Good afternoon, and welcome to Orion's Q3 2026 conference call and webcast. My name is Tuukka Hirvonen, and I am the Head of Investor Relations here at Orion. I am today here with our CEO, Liisa Hurme, and CFO, René Lindell. We will start shortly with Liisa's presentation, after which you will have the possibility to ask questions from the management. We will first take questions from the conference call lines, and then afterwards we will turn on to the webcast chat questions. You may type in your questions utilizing the webcast chat function. Before going through the disclaimer for our Finnish-speaking viewers, a CEO interview in Finnish will be published later on today on Orion's website regarding the results. Before letting Liisa start, a quick reminder about the disclaimer on forward-looking statements. With this, it is my pleasure to hand over to Liisa.
Thank you, Tuukka, and welcome to Orion Q3 2026 webcast. Once again, we have delivered a strong quarter with improved sales and profitability growth. Nubeqa continued to be the growth driver, but also all business units across our branded products had a healthy growth. On R&D side, we are proud to tell that we have proceeded with our first biological molecule into phase I, and this is a very important milestone for Orion R&D. Another very important piece of information on R&D side is the interim results of DASL-HiCaP study, which demonstrated 58% reduction of the risk of metastasis or death with darolutamide and androgen deprivation therapy and radiotherapy versus a placebo and androgen deprivation therapy and radiotherapy. This week, after the quarter, we also on Monday announced changes to Orion executive team to continue proceeding with our strategy. Now to numbers.
Our net sales increased by 28%, totaling to EUR 542 million, and our operating profit had a growth of almost 74% and totaled to EUR 210 million. Our earnings per share grew accordingly. When we look at the net sales, we clearly see that Innovative Medicines with Nubeqa drives our net sales growth with EUR 113 million here, and branded products of course with smaller numbers, but a significant growth to branded products of EUR 7.4 million. This quarter, Generics had a bit of a tough one, minus EUR 4.6 million, but we have had a very tough comparative period from the last year. Animal Health more or less on par, and Fermion, excellent deliveries to our customers. On operating profit, even more clearly, royalties are driving this with EUR 104 million.
Maybe the other figure that I would like to point out here are our fixed cost of EUR 22.3 million, which is totally as we expected it to be. We have been telling and executing at the same time our R&D pipeline proceedings, so all our R&D projects are proceeding, thus the higher fixed cost, and they are also partly due to the increased sales and marketing costs. Changes in sales volume, also very positive, EUR 4.9 million, and changes in prices, COGS, and product mix, EUR 2.6 million, all on a positive side. Now to year-to-date numbers from January to September. A very similar type of numbers, +24% growth totaling to EUR 1 billion and EUR 481 million, and almost 66% growth of operating profit, a bit over EUR 500 million during the first nine months. Again, earnings per share according to that growth.
Now I turn to our separate divisions where we can look at the quarter and also the year-to-date numbers. Here in the dark blue you can see Nubeqa royalties and product sales, EUR 280 million in the third quarter, then some other services and sales on the lighter blue here. During the first nine months, EUR 662 million. Once again, I would like to point out on the right side from looking from here, you can see how the dynamics go during the year, that we always start from the lower level of royalty on the first quarter or the beginning of every year. It is good to remind here already that we reached the highest royalty rate already in quarter two. The growth that we are seeing here with Nubeqa is an absolute growth of royalties, meaning absolute growth of sales at market.
We had royalties of EUR 222 million and tablet sales of EUR 58 million to Bayer during the Q3. A very healthy growth for branded products during Q3, almost 11% growth with a portfolio of Easyhaler products where budesonide-formoterol is clearly the growth driver. Our CNS portfolio, a growth there as well. This time not entacapone growth, but actually growth of some of our new CNS products that we have been talking here earlier. For example, for migraine and some additional products for Parkinson's disease patients. The fastest growth segment was again women's health. The same trend you can see on the first nine months figures. Generics and consumer health had, as I said already in the beginning, quite rough starting point or comparative period from the last year. Quarter three figures are -3.4%, but still I think a very healthy business here.
When you then look at year-to-date numbers, I think you can say it is on par. We are on the same level as last year. This is due to the slight decline in the generic prescription drugs. However, the consumer health business is proceeding as it did last year. So no decrease seen there. I am happy to tell that we have signed a license agreement with the Chinese company, Qilu, to commercialize IV pembrolizumab, which is a biosimilar of Keytruda across Europe. The expected launch of this product would be in early 2030s. Animal health, more or less on par during the Q3 compared to the previous year. A little bit lower figures on the year-to-date numbers. Fermion, great numbers. I already mentioned this in the beginning.
Let us remember this is really external deliveries, and this is mainly coming from the contract manufacturing and actually contract development and manufacturing services for both API and finished dosage forms. When we report Fermion sales, it includes also contract manufacturing and development for finished drugs. I am happy to tell that we are ramping up as we speak the plant 3 in Hanko. That was the plant where we had the water damage early July, and now we are ahead of the schedule and clearly and solidly ramping up that plant and all the other plants are ramped up already after the maintenance break as planned. Top 10 products. I think the same order as the last time, and you can see the almost 70% growth for Nubeqa, almost 7% growth for Easyhaler. Slight decline for entacapone. This is due to the price pressure almost all over the world.
It's a global product, and there are price decreases that we see in different parts of the globe. Volumes, however, keep on growing all the time. Divina series, you can see almost 47% growth, and I think this is amazing and it's a really great news for all the women of this world that these treatments are available. When you looked at the animal health numbers, I think the part of the explanation is here, it's about timing of shippings. The set of these shippings, again, have been a bit later than we expected. It might be just a 1-day difference between a quarter, so here we see a minus number. I think the main message actually on this slide is that almost half of Orion's revenues comes from innovative medicines after the first 9 months, meaning Nubeqa royalties and product sales. The clinical development pipeline.
DASL-HiCaP interim results were reported by Bayer in ESMO. Very positive results, as I already mentioned. Also we are happy to tell about the new molecule ODM-216. That's the first biological molecule, a large molecule in our pipeline, and we have a study called BICIDES going on with this bispecific antibody. It's targeted to advanced solid tumors. I can't, and I'm not going to share any more about certain indications at this stage. Sustainability is an important thing for us. It's not only an item on our agenda that we need to do. We perform every day to take good care of our value chain, from sourcing the key materials or starting materials for our intermediates, sourcing our intermediates, sourcing APIs, sourcing drugs from other companies, and distributing and selling the drugs for our customers.
All this is very important, and you can see that on the four pillars of our sustainability agenda. Of course, how we are seen by the external environment is validating that we are doing well. I think the recent news is that we got now on the silver level by EcoVadis. Of course, we continue the good work and aim even higher. Based on a good first nine months, very good royalties, and good outlook for the rest of the year, we upgraded our financial outlook for this year so that our net sales range is from EUR 2 billion and 70 million to EUR 2 billion and 140 million. Our range for operating profit is from EUR 730 million to EUR 790 million. After the third quarter, as I mentioned, early this week, we announced changes in our executive team and in our divisional structures. We have not changed our strategy.
On the contrary, our strategy has become a necessity. In the beginning, when we launched the strategy in 2023, it was an aspiration for Orion to become a more global company, from a European-based pharmaceutical company to go out to the world, both commercially and building R&D capabilities around the world where they are needed and where they are available. We have more or less accomplished the first three years. We've strengthened our existence in Europe with all our key brands, and we continue to do that. We've established our sales operations in Japan, which actually also serves as a platform for our clinical studies, for example, for ODM-212. So now, for the first time, we are running our own studies outside Europe.
Now we are moving to the next stage of this strategy, and that means that we need to sharpen up and focus even more on our strategic assets. Thus, we have done some changes in our organization. We have a new role, a Commercial Executive Vice President for International Commercial Operations. Mr. Hao Pan is leading this organization. He has been a member of Orion Executive Team since early 2023, and now he is responsible for all ex-U.S. commercial operations, as all the U.S. operations are reporting and are headed by Berkeley Vincent. He is also responsible for the innovative medicines. The other change is that Mr. Juhani Kankaanpää, who has been heading our global operations, which means all our manufacturing sites for finished goods, for APIs, company procurement, supply chain, also now heads our Generics and Consumer Health division.
We also welcome a new member to our Orion Executive Team, Mr. Henri Salokangas, as an Executive Vice President for Branded Products. Branded Products continues as such, but we have added a hospital business to respiratory women's health and CNS business. Why do we do this? I think it underlines the fact that we are becoming more global. We focus definitely on our key brands and branded products. We are building our European-wide hospital business. We have the existing products there, SIMDAX, dexdor, some biosimilars that we are already selling across Europe. As I already told, we made another new agreement for new biosimilar. We have made several of those, and we also have these added value hospital products like recombinant albumin under development by our suppliers. So we are building that business unit under the branded division.
Then again, the generics is really about supply, price, service level, and thus it is now combined to our global operations, where the bigger picture of that part can be taken care of. A very long-term member of Orion Executive Team, Mrs. Satu Ahomäki has decided to leave the company after admirable 34 years of service for Orion Pharma and 19 years in Orion Executive Team. I take the opportunity here to thank her for all her commitment and work during those years. Her legacy will remain. I think she has worked with all the business divisions and left her mark on all the businesses that we do, and we will continue her precious work. Here you can see our upcoming events, and I thank you for your attention, and I think it is time for questions and discussions.
Thank you, Liisa, for the presentation. Like I said, now it is time for Q&A. As said, we will start with the conference call lines, but then again, remember that you have opportunity to type in your questions through the webcast chat also. At this point, I would like to hand over to the conference call operator. Please go ahead with the questions.
If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Alex Moore from Bank of America. Please go ahead.
Hi, thanks for taking my questions. I've got three, all on Nubeqa, I'm afraid. First one, just on Nubeqa royalty, following up on your comments at 2Q, is it still reasonable to assume royalty growth in the fourth quarter should be roughly in line Nubeqa in market sales, given you're already at the maximum royalty tier? Is consensus assumption of roughly 10% sequential growth for in-market sales in 4Q broadly consistent with the assumptions underpinning your updated guidance?
Maybe you take the royalty question.
Yes. The maximum royalty percentage has been in a way reached already, as Liisa said, in Q2. From that perspective, naturally, the royalties then would be directly proportional to the market sales that Bayer would then report to us. Of course, what the growth is in Q4, we will then see. But you can see our guidance and outlook and estimates from there as well, what might be the potential range for Nubeqa.
Okay, great. So second question just on tablet sales. I think tablet sales declined about 10% sequentially in the quarter. Can you confirm whether this was mainly due to the maintenance break? I think your commentary at 2Q implied you typically back up to full production in the fourth quarter. You should expect year-on-year growth for tablet sales in 4Q to be roughly similar to what we saw in the second quarter.
Yes. There usually is a bit of a fluctuation due to the maintenance break, but I think the change now between the Q2 and Q3 is just in a normal variation of how we ship out the tablets from Fermion to Orion, and then from Orion Pharma to Bayer. I do not think there is anything specific, and there might still be variation between the quarters. René, is there something you want to add to this?
No, it is like you said, that there will be always fluctuations depending on the shipments, and those can be quite big as we ship in big batches. It is hard to say always will next quarter be up or down. I think the general trend, if you look at the year, it is upwards and in the right direction, of course.
Okay, great. Just my last question, which is more on your long-term ambition for Nubeqa. Just on the recent positive interim readout for DASL-HiCaP, I think you previously said that your greater than EUR 1 billion guidance for Nubeqa sales by the end of the decade includes potential early line expansion. Can you give any color on what sort of risk adjustment was used relating to the DASL-HiCaP opportunity in that guidance? Then, given you appear to sort of reach that milestone for Nubeqa sales either this year or next based on current indications alone and quite a large potential addressable population for DASL-HiCaP, does this not imply meaningful upside to the lower end of that target? Therefore, what specifically needs to occur before you can de-risk and potentially quantify the upside to your long-term Nubeqa revenue guidance?
Well, I may start and René then continues on our guidance. As our partner has said, and we have said many times that we need positive results of these early line studies to fulfill the full potential that Bayer has given out for Nubeqa, and we all know that they have said that this will be the biggest product that they have ever had, which means that it will be around EUR 5 billion. So this DASL-HiCaP positive interim results, let us remember, is already included in those numbers. I think the question regarding if we are able to then update our guidance is a bit of a separate one, and I do not think it is time for that now. I think that might come later, but right now we follow that guidance.
Thank you very much.
The next question comes from Anssi Raussi from SEB. Please go ahead.
Yes. Hi, all, and thank you for the presentation. First question on your expenses. Of course, we know that R&D and also sales and marketing expenses were clearly higher in Q4 last year compared to other three quarters that year. Do you think that these expenses will actually increase or decrease in Q4 this year compared to the last quarter of the last year?
Yeah. We are not giving a guidance specifically on Q4 expenses and how those will pan out. We still keep a full year guidance. I think overall, last year had a certain dynamics when it came, especially to the R&D expenses, that did jump at that point of time. I still would encourage to look at the full year and from that, deduce the full year potential expenses that we will have. Nothing material comes to mind in terms of why Q4 is very different from other this year. Although sometimes in Q4, there are questions that how do we book R&D expenses
Yes
depending on how the project actual
Yes
progressing, and that will then have certain variation, which of course also is partly reflected in our outlook.
Although in a much minor component than the potential Nubeqa
Exactly
scenarios.
Okay. Understood. Then about Nubeqa tariffs. Can you give us an update on your estimates and also maybe, as you mentioned, this contract manufacturing in the U.S., can you mitigate this impact with this kind of agreement in the future?
Yes. On tariffs, there is really no change from where we were last quarter. Basically, if you look at what we know, the tariffs should be operational and be used from October, beginning of October onwards. In a way, we do estimate that there is some tariff impact in Q4, at least according to what we know. In the end, we will only see that once we actually see when those are booked at the customs, and we see how those are treated. Yes, we do assume some tariffs, but they are quite minor for Q4, and we will basically have to wait and see how those really are calculated in the end. For the second part of the question regarding API manufacturing U.S.A., naturally, that could have an impact on tariffs, but that also is something to be seen then.
Yes.
Hopefully, it has an impact on that, but also it is an impact on our overall global supply.
of darolutamide.
I think that's the most important thing, that we now have again, another place where we manufacture darolutamide API.
Okay, got it. The final question from me. You mentioned that there are some new products entering the clinical phase in the coming months. Could you comment on what kind of molecules or any additional color on this? Thank you.
All right. I guess you are referring for the coming, I already mentioned ODM-216, the bispecific antibody. Yes, I think I've been bullish enough already early this year to say that we will bring at least one biologic into our clinical pipeline. I might be even bullish here and say that there might be another new phase I program even during this year.
Okay. Understand. Thank you so much.
The next question comes from Sami Sarkamies from Danske Bank Markets. Please go ahead.
Hi. I have three questions. We will start from Nubeqa. You announced today that you are going to be using contract manufacturers going forward. Can you open up your thinking here, what has changed? Is this related to maybe higher peaks as potential risk management or the U.S. tariffs? Then how do you think this will be impacting Nubeqa gross margins in the long run?
Good question. Definitely when we see that the volumes have been growing much faster and higher than originally was estimated, it is important to manage your supplier risks, and that means that you need to have several sites supplying the key ingredients like darolutamide API. Now we have two. We have one in Hanko, one in Germany, and then one will be in United States. It is really to secure the volumes and manage our risks.
Okay. What about the impact on Nubeqa gross margins when some of that capacity will be taken into use?
I don't think René can confirm.
Yeah. So, of course, if you look at, we will be most likely manufacturing the bulk
of the API in Hanko site where we've been doing that for years.
And of course, we are efficient.
Yes.
With that. That I can say. So, some additional gross margin impact typically when you build resilience, there is of course some price to that, but that resilience is worth paying for.
Oh, yes.
Because now you have more flexibility in how you use the site, what volumes you need at what point of time. In the end, the marginal impact will be marginal.
Exactly.
Okay. Then my second question would be on operating expenses. If you look at this year, R&D expenses have grown 20%, sales and marketing by roughly 10%. You are planning to become a more global company. So what kind of growth rate in operating expenses are you thinking? Is it still going to be below top-line growth, or could it be that, let's say, in the coming years, that there will be margin erosion from your investments into the Orion platform?
Yeah. Maybe I can answer that. That really depends also how our products move forward in the clinics and what is the success rate. We are investing in R&D. We know that our pipeline is getting better, and we should continue on that. That means also that the R&D spend as a percentage of revenue might, in some years, grow faster than the top line. Of course, our top line has been growing now that fast that even as we have been growing by 20%, top line has been slightly above that. It can be lower, it can be higher, but it really will depend on the clinical pipeline. The sales and marketing as well depends on the timing of what products do we have coming into the market. There are some investments you need to do before sales happen, especially on the innovative side.
Then you need to invest before you see the sales. Then you could have, at least in a short term, increase in sales and marketing faster than the sales for that specific product or business division. But over time, then that should catch up again.
Yes.
There could be fluctuations, but nothing like, I think, systematically that we can, at this point out.
Okay. My final question would be on the updated guidance. The range is still pretty wide going into the last quarter of the year. Can you elaborate a bit on the reservations and uncertainties you still have for the rest of the year?
Yes, that is quite clear that the biggest reason for a wide range still is Nubeqa. As Q4, we have the maximum royalty rate, and we have a fast-growing product, and Q4 is thereby estimated to be our best quarter also for Nubeqa. There is a fairly broad range where this year could end up. I think the rest of the businesses have much smaller ranges, are in a way easier to predict. But Nubeqa, with such a growth curve and momentum we see, it just gives naturally quite a broad range still at this point, even though we narrowed it down a little bit in this latest outlook.
Okay, thanks. I do not have any further questions.
The next question comes from Shan Hama from Jefferies. Please go ahead.
Hi there. Thanks so much for taking my questions. I have three, if I may. So firstly, just on Nubeqa royalties for this quarter. On first glance, they seem a little bit soft versus consensus expectations. Is there any particular reason for this, such as potentially a correction for your guesstimate for last month of last quarter? That is my first question. I will ask the other two later. Thanks.
Yeah. So of course, always there is a matter of estimation when we go into a quarter, as we have discussed quite often, both on the first incoming month and then the last month of that. That can be one source of why then later, when you compare to any Bayer number, you can see a discrepancy. But of course, at this point of time, not commenting any expectations on that number. As said, it is an estimate, the last month.
Understood. Thank you. My next question is, how do you anticipate Nubeqa's underlying market trajectory to develop through this quarter and then also into 2027, particularly with enzalutamide generics expected to come online potentially end of next year into 2028?
Well, I do not think we are in a position to give any guidance regarding Nubeqa growth rate for 2027 or even now quarter four. I think that is a good question to ask from Bayer. I think so. What we are always referring is the fact that what Bayer has said that this will be the biggest product that they have ever had. To reach that, we will need to be successful in all the studies that are ongoing now. Fortunately, we have seen good interim results from DASL-HiCaP. So I think it is all on a positive side, but I would not go and predict any definite numbers.
No, I think it is easy to say that the general direction is that we have quite far to go still to that kind of peak year. From that perspective, one could say the general momentum of growth to continue for a few years to come.
Thank you so much. Then just finally from me, as you mentioned, DASL-HiCaP, how are you thinking about your option for that indication? In terms of an exercise timeline, just because, of course, the data were pretty encouraging at ESMO over the weekend.
Indeed, the data was very encouraging. Let's remember, it is an IIS study, so it's an investigator-initiated study. We have an opt-in possibility, and we are now planning and in an understanding with Bayer that we would use that opt-in if and when they would be submitting marketing approval application. That will, of course, be somewhere in the future.
Thank you so much.
As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Matti Kaurola from OP Corporate Bank. Please go ahead.
Hello, and good afternoon on my behalf as well. I would like to ask about your guidance. In your upward guidance, you are expecting quite a strong Q4 result, and the strength should come from gross margins as the sales guidance did not increase or relatively increased less than the EBIT guidance. Where is strength in gross margins coming in Q4 compared to Q3, as you already should have been in the highest relative rate with Q3?
Yeah, I think the only one I can think about quick answer is that, of course, the share of Nubeqa royalties will be bigger than before in Q4, and that is the strength, that is the overall gross margin and gross profit for the whole company.
But there is no, let us say, production cost lower compared to Q4, Q3 because of the manufacturing.
Nothing like that, no.
Okay. Then I think the tariffs thing, that still needs to be cleared, but the value that the, for actually U.S. customs is using, it is quite close to the Bayer is preparing as a sale. I am just thinking whether the tariff will be really calculated from some sort of sales price, or is there any kind of indication as it has been now almost one month that they have been collected?
No, at the moment there is not. There is a few range of scenarios how this could be calculated, and we will see basically then when that really is then done. I think as I said, nothing new that we can basically report on tariffs at this point of time.
Okay. Then one final question. This Nubeqa contract manufacturing, is it so that you are producing the API there, but the tablet or the formulation is still done in Espoo? Or how is the whole kind of changing or going forward?
I guess you are talking about Nubeqa.
Yes.
Yes, we are manufacturing API in Hanko and in these other sites that we already were talking about, and then the tablets are manufactured at our Espoo manufacturing site.
Okay, so the final products are still leaving from Espoo?
Yes.
Yes. Thank you.
There are no more questions at this time.
All right. Thank you, operator. Then we turn on to the webcast questions. We have a few of them. Let's start with one coming from Iiris Theman, from Carnegie. What is your current plan for ODM-212? Do you plan to develop it yourself, or are you looking for a partner before phase III study?
Right now, we are planning to carry out the studies by ourselves. We are in phase II, and those studies we are carrying by ourselves. As it seems now, both indications, both the EHE and the mesothelioma are such that we can do those phase III studies also by ourselves.
Thank you, Liisa. Then moving on, one question regarding animal health. Could you please provide further details on the animal health performance, specifically regarding the timing of shipments and any other contributing factors, if there might be, and do you expect better growth from this division for the remainder of 2026, and how about going into 2027?
Yeah, maybe I start there.
Yeah.
Of course, for this year, I think there are some geopolitical headwinds in that business, especially in the livestock business, which have been delaying shipments, especially to the Middle East and Africa. We all know that can take some time. That's one reason why also that we are a bit behind in the net sales. But other than that, if those shipments go through and other things that are planned for the full year, I think this year still has a potential to be on a good level. For next year, we'll have to see when we give the guidance for the outlook in next year.
Yes.
Exactly.
Maybe in other words, the demand is there, and there would be sales, but there's really been some struggle on the Middle East and on African front.
Great. Then a follow-up from Iiris regarding darolutamide. Can you comment on Bayer's regulatory plans following the darolutamide interim readout, and do you expect FDA discussions to begin soon?
What we know from Bayer, they are planning to have discussions at some point with FDA, and we'll then see where that leads with the registration and marketing approval application, but we don't know more about that. With such encouraging results, of course, we all hope that everything would go well.
Then another question, this comes from Pekka. Given that Nubeqa continues to drive such a massive share of Orion's revenue and operating profit, how are you managing the concentration risk? Specifically, how is the current cash flow from Nubeqa being deployed into R&D pipeline to ensure sustainable growth engine before we eventually approach the patent cliff?
Good question. I think that's one of the major activities in our strategy currently, that we are developing new molecules. We are increasing our R&D budget year-on-year, pushing new products into phase I, phase II, eventually to phase III, and also establishing we are using that cash also building new capabilities in R&D and on different commercial fronts. That's why our own R&D and own capabilities, but of course, we are also all the time looking for new products and assets to be in-licensed or acquired. There are a lot of activities ongoing to prepare for the 2030s and 2040s.
Thanks, Liisa. A couple of questions also from Pekka relating to the use of AI. There are a couple of questions, but maybe I can sum them in one question. How is Orion currently leveraging artificial intelligence, quantum computing, and machine learning in R&D? Which areas are you deploying those?
Yeah, I start with R&D and especially in the early R&D, where we handle huge amounts of information. We go through not millions, but sometimes billions of molecular structures when we are trying to find a solution for certain disease, certain pathway that will have an effect on some cancer tumor or other disease like Parkinson's disease. The quantum capacity of course solves something, but also we use different artificial intelligence tools that we have found across the world. So we work with several companies in U.S., in U.K., here in Finland, to find new ways and technologies to speed up that phase in the development. We've already seen that we've been able to halve the time in the discovery and research.
There is a lot going on, and it is by no means a new thing for us, but we have been doing that almost for 10 years now. We already see good results. Then, of course, when you get to the clinical studies, you can also use artificial intelligence in many ways when you are detecting or defining your clinical patient population. You can use this kind of digital twins and test your molecule and try to define what would be the best patient population for your studies. Between each clinical stage from phase I to phase II, phase III, of course, AI brings tools to speed up the transition from one stage to another one.
Thank you. The final question from the chat is how should we think about Nubeqa's exclusivity beyond 2033, particularly in light of the later expiring U.S. patents?
Well, the basic patent that expires 2033 is the one that will hold, I think, and that is the one where generally all the pharmaceutical companies and in this industry we rely on.
Yeah. Basically there are others, but we hold for the 2033.
Yes.
It is too early to speculate on any-
Yes
results from other patents. We will have to wait and see.
Yes.
All right. Thank you. Now we have exhausted all the questions both online and from the conference call line, so it is time to wrap up and then maybe the final words from Liisa.
Thank you for your attendance, and it was our pleasure to report the strong Q3 results, and we are really looking forward for this ongoing quarter to finalize this good year. Thank you.