Mayne Pharma Group Limited (MYX) Earnings Call Transcript & Summary

Welcome, everyone. I'm Frank Condella, the Chair of Mayne Pharma. It's my pleasure to welcome you to Mayne Pharma's 2024 Annual General Meeting, being held here in Melbourne, Australia. As we have a quorum, I now declare the meeting open. And once again, this year we are offering a hybrid meeting, allowing shareholders to participate in person or on our live webcast. I'll briefly advise you now the procedural aspects of today's meeting. Shareholders and proxy holders present in the room can ask questions and submit their votes. If you're watching on the webcast and are a shareholder, you can ask questions through the meeting platform and submit your votes. To submit a written question, select the Q&A icon on the screen, select the topic of your question and -- in the drop-down box rather and type in a question and press send. We encourage you to lodge any written questions now and help us get ready to answer them later in the meeting. For those participating online, also voting all resolutions is open and will remain open during AGM. You can change your vote up until the time I declare the voting is closed, at which time your most recent selection will be registered. If you experience any technical difficulties, there's an AGM help line number including -- included in the online meeting guide. I'd now like to introduce our Board members, senior executives and the company's auditor joining us here in the room today, our fellow Australian resident Nonexecutive Directors, Anne Lockwood; Professor Bruce Robinson; and Mr. David Petrie. Online we have fellow U.S. resident Nonexecutive Directors, Dr. Katie MacFarlane; Ann Custin; and Pat Blake. Also with me here today is our CEO and Managing Director, Mr. Shawn Patrick O'Brien; and our CFO, Aaron Gray. Our Company Secretary, Laura Loftus, will be moderating shareholder questions along with our IR advisor, Dr. Tom Duthy. The company's auditor, Mr. Benjamin Lee of BDO, is here in the room and we are --extend our thanks to our company's lawyers from Minter Ellison, who are hosting the AGM here today at their office. The procedure for today's meeting is as follows. First, I will present my Chair's report. Then our CEO, Shawn, will provide an update to the fiscal year '24 financial and operating highlights, along with a trading update for the first 4 months of fiscal '25 and our outlook. We will then go into the formal part of the meeting during which we will take questions and vote on the resolutions outlined in the notice of meeting dispatched to shareholders on the 18th of October, 2024. A recording of the meeting will also be available on our website following the conclusion of today's meeting. So now moving on to the Chair's address. The 2024 financial year delivered a substantial operating and financial improvement across all of Mayne Pharma's 3 operating segments, namely: Women's Health; Dermatology; and International. At the start of the financial year, we set ourselves a number of important corporate goals. Under the leadership of Shawn and Aaron, I'm pleased to advise our shareholders today, as we did at the fiscal year '24 year-end results, that Mayne Pharma achieved 100% of our key operating metrics or goals that we set ourselves during the financial year. The 5 key pillars driving improved performance were: positive direct contribution in all 3 segments; returning the company to positive underlying EBITDA in fiscal year '24; optimizing the cost base with reductions of greater than USD 10 million; and achieving a breakeven run rate of NEXTSTELLIS; and returning the company to positive operating cash generation. In fiscal '24, we saw solid revenue growth from our Women's Health, Dermatology and International segments, which altogether grew 112%. When overlaid with a modest 4% increase in our direct operating expenditures, the contribution improvement for each of these segments was significant and overall represented $130.3 million improvement from fiscal '23. We're not resting on our laurels. And despite this improvement, we believe that there's significant opportunities for the business to continue to improve sales and operating margins while making certain investments into the business to drive operational performance across the group. For fiscal '25 and beyond, we see fundamental opportunities for growth in women's health associated with improved access to contraception in the United States and a much greater awareness of the impacts of menopause and its treatment. For dermatology, there's a rising incidence of skin diseases translating to higher patient need. And we expect our unique channel will allow us to improve patient access to treatments and drive market share. International is expected to expand into new markets and continue to drive efficiencies in manufacturing and supply chain. The Board continues to manage a conservative capital structure. Management is focused on delivering operational and -- operational excellence and achieving our growth goals. We will continue to assess complementary and accretive product partnerships or acquisitions that we can leverage into our existing women's health or dermatology ecosystems. We also continue to invest in the upgrade of our physical plant and equipment at our facility in South Australia. We remain resolutely focused on driving shareholder value and believe our portfolio of branded medicines within women's health and dermatology, coupled with the leverage we can generate through our existing infrastructure and efficiencies, will continue to deliver improvements in our financial and operating metrics in fiscal '25. In other words, we're well positioned for future growth in the coming years. Finally, I'd like to express my gratitude to the Board of Directors, our employees and our partners for all of their efforts during fiscal year '24, which has delivered a substantial improvement in the business and renewed confidence in our business model. We acknowledge the support of our shareholders as we continue to prioritize our core strategies relating to the continued growth and the operational excellence. We look forward to updating our investors throughout the 2025 financial year on progress and corporate initiatives. So now I'd like to invite Shawn O'Brien to give the CEO presentation.

Thanks, Frank. I have 3 main messages when I get through my presentation. First, as Frank highlighted, we're really proud of the FY '24 results and the journey of turning this business around. Second, the first 4 months of the business are performing well. And third, management is razor-focused on driving revenue growth and across significantly higher-margin products than we've had in the past and deliver positive cash flow for the business through commercial excellence and operational excellence. So the agenda I have is, do a recap of FY '24 results and then highlight our '25 results so far and what we're doing in women's health, dermatology, international and give you an outlook. Next slide. So over the last 3 fiscal years, we've transformed the company from having a large debt, significant discontinued operations, large amount of cash tied up in net working capital and mainly a generic-focused business, to a company today with a strong net cash position, major reduction in net working capital as a percentage of revenue and able to generate positive cash from operations in the last 3 out of the last 4 quarters and positioned the company for growth with our channel and IP strategy. In the next slide, we've navigated through this transformation over the last 3 fiscal years. Aaron and I have taken the business which had a debt -- net debt of $317 million and with only 19% of our U.S. sales based on branded products to a business that's delivering underlying positive EBITDA of $22.9 million, a net cash position of $107 million or a gross cash position of $149.3 million at the end of June, with over 65% of our products now in the branded IP-protected business. In the next slide, I wanted to share the key operating highlights in FY '24. In FY '24, we delivered 3 new Orange Book FDA-listed patents for NEXTSTELLIS that expire in 2036. As Frank highlighted, we delivered a positive run rate for -- breakeven run rate for NEXTSTELLIS in December and that continued on every month since then. And we've seen an 85% increase in the demand cycles for NEXTSTELLIS and that continues to grow on the -- over the previous year. In addition, we saw a 31% growth in our licensed portfolio of products of ANNOVERA, IMVEXXY and BIJUVA. On the dermatology front, we completed the asset purchase of RHOFADE from Novan, EPI, saw new product launches from RHOFADE, WYNZORA, SOOLANTRA, Generic ACCUTANE and the authorized Generic ORACEA. In addition, we validated our channel strategy, continue to scale it and shift the portfolio to more favorable net selling prices. We're really pleased on the results on our international business front with the growth of NEXTSTELLIS, oxycodone and [ UROREC ]. The Modernization Act, or project that we have, known as MMI, has progressed nicely in the business to allow us to launch 200-milligram KAPANOL in FY '24, which drove increased demand for KAPANOL/ KADIAN in Canada and Europe. And then the Salisbury facility has undergone significant transformation on operational metrics and demonstrated a step change that's sustainable in these metrics going forward. In the next slide, looking at our financial numbers. We grew by 112% to a revenue of $388 million. The gross margin improved to 56%. The underlying EBITDA improved by over $118 million to a positive $22.9 million. And we had a positive contribution from all 3 business units, as Frank explained. This was an improvement of over $130 million to a positive $8.5 million. We generated $8.1 million in operating cash flow from continuing operations and ended June 30th with AUD 149.3 million in cash and marketable securities. So let's look at our strategy and progress in FY '25. Looking at our main driver for the future of this business, is really in women's health. We expect to deliver the full profit potential of this portfolio through a sharp focus on sales execution and targeted marketing approaches as we continue to raise the scientific knowledge of these superior products we have in our portfolio and further leverage our commercial infrastructure to actually accelerate EBITDA growth of that business unit. On the next slide, we're sharing data in a format that we haven't done in the past. This is looking at a rolling 12-month period of November 2021 through October '22, looking at October '22 -- November '22 to October '23, followed by November '23 to October '24. This shows the improvement in net revenue, gross profit and direct contribution through our investment of $140 million, acquiring the assets from TXMD and driving the growth of NEXTSTELLIS to generate $61 million in improvement in annual contribution in women's health, with a significant headroom for further growth going forward for all these brands. Next slide, on Slide 15. We're really pleased with the early results that we've seen in NEXTSTELLIS in FY '25. This graph shows quarter-by-quarter the increasing number of demand cycles and sequential growth from each quarter. We achieved a record month in October of 51,000 demand cycles, up 33% from the previous comparable period and a sequential growth of 10% on a monthly basis. This is despite the fact that we've gone over through a significant change in some of our sales force to upgrade the effectiveness of our sales team, and we expect this growth to continue as we get full implementation of our new effective sales team and sales leader. Looking at the entire women's health portfolio on the next slide, we've demonstrated sequentially and over the previous period a 28% increase, with revenue now at USD 39.3 million. In the last 4-month period, we continue to have a focus on maximizing net selling price for all 4 brands and creating awareness of our brand promise to the prescribing customers. On the longer term, looking at Slide 17 here, on NEXTSTELLIS, it's really 4 factors that are going to continue to drive significant growth for NEXTSTELLIS. There's a -- We are minor in the market share for this brand in the U.S. market, drive improved access through changes in the Affordable Care Act and also reducing the amount of prior authorization to drive the brand forward. We continue to look at improving the health care professionals' and prescribers' knowledge on the brand through not only our commercial team, but also our medical [ affairs ] team and through publications of the unique data associated with NEXTSTELLIS. In addition, we're looking at opportunities to recapture milestone payments and reduce the COGS with our new partner, Gedeon Richter. And finally, we will continue to enhance our portfolio of patents that we have and continue to get patents that secure our Orange Book listing for 2036 and beyond. Looking at ANNOVERA in the next slide, which is becoming a very promising product going forward in our portfolio, we continue to focus on supply. It's important that we continue to make sure that our supply will match the increasing demand that we see for this brand going forward. We are working with Pop Council to actually improve this label. Currently, the label is using it once a month for a 12-month period, and we want continuous use through that 12-month period, enhance our ability to take on direct competitors in the [ Ring ] business and perhaps some IUD products. We've also improved the expiry of the dating of this product. Currently, it was 18 months in the market, and we recently, last week achieved a 24-month dating from the FDA on that. And like NEXTSTELLIS, we'll continue to improve the access through the Affordable Care Act changes that we see coming. On Slide 19, BIJUVA represents our flagship opportunity to treat menopausal symptoms. And we've launched the half strength in addition to the 1 milligram to improve patients' acceptance and need in the marketplace. We're doing a lot of work to drive health care professionals' awareness of this unique bio-identical product and the benefits of hormone therapy treating VMS symptoms associated with menopause. In addition, there's a lot of social media going around in the last 12 months on how to seek and get proper treatment for menopausal conditions and we'll continue to leverage that. And thirdly, we'd co-pay optimization to improve the margin of this brand going forward. In dermatology, our focus is to use our differentiated channel strategy to create new patient access and improve prescriber experience. We continue to evaluate capital-efficient and accretive business opportunities to drive further growth in revenue and margin. We will continue to develop our channel strategy to drive that market share access and improve our financial performance. The next slide demonstrates our investment strategy in dermatology has paid off handsomely. Our $8 million investment in acquiring RHOFADE helped drive a $29 million improvement in annual contribution. Like our Women's Health franchise, we've seen an ability to improve our cost leverage of our revenue versus cost structure. And we're excited to see the improvement of net revenue, gross profit and direct contribution over these 12 months. Looking at our disintermediation strategy in the next slide, is showing strong growth on an annual run rate. It's 2 times that of FY '24, which was 10 times that of FY '23. We are pleased to see that RHOFADE prescriptions are up 151% versus the same prior comparable period. For Generic ORACEA, we realized a market share now of 74% -- 54%, down from 70% as a result of the launch of 2 generics in this marketplace. This is demonstrating the stickiness because we actually maintained the pricing in our channel. And in addition to these FY '25 results, they were not only impacted by the decline of ORACEA in our business model, but also the seasonality of acne and rosacea. In the summer months, acne and rosacea products declined significantly, and we're already seeing a pickup in October and November in the [ script ] volume. '23 looks at the financial performance. So the drivers of this decline that I was speaking about for dermatology in the previous reported periods and sequentially, are driven by 3 issues: seasonality of acne; seasonality of rosacea; and the introduction of Generic ORACEA against our authorized generic. Also keep in mind, back in October of '23, we launched RHOFADE. And in that first period of sales, we were actually replenishing the channel because it was driven down by the previous owners of the product. We're confident that we will -- based on the scripts that we're seeing in October and November, that we're going to see our acne and rosacea products rebound and drive growth for our dermatology business on a full year basis in FY '25. Switching over to our international business. We -- It's all about leveraging the capacity that we've created through operational improvement as we complete our modernization of this facility in Salisbury. So we can improve the productivity and also our capabilities of acquiring products to manufacture that are profitable for us. We'll continue to drive, especially in generic product sales, including the growth of NEXTSTELLIS in the -- in Australia. On Slide 25, the MMI project continues to progress in line with expectations. The equipment is being delivered. We're validating it as we speak now. And our transformation has actually improved in a very positive way. DIFOT, Delivery In Full and On Time, rate of the facility is around 93% versus 32% in October 2022. In the 4 months on the next slide of FY '25, our international economic performance has shown a 16% increase over the prior comparable period and a 2% decline sequentially. This is a reflection of timing of some orders on the sequential basis. We expect the international business to continue to show improvement in margin and EBITDA in FY '25 with all the actions the team that's taking there. Looking at the roll-up of the first 4 months of the entire business, we're proud that during the first quarter, we demonstrated a 6% improvement over the prior period in revenue and a 50% improvement in direct contribution. Underlying EBITDA was $14.7 million and represents almost 64% of what we delivered the entire FY '24 period, with $22.9 million EBITDA reported at that time. This is a $13 million improvement over -- or 765% on the comparable prior period and a 34% increase sequentially driven by higher growth of higher-margin products and continued improvement in our operating leverage. We delivered $16.1 million positive underlying cash flow. And then when you take in account the onetime payment of $33 million for the settlement and $2.6 million for discontinued business, our operating cash flow was minus $6.3 million. We ended the period with a cash and marketable securities position of $129.5 million versus $149 million at the end of June. Slide 28. As I already showed, the business is doing well. And we have even a brighter future for Mayne Pharma. The company expects growth in underlying EBITDA and free cash flow in FY '25 via revenue and cost leverage with all 3 segments, Women's Health, Dermatology and International delivering positive direct contribution. We expect Women's Health to continue to grow. And in our dermatology business, we expect new product launches to contribute. We maintain a continued focus on operating expenditures to drive operating leverage and positive underlying free cash flow generation. We expect EBITDA to show a significant improvement on the prior comparable period and further growth on the first 4 months we've demonstrated so far as of October 31, 2024. That's my presentation on the performance of the business so far this year, and I'll turn it back to Frank.

Thanks, Shawn. We now move on to the formal part of the meeting. So this AGM provides an opportunity for you to reelect directors to reflect on the company's performance over the past year and to raise any questions you have about our company. All shareholders should have received the notice of meeting, which was dispatched to shareholders on the 18th of October, 2024. And it's my intention to take the notice of meeting as read. There are a number of procedural matters, which I must draw your attention to. This is a shareholders' meeting and only shareholders, their attorneys, proxies and authorized company representatives are entitled to vote or ask questions at this meeting. Shareholders and proxy holders present in the room can ask questions by raising your hand. As a reminder, if you're watching on the webcast and are a shareholder, you can ask questions through the meeting platform. To submit a written question, select the Q&A icon on the screen, select the topic of your question in the drop-down box and then type in a question and press send. You can also ask verbal questions by following the instructions in the broadcast window. We encourage you to lodge any questions now. We will address questions at the relevant time during the meeting. Questions may be [ moderated ]. And if we receive multiple questions on one topic, they will be combined into a single question. Finally, due to time constraints, it is possible that we may not be able to answer all questions. If that occurs, then we'll revert to you individually after the meeting about your unanswered question. Alternatively, investors can always follow up with our Mayne Pharma Investor Relations. Voting today will be conducted by way of a poll of all items of business. Subject to the voting exclusions specified in the notice of meeting, the persons entitled to vote today are all shareholders, representatives and attorneys of shareholders and proxy holders who hold red admission cards. On the reverse of your red card is your voting paper, which details the motions that are being put to the meeting. Relevant instructions are also printed on the reverse of your admission card. Now for those participating online, voting for all resolutions is open and will remain open during the AGM. If you're eligible to vote at this meeting, you will see a vote icon displayed on your screen. Click on this icon, which will bring up a list of resolutions and present you with voting options. To cast your vote, select one of the available options. You have the ability to change your vote up until the time I declare voting is closed, at which time your most recent selection will be registered. And in order to ensure that all shareholders' views are taken into account, all items of business before the meeting where a vote is required, will be determined by way of a poll. I appoint David Squires -- David is in the back of the room -- of Computershare Investor Services as the returning office to manage the poll process. We will provide proxy information received from shareholders up until the start of this meeting after we have taken questions on the relevant item of business at today's meeting. Now open proxies in favor of the Chair will be voted in favor of resolutions 1 through 4 and against resolution 5. So now I'll go through the items of business. The first item of business listed in the notice of meeting is to receive and consider the financial report of the company for the financial year ended 30 June, 2024, and the reports of the directors and auditor. This item also gives shareholders the opportunity to ask questions about the company and its operations. The company's current auditor, Mr. Benjamin Lee from BDO, is also available today to answer any shareholder questions on the audit, if required. So I'll first ask if anyone in the room has a question, then we can move to any questions that have been submitted online during the meeting. So I now invite shareholders to ask questions on the accounts or operations of the company. And if you have a question here in the room, please raise your hand and we'll pass you a microphone. And please also state your name. Okay. Laura and Tom, are there any questions online?

There is, Mr. Chairman. There's a question pertaining -- the shareholder asks that, is there any news regarding the ongoing U.S. DOJ investigation into price fixing?

Yes. There's really no news since we reported last on this in the annual report. Shawn or Aaron, do you want to comment any further on that?

Well, there's been progress on that. It's been consolidated and also that there's been areas where it's been shut down. We're a minor player in the case itself. It was only one product. And this was what gave rise to the shareholder lawsuit previously. And -- but we see no wrongdoing on behalf of Mayne and we're -- continue to defend the business. But some of the claims out there have been withdrawn from Mayne, but not all of them.

Yes. And the DOJ criminal investigation has been closed. And there are some ongoing operations that are outlined in the annual report, but there's no further update than that. Any other questions, Tom?

We have a second question. Can the CEO please provide a dollar financial benefit gained by developing the alternative distribution channel that includes other things such as Adelaide Apothecary? And can the CEO estimate what that equivalent benefit is estimated to be in FY '25?

Thanks, Tom. We don't give guidance directly. But as I said earlier, we've grown on a run rate now 2 times of that which we achieved last year, which was 10 times that of what we achieved in FY '23. We continue to use this. I think, the [ ORACEA ] business case of showing the stickiness of 2 generic products launched, that was not planned. These 2 products were launched at risk in the marketplace. And we didn't expect a Generic ORACEA, but it's in our business plan for FY '25. And having 54% market share, we've lost most of our market share in the big 3 channel and maintained our pricing in the existing channels that we do through specialty pharmacies and Adelaide Apothecary. So we're going to continue to scale this up, it's working for us, and drive it through and hopefully bring other products into this channel, not just our own.

Any other questions, Tom?

No further questions.

Any other questions in the room? Thank you. The following 2 items of business cover the reelection of nonexecutive directors, Professor Bruce Robinson and Dr. Katie MacFarlane. Shareholders should note that the directors' experience is set out in the notice of meeting. So the first item of business is Resolution 1, the reelection of Professor Bruce Robinson. I now move that Professor Bruce Robinson, who retires by rotation in accordance with the constitution and being eligible and having signified as [ candidature ] for office be reelected as a Director. Are there any questions from the floor? Any questions online, Tom?

No questions.

Okay. I will now display the proxy votes received on this resolution. The next item of business is Resolution 2, the reelection of Dr. Kathryn MacFarlane. I now move that Dr. Kathryn MacFarlane, who retires by rotation in accordance with the constitution and being eligible and having signified her candidature for office be reelected as a Director. Any questions in the room? Tom?

No questions.

Okay. I will now display the proxy votes received on this resolution. The next item of business is Resolution 3 and concerns the company's Remuneration Report, which is set out in the annual report. I now move for the purposes of Section 250R(2) of the Corporations Act, the Remuneration Report that forms part of the Directors' Report of the company for the financial year ended 30 June,W 2024, be adopted. In accordance with Section 250R(3) of the Corporations Act, the vote on this resolution is advisory only and does not bind the directors. Any questions in the room? Tom?

We have one question. Can the Chair of the Remuneration Committee please summarize the actual targets for STIs for the CEO in FY '25?

I can, briefly. We -- The main driver of the STI in fiscal '25 is a pretty significant increase in EBITDA -- underlying EBITDA. I'm not going to say the actual number of what that is because that's competitively sensitive and it would be giving guidance. There's other goals that will form the basis of the STI award, which include direct contribution goals from each of the 3 -- take a pause [indiscernible] -- three separate goals related to direct contribution via the businesses. And then there's also a people and culture evolve, and that forms the basis. Now, the majority of the STI award is determined by these very easily measurable and non-debatable goals. But there's also a small portion, around 10% of the total STI is determined on individual performance. And that's a little more broadly determined by the Board. And the Board can always use discretion in awarding the STI and -- for the CEO and the CFO. I hope that answers the question. Anything else, Tom? All right. Then, I'll display the proxy votes on this resolution. The next item of business concerns remuneration of the Chief Executive Officer and Managing Director. Resolution 4 seeks the approval to issue -- to the issue of a short-term incentive grant of restricted stock unit performance rights and a long-term incentive grant of performance rights under the employee performance rights and option plan to Shawn Patrick O'Brien. Further details on the terms of these instruments are set out in the notice of meeting. I now move for the purposes of the ASX Listing Rule 10.14.1. And all other purposes, approval be given to the issue of, a, restricted stock unit performance rights as the deferred component of the annual short-term incentive award for the year ended 30 June, 2024, and performance rights as the annual long-term incentive grant for the year ending 30 June, 2025, to the CEO and Managing Director, Mr. Shawn Patrick O'Brien under the PROP, or performance rights and option plan, on the terms summarized in the explanatory information. So does anybody have any questions here in the room? How about online, Tom?

No questions.

Okay. I'll now display the proxy votes. So now I move on to Resolution 5, which is the Spill Resolution, which is a conditional resolution pending the outcome of Resolution 3, the Remuneration Report. So I have to go through this because we don't know the final vote until the end of this meeting. So as a shareholder would be aware, the notice of meeting, if there is a second strike against the Remuneration Report at this meeting and we're required to ask shareholders to consider this Resolution 5, to call an extraordinary shareholders' meeting to spill the Board. And conversely, if there is no second strike, then this resolution isn't required. Since all resolutions are conducted on a poll, we plan to poll shareholders of all 5 resolutions at the same time. And however, the results of Resolution 5, the Spill Resolution, are only relevant if more than 25% of the votes cast on the Remuneration Report are against that resolution. So if there is a second strike on the Remuneration Report and this resolution also passes following the poll, all directors, except the Managing Director, will need to stand for reelection at a spill meeting within 90 days. Now the Board recommends against this resolution and a spill of the Board would create a period of significant disruption and uncertainty for the company at a time when stability is crucial for achieving our strategic goals. So are there any questions in the room? Any online, Tom?

No questions.

Okay. Then I display the proxy results so far. So if there are no further questions displayed -- let's see. If there's no further questions, then that brings us to the conclusion of today's business. I now ask all shareholders and proxy holders with red voting cards to complete each of the items of business in your cards, print your name and sign them. If anyone present believes they are eligible to vote but have not yet registered, please raise your hand and assistance will be provided. Once you've completed your voting card, kindly place it in one of the ballot boxes located on the side of the room. If you need any help, please raise your hand and a representative from Computershare will assist you. For those attending online, please make sure you have submitted your votes on all resolutions. Once the votes are all tallied, the results of the poll will be lodged with the ASX later this afternoon in line with the Corporations Act and will also be posted on the company's website as soon as they're available. And now I'll allow 2 minutes to complete both online and in room voting. Okay. We're just going to extend it for another little bit of minute here while we wait for voting to be completed in the room. I now declare the poll closed. So, thank you for your attendance and support. Mayne Pharma looks forward to your continued support for the coming year. And if you have any follow-up questions, please feel free to reach out to Dr. Tom Duthy and Investor Relations at Mayne Pharma. I think we have tea and coffee upfront for those who are here in person, and, of course, the directors will stay for that. Thank you very much.