Laboratorios Farmaceuticos Rovi, S.A. (ROVI) Earnings Call Transcript & Summary

Good morning to everybody. A warm welcome to all those attending the presentation of ROVI's first half 2024 financial results, which will start in a moment. I'm Javier Lopez-Belmonte, ROVI's Deputy Chairman and Chief Financial Officer. Joining me on today's call are Juan Belmonte, ROVI’s Chairman [ and CEO ]. The presentation will be followed by a Q&A session. Therefore, if you want to ask any questions during the presentation, please do not hesitate to send them through the question button on the platform. Before we begin, let me remind you that the information presented in this call contains forward-looking statements based on our current beliefs and expectations. Actual results could materially differ due to the known and unknown risks, uncertainties and other factors, and we undertake no obligation to update or revise any of these statements. With that, I thank you again for your presence here today. And I will now hand the presentation over to Juan Lopez-Belmonte. Please, Juan, go ahead.

Thank you, Javier, and good morning to everyone in the call. The first 6 months of 2024 have been months of transition crucial for establishing the basis for ROVI's future. In this context, our operating revenue decreased 14% to EUR 329.3 million as a result, first, of lower revenues from the manufacturer of the COVID-19 vaccine in comparison to the first half of 2023, when ROVI had booked higher income related to the production of the pandemic COVID-19 vaccine, and as well due to lower revenues related to the activities carried out to prepare the plant for the production of the vaccine and the agreement with Moderna. [ To date], Risperidone itself continues to grow in a robust way. First half 2024 sales multiplied first half 2023 sales by 141%, totaling EUR 12.5 million. The slowdown in sales of our low molecular weight heparins division in the first half of 2024 was mainly due to lower orders from enoxparin partners. However, we expect greater concentration of orders from partners in the second half of the year, and we remain excited in the continued sustained performance of this division and aspire to become a benchmark player in this field worldwide. Our gross margin for the first half of 2024 improved by 280 basis points to 59.4% versus the first half of 2023. This increase was mainly due to the decrease in the contribution to the manufacturing business of revenue relating to activities to prepare the plant to produce medicines under the agreement with Moderna, which contributed lower margins to group sales; secondly, the increased contribution to the CDMO business by existing customers, excluding Moderna, which contributed higher margins; and finally, the increased contribution of sales of Okedi, which contributed higher margins. Based on the first 6 months’ performance and the visibility that we currently have, we reiterate our 2024 full year guidance, and we expect operating revenue to decrease by a mid-single-digit percentage in comparison with 2023. In the first 6 months of 2024, we have achieved some key milestones. In April this year, ROVI announced that its subsidiary, ROVI Pharma Industrial Services, ROIS, entered into an agreement to support the manufacture of pre-filled syringes for a global pharmaceutical company. Per the terms of the agreement, ROIS will provide a high-speed production line at the ROIS San Sebastian de los Reyes facility in Madrid with an estimated annual capacity of 100 million units. Commercial production is expected to commence in 2026 and as from 2027, which is expected to be the first full recurrent manufacturing year, ROVI’s CDMO division expects to have a positive revenue increase impact ranging between 20% and 45% over 2023 sales. In June 2024, we completed the buyback program launched in July 26 last year. Under the framework of this program, ROVI acquired a total of 2,233,466 for an amount of EUR 130 million, which represents approximately 4.3% of the share capital. I'm particularly excited about this one. In our Annual General Shareholders Meeting held in June 2024, we announced that we expect Risperidone ISM potential sales to reach between EUR 200 million and EUR 300 million globally in upcoming years, which we are confident will represent significant growth in our specialty pharmaceutical business. And now let me give a quick overview of half year 2024 financials. Total operating revenues fell by 14% to EUR 329.3 million versus last year. As you know, our business was impacted by a drop in contribution of the CDMO business. Sales of this division fell to EUR 118.9 million due to lower revenues from the manufacturer of the COVID-19 vaccine in comparison to the first half of 2023 when ROVI had pulled higher income related to the production of the pandemic COVID-19 vaccine and finally, lower revenues related to the activities carried out to prepare the plant for the production of the vaccine and the agreement with Moderna. However, I would like to point out the positive performance of our specialty pharma business. sales were up 1% to an amount of EUR 210.5 million in the first 6 months of the year, positively impacted by Okedi, Neparvis, Bemiparin and the contrast agents and other hospital products division. I will touch upon the performance later in this presentation. In the first 6 months of 2024, profitability was negatively impacted by the lower contribution of revenues from the CDMO business as well as an increase in SG&A and research and development expenses. EBITDA stood at EUR 69.9 million in the first 6 months, a decrease of 28% compared to the same period of last year, reflecting a 4.3 percentage point decrease in the EBITDA margin, which was down to 21.2% in the first half of 2024. Likewise, net profit decreased by 32% to EUR 44.3 million in the first 6 months of 2024. Moving on to one of our main pillars of growth, our specialty pharma area, sales of prescription-based pharmaceutical products moderately decreased by 1% to an amount of EUR 183.4 million in the first 6 months of the year. Sales of the heparin franchise, low molecular weight heparin, and other heparins decreased by 2% to EUR 120.7 million in the first half of 2024, mainly due to lower orders for enoxaparin partners. Bemiparin showed solid revenue performance in the first half of the year with sales up 6% to EUR 47.2 million. Bemiparin international sales grew 32% with a strong contribution from China, Turkey and Greece. We continue to see momentum for the product. Thus, we expect full year sales of Bemiparin to increase by a low [ 6% ] in 2024 compared to 2023. We aspire to become a global leader in this field with Bemiparin and an enoxaparin biosimilar. In this context, we're investing not only to increase our capacities for the production of heparins, but also to become self-sufficient in obtaining [indiscernible] heparin and thus becoming a vertically integrated company in all the low molecular weight heparin manufacturing phases. We are therefore proud to announce that, in June 2024, we received the European authority’s approval for the commencement of commercial activity at the new sodium heparin plant in Escuzar. With this new plant, we increase our capacities for the production of heparins, a medicine that is classified as essential by the World Health Organization and among the talks included in the European [ Juniors Critical Medical Alliance ] in which ROVI participates. ROVI continues with its [ organization ] plan. Sales outside of Spain represented 57% of operating revenue in the first 6 months of 2024 versus 63% in the same period of last year. Sales outside of Spain stood at EUR 188.4 million, reflecting a 22% decrease, mainly due to the lower sales contribution of the CDMO business. Regarding enoxaparin biosimilar, it is already present in 40 countries, and we continue to sign out license agreements to distribute the product in more countries. In the first half of the year, enoxaparin biosimilar sales decreased by 6% to EUR 69.8 million, mainly due to lower orders from enoxaparin partners. However, ROVI spends a greater concentration of [ focus on enoxaparin partners ] in the second half of 2024 compared to the first 6 months of the year. So let me just summarize the opportunity here. This is a EUR 2 billion market, EUR 1.3 billion in Europe and EUR 700 billion in emerging countries with high entry barriers where biosimilars are likely to reach between 50% to 70% of market share with only 3 other players in the market. The growth drivers of the specialty pharmaceutical business were Okedi, Neparvis, and the contrast agents and other hospital products. Now, taking each one of the plants in turn step by step, sales of Okedi, the first ROVI product based on its leading-edge drug delivery technology, [ ISM ], for the treatment of schizophrenia in others for whom tolerability and effectiveness has been established with [ oral ] Risperidone reached EUR 12.5 million in the first 6 months of 2024. Okedi sales multiplied the 2023 first half sales by 141%. In 2024, the product was approved in the United States, under the brand name of Risvan, Canada and Australia. In 2023, it was launched in Portugal, Italy, Austria, Greece and Serbia. And in 2022, it was launched in Germany, U.K. and Spain. The feedback we are receiving from [ Sekadis ] is still very positive. The outlook for this product is, therefore, highly promising. And as previously mentioned, we expect potential sales to increase to EUR 200 million and EUR 300 million in the coming years. Sales of Neparvis, a specialty product from Novartis launched in December 2016, indicated for the treatment of other patients with symptomatic chronic heart failure and reduced ejection fraction increased 13% to EUR 25 million in the first half of the year compared to EUR 22.1 million in the first half of 2023. Sales of Vytorin and Orvatez, specialty products from Organon, indicated as [ an injunctive ] therapy to [ dieting ] patients with hypercholesterolemia, decreased 5% to EUR 13 million in the first half of 2024 compared to EUR 13.7 million in the first half of 2023. This increase was mostly caused by a deferral of Orvatez wholesaler [Technical Difficulty] [indiscernible]. Therefore, Orvatez sales for the year are expected to remain stable in comparison to full year 2023 sales. ROVI ceased to distribute Vytorin as of 31 January last year. Sales of Volutsa from Astellas Pharma, launched in Spain in February 2015, decreased by 43% to EUR 4.7 million, mainly due to a product price reduction of 47% in the second quarter of 2023. And finally, sales of contrast imaging agents and other hospital products increased by 12% to EUR 26.4 million in the first half of 2024. Regarding CDMO, sales declined 31% to EUR 118.9 million as a result of, first, lower revenues from the manufacturer of the COVID-19 vaccine in comparison to the first half of 2023 when ROVI had booked higher income related to the production of the pandemic COVID-19 vaccine, and secondly, lower revenues related to the activities carried out to prepare the plant for the production of the vaccine under the agreement with Moderna. As I reflect on the milestones achieved within this division, I'm very proud of what we have accomplished. Our team's excellent execution has enabled ROVI to obtain FDA approval with no action indicated for our injectable manufacturing plants in Madrid, San Sebastian de los Reyes and Alcala de Henares for the fill-and-finish of Moderna's COVID-19 vaccine, which demonstrates ROVI's commitment to the quality and safety of our service. As a result of our unique capabilities in [ syringe ] fill-and-finish, we are continuing to invest in our plans to expand our production capacity. Specifically, we are conducting an investment project at the San Sebastian de los Reyes plant to increase this site’s capacity to 500 million injectables in the coming years, which the community of Madrid has classified as a strategic project. We believe our production capacity positions us as one of the largest and most experienced pharmaceutical groups in Spain with 8 fully integrated plants, 3 of which are fully engaged in contract development manufacturing operations. Moving to research and development, we are making very good progress with our 2 Phase I clinical trials. In July 2023, we began the Phase I clinical trial of the new 3-monthly formulation of Letrozole in Europe to evaluate the pharmacokinetics, safety and tolerability of single ascending doses of Letrozole at different strengths in voluntary healthy post-menopausal women, the LEILA-1 study. In September last year, we began as well the Phase I clinical trial of the 3-monthly Risperidone injection, which would complement the current 4-weekly formulation of Risperidone ISM for the maintenance treatment of all the patients with clinically stable schizophrenia. The clinical trial will evaluate the safety, tolerability and pharmacokinetics of various candidate formulations at different dose strengths and injection sites. And finally, moving on to our full year 2024 guidance, our outlook for the remainder of this year remains unchanged, and we expect operating revenue to decrease by a mid-single-digit percentage in comparison with 2023. Notwithstanding, there are certain factors that have been considered when calculating this guidance. But [indiscernible] relevant estimates are difficult to specify as a [ percent ], including, among others, the following. First, the [ calculation ] of the national health systems due to the low vaccination ratios during the 2023 COVID-19 campaign could favor a more successful vaccination campaign in 2024. However, at this date, the company is not in a position to forecast how demand and production might evolve for the remainder of the vaccination campaign in 2024. Secondly, it is hoped that the expansion of the compounding [ ascetic filling ] inspection, leveling and packaging capacities at ROVI’s facilities in Madrid and the current high demand for CDMO services in the market might favor obtaining new business with the resulting sales impact. This will have to be taken into consideration but cannot be estimated at present. Overall, we are very satisfied with the performance of the company in the first half of 2024. 2024 is clearly a transition year. The company is making significant investments that will lay the foundation for robust future growth. We are definitely at an inflection point with a multiyear growth opportunity driven by the recently approved ISM base and [indiscernible] [ Okedi ] in Europe, Canada and Australia and Risvan in the U.S., our first candidate validating our leading-edge drug delivery technology, ISM, the continued growth of our specialty pharma portfolio and expansion of our low molecular weight heparin franchise, new CDMO agreements which will [ higher ] strengthen our manufacturing area, the increase in our production capacities that could provide us with a significant growth opportunity, and finally, the investment efforts made in R&D focused on our ISM technology, which we see as a new avenue for ROVI's future growth. These growth levers are firmly underpinned by a very solid, ongoing business that has delivered year after year based on our leading specialty pharma franchise and our high-value added CDMO services. And with that, I would like to turn it back over to Javier, who will run you through the financials in more detail. Thank you very much for your attention and for taking the time to participate in this meeting.

Thank you, Juan. As Juan already mentioned, 2024 is emerging as a year of transition, a year in which value is created for the future. In this context, in the first half of the year, operating revenue was EUR 329.3 million, a 14% decrease on the first half of 2023, mainly due to the performance of the CDMO business and this division’s - as this division generated lower revenues from the manufacture of the COVID-19 vaccine in comparison to first half 2023, where ROVI had booked higher income related to the production of the pandemic COVID-19 vaccine, and also lower revenues related to the activities carried out to prepare the plant for the production of the vaccine under the agreement with Moderna. However, sales from the specialty pharmaceutical business increased 1% to EUR 210.5 million. Sales of low molecular weight heparins decreased by 2% in the first half of 2024, mostly due to a decrease in enoxaparin sales. However, Bemiparin sales increased 6% to EUR 47.2 million in the first half of this year, mainly linked to higher orders from partners in China, Turkey and Greece. ROVI expects full year sales of Bemiparin to increase by a low single-digit percentage in 2024 compared to 2023. Gross profit decreased 9% to EUR 195.6 million in the first half of 2024 compared to the first half of last year. However, the gross margin was 59.4% in the first 6 months of 2024, an increase of 2.8 percentage points on the first half of 2023. This increase is mainly due to the decrease in the contribution to the manufacturing business of revenue relating to activities to prepare the plant to produce medicines under the agreement with Moderna, which, as you know, contributed lower margins to group sales; also, the increased contribution to the CDMO business by existing customers, excluding Moderna, which contributed higher margins; and finally, the increased contribution of sales of Okedi, which contributed higher margins, too. In the first 6 months of 2024, raw material prices for low molecular weight heparins fell 55% compared to the first half of 2023. ROVI expects this decrease in heparin raw material prices to be confirmed in 2024. [ Not withstanding ], in spite of the decrease in heparin raw material prices, the impact on the gross margin was negative in the first 6 months of 2024. However, a positive impact on the gross margin is expected from 2025 onwards. ROVI continues to be committed to innovation. R&D expenses increased 13% in the first months of 2024 due to the development of the Phase I of Letrozole LEBE and the development of the Phase I of a new formulation of Risperidone ISM for a 3-monthly injection. Both projects were in the preparation phase in the first half of 2023. Selling, general and administrative expenses, SG&A, moderately increased 5% in the first half of 2024 compared to the same period of the previous year. This increase was a consequence of higher employee benefit expenses, excluding R&D, which increased 10% in the first half of 2024 versus the first half of 2023, mainly due to a 10.3% wage increase under the general collective agreement for the chemical industry, and second, an increase in other operating expenses, excluding, again, R&D, mainly due to Okedi’s launch in Europe. EBITDA totaled EUR 69.9 million in the first half of 2024, a decrease of 28% compared to the first half of 2023, reflecting a 4.3 percentage point decrease in the EBITDA margin to 21.2% in the first half of 2024. EBIT decreased by 34% in the first half of 2024, reflecting a 5.2 percentage point decline in the EBIT margin to 17.1% in the first half of 2024. At the same time, net profit decreased by 33% to EUR 44.3 million, sorry, in the first half of 2024. If we do a pre-R&D analysis, EBITDA, pre-R&D, calculated excluding R&D expenses, in the first half of the year decreased only by 24%. EBIT, pre-R&D, again, decreased by 29%, and net profit, pre-R&D, again, decreased only by 28% in the first half of 2024. Moving on to the evolution of CapEx and cash flows, ROVI invested EUR 18.7 million in the first half of the year compared to EUR 18.2 million in the same period last year. Of this amount, EUR 15.2 million relates to investment CapEx regarding our facilities, including important projects such as the ISM industrialization, Glicopepton joint venture for the construction of a plant dedicated to the production of compounds of high biological value from the intestinal mucosa of pigs and the new filling lines and the operating -- operations expansion. EUR 3.4 million relates to maintenance and other CapEx. Cash flow from operating activities decreased to EUR 29.8 million (sic) [ EUR 29.7 million ] in the first half of 2024 from EUR 52.5 million (sic) [ EUR 54.2 million ] in the same period of 2023. This decrease was mainly due to the decrease of EUR 29.7 million in profit before income tax and the increase of EUR 27.1 million (sic) [ EUR 27.0 million ] in the trade and other receivables item in the first half of 2024. The decrease of EUR 29 million compared to a decrease [ of EUR 29 ] million in the trade and other payables item in the first half of 2024. Regarding our debt, as of June ‘24, ROVI total debt increased to EUR 121.2 million. EUR 94.6 million is debt with banks, representing 78% of total debt, while EUR 9.1 million correspond to debt with public administration related to the development of R&D projects, which is at 0% interest rate debt, representing 8% of total debt. And EUR 17.5 million corresponds to financial liabilities for leases, representing this figure, 14% of our total debt. In July of ‘22, ROVI announced that the European Investment Bank had granted a new loan to support its investment in research, development and innovation. As of June ‘24, ROVI had drawn EUR 10 million against this new facility at a variable rate of Euribor at 3 months plus 0.655% (sic) [ 0.65% ]. The interest rate for this first repayment is 4.552%. Additionally, ROVI has signed 3 credit policies, one in September of ‘23 for EUR 20 million and another in March ‘24 for EUR 20 million, too, both with conditions of Euribor 3 months plus 0.5%. And in June ‘24, our third policy was signed also for EUR 20 million at Euribor 3 months plus 0.65%, as well as 2 loans of EUR 25 million each at fixed rates of 3% and 3.49%, respectively. Let me clarify that. At June ‘24, ROVI had not drawn down on any of the policies. At June 30, 2024, ROVI had a gross cash position of EUR 46.4 million compared to EUR 26.8 million as of December 31, 2023, and net debt of EUR 74.7 million compared to EUR 38.6 million at end of last year. Regarding the dividend, ROVI's General Shareholders' Meeting, held on 24th June ‘24, approved the payment of a gross dividend of EUR 1.1037 per share. This represents approximately 35% of the ‘23 consolidated net profit attributed to the parent company. This dividend was paid on the 10th of July this year. Considering the group's cash generation and the market situation, ROVI decided to launch a buyback program for the company's shares effective at 26th of July 2023. On 11th of June this year, ROVI [ informed on the ] completion of this buyback. Under the framework of this program, a total of 2,233,466 shares were acquired for an amount of EUR 130 million, which represents approximately 4.3% of the share capital. As notified when the buyback program commenced, the purpose of the program was to cancel sales of ROVI through our reduction of capital and, at the same time, to contribute to ROVI shareholders' remuneration by increasing [ net ] profit per share. The reduction of the capital will be carried out by canceling 2,780,395 shares. The latter corresponds to shares repurchased within the framework of the mentioned buyback program and part of the existing treasury sales, which totaled 546,929 shares. The capital reduction was approved at the ordinary General Shareholders' Meeting held on the 24th June ‘24. The new amount of the share capital, after the shares mentioned have been canceled and excluded from trading, will appear in the registers of the National Securities Market Commission and Iberclear a few days after registration of the deed of capital reduction. The company will provide further information in due course. Regarding news flow for this year, we'll continue to monitor the evolution of the manufacturing of the Moderna portfolio products. We expect to announce Okedi’s launch in more countries. As you know, the product has already been launched in Germany, U.K., Spain, Portugal, Italy, Austria, Greece and Serbia. We also expect to market Risperidone ISM in the different countries already approved, U.S., Canada and Australia. In addition, we expect to inform on new national marketing approvals for the enoxaparin biosimilar outside Europe. Regarding our R&D, we are making good progress with the first clinical trial of Letrozole ISM and the new formulation of Risperidone for a 3-monthly injection. And that's all regarding our financial results for the first half of the year. We then can now start the Q&A session. If you want to ask any questions, please do not hesitate to send them through the question button on the platform.

Good morning. The first questions came from Pablo -- Pablo de Renteria from Kepler. So, Juan, the first one is for you. When do you think you will be able to provide more details about the strategy to enter the U.S. market with Risvan? When do you expect the product launch?

Thank you. Good morning again. I mean, really, the approval of Risvan has been, a major milestone for the company. And I would like to further highlight this -- I mean this item. I mean, it's important not only because we have managed to get our product approved in the U.S. but as well because it means that is the validation of our platform by the FDA, which obviously sets a very positive regulatory pathway to feature the developments. And this is something that I will keep on highlighting on every single call because it has been many years of hard working. And therefore, with Risvan, we just want to make sure that we are going to do it the right way. The U.S. market, compared to Europe, probably is a much more dynamic market. And therefore, what we are currently doing is continuously investing to have all the adequate market data [indiscernible] just to make sure, as I mentioned before, that when we decide to whom to partner, decide to launch, we do it in the right way. Besides, as well, we are trying to really understand or to better understand the rationale why Perseris has been withdrawn from the market. And what can I say currently is it’s really our top priority. And hopefully, we expect to be able to announce our strategic decision before the end of the year.

This is for you. What is your view on the discontinuation of Perseris marketing in the U.S.?

Well, as I mentioned, we currently make a guess. We don't have much intel than that has been published by the proprietary company of the product. If I have to make a guess -- and again, as I mentioned before, we are just now dedicating our time and resources to fully understand. What is well known is that they do not own the technology. So I guess, therefore, they will have -- they must have to pay significant royalties to [ Stifel ], which is the owner of the technology. In that case, just to make it a comparison, [ Roy ], I mean, we do [ own asset ] technology. As well, it's important to highlight that, at least from our view, the market perception is that Perseris has got a lower efficacy due to certain viability problems. Just to make some -- just to make a summary, the [indiscernible] that really provides the [ personal ] levels to the oral Risperidone of 4 milligrams is a dose of 120 milligrams, which is -- that's not the case with and with Okedi, or Risvan in this case, which has a similar dose of 100 milligrams. And therefore, as well as results show that we are as fast as the oral medicine, and we provide immediate and sustained [ dose ] levels [10 and of 8 ] with no need for loading dose or supplementation with oral [indiscernible]. So I guess as well the efficacy trials of Perseris probably faced a problem of this low viability, which, when we compare to efficacy values, significantly performs worse than [ doses of Okedi similar ] [indiscernible] patients. But as I mentioned before, we can only make a guess that probably from a financial point of view [ as to where ] the market perception of this lower efficacy may be. And again, we can only talk in a conditional way -- maybe the rationale behind this drastic decision by the company-owned Perseris.

Thanks, Javier -- Juan, sorry. Javier, Pablo also asks, do you anticipate fully allocating the ongoing capacity expansion in the CDMO business anytime soon?

Thanks, Marta. Thanks, Pablo [indiscernible]. Well, as we have been mentioning in the presentation, we have even decided to keep expanding our capacity from manufacturing more injectables. And basically it’s that the CDMO injectable market is growing at a very high rate and all the analysis remarks but also the biopharma market and all these injectables, new products, will keep growing at an incredible speed also in the coming years. Let me say that, in addition to that, as everybody knows, the last acquisition of Catalent by Novo Nordisk will also make this opportunity even bigger. As the current customers of Catalent, they will probably need to find another manufacturer once the transaction is approved by the authorities. So all in all, the market is going to keep growing in a very high growth rate. We already announced this year and secured a massive contract. And therefore, for all these reasons, we are very optimistic that we will be able to sell our current spare capacity, but also the new one that we are building in the new -- in the coming years. So we are having more talks and more conversation with different customers more than ever, more than ever before. And therefore, we are really, really optimistic to field this spare capacity.

Thanks, Javier. Guilherme Sampaio from CaixaBank has 2 questions for you, Javier. The first one is, how are you seeing vaccination campaign this year? You are still mentioning in your 2024 guidance potential news again with contracts? How optimistic are you regarding potential new contracts still having an impact in 2024 figures?

Yes, I mean, vaccination campaign this year, it’s still early for us to finally have a better view. We are right now manufacturing potentially the U.S. campaign. In the U.S., the authorities changed the strains selected for the vaccine profile in the last minute, and that has moved all production or has stressed the production efforts to a new variant, to the KP.2 variant. And this has stressed all the manufacturing supply chain for all the players. So therefore, we don't have that much visibility right now how the campaign will end. We are very optimistic that Moderna is preparing well and probably better than other players. Apart from that, we still see a clear vaccination [ opportunity ] in the market still from the pandemic times. And we can see that from -- also from the flu vaccine -- from the flu vaccine data and campaigns. So it's still early to see how the campaign is going to end. But again, I think Moderna is well prepared, and we are optimistic of the potential that the new -- in the next coming weeks, we'll have more visibility, and we can provide even better news to the market. I don't know if he wants another question, Marta?