Great. Welcome, everyone. My name's Jessica Fye, biotech analyst at JPMorgan, and we're delighted to be continuing the 44th annual JPMorgan Healthcare Conference today with Vertex. You're going to hear a presentation from the management team, and then we're going to go into some Q&A. So if you're in the room here, just raise your hand. Someone will bring you a microphone. Or if you're listening at home, you can submit a question to the portal, and I can read it up here on stage. So with that, let me pass it over to Vertex's CEO, Reshma Kewalramani.
Thanks, Jessica. And thank you to JPMorgan for hosting us. We're at a slightly different time and a slightly different venue for those of you who come every year, and it's very good to see you all. In the event I'm not the first to wish you a Happy New Year, let me be amongst the first. On behalf of the entire Vertex team, we're really happy to be here, and we look forward to kicking off the year with all of you, as always. Before getting into the presentation, let me put up our Safe Harbor statement that you may or may not be able to read. I will be making forward-looking comments and encourage you to read our SEC disclosures, which contain more information. I'll leave it up for a minute, and then we'll get right into it. Okay.
We have a unique corporate strategy and business model at Vertex, and it's depicted on the flywheel to the left. You've seen this before. I think I've shared it every year that I've been at the conference. We invest in scientific innovation to make transformative, if not curative, medicines. And we do so for serious diseases in specialty markets, which means a very particular thing for us. It means markets in which there's low SG&A spend. This enables strong operating margins and profitability, allowing us to invest significantly back into R&D and therefore executing on our serial innovation strategy and creating a virtuous cycle. The key pillars of our differentiated, modality-agnostic, disease-first R&D strategy are the foundation of Vertex. We only go after diseases with high unmet need. We only go after diseases where we understand causal human biology.
Diseases where we have validated targets, usually genetic, but pharmacologic as well. Diseases where we have biomarkers that translate from the bench to the clinic. And we only work on diseases with efficient regulatory and development pathways. This approach we put into play about 10 years ago, and we designed this approach to deliver disproportionate R&D success. And it has delivered. We are now at a point where we have seven marketed medicines in CF across four disease areas, including five approved medicines in CF, Casgevy for sickle cell disease and beta thalassemia, and JOURNAVX for moderate to severe acute pain. It has also set us up for a very exciting emerging renal franchise. That renal franchise has four programs in mid and late-stage development. Povetacicept in IgAN, I know, is front and center in many people's minds, but it also has Inaxaplin in AMKD.
Both of these programs are well into clinical development. Both of these programs have breakthrough designation from the FDA. And both of these programs have the opportunity for accelerated approval in the U.S. I'm going to move to slide four and ask someone if they can help me with the door in the back. Thank you. On this slide, you see that commercialization is a key focus for us in 2026. And the four priorities on this page depict and highlight the opportunities right in front of us. In CF, we aim to continue our leadership position and to sustain it for decades to come, noting that IP protection for Trikafta goes into 2037 and beyond that for Vanzacaftor. For Casgevy, we look to capitalize on the foundation we built and the momentum in finishing 2025 with more than $100 million in revenue.
We believe Casgevy is well positioned to continue on its path to become a blockbuster medicine. We're also looking forward to growing JOURNAVX from its strong first year, with a goal to more than triple the prescriptions in 2026 compared to 2025, and we are preparing for the potential launch of Povy in IgAN in the US. Povy holds the potential for best in class, and it is poised to be the first launch in our emerging renal franchise. I'm going to move on now to slide six and show you a little bit about the numbers of patients and the geographies we hope to serve. The pipeline is diversifying. There's more than 10 disease areas in the clinic now, and while we do that, we're also diversifying our revenue base and our geographic presence.
As you can see on this slide, we expect to expand the number of patients we serve from about 160,000 or so in CF, in sickle cell disease, and beta thalassemia, plus the about 180, I'm sorry, about the 80 million patients who seek a prescription for JOURNAVX to something more than 10 million patients over the coming years as we bring forward medicines for IgAN, for AMKD, for diabetic peripheral neuropathy, type 1 diabetes, and more. Given the time I have with you today, I'm going to limit my forward-going comments to CF and Casgevy, JOURNAVX, and the emerging renal franchise, and I'm going to start with cystic fibrosis and slide six. We are continuing to execute for market leadership, and I'll call out four points on this slide. We have been in CF for a long time. We have many approved medicines.
In that portfolio of CFTR modulators, we have something very precious, and that is long-term, real-world safety and efficacy and over 200,000 patient years of exposure. Second, our serial innovation has led to five approved medicines, each of which has brought more benefit for patients and/or expanded the patient population. And as we have done this, today, 95% of patients could be eligible for one of our CFTR modulators. And it's not just about the number of patients. It's also the age group. We have medicines, namely Kalydeco, that can treat babies down to one month of age. Third, the Vertex Guidance and Patient Support, or GPS, is a highly valued differentiating feature that we offer our CF patients.
Since 2012, when Kalydeco was first approved, 85% plus of our CF patients have chosen to be enrolled in our program and have stayed with the program over these many years, and finally, our ability to get reimbursement and access is a key strategic advantage. It has resulted in rapid, broad, and durable coverage for our patients in more than 60 countries. Let me move to slide seven and talk a little bit more about the growth drivers in CF. Growth is going to come from the ongoing launch of Vanzacaftor, which started in about January of 2025 in the U.S. And in the summer, we got regulatory approval, and over the past couple of months, have secured reimbursements, and so now the global launch of Vanzacaftor continues, treating younger patients, continued expansion into new geographies, and serial innovation.
Maybe the most important thing to take away is that underpinning this is the significant increase in survival of our CF patients. It is incredible to note that for a child born today, if they start CFTR modulators when they're young, model data suggests that their life expectancy is well into their 80s. Let me turn now to Casgevy. Casgevy is a one-time treatment that holds the promise for a potential functional cure for sickle cell disease and beta thalassemia. Having established a network of ATCs, or authorized treatment centers, defining the referral pathways, and securing reimbursement, the momentum of Casgevy is really going strong. The results of our five to 11-year-old patients are in. We shared it at ASH in December of last year, and they are excellent.
Indeed, Casgevy data for the last four years has received Best in ASH recognition, and we're planning to file for these five to 11-year-olds this year. Recall that we had previously received the Commissioner's National Voucher, the National Priority Voucher, and this means that the cycle time for review is expected to be reasonably short. As we look forward to what's on the horizon for Casgevy, we see growth in all three regions: the U.S., Europe, and the Middle East, and we expect gains in patient initiations, first cell collections, and infusions as we drive Casgevy towards realizing its multi-billion-dollar potential. I'm going to now move on to pain, and in pain, what I want to talk about is really JOURNAVX in the acute pain setting. In moderate to severe acute pain, JOURNAVX launched in January.
It was approved in January of last year, and it was in channel in about March of last year. It has won outstanding feedback from patients and physicians alike, given its efficacy, the safety profile, and the lack of addictive potential. In the first year of commercialization, our teams delivered access, which was the key point for 2025, access in hospital and access in the retail setting, and they drove broad adoption in physicians across settings of care, as well as pain types, surgical and nonsurgical. I'm really pleased to share that we have now contracted with all three of the large national PBMs, the third one going into effect January 1st of this year. As these plans come online, about two-thirds of adult Americans will have access to JOURNAVX.
In addition to that, 900 hospitals have JOURNAVX either on their formularies as part of their order sets or as part of their discharge protocols. More than 30,000 prescribers have already written a script for JOURNAVX. In total, through the end of 2025, this has resulted in more than 500,000 scripts for JOURNAVX. Quarter on quarter, Q4 versus Q3, we've seen a 50% growth. In line with our launch strategy, when you think about where those scripts are coming from, about half are coming from the hospital setting, and about half are coming from discharge or in retail. It's incredibly, incredibly rewarding to note that we estimate over 400,000 Americans have already benefited from JOURNAVX. Going into 2026, what we are looking for is building on this foundation, building on the health systems as well as the hospital use, the breadth of physician use.
And we think it is time to double down, and we are moving from about 150 reps to about 300 reps in the coming months. Consistent with that movement and additional investments that we are making in JOURNAVX, this is why we see moving from the 500,000 scripts or so in 2025 to three-xing that number in 2026. One very important point to make on JOURNAVX is that we are building a strong, durable, and long-term franchise in pain, and we seek a leadership position here just like we did in CF. And for that, while we will decrease and eventually sunset towards the end of this year, beginning of next, our patient support program, or PSP, we will continue to offer the PSP to those patients who are not yet covered by insurance because we believe the most important factors for long-term success are threefold.
One, transform the standard of care and the management of acute pain from opioids to away from opioids. Second, to ensure that patients have a positive JOURNAVX journey, as do the physicians. And lastly, that that positive experience is accompanied by a smooth experience in terms of access and reimbursement. I'm going to finish on pain with this next slide. This is a slide that looks at the overall pipeline. And as I said, what we're looking to do here is to gain a leadership position in acute pain, and you see the various molecules and stages of development for those molecules here. A few things on this slide. One is that we've just recently completed a set of single-arm JOURNAVX studies in some real-world common conditions. In one study, we looked at JOURNAVX initiated preoperatively as part of multimodal care. And these were reconstructive and aesthetic procedures.
The result, 91% of patients on JOURNAVX did not require any opioid rescue. The other one is a study in certain orthopedic procedures, arthroscopic knees, for example, or laparoscopic abdominal surgeries done by OB-GYNs or general surgeries. Here, JOURNAVX was studied again as part of multimodal therapy, and here, about 76% of patients did not require opioid rescue. We're doing more trials, more real-world evidence, more outcomes research, and I look forward to sharing those results with you as they become available, and lastly, on this slide, we have two studies in Phase 3 ongoing in diabetic peripheral neuropathy. Both studies are up and running. They're enrolling and dosing patients. We expect that both studies will complete enrollment by the tail end of this year, which sets us up for results in 2027. With that on pain, I'm going to now turn my attention to renal.
In renal, we seek to replicate what we've done in CF. It all starts with the medicine, the Phase 3 data, and where are we today. IgAN, which is the first indication in our emerging renal franchise, is a disease that affects about 300,000 people in the U.S. and Europe. Worldwide, it's about 1.5 million patients. We believe Povy is best-in-class potential, and there are three reasons for that. First, it's important to understand that the molecule, Povetacicept itself, was specifically engineered as a dual BAFF-APRIL inhibitor with improved binding affinity, potency, PK, and tissue distribution. I'm going to come back to that because it has important relevance when it comes to dosing. Second, the clinical data to date show a leading benefit-risk profile. When considering Gd-IgA1 levels, that is the PD, pharmacodynamic biomarker.
Gd-IgA1 is the bad actor in IgA nephropathy, and the results through Phase 2 on Gd-IgA1 are really good. Next, thinking about proteinuria and hematuria. Proteinuria is obviously the primary endpoint of the Phase 3 trial and upon which accelerated approval could be granted. When you put that all together and think about the safety profile, this is best in class through Phase 2. In terms of the last column here, that's the dosing feature. It just simply cannot be underestimated when you're thinking about a chronic biologics market. Simply put, if a patient doesn't take their medicine, they surely can't benefit from it. Povy has unique benefits in this regard. It is a monthly administration. It is small volume, 0.46 mL via an auto-injector for at-home use. And when you put that all together, that's why we think Povy has best-in-class potential.
As we think about where we are and where we're going, I'm very pleased to share that the Povy submission, which you will remember is under breakthrough designation, and we also received rolling submission. We have started that, and the first module is in. It went in the tail end of last year. We're on track to commit to filing this and finishing the potential for accelerated approval in the first half of this year, and what we're looking to do commercially, as I said before, is replicate our approach and its success in CF in renal medicine. What this means is bringing the weight of our R&D expertise, our science focus, and our patient-first stance to nephrology, to bring our reimbursement prowess, as well as to bring our comprehensive patient support program that I talked about earlier to the IgAN launch.
We're investing in renal for the long term to improve the lives of patients with kidney disease, to go after the underlying cause of disease, to bring transformative medicines. It's not just about Povy and IgAN. It's about Povy and membranous. It's about Inaxaplin and AMKD and something called VX-407 for ADPKD, autosomal dominant polycystic kidney disease. On slide 13 here, you can see the full renal portfolio. This is all of our assets that are in the clinic in patients. I'll take a minute to just talk about the middle part here, which is APOL1-mediated kidney disease. This is the other program in our portfolio that has breakthrough designation and also the potential for accelerated approval in the U.S. A couple of things to mention. This is a disease that affects about 150,000 patients or so.
We have completed enrollment in the IA, or the interim analysis cohort. We expect results from that cohort towards the tail end of this year, beginning of next year. And if supportive, we look to filing this for accelerated approval in the U.S. thereafter. Clearly, a lot going on in the renal franchise, and we are obviously very excited about this. I happen to be a nephrologist. That adds a special dimension for the renal franchise for me. Let me move on now to zooming out from the renal franchise to looking at the Vertex portfolio as a whole. What you can see here is a broad, deep, and rapidly advancing R&D pipeline. And as we look ahead with ALYFTREK in CF, Casgevy in sickle cell disease, and beta thalassemia, JOURNAVX in moderate to severe acute pain already launched, several potential filings coming up.
We are very well positioned to deliver on our goal that we set here at this conference in 2023. That is to say, five launches in five disease areas over a five-year period. Let me turn now, and as we get to the last couple of slides, spend a moment on our financials. Vertex has grown significantly in recent years. Our 2025 total revenue guidance as of the Q3 call was $11.9 billion-$12 billion. We are well poised for future attractive revenue growth, including in CF. And also, we expect increasingly significant contributions to growth from our disease areas outside of CF. To drive these gains, we are investing in sales and marketing capabilities consistent with our specialty model. And with these investments, we nonetheless continue to target two-thirds of our OpEx to innovation, while also maintaining highly attractive operating margins.
As a result of this growth and profitability, our balance sheet remains very healthy and provides significant flexibility to continue to invest in innovation and drive the virtuous cycle I talked about at the top of my remarks. I'm going to end with this last slide. It's one that we show every year. You can think about it as a bit of a report card, and you can use this to mark our forward progress. In CF, we're looking to extend our leadership. We're also very focused on commercial execution with our newer products, Casgevy in sickle cell and beta thalassemia, JOURNAVX in acute pain. And we're also looking forward to prepare for the launches of a whole host of new medicines, starting with Povetacicept in IgAN. Third, we're looking to continue the rapid progress of our broad and deep R&D pipeline.
And last, we seek to continue to deliver top-tier financial performance. Vertex is extremely well poised to deliver value for patients and for shareholders for many years to come, and we are excited to do so. With that, I'm going to thank you again. I'll turn it over to Jessica, and then I'll invite the management team to join me on stage. Jessica, I'll stay here to preserve chair bandwidth.
Great. Great. So as a reminder, if you have a question in the room, just raise your hand and somebody will run over with a mic. But I'll go first. So we're just starting with the cystic fibrosis business. Can you elaborate on kind of the key drivers of growth for that franchise in 2026?
What's the right way for investors to think about the pace of patients switching from Trikafta to Vanzacaftor, both kind of U.S. and ex-U.S.?
Sure thing. Duncan, would you like to take that one?
Yeah, sure. Good afternoon, everyone. The drivers of growth for CF in 2026, as Reshma alluded to, are predominantly the continued launches of Trikafta and Vanzacaftor for the various mutations and age ranges for which they're indicated. Obviously, our primary focus is the Vanzacaftor launch, but there are certain indications, say the two-to-five population, where we're still launching Trikafta, or Kaftrio, as it's called, outside the U.S. Trikafta and Vanzacaftor growth are key drivers. The second key driver is geographic expansion. We're seeing meaningful growth in countries like Brazil, Mexico, Peru, and Turkey.
Some of those countries are countries where we previously had only named patient sales, and we've now moved to a sort of full reimbursement model. Then the third dimension is the sort of underlying survival and diagnosis growth that we see in the market in general terms year on year. In terms of the dimensions of transitions from Trikafta to ALYFTREK, as Reshma alluded to, obviously, we are further ahead with the launch of ALYFTREK in the US. We've just started really in some countries in Europe in the middle of the latter part of last year. So this is places like Germany, Norway, Denmark, England, Northern Ireland, Ireland, etc. We continue to see strong growth of ALYFTREK in the US. All of the naive patients are on ALYFTREK, and the physicians are now working through the discontinued and the transition patients.
And here in the U.S., the vast majority of patients on ALYFTREK have come from Trikafta. Outside the U.S., we're seeing a more rapid uptake in the transition patients, essentially driven by the fact that, as you probably know, the labels are a little bit different between the U.S. and the European markets, which means that the liver monitoring requirements are slightly less ex-U.S., enabling a more swift uptake there. So we're very pleased with the initial signals of launch outside the U.S.
What is your latest thinking on the global CF penetration?
Yeah. So the numbers are, so I think we updated our epidemiology numbers at this meeting. So it's 112,000 patients worldwide. 97,000 of those are in what we call our core markets.
Then so think the US, Europe, etc., 15,000, which is the same numbers at JPMorgan last year in the sort of expansion markets. So think Turkey, Brazil, etc. At the moment, we're at about 78,000 patients. Now, to be fair, you have to take 5,000 patients off the total of that 112 because there are those patients who will only be responsive to the mRNA program, not the CFTR modulator program. So our penetration is in the region of 73-74% or so. So I would say we've done incredibly well, but there is still more opportunity to grow the business over the coming years.
I guess maybe thinking about that other 5,000, what is the next update for VX-522? When could we expect that?
Yeah. David, do you want to take that one?
Sure. 522, 552. Yeah.
Sorry, this is 522.
This is the mRNA program that we started in concert with Moderna. It's an LNP with an mRNA, and this is for the absolute number of about 5,000 or so patients who simply don't make any CFTR protein, and therefore we need a nucleic acid aPproach. That program is already in patients. We have finished our single ascending dose or SAD study. We're in the middle of the MAD right now, and we expect to have results to share this year. So I do expect that we'll be able to share results in patients, so safety and efficacy this year.
And I guess in the case of success, what's the next development step?
Yeah. So this is what I would consider a Phase 1-2 study. This is a dose ranging study, and if successful, we'd be going to the regulators to move this into pivotal development.
This is a very, very small patient group. It's 5,000 patients. And so we've had discussions with the regulators. We want to make sure that this is efficient and that this medicine in particular can come through as fast as possible. But first things first, results from the Phase 1/2 study later this year.
And maybe switching to Povy for IgAN with the Phase 3 coming up. You talked about some of the product characteristics, but how is that going to shine through in the clinical data? What would you point people to look towards to kind of highlight the product's differentiation?
Yeah, yeah. So as you prepare and we prepare for the interim analysis Phase 3 results, as with all data sets, it's the totality of benefit-risk that you're going to see in the data set that's important.
But let me point you to the specific elements that you should be looking for. In efficacy, I find Gd-IgA1 to be very important because, as I said, that's the bad actor. So looking for strong reductions in Gd-IgA1 is really important. Second, it is the primary endpoint, and proteinuria, depth of proteinuria response is really important. In Phase 2, the results that we showed at ASN, the results at 36 weeks, which is what the interim analysis potential approval will be based on. So the 36 weeks proteinuria data was about a 50% reduction. The 48-week reduction was about 64%. But remember, for the Phase 3, it's based on 36-week reduction. And lastly, it's really important to look at hematuria. It is not normal to have protein in the urine. It is not normal to have RBCs, red blood cells in the urine.
And so we're going to be looking at that as well. So those are the efficacy measures to pay attention to. On the safety side, it is the overall profile, and I am expecting to recapitulate what we saw in Phase 2 and Phase 3. That is to say, a very attractive safety profile.
How do you think about the probability of success for Povy in these additional indications like primary membranous nephropathy, gMG, warm autoimmune hemolytic anemia?
Yeah.
You're going to a lot of areas, and I'm just curious.
Yeah. Yeah. So there are so many wonderful things about Povy, but one of them is that it really is a pipeline and a product. For B-cell mediated diseases, IgAN is just one example of a very well-understood, well-characterized B-cell mediated disease. There are others. Membranous nephropathy just happens to be another kidney disease. It's exceedingly well-understood.
It is a B-cell mediated disease, and that's why we're so excited about it. Our Phase 2 data, which was also shown at ASN, look really excellent. I'm not surprised. There are other very B-cell mediated diseases like myasthenia gravis, not in the renal space, but it is a disease of B-cells that make autoantibodies against the neuromuscular junction to things like acetylcholine. I have high expectations for Povy there as well. So as we start to turn over these cards, IgAN first, I think then it will be membranous, and I think it will then be myasthenia. The confidence level should continue to rise because safety is common across these. It's the same drug. And I think your ability to think through how good of a B-cell modulator it is, it increases in your confidence level as you get through all of these indications.
I am very, very bullish on Povy and these B-cell mediated diseases because of the ability to look at safety in a very cross-disease manner and to build on what you've done before.
Question in the back? Question in the front? Question? Question over there in the back. Right. There we go. Mike's going there first.
Thank you for the great presentation. So coming back to Casgevy, you mentioned about 40% are transitioning from the cell collection to infusion, knowing that timely delivery of these products is a huge hurdle in the commercial success. What strategy do you have in place for CMC to make sure that you're reaching these goals, but also reaching the patients in time?
Yeah. The longest part of the journey is actually the beginning when you have to be referred from your hematologist to a transplant center, be prepared for the potential transplant.
And then there's a segment in there that is about CMC and manufacturing. I'm really happy with where we are in that part of the program. It's not overnight. It's not ever going to be overnight. But in terms of consistency, good timelines, and high quality, I'm very happy with where that is. The big movement I see in the next phase of what we can do to both broaden the population and perhaps narrow the timeline is move from Busulfan-based conditioning, which is a heavy part of the journey, to a gentler conditioning regimen. We're working on that. Our partners at CRISPR are working on that, and others in academia and other companies are as well. And so I have high hopes that that will happen. Duncan, do you have anything you want to say? Or Charlie, you have a comment. Yeah, if I could just add some context.
I'm not sure where the 40% figure comes from, but I have an idea. We did let folks know that over 300 patients have initiated the journey for Casgevy in 2025. About 150 have had first cell collections, and 60 plus have been infused. So maybe it's the 60 to 150 ratio. That's not a conversion ratio. That's just the number of people who've moved from cell collection all the way through infusion. Infusion, excuse me. The good news about that is that we have a very good line of sight into how many infusions we expect in 2026. And so as we give revenue guidance in February at our earnings call, that's going to be very high certainty because, for lack of a better term, the patient funnel is full and moving forward.
Question up front here. Thank you very much.
Reshma, you mentioned biomarkers, and the question is, what is your vision and appetite for expanding the use of biomarkers to leverage that to both accelerate clinical trials, FDA approvals, and drive clinical adoption? And by biomarkers, also kind of more high precision diagnostic data. Can you share a little bit about how you can leverage that?
Yeah. Biomarkers have been a core part of our strategy as long as the strategy has existed. David, I'll ask you to make a couple of comments on biomarkers.
Yeah, no, I agree. I mean, I think it's been a key part of our strategy, whether it's sweat chloride, obviously with CF, whether it's hemoglobin F with sickle cell disease, or whether as Reshma was talking about, for example, in IgA nephropathy, there's Gd-IgA1, which is a key biomarker. It's not just a marker. It's actually a causal factor.
I think the key to us is actually that our strategy is we only work on programs where we see such biomarkers. It's hard to invent them midstream. So in other words, if you have a program where it doesn't exist and you say, "Should we use new technology to do it?" It's certainly a fine concept, but I think for us, it's more pick a program where there's already a validated biomarker, and it's going to be a lot easier to get, for example, interim analysis with UPCR and some other secondary endpoints rather than using really cool technology, but then you have to validate it, and it's harder to get an initial approval.
Hi, Neil McCallum. Thanks for taking my question.
Can you talk at all about the potential revenue projections that you may have for Povy and IgAN and any competitors that we should look out for? Thank you.
Yeah. Duncan, why don't you give us a few comments on what you see as the total market potential and how you see Povy?
Yeah. Obviously, I'll just give you some quick guidance. Kidding. So there are 160,000 patients in the U.S. who have IgAN. There's about 130,000 patients with IgAN in Europe. And then if you expand your aperture a little bit, there's at least another million in Asia. So IgAN alone is an enormous disease. And as you may have noticed here in the U.S., Otsuka just priced IgAN at $400,000. So 160,000 patients, simplistically put, here in the U.S. is over five times bigger than the CF population. So that's just one disease.
PMN then is also another 300,000 or so, 330,000 patients worldwide, so I think the opportunity for Povetacicept is clearly in the multi-billion-dollar space. There's a lady at the front that keeps waving.
Thank you, Cathy Langham. Just, I guess, going up a level, you've got this amazing pipeline. I know the business is expanding tremendously. You're hiring a great team. What is most exciting for you in 2026?
This is a very hard question to answer when you have this kind of potential, but if we narrow it down to 2026, it is really about bringing our medicines that are approved to more patients. There is enormous opportunity for JOURNAVX, Casgevy, and our CF portfolio, and then it is indeed about Povy.
Nice.
Timed that perfectly. All right. Great. Thank you.
Thank you, Jess.
Thank you very much. Thank you.