Gilead Sciences, Inc. (GILD) Presents at 2022 Wells Fargo Healthcare Conference – (Transcript)

Gilead Sciences, Inc. (NASDAQ:GILD) 2022 Wells Fargo Healthcare Conference September 8, 2022 10:25 AM ET

Company Participants

Andrew Dickinson – CFO

Conference Call Participants

Mohit Bansal – Wells Fargo

Mohit Bansal

Great. Thank you very much for this session. My name is Mohit Bansal. I’m one of the biopharma analysts here at Wells Fargo. And with us, we have Andy, the CFO of Gilead. Thank you very much, Andy, for joining us.

Andrew Dickinson

Thank you for having us. Happy to be here.

Question-and-Answer Session

Q – Mohit Bansal

Thank you very much. And then maybe we can begin this session today. I mean you just dropped some interesting data this morning for Trodelvy. So can you talk a little bit about that? And how do you think about the data at this point?

Andrew Dickinson

Sure. Yes. No, it’s exciting data. So just to be clear on what Mohit’s referring to. This is the late-breaking abstract at ESMO on the Trodelvy TROPICS-02 data in hormone receptor positive HER2-negative breast cancer. Showing at the second interim analysis, a significant statistical clinically meaningful benefit on overall survival with a 3.2-month difference between the standard of care and Trodelvy. So great data. I think when you step back, this is entirely consistent with what we expected when we acquired Immunomedics. We saw a promise in a number of solid tumor indications, including hormone receptor positive HER2-negative breast cancer, and it’s very exciting for patients. It’s great for our shareholders and great for the company.

Mohit Bansal

Got it. No, that’s super helpful. And I’m sure — I mean, there are a lot of questions around where Trodelvy stands versus competition, especially in HER2. And the trials are a little bit different. So when you think about the competitive landscape, in context of the data that we have seen today, how do you think about?

Andrew Dickinson

Yes, it’s a really good question and a really important point. First of all, I think the data for both compounds is spectacular, and it’s really encouraging for breast cancer patients that we have two drugs that are likely to become standard of care over time in breast cancer, especially in this indication. So look, the easiest way to describe the difference between the in Her-2 data from ASCO, which is the DESTINY-04 study, if I remember correctly, and our traffic study is just in the severity of the patients and the number of prior treatments that they had.

So there are two things that really stand out. 100% or nearly 100% of our patients by the entry criteria had to have had prior CDK4/6. If I remember correctly in the DESTINY study, it’s about 60% of the patients had prior CDK4/6 therapy. And then in terms of prior chemotherapy round, I think the easiest way to think about it is in the DESTINY study, 60% of the patients in that study had only one prior chemotherapy treatment in our study on the other hand, 57%. So nearly the same number had three or more prior chemotherapies, and the range was actually three to eight for 57%. So it’s a later-stage patient population, much more heavily pretreated patient population. And despite that, you see really impressive robust both PFS data and now maybe more importantly, the overall survival data that was released last night.

Mohit Bansal

Got it. No, that’s super helpful distinction actually. One area, and I go back and think about three years back when we acquired Immunomedics. And you always talked about non-small cell lung cancer being an important part of that deal. And now we are getting closer to the data probably next and have some second-line data. So can you talk a little bit about your enthusiasm level there? And even doctors think that 20%-plus responses are pretty interesting in that setting. So how do you think about that?

Andrew Dickinson

Yes, we’re really excited about it. I mean, maybe I would step back actually and frame it in terms of not just non-small cell lung cancer. But when we did the deal, we highlighted that there were 4 core indications that Trodelvy was already being explored in and that was triple-negative breast cancer and urothelial or bladder cancer, we have the existing approvals in later lines and we should be moving up in lines of therapy with the studies that we’re running. Hormone receptor positive breast cancer that we just talked about in non-small cell lung cancer.

I would also highlight, because we highlighted this time of the acquisition and we’re doing studies basket studies and other studies. I mean that doesn’t mean that there isn’t significant potential in colorectal cancer, endometrial cancer, head and neck cancer, other solid tumors where chemotherapies have been shown to work.

So when you think about it broadly, Trodelvy has the real potential, not only in the indications we’ve already shown data but much more broadly to replace old line chemotherapy agents as a much better agent similar to other ADCs. Then with respect to your question in non-small cell lung cancer, there’s a lot of promise. Obviously, we have some early Phase 1, 2 basket data that Immunomedics published before the acquisition.

There’s been additional data that we’ve looked at as we’ve continued some of those basket studies that we haven’t shared publicly that give us encouragement that we’re on the right path forward and moving forward in non-small cell lung cancer. Obviously, there’s been some data, and there will be additional data next year from another Trop-2 ADC antibody that was developed preferentially in lung cancer as opposed to breast cancer all of which is really exciting for us.

And again, when you look at now, we have 3 distinct solid tumor types with triple negative, bladder cancer and hormone receptor positive cancer where you see a real benefit for patients we’re pretty excited about what that means for the drug overall and in non-small cell lung cancer. So we’ve already started some of those studies.

But the other thing I would say is Merck has partnered with us on a number of studies where they’re providing KEYTRUDA not only for the first-line triple-negative breast cancer study, but they’re providing KEYTRUDA and actually operationalizing the first-line non-small cell lung cancer study with KEYTRUDA and Trodelvy, which I think speaks volumes in terms of not only how we see the opportunity, but how some of the leading — other leading oncology companies, including Merck, the opportunity. So it’s an exciting time for us.

Mohit Bansal

Got it. This is super helpful. Another part of your oncology strategy is your partnership with Arcus. And I mean, how do you see that partnership in the light of what data we have seen from Roche? And are you still encouraged about that? And do you think there are enough differences between the molecules which could make Arcus see something better?

Andrew Dickinson

Yes. So at a high level, we love the Arcus partnership. Great people, great team, great scientists, developers. It’s a very productive and positive collaboration can’t say enough good things about the company and their team. We’re also excited about their pipeline programs, the TIGIT antibodies being one part of that.

So remember, we have — they’ve developed 2 TIGIT antibodies, the one that’s furthest along in development as an Fc Knoll construct, which is unique relative to the other TIGITs that are in late-stage clinical development. And we think that can be a positive differentiating factor in terms of some of the immune-related side effects and the injection site reactions that you may see with other molecules.

So we’re excited about it. What we’ve said, we’ve taken 2 interim looks together with Arcus at the first-line non-small cell lung kind of Phase II study that’s been underway. Arc 7 that you hear a lot about. There will be another look later this year. We haven’t shared the data from the first 2 looks because the data was early and immature, but it was exciting. And I think Arcus has commented, we’ve commented that there are a couple of key takeaways.

One, the PD-1 inhibitor that’s being used, which is zimberelimab is showing activity that’s on par with what you’d expect from KEYTRUDA and all the other PD-1 data sets, but in particular, KEYTRUDA data sets in the same line of therapy in non-small cell lung cancer. And then secondly, the doublet combination, which is the TIGIT with the PD-1, and there’s a triplet, which is the TIGIT, PD-1 plus adenosine receptor antagonist the doublet and the triplet are showing differentiated activity relative to the PD-1, albeit early data, it needed to mature further. We’ll have a better sense of the data later this year. But there’s a real difference.

So to your question on Roche and the Roche data, which we think the market may have over-indexed on and over interpreted. Roche clearly says that they still believe in their TIGIT program. They’re moving forward. They hadn’t powered the study for PFS. And the Phase III, they had preserved all the statistical alpha for overall survival, which makes total sense to us because in these earlier lines, you need to show a difference in overall survival in order to get approved in the United States and in other markets.

So there’s no surprise to us. What we can say and what Arcus has said and what we’ve seen is we’re seeing clear clinical activity with the TIGIT in these studies. The exact magnitude of the benefit and what the full data looks like, we’ll know next year, and we’ll have a better sense later this year. So we’re excited to take another look at the data.

Then the last thing I’d say about the Arcus collaboration, to your point is there’s a lot to be excited about in the Arcus collaboration, whether it’s — they have a HIF-2 alpha program that’s coming in. They have a couple of adenosine programs. We still think it’s a really interesting area for investigation. And I think that’s just the beginning of what the Arcus team can do. So we’re looking forward to a long, productive fruitful collaboration with their team.

Mohit Bansal

Got it. That’s super helpful to understand. Staying on oncology for a little bit more, maybe longer. So you have made great progress with CAR-Ts. I mean, like slowly and gradually, I mean it’s over $1 billion run rate with Yescarta. How you’re thinking about expanding beyond Yescarta? You have some NK programs as well. So — and what would we hear more about in next 12 to 18 months there?

Andrew Dickinson

Yes. Similar to Arcus and were at Trodelvy, we’re really excited about cell therapy business, how it’s developing and where it’s going. And again, I would step back when we acquired Kite, 5 years ago, we are generally where we thought we’d be with the development of the program. So we have 2 approved therapies, both similar constructs, slightly different manufacturing technologies. The — both Yescarta and Tecartus which is the other approved products are approved. I believe both — they’re approved for a total of 4 indications in both the U.S. and Europe, if I remember correctly. All in hematological cancers, both lymphoma and leukemia. And we see that as the near-term opportunity.

So expanding the hematological oncology opportunity moving into earlier lines of therapy. Again, the biggest hurdle for CAR-Ts right now is that only to use the third-line DLBCL sector, as an example, only 2 out of 10 patients that should be getting CAR-T therapy are currently getting CAR-T therapy. So it’s improving. And obviously, with BMS coming into the market, that should help lift the entire market.

You saw that in our second quarter results. You also saw the impact on the second quarter results of the expanded label in the second line. So to answer your question, in the short run, there is a lot of room for continued growth and development of the CAR-T franchise in hematological cancers. Obviously, from there, the next huge area to explore and the hundreds of companies are already exploring and we’re exploring our solid tumors.

We do think that this is a sector that will be consolidated over time. There are hundreds and hundreds of small companies across the globe that are working in cell therapy that are looking for partners. Kite is clearly the partner of choice given our manufacturing expertise our technological expertise, the commercial and payer background that we have.

So it’s a pretty exciting time. And then ultimately, cell therapy can expand beyond oncology into areas like inflammation and maybe even virology. So there’s the cell therapy journey for Kite and for Gilead is a multi-decade journey. I mean I encourage people to think about this just like the development of antibodies over time or the development of protein therapies.

If you look back to the ’80s and early ’90s in terms of what people were thinking at that time versus where that market is today. At some point, many, many years from now, cell therapies will be used in a very significant number of patients, we believe then we expect Kite to continue to be a leader in that area.

Mohit Bansal

Got it. That’s super helpful. In terms of specific programs, are we going to learn more about anything in next couple of years.

Andrew Dickinson

With respect to cell therapy specifically.

Mohit Bansal

Yes.

Andrew Dickinson

I mean we have 3 programs in the clinic now that — but yes, the answer is you’re going to learn more about programs. We do have — I should have such base, we have a couple of partnerships, a number of partnerships including partnerships in the NK cell area in the iNKT cell area. Those are healthy donors. I think the NK cell partnership is focused on allogeneic cell therapies. And that’s just the tip of the iceberg.

So for instance, we have a program that I believe is in the clinic, which is a bisystronic CD19, CD20, CAR-T. We have a novel target CAR-T construct for multiple myeloma. I believe it’s targeting CLL1, if I remember correctly. And then we have 1 solid tumor contract for hepatocellular carcinoma. And again, I forget what the target is, but we’ll share additional data over time.

And again, that’s just the tip of the iceberg in terms of what we’re working on, especially with our partners. So the portfolio will evolve over time, and I want to reemphasize that just Yescarta and Tecartus have a long way to go in terms of what they can do to build the market. And it’s becoming pretty clear to us and others that the autologous cell therapies have a very long life a lot — there’s a lot to be excited about in terms of the improvements that are being made with Yescarta, for instance, and where that’s going to go over a long period of time.

Mohit Bansal

Got it. Super helpful. Switching gears to the small part of the business, you have HIV?

Andrew Dickinson

Right.

Mohit Bansal

You have done a great job converting patients on to Biktarvy now. So — and I mean even doing spending, you have done a tremendous job actually there. The question I have is that, I mean, when you look forward at this point, the market is slowing down a little bit and part of it is also Truvada Descovy because infections are not happening as many as much now. So when you think about the market for next 4, 5 years, how do you think about the growth? And for Gilead in particular, where would the incremental patient would come from?

Andrew Dickinson

Sure. Yes. It’s a great question. It’s a fantastic franchise for us. It has been for decades that will continue to be. And the business is doing great. You saw that in the first and second quarter. So to your question, where is the HIV market overall. So if you look at the HIV treatment market, — the growth of the HIV treatment market has slowed over the last 10 years, which is a good thing. Part of that is because the market is huge and the law of large numbers and the market has still been growing.

Part of it is PrEP is effective. So the prevention medicines that we launched has been effective in slowing down the rate of the spread of HIV, which is fantastic. Unfortunately, however, the epidemic is still here. And in the United States, you still see 2% to 3% growth in the HIV market year-over-year despite everything that’s happened over the last 20 years.

So we don’t expect that to change. I mean, we expect it to continue. What you’ve seen more recently is that the HIV market was depressed as a result of the pandemic when patients came off drug, they were lost a follow-up and they’re coming back on there was less in for HIV during the pandemic. Now more patients are coming back for screening.

So there have been, if I remember correctly, 4 successive quarters of growth of the HIV treatment market. In the second quarter, the HIV treatment market grew 4% year-over-year in United States, I believe, if I remember correctly, our treatment business grew overall 7% if you exclude the impact, there was a minor impact still of the Truvada and A triple patent cliffs, which happened 1.5 years ago for the most part or 1 year to 1.5 years ago, depending on whether it was a single entrant or multiple generic entrants.

So if you exclude the HIV patent cliff and the currency headwinds, the HIV treatment group business for Gilead grew 11% in the second quarter year-over-year, which is remarkable. Not suggesting it’s going to grow 11% year-over-year from here. But the point is there is still a lot of growth left in the HIV treatment market. We have — and Biktarvy, to your point, is the world’s leading HIV treatment option 44% of the patients in the United States are on Biktarvy, if they’re being treated for HIV.

It’s grown in the last 4 quarters, almost — in some quarters, more than 1 full percentage point sequentially quarter-over-quarter. It’s usually growing close to 1 percentage point. It’s remarkable. So I mean Biktarvy is still growing and Descovy, which is used for treatment, but more for prevention, as you know, is also growing dramatically. So the treatment market is growing. It’s going to continue to grow. We have the best options in the category. We don’t expect that to change.

The last thing I’d say about treatment before I transition to the prevention market is that we have a lot of long-acting treatment programs in development. We have what we think is the gold standard of long-acting treatment in lenacapavir, which is a novel HIV capsid inhibitor that is now approved in Europe and a once every 6-month subcutaneous formulation for treatment of highly treatment-experienced patients.

So these are the patients that have had their virus mutate and breakthrough against the other existing treatments and they need something else that can help suppress the virus in the HIV capsid inhibitors is perfect. So they’re kind of like the patients that are have no other options left. We expect to get approval in the United States later this year or next year. So the physicians and the community will get experience with lenacapavir, before we then launch combinations of lenacapavir with other drugs for treatment in ’25 and beyond. That’s the next big leg of growth for us in treatment.

So our business should continue to grow from here through that period, but in ’25 and beyond, and we have 8 different programs that are in clinical, 8 different molecules that are in clinical development or will be entering clinical development soon to pair with lenacapavir. All of those are exciting to us, whether it’s broadly neutralizing antibodies, whether it’s other — whether it’s bictegravir or prodrugs of bictegravir or other integrase inhibitors, there’s a lot to be excited about over the coming years in terms of treatment.

So then if you go to prevention, a totally different market, Gilead pioneered with the first approval of Truvada back. I think the approval, if I remember correctly, was in 2012 or 2013. But the prevention market really started to grow kind of 2015 and beyond. When Truvada went generic and Descovy, as I said earlier, which is a newer, safer version of Truvada with TAF, another version of tenofovir and Precidian is still a branded. It’s the only brand until recently is the only branded player in the prevention market. The prevention market was about a $2 billion market when Truvada went generic.

And we said that in the United States, we felt that the market had been maybe 20% to 25% the market had been penetrated. The last 2 quarters, as you know, our prevention business has grown substantially. I think year-over-year in the second quarter, the prevention market grew 25%. Globally, there’s a lot of room for expansion. And then the next big step in prevention, which should fundamentally reshape the prevention market and completely change kind of the HIV landscape more than anything other than Biktarvy recently is lenacapavir for prevention.

So those studies are underway. We expect to have approval starting in 2025 and beyond. And again, this is a single agent that’s injected subcutaneously once every six months that is expected to show great efficacy and safety for prevention that that could completely shift the landscape of the prevention market.

Mohit Bansal

So on that topic, can you talk a little bit about the time line there because you had an unfortunate issue of the fill and finish issue with the vials and everything. So how much delay it has caused for next couple of years. And then how important it is for you to launch it ahead of the Descovy patent expiry at this point?

Andrew Dickinson

Yes. On the delay, it really didn’t have much of an impact on the clinical studies, and that’s because the clinical studies were just getting started. And because it’s a once every 6-month injection. It gave us time to work with the FDA to solve it before patients were scheduled or the vast majority of patients were ready for their next dose. Remember, lenacapavir is also special and that it’s formulated as an oral as well.

So we have this incredible flexibility with lenacapavir, where we can formulate it as a once-daily oral, once weekly oral or subcutaneous injections up to 6 months. So it gives us a lot of flexibility. So our clinical team did a great job of kind of bridging the study through that period. The delay really came on the long — or the highly treatment experienced in approvals, which is a small opportunity commercially for us.

It’s important for patients and important for Gilead that the vial issue that we had to work through led to the delay there in Europe, and we’re still working on the approval in the United States. So we’ll see what that looks like at the end of the day with the FDA but we’re working through it right now. So the delays really weren’t that big of an impact.

And then what was the second part of your question?

Mohit Bansal

How important it is to launch a new prevention opportunity before Descovy patent expiry?

Andrew Dickinson

Well, I think it’s — to the extent that you can, it’s ideal. I think lenacapavir is so unique and so differentiated, that at the end of the day, it’s the future of PrEP regardless of when it gets launched. Again, assuming that the data the Phase III data plays out the way we would expect. And as you know, there’s a very high correlation in virology between what you see in in vitro models and what you see in humans, including with the Phase 1 data, we have a lot of confidence.

Obviously, we already have the Phase III data in highly treatment-experienced patients. So we know a lot about lenacapavir, it’s really well characterized. We have every reason to believe that it’s going to be — become the standard of care for PrEP. So regardless of when the Descovy goes generic in the United States, whether it’s the end of 2025 or at some other time point, lenacapavir is poised to be the new standard of care for prevention in HIV.

Mohit Bansal

And on the same topic, what is the latest on the Descovy patent at this point? And there is — I think there is some court case going on. So is there a chance that this could be extended beyond 2025? And what should be our base case?

Andrew Dickinson

Yes. Well, we’ve always said, I think, conservatively and appropriately that your base case should be the end of 2025. In the United States, we have a granted patent on the TAF fumarate formulation and form competition to matter that we — a valid patent, an important pain the fundamental patent and one that we fully will enforce. And that’s what’s going to trial with generic companies as early as next week. The trial is scheduled to start on the 12th next week. So what I can say is what’s been disclosed publicly. There were 9 plaintiffs originally, over half of those plaintiffs have settled, and we’re ready to go to trial to defend our IP.

So again, conservatively, we’ve always guided the market to you should — and that’s not changing to be clear. You should expect the end of 2025 generic entry in the United States, but we’ll see what happens in the trial. We fundamentally believe in our IP. We always have, and Gilead has a great track record of defending its IP.

Mohit Bansal

Got it. Super helpful. Maybe talk about — talk a little bit about the COVID business. I mean you were the first one to come out with Remdisivir, I mean at this point, it’s COVID an area of investment for Gilead as a company. You have a great anti-viral franchise also you could come out with some stuff. So how do you think about that?

Andrew Dickinson

Yes. Really good question. Yes, it’s an area of investment. Yes, it’s an area of focus. It’s important and Veklury is a fantastic product for patients. So again, Veklury is the intravenous remdesivir that’s used for very sick patients in the hospital. It is still the standard of care for sick COVID patients in the hospital. Thankfully, there are less really sick COVID patients in the hospital today.

But it’s a dynamic market. So again, you see in the first half of the year, we had substantial sales of Veklury. I believe it was $1.4 billion. for the first half, if I remember correctly, substantial bolus of sales in the first quarter with the Omicron variant less in the second quarter, but that’s going to continue to be dynamic.

Look, the key with Veklury is it works incredibly well. Physicians use it, patients benefit from it. COVID is endemic. It’s — Veklury probably has a longer durability and duration and will benefit our shareholders and patients for longer than people expect, because it’s becoming clear that COVID is here to stay. That the question is we have another oral nuke that we’ve been developing, where we had some promising Phase 1 data earlier this year, and we’re moving forward into the late-stage clinical development.

We’re working through what that looks like. We and other companies have said that the clinical development path remains to be determined with the FDA and with the regulators outside of the U.S. But we plan on taking it forward, and we’re excited about where that oral drug could go in the long run.

Again, remember, it’s an oral NUC. There are no approved oral NUCs. It’s different than the protease inhibitors, protease inhibitors have historically shown greater susceptibility to resistance. They could theoretically be used in combination. So we watch closely with Pfizer and Merck have done with their drugs. And credit them for benefiting patients as well. And we have a lot of enthusiasm for where we can go with our oral COVID NUC. So more to come on that as we update as soon as we can, once we have a sense of where the clinical development is going, we’ll provide an update. I can’t tell you exactly when that would be.

Mohit Bansal

Got it. So maybe a couple of questions on deal side as well as the growth side. So I mean, you have been talking about you do not need any more bigger deals at this point. at least in the short term. Can you talk a little bit about it further because I mean we would love to understand what your internal outlook for the growth profile is with your current base business plus the pipeline you have?

Andrew Dickinson

Yes. Really good questions. Look, we feel great about our portfolio today. I mean, we have fundamentally reshaped and rebuilt the portfolio systematically over the last 3 to 4 years. We’ve done a lot of transactions. I think when I joined the company 6 years ago, our CEO, joined over 3 years ago, and we recognized together with our colleagues that we had a pretty bare pipeline and that we would we would increase our investments in internal research, but in the short run, we really needed to bring in assets from the outside. We’ve deployed a lot of capital in ways that we’re really excited about.

So you look at just recently, our portfolio has more than doubled. We have an incredibly expansive oncology portfolio. We have a smaller but important immunology portfolio that will grow over time. We talked about what we’re doing in cell therapy, and HIV is mostly internal development. So today, now when we look back after 3.5, 4 years of work, we feel that we have one of the best portfolios in the industry. It’s diverse, very high probability of success, great data in initial indications as we’ve discussed with Trodelvy in cell therapy, lenacapavir we’ve talked about, and those are just kind of some of TIGIT, some of the many programs that we’re excited about.

So we love our portfolio. We like where we’re going to go. Gilead this year, we’re guiding to 3% to 5% growth in our base business. So we were just talking about Veklury in the COVID business. Again, when we talk about growth going forward, Veklury is going to be dynamic. There are years where we’ve had almost $5 billion in sales, other initially and a couple of billion in sales in the first year we only approved for 6 months.

We’ve increased our sales guidance for this year. But even though we believe and I think it’s likely that the Veklury’s going to have long legs and the COVID will be endemic, the sales even quarter-over-quarter and year-over-year will still be dynamic. It’s hard for us to forecast.

So you really focus on growth of our core business. Our core business is expected to grow 3% to 5% this year based on our latest guidance. And what we said 2 years ago, what we said a year ago, what we’re saying now is that we’ve diversified our portfolio. We brought in a broad portfolio of very high probability assets those are starting to play out now, and we expect our growth profile to improve over time.

The other thing that we’ve said is — and you’re seeing that this year, and we expect that to continue. The other thing that we said is 2025-time period is really important for us because you have a lot of events coming together, additional Trodelvy data, TIGIT data, magrolimab data, lenacapavir. It’s not just data, it’s launches in these indications.

So we love the growth that we’re seeing now in the oncology franchise. So again, a lot of people missed the fact that we had over $500 million of sales from our oncology business in the second quarter, which is remarkable for Gilead given the time frame that we’ve been working in that sector and building the business, and it’s growing. Both of those businesses, Trodelvy and cell therapy are growing nicely.

So we’re really excited about the growth profile. We think the market will come to appreciate what we put together and what it means for the longevity of the company. And then the final piece is we don’t like many companies have major patent cliffs coming. We have the TAF patent cliffs that we’ve talked about that just like the Truvada and A triple patent cliff, is manageable. And we have a lot of growth pieces beyond that that will help us grow through the patent cliff whenever it comes in the United States and Europe, it like we will be in 2026. So we — the setup from here is really great from our perspective.

Mohit Bansal

Great. On that high note, thank you very much, Andy, for joining us. Really appreciate.

Andrew Dickinson

Appreciate it. Thank you.

Mohit Bansal

Thank you.

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