Joe Catanzaro: Hi, everybody. Thanks for taking my question. Maybe just have one quick one on Takeda’s IVIG portfolio. And I guess I was wondering how we should think about HYQVIA’s historical royalty contribution. And then sort of the potential impact, it may or may not see with the CIDP label expansion. And I guess I’m asking that, because I recall seeing somewhere that CIDP is an indication, where IVIG sees the most use. So any comments there would be helpful? Thanks.
Helen Torley: Yes, we continue to see growing royalty contribution to Halozyme from sales HYQVIA. So Takeda has certainly continued to execute and see growing adoption in the area of primary immune deficiency. I agree when we look at the market of use of IVIGs, 20% to 25% is reported to be in CIDP. So it certainly is a high use area. It’s an area where patients stay on therapy for a prolonged period of time. And we certainly would expect that the addition of this indication, not just in Europe but also in the U.S., will offer new growth opportunity upon approval. Sorry, for the HYQVIA. For the, I think you also wanted to talk about the new 20% version that’s obviously still in development. And we are very excited to be advancing that. It’s in Phase 3 development with Takeda. And we’re looking forward to working with Takeda, to get that to approval as well, and get it used in as many indications as possible.
Joe Catanzaro: Okay. Thank you. That’s helpful. Thanks for taking my question.
Operator: Your next question comes from the line of David Risinger with Leerink Partners. Your line is open.
Unidentified Analyst: Hi, this is [Jason Drunk] for Dave. Thank you for taking my questions. So regarding the long-term projections from your January presentation, could you please provide some perspective on the forecast of annual collaboration revenue of $130 million to $160 million, including key drivers and expected contributions?
Helen Torley: Yes, I will ask Nicole to address that.
Nicole LaBrosse: Yes, so looking at those projections, where we have an annual collaboration revenue of $130 million to $160 million, the drivers are coming from several contributions from our partnerships, one of them being development milestones. So as our partners move through clinical stages, we receive milestones as those targets are achieved. We also have regulatory, registrational, first commercial sales-based milestones, and then continuing sales-based milestones, post the launch of a product. We also included within that range $30 million to $60 million that is related to our expectation of achieving new collaborations and new study starts, new programs progressing, through the clinic. So that is the pieces that make up that collaboration revenue.
Unidentified Analyst: Okay. Thanks so much. Very helpful.
Operator: [Operator Instructions] Your next question comes from the line of Corinne Johnson with Goldman Sachs. Your line is open.
Corinne Johnson: Yes, good afternoon, everyone. Maybe just a question for me on the nature of the auto-injector partnership conversations. What are some of the key questions that your potential partners are asking, and where do you think they’re going to feel most comfortable versus where are there any sort of consistent sticking points that you can help them work through?
Helen Torley: Yes, I would say, obviously, we always start, and so it’s not a question, but one of the important things we always communicate is the long track record of success and the multiple approvals our platform has attained, Corinne. And Harry’s now Halozyme has delivered over 40 million devices to partners and in use ourselves. So that long track record of success and the track record of approvals of drug device combinations is pretty much unmatched, we believe, in the industry. So, we always start by making sure they understand that, we just have an incredible experience base. We then go on to talk about the fact that our high volume injector, is based on an extrapolation, of this already approved and highly reliable base auto-injector.
And again, that is a source of, I think that pleases them to hear that, that this is something that is tried and tested. Because what we understand is that there have been some, particularly on-body injectors that have been tried over the last several years that have not delivered with the reliability that was required. And so that is a question that they have really on reliability, wanting to be sure that this is going to be able to be delivering for the patient every time. And of course, that’s another of the advantages of our Antares platform, is that it is tested to the highest levels of reliability for several of our products like the EpiPen. It’s called the 5.9s reliability, but it’s 99.999% fire on time and well. And so, the biggest thing is just helping them understand this is built on an incredible background platform with great experience from our engineers, track record of success with regulators.
I think the team has done over 20 human factors studies very successfully also, to support regulatory filings. Getting them to understand that, I’d say that is a large focus of the conversation. Then I mentioned in December, and I think it’s still true, these are scientists, these are engineers. They want to have a chance to hold and test the device themselves. And so that’s what we’re doing. We’re delighted today, to announce that one of our partners, is advancing in this human factors test on usability. And I think we’re going to continue to see that as we’re talking to partners. So that, I think, Corinne, would be how I would address that question.
Corinne Johnson: Great. That was really helpful and comprehensive. And then maybe one more from me. Just – it’s been a couple of years since you did the Antares acquisition. How are you thinking about the fit for that commercial business within the broader portfolio? Is this still something you think makes sense strategically?
Helen Torley: Yes. When we did the acquisition, we talked about the commercial business as bringing a diversification of our revenue. And as Nicole and I both talked about in the call, last year we achieved $100 million and turned EBITDA positive at the end of the year. So beginning this year, XYOSTED, the leading commercial product, is going to be contributing to EBITDA. And as we talked about in January, it’s projected to exceed $150 million in EBITDA contribution by 2028. And so, it is a great fit from the point of view of adding to our revenue, diversifying our revenue, but also contributing meaningful EBITDA, even on our very large revenue base that we project in 2028. So that’s how we view it in terms of the strategy fit.
It is also a wonderful demonstration of the effectiveness, and reliability of our small volume auto-injectors. Because recall, XYOSTED is a once a week, 8-second subcutaneous testosterone replacement that is virtually painless. And so, it’s a very good thing for us to demonstrate our effectiveness in managing and delivering auto-injectors, but also the high reliability of our device. So lots of strategic fit for it.
Corinne Johnson: Okay. Great. Thank you.
Operator: There are no further questions at this time. This will conclude today’s call. We thank you for joining. You may now disconnect your lines.
