Hugo Boss Q3 2024 Earnings Call Transcript

Quartr
Provided by Quartr
February 1, 2024

There are 13 speakers on the call.

Operator

Thank you very much for joining us for Takeda's FY 'twenty three Q3 earnings announcement this particular schedule. And I'm MC today. I'm O'Reilly, Head of IR. First of all, I would like to explain about the language. Please find the language button at the bottom of Zoom window.

Operator

If you wish to listen in Japanese, please choose Japanese. If in English, please choose English. If you want to listen to the original language, please

Speaker 1

Spinitov.

Operator

Before starting, I'd like to remind everyone that we'll be discussing forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those discussed today. The factors that could cause our actual results to differ materially are discussed in our most recent Form 20 F and other SEC filings. Please also refer to the important notice on Page 2 presentation regarding forward looking statements and our non IFRS financial measures, which will also be discussed during this call. Definitions of our non IFRS measures and recommendations.

Operator

Reconciliations with the comparable IFRS finance measures are included in the appendix presentation. Without further ado, we would like to start the presentation today. We have President and CEO, Christoph Weber, R and D President, Andy Plumb and the Chief Financial Officer, Costa Saroukos, presenting today, followed by Q and A session. Now let us begin.

Speaker 1

Christophe, please go ahead.

Speaker 2

Thank you, Chris, and thank you everyone for joining our Q3 earnings call for fiscal year 2023. Our vision at Takeda is to discover and deliver life transforming treatments, guided by our commitment to patients, our people on the planet. This purpose led approach is at the core of our strategy for sustained growth and long term value creation for our stakeholders. Our performance in the Q3 of fiscal year 2023 further demonstrates our progress in executing on that strategy As we look ahead to return to top line, profit and margin growth. Our top line continued to be driven by the strong momentum of our growth on launch product, which now represents 43% of total revenue and which grew at 2.7% year to date at constant exchange rate.

Speaker 2

In Q3 year to date, core revenue was 3,200,000,000,000 yen with flat growth at constant exchange rate compared with the same period in the previous year. And this is despite significant close-up exclusivity impact, primarily from VIVANCE in the U. S. And AZILVA in Japan. On an actual exchange rate basis, revenue grew 4.6%.

Speaker 2

Core operating profit was €865,600,000,000 with a decline of 12.7 percent at constant exchange rate, reflecting the loss of exclusivity on high margin product declined by 9.3%. Despite this, we remain on track to exceed 1,000,000,000,000 yen corporate in profit for the full year. On a reported basis, operating profit and EPS were impacted by non core item, including impairment of intangible assets, which were mostly booked in the Q2. As you know, we provide full year management guidance for core growth And I am pleased to report that our year to date core performance continued to be in line with expectation, keeping us well on track to our management guidance for the year. On the next slide, we are confident in our R and D strategy And we continue to advance highly innovative life transforming medicines for patients affected by rare or more prevalent disease in our core therapy areas.

Speaker 2

Our pipeline delivered well in the Q3 with 2 new molecules approval in the United States, Frusakla for previously treated From Bocytopenic Papara, our CTTP. Frusakla, which we acquired through an exclusive license agreement with OXMA in March last year is the 1st and only targeted therapy approved for metastatic colorectal cancer regardless of biomarker status in more than a decade. In fact, the unmet need is so significant that frisekla was available Within 24 hours following FDA approval, with the first prescription received the day after approval. I want to acknowledge here the work of our oncology team for the treatment of CTTP, an ultra rare blood protein disorder. Its approval on launch are significant milestone for this rare disease community, which we are proud to continue focusing on.

Speaker 2

Since the Q2, we We have also made strong progress in our existing portfolio with important life cycle management approval for our growth on launch product. Liftencity is now approved in China for refractory post transplant CMV. Patients in China now have access to this therapy that can enable sustained an effective treatment against post transplant C2 megalovirus infection, which could save an organ or a life that might otherwise be lost. In November, the European Union approved TAKHZYRO for pediatric patients with hereditary angioedema. It is the first and only long term prophylactic treatment for this rare disease available in the EU for patients under the age of 6.

Speaker 2

And in January, We had some fantastic progress in our plasma derived therapy portfolio with 3 approvals for immunoglobulin portfolio For chronic inflammatory demyelinating polyrhotic neuropathy or CIDP, a rare disorder affecting the peripheral nervous system. IQVIA, the only facilitated subcutaneous IG was approved by both the U. S. FDA and the European Commission for maintenance treatment of CIDP and gamma gal liquid was approved by the FDA for IV treatment of CIDP. We are also expanding our late stage pipeline through targeted business development.

Speaker 2

Just a few hours ago, we announced a collaboration and license agreement with Protagonist Therapeutics for the development and commercialization of rifertile, an investigational therapy in rare hematology. Rifastyle is currently in Phase 3 development for polycythemia vera, a rare chronic blood disorder. This agreement fits well within our overall business strategy, leveraging our rare disease and hemophilia franchise. Turning to the next slide, I'd like to provide an update on 2 important products in our growth on launch portfolio, ANTIVIO and Qudenga. Entyvio is our number one product by revenue and it continues to outperform the IBD market with year to date revenue growth of 7% with a slight growth acceleration in Q3.

Speaker 2

It has maintained its lead in the U. S. As the most prescribed treatment for IBD overall as well as for IBD BioNeive New Starts. And it is achieving mid teen percentage patient growth in Europe, driven mostly by our superenelius administration. In November, we also launched an anti viopen in the U.

Speaker 2

S. For maintenance therapy in moderate to Severely Active Usturative Colitis. Subcutaneous therapies are estimated to represent approximately 35% to 40% of the total U. S. IBD market.

Speaker 2

So this launch is a very significant milestone in enabling us to access this segment while providing more flexibility and choice to patients. ANTEVIO is now the only branded therapeutics with both IV and subcutaneous maintenance option and we are seeing a high degree of interest among healthcare professionals. I'm happy to share some market research data with you. 98% of surveyed healthcare professionals are aware of the ONTIVIO pen early in fiscal year 2024. Shifting now to Quedangah.

Speaker 2

We are very encouraged by how our launch has been progressing globally. To date, we have launched the vaccines in 21 countries, including most recently Argentina. Kyudenga is available in 17 European countries And travel recommendations support its use to help protect travelers to dengue endemic areas. There has been a Strong initial demand in private market where Cudenga has launched. And now we are seeing progress toward inclusion in national immunization program 2.

Speaker 2

In December 23, Brazil National Commission for the Incorporation of Health Technology recommended Cudenga for inclusion in the national immunization program. Subsequently, the Brazilian government has decided to initiate some focused vaccination program in areas with high dengue incidence rates. We are also in productive discussion with government in other endemic countries, and we are facing private and public partnership with government, Turning to our high level outlook for the near, medium and long term. As we have entered the final quarter of this fiscal year, we are confident in our business strategy and are committed to growth on shareholder return. Based on our current assumption, we still expect to return to revenue, profit and margin growth in the near term, driven largely by the continued expansion of our growth on launch product.

Speaker 2

We have achieved significant regulatory milestones since Q2 In the form of new product approval, an important indication expansion for the existing portfolio, and we continue to see significant potential in our late stage pipeline. Generic competition for Vyvanse and Azilva continued to impact revenue and profit growth this fiscal year. However, Once that impact has washed out, we'll have limited loss of exclusivity exposure until the launch of Entebio biosimilar, which could occur as late as 2,032 in the U. S. Momentum for our growth on launch product combined with our continued investment in R and D We'll drive progress in the medium and long term.

Speaker 2

Looking ahead, we are committed to returning to core operating profit margin in the low to mid-30s, supported by our growth on launch product, cost control and value creation enabled by data and technology, including AI. We believe AI has a potential to create significant scalable and sustainable value at Takeda. It will enable us to improve efficiency across our entire value chain, including in R and D, manufacturing, patient engagement and business operation. We believe that Tata Technology and AI will completely change how we operate as a company, and we are moving at full speed across the value chain to implement digital and AI tools and application. We will share more detail on this topic in our future presentation.

Speaker 2

Looking ahead, we will continue to evaluate asset specific business development opportunities to further enhance our pipeline and reinforce our growth profile. Our BD strategy has been proving successful with the approval and launch of Frusacla and the positive progress of TAK279 through this pipeline this fiscal year. This approach to innovation, combined with a robust clinical pipeline of potential best in class, our 1st in class asset will position Takeda well for the long term growth. Finally, our progressive dividend policy of increasing or maintaining the dividend each year will allow us to continue to return value to shareholders. In closing, we are confident about the path we are on.

Speaker 2

Our year to date performance demonstrates a strong momentum in our growth on launch product, The potential in our pipeline and solid execution against our business strategy. With the approval And launch of 2 new therapies this quarter in the U. S. And multiple lifecycle management approval around the world, we We are very much confident that the strength of our commercial execution combined with the potential of our pipeline will help to fuel our long term growth. And this brings us back to the vision that drives us to discover and deliver life transforming treatment, guided by our commitment to patients, our people on the planet.

Speaker 2

With that, I will now turn the call over to Andy to update you on our pipeline. Thank you.

Speaker 3

Thank you very much, Christophe, and hello to everyone on today's We've had a very successful quarter, delivering some major milestones while continuing to build momentum across our pipeline. Here are a few examples of the significant pipeline achievements from the Q3. As Christophe mentioned, Adzenma and Frusakla, 2 new molecular entities have received approval in the United States. ZYNMA is a recombinant ADAMTS13 protein designed to replace the missing enzyme, which causes patients living with congenital TTP to face serious life threatening health challenges. This approval is based on Adzenma's favorable efficacy profile, notably a 60% reduction in the incidence of thrombocytopenic events 1st plasma based therapies.

Speaker 3

In fact, Takeda was awarded a priority review voucher for this approval as it addresses a major unmet need in patients with this rare pediatric disease. We are also evaluating AZYNMA in a Phase 2b study in immune thrombotic thrombocytopenic purpura or ITTP, colorectal cancer. It demonstrated a significant improvement in overall survival with a manageable safety profile And not surprisingly, initial commercial uptake has been quite strong. In addition, we continue to rapidly advance the development of our allosteric TYK2 inhibitor, TAK279, initiating the LATITUDE clinical trial program with 2 Phase 3 psoriasis trials that are enrolling well. Following the presentation of positive and very exciting psoriatic arthritis Phase 2b data at the American College of Rheumatology, we plan to initiate enrollment in the LATITUDE psoriatic arthritis Phase 3 program in fiscal year 2024.

Speaker 3

To support the development of TAK-two seventy nine in inflammatory bowel disease, we aligned with the FDA on the clinical trial design for Phase 2b studies in Crohn's disease and ulcerative colitis, utilizing much higher doses than studied in psoriasis for psoriatic arthritis. 279 is our leading pipeline priority and we continue to make steady progress as we work to bring this potentially best in class treatment to patients. In the Q3, we also delivered important indication and geographic expansions for our growth and launch products. As Christophe just mentioned, in the U. S, gammaGuard Liquid and IQVIA received their first approvals for induction and maintenance of CIDP, respectively.

Speaker 3

With these approvals, we can now offer treatment for patients with this rare acquired immune mediated neuromuscular disorder throughout their journey. IQVIA was also just approved for CIDP maintenance in the EU. We also continue to expand our pipeline with targeted late stage deals. A few hours ago, we announced a worldwide license and collaboration agreement with Protagonist Therapeutics for Resveratide. Now Resveratide is a 1st in class hepcidin mimetic in a pivotal Phase III trial for the treatment of polycythemia vera, soon and we'll add to our growing late stage pipeline.

Speaker 3

If we can get to the next slide, please. Our late stage pipeline reflects Takeda's commitment to life transforming medicines for rare and more prevalent diseases. As I mentioned, TAK-two seventy nine is enrolling patients in 2 Phase 3 psoriasis trials. Because psoriasis trials have historically lacked representations from patients of color, We are proactively taking steps for the TAK-two seventy nine Latitude psoriasis program to reflect unprecedented patient diversity. PAC-two seventy nine is a potential best in class oral therapy for psoriasis and will start a Phase III head to head trial against tucravasitinib in 2024.

Speaker 3

Now let me take a step back to remind everyone that Takeda is an industry leader With more than 70 years of experience working in rare diseases and hematology, we remain deeply committed to researching and developing life transforming medicines, many of which will treat patients with rare diseases in our core therapeutic areas of neuroscience, GI and inflammation. Moreover, our plasma derived therapies organization continues to pursue transformational therapies in rare diseases, while our oncology team remains focused on cancers with high unmet medical needs across a range of patient populations. Now in keeping with our emphasis on collaboration, we will continue to partner with the health care providers and communities who support these patients, while also exploring late stage business development opportunities like the Protagonist partnership announced just recently, leveraging our deep commercial expertise to bring transformative therapies to patients with rare diseases. And finally, Takeda continuously prioritizes our portfolio to direct resources to our most promising therapies. For example, we have decided to discontinue development of Modacta fist alpha.

Speaker 3

This is a strategic decision based on a number of factors, including the SARS, including the existing data set, the rapidly evolving multiple myeloma treatment landscape and the long development timelines. Takeda remains committed to oncology and will continue to develop therapies across hematologic and solid tumors. Next slide, please. We are rapidly advancing our exciting mid stage pipeline and anticipate that a number of these programs will progress to Phase III pivotal development in the coming year. Orexin agonists have the potential to be the 1st agents to address the underlying cause of narcolepsy type 1, offering the potential for functional cures.

Speaker 3

TAK-eight sixty one, our lead orexin agonist completed enrollment well ahead of schedule in 2 Phase 2b trials that began in January 2023. Combined, the TAK-eight sixty one narcolepsy Type 1 and Type 2 trials have enrolled approximately 180 patients. Nearly all who completed the trial enrolled in the long term extension study. These Phase 2 studies and the long term extension study will help inform the Takeda's Takeda's Takeda's Takeda Phase 3 program. As a reminder, Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's Takeda's tested oral orexin agonist, significantly reducing the potential for adverse effects, including liver toxicity, which tends to be dose related.

Speaker 3

Multiple external reviews by the Data Safety Monitoring Committee confirmed that no liver toxicity signals have appeared in the TAK-eight sixty one Phase II trials. We are on track to make a final go no go decision to advance TAK-eight sixty one to Phase III in narcolepsy this fiscal year, and we are planning the Phase III program at risk to maintain momentum. Mesagitumab, our fully humanized anti CD38 monoclonal antibody that is being studied across several rare autoimmune inflammatory diseases. It works by depleting plasma cells and plasma blasts, resulting in a number of beneficial immunomodulatory effects. We are excited by mesagitumab's mechanism of action and we look forward to presenting data in ITP And IGA nephropathy at medical conferences later this year.

Speaker 3

Next slide, please. As you can see, The Q3 was a productive quarter with 2 NME approvals for AZIMLA and FRAZACLA, important indication expansions for TAKHZYRO, HYCUVA and GAMMAGARD Sartre and positive Phase III data for maralixibat in Japan for which we will seek approval later this year. Takeda has generated considerable pipeline momentum in fiscal year 2023. And as you'll see next, there's much more to come in fiscal year 2024. Next slide, please.

Speaker 3

In the coming months, we anticipate several meaningful potential approvals and Phase III readouts. These include life cycle expansion opportunities for ENTYVIO subcu for Crohn's disease, potential Iclusig approval for first line Philadelphia positive acute lymphoblastic leukemia in the United States and the potential approval for TAK-seven twenty one in the U. S. For eosinophilic esophagitis. In addition, there will be 2 Phase 3 readouts for saticlistat and Dravet syndrome and Lennox Gastaut syndrome, 2 rare pediatric epilepsies, which may allow for filing in 2024.

Speaker 3

As I mentioned earlier, our teams remain laser focused on developing TAK-two seventy nine in the first four major indications, while exploring development in others. Our pipeline is maturing 5 new molecular entities in Phase 3 development awaiting first approvals. In addition to these 5 global Phase 3 NME programs, We have prioritized a group of registration enabling regional development programs outside of the United States. Key data readouts in our exciting mid stage pipeline and targeted business development opportunities will continue to add to our maturing late stage portfolio. We look forward to important mid stage milestones in the development of our orexin franchise like the Phase 2b study readouts of TAK-eight sixty one and the Phase I start for our next generation oral orexin agonist, TAP360.

Speaker 3

And as mentioned, Mesagitumab's coming ITP and IgA nephropathy data will allow us to make a data driven go no go decision to Phase 3. Across our pipeline, we will continue leveraging data, digital and technology to develop programs faster and increase our probability of success. Now for example, We started Phase 2b trials of TAK-eight sixty one within 2 weeks of completing Phase 1b by planning at risk. We also leveraged site selection tools trained with our deep site and investigator experience from previous orexin trials. For the TAK-eight sixty one Phase 2b studies, we used a proprietary in house digital tool that provides real time site performance data to analyze and manage enrollment, allowing us to complete the study 5 months ahead of plan.

Speaker 3

This tool specifically designed for clinical trial execution also helped us to improve site selection, screen patients and to provide real time data review, data monitoring and data cleanup. We will continue utilizing digital tools and proprietary data to help us make critical decisions to advance and deliver our pipeline to patients. Given the strong momentum of our mid- to late stage pipeline, Takeda plans to host an R and D event in fiscal year 2024 to provide an update on our strategy, presentation. Thank you very much for joining us for Takeda's Q1 2019. Thank you very much for joining us for Takeda's Q2.

Speaker 3

Thank you very much. And now I will turn it over to Costa.

Speaker 4

Thank you, Andy, and hello, everyone. This is Costa Saroukos speaking. Today, I'll walk you through the financial highlights of our fiscal 2023 Q3 year to date results. Starting with the top line, Revenue was JPY3.2 trillion or $22,800,000,000 which is flat versus prior year at constant exchange rate or 4.6% on an actual basis including FX upside from the depreciation of the yen. We have started to see significant erosion of Vyvanse since generics entered into the U.

Speaker 4

S. Market in August of 2023. But offsetting the buyback decline was continued growth of our growth and launch products. These now represent 43% of total revenue and grew 12.7 percent at constant exchange rate. Core operating profit was JPY 865,600,000,000 or US6.1 billion dollars with a core operating profit margin of approximately 27%.

Speaker 4

Reporting operating profit was JPY224,100,000,000 reflecting the significant impact of non cash impairment losses and other non core items that were primarily booked in Q2. Call EPS was JPY412 and reported EPS was JPY0.94 Moving to cash flow. We continue to see strong cash generation from the business with operating cash flow of 437,800,000,000 yen or 3.1 $1,000,000,000 year to date. Free cash flow was 36,300,000,000 yen which reflects almost 300,000,000,000 yen of cash out for acquisitions and in licensing so far this fiscal year, including the bills for TAC279 and Frisakla. We maintain a resilient financial base with 100% of outstanding debt at fixed interest rates.

Speaker 4

And I'm pleased to share that our weighted average fixed interest rate has improved from approximately 2% to 1.6% driven by debt pay down of US1.5 billion dollars year to date. With regards to the outlook for full year fiscal 2023, we continue to track well towards our management guidance for performance At a constant exchange rate, there is no change to our full year management guidance and no change to our full year P and L forecasts. However, it's important to note that there is potential upside to revenue and core operating profit if current FX rates continue. Also, I want to emphasize that we are not changing our full year free cash flow forecast of JPY400 1,000,000,000 to JPY500 1,000,000,000 with some working capital phasing that has impacted us year to date, expecting to unwind in Q4. On Slide 16, let me run through our Q3 year to date financial performance in more detail.

Speaker 4

Starting with our core result, On the right hand side, you can see that revenue was 3,200,000,000,000 yen with growth of 4.6 percent, All flat at constant exchange rate with our growth in launch products offsetting the significant loss of exclusivity impact. Core operating profit was JPY865.6 billion, a decline of 9.3% on an actual basis or 12.7% on a constant exchange rate. This reflects the impact of generic competition for high margin products such as Meanwhile, we have continued to make the necessary investments in R and D and data and technology to secure the long term success of the business. Core net profit declined by 12.2% at constant exchange rate and core EPS was JPY412. On the left hand side of the slide, you can see our reported results.

Speaker 4

Reported revenue is the same as core revenue. Reported operating profit was significantly impacted by large non core items that we booked in Q2. These are reflected in our reported operating profit results of JPY224,100,000,000 or a year on year decline of 44.2%. Reported net profit and reported EPS declined approximately 49%, reflecting the decline in reported operating profit. Operating cash flow was JPY437.8 billion lower than prior year due to working capital phasing as well as the buyback generic impact.

Speaker 4

Free cash flow reflected our cash payments for TAC279 and for ZAKLA, But there is no change to our full year forecast of JPY 400,000,000,000 to JPY 500,000,000,000. On Slide 17, I would like to highlight the performance of our growth and launch products, which are the key drivers of top line performance. These products generated 43% of total revenue Q3 year to date with 12.7% growth at constant exchange rate. Within our 5 key business areas, GI grew at 4% at a constant exchange rate, a slowdown versus last year impacted by generic entry of Dexilant in the U. S.

Speaker 4

In January 2023. Our largest product, Entyvio, continues to perform well with growth of 7% outperforming the overall IBD market and initial feedback on the Entyvio paired subcutaneous launch has been positive. In rare diseases, TAKHZYRA continues its strong momentum with growth of 12%, having successfully launched in over 50 countries and with sustained demand in the U. S. Uptake of liftensity continues to be strong and I'm also happy to highlight the new launch of Adzenma, the 1st and only enzyme replacement therapy for CTTP.

Speaker 4

Although the CTTP indication is a niche commercial opportunity, standing growth of 16%, including 18% growth of immunoglobulin and 7% growth of albumin. Both our IG and albumin products continue to see strong demand. We have continued to expand our plasma donation center footprint with our global network now exceeding 250 centers. And we have seen donor compensation continue on a downward trend Since fiscal year 2022, after significant increases during the pandemic, we now modulate compensation in a highly segmented way while achieving the volumes to deliver our commitments to our patients. Together with initiatives to improve efficiency across the PDT value chain, This has enabled us to improve PDT margins year on year in fiscal year 'twenty three for the first time since the pandemic.

Speaker 4

Next is oncology, which continues to decline as a result of Velcade generics. However, the timing of loss of exclusivity in May 2022 means that the impact should wash out by the end of this fiscal year. Also, I would like to highlight another new product for ZAKLA, which launched in November 2023 in the U. S. For the treatment of patients with metastatic colorectal cancer.

Speaker 4

The launch is off to a strong start, having treated the first patient just 24 hours after the approval. Neuroscience declined minus 6% As a result of Vyvanse generics launching in the U. S. After patent expiry in August, to date, brand share erosion of Vyvanse has been slightly molder year, but it does mean we have slightly increased our full year assumption for Vyvanse revenue. Finally, the other segment is declining due to lower revenue from COVID-nineteen vaccines and generic competition to Azulba in Japan.

Speaker 4

However, this other segment also includes Dengue vaccine, Qdenga, which is seeing strong initial demand in both endemic and travel markets. Over the next three slides, I'll walk you through some waterfalls to better explain the moving pieces in our Q3 year to date performance Starting with revenue on Slide 18. You can see that versus prior year, our growth in launch products With the main reason, we were able to maintain flat growth at constant exchange rate despite JPY 133,300,000,000 of loss of exclusivity headwinds as well as lower coronavirus vaccine revenue compared to prior year. On top of this, we had an FX tailwind due to the depreciation of the yen, taking our top line growth on an actual basis to 4.6 Moving to the year on year core operating profit bridge on Slide 19. Here you can see how loss of exclusivity and the coronavirus decline are having a larger impact on profit compared to revenue due to their higher margins.

Speaker 4

On the investment side, we continue to allocate resources to R and D to support high potential programs such as TAC 279 and our Orexham franchise. R and D spend increased 7.3% year to date on a constant exchange rate basis, but this does reflect some phasing and we still aim to land the full year with a mid single digit increase. We also continue to make substantial investments in data and technology, including AI across the value chain. We believe these investments will have a transformational impact on Takeda's long term competitiveness and play an important role in our return to growth and therefore we continue to allocate capital in these areas. All these factors combined result in our first half core operating profit decline of 12.7% on a constant exchange rate basis or 9.3% decline when factoring in the benefit of FX.

Speaker 4

I would also highlight that although the depreciation of the yen had a significant impact, upside impact on our revenue, the benefit to profit is less pronounced. This is because of our substantial overseas expenses And in fact, depreciation of the yen versus the euro is actually negative to profits due to our higher proportion of cost of goods in euro. Next is Slide 20, which explains the major items impacting Our reported operating profit versus prior year. In addition to the declining operating profit, we had a sizable increase in impairment of intangible assets, which year to date totaled JPY119.3 billion. Most of this was already booked in Q2 when we recognized impairments related to the negative Phase 3 study readout of Alafisel and the voluntary global withdrawal of Exgivity.

Speaker 4

In addition, we have higher restructuring costs this year related to exiting AAV gene therapy and consolidating our office footprint. All these items combined led to the reported operating profit decline of minus 44.2%. Moving to Slide 21 and our outlook for full year fiscal 2023. Based on our year to date performance, we do not see the need to make any changes to our management guidance At this time, we still anticipate low single digit percentage decline in revenue, low 10s percentage decline in core operating profit and low 20s percentage decline in core EPS, all on a constant exchange rate basis. We are also keeping our reported and call forecast on an actual FX basis unchanged.

Speaker 4

There is some potential upside to revenue and co operating profit if current FX rates continue and we've included a currency sensitivity chart on Slide A19 in the appendix for your reference. Our free cash flow forecast is unchanged at JPY400 1,000,000,000 to JPY500 1,000,000,000 with some of the working capital phasing I mentioned earlier expected to unwind in Q4 and we remain committed to paying the fiscal year 'twenty three dividend of JPY188. On Slide 22, we show our updated debt maturity ladder. By the end of December, We had prepaid all of the US1.5 billion dollars of bonds maturing this fiscal year, which brought our weighted average interest rate down to 1.6%. As a reminder, 100% of our debt is at fixed rates fiscal year 'twenty four and fiscal year 'twenty five are minimal, which means we have flexibility in how we allocate cash over the next couple of years, including potentially prepaying some of the fiscal year 'twenty six maturities.

Speaker 4

To close out on the presentation on Slide 23, I'd like to reemphasize that we are well on track towards our full year management guidance. We have been preparing for the loss of exclusivity headwinds we face in fiscal year 2023 for many years. We have confidence in our portfolio and pipeline to deliver a return to growth in the near term and we will continue to allocate capital with discipline as we focus on delivering sustainable growth and competitive shareholder returns. I'd like to now hand it back to Christophe. Thank you.

Speaker 2

Thank you, Costa. As you might have seen earlier today, we announced that after 20 years working abroad, Costa has decided to return home to Australia to be close out with his family. He will step down as the Chief Financial Officer on April 1st and remain with the company as a Board Director until June 28, 2024. Milano Furuta, who is currently President of Takeda Japan Pharma Business Unit, will succeed Costa's CFO effective April 1, 2024. Kostas joined Takeda in 2015 as the CFO of the UKAN Business Unit and he was appointed Global CFO in April 2018 at the time of Takeda proposed acquisition of Shire.

Speaker 2

Since then, he has been instrumental in Takeda's transformation into a global biopharmaceutical company and he is handing over an exceptional finance organization. Costa has been a trusted colleague to me, the TET and the Board, and I wish him all the best as he returns to his home country. I'm very pleased that Milano Fruta will succeed Costa as Global CFO to continue to drive our strategy forward and deliver growth and shareholder return. Minalu is a long time Takeda colleague with a deep understanding of Takeda's business and culture. He has had a number of leadership roles at Takeda around the world.

Speaker 2

Prior to joining Takeda in 2010, Milano worked as an Equity Research Analyst at an Investment Management firm in the United States. He began his career in 2000 in Banking and Private Equity Investment in Japan, where he was involved with several types of financial transactions including leverage buyout and Debt Restructuring. Prior to becoming President of the Japan Pharma Business Unit, Milanos served for 2 years Corporate Strategy Officer and Chief of Staff. He has been a member of the Takeda executive team for the last 5 years. I would like to invite Krista Milano to say a few words.

Speaker 2

Krista, would you like to go first?

Speaker 4

Thank you, Christophe for the kind words. It's been an incredible journey and a true privilege to work at Takeda for the best part of a decade, in particular, the past 6 years As the global CFO, it's been a point of pride to come to work every day at a company with a deeply rooted values based culture and with colleagues who really put patients at the center of everything we do. I'm immensely proud. I'm immensely proud of what we've accomplished through a period of unprecedented transformation and growth for Takeda. But as Christophe said, after 20 years working abroad, I'm ready to move back to Australia to be closer to my family.

Speaker 4

Until the end of March, My focus will be on delivering our management guidance for fiscal year 2023 and ensuring we are set up for success in fiscal year 2024. I will also be working closely with Milano on the transition. I would truly like to thank you all for your support and friendship. And I wish Takeda and you all the best. I'll pass it now over to Milano for a few words.

Speaker 4

Thank you all.

Speaker 5

Thank you, Christophe. Thank you, Christophe. Hi, everyone. My name is Milano. And I have been first of all, I would like to congratulate Nicosta For all the great achievements he has been delivered in the past 6 years.

Speaker 5

And I'm really honored to be the part of the financial organization and in the future leading the finance organization. And then Looking forward to meeting you, to many of you after April. And I have been as Christophe said, I have been As a member of the Takeda executive team members for the past 5 years, and I'm fully aligned with Takeda's strategy, especially for the investment for the growth and the shareholder returns. But after April 1, I'm very much looking forward to meeting you all and then listen and then discover the new chapter. Thank you.

Speaker 6

Now we would like to entertain questions from the participants. Christophe, Andy and Costa, Medrano will be answering. In addition, U. S. President Julie Kim will be participating.

Speaker 6

If you want to ask a question, please raise hand. Please press the raise hand button. If you're in English, please ask in English. In Japanese, then please ask in Japanese. If you are in the original channel, then you can use any language.

Speaker 6

You can ask up to 2 questions up to front. Please go ahead.

Speaker 7

Thank you. So this is Yamaguchi from Citi. I would like to make briefly two questions. The first question is regarding Entybeo. Is it true that the Entybeo Q3 sales in the dollar term is Growing a bit compared to Q on Q.

Speaker 7

But at the same time, the demand is still sort of high single digit growth. So can you give us some current situation, how the new patient situation is? And also you talked about SG, but can you give us penetration ratio or basically SG, sorry, if you have. So first one is regarding Entybeo. The second one is the direction PoC timing.

Speaker 7

You talk about this fiscal year meaning by the end of March. I thought It looks a little bit expedited, but I thought it's much like April to June. So is it fair to say that You are going to decide by March. Then how are you going to share some data with us After this decision, this decision will be public announced because it's going to be interesting data. And that's the second question.

Speaker 7

So timing and why it is expired, I think if it is expired? Thank you. And that's 2 questions. Thank you very much.

Speaker 1

Great. Thank you, Yamaguchi san. So the first question on ENTYVIO in terms of the market evolution and uptake of the Entiviopan. I'd like to ask Julie to comment on that. And then the second question on Oraxin timing and the communications around that, I'd like to ask Andy to comment on that one.

Speaker 8

Thank you, Yamaguchi san for the question. In regards to ENTYVIO, let me talk a little bit about overall our position as well as subcu. So from an overall perspective, in terms of new patient starts, As Christophe mentioned, we still remain the market leader in terms of IBD bio naive new patient starts. And particularly in UC, I'm Pleased to share that our share grew by 1.1% in UC over the last 12 months and that's a significant growth within that indication. So when you look at the start of ENTYOPEN in the U.

Speaker 8

S, Please remember that new patients have to be have an induction period on IV first. So at this point, it's very early to say what the patient uptake has been on ENTYVIO pen. But as Christophe mentioned, We're very pleased with the information to date in terms of the awareness of PEN amongst our CPs, our target HCPs. And I'm also happy to share that we've recently signed an agreement with 1 of the big 3 national PBMs as well as signing agreements with 5 regional plans as well. So very pleased with the direction of submission of progress and we hope to share more detailed information on patient uptake with the pen at a future call.

Speaker 7

Thank you.

Speaker 3

Yamaguchi sanit to Andy. So good evening. You're correct that orexin program has accelerated. So you remember, we started the 2 Phase 2b studies for TAK-eight sixty one in type 1 narcolepsy and type 2 narcolepsy in January of last year, on the heels of our finishing our Phase I program in just December. So we had accelerated the start of that study.

Speaker 3

Our expectation was that that study would take about 18 months to fully enroll and complete and we ended up completing it in under 12 months. So that study both studies, the Type 1 and Type 2 narcolepsy studies have completed enrollment and we're waiting to see data. And correct, we'll be making a decision this fiscal year before March to move forward with the Phase III program. We're planning Phase 3 program at risk because of our enthusiasm. The excitement the ability to roll The study quickly stems from probably a number of different factors.

Speaker 3

One is the excitement that patients and investigators have over this mechanism. The second is our experience now in narcolepsy. And the third, as I mentioned, are new tools that we're leveraging to accelerate our clinical trials. So we're very excited to move that forward. In terms of when and how data will be presented, we're still working through that internally.

Speaker 7

Thank you.

Speaker 1

Thank you, Yamaguchi san for the question. So the next question will be from Seiji Waqao From JPMorgan, Wakao san. Please go ahead.

Speaker 5

Hi. Can you hear me?

Speaker 1

Yes, yes, we hear you.

Speaker 9

I have two questions. First about safety profile of 861. So I understand that there has been no head of safety or vision problems with 861. On Jeze Han, you have commented our conference, our conference that 861 need to be checked CV risk. I'd like to understand more on this point.

Speaker 9

Should we be cautious about the CV risk of 861 one or is it not a big issue? This is your first. And secondly, the gross margin on the 3 months of SAIDORA. Sato quarter gross margin seems to be declined compared to 2nd quarter. Could you please explain this?

Speaker 9

And is this as planned? And how should we consider the gross margin in the Q1? This is kind of the second question.

Speaker 1

Great. Thank you, Wakao san. So the first question on TAK-eight sixty one safety on the hepatotoxicity, the visual side effects, But also specifically on CV risk, I'd like to ask Andy to comment on that. And then the second question on gross margin in Q3, the reasons for the gross margin decline And also the outlook for Q4. I'd like to ask Costa to comment on that.

Speaker 3

Thanks, Chris, and thanks, Mackaelson. So in order to fully understand the safety profile of TAK-eight sixty one, we need to look at the full data set. What I can say is that based on the blinded data,

Operator

We don't see any evidence of

Speaker 3

visual disturbances. Based on the blinded data and the Data Safety Monitoring Board looking at unblinded data, We don't see any evidence of liver toxicity. And in terms of cardiovascular risk, it's something that we have a deep understanding of and At this point, don't have concerns that that's going to be a significant issue for this program.

Speaker 4

Hi. Thank you, Wakanda san, for your question. Typically, we prefer to look at year to date because of fluctuations And phasing on a quarter by quarter basis. So year to date, the gross profit margin has declined From a reported basis by 2.1 percent, it's on target to our internal forecast. It's predominantly driven by The loss of exclusivity headwinds, we have a higher loss of exclusivity margins for products like Vyvanse, And less revenue for COVID vaccines.

Speaker 4

The growth in launch products, although they're growing quite considerably at 12.7%. They're still not at the level to offset the loss of exclusivity headwinds. But overall, The 2.1% decline versus prior year is on track to our internal forecast and externally.

Speaker 1

The next question we'd like to From Mike Nadelkovich from Cowen. Please unmute and ask your question.

Speaker 10

Great. Thank you for the questions. I have 2. The first is, broadly on the oncology segment. You've had some wins and some setbacks in this area, But I think it's fair to say that this segment lacks what could be considered a flagship product or pipeline candidate.

Speaker 10

Would you disagree with that statement and what oncology asset do you think deserves more attention than it perhaps receives? And then my second question is on Qdenga. You've made impressive progress so far. How should we think about the path from here to potential USD 2,000,000,000 in peep sales? Will growth come in big boluses as government contracts are signed or will it be more linear and gradual?

Speaker 10

Thank you.

Speaker 1

Great. Thank you, Mike. So the question on Qudango, I'd like to ask Christophe to take that one. And on the oncology, the portfolio in the pipeline, perhaps Christophe can comment on that and then Andy can follow-up with some pipeline comments.

Speaker 2

Thank you, Michael. I think Well, the Kuedenya, it's a combination actually because of the private market. So when you introduce the vaccines in the private market, That's a bit more linear. So it's a we can modelize or take off. But the big volume It's more a national immunization program and that's more nonlinear if you like because suddenly if If a country like Brazil, for example, want to introduce a very vast immunization program, obviously, you have You will have a sort of big jump when that happens.

Speaker 2

So that's why it's notoriously quite difficult to actually forecast long term this type of vaccines. Now the EUR 1,600,000,000 to EUR 2,000,000,000 peak [SPEAKER JEAN FRANCOIS VAN BOXMEER:] It's really correlated to now to our ability to reach the 100,000,000 dose per annum production capability. We are not there yet, but we are very, very actively looking at expanding our own manufacturing capacity In our site in Simken in Germany, we have a current CMO and we are in discussion with other potential partner to go to this 100,000,000 doors as quickly as possible. As you know, the data has been even stronger than what we expected. Approval, the label also.

Speaker 2

And so, frankly, today, the demand is greater than the supply on these vaccines. So, we are very actively looking at expanding our manufacturing capacity. On the Oncology, we had some win, we had some setbacks. We want to be a leader in Oncology. We are not there yet, so we are very much active on that.

Speaker 2

They are actually In our pipelines, they are less advanced than some other assets like 861 and 279 in Phase 3 are not there yet. Well, we have a couple of asset in our pipeline, which are very promising. Perhaps, Andy can say a few words about these assets.

Speaker 3

Thanks, Christophe, and thanks, Mike. And I'll mention that having worked in R and D for 25 years, in some ways, The most exciting therapeutic area, but also the most challenging that I've been involved in has been oncology. And we know that the if we look at the investment in oncology in the venture world, if we look at the amount of NIH and academic research that's focused on oncology. There isn't an area where we spend more and where we understand more. And there also isn't an area where we faces many challenges.

Speaker 3

The failure rates in oncology continue to be amongst the highest in the industry. So, I don't think it's just us. I think this is the field. On the flip side, the opportunity to change patients' lives and the revenue potential is just immense. And so We're really committed to oncology.

Speaker 3

We're really excited about our pipeline. We still haven't had that breakthrough product, but I think as you know, It can happen very quickly. We have a handful of programs in mid stage development right now. Subasumstat is the lead. We have 2 STING agonists.

Speaker 3

We have 2 T cell engagers that have they came in through a company that we bought a few years ago that we had to help to create called MAVERICK Therapeutics. And then we have a number of programs in early development and we have our cell therapy engine. So we feel that we're making The right investments in oncology and the key now is to leverage the excellence that we're building in development and just bring these programs to decisions. I'll mention that just Monday, we actually brought in a new oncology R and D head, PK Mauro, who's a real deep expert, highly experienced across oncology and multiple modalities. So we're really looking forward to PK taking the reins and carrying our oncology efforts forward, Mike.

Speaker 10

Thank you.

Speaker 1

Great. Thank you, Mike. Okay. So the next question we're going to take from Shinichiro Muraoka from Morgan Stanley. Muraoka san.

Speaker 1

Please go ahead and ask your question.

Operator

This is Muraoka, Morgan Stanley. Thank you for this opportunity. My first question is to Christophe. Next fiscal year, question. How do we look at this?

Operator

Well, FX is positive right now. Vyvanse is not declining as fast. And based on the situation, how do we look at the next year? 3 months ago, you said next fiscal year was going to be tough, but 3 months have passed since then. Have you changed your mind about what would happen in the next fiscal year or not?

Operator

That's my first question. And my second question is about 279 pipeline. UC and CD high dose Phase IIb is going to start. And I want to know the pathway until filing or approval after Phase 2b. Phase 3 will be conducted first and then for UC and CD, you will file separately or is there a pathway that would accelerate this process?

Operator

Those are my questions.

Speaker 6

Thank you.

Speaker 1

Okay. Thank you, Murooka san. So the first question to Christophe on thoughts for next fiscal year, fiscal year 2024. Q2, you said it would be a tight year. Has anything changed over the past 3 months since your previous comments on FY 2024 outlook?

Speaker 1

And then the second question on TAK-two seventy nine on the path to submission in ulcerative colitis and Crohn's disease. Will we need to do a Phase 3 study in both those indications after Phase 2b. So what is the path to submission in those indications? I'd like to ask Andy to take that question.

Speaker 2

Thank you, Chris. Thank you, Moraka san. Obviously, we'll give a precise guidance next year on fiscal year 2024 in May. But what we described earlier remain valid. It will be A tight year, it will be we can describe it as flattish year, flattish, perhaps slightly positive or slightly negative.

Speaker 2

We need to see How VIVANCE is evolving still in the next 3 months, but it would be a flattish year Certainly in both revenue and the co opting profit margin because the way to see it is that the 1st semester will still be declining semester because of the generic introduction of VIVANCE in August 23. So you see it will impact the 1st semester. On the other end, the 2nd semester, it will be on the like for like, if you like. [SPEAKER JEAN FRANCOIS VAN BOXMEER:] So there will be much less generic impact and headwinds in the 1 semester. That's why overall, the year will be flattish, but we'll provide precise guidance in May.

Speaker 2

Thank you.

Speaker 3

And Maria Kasan, maybe I can dial up and walk you just briefly through the strategy for TAK-two seventy nine. So first and foremost is to push forward in this continuum of psoriasis and psoriatic arthritis where we have strong proof of concept. Our hope is that the psoriasis Phase 3 program, which is enrolling quite well, we can accelerate,

Speaker 5

bring

Speaker 3

that to market in the 25% to 27% range. Shortly thereafter, we'll start our we're starting our Phase III studies in in psoriatic arthritis, the LATITUDE program shortly after approval in psoriasis, we're looking forward to approval in psoriatic arthritis. And as We've discussed this is a continuum of disease and we strongly believe that TAK-two seventy nine will be a best in class. This year, we'll start a head to head in psoriasis against ducravasitinib to demonstrate that experimentally. So we're very excited about pushing that psoriasis psoriatic arthritis spectrum forward as rapidly as possible.

Speaker 3

For IBD, it may be getting a little bit ahead of ourselves to start to predict approval timelines. I think the first inflection for us is really demonstrating that a TYK2 inhibitor can be effective in Crohn's disease and ulcerative colitis. We believe strongly based on the genetic data that exists, based on the role that TIK2 plays in cytokine signaling based on robust animal model data. We really believe that with a higher dose, we can be efficacious, It's incumbent on us to demonstrate that in clinical trials. So first and foremost is getting the Phase 2b studies off the ground.

Speaker 3

The Crohn study should start in the next couple of months, UC study shortly thereafter. And then if those studies are successful, we that's our plan. The acceleration path, unfortunately, IBD is somewhat of a long development track. The acceleration path is through excellence in clinical trial execution and that's something as I mentioned with 861 we feel we're really getting a handle on With the model that we have in place and with the digital and technology tools that we're starting to implement in our development programs, If everything goes well, I think we'll be looking at approvals in IBD by the end of this decade.

Speaker 1

Thank you, Murak san for the question. So So next question moving on, I'd like to call on Hiroyuki Matsubara from Nomura. Matsubara san, please unmute and ask your question.

Speaker 6

Oral and switchback and IORIS is developing new nucleic acid and efficacy seems better than Takeda. What do you think of this? And the next generation orexin and the potential of the next generation and What's the difference between the next generation compound and 861?

Speaker 1

How we're seeing the competitive landscape Evolving, including both switchback from Oladeo, but also next line of therapies coming through. I'd like to ask Julie perhaps to comment on that. And then the next question on the next generation orexin agonist,

Speaker 4

how are

Speaker 1

we positioning that visavis TAK-eight sixty one? I'd like Andy to comment on that.

Speaker 8

Thank you, Matsubara san for the question. In regards to TEGSIRO, when you look at the patient switching from Orlaudea. We have seen patients switch back to TAKHZYRO. Again TAKHZYRO has very strong efficacy and safety data proven over multiple years. And so that has been the reason why patients switch back to TAKHZYRO from oral ODAO.

Speaker 8

The convenience of the oral does not trump the stronger efficacy that TAKHZYRO presents. In regards to new entrants, you were mentioning in particular girdisimab. What we've seen from the data that's been shared thus far, it does seem to have efficacy that is similar to TAKHZYRO. But again, We believe that with Takeda's strong position in the marketplace, we have market share leadership, particularly in the prophylaxis segment of HAE that long performance in terms of efficacy and safety is a benefit for TAKHIRO.

Speaker 3

And Matsubura san, on the next generation orexin oral orexin agonist TAK-three sixty, which is going to Have its IND filed in the next several weeks. It's an entirely novel structure relative to PAC-eight sixty one novel properties, potency, PK, etcetera. How we position that To a large extent, it will depend on the data sets that we'll see in the near future on TAK-eight sixty one. But there are lots of possibilities and it's something that we hope that we'll be able to share during an extended discussion at an R and D event that we're planning

Speaker 1

question. I'd like to call upon Miyabi Yamakita san from Jefferies. Please unmute and ask your question. It looks like The hand has been lowered. So I'd like to move on to the next question from Macquarie.

Speaker 1

So if Franda from Macquarie is still on the line, Hello, is that you, Tony? We're unable to hear you.

Speaker 11

Hi, this is Tony Ren from Macquarie.

Speaker 1

Hi, Tony. Yes, we can hear you.

Speaker 11

Okay, perfect. Yes, okay. Yes, sorry. Yes. So a couple of questions.

Speaker 11

So first of all, about the licensing of Protagonist Therapeutics, rosfretide. Just want to get a sense from you About your expectation of this asset, when do you think it's going to launch? What's the peak sales estimate? So that's on a Russford tide. The other one is that I want to go back to Entyvio again.

Speaker 11

So basically, I always think about Entyvio as the market size in terms of size of the pie, which is determined by the number of colonoscopy procedures being performed. I want to see how that's trending after COVID. And then the other one is that I did notice I think on Slide number 27, there was a bit of a market share decline compared to the Q2 slides. So I just want to get some clarity on that.

Speaker 1

Okay. Julia, would you like to take both of those questions perhaps?

Speaker 8

Sure. Thanks, Tony, for the questions. In terms of risperatide, we've not provided peak market share data yet. We will do that in the future. In terms of when we expect launch.

Speaker 8

As Andy mentioned, currently the product is in Phase 3 clinical trials. We do understand that the trial is enrolling quite well. So it will still be a few years before SVC launch. But again, we will provide more details later on in terms of vosperitide. For the questions in regards to ENTYVIO, as I mentioned earlier, in terms of first line treatment where ENTYVIO is strong.

Speaker 8

We still maintain our market share leadership position. Where we have seen Some market share loss is in second line and further. This is where the new competitive entrants have come in and that's Typically where they come in, second line and beyond. And so you are correct in that overall, it has led to a slight market share decline, but we remain quite strong in first line.

Speaker 1

Thank you, Tony. And I think Yamakita san from Jefferies is back. Yamakita san or if that's Steve Barker, perhaps if you'd like to unmute and ask a question, please.

Speaker 12

Yes. It's Steve Barker from Jefferies. Thanks very much for taking my questions. The first question is related to Qudenga. I'm looking at the geographic split of the sales to date And it looks like it's about 70% weighted towards emerging markets.

Speaker 12

I was wondering if you expected that to continue or whether the weight of Emerging markets would be higher in future. And then also potential $2,000,000,000 peak sales Related to 100,000,000 doses, should we assume that you're aiming for an average sales price of about $20 per dose? And then my second question is related to margins. You are aiming to get your core OPM back up, well back up to low to mid-30s ultimately. I was hoping you could help us understand the path To that high level of profitability in terms of improvements for cost ratios and GPM.

Speaker 12

Where is the improvement like it had come from?

Speaker 1

Great. Thank you, Steve, for those questions. So a question on Qudenga the revenue split and also average cost of dose and then also the return to low to mid-30s. I'd like to ask Christophe to comment on both of those questions.

Speaker 2

Thank you, Steve. I think the on Kudenga, as we progress, Most of the revenue will come from emerging countries. So in fact, it will come from endemic countries and the countries which are initiating a national elimination program. Right now, we are more in the private market and the travel market. And so, I think the large volume Type of demand will come later from on the mid countries.

Speaker 2

And I think obviously you can do the ratio between The 100,000,000 dose and the €2,000,000,000 so yes, I mean on average we would be around that type of price per dose. I mean today in the product market in Indonesia, we launched at US26 dollars per dose in Indonesia. [SPEAKER JEAN FRANCOIS

Speaker 6

VAN BOXMEER:] Typically, it's a

Speaker 2

national aviation program at a lower price when we contract with government. [SPEAKER JEAN FRANCOIS VAN BOXMEER:] And that was our intent. Our intent was to make these vaccines to create access And this is a very innovative vaccines, but we want these vaccines to be brought into immunization program rapidly. And so that's our strategy. Regarding return to low to mid-30s corporate profit margin, We'll give more detail in May about the path to get there, which will be a combination of revenue return to growth and our growth on launch product gross margin is high because they are highly innovative medicine.

Speaker 2

So that will help. It will be about leveraging technology, AI and gain productivity And it will be also a cost control. So it will be a combination of all 3. But in May, we will give more will be more indication about how quickly we'll go back to low to mid-30s.

Speaker 5

Thank you.

Speaker 12

Thanks very

Speaker 1

much.

Remove Ads
Powered by Quartr
Earnings Conference Call
Hugo Boss Q3 2024
00:00 / 00:00
Remove Ads