Hi. Good morning, everybody. Thanks for joining us. I'm Terence Flynn, Morgan Stanley's U.S. BioPharma analyst. For important disclosures, please see Morgan Stanley's research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. I'm very pleased to be hosting Gilead this morning. Joining us from the company, we have Dan O'Day, the company's Chairman and CEO, and Johanna Mercier, who's the company's Chief Commercial and Corporate Affairs Officer. Thank you both so much for flying out here to the East Coast and taking time out of your schedule.
Thank you for having me. Great to be here.
Looking forward to it. Maybe Dan, I'll just turn it over to you to make some opening remarks, and then we can go into the Q&A.
Sure. Thank you, Terence, for having us. Delighted to be here with Johanna. Look, first of all, maybe just to set the table for Gilead. We are at, I think, a really important point in our journey. We, I think, are at another inflection point in value, and let me just explain why I believe that. First of all, we have the most robust portfolio, I think, in our history, certainly since I've been here in the past seven and a half years. This cadence of launches that we have right now is really going across all therapeutic areas, and we'll talk about that a bit. But the setup is such that we're a bit unique in the sector in that we don't have any significant major patent expiries until 2036, with a very strong plan on how to handle that patent expiry in 2036.
But let me just break it down into a couple of components. I think about our portfolio from strength, but also diversification. I think there's two different ways to look at diversification. One is the diversification that we're going through right now within our core business, our HIV business, which is in the past and currently still largely based on BIKTARVY. But we're in the middle of transitioning the entirety of our HIV franchise across both treatment and prevention. I know we'll talk a lot about both of those, and particularly prevention. But it's important to note on the treatment side, we just recently launched a new daily oral called Bixlenvo. I'm so used to BIKTARVY.
It rolls off the tongue.
Rolls right off. It rolls off. I know, it's so close to the other name. I should be a little bit better at that. Which is an important addition to the treatment landscape. In particular, the fact that it allows us to participate in the switch market, which, in the past, we haven't been as participative. About 20% of patients on HIV treatment do two switches a year. Then we have an expected launch of the first weekly oral treatment with Bixlenvo next year as well. Beyond that, and we'll continue to update you, a really robust portfolio of weekly and monthly orals, and once every six month injectable, including lenacapavir as the backbone.
A really strong capsid inhibitor, the first capsid inhibitor, combined with a variety of different medicines, including GS-3242, which is an interesting INSTI that we are currently in the clinic on for every four months. PK data suggests we may be able to take that to six months, so stay tuned for that, because that trial is ongoing. So there's just a tremendous optionality within the treatment landscape that will evolve that whole treatment landscape over the course of the coming years. Secondarily, PrEP. The number of users on PrEP has more than doubled since 2022, so in the past four years, driven by Yeztugo and DESCOVY, but also with line of sight towards two new launches in the next couple of years. Weekly oral PrEP, first quarter of next year, and then in 2028, a one-year injectable version of Yeztugo.
We think about diversification across that broad spectrum of HIV, in both treatment and prevention, for a growing durable business well into the end of the next decade. Combined upon that strength, the work we are doing on oncology and I&I. Just briefly on oncology, we will get back into this, but anito-cel is the most eminent launch in oncology of a new molecular entity in fourth line plus multiple myeloma. We are really excited about that being a best in disease profile, a one and done type of opportunity for people with multiple myeloma. We are fully enrolled in the second line plus study. Expect that data to read out next year. Moving that up in lines of therapy, allowing people to achieve treatment-free durations is really what we are focused on in multiple myeloma.
Then a broader cell therapy approach with bicistronics and lymphoma, in vivo constructs and autoimmune. Combine that with the work we are doing in ADCs, both with TRODELVY and first line triple-negative breast cancer, as well as the acquisition of Tubulis, which we really are excited about as a novel ADC platform, starting first in platinum-resistant ovarian cancer. But then many indications with that platform as well. That is our oncology base, which is really just beginning to shape and form and grow. Then I&I at an earlier stage, you are going to hear more on that later this year. But I would just point your attention to what our chemists have been working on for the past six or seven years. There is a couple of small molecules that we intend to read out phase II results later this year with alpha-4 beta-7 and IRAK4.
We also have a STAT6 program, as well as an acquisition we did earlier this year on a BCMA T-cell engager for B-cell depletion. All this to say that this is a special time at Gilead. I think we are in a unique position to drive value and growth, and that all against an operating model that we are committed to, which includes top industry quartile margins, strong cash flows, and ability to deliver to shareholders and to patients.
All right. Great. A lot to talk about, obviously.
Sure.
So I guess the first one, just again, high level, I've been asking most of your peers this. This just seems like we're in a different place this year versus last year on the policy front, which I think is a good thing, but just anything that's on the company's radar as we head into midterms, that we need to think about coming out of D.C.
Look, Johanna and I, and the team work constantly on policy, and I think it's just part of the integrated fabric of what we're doing. I'd say a couple of things on that front. First of all, I think the best defense is a good offense. So the more innovative your portfolio, the more differentiated your portfolio in any country around the world. So it just gets back to what I said before. I think we're really in a unique position of having this very, very robust portfolio that's highly differentiated as we approach any policy environment. Two things I would say. Look, we've been spending a lot of time in Washington, D.C. I think there will always be pressures on pricing in pharma, and the conversation is broader today than it was five years ago.
In other words, people understand better the complexity of the healthcare system, where dollars go in the healthcare system. I think we made real progress on making sure that people not only focus on pharma pricing, but also focus on healthcare pricing, in particular insurance and PBMs and 340B, which I think we made some progress on and more to be made there. So we'll continue to focus on that in a bipartisan way. I think the conversations in Washington are always about, how do you improve the health of Americans, keep a strong American industrial strategy? I think on that point, everybody can agree on the details. Of course, we need to get into the details. Then finally, what I'd say on our front is we spend a lot of time focused on the diseases that we're in.
I can say that regardless of the administration, we've been able to draw attention because of this incredible innovation to the importance of funding HIV, public funding for HIV in this country, the work we do with the State Department, in countries where HIV is more rampant and higher. I think we always get an important audience on that, and we'll continue to stand for those patients there and patients with severe diseases like oncology.
Okay, great. I guess going to the recently launched product, Yeztugo, obviously front and center. I know it is a huge focus for you, Johanna, and the rest of the company. Maybe just talk to us about the transition that has been going on in the marketplace from orals to injectables. Any other points of friction as we think about the forward outlook here, and then we will come to broader PrEP market growth, which I think was one of the bigger takeaways for me from your second quarter earnings was being able to deliver again, teens market growth off an even larger base. I guess first part of the question is just Yeztugo latest dynamics and what you are most focused on in terms of continuing to drive that growth.
Yeah, sure. Thanks, Terence. Good morning, everyone. I really think the Yeztugo launch is an incredible success thus far, and it really has a lot to do with the preparation of the marketplace, but also the work that we have done for the last 10, 12 years in prevention and really understanding the market, the consumers for PrEP. We really have grown Yeztugo. We are now expecting our guidance is at $1 billion for its first full year of launch, and that is not by chance. That is obviously a lot of increased awareness, education of physicians, and of course, consumers. I do think it is exciting to see that the market continues to grow, and one of the things that we always knew as we were launching Yeztugo, our focus and the scripts would come really from switch patients, switch PrEP people.
But what we are seeing is actually a quite nice mix of both naive coming into PrEP on Yeztugo Q6 as well as the switch, and so you are seeing a nice balance there. We also know that it was important to grow the market. The growth of the market happens in different ways, but one of the ways that we have done it in the past is always just with new options on the marketplace. It kind of picks up the market and makes noise, increases awareness. PURPOSE 1 and 2 trials were such powerful trials for Yeztugo that it really helped everybody kind of sit up and pay attention to what prevention could be. The research that we have done with consumers is very clear that longer is better, and so the Q6 monthly is really an option that people were waiting for.
That is why we are seeing not only switch from daily orals and from other long-acting to a Q6, but also even seeing naive people come into PrEP for the first time. We are seeing that nice balance. One of the things around the market itself is it is growing at about 14%-15% or so, to your point, on a larger base. Again, not by chance, right? This is a lot of work that we do to increase awareness that our competitors do to make sure people understand the why, make sure people feel empowered to own their sexual health, making sure it is very targeted in who we speak to, where we speak to them, meet them where they are. We have really advanced the work that we do, and AI helps us do this, of course, even better than we have done in the past.
That has also helped all the boats rise. It has not only helped Yeztugo , but it has also helped Descovy. You have seen really nice upside on Descovy as well, and the total prevention portfolio is now over $1 billion for the quarter. That looks like an annual run rate of about $4 billion just for the PrEP business. A lot of work behind it and a lot more to go. One of probably the signals that I am most excited about is, for us, whether it comes from a specialty pharmacy, whether Yeztugo goes through a specialty pharmacy or through buy-and-bill, it does not matter to us. What has been interesting is to see the uptake in both segments, but actually buy-and-bill is growing faster than we thought. What that means for me is a signal to future volume, right?
If people are setting up their clinics, their setups to include buy-and-bill, which actually administratively takes a little bit of time and energy and resourcing, then basically, that is very clear that they are thinking about increased volumes in the Q6. We also have a lot more options coming around the corner, I think Dan mentioned. Not only do we have a q-weekly oral early next year in February, to-do, to-date, but we also have the potential of Q12 monthly by 2028. We also think that continues to expand the market. Two things. Expansion of the market happens with more options. It happens, of course, with the data that is provided by those options. It also happens by making sure we are educating different people.
Not just the HCPs that have always prescribed PrEP, but actually HCPs that have never prescribed PrEP, and people that have never been on PrEP as well need to enter this marketplace, and that is what we are starting to see slowly but surely. We think there is a lot of runway here, and a lot more work to do.
Great. And maybe just, I think you said, recently the current user base is 550,000 roughly in the U.S.
Yeah.
What are the kind of upper brackets as you think about that addressable opportunity?
Yeah. The CDC defines the addressable opportunity at about 2.2 million people in the U.S. The way they define that is really leveraging their estimates of men having sex with men. We believe that number's actually much higher than that. If you just look at STD diagnosis in the U.S., there's about 13 million a year. These are the people you would want to have a PrEP conversation with. Having said that, even if you just take the CDC estimate, you're only at about 25% or so penetration of the total PrEP estimate that the CDC's laid out. We believe there's a lot of space to grow, and we think that the opportunities are with options like Q6 or even the Q12. We can really make a difference here.
Okay, great. You mentioned the oral formulation of Yeztugo coming next year. I guess one question that comes up is, what's your anticipation for the source of business for that formulation? Again, is this switch dynamic? Is it new? How do you think about that given what you've seen for Yeztugo Q6 monthly?
Yeah. I would say I would start with Q6 because as much as the q-weekly's coming out, we still believe Q6 is actually really going to be the target and what is preferred just because of the six-month frequency really helps. It just meets them where they are. It's much easier to fit in their lifestyle. Having said that, we do think the q-weekly is going to be a nice option for folks that don't like injections, or folks that don't want to take a daily oral pill and wanted to stay on an oral long-acting. This is going to be the first oral long-acting available and a real opportunity to go once a week, maybe every Sunday or every Monday morning, you take your pill. We think that's going to source from Descovy as well as the generic Truvada that are in the marketplace.
Different from the Q6 that actually sources from all, right? It sources from new, it sources from the Q2 current competitor, as well as the daily orals, both Descovy and generic. So a little bit of broader base for the Q6 than the q-weekly.
Okay, makes sense. I guess the other question, which again kind of waxes and wanes, is just what you see for second shot frequency with Yeztugo. It sounds like you guys also have a more recent campaign to kind of even improve that further. Maybe just talk about where we stand right now, then some of the steps you're doing to continue on that-
Sure.
second shot journey.
Yeah. So obviously it took us a little bit a while to have the right data, right? We've been following the claims longitudinally to ensure that we understood what the persistency was at that second injection. On our Q2 call, we shared that it was over 70%, which is well beyond anything we've seen from any of our competitors. That has a lot to do, again, with the profile of this medicine and what it offers to consumers of PrEP. So we're excited about that. We also believe that it's important to continue to surround sound it, and what I mean by that is we know that specialty pharmacies right now are obviously calling back people to make sure they come back in for their injection at the right time.
We know that the clinics, the doctor's clinics, are also doing that to make sure that they get within the window. We believe it's important to just make sure we just add a little bit of color to that. So through digital app, it's actually a program called Ready to Go, kind of playing on Yeztugo, and it's really about SMS texting alerts, things like that. It's all on digital, but it also has, as much as AI is fabulous, people also want to talk to real people. So there's also an opportunity to have an inbound, outbound nurse call center, which I think is actually proving to be very useful to manage anything along the way, but also to remind them that it's important to make your appointments to go back for that second, third, fourth injection.
Yep. Okay, great. Maybe just on the rest of world opportunity, where are we right now in terms of some of those conversations? I know that is an area that you guys have been working on.
Yeah.
I felt like there was some hesitancy with a once-daily oral to maybe embrace that, and we have not seen much of a rest-of-world PrEP market. But maybe now with every six-month option or even a once-yearly, maybe some of those governments are going to be more willing to kind of lean in. Where do we stand on those efforts?
Yeah. A lot of work going on and I would say there are three areas I would say. The U.S. obviously we have been talking about. We have also done incredible work in low middle-income countries and of course that is at no profit to the company, but work in sub-Saharan Africa where diagnostics rates are one out of four or one out of five in certain countries, which is just in certain areas, which is just horrible. Anything we can do to help there, and we have been partnering with The Global Fund as well as the U.S. Department of State, to do just that. Then you have the other countries, which I think is what you are referring to, which are the first world countries. It really depends.
We have been working to ensure that lenacapavir has been a drug that we have been working on for 17 years prior to its launch. It is incredibly transformational versus what is currently available. It is one that we want to ensure that value gets recognized across the different countries around the world. We are making sure we are educating, and the value, the persistency, all of the benefits. It is not for everyone, that is the whole point of optionality, but there is an opportunity in certain countries where you have a government that actually really wants to leave a legacy of ending new incidents of HIV, and they see lenacapavir as the solution. Those are the governments we are working super closely with, and for very specific populations.
You have populations, a great example is in Canada, where in some of the northern provinces, in the west of Canada you have very high rates similar to sub-Saharan Africa, which is crazy. There are real opportunities to do something and that is where lenacapavir can really make a difference. We are working through it. I will tell you many markets have an HTA process that compare to a daily oral generic, and that is a tough comparison when you are bringing this kind of innovation to the market.
Okay, great. Maybe we will just pivot over to the HIV treatment side. Dan, you mentioned a lot of the similar efforts to transition the portfolio here as well, have some new launches on the switch market, but also working on the long-acting. I guess the first question is just on a current market state, again, you guys had a dip in growth in 2Q, but you expressed confidence getting back to that 2%-3%, which we have seen historically. Maybe should that still be our expectation there and what are you seeing as we come into the end of the third quarter?
Yeah, what you are referring to is the market growth, right?
Yeah.
The market growth for HIV, we did see a little bit of a dip. We think it has to do with a little bit more of an ACA impact than we had originally expected. Obviously, this is HIV. People will find their path and find a channel for them to get reimbursement in the right way, if not the disease progresses. We are not concerned. It was just a little bit of a Q2 play. We also did update our guidance for HIV in the Q2 setting in addition to this additional impact of ACA, and we actually moved it from 8%-9% to 10% growth for HIV for Gilead. I think overall we believe that we can more than cover that. We do think the market will get back to the 2- 3 points that we've seen in the past and it'll normalize within the next couple of quarters.
Okay. Is that what you're seeing right now or still too early to call that recovery?
Still too early a little bit, but what we are seeing is definitely that people need to find their path and we've seen it even in the second quarter we also had a little bit of a bump because of Florida ADAP and we've seen that reset right away. I do think that since Florida ADAP then reinstated BIKTARVY on its formulary in July, I think that's been a great opportunity for patients to get back on their BIKTARVY.
Okay, great. Maybe just to go to the new product launches, Bixlenvo, again I won't try to pronounce the name, was approved so congratulations there and then you have lenacapavir, islatravir the once-weekly oral coming on the forward. Just remind us this is all for the switch market and we get some of these questions where, oh what's the impact of these next gen regimens on BIKTARVY, but again these are going to be positioned primarily in the switch market.
That's right.
So maybe just talk to us that kind of interplay. My understanding is Dovato is kind of one of the leading switch regimens and that's about what $3 billion or $4 billion drug. Is that the right kind of dollar opportunity that we should think about roughly? I know you're not going to give exact numbers, but again there's an approved drug out there and we know what the sales are.
Yeah.
Just talk to us kind of how all that plays out.
Yeah. Let's start with BIKTARVY. BIKTARVY is the leading agent today globally and so with over 50% share with BIKTARVY it really is quite differentiated and especially as you think about in the naive setting the rapid starts, the HBV co-infections. I mean it has so many indications that others do not and it's why it leads in its naive share. It has more than two-thirds of the market in the naive setting and therefore as you think about switch we are also leaders in switch, but that has to do more with legacy medicines from the past and switching to BIKTARVY. As we think about the future if people want to switch it's hard to switch from BIKTARVY back to BIKTARVY, right?
We do think it's really nice to have something like Bixlenvo to enter the marketplace to bring one more asset into the mix let alone lenacapavir next year to really have more competitive plays in the switch market which is about I think Dan mentioned about 20% of your total dynamic market, 20% is dynamic. I think that's the opportunity. With Bixlenvo specifically, the launch is really focused around we have two indications. One is virally suppressed patients, which is really your typical switch in that 20% that I just mentioned. We also have the indication for Bixlenvo, which is your complex regimen patients. And those represent about 5%, 6% of your total HIV patient population today. And those are the ones really at launch, that as you're navigating access, as you're ramping up access, those are the people that we've focused on.
Because these are folks that are taking probably five, six, eight, 10 pills a day, and they could actually potentially switch it to one pill a day with Bixlenvo. And so that's a huge opportunity, and that's something that obviously physicians are willing to kind of work through the paperwork until access kind of plays out. As that access ramps up, then obviously, the opportunity lies in the virally suppressed, which is a bigger population, let alone the fact that we have actually really unique data in the over 50-year-old population, more so than any other molecule, to really show the benefit. And that's really the population that are switching at this point, that have been on medicines for quite some time.
We think that's a great opportunity to expand our switch leadership, let alone with lenacapavir next year with the weekly oral, which I also think is going to be a nice new option for patients in the treatment switch market. Last but not least is we do believe that there is opportunity for us to have longer actings in the HIV treatment market as well, and Q6 would be the ideal scenario, and that's what we're working towards. I think, Dan, you touched on the GS-3242 molecule where we saw data at CROI and in phase I for PK data at four months. It looks like it could be longer than four months. We're waiting for that phase I data for six months to come through. We've already started our phase II program.
This includes one arm with the Q4 regimen. Obviously, as soon as the phase I data comes through, assuming positive, then we would add a Q6 arm to the same trial. So that's kind of what we're looking at, let alone the bNAbs that we also have in play. So we have a lot going on optionality-wise, so that we can really continue to drive that leadership in the HIV treatment market.
Okay, great. A similar question as asked on Yeztugo, you have new options, new formulations. Is it safe to assume that this is when you blend it all together, that it is additive rather than just a switching dynamic to your HIV treatment franchise?
Oh, definitely additive. Absolutely.
Yeah.
Because of that market expansion play that we talked about earlier, I think depending on the option that we are referring to, but as a totality, most of them are all additive to the current market today for a couple of reasons. One is just execution on the market.
Yeah.
Increased awareness, and two is sometimes different populations that are coming through, let alone the compliance that you are going to get with a longer acting.
Okay. Okay, great. Maybe just one strategy, one for you, Dan O'Day, is just you mentioned immunology and a lot of the efforts you guys have on these oral drugs you are bringing to the market or in development. As you think about Gilead has a history here in immunology and has been working for time to kind of scale up, maybe just for us, what is the tipping point to make you guys a big player in immunology? Is it having a cornerstone asset? Is it having scale of portfolio? What is it going to take to kind of make you guys one of the bigger players in that space?
Yeah, I think both, and by the way, we are eyes wide open here, in terms of the competition on the one hand. On the other hand, we are also eyes wide open on the opportunity. I think just as what has been done in cancer, I think we are in an era of I&I scientific knowledge and in particular, the ability to have new modalities that not be combinable. Because part of what I think held us back in I&I is the ability to get to truly differentiated efficacy points at a tolerability profile.
And that is where seven years ago, when Johanna and I and the team, we sat down with our strategy and said, "Where can we differentiate?" And part of that, at least one aspect of that, was taking our small molecule chemistry expertise that has been put to work on everything that Johanna had just spoke about on the HIV side towards targets in immunology. And that is what you are seeing play out now with the phase II readouts that you will see later this year. Those all come from Gilead chemistry, which is the alpha-4 beta-7, IRAK4 against STAT6 and others. So to your point, I think it is both portfolio and anchor assets.
And once you see the data that we will present later this year, phase II data, to be clear, we will be able to articulate more comprehensively with that data set, kind of how we anticipate moving ahead in I&I. We absolutely understand that we have to have very differentiated efficacy moving forward, either alone or in combination. And I think we will pick our disease states well within I&I to make sure that we understand where we are moving. One example of that is the oral acquisition at the beginning of this year, which is a BCMA T-cell targeted therapy, called gamgertamig, I think I have said that right, where we are looking at four kind of more rare diseases within I&I, where a B-cell depletion strategy could really make a difference.
So I think our I&I strategy will follow the science, but it will also be very pragmatic about how we approach it. And that is combined to a very robust cell therapy, an ADC strategy oncology, then the backdrop of this kind of strong durability in HIV.
Yep. How do you think about solo versus collaboration? You guys were an innovator here in HIV, where we saw you do these cross-company collaborations, Johnson & Johnson, Bristol Myers Squibb, Merck now. Is that a playbook that you could use in immunology, or is this something that you think is kind of more ROI positive to go it alone?
Oh, definitely. Look, I think in the most recent one that we're getting ready to launch this year is the collaboration we have with Merck around islatravir and lenacapavir. So I think our scientists have always been, and we've always been looking at when we have a single asset that's highly differentiated, of course, we want to develop other single assets within our own portfolio, but we can't have patients waiting to do that. So we always look for optimal combos, and I think we would certainly look at that as a potential strategy in I&I as well.
Okay, great. Maybe just in the last few minutes, I know oncology has been another focal effort, and you mentioned a lot of the efforts going on in your prepared remarks. anito-cel is the most near-term asset that is coming. So maybe just, again, high level kind of positioning here in the marketplace. Then again, launch readiness maybe for Johanna.
Yeah, we'll tag-team on this one. I'll just set the table, because Johanna's team and Cindy's team have been working really closely together. We are now in a very robust launch phase right now, so we're sharing experiences on the launch side. I've spent a lot of time going around and speaking to folks within the multiple myeloma segment. The profile of anito-cel is really highly differentiated. We think it's best in disease. Starting in fourth line plus, very important to get the first launch right, so the team is spending a lot of time on that. Johanna can talk a little bit about some of the strategies there. Bottom line is that our approach with anito-cel is multifold. Of course, it's getting the fourth line launch right.
It's moving up in lines of therapy because you want to use a CAR T-directed cell therapy when your immune system is strongest. This gives you the best opportunity for a long, durable response, potentially a cure, like we've seen in lymphomas from a curative intent. It's rapidly moving up in lines of therapy, including the second line trial that I mentioned was completed. We intend to launch a newly diagnosed multiple myeloma play as well. Not to stop there. To use the same technology, this D-domain binder, which is present in anito-cel, in potential in vivo constructs in the future, both for multiple myeloma but also other diseases, including cancers and autoimmune diseases. Let me turn it over to Johanna on some of the other profiles of anito-cel that I know her and her team-
Yeah, sure.
can collaborate.
You asked about launch readiness. We have been doing a lot of interchange, as Dan O'Day was referring to, between the Kite team and the Gilead team, because obviously we have had a few launches lately, and they are absolutely ready. It is really impressive. They have right now about just under 180 or so authorized treatment centers. They think they are going to be at about 200 by the time we get to PDUFA in December. That means basically four times more than when the competitor launched from a setting standpoint of our authorized treatment center, so very well established.
We have been having pre-informs with our medical team on the data, making sure we get to our payers, our plans, make sure that everything is set up so that once you have the label, it is just plug and play, so that you can pull it through in the first quarter of next year and get those patients that really need something like anito-cel as quickly as possible. The intent, obviously, is to really penetrate the fourth-line market quickly. It is about a $3.5 billion market opportunity in multiple myeloma. We think the profile we believe best in disease, but so do our physicians, actually, our KOLs are seeing it as well, and really an opportunity to differentiate there, so then you move up lines of therapy as the data comes through.
So excited about the opportunity, and also, I do think the profile lends itself incredibly well for the outpatient setting, which is going to be even more important as we move up lines of therapy. The profile is thus far incredibly safe. We have not seen any of the neurotoxicities we have seen with others. We are not seeing any of the enterocolitis. From an outpatient setting, that is important because in multiple myeloma, most of your patients you are going to actually see in the community versus academia. As much as academia is important at launch, the bulk of the volume of patients is actually in the community, where outpatient setting makes the difference. That is where I think anito-cel can really win.
Great. Well, thank you both so much.
Thank you.
Really appreciate the time and insights. Thank you.
Thank you.