BioNTech Se (BNTX) Q3 2023 Earnings Call Transcript

BioNTech Se (BNTX 0.58%)
Q3 2023 Earnings Call
Nov 06, 2023, 8:00 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Welcome to the BioNTech third quarter 2023 update call. I would like to hand the call over to Dr. Victoria Meissner, vice president of strategy and investor relations. Please go ahead.

Victoria Meissner -- Vice President, Strategy and Investor Relations

Thank you. Good morning and afternoon. Thank you for joining us today for BioNTech third quarter 2023 earnings call. As a reminder, the slides that accompany this call and the press release issued this morning can be found in the investor section of our website.

On the next slide, you can see our forward-looking statements disclaimer. Additional information about these statements and other risks are described in our filings made with the U.S. Securities and Exchange Commission. Forward-looking statements on the call are subject to substantial risks and uncertainties, speak only of the call's original date, and we undertake no obligation to update or revise any of these statements.

On Slide 3, you can find the agenda for today's call. Today, I am joined by the following members of BioNTech's management team: our CEO and co-founder, Uğur Şahin; Ozlem Tureci, our chief medical officer and co-founder; Jens Holstein, our chief financial officer; and Ryan Richardson, our chief strategy officer. I would like to turn the call over to Uğur Şahin.

Uğur Şahin -- Co-Founder and Chief Executive Officer

Thank you, Victoria. A warm welcome to all those joining us today. I will summarize our third quarter highlights before turning to my colleagues who will provide further details. Slide 5, let me start by providing an overview of our strategic priorities and latest achievements.

This quarter, we continued to build on our global COVID-19 vaccine leadership with first-to-market omicron XBB.1.5-adapted vaccine launches across multiple regions worldwide. I thank our team and collaborators for their tireless efforts to make this accomplishment possible, again, in such a short period of time. Our COVID-19 Influenza Combination program, run in partnership with Pfizer, leveraging our proprietary mRNA technology, has also reported positive top-line results. The phase 1/2 study evaluating the safety, tolerability, and immunogenicity of co-administered mRNA-based vaccine candidates for COVID-19 and influenza among healthy adults 18 to 64 years of age, when compared to a licensed influenza vaccine, demonstrated robust immune responses to influenza A, influenza B, and SARS-CoV-2 strains, as well as a safety profile consistent with the safety profile of the company's COVID-19 vaccine.

A pivotal phase 3 study will be initiated in the coming months. Our second strategic priority is to advance our oncology platforms by initiating multiple trials with registrational potential. Jointly with our partner DualityBio, we are initiating a pivotal phase 3 trial to evaluate our next-generation antibody conjugate, BNT323, in patients with hormone receptor-positive HER2-low breast cancer who progress on previous standard of care but are chemotherapy-naive. Furthermore, during this quarter, we and our respective collaboration partners published original scientific papers and presented new clinical data across several programs at international scientific congresses, including ESMO and SITC, that will inform our development strategies and next steps for these programs.

Based on the successful results, we have expanded existing collaborations and made new deals with specialized developers, which add to our proprietary toolkit of technologies and strengthen our therapeutic product candidate portfolio. This covers the in-licensing of our HER3-targeted antibody-drug conjugate from MediLink Therapeutics and, as announced today, our plans to bring forward anti-VEGF anti-PD-L1 bispecific antibody in collaboration with our partner Biotheus. Our first strategic priority is to initiate and accelerate clinical programs that target infectious diseases of unmet medical need. In the third quarter, we initiated our first first-in-human trial in infectious disease this year, a program aimed at advancing mRNA-based vaccine candidates for the prevention of mpox, run in partnership with the Coalition for Epidemic Preparedness Innovations.

In summary, we continued our focused execution against our strategic priorities in the third quarter and look forward to additional progress in all three of these areas for the remainder of the year and into 2024. We will share more detail on our oncology, as well infectious disease programs, at our Innovation Series Day in Boston tomorrow, an event that I invite you all to attend in person or online. Slide 6, focusing on our marketed COVID-19 vaccine, Comirnaty. We continue to build on our global COVID-19 vaccine leadership with first-to-market omicron XBB.1.5-adapted vaccine launches.

This was preceded by a robust and successful regulatory process. In late August, European Medicines Agency recommended full marketing authorization for our monovalent XBB.1.5-adapted vaccine. This was followed in September by the U.S. Food and Drug Administration authorizing the adapted vaccines for individuals aged six months to 11 years under emergency use authorization and for those aged 12 and above.

The vaccines have been approved under supplemental Biologics License Application. Second, other national health regulators across the globe, including the U.K., Japan, Canada, and South Korea, have also approved our monovalent adapted vaccine. Within two months, we went from the first regulatory recommendations for an XBB.1.5-adapted vaccine to our first shipments of the respective vaccine. The ability to execute with such speed was enabled by our continued surveillance and analysis of variants of concern; the strength of our mRNA technology, which allows for scalable production; rapid manufacturing and adaptation; and our expertise at navigating the evolving regulatory landscape on a global scale.

Historically, we have seen an increase in COVID-19 hospitalizations in the winter, in line with other common respiratory diseases. On Slide 7, you can see independent ensemble projections across scenarios assuming different vaccination recommendations and immune escape levels. Based on this, it is expected that weekly hospitalizations are likely to increase this winter and have a healthcare impact similar to last year. COVID-19 burden is currently lower than in previous years.

However, the absolute number of hospitalizations and deaths is still high in certain regions with thousands of hospitalizations and hundreds of deaths each week. The emergence of new variants, coupled with the waning of both vaccine and infection-induced immunity, indicates that susceptibility to infection remains a concern and may increase over time. Moreover, the data shown here suggests that providing simple, stable recommendations for updated doses could contribute to improved vaccine coverage over time, mitigating the risks associated with evolving COVID-19 variants. As shown on Slide 8, long COVID has a significant societal and healthcare system impact, with studies indicating that 10% to 20% of SARS-CoV-2 infected individuals may develop symptoms recognized as long COVID.

It is estimated that 36 million people across Europe may have experienced complications arising from COVID-19 weeks after infection, commonly defined as long COVID, from the start of the pandemic to date. Studies show that mRNA vaccination has a significant impact in reducing the development of long COVID by 10% to 45%, depending on the criteria used to define symptoms. The protective effect of mRNA vaccination is largely attributed to its ability to reduce susceptibility to infection. We continue to look closely at the role of mRNA vaccination in addressing the unmet need of long COVID.

Slide 9, studies have demonstrated that natural immunity acquired by SARS-CoV-2 infection is valuable across individuals, and the protection it offers wanes over time. Vaccination can restore and enhance infection-acquired immune protection and further reduce the risk of reinfection. The risk of severe COVID-19 disease remains high in vulnerable populations and that vaccination serves to not only reduce the risk but can also mitigate the risk of long COVID. And pre-clinical data demonstrate that vaccination with XBB.1 descendant lineage containing candidate elicits higher neutralizing antibody to currently circulating variants of concern compared to the responses elicited by previously approved COVID-19 vaccines.

Given all this and our current understanding of COVID-19 seasonality and its burden on healthcare systems during autumn and winter season, we anticipate the need for annual adapted vaccines to be a long-term feature of COVID-19 vaccination practices. With that, I would like to thank you all for your confidence in our success and your continued support. I will now turn the call over to Ozlem.

Ozlem Tureci -- Co-Founder and Chief Medical Officer

Thank you, Ugur. Glad to be speaking with everyone. Today, we will provide a high-level pipeline update. We will delve into the more advanced programs in greater detail at our Innovation Series Day event tomorrow.

Starting with an overview of our infectious disease pipeline on Slide 11. In addition to our marketed product, Comirnaty, we continue to pursue our multipronged innovation strategy to improve upon our vaccine, with next-generation approaches aimed at generating broader and more durable immunity. This includes our stabilized spike vaccine approach being studied in a phase 2 trial and our T-cell-enhancing vaccine candidate in an ongoing phase 1 trial. We believe that our COVID-19 vaccine has the potential to be combined with a seasonal flu vaccine.

Across many parts of the world, people are currently receiving the omicron XBB-adapted vaccine boosters at the same time as their flu shots. A combination product has the potential to provide seasonal protection from both viruses with a single shot. We are working together with our partner Pfizer to develop an influenza combination vaccine, which leverages our mRNA technology. We recently reported phase 1/2 results where our combination candidate showed robust immune responses to influenza A, influenza B, and SARS-CoV-2 strains, as well as a safety profile consistent with the safety profile of our company's COVID-19 vaccine, which met the criteria for advancement to a phase 3 trial.

In addition to the previously mentioned COVID-19 and influenza vaccine programs, we started multiple first-in-human trials of our mRNA vaccine candidates in the last year that addressed shingles, HSV, TB, and mpox. On Slide 12, as expected, SARS-CoV-2 continues to evolve. The omicron XBB sublineages currently account for the majority of COVID-19 cases globally, including the XBB descendant, EG.5.1, whose dominance is growing. Slide 13, we and our partner Pfizer tested for potential effectiveness of an omicron XBB.1.5-adapted monovalent vaccine as a primary series and booster in preclinical models.

You can see here the neutralizing antibody response in mice immunized with our omicron BA.4/BA.5-adapted bivalent vaccine as a booster after two doses of the original BNT162b2 vaccine. One group of mice again received the BA.4/BA.5-adapted bivalent COVID-19 vaccine as a fourth dose and the other group received the new XBB.1.5-adapted monovalent COVID-19 vaccine as a fourth dose. You can see a fourfold to fivefold increase of neutralization of several XBB-related variants when dose 4 is the XBB.1.5-adapted monovalent vaccine as compared to last season's BA.4/BA.5-adapted vaccine. This preclinical data indicate that an XBB.1.5 variant-adapted monovalent vaccine in the pre-vaccinated setting has the potential to induce broad cross-neutralizing antibody titers against multiple XBB sublineages.

We can also see an increase in geometric mean titers of neutralizing antibodies across XBB lineages, including EG.5.1 and BA.2.86, when compared to the previous bivalent BA.4/BA.5 vaccine comparator. Slide 14 shows the design of our ongoing phase 2/3 clinical study, testing the safety, tolerability, and immunogenicity of our omicron XBB.1.5-adapted monovalent vaccine in 700 vaccine-naive and vaccine-experienced participants. While data from this study will be reported in 2024, there is already clinical real-world data shown on Slide 15 demonstrating that our XBB.1.5-adapted vaccine elicited significantly higher neutralizing antibody responses against XBB.1.5, XBB.2.3, EG.5.1, and BA.2.86 compared to pre-vaccination levels. Moving now to our oncology pipeline on Slide 16, which is grounded in our multimodality toolbox and is advancing for focused execution.

We now have one phase 3 study ongoing and the second phase 3 is expected to dose its first patient soon. Gotistobart, our anti-CTLA-4 monoclonal antibody, which we believe offers a differentiated safety profile, a phase 3 clinical trial evaluating its efficacy and safety as monotherapy in metastatic non-small cell lung cancer patients who have progressed on previous IO therapy has started in June this year and will enroll 600 patients. BNT323, our anti-HER2 antibody-drug conjugate, also being studied in a phase 3 clinical trial to assessing its efficacy versus investigator's choice of chemotherapy in patients with hormone receptor-positive HER2-low chemotherapy-naive breast cancer patients whose disease has progressed on at least two lines of prior endocrine therapy or within six months of first-line endocrine therapy plus CDK4 inhibitor. We've also recently initiated two new phase 2 trials.

One in partnership with Genentech is evaluating our individualized cancer vaccine candidate BNT122 in the actual setting for patients with pancreatic cancer. The other in partnership with Genmab is evaluating our BNT311 bispecific conditionally PD-L1x4-1BB agonistic antibody as a second-line treatment for patients with endometrial cancer. Also, as part of our collaboration with Genmab, BNT314, a bispecific antibody designed to boost anti-tumor immune responses through EpCAM-dependent 4-1BB agonistic activity, is ready to move from preclinical to phase 1 clinical testing with the first patient-dosed expected in the next few months. Within our bispecific portfolio, I'm excited about our expanded collaboration with Biotheus announced today.

We've partnered to develop and commercialize PM8002, a bispecific antibody candidate targeting PD-L1 and VEGF-A in various cancer indications. PM8002 is currently being tested in a phase 2/3 study to evaluate the efficacy and safety of a candidate as monotherapy or in combination with chemotherapy in patients with non-small cell lung cancer. PM8002 may lead to reduced systemic toxicity by enriching anti-VEGF activity in the tumor microenvironment. Now, moving on to our antibody-drug conjugate portfolio.

During the quarter, one of our and Duality's ADCs, BNT324, entered a phase 1/2 basket trial. Furthermore, on the ADC front, I would like to note our latest addition, YL202, a candidate being developed in partnership with MediLink. We continue to broaden our access to ADCs because we believe this technology has the potential to replace highly toxic chemotherapy regimens to become a new commoditized combination backbone of cancer treatment. In summary, we can see a diversified clinical oncology pipeline in solid tumor indications of high unmet medical need and more than 30 clinical studies.

On Slide 17, I would like to highlight five across our multiple platforms that have disclosed clinical data in recent medical conferences this autumn. In September, clinical data from the ongoing phase 1/2 clinical trial evaluating BNT323 in patients with advanced and unresectable, recurrent, or metastatic HER2-expressing solid tumors were presented at the ESGO annual meeting. BNT323 was shown to have a manageable safety profile, and no new safety signals were observed. It also demonstrated promising anti-tumor activity in patients with advanced, recurrent, or metastatic HER2-expressing endometrial cancer with an objective response rate confirmed and unconfirmed of 58.8% and disease control rate of 94.1%.

Data at ESMO we presented alongside our partner DualityBio clinical data from the ongoing phase 1/2 trial evaluating our TROP-2-targeted ADC candidate in patients with advanced solid tumors. The data suggested a manageable safety profile at lower dose levels, and encouraging efficacy signals were observed in non-small cell lung cancer patients with unconfirmed objective response rate of 46.2% in six out of 13 evaluable patients and an unconfirmed DCR of 92.3% in 12 out of 13 patients. We also reported data from the ongoing phase 1/2 clinical trial with BNT211 detailing the new dose escalation of Claudin-6 CAR-T cells with and without a Claudin-6-encoding mRNA vaccine for the treatment of Claudin-6-positive relapsed/refractory solid tumors using an automated manufacturing process. BNT211 demonstrated an encouraging anti-tumor activity and, in patients treated at a higher dose level, the addition of CARVac improved CAR-T cell persistence.

The rate of treatment-dependent adverse events was dose-dependent. After determination of a recommended phase 2 dose, BioNTech plans to initiate a pivotal trial in germ cell tumors. Also at ESMO, we presented initial data from our first-in-human phase 1 dose-escalation trial evaluating BNT221, our autologous, fully personalized T-cell therapy directed against selected sets of individualized neoantigens. Using our proprietary NEO-STIM technology on the patient's peripheral blood cells, we expand memory T cells and induce naive T cells, with the aim of generating a strong polyclonal immune response to overcome antigen escape.

The initial results showed a manageable safety profile and tumor regression in several patients with anti-PD-1 and anti-CTLA-4 pretreated advanced or metastatic melanoma. This past weekend at SITC, clinical data was shown from the ongoing phase 1 clinical trial evaluating BNT116, our off-the-shelf mRNA-based cancer vaccine candidate for non-small cell lung cancer patients. The trial evaluates BNT116 alone and in combination with cemiplimab or docetaxel across multiple settings. BNT116 was generally well tolerated, with an expected safety profile as monotherapy and in combination with cemiplimab.

In heavily pretreated non-small cell lung cancer patients, treatment with BNT116 with an optional addition of cemiplimab from cycle 3 onwards showed early clinical activity. These updates show the momentum across our cancer pipeline. This year and next year, we plan to advance our key programs into late-stage development, including multiple programs toward the pivotal stage, with the aim to deliver the next generation of oncology medicines. And with that, I now pass our presentation to our CFO, Jens Holstein.

Jens Holstein -- Chief Financial Officer

Thank you, Ozlem, and a warm welcome to everyone who dialed in today's call. Before we go into the financial details for the third quarter and the first nine months of 2023, I'll start by giving you an overview on some key financial highlights, which you can find on the next slide. Our total revenues reached 2.3 billion euros for the first nine months of 2023 and were significantly derived from sales of our recently approved omicron XBB.1.5-adapted monovalent vaccine, which started to pick up at the end of the third quarter of 2023 and are expected to accelerate for the remainder of the year. Our revenues during the first nine months of 2023 were negatively influenced in the amount of approximately 0.6 billion euros, triggered by writedowns and other charges reported by our collaboration partner Pfizer.

As a reminder, as part of our gross profit share range with Pfizer, writedowns and similar charges by Pfizer reduced the gross profit, which both parties generally share equally, and this ultimately impacts BioNTech's revenue figure. As part of this contractual model, we only commercialize Comirnaty in Germany and Turkey, and commercialization costs remain with the party being responsible for its respective markets. While we have impacted by such writedowns on the top line, our sales and marketing expenses remained low. As we have outlined in earlier earnings calls, the revenue development for COVID-19 vaccines is expected to mimic a flu-like setting.

I will go into more details concerning our financial guidance in the course of the call, but I want to emphasize now that taking the Pfizer announcement and its implications onto the 2023 revenues into account, we have updated our 2023 COVID-19 vaccine revenue guidance of around 5 billion euros to somewhere around 4 billion euros for the full financial year 2023. During the first nine months of 2023, we generated a profit before tax of 0.5 billion euros, which, on top of our operating results, demonstrates our positive financial result generated from our strong financial position, overall, resulting in earnings per share on a fully diluted basis of 1.94 euros. We started into the financial year 2023 with a total amount of 13.9 billion euros in cash and cash equivalents, which we significantly increased due to our steady cash collection. Hence, we have now ended the third quarter of 2023 with 17 billion euros.

This amount comprises approximately 13.5 billion euros reflected as cash and cash equivalents in our financial statements, as well as approximately 3.5 billion euros partly current and partly noncurrent security investments. Subsequent to the end of the quarter, in October 2023, we received 565 million euros in cash from our collaboration partner Pfizer, settling our gross profit share for the second quarter of 2023. Our strong financial position is a strategic advantage. These days, where financial stability is key for companies in this industry, a cash surplus is a tremendous asset.

Our cash position offers us opportunities to invest in capabilities and assets to build a highly innovative later stage R&D pipeline. I'll be moving to our financial results for the third quarter of 2023, as shown on the next slide. Our total revenues reported reached 0.9 billion euros for the third quarter, compared to 3.5 billion euros for the comparative prior-year period and decreased corresponding with a lower COVID-19 vaccine market demand. The already mentioned writedowns by Pfizer reduced our gross profit share in the third quarter by approximately 0.5 billion euros.

Let me move to cost of sales, which amounted to 161.8 million euros in the third quarter of 2023, compared to 752.8 million euros for the comparative prior-year period. For the first nine months of 2023, the cost of sales reached 420.7 million euros, compared to 2.8 billion euros for the comparative prior-year period. The change is in line with decrease in COVID-19 vaccine revenues. Research and development expenses reached 497.9 million euros for the third quarter of 2023, compared to 341.8 million euros for the comparative prior-year period.

For the first nine months of 2023, research and development expenses amounted to 1.2 billion euros, compared to 1 billion euros for the comparative prior-year period. Our R&D expenses are mainly influenced by progressing clinical studies for pipeline candidates; the development of variant-adapted, as well as next-generation, COVID-19 vaccines; and the expansion of our R&D headcount. General and administrative expenses amounted to 144.5 million euros for the third quarter of 2023, compared to 141 million euros for the comparative prior-year period. For the first nine months of 2023, G&A expenses reached 386.6 million euros, compared to 361.8 million euros for the comparative prior-year period.

G&A expenses for the first nine months were mainly influenced by increased expenses for IT services, as well as expanding the G&A headcount. Our profit before tax amounted to 227.4 million euros for the third quarter of 2023, compared to 2.4 billion euros for the comparative prior-year period. As mentioned, this reflects the performance in our financial results derived from our strong financial position. Income taxes were accrued with an amount of 66.8 million euros for the third quarter of 2023, compared to 0.7 billion euros for the comparative prior-year period.

In total, for the first nine months of 2023, income taxes were accrued with an amount of 50.5 million euros, compared to 2.6 billion euros for the comparative prior-year period. The derived effective income tax rate for the first nine months of 2023 were approximately 9.7%, which is expected to change over the 2023 financial year to be in line with the estimated annual cash effective income tax rate of somewhere around 21% for the BioNTech Group. We recognized a net profit during the third quarter of 2023 amounting to 160.6 million euros, compared to 1.8 billion euros for the comparative prior-year period. For the first nine months of 2023, net profit reached 0.5 billion euros, compared to 7.2 billion euros for the comparative prior-year period.

Our earnings per share on a fully diluted basis for the third quarter of 2023 amounted to 0.67 euros, compared to a diluted earnings per share of 6.98 euros for the comparative prior-year period. For the first nine months of 2023, our diluted earnings per share was 1.94 euros, compared to 27.70 euros for the comparative prior-year period. As mentioned in the beginning, please allow me now to address the inventory writedowns and other charges related to Comirnaty recently announced by our collaboration partner Pfizer in more detail. Please note, those charges were mainly triggered when the world moved from a pandemic environment into an endemic flu-like setting.

In this context, we announced on October the 16th an estimated impact of up to 0.9 billion euros. We have assessed the initially announced estimate further, particularly to address the question whether those inventory writedowns and other charges indicated by Pfizer have already been reflected in our accounts. The good news is the charges, which originated at BioNTech's end, have largely already been reflected in our 2022 financial results and, to a smaller extent, will continue to be reflected during 2023. Ultimately, the impact from our collaborations partners' charges onto our revenues have been identified to be roughly 0.6 billion euros for the first nine months of 2023 and 0.5 billion euros for the third quarter of 2023.

To explain the partnership mechanism in respect of writedowns and comparable charges, please remember that risks are borne by both partners equally. As part of our shared responsibilities, both partners are responsible for manufacturing activities. Hence, Pfizer is responsible for a certain level of inventories and so are we. If, for example, Pfizer writes down inventories under its control, those charges reduce the gross profit that is shared with us.

As a result, we are affected by half of those charges. Those charges lead to a decrease in our revenues according to IFRS accounting rules. In cases where we have to book charges for, e.g., writedowns, at our end, those charges lower the gross profit that we share with Pfizer. Let me now turn to the next slide.

As stated before, based on what we know of the expected market development and our partners' guidance for their markets, we update our estimated COVID-19 vaccine revenues from previously around 5 billion euros to somewhere around 4 billion euros for the full 2023 financial year. Our guidance is influenced by the mentioned writedowns and charges on the Pfizer side in the amount of 0.6 billion euros, as well as our partner's reduced expectations on 2023 COVID-19 vaccine sales. We at BioNTech reacted on the volatility around the COVID-19 vaccine market and adapted our cost base in the course of 2023. Our strategic collaboration model with Big Pharma supports drug development and delivery at scale but also provides us additional financial flexibility by leveraging the global clinical trial network of our partners, as well as the commercial network and their internal resources.

In comparison to other models, this collaboration setup allows us to accelerate our development initiatives while having a lower level of expenses. Our updated financial outlook for the 2023 financial year excludes effects caused by but not limited to events like in-licensing arrangements, collaborations, or M&A transactions that might take place until the year-end. And summarized for you on this slide, we reduced the initial 2023 R&D expense guidance range from initially between 2.4 billion euros and 2.6 billion euros to between 1.8 billion euros and 2 billion euros, including the R&D costs identified from our latest publicly announced M&A activities. We also update our SG&A expenses and narrowed the initial 2023 guidance range from between 650 million euros and 750 million euros now to between 600 million euros and 650 million euros.

Lastly, we reduced our spending for growth and maintenance capex for operating activities from the initial 2023 guidance range of between 500 million euros and 600 million euros to between 200 million euros and 300 million euros. Comparing the initial 2023 guidance to our updated guidance announced today, we are significantly decreasing our spend as we effectively manage our expenditures as part of our ongoing cost review procedures. Nonetheless, let me clarify here as well that we further intend to invest in our capabilities and our pipeline of product candidates as those who will create the value of the company in future. As noted before, we have updated our group estimated annual cash effective income tax rate in Q2 from around 27% to around 21%, excluding potential effects from share-based payment settlements in the course of 2023.

And with that, I would now like to turn the call over to our chief strategy officer, Ryan Richardson, for the corporate overview and concluding remarks. Thank you very much.

Ryan Richardson -- Chief Strategy Officer

Thank you, Jens. I'll now provide a brief summary of the outlook for our updated COVID-19 vaccine franchise and an overview of our latest progress in oncology before concluding with our strategic outlook for the remainder of the year. We're making good progress on our three main strategic objectives. Regarding our COVID-19 vaccine franchise, we look forward to advancing our COVID-19-influenza combination vaccine into a phase 3 trial in the coming months.

If successful, we believe simplifying immunization practices for healthcare providers could positively impact compliance and help reduce the burden of these diseases and its impact on healthcare systems. In immuno-oncology, we are building a unique and powerful portfolio of complementary therapies. We expect to start multiple trials with registrational potential over the next 12 to 18 months while continuing to generate data that inform our go, no-go development decisions. And in infectious diseases, we plan to broaden our pipeline with new therapies that target high medical need indications.

I'm moving to the next slide on the ongoing global rollout of our adapted vaccine. In the two and a half months following regulatory recommendation for an XBB.1.5-adapted monovalent vaccine, we and Pfizer have shipped vaccine doses to more than 40 geographies around the world. Across key markets, we continue to benefit from a strong market position. In some regions such as Europe and Japan, we have gained considerable share.

In the U.S., where we leverage our partner Pfizer's commercial capabilities, we are seeing approximately 50% of vaccines going through the retail channel. We expect that vaccine uptake will continue to increase through the end of the year. In the recent National Immunization Survey in the U.S. by the CDC published last month, more than 30% of adults reported to have received or plan to receive an XBB.1.5 variant-adapted vaccine.

We believe this data reflects the potential baseline demand for an annual vaccination. As outlined in the next slide, we expect our Comirnaty franchise will be a long-term source of revenue. We expect to enter 2024 with the manufacturing base, which has been reset to serve the future endemic market. In the next two years, we expect the continuation of several market shifts to play out.

Those include the continued opening of private markets and the shift to commercial pricing globally, along with the continued transition from multidose vials to single-dose vials and prefilled syringes, which could bring upside opportunity to the franchise. We also expect that combination vaccines, if successful in late-stage trials, could present growth opportunities for the franchise from 2025 onwards. We see the potential for increased vaccine uptake from a potential combination of flu and COVID vaccine by connecting protection from COVID to a well-accepted paradigm of annual flu vaccination. We will continue to invest for the long term in next-generation COVID-19 vaccines, with the aim of increasing robustness and durability of immune response.

Now, turning to the next slide. I'd like to wrap up with a snapshot of the progress we're making in accelerating our innovative oncology portfolio toward the market. So far, in 2023, we and our partners have initiated 11 oncology trials, including six phase 2 or 3 trials. We plan to continue this trend through the initiation of additional late-stage trials in the next 12 to 18 months.

We will continue to look for additive bolt-on BD and M&A opportunities that fit with our strategy while reinvesting to build world-class capabilities and accelerate our growth. We remain as optimistic as ever on our ability to continue to create long-term value for patients, our shareholders, and society. Before concluding, I would like to remind and invite you all to attend our Innovation Series event tomorrow, starting 9 a.m. Eastern Time, where we will provide further details on our pipeline and corporate strategy.

With that, I would like to thank everyone for their continued support and open the floor for questions.

Questions & Answers:

Operator

Thank you. We will now begin the question-and-answer session. [Operator instructions] We'll now take our first question. This is from the line of Daina Graybosch from Leerink Partners.

Please go ahead.

Daina Graybosch -- Leerink Partners -- Analyst

Hi. Thank you. I have two financial questions. One, you have many programs going into phase 3, and that's certainly going to increase your R&D expenses.

And I wonder, Jens, if you can give us any guidance on sort of the near to mid-term on how much R&D we should expect in our models? And the second one is whether you could help us at all with any inventory writedown, understanding more predictability behind how we might see that next year and in future years after that. Thank you very much.

Jens Holstein -- Chief Financial Officer

Yeah. Thanks, Daina. Thanks for the question. And let me start with the second one, maybe, first with the inventory writedowns.

As I stated in my speech, I think this 600 million that we had to face on Pfizer this year has been really a reflection of the situation that we moved from the pandemic into an endemic situation. Going forward, of course, you know, we have to, with new variants coming up, always have some sort of writedowns to be reflected being it on Pfizer's side or on our side. So, there will be something but not at all at that magnitude, you know, that we have seen now with this shift in '23. So, I think, from our perspective, going forward, the magnitude is a fraction of what we had to announce, unfortunately, for '23.

Then, in terms of the R&D expenses, Ryan was alluding to additional clinical trials, you know, further late-stage trials. Of course, that means that our R&D expenses are expected to go up. That's something that we envisage and want because we believe strongly that we have valuable compounds that we need to invest money in. So, those numbers will go up.

In terms of the magnitude for the next couple of years, you've got to bear with us a little bit until we give out guidance. But, you know, we have and I think we have highlighted that in terms of all our costs for '23 that we are carefully looking of how much money do we want to spend or do we need to spend. But first and foremost, you know, we want to create value with the cash position that we'll have, and that, of course, goes hand in hand with increased R&D expenses going forward.

Ryan Richardson -- Chief Strategy Officer

Yeah. And maybe, Daina, just to add one point to Jens' remarks on the R&D line, you know, I think it's important to remember as well that on a number of these pivotal stage or near or soon-to-be pivotal programs, we do expect to share R&D expenses with a partner. So, that's the case in the Pfizer collaboration, of course, where we share R&D expenses 50-50, and we talked -- we mentioned today that we expect a couple of pivotal trials to start with combination vaccines that could become a mid-term growth driver if successful. And similarly, on the oncology side, we have a number of programs that are partnered as well where we share expense.

Daina Graybosch -- Leerink Partners -- Analyst

Great. Thank you.

Operator

We'll now take our next question. This is from the line of Tazeen Ahmad from Bank of America Securities. Please go ahead.

Tazeen Ahmad -- Bank of America Merrill Lynch -- Analyst

OK. Great, guys. Thanks so much. Good morning.

I have a couple of questions. It was encouraging to see that the safety profile, in general, for the COVID and flu combo vax resembles what you saw just for the regular COVID vaccine. But I'm wondering if you could just provide any additional data, particularly on what reactogenicity might have looked at and what you found, for example. And then secondly, a financial question.

On R&D, can you elaborate on whether at least some of your expenses have come from deprioritizing certain programs, and if so, can you talk to us about what programs those were? Thanks.

Ryan Richardson -- Chief Strategy Officer

Ugur, do you want to take the first one? Or Ozlem?

Ozlem Tureci -- Co-Founder and Chief Medical Officer

Yes. We were struggling with unmuting. Thank you, Tazeen, for the question. The first one was about the reactogenicity profile for our variant-adapted vaccine, and that is, in principle, more or less equal to the bi-type vaccine we have developed, our BA.4/BA.5-adapted version, and what we see with the flu mRNA vaccine in the respective dose levels, and that supports that the safety profile, including the reactogenicity, is a platform characteristic.

So, those that we got.

Uğur Şahin -- Co-Founder and Chief Executive Officer

Yeah. So, the combo vaccine with regard to the safety and reactogenicity profile does not differ from the dose-dependent reactogenicity profile of the COVID-19 vaccine. That's the first [Technical difficulty] to answer and the second question goes to deprioritized programs.

Ozlem Tureci -- Co-Founder and Chief Medical Officer

No, I think --

Jens Holstein -- Chief Financial Officer

You want to add -- you want to say something? Otherwise, shall I jump in, Ugur?

Ozlem Tureci -- Co-Founder and Chief Medical Officer

You can jump in, Jens.

Jens Holstein -- Chief Financial Officer

Yeah, I'll jump in. So, I mean, there is -- it's a couple of activities that we undertook during, you know, our review of activities. We have priority -- prioritized a few programs, you know, earlier stuff as well. You know, of course, we'll keep you updated in terms of updates if they are of relevance in terms of our later stage program that, you know -- but there's nothing that I can report at this point in time.

We have also in terms of the collaboration with Pfizer on the programs at a very close look as for other programs of, you know, how much money do we really need to spend to come to the desired outcomes. So, that's another part that plays a role. A little bit is shifting from '23 to '24. So, as always, there are a couple of things.

But, you know, those costs, I wouldn't call as something where you save money, deprioritization, as well as, you know, maybe being able to run clinical trials at a cheaper scale is something that we take as real cost savings. And that has been a big chunk of what we have where we can explain for the cost reduction.

Tazeen Ahmad -- Bank of America Merrill Lynch -- Analyst

OK. Thank you.

Operator

Thank you. We'll now take our next question. Please stand by. This is from the line of Chris Shibutani from Goldman Sachs.

Please go ahead.

Chris Shibutani -- Goldman Sachs -- Analyst

Oh, thank you very much. Good morning and good afternoon. Two questions if I may. First on the oncology program, BNT122, the iNeST cancer vaccine, ongoing melanoma study, but we noticed that there was an absence of commentary in the press release.

Should we still expect the study to report top-line results by year-end and perhaps you can comment on what your expectations are for this program and if they've changed? My second question is on the COVID-flu combination data. To make sure, in terms of immunogenicity, the press release mentioned titers generated by lead formulations were compared to concomitant administration of COVID and flu vaccines. Is that the immunogenicity comparison that the FDA will be evaluating in phase 3 or are they looking for titers compared to monotherapy vaccination of COVID and flu separately? Thank you.

Ryan Richardson -- Chief Strategy Officer

Yeah. Thank you, Chris. Maybe I'll take the iNeST question first, and then turn it over to Ugur and Ozlem for the flu-COVID. So, on BNT122, actually, on the -- on our last earnings call, we provided revised guidance that we did not expect data this year.

As you remember that the trial is randomized and has a PFS threshold to trigger the PFS analysis, which we said had not been met and which we didn't anticipate would be met this year. We do plan to provide a trial update this year, but we're not expecting data this year.

Uğur Şahin -- Co-Founder and Chief Executive Officer

And the second question was related to the --

Ozlem Tureci -- Co-Founder and Chief Medical Officer

To the comparator to the flu combo vaccine [Inaudible]

Uğur Şahin -- Co-Founder and Chief Executive Officer

Yes. Yes. This is -- so we are comparing both -- we are comparing flu mRNA, COVID mRNA as comparator, as well as established flu vaccines that are based on proteins or inactivated flu vaccines. Both comparisons will be in this study.

Chris Shibutani -- Goldman Sachs -- Analyst

And that's what the FDA will be evaluating in the phase 3?

Uğur Şahin -- Co-Founder and Chief Executive Officer

At least in our case.

Operator

Thank you. We'll now move to our next question. This is from the line of Akash Tewari from Jefferies. Please go ahead.

Unknown speaker

Hi. This is Amy on for Akash. Thanks so much for taking our question. So, just two from us.

Number one, we've seen Pfizer reduced costs in the face of reducing COVID vaccine demand, while at the same time, we're seeing Moderna increased costs. When you think about BioNTech's plan spend over the next three to four years, how willing are you to eat into the cash generated during COVID? Should we expect it to decline on an annual basis or will the team aim to sustain R&D solely off of residual vaccine demand? And then number two, on the COVID-flu program, given the economics between you and Pfizer are 50% right now and may drop to potentially in the 30% range, if this program does become a success for BioNTech, do you anticipate it being net positive, net negative, or breakeven for BioNTech's cash generation? How should we think about the increased demand potentially being offset by lower economics? Thanks so much.

Ryan Richardson -- Chief Strategy Officer

Amy, can you just clarify the second question you asked? We -- was that in reference to a combination vaccine?

Unknown speaker

Yes. Yes, the COVID-flu combo vaccine.

Ryan Richardson -- Chief Strategy Officer

OK. OK. So, I'll take the first one and maybe Jens can chime in. Yeah.

So, we see the -- we're in the midst of a transition period right now. Our COVID vaccine franchise is transitioning from pandemic to endemic market. This is, of course, happening this year. But we also expect that transition to continue next year.

And we're also transitioning to become a commercial stage oncology company. We've outlined some of the programs that we think are going to drive that transition. As we go through this transition, we think it's an immense asset to the company to have a strong balance sheet. And we're very happy with our ability this year if we meet revenue guidance to maintain profitability, that's an important point for us.

As we go into the next couple of years, through this transition, we expect to continue to maintain a very strong balance sheet, and that's going to continue to be a priority for us.

Jens Holstein -- Chief Financial Officer

Yeah. Ryan explained it very nicely. It's not much to add. I mean, going forward, of course, you know, with the collaboration, we, first and foremost, got to invest in these combination trials currently: flu, COVID, flu-COVID, RSV.

You know, those settings will eat up some cash, but, you know, we're very positive in terms of our expectations on the profitability share that we will get out of the collaborations of those combinations. In our view, this will -- that will create new markets and will secure, of course, the existing part and business that we have for COVID. So, we think, you know, economically, that should be something of great value for the company going forward.

Ryan Richardson -- Chief Strategy Officer

And to your question on the combination of vaccines, you know, we haven't yet disclosed the full economics with Pfizer on combination vaccines. We plan to do that in the near future. We have communicated today that we intend with Pfizer to embark on pivotal trials, phase 3 trials with those combination vaccines, and we do think that there is substantial potential for combination vaccines, if successful, to improve uptake of our COVID vaccine based on the rates that we're seeing now in terms of uptake. There's a large difference between, for example, where flu vaccines are in terms of uptake versus what we're expecting this year for COVID.

So, we do think that combination vaccines can play an important role in terms of offering convenience and added benefit to increase the franchise over time. And we think that from a timeline perspective, if successful, that those vaccines could be -- start to have an impact for us from 2025 onwards.

Operator

Thank you. We'll now move to our next question. Please stand by. This is from the line of Yaron Werber from TD Cowen.

Please go ahead.

Yaron Werber -- TD Cowen -- Analyst

Great. Thanks for taking my question. I have a couple. Just on 1046, the PD-L combo, you mentioned moving to a second-line endometrial study in combination with pembro.

Just any update -- and I'm not trying to frontrun tomorrow, just any update on the checkpoint experience non-small cell lung cancer cohort and is that still sort of in the cards? And then secondly, for 323 -- BNT323, on the HER-low side, do -- how do you define HER2 low? Is that histology? Do they have to have any expression at all? And why do you think you're confirming activity in a population that sort of failed [Inaudible] before? Thank you.

Uğur Şahin -- Co-Founder and Chief Executive Officer

Yeah. To your first question, 1046, yes, the lung cancer cohorts are continuing and we will most likely report data on this cohort in the next year -- mid-next year and is still a target for follow up --

Ozlem Tureci -- Co-Founder and Chief Medical Officer

Target of interest.

Uğur Şahin -- Co-Founder and Chief Executive Officer

Target of interest in lung cancer. For BNT323, yes, HER2 low is defined as staining, which is [Technical difficulty] and two-plus without any amplification. And activity of this ADC compound in this patient population, which is clearly better than trastuzumab alone, is based on the highly potent ADC activity and on the bystander activity, allowing not only to remove antigen-positive tumor cells but also the tumor cells in the surrounding, which are negative.

Operator

Thank you. We'll now move to our next question. This is from the line of Jessica Fye from J.P. Morgan.

Please go ahead.

Jessica Fye -- JPMorgan Chase and Company -- Analyst

Hey. Good morning. Thanks for taking the questions. Can you outline what key pipeline updates we should expect between now and year-end? You mentioned an update on the iNeST melanoma trial.

What else should we be looking forward to, whether from the 4-1BB programs or otherwise? And then related to iNeST, with the new trial starting in adjuvant pancreatic cancer, can you talk about what drove that decision and was it based on something you're seeing? And then lastly, just a financial question, you lowered opex guidance again this quarter, but also suggested that, from here, R&D will likely grow to support these pipeline investments. What about SG&A? That guidance didn't change as much. Is there less flexibility in that line if expenses need to be cut again? Thank you.

Uğur Şahin -- Co-Founder and Chief Executive Officer

I think --

Ryan Richardson -- Chief Strategy Officer

Thank you, Jess. I'll start --

Uğur Şahin -- Co-Founder and Chief Executive Officer

OK. Ryan, please go ahead. Please go ahead.

Ryan Richardson -- Chief Strategy Officer

On the pipeline update -- I was just going to say on the pipeline update that we do expect data on BNT116 at SITC just around the corner. And, of course, tomorrow, we will have -- we do expect to give a pretty wholesome data across our late-stage oncology pipeline as well.

Jessica Fye -- JPMorgan Chase and Company -- Analyst

And then what about on the new iNeST trial in adjuvant pancreatic, can you talk about what drove the decision to start that up --

Ryan Richardson -- Chief Strategy Officer

Yup.

Jessica Fye -- JPMorgan Chase and Company -- Analyst

And the SG&A flexibility question.

Ozlem Tureci -- Co-Founder and Chief Medical Officer

Maybe I can take this one. We'll also talk about that trial tomorrow in our Innovation Day setup. We [Technical difficulty] an IIT, an investigator-initiated trial, a small one, which, however, showed very promising results in terms of antibody -- the immune responses and the magnitude of immune responses [Technical difficulty] in pancreatic cancer patients, which are traditionally always seen as immune suppressed. We also could see that the success of inducing immune responses in half of this population was correlated with a prolonged time to recurrence.

And this data has motivated us to now set up a phase 2 trial, which has already dosed first patients.

Jens Holstein -- Chief Financial Officer

And then on the SG&A question, Jessica, we have reduced the cost here as well. Of course, we need to support the growth of the business going forward. Here, specifically, and the years to come, we need to set up a sales and marketing organization for our parts where we commercialize on our own. So, in that respect, we need to invest as well.

But you see -- I mean, the scale of costs here is relatively small in comparison to what you see at competitive levels. And therefore, you know, if you look at the basis currently that we're having here, I think we're already relatively lean. But most important, really, is to set up a sales and marketing organization. So, that will be something where we have to invest going forward some money.

Operator

Thank you. We'll now move to our next question. Please stand by. This is from the line of Bill Maughan from Canaccord Genuity.

Please go ahead.

Bill Maughan -- Canaccord Genuity -- Analyst

Hi. Thank you. So, looking at the ongoing evolution of SARS-CoV-2, do you expect the virus to -- virus evolution to slow down to the point where annual strain updates aren't necessary? And if that does happen, how strong is the proposition for annual boosters if a strain update isn't needed? And then on -- a second question, more -- looking more broadly, with the broad -- the multiplicity of platforms that you have, how do you think about bringing a specific modality into the clinic against a tumor target when you have the option of using an ADC or bispecific or anything or several different options here? Thank you.

Uğur Şahin -- Co-Founder and Chief Executive Officer

Thank you. I can take the question. So, with regard to the evolution of SARS-CoV-2, we have to consider two rough mutational patterns. We have the mutation of an often existing variant, which is continuing in more or less changing of single spike protein amino acids in various positions, and this is what we have observed for the alpha-beta variant and now observing for the omicron variant.

But there is also a second mutational pattern, which is -- which are variants that evolve with dozens of additional mutations. We have seen that for the first time [Technical difficulty] but we have also seen it most recently with a variant which is called BA.2.86, which is actually covering more than 30 additional mutations as compared to the omicron strain. It is still called omicron, but if we look closer, it is actually actually really a new variant. And this is something that we would also expect in the future.

So, this pattern will continue also in future. Whereas, the mutations based on single changes will not foster the generation of new variant-adapted vaccines. I expect that the major changes will [Technical difficulty] via variant-adapted vaccines. And we have also to consider that the antibody titers decline over time.

So, we have a -- we have two mechanisms. One is the erosion of the immune response itself, which is associated with a higher rate of infections and also associated with the higher severity. And the second is the evolvement of new variants. So, in short, yes, we expect that also in future, we will -- we have [Technical difficulty] of two variants and these patterns, the space might differ from season to season like we are seeing that for flu infections.

And the second question was about our interest in ADC technology and whether we would like to combine that with our expertise in target identification and antibody generation. And the answer is yes. Yeah, this is something we are working on.

Bill Maughan -- Canaccord Genuity -- Analyst

Thank you.

Operator

Thank you. We'll now take our next question. Please stand by. This is from the line of Simon Baker from Redburn Atlantic.

Please go ahead.

Simon Baker -- Redburn Partners -- Analyst

Thank you very much for taking my questions. Two very quick ones, if I may. Just going back to R&D spending, from what I could gather from what you were saying, it sounds like, essentially, you're doing the same for less rather than delaying or deferring. But I wonder if you could just give us a little bit more color on capex, whether that's savings driven or whether there are some deferrals in there? And then secondly on PM8002, you highlight the non-small cell lung indication, but that molecule is in, I think, about half a dozen other tumor types.

So, I'm just wondering what your interest in the other tumor types is for PM8002. Is that something you're looking to develop and do you indeed have rights across all tumors? Thanks so much.

Jens Holstein -- Chief Financial Officer

Yeah. Let me maybe quickly start with the capex question. So, indeed, here, we have some savings, but we also have, to some extent, some shifts here. So, we're delaying some investments going forward, specifically in terms of the production area, where we anticipated to invest maybe a bit more in '23 given where we spend with COVID and, you know, the activities around other programs in the infection disease area.

We said, you know, we watch how and when we actually invest. And in that respect, we have some lower spend than anticipated. But, of course, you know, also, when you go through the cost base, you know, you try to figure out if there are some savings here and there.

Uğur Şahin -- Co-Founder and Chief Executive Officer

Can you shortly repeat on which compound you referred in your question with --

Ozlem Tureci -- Co-Founder and Chief Medical Officer

In the first part --

Uğur Şahin -- Co-Founder and Chief Executive Officer

In the first part?

Simon Baker -- Redburn Partners -- Analyst

Yes. It was the Biotheus PM8002.

Uğur Şahin -- Co-Founder and Chief Executive Officer

Oh, yes. Yes. The Biotheus PM8002 is a bispecific antibody, which combines and neutralizing anti-VEGF arm with a blocking PD-L1 arm. And the antibody has been evaluated in more than 500 patients and shows a very favorable safety profile and has shown activity in multiple indications, also combination therapies with chemotherapy.

And we see this molecule, indeed, as an opportunity, a new generation IO, which combines bispecific activity for multiple indications. And we are seeing particularly an opportunity to combine this with our ADC portfolio. It is well known that anti-VEGF treatment is synergistic to chemotherapy by improving the penetration of chemotherapeutics and modifying the tumor microenvironment, and thereby increasing the efficacy of chemotherapy. And this is something that we are also expecting [Technical difficulty] partner for our ADCs.

Simon Baker -- Redburn Partners -- Analyst

Thanks so much.

Operator

Thank you. And we will now take one more question. Please stand by. The last question is from a line of Ellie Merle from UBS.

Please go ahead.

Ellie Merle -- UBS -- Analyst

Hey, guys. Thanks so much for taking the question. Just in terms of thinking about the profitability of the COVID vaccine business, just how should we think about the Pfizer COVID vaccine gross profit margins going forward just given the endemic market and the impact this has on the revenue? You recognized -- you mentioned the continued shift to single-dose vials and prefilled syringes. Just trying to think about how you're thinking about long-term potential margins for that business and the impact on the revenues that you'd recognize as part of the profit share? Thanks.

Ryan Richardson -- Chief Strategy Officer

Yes. Thanks, Ellie. I'll start, and then, Jens, you can come in. So, I think the short answer is that we expect the COVID vaccine franchise to continue to be highly cash generative and highly profitable on a product basis for us going forward.

You rightly point out the shift to endemic market that we've talked about today. You have to remember that because we share gross profits 50-50 with Pfizer and the bulk of our revenue comes in the form of a Pfizer gross profit share from countries outside of Germany and Turkey, which are our revenue reporting regions. Because of that, we don't expect the direct shift to single-dose vials and prefilled syringes to have a significant effect on our gross margins because it's already -- most of that revenue is already coming to us net of cost of goods. It's rather the mix between Germany and Turkey -- the relative contribution of Germany and Turkey to the total that would affect the gross margins.

Jens.

Jens Holstein -- Chief Financial Officer

Yeah. I think you said it basically. So, everything that comes from Pfizer is 100% profit for us. So, the relation between what we generate as revenue and what Pfizer generates is actually driving the story here at the end of the day.

Remember, we have multidose contracts anyway for the next couple of years for the COVID stand-alone solution at this point in time, so Ryan made the point.

Ellie Merle -- UBS -- Analyst

Great. Thanks.

Ryan Richardson -- Chief Strategy Officer

Does that answer your question, Ellie?

Ellie Merle -- UBS -- Analyst

Yeah.

Ryan Richardson -- Chief Strategy Officer

OK. Thank you.

Operator

Thank you. And that concludes the question-and-answer session. I will now hand back to the speakers for any closing remarks.

Ryan Richardson -- Chief Strategy Officer

Thank you very much for joining our call. We look forward to speaking with you again tomorrow.

Operator

[Operator signoff]

Duration: 0 minutes

Call participants:

Victoria Meissner -- Vice President, Strategy and Investor Relations

Uğur Şahin -- Co-Founder and Chief Executive Officer

Ozlem Tureci -- Co-Founder and Chief Medical Officer

Jens Holstein -- Chief Financial Officer

Ryan Richardson -- Chief Strategy Officer

Daina Graybosch -- Leerink Partners -- Analyst

Tazeen Ahmad -- Bank of America Merrill Lynch -- Analyst

Chris Shibutani -- Goldman Sachs -- Analyst

Unknown speaker

Yaron Werber -- TD Cowen -- Analyst

Jessica Fye -- JPMorgan Chase and Company -- Analyst

Bill Maughan -- Canaccord Genuity -- Analyst

Simon Baker -- Redburn Partners -- Analyst

Ellie Merle -- UBS -- Analyst

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