Financial Data and Key Metrics Changes - Total revenue growth for the first nine months of the year was 21%, with recurring revenue growth of 26% [3][4] - The company is focused on maintaining financial discipline while achieving strong financial performance [4] Business Line Data and Key Metrics Changes - The late-stage programs, including Epkinly, RENA-S, and PETO, are expected to have meaningful registrational data and potential launches in 2027 [3][4] - Epkinly has been approved in third-line DLBCL and third-line follicular lymphoma, with ongoing efforts to expand into earlier lines of therapy [22][23] Market Data and Key Metrics Changes - The total addressable market for Epkinly in second-line follicular lymphoma is approximately 9,000 patients across major markets, contributing to a larger total addressable market of around 146,000 [26] - The company anticipates that PETO could exceed $1 billion in sales by 2029, indicating strong market potential [20] Company Strategy and Development Direction - The company has transitioned from a technology and out-licensing model to owning and marketing its own assets, focusing on growth through internal product development and strategic acquisitions [5][6] - The acquisition of Maris is aimed at enhancing capabilities in antibody development, particularly in oncology, and is seen as a natural evolution of the business [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed high confidence in the clinical data for PETO, highlighting its breakthrough therapy designation and strong efficacy in combination therapies [12][13] - The company is optimistic about the upcoming clinical readouts and potential launches, with a focus on maintaining a competitive edge in a crowded market [15][17] Other Important Information - The company is planning to start a phase 2 trial for non-small cell lung cancer, indicating a proactive approach to exploring new indications [46][48] - Aclasunamab is also progressing well in phase 3 trials, with potential to be a significant product in the non-small cell lung cancer market [49] Q&A Session Summary Question: What is the strategy for continuing growth of own products? - The company aims to own at least 50% of new products entering the clinic and has been building out development and commercialization capabilities since 2019 [6][7] Question: What is the rationale behind the Maris acquisition? - The acquisition is focused on enhancing capabilities in antibody development, particularly in oncology, and is expected to add substantial value post-deal close [9][10] Question: How does PETO compare to competition? - Management believes PETO has a strong product profile that could lead to a best-in-class designation, with plans to expand beyond current trials [15][16] Question: What are the expectations for Epkinly's market performance? - The company is confident in Epkinly's potential to reach $3 billion in peak year sales, contingent on successful expansion into earlier lines of therapy [23][27] Question: How does the company plan to manage operating expenses? - The company will invest in areas with clear return opportunities while maintaining efficiency in resource allocation [53][54]

Financial Data and Key Metrics Changes - Total revenue growth for the first nine months of the year was 21%, with recurring revenue growth of 26% [3][4] - The company is focused on maintaining financial discipline while achieving strong financial performance [4] Business Line Data and Key Metrics Changes - The late-stage programs, including Epkinly, RENA-S, and PETO, are expected to have meaningful registrational data and potential launches in 2027 [2][3] - Epkinly has been approved in third-line DLBCL and third-line follicular lymphoma, with ongoing phase three trials aimed at earlier lines of therapy [22][23] Market Data and Key Metrics Changes - The total addressable market for Epkinly is around 146,000 patients across major markets, with a specific focus on expanding into earlier lines of therapy [26][27] - The company anticipates that PETO could exceed $1 billion in sales by 2029, with significant readouts expected next year [20] Company Strategy and Development Direction - The company has transitioned from a technology and out-licensing model to owning and developing its own assets, focusing on antibody therapies in oncology [5][6] - The acquisition of Merus is part of a strategy to enhance capabilities and expand the oncology portfolio, particularly in head and neck cancer [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed high confidence in the clinical data for PETO, highlighting its breakthrough therapy designation and strong efficacy in combination therapies [12][13] - The company is optimistic about the upcoming clinical readouts and potential launches, which are expected to drive growth [20][39] Other Important Information - The company is committed to investing in its late-stage programs while managing leverage, aiming to be below three times gross leverage within 24 months of the Merus acquisition [51] - The focus remains on maximizing the potential of existing products while exploring new opportunities for growth [52] Q&A Session Summary Question: What is the strategy for continuing growth of own products? - The company aims to own at least 50% of new products entering the clinic and has been building out development and commercialization capabilities since 2019 [6][7] Question: What is the rationale behind the Merus acquisition? - The acquisition is intended to leverage existing capabilities in antibody therapies and enhance the oncology portfolio, particularly with PETO [9][10] Question: How does PETO compare to competitors? - Management believes PETO has a strong product profile and plans to expand its clinical trials to enhance its competitive position [15][16] Question: What is the expected timeline for data readouts and launches? - The company expects one or both ongoing phase three trials for PETO to read out next year, with a potential commercial launch in 2027 [20] Question: How is Epkinly positioned in the market? - Epkinly is currently approved for third-line therapies, with ongoing trials aimed at earlier lines, which are crucial for achieving its peak sales target [22][23]

Financial Data and Key Metrics Changes - Total revenue growth for the first nine months of the year was 21%, with recurring revenue growth of 26% [3][4] - The company is focused on maintaining financial discipline while achieving strong financial performance [4] Business Line Data and Key Metrics Changes - The late-stage programs, including Epkinly, RENA-S, and PETO, are expected to have meaningful registrational data and potential launches in 2027 [3][4] - Epkinly has been approved in third-line DLBCL and third-line follicular lymphoma, with ongoing efforts to expand into earlier lines of therapy [24][28] Market Data and Key Metrics Changes - The total addressable market for Epkinly in second-line follicular lymphoma is around 9,000 patients across major markets, contributing to a larger total addressable market of approximately 146,000 [27][28] - The company anticipates that PETO could exceed $1 billion in sales by 2029, indicating strong market potential [21] Company Strategy and Development Direction - The company has transitioned from a technology and out-licensing model to owning and developing its own assets, focusing on building capabilities in the U.S. and Japan [6][7] - The acquisition of Merus is part of a strategy to enhance capabilities in antibody development, particularly in oncology [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed high confidence in the clinical data for PETO, highlighting its breakthrough therapy designation and strong efficacy in combination therapies [12][13] - The company is optimistic about the upcoming clinical readouts and potential launches, particularly in 2026 and 2027 [21][42] Other Important Information - The company is committed to investing in its late-stage programs while managing leverage, aiming to be below three times gross leverage within 24 months of the Merus acquisition [52] - The focus remains on maximizing the potential of existing products while exploring new opportunities for growth [53] Q&A Session Summary Question: What is the strategy for continuing growth of own products? - The company aims to own at least 50% of new products entering the clinic and has been building out development and commercialization capabilities since 2019 [6][7] Question: What is the rationale behind the Merus acquisition? - The acquisition is intended to leverage existing expertise in antibodies and oncology, enhancing the company's growth trajectory [9][10] Question: How does PETO compare to competitors? - PETO is positioned as a potential best-in-class product with strong efficacy data, and the company plans to expand its clinical trials [15][16] Question: What are the expectations for Epkinly's market performance? - The company expects Epkinly to achieve peak year sales of $3 billion, contingent on successful expansion into earlier lines of therapy [24][28] Question: How will the company manage operating expenses with upcoming launches? - The company plans to invest strategically in areas with clear return opportunities while maintaining operational efficiency [55]