Financial Data and Key Metrics Changes - Total company revenues for Q1 2024 were $15.8 billion, an increase of 9% or 12% excluding foreign exchange impact [9][10] - Gross margin improved to 81.2%, up 4.3 percentage points, driven by reduced royalty rates and favorable product mix [11] - Earnings per share were $2.07, which includes a $0.26 negative impact from acquisition-related charges [11][12] Business Line Performance Changes - Human Health business grew by 13%, driven by Oncology and Vaccines [9] - KEYTRUDA sales increased by 24% to $6.9 billion, with strong demand across various cancer indications [10] - GARDASIL sales rose by 17% to $2.2 billion, benefiting from global demand and shipment timing [10] Market Performance Changes - Sales in the Animal Health business increased by 4%, with growth in both companion animal and livestock products [9][10] - The impact of foreign exchange was primarily due to the devaluation of the Argentine peso, which was offset by inflation-related price increases [9] Company Strategy and Industry Competition - The company is focused on strategic business development and innovation, with a strong pipeline in cardiometabolic, oncology, and vaccine sectors [5][6] - Recent FDA approval for WINREVAIR marks a significant milestone, with expectations for a strong commercial launch [6][14] - The company aims to leverage its clinical research and regulatory expertise to enhance its competitive position in the market [7][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational strength and growth potential, raising full-year revenue guidance to between $63.1 billion and $64.3 billion [12][13] - The company is optimistic about the successful launch of WINREVAIR and its potential impact on patient care [14][41] - Management highlighted the importance of ongoing investments in innovation and the potential for new product approvals in the near future [15][24] Other Important Information - The company is committed to maintaining a strong dividend and plans to increase it over time [15] - There are significant clinical advancements in the pipeline, including new vaccines and therapies for various diseases [16][18] Q&A Session Summary Question: Thoughts on the opportunity in obesity and its alignment with current footprint - Management is excited about the cardiovascular metabolic build-out and recognizes the potential in obesity treatments, emphasizing the need for distinct molecules for different patient populations [26][27] Question: Differentiation of KRAS G12C assets in a crowded market - Management highlighted the importance of potent compounds with strong efficacy and the potential for combination therapies to maintain dose without modifications [28][29] Question: Updates on immunology and CNS programs - Management confirmed that the TL1A program for ulcerative colitis is in Phase 3 and recruiting, with plans to expand into other diseases [30][31] Question: Insights on pneumococcal vaccine V116 and ACIP recommendations - Management expressed confidence in V116's data and its potential for broader coverage, anticipating positive recommendations from ACIP [34][35] Question: Contribution of WINREVAIR to guidance - Management refrained from providing specific product-level guidance but expressed optimism about the launch and early prescription trends [39][40]

Core Viewpoint - Merck reported strong first-quarter 2024 results, exceeding earnings and revenue estimates, driven primarily by the performance of its oncology products, particularly Keytruda, and raised its guidance for the year despite foreign exchange headwinds [1][9]. Financial Performance - Adjusted earnings per share (EPS) for Q1 2024 were $2.07, surpassing the Zacks Consensus Estimate of $1.94, with a year-over-year increase of 48% [1]. - Revenues increased by 9% year over year to $15.78 billion, exceeding the Zacks Consensus Estimate of $15.32 billion [1][2]. Segment Performance - The Pharmaceutical segment generated $14.0 billion in revenues, up 9% year over year, driven by oncology drugs and vaccines, despite lower sales in diabetes medications [2][3]. - Keytruda sales reached $6.95 billion, a 24% increase year over year, benefiting from new indications and strong momentum in metastatic cases [2][3]. - Alliance revenues from Lynparza and Lenvima contributed positively, with Lynparza sales at $292 million (up 7%) and Lenvima at $255 million (up 10%) [3]. - HPV vaccine sales rose 17% to $2.25 billion, although they fell short of expectations [3][4]. Margin and Cost Analysis - Adjusted gross margin improved to 81.2%, up 430 basis points year over year, aided by a favorable product mix [6]. - Adjusted R&D spending decreased to $4.0 billion from $4.3 billion in the previous year, reflecting lower M&A-related costs [6]. 2024 Guidance - Merck raised its revenue guidance for 2024 to a range of $63.1 to $64.3 billion, with adjusted EPS expected between $8.53 and $8.65 [7][8]. - The adjusted gross margin is anticipated to be around 81%, an increase from previous estimates [7]. Strategic Developments - Merck is poised for future growth with eight potential new product approvals expected between 2025 and 2030, including V116 and Winrevair, which are anticipated to generate significant revenues [10].

Core Insights - Merck reported better-than-expected quarterly results, driven by strong sales of Keytruda and Gardasil, leading to an increase in share price [1][3] - The company raised and narrowed its 2024 profit and sales outlook, indicating confidence in future performance [1][3] Financial Performance - Adjusted earnings per share (EPS) for the first quarter were $2.07, with revenue increasing by 8.9% to $15.78 billion, surpassing forecasts [1][3] - Keytruda sales rose by 19.9% to $6.95 billion, attributed to increased demand in earlier-stage and metastatic indications, although impacted by the devaluation of the Argentine peso [2] - Gardasil revenue advanced 14.0% to $2.25 billion, driven by rising sales in China and the U.S. public sector, along with higher pricing [2] Future Outlook - The company anticipates full-year adjusted EPS between $8.53 and $8.65, an increase from the previous estimate of $8.44 to $8.59 [3] - Projected sales for the year are expected to be in the range of $63.1 billion to $64.3 billion, up from the earlier estimate of $62.7 billion to $64.2 billion [3]

Core Insights - Merck reported revenue of $15.78 billion for Q1 2024, an increase of 8.9% year-over-year, with EPS at $2.07 compared to $1.40 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate by 2.95%, while EPS surpassed the consensus estimate by 6.70% [1] Financial Performance Metrics - Hospital Acute Care sales for Bridion in the U.S. reached $329 million, exceeding the average estimate of $301.76 million, marking a year-over-year increase of 19.2% [3] - International sales for Bridion were $111 million, below the average estimate of $124.70 million, reflecting a year-over-year decline of 47.1% [3] - Oncology sales for Keytruda in the U.S. were $4.12 billion, matching analyst estimates and showing an 18.2% increase year-over-year [3] - Animal health segment revenues totaled $1.51 billion, slightly below the average estimate of $1.55 billion, with a year-over-year increase of 1.3% [3] - Sales for Pneumovax vaccines were $61 million, below the average estimate of $70.63 million, representing a year-over-year decline of 36.5% [3] - Sales for RotaTeq vaccines were $216 million, below the average estimate of $260.45 million, indicating a year-over-year decrease of 27.3% [3] - Sales for ProQuar/M-M-R II/Varivax vaccines were $570 million, exceeding the average estimate of $544.16 million, with an 8% year-over-year increase [3] - Sales for Gardasil vaccines were $2.25 billion, slightly below the average estimate of $2.28 billion, reflecting a 14.1% year-over-year increase [3] - Alliance revenue for Reblozyl was $71 million, surpassing the average estimate of $68.77 million, with a significant year-over-year increase of 65.1% [3] - Alliance revenue for Lenvima was $255 million, below the average estimate of $265.43 million, showing a year-over-year increase of 9.9% [3] Stock Performance - Merck's shares have returned -3.6% over the past month, compared to a -3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

[First-Quarter 2024 Financial Results](index=1&type=section&id=First-Quarter%202024%20Financial%20Results) [Financial Highlights & Summary](index=1&type=section&id=Financial%20Highlights%20%26%20Summary) Merck reported strong Q1 2024 results with a 9% increase in worldwide sales to $15.8 billion, driven by robust growth in Oncology and Vaccines, and raised its full-year outlook Q1 2024 Financial Summary | Metric | Q1 2024 | Q1 2023 | Change | Change (Ex-FX) | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $15,775 Million | $14,487 Million | 9% | 12% | | **GAAP Net Income** | $4,762 Million | $2,821 Million | 69% | 76% | | **Non-GAAP Net Income** | $5,279 Million | $3,564 Million | 48% | 54% | | **GAAP EPS** | $1.87 | $1.11 | 68% | 76% | | **Non-GAAP EPS** | $2.07 | $1.40 | 48% | 54% | - Sales growth was primarily driven by strong performance in the Oncology and Vaccines portfolios[1](index=1&type=chunk) - KEYTRUDA sales grew **20%** to **$6.9 billion**, and GARDASIL/GARDASIL 9 sales grew **14%** to **$2.2 billion**[1](index=1&type=chunk) - The company raised and narrowed its full-year 2024 worldwide sales outlook to between **$63.1 billion** and **$64.3 billion**, and its Non-GAAP EPS range to between **$8.53** and **$8.65**[1](index=1&type=chunk) [Sales Performance Review](index=3&type=section&id=Sales%20Performance%20Review) Total sales grew 9% to $15.8 billion, driven by the Pharmaceutical segment's 10% increase, primarily from KEYTRUDA and GARDASIL [Pharmaceutical Sales](index=3&type=section&id=Pharmaceutical%20Sales) Pharmaceutical sales rose 10% to $14.0 billion, driven by strong growth in KEYTRUDA and GARDASIL, while JANUVIA/JANUMET declined due to generics Top Pharmaceutical Product Sales (Q1 2024 vs Q1 2023) | Product | Q1 2024 Sales ($ Million) | Q1 2023 Sales ($ Million) | Change | Change (Ex-FX) | | :--- | :--- | :--- | :--- | :--- | | **KEYTRUDA** | 6,947 | 5,795 | 20% | 24% | | **GARDASIL/GARDASIL 9** | 2,249 | 1,972 | 14% | 17% | | **JANUVIA/JANUMET** | 670 | 880 | -24% | -21% | | **PROQUAD, M-M-R II, VARIVAX** | 570 | 528 | 8% | 8% | | **BRIDION** | 440 | 487 | -10% | -8% | | **VAXNEUVANCE** | 219 | 106 | 106% | 106% | - KEYTRUDA's growth was driven by increased uptake in earlier-stage indications like triple-negative breast cancer and renal cell carcinoma, as well as continued strong demand in metastatic indications[7](index=7&type=chunk) - GARDASIL's growth was attributed to strong demand, particularly in China, which also benefited from the timing of shipments, and public-sector buying patterns in the U.S[7](index=7&type=chunk) [Animal Health Sales](index=4&type=section&id=Animal%20Health%20Sales) Animal Health sales increased 1% to $1.5 billion, primarily due to higher pricing offsetting lower volumes, with Companion Animal sales up 3% Animal Health Sales Breakdown (Q1 2024 vs Q1 2023) | Segment | Q1 2024 Sales ($ Million) | Q1 2023 Sales ($ Million) | Change | Change (Ex-FX) | | :--- | :--- | :--- | :--- | :--- | | **Total Animal Health** | 1,511 | 1,491 | 1% | 4% | | **Livestock** | 850 | 849 | 0% | 4% | | **Companion Animal** | 661 | 642 | 3% | 4% | - Growth was primarily driven by higher pricing, which was partially offset by lower volumes[8](index=8&type=chunk) - Sales of BRAVECTO were **$332 million**, representing growth of **6%** (**7%** ex-FX)[8](index=8&type=chunk) [Expense and Earnings Analysis](index=4&type=section&id=Expense%20and%20Earnings%20Analysis) Profitability improved in Q1 2024 with expanded gross margins and decreased R&D expenses, leading to substantial growth in both GAAP and Non-GAAP EPS [GAAP Results Analysis](index=5&type=section&id=GAAP%20Results%20Analysis) GAAP Gross Margin increased to 77.6% due to favorable product mix, while R&D expenses decreased to $4.0 billion, leading to higher GAAP EPS - Gross margin increased to **77.6%** from 72.9% in Q1 2023, primarily due to favorable product mix (including lower royalty rates for KEYTRUDA and GARDASIL/GARDASIL 9)[12](index=12&type=chunk) - R&D expenses decreased to **$4.0 billion**, primarily due to lower charges for business development activity compared to the prior year[13](index=13&type=chunk) - The effective tax rate was **15.9%**, compared with 22.6% in Q1 2023[14](index=14&type=chunk) [Non-GAAP Results Analysis](index=5&type=section&id=Non-GAAP%20Results%20Analysis) Non-GAAP Gross Margin improved to 81.2% due to favorable product mix, with Non-GAAP R&D expenses decreasing, resulting in higher Non-GAAP EPS of $2.07 - Non-GAAP gross margin increased to **81.2%** from 76.9% in Q1 2023, driven by favorable product mix and foreign exchange[15](index=15&type=chunk) - Non-GAAP R&D expenses were **$4.0 billion**, down from $4.3 billion in Q1 2023, due to lower charges for business development[17](index=17&type=chunk) - The non-GAAP effective tax rate was **16.1%**, compared to 20.4% in the prior year[18](index=18&type=chunk) [GAAP to Non-GAAP Reconciliation](index=6&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) Reconciliation from GAAP EPS of $1.87 to Non-GAAP EPS of $2.07 reflects a $0.20 per share difference, primarily from acquisition and restructuring cost adjustments Q1 2024 EPS Reconciliation | Item | Per Share Amount | | :--- | :--- | | **GAAP EPS** | **$1.87** | | Difference | $0.20 | | **Non-GAAP EPS** | **$2.07** | Q1 2024 Excluded Items (Pre-tax, $ Million) | Item | Amount ($ Million) | | :--- | :--- | | Acquisition- and divestiture-related costs | $496 | | Restructuring costs | $246 | | Income from investments in equity securities | ($116) | [Pipeline and Portfolio Developments](index=7&type=section&id=Pipeline%20and%20Portfolio%20Developments) Merck achieved significant regulatory and clinical milestones, including FDA approval for WINREVAIR, expanded KEYTRUDA indications, positive vaccine data, and the acquisition of Harpoon Therapeutics - Received FDA approval for **WINREVAIR**, a first-in-class biologic for adults with pulmonary arterial hypertension (PAH)[21](index=21&type=chunk) - **KEYTRUDA** received European approval for resectable NSCLC and FDA Priority Review for frontline advanced endometrial cancer[22](index=22&type=chunk) - Shared positive Phase 3 data for **V116**, an investigational 21-valent pneumococcal conjugate vaccine for adults[23](index=23&type=chunk) - Completed the acquisition of **Harpoon Therapeutics**, expanding the oncology pipeline with novel T-cell engagers[26](index=26&type=chunk) - Announced plans for clinical trials of a new multi-valent HPV vaccine and a single-dose regimen for **GARDASIL 9**[23](index=23&type=chunk) [Full-Year 2024 Financial Outlook](index=9&type=section&id=Full-Year%202024%20Financial%20Outlook) Merck raised its full-year 2024 financial guidance, with worldwide sales now expected between $63.1 billion and $64.3 billion and Non-GAAP EPS between $8.53 and $8.65 Full-Year 2024 Financial Outlook | Metric | Updated 2024 Outlook | Prior 2024 Outlook | | :--- | :--- | :--- | | **Sales** | $63.1 to $64.3 billion | $62.7 to $64.2 billion | | **Non-GAAP Gross Margin** | Approx. 81% | Approx. 80.5% | | **Non-GAAP Operating Expenses** | $25.2 to $26.1 billion | $25.1 to $26.1 billion | | **Non-GAAP EPS** | $8.53 to $8.65 | $8.44 to $8.59 | - The sales outlook includes an estimated negative impact of approximately **3%** from foreign exchange[34](index=34&type=chunk) - The Non-GAAP EPS outlook includes a charge of **$0.26 per share** for the Harpoon acquisition and an estimated negative foreign exchange impact of approximately **$0.30 per share**[36](index=36&type=chunk) [Appendix: Detailed Financial Tables](index=13&type=section&id=Appendix%3A%20Detailed%20Financial%20Tables) [Consolidated Statement of Income (GAAP)](index=13&type=section&id=Consolidated%20Statement%20of%20Income%20(GAAP)) The GAAP consolidated statement of income for Q1 2024 shows total sales of $15.775 billion, with net income attributable to Merck at $4.762 billion, resulting in diluted EPS of $1.87 Q1 2024 Consolidated Statement of Income (GAAP, $ Million) | Line Item | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Sales** | 15,775 | 14,487 | 9% | | Cost of sales | 3,540 | 3,926 | -10% | | Research and development | 3,992 | 4,276 | -7% | | **Income Before Taxes** | 5,670 | 3,650 | 55% | | **Net Income Attributable to Merck** | 4,762 | 2,821 | 69% | | **Earnings per Share (Diluted)** | $1.87 | $1.11 | 68% | [GAAP to Non-GAAP Reconciliation](index=14&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) This table details the reconciliation of Q1 2024 GAAP to Non-GAAP results, adjusting for acquisition and restructuring costs to reconcile income before taxes and EPS Q1 2024 GAAP to Non-GAAP Reconciliation Summary ($ Million) | Line Item | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | **Income Before Taxes** | 5,670 | 626 | 6,296 | | **Net Income Attributable to Merck** | 4,762 | 517 | 5,279 | | **Earnings per Share (Diluted)** | $1.87 | $0.20 | $2.07 | [Franchise / Key Product Sales](index=15&type=section&id=Franchise%20%2F%20Key%20Product%20Sales) This table provides a detailed breakdown of Q1 2024 sales by franchise and key products, highlighting top performers like KEYTRUDA, GARDASIL, and Animal Health Select Product Sales (Q1 2024 vs Q1 2023, $ Million) | Product/Franchise | Q1 2024 | Q1 2023 | Nom % Change | | :--- | :--- | :--- | :--- | | **Total Sales** | 15,775 | 14,487 | 9% | | **Pharmaceutical** | 14,006 | 12,721 | 10% | | Keytruda | 6,947 | 5,795 | 20% | | Gardasil/Gardasil 9 | 2,249 | 1,972 | 14% | | Januvia/Janumet (Total) | 670 | 880 | -24% | | **Animal Health** | 1,511 | 1,491 | 1% |

Core Insights - Merck reported strong first-quarter results, exceeding expectations in both revenue and adjusted earnings, driven by sales of Keytruda and vaccine products [1][2] - The company raised its full-year revenue forecast to between $63.1 billion and $64.3 billion, and adjusted earnings per share to $8.53 to $8.65, reflecting positive growth outlook [1][2] Financial Performance - First-quarter adjusted earnings per share were $2.07, surpassing the expected $1.88, while revenue reached $15.78 billion, exceeding the forecast of $15.20 billion [2] - Net income for the quarter was $4.76 billion, or $1.87 per share, compared to $2.82 billion, or $1.11 per share, in the same period last year [2] - Revenue increased by 9% year-over-year, indicating strong performance despite upcoming patent expirations for Keytruda [2] Strategic Initiatives - Merck is preparing for the patent expiration of Keytruda in 2028, which is expected to impact sales, but has new drug launches and deals to mitigate losses [2][3] - The recent approval of Winrevair, a treatment for a severe lung condition, is projected to generate worldwide sales of up to $5 billion by 2030 [3] - The company is implementing a restructuring program aimed at improving its manufacturing network, with $246 million in charges recorded in the first quarter [3]

Core Viewpoint - Merck is expected to report Q1 2024 results with revenue of $15.2 billion and adjusted earnings of $1.97, driven primarily by Keytruda and Gardasil sales growth [1][4]. Financial Performance - Merck's stock has increased by 55% from $80 in January 2021 to approximately $125 currently, outperforming the S&P 500's 35% increase during the same period [1]. - The stock performance has been inconsistent, with returns of -6% in 2021, 45% in 2022, and -2% in 2023, underperforming the S&P 500 in 2021 and 2023 [2]. - The previous quarter's revenue was $14.6 billion, a 6% year-over-year increase, primarily due to Keytruda and Gardasil sales [4]. Key Growth Drivers - Keytruda is projected to generate around $7 billion in quarterly sales, reflecting high teens year-over-year growth, while Gardasil is expected to see mid-teens sales growth [1][5]. - Keytruda has received five new U.S. FDA approvals since October, which is anticipated to support its sales growth [5]. - Gardasil is experiencing strong demand in China, a trend expected to continue [5]. Valuation and Market Position - Merck's current valuation is estimated at $134 per share, closely aligned with its market price of $127, trading at 5x revenues compared to a 4.5x average over the last five years [3]. - The company expects full-year 2024 revenue to be between $62.7 billion and $64.2 billion, with earnings projected between $8.44 and $8.59 per share [4].

Core Viewpoint - Merck is expected to report first-quarter 2024 results on April 25, with a consensus estimate for total revenues at $15.34 billion, driven by strong sales of its key products, particularly Keytruda and Gardasil [1][2]. Group 1: Revenue Estimates and Key Products - The Zacks Consensus Estimate for Merck's Pharmaceutical unit is $13.53 billion, with an estimate of $6.80 billion for Keytruda sales, which accounts for approximately 42% of the company's pharmaceutical sales [2][3]. - Keytruda's sales growth is attributed to increased uptake in earlier-stage indications and its recent approval for early-stage non-small cell lung cancer [2][3]. - Gardasil sales are expected to reach $2.28 billion, with growth driven by strong international demand and higher pricing in the U.S. [4][5]. Group 2: Strategic Initiatives and Product Pipeline - Merck is pursuing innovative strategies to enhance Keytruda's long-term growth, including combinations with other immuno-oncology agents and a partnership with Moderna for a personalized mRNA therapeutic cancer vaccine [4][5]. - The company is expanding its manufacturing capacity for Gardasil and targeting broader age cohorts for vaccination [5]. - Merck has eight potential new product approvals expected between 2025 and 2030, with V116 and Winrevair identified as significant revenue generators [6]. Group 3: Earnings Performance and Market Position - Merck has consistently beaten earnings expectations, with an average earnings surprise of 38.17% over the last four quarters [8]. - The stock has increased by 8.5% over the past year, compared to a 13.0% increase for the industry [8]. - Despite a strong product lineup, concerns remain about Merck's dependency on Keytruda and the need for diversification ahead of its patent expiration post-2028 [3][6].

Core Viewpoint - Analysts forecast Merck (MRK) to report quarterly earnings of $2.01 per share, reflecting a year-over-year increase of 43.6%, with revenues expected to reach $15.34 billion, a 5.9% increase compared to the previous year [1] Group 1: Earnings and Revenue Estimates - The consensus EPS estimate has been revised upward by 7% over the last 30 days, indicating analysts' reassessment of their initial forecasts [1] - The anticipated quarterly earnings of $2.01 per share and revenues of $15.34 billion highlight positive growth expectations for Merck [1] Group 2: Specific Sales Projections - Analysts project 'Sales- Oncology- Alliance revenue- Reblozyl' at $68.77 million, a year-over-year increase of 59.9% [2] - The consensus estimate for 'Sales- Vaccines- Pneumovax' is $70.63 million, indicating a decline of 26.4% from the prior year [2] - 'Sales- Vaccines- ProQuar/M-M-R II/Varivax' is estimated at $544.16 million, reflecting a 3.1% increase year over year [2] Group 3: Additional Sales Metrics - 'Sales- Alliance revenue- Lenvima' is expected to reach $265.43 million, showing a year-over-year increase of 14.4% [3] - 'Sales- Hospital Acute Care- Bridion - U.S.' is projected at $301.76 million, indicating a 9.3% increase from the previous year [3] - 'Sales- Oncology- Keytruda - U.S.' is anticipated to be $4.12 billion, reflecting an 18.2% increase year over year [3] Group 4: Animal Health and Vaccine Sales - 'Sales- Animal health - International' is forecasted at $1.05 billion, a 4.2% increase from the prior year [4] - 'Sales- Animal health - U.S.' is expected to be $495.47 million, indicating a 2.8% year-over-year increase [4] - 'Sales- Vaccines- Pneumovax - U.S.' is projected at $28.41 million, reflecting a decline of 29% from the previous year [4] Group 5: Market Performance - Over the past month, Merck shares have returned +1.6%, contrasting with the Zacks S&P 500 composite's -4% change [4]

CNBC's Jim Cramer on Friday noted that major quarterly results from players like Verizon, Meta, Microsoft and Alphabet will be coming next week, but he zeroed in on the importance of the Personal Consumption Expenditures index because it is the real gauge of inflation.Cramer said the Federal Reserve prefers to use the PCE index, not the consumer price index, to best evaluate inflation. If the number comes in too hot, Cramer said any market gains may prove to be short-lived. But if the number is cool, it cou ...