大家好，欢迎来到Q1 Medicine Q1 2026 Annual Call。我们来今天开始的会议，欢迎光临。我将做今天的演讲。There will be a question and answer session at this time. I would like to thank you for the company. Hello and welcome. Thanks for joining us. I’m Dan Malach, Investor Relations at Q1 Medicine. Before we begin, please note that you can find additional materials, including the replay of today’s webcast and presentation on the investor relations section of our website, ir.q1medicine.com. I would like to remind all participants that during this call, we make forward-looking statements regarding our company’s future prospects and business strategy. Actual results may differ materially from those indicated in the forward-looking statements due to various factors, including those risks discussed in our most recent quarterly report filed with the SEC. Please also carefully review the forward-looking statements displayed on the slide at the company’s presentation. Revisions between gaps and gaps on financial matters discussed on this call are provided in the next slide presentation, which is posted to our IR website along with our quarterly release. All information in this presentation is as of the date of this presentation. We undertake no duty to update such information unless required by law. Now turning to today’s call, as outlined on slide three, John Oler, Co-founder and Chairman CEO, will provide business updates. Our President, Mark Seifol, will provide updates on our first quarter financial results and 2026 guidance. And Vice President, Global Head of R&D, will discuss our R&D pipeline progress. We will open the call to questions. Joining us today for the Q&A portion of the call will be David Wu, President and Chief Operating Officer; Matt Shaw, General Manager of North America; Mark Nasa, Chief Medical Officer for Solidumers; and Amit Varma, Chief Medical Officer for Immunology. I’ll now pass the call over to John. John. Thank you, Dan, and welcome everyone. Thank you for your time today. We entered 2026 with tremendous momentum and our Q1 performance reflects strong execution across the business and a very solid start to the year. From a financial perspective, we achieved significant product revenue growth and operating margins. These results underpin our confidence to raise our 2026 revenue guidance range by $100 million, as there will be discussed later. Our foundational immunology franchise, Kinza Brucenza, saw our BTK data is rapidly progressing with approval launches and pivotal trials. The expected in the year term, both our immunology and our solid tumor pipeline will be on display next year. Where we have over 60 acceptance. And last year, we will present proof of concept data from three exciting solid tumor programs moving into late stage clinical trials, which I will tell you more about shortly. All beginning today, by highlighting the exceptional commercial and clinical progress of Brucenza, which is firmly established as the foundational BTK inhibitor. Brucenza continues globally to strengthen the growing BTK market with first quarter sales of $1.1 billion representing growth of 38%. We are seeing strong performance in all markets and all indications. Brucenza’s large consistent and expanding body of clinical and real-world evidence has elevated the bench mark for what is possible in celiac. We believe that the data shows that only Brucenza provides the long-term outcomes, the patients and physicians should expect and should demand. From its inception, Brucenza was designed to provide the best-in-class 24-hour BTK inhibition. Our process with achieving complete and sustained BTK inhibition would result in superior therapeutic profile. That has been borne out in the almost seven years since, which I’ll cover in next slides. And last 2025, Brucenza’s new standards provide celiac with six-year progression-free survival reported at 74% and overall survival of 84%. The adjusting for COVID, those are 77% for PFAS and 87% for OS at six years. Celiac and endolid disease and admittedly much of the data across the various medicines for the first three years looks similar, but outcomes beyond those are what truly matter to patients. So this plot on the scatter plot focuses on the landmark reported PFAS in years three through six across these three trials in celiac. On the left, we see the data for Brucenza and the two continuous BTK inhibitors. Recognizing the limitations of cross trial comparisons, the early landmark PFAS rates for Brucenza are higher and continued to verge over time. In year six, that reaches a delta of 12%. The equivalent 18 patients not progressing. On the right, we see even more pronounced delta between Brucenza’s landmark PFAS and that of fixed-ratio regimens, such as Vio. In year six, that’s delta of 11%. For roughly 15 patients in the mutated population, which is majority celiac patients, the difference between continuous Brucenza and Vio is 27%, which is more than 14 patients who started the study. Now AV has not reported the long-term landmark PFAS data to be fully represented on this chart, but we know that the sample size in the young, fit population, which has an age of 61 versus the core is median 70, had the lowest PFAS of any regimen at three years. The last sample size data was April 2024 over two years ago. Additional follow-up data has not been provided though. Of course, exists. Brucenza is the only BTK inhibitor that demonstrates superior efficacy versus Brune, and has been tried. Here we can see the sample size curves from Brucenza and other BTK inhibitors in their respective trial versus Brune and last four factors BTK naive celiac patients. Brucenza demonstrates superiority with a hazard ratio of 0.69 and a P value of 0.0001. When we present the initial early celiac data to the celiac community, the universe of feedback was this is great, but admittedly, we need to see longer follow-up. And there was an important scientific reason for that. The Brune hasn’t known tolerability issues, the potential influence of patient ability to stay on the therapy during early treatment. In the earlier RCTs, celiac Brune had previously showed early PFAS separation from Brune, but that early separation was not sustained. As you can see in the middle panel, celiac actually crossed over and became nearly worse than Brune at roughly 33 months, and reported hazard ratio of 1. And again, while early separation was an encouraging signal, celiac progress was wanted to see with Brucenza sustained separation with longer follow-up to be intense. You can see that now, celiac shows exactly that after these data were presented. The last celiac variants. First of all, with very short follow-up periods of only 18 months, shows the weakest early separation versus Brune with a hazard ratio of 0.845 and a P value of 0.410. The celiac community needs to see much longer follow-up data. First of all, with given this curve, first of all, the biggest challenges demonstrate this is the most superior on PFAS. So what about tolerability? First of all, the solid is a first generation BTK inhibitor, with the hope that it would be more tolerable than the second generation covalent BTK inhibitors. In reality, the Brune’s 314 study, first of all,
Demonstrated markedly more adverse events leading to discontinuation than ever before. This is important because there are potential ramifications for use in specific subgroups, such as older patients, notably in the 313 trial first-line CLL. The average patient’s randomized first-to-sixty-five-year-old, roughly five years younger than the respective first-line trials, for both the second-generation covalent BTKIs, but taken together, results lend follow-up lack of differentiation efficacy and tolerability overruled, and a magnified rationale designed for covalent BTKI resistance do not support moving from the relapse where currently plays a marginal role. Rukindo’s compound’s benefits continue to expand. The consistency of poor data on foundational BCL2 inhibitors. Last quarter, we highlighted three published studies that illustrate Rukindo’s efficacy in CVD benefits over existing fixed-duration agents: BCL, IV, and IV, and that also prevent new events from over 58,000 relapse patients each, which demonstrated significant relapse benefits of Rukindo. While Rukindo’s management of foundational BTK continues, we’re gradually moving to redefine the fixed-duration treatment landscape with our next-generation foundational BCL2 inhibitor. So now, we casually divide the number of the fourteen times more potent and six times more selective than analogs, and with much more half-life than minimal drug mutation, this differentiated profile may enable some more rapid comparison of some modern, but is required by the first generation. The trial study results may strengthen schedule progression well. So, first approval was modest early, but its true transformative potential lies in combination with Rukindo. The clinical data of our generation with the combination of Rukindo and so is truly exciting. In the 101 trial, here, yes, demonstrated a UMRD rate of over 90 percent, a remarkably flat PFS curve and favorable safety profile. This compares very favorably with BCL2, where in much healthier younger population, they saw UMRD of only 34 percent. We look forward to sharing updated data from this trial next year. With three-phase studies underway, the BCL combination has the potential to change the first-line CLL treatment paradigm and enable the one to participate in half of the market where today we have no drugs. Finally, I want to highlight the progress of our BTKI CXL, a novel potential therapy for patients who progress on other treatments. Our BTKI CXL first-in-class achieves complete BTK degradation and holds a clear and significant advantage in terms of BTK mutation coverage. Data presented at 2025 showcased its profound efficacy in heavily pre-treated patients, including those with mutations conferring resistance to both covalent and non-covalent BTK inhibitors. In our phase one study, the patients receiving the recommended 200 mg dose achieved an 94.4 percent overall response rate, with response deepening consistently over time, based on the strong efficacy and favorable safety profile of the molecule. We’re advancing highly ambitious clinical development plans, including several phase three trials that are well underway. We guided to potential accelerated approvals submission in the U.S. We asked for priority CXL in the second half of the year. In summary, our foundational clinical experience has never been stronger. Rukindo’s trial continues global revenue growth, so now is poised to disrupt the fixed-duration market, and our BTKI CXL is leading next-generation CXL. Only BCL is uniquely equipped to provide the best-in-class therapies for every CXL patient, regardless of their stage disease. We’re looking forward to asking in each year where we will have a larger leadership presence, highlighting our foundational medicine and our three rising stars from the solid support portfolio, which will deliver more value. With that, I’ll pass over there to provide our financial update. Thanks, John. In Q1, we sustained strong business momentum across our product portfolio, product revenue reached 1.5 billion in the quarter, representing 34 percent year-over-year growth. Rukindo global revenue totaled 1.1 billion, with strong growth and performance across all approved markets and indications. In the U.S., Rukindo Q1 sales were 761 million, principally driven by volume growth of approximately 28 percent versus Q1 2025. The U.S. mid-single-digit pricing benefit on year-over-year basis would now recurring gross net favorability of approximately 20 million in the period, excluding these items. We continue to expect relatively stable pricing in 2026, consistent with prior commentary. Q1 results reflected typical seasonality patterns across the BTK class, including inventory dynamics and one fewer shipment week in the first quarter. The business performed nicely relative to our range of expectations for the quarter, with increasingly positive demand signals in March, which carried through April. We are confident our performance in the U.S. for the year, and this is reflected in our guidance update. Meanwhile, Tebvirsa reported a 20 percent increase, with sustained market leadership in China despite the competitive environment. We are pleased with contributions from large markets with approximately half of the growth for Tebvirsa coming from markets outside China. Inlazin and other products also showed continued strength, growing 27 percent year-over-year, including robust performance from our NGEN Inlazin portfolio. XGVA continued to perform very well in the quarter, with 90 million revenue. Of note, we did see several biosimilar entrants file for approval in April, which could lead to enhanced competition for XGVA. We are pleased with early market reception for some products, our foundational next-generation BCL2 inhibitor approved in China for post-BTKI CXL SSL and the last priority and CXL. We continue our solid execution across all geographies. The U.S. remains our largest market, generating 766 million with year-over-year growth of 36 percent. China revenue totaled 465 million, a 17 percent increase compared to the first quarter of 2025, of which 5 percent was driven by foreign exchange. We continued to see good performance and sustained leadership from Tebvirsa and Rukindo. Europe contributed 191 million, representing growth of 64 percent. Foreign exchange contributed approximately 11 percent of this growth, given euro strengthening on year-over-year basis. We continued to drive demand growth for Rukindo in Europe in all major markets, and the remaining plenty of opportunity to increase brand share, given Rukindo’s differentiated long-term data across all patient types. While the ABL combination has yet to achieve broad market reimbursement, we have observed BCL2 BTKI fixed-dose treatment gaining traction in some early markets. As we discussed, Europe is a more mature market for these fixed-dose treatments, given the legacy availability of the NCL2 plus Rukindo. The long-term data is clear on efficacy and durability for Rukindo across all patient factors, particularly for the large untreated population, which we expect will continue to support growth moving forward. Rukindo markets grew 104 percent driven by market expansion and new launches in key markets such as Japan and Brazil. Now turning to the other components of our GAT panel, gross margin improved to 89 percent from approximately 85 percent in the prior year. This improvement primarily reflects the benefits from favorable mix, price, and cost efficiencies. Operating expenses grew by 16 percent, totaling 1.1 billion as we invest to support our commercial growth and rapidly advance our innovative pipeline. The widening growth between R&D and R&D is expected to normalize over the course of the year, with both converting to rates consistent with the overall operating growth implied by our full-year guidance. Income from operations totaled 250 million, an increase from 11 million in the prior period. Income tax expense totaled 32 million for the first quarter, primarily
Currently reflecting cash tax expenditures in certain geography, altogether net income total 227 million, with GAAP diluted earnings per share of $1.96. Non-GAAP P&L includes adjustments for intangibles with full recognition provided in the appendix. Non-GAAP income from operations total 414 million in the first quarter, up from 139 million in the prior period, and non-GAAP net income came at $375 million for the first quarter, which translates to diluted non-GAAP earnings per share of $3.24. We generated free cash flow of $161 million in the first quarter, an increase of $173 million over the prior period. Note that operating and free cash flow is typically lower in the first quarter due to working capital seasonality. Now, turning to 2026 financial guidance, we like what we see so far in the year, with strong demand growth and relatively stable pricing. Growth is anticipated in all markets and will benefit from continued global expansion. And we anticipate modest full-year initial contributions from launches of that demand and software, and our guiding for all current and anticipated competitive market dynamics. Given our strong performance and testament recent trends, we now project 2026 revenue to be between 6.3 billion to 6.5 billion, an increase of 100 million of cost of revenue. Our estimate of GAAP gross margin remains in the high 80% range, with continued benefit from mix and a full year of productivity improvements implemented last year. GAAP operating expense expectations are unchanged between 4.7 billion and 4.9 billion. Given our top-line improvement, GAAP operating income estimates are updated to be between 750 and 850 million, with corresponding change in non-GAAP operating income. In summary, we are pleased with our start to year and our confidence with our 2026 shaping up. And with that, I’d like to pass the call over to you. Thank you, everyone. Thank you for joining us today. This highlights recent progress across the pipeline. In technology, we can’t underestimate the incremental and formualment track, which in turn paves the way for next month’s supporting a potential first-team free regime in the study. So is approaching inflation, which us a due position. Exposed alongside EU emission and as more guidelines. All be considered continuing events with potential pivotal face programs in rates, reflects on the world show, and the face three had had study versus proof is on track to completing the months in early 2027. In solution, the world receives our party review in part to positive guidance in parallel. The CDF fouring have two has activated its first phase site, and the GPC three four BB bias specific is rolling a potential pivotal study. In addition, we’re quite an exclusive option to license a novel P one BLCJ four bias specific, which is expected to enter the next year. In energy, we made a data validation not to pursue a report in the maturest rates. What be considered CFC two study is on track to initiate by end. The progress you just saw reflects the very deliberate way we are building our pipeline. Our strategy starts with focus selecting small number of diseases where we believe can lead and then building that not just the single steps. What enables the growth is our in-house technology stack, spanning steps novel PDCs, cells, and emerging platforms like T cell inducers. We’re not bound to a specific or platform alone. We systematically validate our strategy with a variety of modalities to build a pipeline that is deep and sustainable. The engine has clearly excited from 2021 to 2021, with over 11 new modalities building the foundation with assets like Zion and Tesla. Between 2021 and 2023, we added another 10 and means demonstrating consistent productivity and execution. The momentum stepped up again in the last years with 18 and means across small molecules, CDC and bias and choice specificities reflecting the maturation of our in-house platforms. Looking ahead, we expect to see a cadence of roughly 10 and means per year from 2026 and beyond. Innovation at the be one is accelerating, systematic and built to scale. As our innovation engine accelerates, there’s producing broad but intentioned focus the pipeline across all diseases. We have built depth with multiple mechanisms and modalities coexisting within the same indication. This is important because it creates new opportunities for portfolio combinations developed in-house with our own portfolio, which drives higher return investment rather than relying on external assets. 2026 marks the true inflection year for our solution portfolio. After several years of disciplined build out, we now have new wave of new wave programs advancing toward registration. In breast cancer, our CDF fouring have two is moving to late stage development in a large world database. What be some PDCs continue to advance within current studies in clinical trials and breast cancer. In the cancer, the GPC three four BB bias specific represents a focused first-in-class approach designed specifically for CTC with potential pivotal study activation rolling. We’re also advancing our PAMF two, which is already being validated in first settings on the scoring is potential relevance in earlier lines of cells. Finally, based on exciting early data, we’re planning to transform our CTC for the strengthening the solution portfolio. Taken together, our solution pipeline is clearly shifting from early promise to late stage execution, with multiple programs advancing toward meaningful milestones. While several of these programs are we have it in large world studies, the CDF fouring breast cancer, there remains a creation opportunity in a particular customer market. As we said at GPM, there’s much more to do in cancer, and SCC is a clear example. As the sixth most common cancer worldwide, it is the third leading cause of cancer deaths, reflecting its more five years survival rate that our world may not major cancers. A truly differentiated potential game changer producing the setting can mean for improvement outcomes and expand what is already a multi-billion dollar market. The market we just saw SCC demands not only innovation, but a ability to execute with intelligence. Our first-in-class program GPC three four BB is a clear demonstration of our unprecedented clinical execution capability. We moved from first-in-dosing to rolling the first patient in a potential registration study in just the months. This is exceptionally fast for novel bias specific instrument. The escalation was completed in just six months. We have enrolled over 200 patients in 20 months, including over 45 first SCC patients treated in combination with Tesla and bed, giving us early experience of cost clinical clinical settings. Along the way, the program has received fast and often recognition by it. The forum of the display is the simple view of the potential pivotal study design, which all by our C as the point and point. As for 2026, we’ll be in full momentum forward. We have 24 accepted in-patient three all presentations. On the scoring, both the best and the most of our pipeline. You will see the clinical data across programs, including our CDF fouring have two, PDCs and GPC three four BB. We’re joining us our ongoing investor relations events on June first to learn more about our clinical data and what we are excited about this test. Everyone, we move quickly to clinical.
proof concept and advance only programs with the strongest data into latest developments. You can see how this plan is being applied across a portfolio of actions we are taking this year. We are having additional data disclosure this year for programs such as P25 and the CDC. One new aspect like Adam Nai DC and Project One have recently entered the current. At the same time, we have made data-driven departures decisions in programs such as the Green Hub, B2B Hub, Manufacturing Hub, allowing us to reallocate resources toward the potentially highest impact opportunities. This is exactly how our strategy is intended to work: move faster to proof concept, identify the most promising candidates, and invest aggressively to maximize impact. In addition to our focus on our our internal issues, we are further strengthening our pipeline through selective external innovation. B1110 is a good example of that approach and represents a potential outbound for our solution portfolio. What differentiates the transfer from P1 B2B Hub is the addition of a CTO role, which gives the potential for deeper and more durable innovation. Importantly, this creates more opportunities for partnership combinations across our pipeline, including DC and the P2B programs. This program this is on track and to connect next month. We have covered most milestones already, so we just have three remaining challenges. First, we expect in the second phase that in September, more than one million this year extending our beta to other the into new important patient populations. Second, in the half in the second half of this year, assuming the data is approved, we expect an accelerated mission for our B2C data in the last in the last reflect this year. And finally, we anticipate a year’s progress for Denver in first round to pass the expected market meaning for the first milestone solutions. I will now turn back to John. Thanks for now for the questions. Can you please wait for our questions to ensure that we have all the answers. Many answers possible. I’m very grateful. Thank you. If you like your questions, please kindly submit them to the person of the day. And when you come, please remind our person. When our team member is available, please stand up. Thank you. Thank you very much for taking the question. I just want to tell you that the only B2B industry university is Britain. And I’ll find just the answer. And I’m just curious on one of your competitors will also be highlighting their performance versus the result is some of their materials and the recent earnings calls being seventy percent versus production versus three and even twenty seven percent of their best production in the last few years. I’m just wondering if I’m hoping that’s why the sort of sort of the next year. Thank you. Hey, all. Thanks for questions. Appreciate it. And thanks for asking. I’m glad. Yeah, happy to take your um, thank you for the question. So, unequivocally, what we’re saying is correct. Because the only B2B industry university is Britain. In the head of study. So, before I talk about some of the specific problems with the programs, let me just talk about a couple of important underlying principles. So, unequivocally, when the two arms being compared, the standard that’s used is based on relative difference, is actually looking at data as by independent review committee analysis, rather than relying on investigators’ results. This is for the obvious reason that investigator’s results can’t be experimentally controlled. Also, it is important to ensure that there is no difference in investigator’s results. And I’ll come back to that in a minute. The second important aspect is that they should be predefined alpha levels for the groups being tested and the observed results. So, all the claims have to be based on alpha level predefined groups, rather than arbitrary groups. So, that to talk a little bit more specifically about the group three one four B2B programs. Now, what you may see in some of the presentations is the claim of this direction compared with Britain in the relas relas setting of about twenty six percent. But if you actually look at the RCT data and and John has this previous uh in his presentation, what you see is that there are only two events that separate the arms. So the poor arm has reported four events, and the RCT arm has reported three events. So if you compare the investigator’s results, you can see that there is a significant difference, and the extremely high level of importance of the RCTs. Now with the two events difference here, the likelihood of the comparison showing statistically significant, even with longer follow up, seems to be very low. And John made an important point that with a RCT in particular, as patients able to tolerate, we see what happened with the earlier RCTs as well. Now moving on to the treatment naive group, the claim is even more questionable because this is a very small subgroup of the overall population, and according to the DC paper, is not even listed in the higher testing. So this is not a predefined group, and moreover, even in this group, when you look at the RCTs’ difference, that is not statistically significant. And finally, for the treatment naive group, given extremely short follow up of the group study, questions around long-term safety, treatment sequence, as well as overall benefits over other B2B vendors remains quite questionable. So, I think really the conclusion what I can say is, based on all of the data, the evidence only B2B vendor does not appear to be worthy. Thank you. Ah, thanks, and I don’t think that’s a light tackle statistical answer. Thank you. This is the governing chart. I oversee the industry rankings and as a manager, we do this with the data. So, anyway, we’re very comfortable with that statement. Okay, thank you. I’m very glad we have the questions. Thank you. Next question. Please remind now. Good morning. Thanks for the question. Um, one uh, looking at the last year P2L trial, we expect you and our results within the next five years, and the results will be up there. And then for the the B the the the greater um the C2L, what are your findings? What have you heard of qualifying for this approval? Thank you. Thanks a lot for the great questions. I think we’re back here. Yeah, happy to take your questions. So, uh, for the last few um, our questions, let me start by talking a little bit about our study setup. So, just as a quick reminder, the last three ones study effectively has dual primary endpoints. One is the UMD at the end of the treatment in the two arms, and the other is PFS or progression free survival. So, in our case, progression free survival is the primary end point, and is the basis for our findings. So, we expect PFS to be the endpoint that will support a breakthrough for that treatment. UMD is not only a secondary end point, but also remains highly interesting, as well as F1 going from relatively perspective. So, in Q3 this year, I am seeing review the UMD data across the arms, and tell us whether statistically significant has been met or not. If the result of the outcome for UMD, we would disclose that separately at the next presentation opportunity, and the study will continue to be a free trial, eventually unchanged with no change in the study plan. Now, this one thing that is extremely statistically significant was is the extremely high bar, and for the the last three.
第一，我们被第一个研究的生物多样性分布的B D K B C的多样性，分别为：第一，第三类是B O和第二类是B I。I说，我们是分别有百分之七点七到百分之七点五的生物多样性，分别是百分之七点三到百分之七点三。第二类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第三类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第四类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第五类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第六类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第七类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第八类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第九类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第十类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第十一类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第十二类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第十三类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第十四类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第十五类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第十六类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第十七类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第十八类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第十九类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第二十类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第二十一类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第二十二类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第二十三类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第二十四类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第二十五类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第二十六类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第二十七类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第二十八类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第二十九类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第三十类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第三十一类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第三十二类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第三十三类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第三十四类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第三十五类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第三十六类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第三十七类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第三十八类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第三十九类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第四十类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第四十一类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第四十二类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第四十三类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第四十四类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第四十五类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第四十六类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第四十七类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第四十八类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第四十九类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第五十类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第五十一类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第五十二类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第五十三类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第五十四类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第五十五类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第五十六类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第五十七类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第五十八类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第五十九类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第六十类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第六十一类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第六十二类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第六十三类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第六十四类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第六十五类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第六十六类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第六十七类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第六十八类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第六十九类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第七十类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第七十一类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第七十二类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第七十三类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第七十四类是B O和第二类，I说，我们是分别有百分之七点三到百分之七点三。第七十五类是B O和第二类，I说，我们是分别有百分之七点
那那， obviously, approaching two hundred million to spend that little pass through for the for the year. So, overall, we really like the way the business is doing. Um, strange, you know, it’s a very strong performance across all of our geography’s. I think you see really strong growth with our European business. Our Chinese business continues performing, demonstrating leadership, and you know, we’re still very, you know, using just a good analogy, very early innings in the world where the business doubled again in the first quarter. So, we really like this. That that gives us confidence for the guidance of a day with a hundred million dollar improvement across the range. Thanks for the question. Great, thank you. Um, could we move to another question, please? Thank you. Next question is from Michael Smith from Google. And please, me online, ask a question. Hi guys, congratulations on the great first quarter here. Perhaps switching back to the high five question about the changes before the EBITDA segment were, like there’s, you know, things are starting to emerge that are quite interesting. Perhaps could you comment a bit more about the study in second line HCC? How should we think about the efficacy by the second line or are there, um, and then long term, how do you think about the overall operationally as a perhaps in second line HCC and other operations? Thanks. Thanks for the question. Good to hear your voice. And more you may be used. More doesn’t mean we’ll have lines. Happy to address the question. Um, for the, well, in the process, um, having the discussion with our associates, um, to discuss about, you know, the ball, uh, the U.S. dollar, um, the face on the at the school, um, the actual relationship, so, but what have further updates at the school or competition was our our investor relationship, uh, relation events, um, we’re confident about all the data we have seen with this, and certainly we have already rolled, um, over forty patients in the frontline CDC combination with the letter map as well the double map, um, the data is quite encouraging. We’re looking forward to bringing this fact map into patients’ world with the CDC. Thanks so much, Mike. Um, could we jump to the next question? Thank you. Next question is from Benjamin from Citizen. Please, me online, ask a question. Thanks so much. A couple of questions. The first one you mentioned a little bit that the, um, earnings question, more to the growthability of the, you know, expanding the, and then secondly, and the specific growth, so, and so, what can we, um, expect for, would the, would the, be the, important, thank you. Um, thanks, John. Good to hear your voice too. Just asking two questions there. Thank you. Next question. Um, you know, I think that we’re we’re very, very, very, very, very excited about the change in medicine and medication. Um, okay, thank you so much. Um, could we take another question or two, and we probably have to wrap up. Thank you. Next question is from John from Citizen. Please, me online, ask a question. Great, thanks so much. Um, maybe a couple of questions. The the first one you mentioned a little bit that the, um, earnings question, more to the growthability of the, you know, expanding the, and then secondly, and the specific growth, so, and so, what can we, um, expect for, would the, would the, be the important, thank you. Um, thanks, John. Good to hear your voice too. Just asking two questions there. Thank you. Next question. Um, you know, I think that we’re we’re very, very, very, very, very, very excited. The statement that they’re having some national, you know, success and some perspective. I think from our point of view, it’s not something we see widely in the U.S. It’s hard for us to track that. Um, from the CDC perspective, um, I think I do believe that we have our back connected. So let’s see if we can handle that question, and we can hear. Thank you, John. And I hope you can hear me. Um, thank you, John. Super. Thank you for the question. We’re very excited to share our updated data. Um, and as for the CDC progress, we’re very, very
that we are undoubtedly a growth company. You see that in our performance and our guidance. And the second, to do that in a sustainable way, which means driving continuous operating leverage. Now, we’ve talked about moving toward margin expansion continuously, but in a measured way that matches the opportunity in front of us. So we really like the setup to be able to to hit on both of those objectives and look forward to running the business and making a difference relative to our purpose for the long term. Thank you. Thanks a lot, Aaron. And I do want to thank everyone for participating in the call. I think, again, in summary, we delivered a very strong first quarter and a solid start to 2026. We executed against our priorities. We drove revenue growth and we’re raising our full year outlook. At the same time, as you can see, the pipeline is at a really critical phase of execution with foundational strength in immunology and a clear inflection point in solid tumors as our programs are advancing into later stage development. We have demonstrated again the power of the B1 Superhighway and our strategic competitive advantage that we have in executing, which helps make investment in R&D more attractive in our organization than other places in the industry. And again, the aspiration and vision of our company, which we feel closer to than we ever have, is to be the company that is creating the most impact for cancer patients globally. I mean, lots of medicines and lots of indications that are truly game-changing for patients. And I feel more confident today than I ever have that we’re on a path to being that company, not in decades, but in years. I really want to thank the patients and the families that we serve, our physicians and our partners, and our more than 12,000 colleagues and their families who focus and urgency make our progress possible. We’re really encouraged by the momentum. We’re confident where we’re headed, and we’re focused on developing medicines that are great for patients. So thank you all so much for joining us today, and have a wonderful week.
🎧 收听原语音文件
本文由AI自动语音转录生成，内容仅供参考。