Good morning, everyone, and welcome to the Viatris Q2 2024 Earnings Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Bill Szablewski, Head of Investor Relations and Capital Markets. Please go ahead.

Good morning, everyone. Welcome to our Q2 2024 earnings call. With us today is our CEO, Scott Smith; CFO, Doretta Mistras; Chief R&D Officer, Philippe Martin; and Chief Commercial Officer, Corinne Le Goff. During today's call, we will be making forward-looking statements on a number of matters, including our financial guidance for 2024 and various strategic initiatives. These statements are subject to risks and uncertainties. We will also be referring to certain actual and projected non-GAAP financial measures. Please refer to today's slide presentation and our SEC filings for more information, including reconciliations of those non-GAAP measures to the most directly comparable GAAP measures. When discussing 2024 results, we will be making certain comparisons to 2023 results on a divestiture adjusted operational basis, which excludes the impact of foreign currency rates and also excludes the proportionate results from the divestitures that closed in 2024 and 2023 from the 2023 period. When discussing our expectations for 2024, we will be making certain comparisons to 2024 results on a divestiture adjusted operational basis, which excludes the impact of foreign currency rates and also excludes from guidance the results from the date of closing until the end of the period of the divestitures that closed in 2024. With that, I'll hand the call over to our CEO, Scott Smith.

Good morning, everyone, and welcome to our second quarter earnings call. I'm pleased to announce we reported another strong quarter, our fifth consecutive quarter of operational revenue growth. We've had a great start to 2024, and with the completion of our divestitures in July, we are now at an important inflection point for our company. Four years ago, Viatris embarked on a journey to build a new kind of healthcare company. By combining Mylan, a strong global generics company, and Upjohn, a division of Pfizer, with 20 of the most iconic off-patent brands, our goal was to build a unique global pharmaceutical company with the scale to bring patients access to high-quality medicines worldwide. The team has done an outstanding job of executing the plan that was laid out when the two companies were brought together. Among the many accomplishments, we have integrated two global companies, simplified and streamlined the business through our divestitures, returned the base business to growth, strengthened our balance sheet through significant debt paydown, returned capital to shareholders through dividends and share repurchases, and importantly, we've already started to build our portfolio of innovative assets. As we move forward in the second half of the year and beyond, we want to accelerate growth and shareholder return by building on the strength of our base business with an expanding portfolio of innovative, best-in-class patent-protected assets that have the potential for meaningful revenue growth and patient impact. I believe we have all the components necessary to successfully execute our vision, including an extensive global footprint that reaches 1 billion patients annually, a globally integrated company with deep capabilities in manufacturing, medical and regulatory affairs, and commercialization, a robust development engine across a number of therapeutic areas, sector-leading cash flow generation from our base business to fund our vision and continue returning capital to shareholders. Furthermore, we have added new skills, new capabilities, and new areas of expertise to our already strong and talented executive leadership team. Doretta Mistras, our Chief Financial Officer; Philippe Martin, our Chief R&D Officer; and Corinne Le Goff, our Chief Commercial Officer, joined the team within the last year and are on today's call. All great work over the last several years has put the company in a position to deliver on our future vision. As we move forward, we will focus on three strategic pillars. First, our diversified and growing base business. As we said, our extensive global footprint already reaches more than a billion patients every year. Our continued success in this part of our business comes from our large and diversified portfolio of generics and off-patent brands that extends across markets in therapeutic areas. Here, we have a clear legacy of deep product knowledge and extensive commercialization and development expertise. Second, our financial strength and significant cash flow. Our strong balance sheet and sector-leading cash flow generation differentiate us from our peers. We continue to deliver on our financial commitments, including debt reduction and returning capital to shareholders through dividends and share repurchases. With divestiture proceeds now in hand, we have a clear line of sight to meet our long-term leverage target. And third, our expanding innovative portfolio. This area represents an increasing focus on efforts to identify and secure best-in-class patented assets. We are looking for assets that address significant unmet medical needs in areas where the company can be successful. By expanding our innovative portfolio, we have the potential to drive accelerated and durable revenue growth. As you know, we've already made disciplined investments in innovative assets in cardiovascular disease and immunology with selatogrel and cenerimod. We are making significant progress in accelerating the development of these assets. The additional leadership and scientific expertise we have brought in, along with the impressive core competencies in key areas such as global manufacturing, medical affairs, regulatory, legal, and commercialization, will all drive the success of this innovative portfolio. We are already making progress on these three pillars, as evidenced by our strong results this quarter. I am pleased to report that in the second quarter, we delivered total revenues of $3.8 billion and operational revenue growth of approximately 2%. Adjusted EBITDA was $1.2 billion, growing approximately 2% from a year ago. Adjusted EPS was $0.69 per share. Second quarter free cash flow was $426 million, excluding the impact of transaction costs and taxes. It is important to note that we delivered new product revenue of $210 million in the quarter. With strong second-quarter results, we've seen momentum heading into the second half. As a result, we continue to expect 2024 year-over-year operational revenue growth of 2% and are raising our expected 2024 new product revenue range to $500 million to $600 million. Now I'd like to turn the call over to Corinne to share some of our observations from her first few months at Viatris. Corinne?

Thank you, Scott. I have been with the company for about four months now, and based on what I've seen, I'm very excited about the opportunity ahead of us. I would like to share a few observations as I've gotten to know the global commercial organization. Our strong performance is a result of many factors that only the diversity and strength of our portfolio across geographies can allow. Our global commercial footprint is extensive. We have a presence in 165 countries and territories, which is an incredible platform to leverage as we continue to grow our base business and expand our innovative portfolio. We have extensive knowledge across many therapeutic areas, and many of our branded and generic products are today's standards of care all over the world. This is a real differentiator, as it demonstrates our unique ability to continue to drive volume and expand patient access at scale. As we prepare for additional innovative opportunities, we have a solid foundation to build from. For example, if I think about selatogrel, we are already leaders in rescue and emergency medicines in COPD, asthma, and anaphylaxis. We have years of experience in educating patients to identify an attack and act in the moment. Plus, we have deep expertise in cardiovascular care, with a portfolio that treats a very large patient population from CV risk factors to CV events like thrombosis, MI, and stroke. Finally, I love what I'm seeing in our teams. I am impressed with the agility and efficiency of the commercial organization. I also see incredible energy, entrepreneurial spirit, and proactivity to seize opportunities and make a difference in patients' lives. I am excited to continue to work with the entire team at Viatris on the tremendous opportunities ahead.

Thank you, Corinne. Your wealth of experience and global perspective have been invaluable as we continue to build a truly unique company that we envision. Now I'd like to turn the call over to Philippe to talk about our approach to R&D, both for our base business and our innovative portfolio. Philippe?

Thanks, Scott. I share the team's excitement about where we are today and where we are headed. I've had the opportunity to fully evaluate our R&D organization and further define our approach to innovation and growth. Our R&D strategy is driven by our deep in-house development capabilities and two engines to fuel our growth: our base business pipeline and our innovative pipeline. Our base business pipeline provides Viatris with a diverse and resilient growth engine. We anticipate a steady flow of core generics and an ever-increasing flow of complex generics and novel 505(b)(2)-like products. This strong pipeline gives us confidence in achieving our new product revenue goals. Our focus for our innovative pipeline is on expanding our patent-protected portfolio of assets that have the potential for meaningful patient impact and the ability to address significant unmet medical needs. I'm very impressed with the core competencies and talent we have at Viatris, particularly our strong preclinical, clinical development, and medical affairs teams across multiple therapeutic areas, our experienced manufacturing and device teams across a wide range of dosage forms, and our proven regulatory, pharmacovigilance, legal, and IP skills. This foundation is especially critical as we expand our innovative portfolio. We are identifying assets where we can leverage our expertise and global network, assessing each opportunity based on specific criteria. We are looking for derisked innovative assets that address significant unmet medical needs, including having a validated mechanism of action, strong clinical proof-of-concept, and a clear path to regulatory approval. Selatogrel and cenerimod are two great examples. Selatogrel has the potential to relieve the high disease burden of acute MI and specifically address the dire need for early intervention at the onset of symptoms. P2Y12 inhibition is a well-established target in the treatment of MI, with multiple products approved for chronic treatment. Our differentiated pharmacokinetic profile and unique mode of administration, combined with our robust Phase II data, gives us high confidence in selatogrel as a self-administered emergency treatment for recurrent MI. Our comprehensive but simple Phase III study, SOS-AMI, has a special protocol assessment in place with the FDA and received Fast Track designation. Cenerimod also has the potential to address a significant unmet medical need. SLE is a chronic and progressive autoimmune disease with limited treatment options and significant morbidity. Cenerimod, a novel S1P antagonist, has a unique mechanism of action that targets multiple aspects of lupus pathogenesis. A robust proof-of-concept has been achieved in Phase II, with data showing a highly differentiated safety and efficacy profile in a moderate to severe SLE patient population, similar to the patient population we expect to enroll in Phase III. Cenerimod has also been granted Fast Track designation by the FDA, and we have three comprehensive Phase III studies currently enrolling patients. With selatogrel and cenerimod now part of Viatris, we're able to leverage our global R&D network to accelerate clinical trial recruitment. We've already significantly increased the number of sites we are targeting for both programs, adding approximately 250 clinical sites. We've also significantly expanded the geographic footprint by adding key countries like China, India, and Japan to ensure a steady flow of patients. The team has been working hard to initiate these high-recruiting sites, and we anticipate that most sites should be able to recruit patients by the end of this year or early next year, which could shorten development timelines. The medical affairs team is also working hard to deepen relationships with KOLs and increase cenerimod's and selatogrel's presence at key medical meetings around the world like EHC, ACR, and APLAR. We are pleased to announce that the cenerimod manuscript for the Phase II case study has been officially accepted for publication in the Lancet Rheumatology. Another exciting innovative opportunity is with our eye care pipeline and the Enriched Tear Film Gene Therapy technology we acquired as part of the Oyster Point acquisition, which has the potential to treat a multitude of ophthalmic diseases. Importantly, this technology is not genome editing but rather leverages normal cellular processes and proteins to deliver therapeutics to the tear film. Our most advanced project, called MR-146, intended for the treatment of neurotrophic keratopathy or NK, is reaching the IND stage with a valuable therapeutic target for this disease. There is a significant unmet medical need for patients with NK to have a treatment that restores corneal structure and neurological function with minimal treatment burden. These examples from our expanding innovative portfolio, combined with our robust base business pipeline, energize me about the future and our ability to not only deliver on our vision but also to address significant medical needs. I will now turn the call to Doretta.

Thank you, Philippe, and good morning, everyone. To echo the comments from the team, we reported a strong quarter, and I want to spend some time walking through the highlights. But before I dive into the details, I want to take a moment to expand on our financial strength and how we think about it in the context of our overall strategy. First, we have built an extensive global footprint that already enables us to reach over 1 billion patients annually. We've successfully stabilized the base business and expect it to continue to be a source of growth. Today, we have a broad and diversified portfolio across markets and therapeutic areas. Second, we have a strong balance sheet. We are committed to continuing to pay down debt and maintaining our investment-grade rating, and we have a clear line of sight to reach our long-term gross leverage target this year. Finally, our ability to generate significant cash flow is sector-leading. This gives us the financial agility to fund our vision and continue returning capital to shareholders. Now on to the results for the quarter. Our second-quarter results demonstrate the power of what our portfolio can deliver. Operational revenue grew for the fifth consecutive quarter, up approximately 2%. This performance also carried through to adjusted EBITDA and adjusted EPS, growing approximately 2% and 3%, respectively. We also generated significant free cash flow of $426 million in the quarter, which was in line with our expectations. This excluded transaction costs and taxes from the divestitures. Let's move on to discuss the performance of our base business, which grew operationally on a year-over-year net sales basis. Both generics and brands grew this quarter, up approximately 2%. The growth of our base business included new product revenue that was exceptionally strong with $210 million in the quarter. The year-to-date performance and outlook give us confidence to increase our expectation for the year to a range of $500 million to $600 million. This quarter, all of our segments grew operationally versus the prior year. In developed markets, net sales grew 1% and was driven by strong new product performance, including contributions from Breyna, Lisdexamfetamine, and other generics in North America and Europe. In Europe, we are seeing durable growth across our diversified business due to our portfolio breadth across brands and generics, well-developed market positions, and strong performance in key countries such as France. In North America, we saw continued growth in generics, which was up over 3% versus the prior year. The portfolio is benefiting from complex products such as Wixela and Breyna. Within our brands business, net sales continue to be impacted by increased Medicaid utilization in certain non-promoted brands, as well as lower EpiPen volumes resulting from formulary changes in the previous quarter. In Greater China, net sales growth was approximately 5% over the prior year due to strong demand across multiple channels in China, including e-commerce, retail, and private hospitals. In Emerging Markets, net sales grew 7%, driven by the expansion of our cardiovascular portfolio in certain Latin American countries, as well as strength in our MENA and Eurasia regions. These benefits help to absorb the ongoing impact of the therapy shift in the ARV market. Lastly, JANZ grew approximately 1% over the prior year, benefiting from new products in Australia and volume growth of our promoted brands in Japan. This served to offset the impact from government price regulations in these countries. Turning to the P&L and free cash flow, this quarter serves as another demonstration of our financial strength and ability to generate significant free cash flow. Our segment and product mix led to a stable adjusted gross margin, which was in line with our expectations of approximately 58%. With respect to operating expenses, we are continuing to invest behind the business to fund our growth, which includes investments across segments, eye care, and in R&D. Free cash flow for the quarter was primarily impacted by lower adjusted EBITDA due to the closing of divestitures. Our free cash flow and existing cash on hand allowed us to strengthen our balance sheet with debt paydown of approximately $800 million in the quarter. As we look towards the rest of the year, we expect to have in excess of $3 billion in cash available for deployment. This takes into account divestiture proceeds received in the third quarter, expected divestiture costs, and our latest outlook for free cash flow. We expect this significant financial flexibility will allow us to pay down additional debt to reach our long-term gross leverage target of approximately three times by the end of the year. We also expect to return capital in the form of dividends and will remain opportunistic with potential share repurchases and business development activity. Let's move on to items related to our financial guidance and key metrics for the remainder of the year. We expect our strong momentum to continue. As a result, we expect operational revenue growth of approximately 2% versus 2023 and stable adjusted EBITDA and adjusted EPS. Our expectation for the year is to be at the midpoint of the estimated guidance ranges. The assumptions driving total revenue growth include continued growth in developed and emerging markets, better-than-expected performance in Greater China and JANZ, and new product revenue of $500 million to $600 million as a result of the strong uptake of generic launches and additional new products. We are adjusting the following metrics across the P&L: an increase in adjusted gross margin range due to better segment mix, and SG&A as a percentage of revenue is expected to be higher. This reflects the reduction in total revenues from the divestitures and the impact of the synergies and costs of providing transition services. We expect certain costs associated with performing the transition services to be included in operating expenses, and the transition income is expected to be recorded in non-operating other income. A few comments on anticipated phasing for the third and fourth quarters: total revenue is expected to be slightly higher in the third quarter, mainly due to normal product seasonality, and adjusted gross margin is expected to moderate in the fourth quarter due to normal product and segment mix. Taking these factors into consideration, we expect adjusted EBITDA, adjusted EPS, and free cash flow to be higher in the third quarter. To summarize, the results for the quarter demonstrate our solid fundamentals, including our diversified and growing base business and our consistent significant free cash flow generation. We are well-positioned for a strong second half of the year and expect to deliver on our capital allocation framework in support of the vision Scott laid out at the top of this call. And with that, I'll hand it back to the operator to begin the Q&A.

Ladies and gentlemen, at this time, we'll begin the question-and-answer session. Our first question today comes from Ash Verma from UBS. Please go ahead with your question.

Hey, good morning. Thanks for taking our question. Congrats on all the progress. So I wanted to talk about 2025 dynamics a little bit. So I think the $2.3 billion free cash flow guide that you provided previously, what does that translate into EBITDA? Like if you look at the run rate that you've had, sort of in the difference between EBITDA and free cash flow, it would roughly translate to $4.5 billion to $4.6 billion. Is that something that you would be comfortable with? And then secondly, on the new product revenues, yes, that's good to see you're raising the guidance there. Just what's driving that? Is that primarily the benefit that you saw by Breyna or are there more products that you think that you're benefiting from? Thanks.

Thank you, Ash, and good morning. Thank you very much for the question. Sort of two parts here, right, talking about new product revenue, which is very important as we move forward here. And we're very strong. We saw in the second quarter, and we're expecting a very strong new product revenue for the full year. Then also some '25 dynamics. I'll turn it over to Doretta to take those two for you.

Great. Thanks, Ash. So, yes, on new products, to your point, we feel great about the momentum we've seen from the new product perspective this year. This quarter, we did $210 million. Adding that to the $154 million that we did in the first quarter, for a year-to-date total of $354 million. So that, in addition to the momentum we’re seeing broadly across our new product portfolio, is really not dependent on one product or one region; we've seen growth. To your point, Breyna and Lisdexamfetamine have contributed, but we've also seen growth in other generics in North America and in new products in Europe, along with some additions in emerging markets in JANZ. So as we look for the full year, the strong performance and the continuation of that really will be largely driven by products that we've already launched year-to-date, which gives us confidence in the $500 million to $600 million for the year. With respect to '25 dynamics, it's still early, but we feel good about the momentum we're seeing thus far in 2024. We see stability in our revenue growth, and we will continue investing in our business in R&D and other areas to fuel our growth, with the kind of dynamics in terms of what we've seen regarding our free cash flow, we expect to continue to see that $2.3 billion you mentioned in terms of free cash flow generation. We'll continue to focus on our EBITDA conversion going forward, but with regard to '25, I think, it's still too early to delve into specifics.

Our next question comes from Chris Schott from JPMorgan. Please go ahead with your question.

Thank you so much. This is Ekaterina on for Chris and thank you for taking our questions. I'll start with a bigger picture one if I may. Given that you're now done with the divestiture process, can you maybe talk about how you're thinking about the longer-term profile of the company, both from a margin standpoint and a top-line standpoint? Where do you see the most opportunity for the business from here? And then the second question is just on business development. I think you've touched upon this in the prepared remarks. But what's your latest thinking in terms of balancing development stage and commercial stage deals? What do you think makes the most sense for the company and where are you seeing more interesting opportunities? Thank you.

Yes. Thank you very much, Ekaterina, for the question. Again, I'll maybe address the second one first. From a business development perspective, we're engaged in multidisciplinary discussions. We're going to take a disciplined approach. After the divestitures, the net effect is that we will have line of sight to pay down our debt going into '25. We are executing our capital allocation plan of returning at least $2.3 billion of free cash flow through dividends and share buybacks, but we also want to maintain a disciplined approach to business development. We have a diversified company in terms of the therapeutic areas that we're in, and we're looking at different assets that can help us accelerate our growth as we enter '25 and beyond. It’s very important to understand that our base business is solid, showing operational growth. We want to shore up our base business as well as add innovative assets that focus on unmet medical needs, ensuring we have long runways.

Our next question comes from David Amsellem from Piper Sandler. Please go ahead with your question.

Hey, thanks. A couple of questions from me, and I apologize if you addressed this since I joined late. Can you talk about your overall innovative brand strategy? You did an important in-licensing earlier this year. How aggressive do you want to be regarding adding innovative brands in the US and developed markets? Also, can you speak about complex generics and how we should think about contributions from complex products or new launches as we move through '25? It might be a bit early to think about that, but I wanted to get a sense of what key launches, from the complex front, you're flagging or should be flagged? Thanks.

Thanks, David. I think you used the language, how aggressive we want to be from a business development perspective. However, what we want to be is disciplined. We're engaged with several companies and we’re closely evaluating them all. We're looking forward to getting into '25, where we will have more capital to apply toward business development. We're keen to build a pipeline of assets, as we have already done with the in-licensing of selatogrel and cenerimod, which could be very important for us. We expect to continue adding valuable assets both to shore up our base business and to augment our innovative portfolio. Philippe?

Regarding complex generics, as you can see in the presentation we provided, we have over 250 products in the pipeline that are either under development or are under regulatory review. We expect a steady flow of complex generics coming in each year, this year and in 2025, and so we feel confident about our complex generic pipeline.

Our next question comes from Umer Raffat from Evercore. Please proceed with your question.

Hi, guys. Thanks for taking my question. I have a two-part question on broad investments. First, perhaps on GLP-1. Scott, I'm curious, what are your GLP-1 aspirations? What's the capacity now, and what type of CapEx investments are you or are you not looking to make? Just thinking about that out loud. And also, part two was regarding your investment in cenerimod in lupus. I'm curious how you guys are thinking about that in light of some groundbreaking data we're seeing with CD19 CAR-Ts and presumably with bispecifics as well? How do you put that in perspective relative to what we know on cenerimod? That would be very helpful. Lastly, I think the prior question was on complex generics in '25. I don't think I misheard. What are the complex generics on '25 launches?

Thanks for the question, Umer. You have three parts there: complex generics, cenerimod, and the overall GLP-1 strategy. I'll kick it over to Philippe to discuss the pipeline and R&D perspective on those questions.

Yes, from a GLP-1 point of view, we are looking at developing multiple GLP-1s, including semaglutide, liraglutide, and mounjaro. We are deep into the development of these assets. From a supply chain standpoint, as you know, supply can be a little tight, but we've secured supplies of API for all these assets and have invested in our capability to manufacture these drugs going forward. We anticipate having a significant role in the GLP-1 market. Regarding cenerimod, if you compare the cenerimod benefit-risk profile with CAR-T or bispecifics, you'll see that we expect to be in the higher end of efficacy, with a clearly differentiated safety profile. CAR-Ts and bispecifics typically have significant safety baggage. So we anticipate that our benefit profile will be very different and allow us to be utilized before the use of either CAR-Ts or bispecifics in the future. Finally, regarding complex generics, I wouldn’t highlight one specific product but emphasize the breadth of our pipeline, showing delivery this year and into 2025 and 2026. We feel very confident about our new product revenue as can be seen in our expectations.

Our next question comes from Balaji Prasad from Barclays. Please go ahead with your question.

Thank you. Hi. Good morning and congratulations on the quarter. A couple of questions from me. Could you comment on the magnitude of the expected base business erosion from government price regulations in Japan and Australia? I presume in Japan, it is due to annual price cuts or are there other dynamics at play? Second, could you comment on the split between the innovative pipeline and non-innovative pipeline currently? And with the improvement in cash metrics, how do you see the spend on innovative R&D progressing into the next couple of years? Do you intend to keep it at a similar percentage?

Thank you very much, Balaji. I'll take the first question and I'll turn it over to Doretta for the dynamics in Australia and Japan.

Yes. To your point, Balaji, we aren't seeing drastic impacts; it really is driven by ongoing governmental price declines in Japan and Australia. However, the offset to that is that we have seen better volume in Japan as well. Given that Japan and the broader JANZ region are performing better than our expectations for the year.

Regarding R&D spend and our future perspective on that, we will continue to invest in both the base business and the innovative pipeline. We've already, as we discussed, brought in a couple of new innovative assets through our business development activities. We will continue to invest in all components of the base business and in new innovative assets as we move forward. You might see some movement in the distribution of that spend as we bring in more innovative assets, but we are committed to overall investment in both areas.

Our next question comes from Jason Gerberry from Bank of America. Please go ahead with your question.

Hey, guys. This is Bhavin Patel on for Jason Gerberry. My first question is, can you approximate the full-year 2024 EBITDA contribution from divestitures that provided partial first-half 2024 contribution? Just so that we can understand the RemainCo business profile and model appropriately heading into 2025 and onwards. And then my second question is, given all the changes in the portfolio and reported financial results in 2022 and 2023, do you see low 30% EBITDA margins, similar to certain peers like Organon, as a good long-run assumption, pending any breakthroughs on the pipeline side? With regard to your pipeline, is there a timeline update based on new enrollment strategies for the Phase III selatogrel SOS-AMI trial? Thank you.

Thank you very much for the question. I'll ask Doretta to address the first part, and then I'll discuss the timelines for selatogrel and cenerimod later.

Great. Thank you. On the divestitures, as we've laid out when we started the year, we've approached this in a way that adjusts and reflects the impacts on our actual results and also adjusts our guidance to account for those divestitures. We'll continue to provide additional detail as we move into the rest of the year and approach 2025. In our earnings presentation and press release, we detail the components of both the divestitures that have closed and their impact on our guidance and results. As for margins, we have confidence in our base business's growth as well as the stability of our EBITDA margins as we continue to invest in growth. As Scott indicated, we aim to expand the business by bringing in more patent-protected innovative assets, which will allow for further growth.

Regarding the timeline acceleration of our innovative assets, we are very excited about both selatogrel and cenerimod. As I mentioned in my prepared remarks, we are making significant progress and engaging in actions to help accelerate the development of these assets. We don’t have a specific update on timelines right now, but we anticipate that by the end of this year, we will be closer to providing more definitive dates.

And ladies and gentlemen, with that, we'll conclude today's question-and-answer session. I'd like to turn the floor back over to Scott Smith, CEO, for closing remarks.

Thank you, everybody, and thank you to the operator. In closing, it's been a great year for us so far. With the completion of our divestitures in July, we have reached a turning point for the company. We have built a strong foundation, we have a bold vision for our future, and we have the key ingredients we need to successfully deliver on our goals. Thank you all very much for your attention.

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We thank you for joining. You may now disconnect your lines.