Myriad Genetics, Inc. (MYGN) Earnings Call Transcript & Summary

Good evening, ladies and gentlemen. I'm [ Nischal Kapadia ]. I'm an associate with the Healthcare Investment Banking Group at JPMorgan. It's my pleasure to welcome you to the company presentation for Myriad Genetics. Today, we are joined by Sam Raha, who is the President and CEO at Myriad, who will be taking us through the presentation. And Sam is also joined by Ben Wheeler, who will be joining us for the Q&A. Ben serves as the Chief Financial Officer at Myriad.

Thank you very much. Good afternoon, everyone. It's a pleasure to be here and have an opportunity to provide you an update of Myriad what lies ahead. First, forward-looking statements for your pleasure. So I've been with the company for 2 years now. And from the beginning, I've been inspired by the noble purpose, which is to advance the health and well-being for all. The noble purpose is palpable throughout our organization and a reminder every day how we are making an impact. A little bit about Myriad. We are a leader in precision medicine and diagnostic testing. We have been a pioneer for over 30 years now since we originally bought BRCA1 testing to make breast cancer, we have over 1,000 publications and counting. We're deeply rooted in science and medicine and in 2025 we served over 55,000 health care providers and delivered over 1.5 million tests, test reports. Now that being said, we are at a very important inflection point for the company. As we move forward, we're going to build on the strengths that we have, which you can see on this slide, but we're also making a number of changes as we go forward as the new Myriad. Now those changes include having rigor and discipline of where we invest our resources, our time, our energy and of course, our dollars. Our priority, as you'll hear me talk about in a moment, is the cancer care continuum and beyond hereditary cancer we will build a portfolio to serve the full continuum of care. We also believe in the new Myriad along with the organic capabilities we have for product development, that partnerships can help us serve the market quicker in a number of cases by complementing our capabilities. I also believe that having the right team, which has the combination of the right domain knowledge and experience with the right experiences and capabilities will allow us to move forward. Now hung with that, I get very excited about execution excellence. And this is a step-up level of rigor and discipline in everything we do from product development to commercialization and launch. We've been using AI for some time within the company, but this is also as a go forward, the opportunity all the way from operations, how we're processing samples, variant analysis to revenue cycle management into customer experience and beyond, you will see that we will increase the adoption of AI, including for our products. As we move forward, we have absolute clarity on our strategic intent, which is to accelerate growth and profitability. We're going to do so by focusing on 3 strategic pillars. First, the cancer care continuum. Again, this is going to be the heart and the focus of the company and beyond hereditary cancer, we are going to add products for other high-growth applications. Second, for prenatal health and mental health here under health care screening, we will execute strategies to grow at or above market. Now under the moniker here of execution excellence, this is really our commitment to not only to increase the growth for the company, but at the same time to maintain profitability. And we will maintain industry-leading margins. We are going to continue reducing our costs. We're going to use our revenue cycle team, and we also have a mantra going forward that we will grow revenue faster than we grow expenses. Now on this slide, you see the markets that we serve. They are sizable and most of them are growing in the double digits. And you should also know the majority of these have less than 50% market penetration. For us, as Myriad, we have a top 3 market position in the majority of these important markets. As well, when you look at the new products we'll be launching in the coming 18 months, this together with our position and the incremental adds that we're having to strengthen our commercial capabilities, will allow us to accelerate our growth in this overall $40 billion market opportunity. Over the next slides, I'll be talking about the cancer care continuum and our expanding of our menu. What you see here is a snapshot of the tests that we currently have as well as the number of tests that we will introduce in the coming couple of years. More important perhaps than any single test on the slide is the comprehensiveness of the overall portfolio because what's important to health care providers, health care systems is to have the tests that serve their need once again across the care of cancer patients. Now that together with the trust that they have in Myriad for the quality of our products, the science, the clinical utility, the turnaround time, the support that we're able to provide clinicians and patients, genetic counselors and beyond are part of the differentiation that we bring forward into the market. In the next set of slides, I'm going to be providing an update on some specific activities on our product portfolio in cancer. Let me start here by talking about hereditary cancer testing. Hereditary cancer continues to be a sizable important market for us. Between the unaffected, meaning those individuals who don't have cancer but have a familiar reason for being tested between that market and the market for those who actually have cancer and it's part of therapy selection, this total market opportunity is $7 billion. We have the gold standard test for hereditary cancer with MyRisk. And just last quarter, we provided an update, we introduced an update to the market. And now our MyRisk test has more than 63 genes together represent all the strongly recommended genes in the NCCN and ASCO guidelines. Now coming up within this half of 20 we'll be launching what we call Disease Specific Panels. And these are bespoke predefined panels that are tailored for certain types of oncologists, breast cancer surgeons and others to really help define what they're looking for in a more convenient way without having information perhaps that's distracted. Now along with that, particularly for the unaffected side, which is a $5 billion part of the overall $7 billion market opportunity, we are the leaders in that space, and we provide something called RiskScore to go along with MyRisk, which really helps determine the level of risk over a lifetime that an individual have for developing breast cancer. We'll be expanding the number of SNPs there for the polygenic RiskScore to 365 in the second half of this year. Now that, along with the number of programs that we're driving to activate the market. This includes the breast cancer risk assessment program we're enabling health care systems and providers to better identify and pull through patients that are eligible, includes partnerships that we've announced with JScreen, more recently with Clairity Health, with MagView are ways to get into places where breast cancer and other sort of cancers are being tested. We are also going to start activating more of the unaffected market, including consumers through a number of pilots going to do. Put it all together, the takeaway here is that MyRisk is and will continue to be a very important cornerstone for us for both growth and profitability for the years to come. Moving to therapy selection. This is also a very important part of cancer care with an increasing number of oncology drugs now tied to biomarkers. We are the leader in the HRD with our MyChoice test and in the coming years, we will be expanding the number of indications that we have here. Now for tissue comprehensive genomic profiling, or CGP, we'll be expanding our offering to support precise tumor with IHC stains, starting with PD-L1 later this year. Now in terms of liquid CGP towards the end of last year, we introduced a partnership with SOPHiA Genetics, along with MSK. And this partnership enables us to leverage the power of a very well-established liquid CGP test, which is the MSK-ACCESS test, together with SOPHiA genetics analysis interpretation capabilities enabled by AI with Myriad's capabilities for lab operations for quality assurance, for regulatory affairs and registration to provide pharma partners as a start the ability to do biomarker selection, biomarker development, companion diagnostic development and ultimately registration and having test as a companion diagnostic available for clinical use. We also have the opportunity down the line to start offering the MSK-ACCESS and SOPHiA package together with Myriad as a quid biopsy test. Moving to prostate cancer. There are over 300,000 new incidents of prostate cancer in 2025. And there are over 3 million then that live with prostate cancer. We're excited that leader this year, and you can see in the first half of this year, we'll be launching our first-ever AI-enabled Prolaris test. And this is done in partnership with PATHOMIQ. This test will be able to provide a higher level of confidence to urologists and oncologists on the course of treatment of a patient at the time of biopsy to determine what to do in terms of active surveillance or a different treatment path. I will say part of what we've seen really in the market, a lot of energy and excitement for is the ability to offer a test which brings together the power of molecular as well as the power of AI, and that's what this test is. Now this will be the first of multiple tests that bring the power of AI to market for prostate cancer, our next test will be in 2027. Let me also note that we have clinical studies that are underway now, and the reports and results from those as we share those, we believe, will improve our position as it relates to the NCCN guidelines. Now the takeaway here for prostate cancer and Brad as we are uniquely positioned through our tests of Prolaris AI precise tumor and my risk to bring together the combination of tests, again, for molecular and AI, CGP and germ line testing to really provide a unique answer and support for patient care for prostate cancer. And by the way, we've already started to see in 2025 the, I'll say, the halo effect or an increasing number of patients -- excuse me, providers who are ordering our prostate cancer tests are also starting to order the MyRisk test. Okay. I want to talk about MRD. MRD clearly is one of the most important market opportunities for our industry and for serving patients. At the heart of our differentiation for MRD is this ultrasensitive precise MRD test. It's a tissue-informed whole-genome sequencing-based test that allows sensitivity for the circulating tumor DNA down to 1 part per million. This is particularly important for low shedding tumors such as breast, such as prostate, renal and other cancers. And it really increases the confidence that providers have on the course of treatment. Now working with a number of collaborators, including MD Anderson MSK, we have over 20 clinical studies that are underway across multiple cancer types. Now for us, the opportunity to really differentiate and the confidence that we have that over the coming years, we will build a leading MRD business comes from not only the sensitivity and the performance of our assay. But that, combined with the fact that we have a number of other leading tests that are used in conjunction with MRD, again, our hereditary cancer test, HRD test, the growing portfolio of our CGP tests, all that together with the fact that we have leadership presence in the community. And you might be aware that more than 70% of oncology care in this country happens in the community. We already have relationships with over 3,500 oncologists that we served even last year. So the combination of these things, we believe will allow us to build a meaningful business in the coming years. Let me share now the high-level plan for MRD. We're starting with breast cancer for a number of reasons. It's a $7 billion TAM. It's a cancer type that is low shedding that really is amenable. Again, that could benefit from the sensitivity that we have. In many ways, we are known as the breast cancer company, given our long legacy starting with BRCA1, BRCA2 as I noted earlier, almost 30 years ago. Our plan here is to start offering select testing for a number of customers actually within this quarter. We will then submit to MolDX for approval and at the same time, expand the set of customers that we're offering our test to through a regulated early access period. And we're expecting to do that in Q3 of this year. Now giving time for MolDX review and approval, we are planning to launch or expecting to launch commercially sometime in the first half of 2027. Now in this year, as we go beyond a select set of customers and expand in a regulated way to additional set and early access, we'll be paying particular attention to the overall experience that our customers have. What is their experience with ordering, what's their experience with the clinical utility, the value and equally important, what's the number of orders relative to what we're targeting? What's the number of repeat orders? Are they coming back? What's the input that we have? Now beyond breast cancer, there's a number of other important things we're doing in 2026. We will be submitting for MolDX for renal cancer. In fact, that paper that will support that something we published last year that you might have seen, but we will launch and also start early access for that in the second half of this year. Now along with that, we will be submitting for colorectal cancer second half of this year as well as doing early access. Let me pause for a moment and talk about colorectal cancer. You may say, well, colorectal cancer, is that a low shedding tumor? It's not. It's actually high shedding. And so it's been one of the cancers that many companies have put assays out there for already. However, for us, the play is when we're serving community medicine, we need to have a portfolio of tests, when they're working with Myriad, and we're supporting them that over time, we're able to cover as many of the prevalent cancers as possible. Furthermore, for your reference, this past weekend at ASCO GI, along with our collaborators from the hospital East, it's part of the MONSTAR study. We shared results from over 160 patients that showed the sensitivity level, a very high degree of sensitivity for colorectal cancer. There is a number of publications now starting to show that, that level of sensitivity could have benefit in being able to detect can't colorectal cancer even earlier and that can make a difference in patient care. Now looking ahead to 2027, now building on the MolDX emissions that we'll have this year, we expect to do a commercial launch of both renal cancer and colorectal cancer broadly. We will also be submitting in 2027 from MolDX for both endometrial cancer and ovarian cancer. Let me move to some quick updates on prenatal health and mental health. This year, we're looking forward to doing the full commercial launch of first sheet. Now FirstGene is a combined test that brings together NIPT or NIPS testing, carrier screening, both for the mother and the fetus, fetal recessive status, as you can see along with blood compatibility. One of the differentiators for our test FirstGene compared to others that may be available in the market, the fact that our test can be done at 8 week gestational age compared to the most tests on the market being done at 10 weeks. This is important because 8 weeks is the time when a mother usually comes in to do a battery of other blood tests. So this adds convenience both for the mother as well as for the health care system. Now we have had early access for FirstGene in the market for a number of months now, and the early returns on it are good. Those providers that are using it are happy with the ordering process. They're happy with the results. On the inside, we have seen very high yield as well in terms of our operational capabilities. The results from this early set of samples that we've been running are part of a CONNECTOR Study, which will also help provide us a path to how we may be able to have reimbursement down the line. And the first set of results from that, we expect to share later on this year. The full commercial launch is set for the second half of this year. Now along with that, part of the changes we're making going into the year and our commercial organization is to drive absolute focus on the areas to drive the results that we expect to see. So different than what we had been doing before, our sales organization will now have a team that is explicitly focused on prenatal health. So the combination of the launch of FirstGene together with the changes we're making and focus on our sales team, we believe will be a growth catalyst going forward for prenatal health. Moving to mental health. Now mental health continues to be a very important matter and a growing crisis in this country and beyond. Our GeneSight test is the market-leading product. And now we have provided test results for over 3 million patients. And our test that allows health care providers to select better, the most effective and efficacious drugs that will help individuals who are experiencing anxiety, depression, ADHD and other mental disorders. We started the year with a number of challenges in this area, but I'm very pleased with the progress we've made. More on that when we share our fourth quarter results in a number of weeks. But I will tell you that going forward, we'll continue to focus on those opportunities, those accounts that we believe have high growth, high reimbursement. We now have 26 states that have biomarker laws that have been passed and our collective teams between sales between legal, between rev cycle and payer markets together are doing a really good job. We have a plan of how to pull through once a biomarker law passes, how we can get reimbursement from that. Now together with that, we've already started to do and see some returns, and we will continue to really leverage the digital capabilities to make it easier to understand what our products is to order it as well as to get support. We are also optimizing a direct payment option. Now put it together, we expect to grow mid-single digits. We are the leader in this market. That, along with ASPs being stable along with the planned improvements in COGS that we have will make this a profitable business within the next few years. Let me move now to the financial update. Happy to share our preliminary results. For the fourth quarter, revenue is going to be between $207 million and $209 million. For the full year 2025, we're projecting revenue between $822 million and $824 million. Now in terms of volume for the overall year across all of our products, we had 1% growth. Now just to give you some important elements of the overall volume, Hereditary Cancer had growth of 7% for the year. And as we exited the year, we continued to grow strength in volume and that momentum carried through. Mental Health, again, starting from the place where we had almost no growth in the first quarter. We've done better every quarter and fourth quarter was no different than that. And Prenatal Health, here, as some of you might be aware, we had a challenge that was based on implementing an order management system, which we've completely resolved now, but it takes some time to get back to the growth level that we want to be at, at or above market. So collectively, for the year, we had a 4% decline in Prenatal Health. Now as we look forward, as we go into 2026, we're doing a number of things to start accelerating growth, including spending over $35 million over the next few years of particular focus on strengthening our commercial capabilities related to the cancer care continuum. Specifically, we're adding a number of headcount, a meaningful number of head count to our sales teams tied to the launch of our new products. talked about Precise MRD, Prolaris AI and some of the other cancer care products that we're launching. We're also strengthening other tools that are critical to our sales team to make them more effective, make them more efficient along with a very well thought out and funded plan to drive the awareness excitement and demand for our new products as they come to market. Now in terms of guidance for the full year, let me share the following: revenue of $860 million to $880 million. If you look at the midpoint of that compared to the midpoint, or $823 million that I just mentioned about 2025, that's a 6% growth for revenue. In terms of gross margin, we take pride and put a lot of work into maintaining industry-leading gross margins. The 68% to 69% when that takes into account, that we will continue to have that strength in our core established products, but this includes the launch of new products, including MRD which, at first, we're deliberately going in understanding that there won't be reimbursement. Now looking at adjusted EBITDA, it's between $37 million and $49 million and at the midpoint compared to our latest guidance on 2025, that's more than a 40% improvement over the year. We spent a lot of time over the last several months looking deeply and analyzing all the way from our existing products, market trends, our specific activities, new product launches, the things that we're doing to improve how we execute to define our long-range plan. And we can share with the conviction that over the next 5 years, starting in 2025 that we will grow our revenue between high single digit to low double digit. Now we're starting that growth in 2026, improving from what we had in 2025. There are a number of catalysts this year that we're closely tracking. And these are as much about supporting growth in 2026 as they are about indicators, leading indicators of things that will be very important to our growth and acceleration going into '27 and '28. You can see here a number of important product launches. I already talked about disease-specific panels for MyRisk, our core product for Hereditary Cancer. You can see the prostate cancer Prenatal Health with FirstGene. Along with that, you can see here this is an incredibly important year for us, not for revenue, but for establishing our presence in MRD. And you can see here that there are catalysts both related to submissions and publications that will happen throughout the year. I'll also call out in terms of the overall cancer care continuum, we expect to introduce and share news on one or a small number of important strategic partnerships that will allow us to, again, more comprehensively serve the cancer care opportunity. Okay. Let me conclude with this slide. This is an energizing time for the new Myriad. We're at an inflection point. We have absolute clarity on our new strategy on the areas of focus, again, cancer care being the most important part of that. Together with that, we have a robust pipeline more robust than we've had in 5 years of new products that we're bringing to market, and that includes not only ones that we've developed internally along with the ones that we're bringing through partnerships to serve high-growth market opportunities. Yes, we are BRCA1, BRCA2, we are hereditary cancer company, but we are more than that, and these products will help solidify our position across cancer care. Along with that, we're going to leverage the strengths that we build in operational capabilities sample processing, reporting together with the commercial expansion that we have. We're also strengthening our leadership team now, and I believe that we have now an improving combination not just at my CEO staff level, but across many parts of the organization where there's the right combination of domain knowledge and genomics and diagnostics and cancer together with experience. Now you put that together with this deliberate efforts, programmatically and culturally strengthen execution excellence, roll that all together, we have absolute substance and confidence to grow revenue going forward, high single digit to low double digit. Thank you for listening, and I look forward to your questions.

Can we please invite Ben Wheeler, the CFO, on the stage, please? If you have questions, please raise your hand. Sam, in the meanwhile, maybe I can get the ball rolling with a few questions that do not let me speak.

Please.

Firstly, it's been a couple of years that you joined the company and a month less than a year since you became the CEO. What do you think has changed in the meanwhile?

Yes, there's been a number of changes. I'd offer you the following. We've redefined the focus of the company and the strategy. And we've defined the focus on the cancer care continuum. That's one. We've also had a number of changes in leadership. If you look at the CEO staff, more than half of us are in new positions. So I think we have the right combination of leaders that can take the company forward. We've also started building a new level of rigor and discipline in how we plan and how we exit. You put that together with a robust pipeline. I think these are the most important changes that have happened in the last 12 months.

Okay. And you've put forward a multiyear plan to increase your revenue growth to high single digits or low double digits. What do you think are maybe 2 or 3 pillars that the investors should focus on during this?

Yes. It's tied to the answer to the first one. Again, we believe a very important part of our growth will be the foundational products that and continuing to see performance there. Proprietary cancer continues to be a cornerstone that will continue to do well. Equally importantly, it is about the new products. And this is as much about the promise for the future years and how we're going to accelerate growth. But the effective timely launches of these products will be a very important thing to keep an eye on. And then thirdly, again, doing what we say we're going to do consistently. So every quarter being able to meet the expectations we've set for ourselves, not only in terms of financials, but in terms of the product launches and other important catalysts that I laid out. These are the things that will be important to our success this year.

Okay. Moving on to the cancer care side of things. On the hereditary cancer testing is still a very big piece of the Media story, and we see that from the Q4 as it has been one of the biggest driver of revenue. So with the strong oncology and the unaffected volume growth, where do you think this trend is leading you into 2026 at that we see in testing?

Hereditary cancer, again, as I said, it's a $7 billion market opportunity. The $5 billion part of the market is less than 20% penetrated. We believe the combination of the new product, the updated MyRisk panel that we launched in Q4, the new disease-specific panels that we will be launching coming up in the next half that I talked about, along with, by the way, NCCN guidelines continue to expand where hereditary cancer can be used. And the other market activating things that I talked about, we did. This gives us a dance to grow this continued growing in a very healthy way and delivering a significant amount of profit which is important for hereditary cancer in patients, but it's also a very important way for us to fund our intentions as we expand in cancer care.

And on Prolaris, can you throw some light on the AI enabled version of Prolaris? How does it change things from Myriad? And how does Myriad win back the share?

Yes, great question. Listen, the fact is that over the last couple of years, we've been just holding steady. And that means that we have been losing share. We are very excited, and we're really energized to see the market reception even with the announcement that we would be bringing an AI-based test to market. That, together with the KOL engagement that we've had the expansion that we've already put in place, and we'll be continuing to do on the Prolaris or the urology sales team, I think, gives us an opportunity to return to growth for our prostate cancer, arisen test in 2026. And then again, I said this is our first AI-enabled launch, they'll be more in the coming years. So now this is the opportunity to accelerate growth in prostate cancer.

So, are there any questions in the room? Okay. I have a few more questions, if I can pick your brain, please. On MRD, you mentioned that we'll be having a controlled launch the reimbursements. So what does success in 2026 look like for MRD?

Yes, there's a number of things. This was such an important year for us in MRD. It is first market related to this is starting clinical testing for a select number of customers. It is the submission for MolDx for a number of tests that I mentioned, breast, colorectal, renal. And it also means for those in a controlled way, the customers that we're doing testing for that we are closely working with them to understand their experience, understanding their ordering patterns and see what's the level of repeating testing. These are important for MRD success this year.

Okay. Great. And you mentioned about the collaboration with SOPHiA Genetics or MSK? How would you define success in this collaboration?

Yes. So again, where we're starting off with the collaboration is really focused to be able to serve pharma partners in the biomarker selection, development and CDx development registration. So signing up one or multiple agreements to start leveraging this, we're in various conversations already, but actually initiating that work will be an important milestone and measure of success for that partnership.

And could we perhaps be seeing more partnerships or collaborations in 2026 or even near term?

Yes. Yes, as I mentioned, and in fact, that's a catalyst. Now listen, it's less about an extensive number of partnerships. It is more about strategic partnerships that we really think can have deep impact. So yes, we would expect to announce one or a small number of other strategic partnerships throughout the course of this year.

Okay. And you mentioned a number of new product launches that the team is planning in 2026. I'm sure these come along with a reasonable number of expenses or the resources that are required to make these expenses. So should an investor expect expenses to jump near term of launches?

Well, I'll start, and Ben, you can always jump in here, too, please. The short answer is this is all contemplated within our plan for 2026. Yes, we will be doing the things, as I mentioned, to drive awareness, understanding and demand for our products, working with KOLs and other things to really activate. But the funding for that in part is paid for, if you will, by some strategic moves we made restructuring and other cost management things that we did in October of last year. And the other spend is part of our plan. So in terms of a bolus of spend, I believe that was the question. That is not something that an investor should expect.

Yes. I think the only thing that I would add is Sam spoke to the $35 million multiyear investment that is contemplated to those new product introductions are contemplated in that multiyear investment. And again, just to reiterate that, that investment is contemplated in the guide. So we would expect a modest increase in OpEx year-over-year, again, contemplated in the 2026 guide.

Okay. And what would you say are the top 3 priority catalysts out of the number of things that we are looking out for in 2026?

Yes. First, I would give you the category called MRD. So we've already talked about that. There's a lot of sub catalysts in there, again, starting the testing, getting the MolDX submissions and so forth. Next, I think Prolaris with AI is the important catalyst. Again, that is one of our -- it's a very profitable test for us. It's an important market. And beyond the volume directly for prostate cancer testing, it also has the opportunity to pull through my risk and other tests. And third, I would say it is really about the announcement and being able to initiate a strategic partnership that allows us to further tap into serving the cancer care continuum.

And talking about these new launches, how much of your 2026 revenue that we are guiding do you expect to be arriving from the new launch products versus the existing products?

Ben, do you want to take this one?

Absolutely. So yes, we're excited about 2026 for lots of reasons. Sam's spoken to all of those. The guide, however, is centered on our core products. And so the revenue guide of $860 million to $880 million is focused on our core portfolio. There's an immaterial implication or impact considered from new product introductions in that guide.

Okay. And with your long-term goal, like we have discussed already, what do you think are the key levers that support this growth acceleration? And how do you think ASP plays a trend in those factors?

Yes. So when we think about the long-range plan and the acceleration of Again, Sam spoke very well to the focus on the cancer care continuum. We need to build on our leadership position in hereditary cancer and HRD. We need to expand into offerings in MRD and in CGP. And then when we think about how ASP plays into that, our view regarding ASP as it relates to the hereditary cancer franchise is that there's going to be modest pressure downwards looking forward down 1% to 2% downward. And then Sam spoke to this as well when we think about prenatal and mental health, we expect some stability in ASP there when we look forward across the LRP period.

Okay. And probably one last question in the interest of time. We also spoke about investing to set up the growth inflection coming up in 2027. What do you think are the biggest swing factors in achieving both revenue and margin?

Do you want to start?

Sure. Happy to. Yes. So again, as Sam mentioned, we took some reorganization efforts in Q3 in order to be able to reallocate $35 million in order to accelerate growth. I think that's key in order to enable that acceleration in '26 to set us up in '27 and beyond.

Yes, well answered. I mean the other 2 factors is, listen, we're being very deliberate in a controlled way to increase funding for commercial capabilities. And that will have an impact in the second half of the year and going into next year. And of course, again, it's the new portfolio of products, the pipeline that will set us for not just a good year, but really for 2027.

Perfect. That brings us to the end of the presentation and the Q&A. Thank you, team.

Thank you.

Thank you.