R&D, our own capex which is strategically we've been investing and very excited about the future. And next five years going to be tremendous growth than what we have even witnessed in the last five years.

Great, thank you.

Thank you Matt.

Thank you for that. Thank you for that question, Matt. Moving on, we now have David Amselen from Piper Sandler. Go ahead, please. Your line is now open.

Hey, thanks. So just a few for me. I wanted to get your thoughts on the generic OmniPack opportunity and what has been built into your 26 expectations regarding that opportunity. talk about barriers to competition, potential approval of additional strengths, and the extent to which you think that's going to be a limited competition product for the foreseeable future. So I know that's a bunch, but that's number one. And then secondly, I had a question on Zolaire, kind of similar set of questions, but wanted to get your thoughts on the extent to which that could be a limited competition market. I believe there's only two or three others. So talk about how big of an opportunity that could be in 27 and beyond. Thank you.

Great. Thank you, David. On IO-Hexol, you know, the supply chain is complicated. We'll be entering the market. GE has the huge market share, so we'll be making inroads. The hospitals we have spoken to, they're very excited uh but expect that as a ramp up because of the difficulty in the supply chain uh so over over the years as we introduce more strength it will pick up uh so great great achievement from our rnd team and complexity of manufacturing both we have achieved so So excited over time on IO-Hexol. On Zola, very excited right now at Sultrion and us in 26, large market, growing market, very well set about, we expect 65 to 70% to go through the private label, which, you know, gives us immediate bump in the sales rather than ramp up over market share over one two three years so exciting opportunity and as you know mneel is well positioned to do business with these large buying groups as we have been doing business with them over 20 years great relationship number one pipeline in the in the in the in the country for them and they appreciate our uh our high integrity the quality standards we have uh so we expect tremendous partnership with these private label uh side of the business which i expect about going forward would be almost 70 percent would go through private label which would make the biosimilar penetration very effective it would not have to wait for three four years to get to 30 40 market share it would jump to higher market share immediately in year one and 20-30 percent will continue on a buy-in bill which we are well positioned as well uh so very excited on solar

as well chintu you wanted to add anything on iox all yeah david so i had solidary question or additional strength so by end of the year uh we will have approval for the missing strength so by end of the year we'll have the entire omni pack all the strength it's a very large opportunity for us we have been working on strengthening our supply chain and increasing our capacity so 26 uh we will start but 27 onward it would be a meaningful revenue contribution and for competition perspective it is a tough product uh supply chain perspective manufacturing it's a unique bottle, so all those things put together, I think we don't foresee a lot of competition and multiple strengths. So we are very excited, and by the end of the year, we'll have all the strength approved.

Okay, great. That's very helpful. Thank you.

Thank you, David. Moving on, we now have Les Salusky from Tourist Securities. Go ahead, please. Your line is now open.

Good morning. Thank you for taking my questions. First one on Crexon, can you quantify the persistence at perhaps month three or six versus your internal expectations and versus right carry? Any sort of signal around discontinuation? And how should we think about the growth to net evolving as you brought in access? And what's kind of a steady state growth to net you're expecting at peak? And then second on a DHE autoinjector, what's the early patient profile is a migraine versus clusters and the switches from prior DHE exposure versus naive.

Oh, thank you. Good morning. Crexon versus Riteri, obviously Crexon is performing much better as Riteri. It took almost 10 years to get to 6% market share. First year, we have 3% market share, 23,000 patients on it. The testimonials are amazing, and we get letters at our office, literally written letters from patients. Providers are so excited, physicians are so excited about the product as well. And now our aim is to make that a first-line therapy over time, so no patient has to take the old cinnamon, which is giving them a lot of fluctuations every hour and a half, two hours. So this is clearly a seven, eight hours, a good on time every day. So amazing stories, no comparison with Ritory. It is we're doubling or more than doubling market share this year. So we'll reach six plus percent this year, which would be above Ritory. And we learned on the pricing side, we learned everything. We had about 35% of patients could not fill that prescription due to the pricing on a dietary we have really worked on it and have put the pricing out there that that number has been reduced now. And our gross to net runs typical in this category about 40 to 45%. We're very excited about taxon. Brachia, Joe, you want to, it is also the brachia is for cluster headache as well as severe migraine. So we're treating two segments and only excitement is amazing. Joe Renda is here, he just came back from our national sales meeting. Would you like to shed some light on that?

Sure, yeah, thanks so much for the question. And yeah, the response from the field team so far has been fantastic on both Crexon and Brachia auto-injector because what we're seeing in the market from the key KOLs has been very favorable. I would say with regards to your question about Crexon with persistence and adherence, it continues to improve as we continue to see more and more patients on the product. And right now, it's surpassing that of Rytari. And we anticipate to see that continue to go up because we're seeing patients return to therapy on a higher rate with Crexon than they did with Rytari. So that's been very favorable. With Perkeia Auto Injector, our strategy has been to focus on the key migraine treatment centers across the United States and key KOLs. And the response has been beyond our expectations so far. So we've been very pleased. We're about 90 days into the launch. And having come back now from our sales and marketing meeting, our national meeting this week, I'm even more further convinced that we're going to continue to drive growth for both of those products. the team is trained and ready and we're going to be executing this year so excited about that thank you thank you less and uh checking the q a list now and we are now all clear and with that i'll go ahead and hand it back to shirag battell for some final remarks go ahead please well thank you everyone for joining the call today have a great friday and weekend thank you thanks everyone

Thank you.

Thanks, everyone.

Thank you, gentlemen. And this concludes today's call. Thank you all for joining. You may now disconnect your lines and have a great weekend.