Hello, everyone, and welcome to today's presentation of ALK's Quarter Three results together with an updated outlook for the full year. Could you please turn to slide number two, where I'll introduce you to today's presenters and our agenda. My name is Per Plotnikof. I'm Head of Investor Relations, and with me today are ALK's CEO, Carsten Hellmann, and our CFO, Søren Jelert. Today, we will look at our Q3 performance, sales trends across our regions and portfolio, and the nine-month financials. We will give you an update on our four strategic priorities before talking you through our improved full-year outlook. Finally, we will end today's call with the usual Q&A session. If you would please turn to slide number three, and then I will hand over to Carsten, and we'll get started.
Thank you, Per, and thank you everyone for joining us today. First, let me give you the highlights. In a very strong Q3, we delivered revenue growth of 20% with sales growth across all three of our regions. This was also fueled by a 41% increase in sales of our tablets and a further recovery in sales of our legacy products on the continuing gradual normalization of visits to allergy clinics. This compares against a Q3 last year that showed 7% overall growth with tablet sales up 52%. Overall operating profit, EBITDA, was better than expected, up 114% to DKK 124 million. This was influenced by the sales growth and an improved gross margin, but also included planned increases in R&D and sales and marketing spend. In Q3, we also maintained focus on the execution of our long-term strategy.
There was progress in Germany, our biggest market, where national prescription guidelines were again updated to emphasize initiating new AIT patients onto registered products only. Remember last year, ALK became the first company in Germany that markets only registered AIT products for the main allergens. Just after the quarter ended, we also successfully completed the formulation feasibility study in partnership with Catalent, which confirmed that the Zydis fast-dissolving tablet technology used in our respiratory allergy tablets is also suitable for use in the clinical development of a peanut food allergy product. Finally, we continue to see the benefit of the investments made in our manufacturing and supply operations, which remained robust throughout the quarter. With that quick look at the highlights, I'll hand over to Søren now, who will take a look at the Q3 financials in more detail.
Please now turn to slide four.
Thanks, Carsten. As said, third quarter was a very good quarter for ALK, delivering solid double-digit growth across our sales regions of Europe, North America, and international markets. Sales were up 15% in Europe and were once again particularly strong in the Nordics and Central Europe. This was driven by tablets, which were up 32%. We continued to see Itulazax and Grazax perform well. This was supported by an early uptake of a recent launch of adolescent indications in the Grazax in France. Sales of legacy products, particularly SCIT, showed a positive momentum, and they continued to recover some of the lost ground of previous years due to discontinuations and COVID. As in previous quarters, Germany delivered double-digit growth, and we saw the shift towards registered evidence-based AIT treatments continue.
National reimbursement guidelines recommending that AIT patients should be initiated onto registered products have been reinforced, and we expect this will continue to drive the market transition towards evidence-based medicine. In North America, revenue was up 23% as our sales continued to recover from the impact of COVID, especially in the U.S. as doctors focus on bringing patients back into their clinics and hospitals. Tablet revenue increased 67% as margins improved. However, we continued to see modest sales volume in the U.S. Sales in international markets were up 51% with a positive impact from product shipments to Japan and China. What is also encouraging is the in-market sales development in these two markets. In Japan, Torii delivered in-market tablet growth of 52% in third quarter, and our partner continued to do a great job.
Torii now expects total in-market tablet sales in 2021 of approximately DKK 900 million. In China, we also saw good in-market sales trends with year-to-date growth of new treatment starts exceeding 50%. Now, let's take a closer look at the product categories on slide five. In quarter three, tablets continued to be the key growth driver for ALK with 41% growth. Combined, SCIT and SLIT-drops sales continued their recovery from COVID lockdowns and were up 5%, reflecting increased SCIT sales and SLIT-drops sales were declining slightly due to the ongoing transition to tablets in France. Sales of our other products recovered further in third quarter and were up 15% as COVID eased its grip on sales of diagnostics, life science products, and EpiPen. In third quarter, Jext sales in Europe improved in single digits.
However, in the U.K. in particular, we saw an impact from lower pen replacement rates by patients, which are likely linked to COVID. This brings us to slide six and the P&L. Profitability was better than expected because of the strong sales and improved gross margins. Revenue for the first nine months were up 14% in local currencies. The lower U.S. dollar in particular had a negative currency impact, so that reported growth was 13%. The gross margin improvement of two percentage points to 60% reflected increased sales of tablets in Europe, although this was somewhat reduced by shipments to Japan, which carry lower gross margins. Behind this positive development is also the fact that we are currently spending a little less in product supply than planned. The trend is right and support our long-term margin expansion targets.
EBITDA increased 20% to DKK 398 million, despite the planned 35% increase in R&D spend. Sales and marketing costs were up 11% on more normalized activity levels. Free cash flow was positive of a total of DKK 149 million, driven by improved earnings and changes to the working capital. Finally, it is worth mentioning that currently we have unused cash and credit facilities of DKK 1.4 billion. Now let's move on to a brief strategy status on slide seven and over to Carsten again.
Thank you, Søren. Just a quick reminder that earlier this year we updated our strategy in pursuit of a sustained high growth of 10% or more, and to improve our profitability of 25% EBIT margin in 2025. As you see here, we expect the tablets to be the primary drivers of growth, and we will support their success by becoming relevant to ever more allergy sufferers. Our four strategic pillars are to succeed in North America, to complete and commercialize the tablet portfolio, digital consumer engagement and new horizons, and to optimize for excellence. Through these, we aim to extend our leadership in respiratory allergy short term, driving strong, sustainable growth, while we also seek to accelerate long-term growth opportunities, both expanding into pediatric segments and to enter into the food allergy segment and expanding our presence in anaphylaxis and other activities.
The goal is an ALK capable of delivering sustainable high growth of 10% or more annually and earnings growth of 25% and 25%. In Q3, we made further progress towards all of these, and I'll summarize the highlights on slide eight. Please turn to slide eight. Let's start with North America. On the left side of this slide, from a broad business point of view, the ongoing easing of COVID restrictions in the U.S. continues to benefit sales, particularly legacy products and hospital-based products. With sales up 67% on tablets, we have also been helped by the improved ability and willingness to visit allergy clinics, as well as an updated coupon system that meant that higher realized selling prices.
Of course, tablet revenue still represents very small numbers in absolute dollar terms, and our focus remains on the long-haul efforts to build prescription depth among allergists who recognize the benefits of the tablets and to expand the prescriber base into other specialties, and we're committed to see this long-term journey through. Moving to the column to the right, we continue to make progress with the further clinical development of the tablets, and patient recruitment is moving ahead as planned on our two important allergic rhinitis trials in pediatric patients with house dust mite and tree allergies. With the Europe and North America-based pediatric house dust mite trial for allergic asthma, it will still take a little while before we can assess any impact from COVID on the number of asthma events. We expect to have a clear picture during H1 of next year.
Meanwhile, the China registration trial for the house dust mite tablet remains on hold due to the international travel restrictions, but we are in dialogue with the authorities there to discuss possible next steps. Looking at the third column of the slide, of this slide, our digital engagement platform, klarify, gained further traction by the end of the quarter. By the end of the quarter, we have mobilized more than 300,000 consumers in 2021 to take action on the allergy. For example, we have the find a doctor functionality. The important next step for this initiative is to create a direct link to patients being prescribed AIT treatment. The numbers are currently low, and we continue to test and trial several concepts to better connect patients with prescribers at the final stage of this patient journey, and to subsequently also improve treatment adherence.
As mentioned, work on our new horizons priority recently took a significant step forward when we completed the feasibility study on whether Catalent Zydis fast-dissolving tablet formulation, the same technology that we use in our respiratory tablets, is suitable for the future food allergy products. The success of this trial give us a green light to accelerate into phase I development with a peanut allergy tablet, and we expect to initiate this in the H1 of next year. Meanwhile, the next partnership with Grandpharma for China, which we announced in Q2, continue as planned with the aim of launching China's first adrenaline pen, potentially as soon as next year in the Greater Bay Area. We also continued on our projects to develop a new adrenaline pen for the U.S. market with the target of an FDA submission in 2024.
Finally, on the lower right, you will see some highlights from our Optimize for Excellence priorities. This includes the extensive work we're doing to rationalize our portfolio, simplify our manufacturing processes, and upgrade the regulatory documentation for core legacy products. So far this year, we submitted 1,034 regulatory changes covering 133 products to 40 different regulatory authorities. A lot of work has been done. As a result of simplifying our portfolio in this way, and thanks to the significant investments we have made in our manufacturing and supply operations over recent years, I'm also happy to report that despite the challenges being reported by other companies and industries, our supply chain, inventory levels, and distribution channels have remained robust throughout Q3.
With that, I'll hand back to Søren, who will talk you through our updated outlook for 2021 on slide nine.
Thank you, Carsten. Our full year outlook has been updated to reflect the year-to-date performance. The current full year outlook is as follows: we now expect double-digit revenue growth of 11%-12%, with tablets continuing to be the key, with sales growth expected to exceed 25%. This is further supported by an improved outlook for sales of SCIT and SLIT-drops. EBITDA is now increased to between 500 and 550 million DKK. R&D is still expected around 625 million DKK. We will still foresee a gradual normalization of sales and marketing spend compared to last year, which was impacted by COVID. This year, we expect the sales and marketing to revenue ratios a little above 30%, a development that is in line with our long-term targets.
Free cash flow has also improved and is now expected to be positive of around DKK 200 million, reflecting higher earnings, CapEx of around DKK 250 million, and an upfront payment received from Grandpharma. In addition, we now expect the one-off working capital payment of DKK 175 million, which relate to accrued rebates, that it will be postponed or deferred to 2022. With this, I'll hand you back to Per in the Q&A session on slide 10.
Thank you, Søren, and thank you, Carsten. This concludes the main part of our presentation. We now move to the usual Q&A session, where we'll be happy to take any of your questions. Operator, please go ahead.
Thank you. If you wish to ask a question, please dial zero one on your telephone keypads now to enter the queue. Once your name's announced, you can ask your question. If you find it's answered before it's your turn to speak, you can dial zero two to cancel. Once again, that's zero one to ask a question or zero two if you need to cancel. Our first question comes from the line of Jesper Ilsøe of Carnegie. Please go ahead. Your line is open.
Thank you so much. First question, maybe you can provide an update on the expected timelines on pipeline readouts, i.e., when we should expect data. You'll start peanut allergy phase I here next year. Is it fair to assume data early 2023? On the children trials, which you say are progressing as planned, is it fair to assume phase III data around mid 2023? On the China study, perhaps you can elaborate a bit more on what alternative solution you could do. I do need to file it into a different country. Can we do it in China? What can we actually do? What are the possibility and implications on China? When could we expect to see some data on these two adrenaline programs.
I can just follow up with a question afterwards. Thank you.
Thank you, Jesper. This is Carsten answering. For the two first questions regarding peanut and children. Yeah, we'll see completion of the children in 2023, and you ought to see the first readout from peanut also in the beginning of 2023. I can confirm that. Regarding China, it's more up in the air exactly when we can see it. Well, the different optionality we do have is whether we can from not do the clinical trial at all to have to do a clinical trial. Within that spectrum, we see whether we can maybe do a Chamber trial in China, whether it opens up or not. We still expect a 2024-2025 filing and approval on the Chinese market for our dust mite tablet.
It's only a matter of the COVID delay right now and whether we can maybe make a simpler version of the trial to maybe do something different, and that's already discussed and to be decided by the authorities. We have a lot of exchange with the authorities right now. Regarding the different pens, remember we have two parallel projects which we're investing in, one with an external partner, the Windgap, and then our own Genesis project. We still expect no matter what to file for FDA approval no later than 2024 on either both pen or one of the pens, depending on how it goes. That's where we stand right now.
Okay. Just on the latter. Is it fair to assume some data during 2022? Because, as I recall, you previously flagged for data potentially during 2021, but now it's more on a recurrent basis that it could come up. Just to understand when we should actually see some data on adrenaline.
Yeah, but remember, it's two different projects. The Windgap one, where we said we will have some first readouts end of this year, but that was whether it was a project that did not fly or not, and we have not seen any evidence it will not fly yet. We will of course continue that project as well as our own Genesis project, where we are investing a three-digit million DKK into developing that product over the years. I don't know exactly what you mean by readout. Of course, if we have any information that any of those projects will not fly, and we have to stop it, we will tell you.
We had a situation, as you know, a year ago, where we were doubtful whether it could fly the Windgap at all, and we knew there would be some stability data coming out end of this year. Now we will be into 2022 before we have to sort the next milestone. Should some of that turn out to be negative, we will tell you about it. Otherwise it's something we just continue to do. We are very firm on the objective to submit in 2024 one or both of the products. We continue with both until either both or one of them fails or win or goes the right way.
Perfect. Thank you. Second question, just on the margin expansion when we look into 2022. On the gross margin, it looks very strong this quarter. You also upped the guidance on gross margin. When we look into next year, is it fair to assume that if current trends continue on the top line, that we could also see approximately this two percentage point increase in the gross margin? Also on R&D, you previously, you know, guided the market on the Q2 call about the R&D level in 2022, around DKK 650 million-DKK 700 million. Is this also a fair reflection given what you are doing right now? Other consideration on margin expansion that we could expect into next year. Thank you.
Yeah. Thank you, Jesper, for some good questions. I think it's fair to say that we are very positively reporting out on the gross margin and have been very working extremely dedicated and focused to gain this more or higher gross margin momentum. I think third quarter here, at least the year to date, is a solid proof with these approximately two percentage points up compared to last year. It is now more solid as you have a little bit more runway to it. Of course it leads also to, in the higher end of this year, right around the 60 mark where we started up saying 58, I believe, with a 1%-2% gain.
Now, I think it's safe to assume that we will be around the 60%. Then you will of course push me to another two percentage points next year. I think it's a little early. I think we are on the same track as you are in that case we are probably at this one to two percentage points because it a little bit depends on how the mix pans out next year. What we are extremely focused on is that the underlying improvement programs are running as they should. That should definitely give you some visibility into the fact that we are towards the 70%, that's our long-term strategy. Yes, we do not consider this a one-off improvement.
We see it as a continued improvement, and then we can always debate whether it's going to be 61% or 62% next year. One thing is for sure that we seem to have a higher consistency in the margin improvement now. That's that one. When it comes to R&D, it's absolutely correct that we last time said DKK 650-DKK 700. We stand firm on that. That includes still Carsten's assessment of the trial progress. That is still a solid estimate and what we are aiming for.
Perfect. Thank you so much for taking my questions.
Thank you. Our next question comes from the line of Michael Novod at Nordea. Please go ahead. Your line is open.
Yeah, thanks a lot. It's Michael from Nordea. First of all, on the Peanut project, could you elaborate a bit on sort of the plans post potential positive proof of concept data? And whether it's sort of gonna be an accelerated program or whether you more see it now as a sequential program, phase II, phase III, and then of course elaborate a bit on potential sort of commercialization timelines for the Peanut program. I know it's early, but just to give some flavor on this. And then secondly, on the Grandpharma, just clarification. So has it already. I guess it should have already launched, but I think, Carsten, you said that it could launch in the Greater Bay Area in the H1 of 2022.
Why hasn't it launched if it's the case not going on the market until 2022? Thanks a lot.
Thank you, Michael. This is Carsten. Grandpharma, if we start with that one. Grandpharma is now trying to get approval at about 28 different hospitals in Greater Bay Area. You can debate what when I say launched, that's when you start seeing sales. It is launched, but the way you launch it in Greater Bay Area, when you leverage this Hong Kong license we do have, is that they go in hospital by hospital and get a exemption to the registration, and then are allowed to launch in that hospital category. I think they're operating with about 28 hospitals right now. We expect to see measurable sales numbers. I'm not saying we're not getting anything this year, but measurable sales numbers from 2022, that's what I meant about that.
They are already up and running. There's no delays, anything like that. It's just a process of getting it into the market. Regarding peanut, we don't really know whether we can accelerate the timelines. I think it's very good news that the feasibility study proved positive. We are definitely not holding back on any investment or money to accelerate. I think what we work on right now is, of course, to fully understand how many updosings do you need, and how should we set up. We will do that H1 next year. When we see those readouts and exactly how it's going to pan out, then we will decide what is the fastest way and fastest route to market, no matter what. This is a critical opportunity we do have.
It's a fantastic accelerator, should it work out. Whether you can do a parallel phase II and III, we don't know that yet, but it's a full program, fully invested. It's with the teams behind it and a lot of R&D work. We mean this seriously. It's not just a popular, it's really a program and a project right now. Still, it's post-25, which we also know that the adrenaline pens are. As I said many times, the 10% growth we have is based on the organic things we can see, the visibility we can see. We're investing in some accelerators slash backup for adrenaline, for children, and for food that comes post-25 to make ALK even stronger and bigger. That's the plan.
Thanks a lot.
Thank you. Our next question comes from the line of Carsten Lundborg of SEB. Please go ahead. Your line is open.
Thank you very much. Carsten from SEB. I was just hoping I could get a little bit more color on the pharma in your largest market, Germany, which seems to be driving a lot of growth for you guys. I don't know how much detail you're willing to give, but I'm of course hoping for a lot, both in terms of growth contribution and also what you're seeing right now in the market in terms of conversion to tablets, your market share, et cetera. Second question, coming back to the gross margin again. The improvement from Q2, I know it's hard to just use one quarter as a reference here, but the improvement from Q2 is quite impressive.
I know you're saying that you're just working, it's bits and pieces here and there, but is there anything sort of meaningful that impacts the gross margin in this quarter? Essentially, you are adding DKK 60 million in top line from Q2 to Q3, and you are adding DKK 53 million in gross margin. The 60 million must have had a margin of 90%, if you can do that kind of basic math. Hoping for a little bit more color on the gross margin, if possible.
Yeah. I think I'm a happy horse on that one. But anyway, the gross margin, it's absolutely correct that we are continuously also quarter-on-quarter going up. If you compare third quarter last year with third quarter this year, we are actually up almost 5%, and that's very much driven by the tablets. Here there are conversations still of when we sell more Torii, it takes down the gross margin a little bit due to the remuneration model we have. But solidly, the underlying other tablets have actually been accountable for almost 3.5% gross margin points. But then you need to deduct the impact of Torii. We say approximately three percentage points from quarter to quarter is linked to the tablets.
There are a number of other minor things, but the reality is that in Europe, that gives a little bit more margin points. We also had a depreciation or a write-off in third quarter last year. That's also half a percentage point. I wouldn't put too much attention to those, but more look at the fact that we consistently improve our margins by selling tablets. That has been the story for the last many quarters. Hopefully that is. I don't know whether that was a color. I think it's an easy color because it's a
Yeah.
Tablet color, so that's fairly easy to explain. Then you had another question on Germany. It's absolutely true that Germany is the star performer for us on a single-market standpoint. It's of course on the basis of a full portfolio being live on the tablets in Germany that consistently is beefing up our performance, whether it's Itulazax or it's Grazax. I mean, that's clearly the two biggest vehicles behind the growth. For Germany, for us, we are solidly above 10% growth in Germany. It is very close to being our biggest single market.
Also here, although it might be a little bit boring, it's the tablets that are driving the growth. In addition to that, there have been this focus on evidence-based medicine. Here it's a little early to say how much it has impacted ALK. Again, if you are a doctor who knows that products are going away and you can go to an evidence-based producer as we are and have a good portfolio with all the tablets that we have, then there is an increased likelihood that some of these old products that has been discontinued has moved our way. Currently we are leading in Germany on evidence-based, no doubt about that. Even if you take the older products, we're also market leading in Germany.
In many ways, extremely satisfied with the performance of Germany. I think it's going to be very interesting to see how the long-term effect of this, the authorities wanting basically to take out the non-evidence-based medicine, when and how that will fall into our basket. I don't know, but I'm absolutely sure we're going to get our fair share of it. It's more a question of when that will be enforced.
Okay. Thank you very much. Thank you. Our next question comes from the line of Benjamin Silverstone at ABG Sundal Collier. Please go ahead. Your line is open.
Thank you. Hi, Carsten. Benjamin here. Thank you for taking my call and congratulations on the very strong quarter. I have two questions from me. The first one is just in terms of supply chain robustness. Could you just give us a brief update on how you saw it in the quarter and how you see it going forward, let's say the next three to six months? And then the second question is in terms of dividends. So based on the strong momentum that you are seeing and being on track to solid profitability, could you please just remind us how we should think about potential dividend and share buyback going forward? Thank you.
This is Carsten. I'll try to at least answer one of them. The supply chain, of course, you have a very calm duck on the surface and a lot of moving legs under the surface of the water when you have a situation with COVID because it's not only one line of issues you will have in the supply chain. It goes up and down in different countries and regions from day to day almost. However, I will though say that those issues that have been predominantly in getting the right materials for production, like bags and filters and so forth, we have solved that, and I think we are covered well into next year as well. Also remember, we are carrying for the tablets almost one year's inventory.
I think we're pretty well off for the next couple of years. Also another thing, for example, ALK's total transportation cost is in the range of DKK 30 million. Yes, transportation costs can double, but it won't really affect our P&L that much. You will see also, if you look at gas and electricity and others, it's in the same range. I think if you look at the whole world that is so shaky right now, ALK will not come out in the next quarters with a lot of excuses due to supply chain disruptions to what we can see today. We are more in the black swan events type of stuff, but not in the running of the business. I think that's good.
It's not up to me to talk about dividends and share buybacks. This is my board and shareholders that do that. Of course, I think there's a lot of shareholders who have been recognizing that we have a strong, sustainable fast-growing company right now. Maybe you should ask that at the general assembly in March.
Thank you, Carsten.
Thank you. Just as a reminder to participants, if you do wish to ask a question, please dial zero one on your telephone keypads now. Currently, the last question in the queue comes from the line of Thomas Powers at Danske Bank. Please go ahead. Your line is open.
Yes. Thank you very much. Just a few remaining here from my side. Just when we look at the outlook for Q4, remember you have been out saying around 5%-10% expected for Q4 and then double digits for Q3 as we've seen, and more than that maybe. Just looking at my back-of-the-envelope calculation here, and looking at your guidance out to 11%-12%. Is it fair to assume that we should be looking at the very low end of this 5%-10% outlook? Is there anything that we should be aware of aside from, you know, currency fluctuations of course, and there's also some tough comps.
Anything that could sort of create a little bit of noise for the remainder of the quarter or just, well, it looks of course to be quite solid on the tablets of course. Then maybe I missed it, but can you just add a little bit of color on the Acarizax, the growth for the quarter in Europe? You highlight the Grazax and Itulazax, so just a little color on this. Lastly, just on the rebates that is impacting the cash flow. I understand it's accumulated from 2018 and onwards. How certain are you actually that these new timelines will actually be met?
We're not looking at, I guess, a scenario like the price discounts you were waiting for from France, I assume. Is it fair to assume that this will definitely happen here in 2022? Thank you.
Yeah. I would like to just start from the last question. The rebates you're talking about, is that the rebates that we have been accruing, basically sort of DKK 175 million, just to be sure that I answer the right? Yeah. No, that's. I mean, it's something that dates back and has been built up from 2018 and then towards 2020. Basically, it's a technical adjustment we did to a product where we were of the opinion that we could have a changed price. We were uncertain, hence back then we started already to accrue.
The way that the payments in Germany works is that you actually get the money from the different payers in this case, and then basically you could say we built up cash or, in this case, a liability. That liability we have known, also communicated to you guys that we do not believe that we are entitled to the DKK 175 million, i.e. that once it goes back to the authority or they claim us, that. And that we believe will be in 2022. That will go out of our books, i.e. be out of the balance sheet and through the cash payments. There's absolutely no P&L impact so far. Hopefully that clarifies it.
When it comes to the fourth quarter, where you're right that we have actually been guiding pretty much what we have also delivered here. We expected a high third quarter, that's what we've seen. You're also right when looking into fourth quarter, that it is actually in all fairness quite high comparables in Europe and also when it comes to Japan. That is still what we anticipate to be the case, that we will not see this high sales to Japan, hence a lower growth. That's why it at a full year scale lands around 11%-12%, which seems to be quite solidly founded in the growth rate we also see now.
At least, there's no other specialties, I would say, in fourth quarter, as we see them. Then there was a last question I didn't quite hear that. That was-
Yeah, it was just maybe I missed it in your prepared remarks, but just on Itulazax, sorry, Acarizax in Europe, because you highlight Itulazax and Grazax as the main driver. I just wanted to hear if you could add some color on Acarizax as well.
I mean, it's right that Acarizax is growing, has been for some time. Our comments here was more that we have seen a benefit of the adolescent launch in France on Acarizax. That's basically the core, you can say, new kid on the block in this case that drives growth. It's not dramatic. It follows the patterns we have seen so far. You know, every time you can reconfirm growth, that's also beneficial for us.
Okay. Got it. Thank you.
Thank you. As there are no further questions on the phones at this time, I'll hand the floor back to our speakers.
Thank you all for joining today's call and thank you all for your good questions. As you can see from slide number 11, we have scheduled a series of roadshow sessions and other presentations over the coming months that we hope that you will join. As you know, you're always welcome to call me, Søren or Carsten if you have additional questions. With that, I will wish you all a good day, and I will end today's session. Thank you and goodbye.