Cuộc họp công bố kết quả kinh doanh Quý 2/2026 của Kamada (KMDA): Doanh thu kỷ lục, tái khẳng định dự báo

Thông tin trọng tâm

• Kamada đã báo cáo doanh thu kỷ lục trong quý 2/2026 đạt 54,9 triệu USD, tăng 23% so với cùng kỳ năm ngoái. EBITDA điều chỉnh tăng 29% lên 14,1 triệu USD, duy trì biên lợi nhuận ở mức 26%.
• Doanh thu nửa đầu năm tăng 13% lên 100,2 triệu USD, trong khi EBITDA điều chỉnh tăng 14% lên 25,7 triệu USD. Lợi nhuận ròng tăng 18% lên 13,4 triệu USD.
• Ban lãnh đạo tái khẳng định dự báo năm 2026 với doanh thu từ 200 triệu USD đến 205 triệu USD và EBITDA điều chỉnh từ 50 triệu USD đến 53 triệu USD. Kết quả nửa đầu năm chiếm khoảng 50% mức trung vị của cả hai khoảng dự báo.
• Đà tăng trưởng được dẫn dắt bởi doanh số KEDRAB cao hơn tại Mỹ cùng nhu cầu gia tăng đối với VARIZIG và HEPAGAM. Ban lãnh đạo mô tả đà mở rộng hiện tại là tăng trưởng tự thân và được thúc đẩy bởi danh mục thương mại hiện có.
• Doanh số ban đầu theo hợp đồng cung cấp huyết tương nguồn thông thường thời hạn 3 năm trị giá 50 triệu USD của Kamada dự kiến sẽ bắt đầu vào quý 4/2026 và đã được tính vào dự báo cả năm.
• Dòng tiền từ hoạt động kinh doanh đạt 17,8 triệu USD trong nửa đầu năm, so với 7,5 triệu USD cùng kỳ năm ngoái. Tiền, các khoản tương đương tiền và đầu tư ngắn hạn đạt tổng cộng 70,1 triệu USD vào ngày 30 tháng 6 năm 2026, sau khi chi trả 14,4 triệu USD cổ tức trong quý 2.

Dữ liệu tài chính chính

Kamada kết thúc tháng 6/2026 với 70,1 triệu USD tiền, các khoản tương đương tiền và đầu tư ngắn hạn, so với 73,1 triệu USD vào cuối tháng 3.

Kết quả kinh doanh và hoạt động

KEDRAB tiếp tục là sản phẩm chủ lực của Kamada. Mức độ sử dụng của người dùng cuối tại Mỹ tiếp tục tăng, và nguồn cung cho đối tác phân phối Kedrion đã vượt cam kết tối thiểu trong hợp đồng. Công ty cũng báo cáo sự tăng trưởng liên tục của KAMRAB tại Canada, Mỹ Latinh và Israel.

Doanh thu từ GLASSIA được hỗ trợ nhờ doanh số bán hàng bên ngoài nước Mỹ, bao gồm Argentina, Nga, Israel và Thụy Sĩ, cũng như tiền bản quyền từ doanh số của Takeda tại Mỹ và Canada.

Ban lãnh đạo ghi nhận nhu cầu mạnh mẽ đối với VARIZIG và HEPAGAM, một phần nhờ các hoạt động nâng cao nhận thức về sản phẩm tại Mỹ. Đối với CYTOGAM, Kamada tiếp tục chương trình nghiên cứu sau thị trường và việc tuyển bệnh nhân vào nghiên cứu SHIELD trên các bệnh nhân ghép thận có nguy cơ cao. Ban lãnh đạo tin rằng dữ liệu thu được có thể hỗ trợ việc mở rộng ứng dụng sản phẩm.

Trong phân khúc Phân phối, hai sản phẩm thuốc sinh học tương tự (biosimilar) đã có mặt tại Israel, cùng hai sản phẩm khác dự kiến ra mắt trong quý 3/2026. Kamada kỳ vọng danh mục biosimilar sẽ tạo ra doanh số hàng năm từ 15 triệu USD đến 20 triệu USD trong vài năm tới. Công ty cũng đang đăng ký sản phẩm và ký kết các hợp đồng phân phối trong khuôn khổ chiến lược mở rộng sang khu vực MENA.

Các trung tâm huyết tương của Kamada tại Houston và San Antonio có tổng công suất doanh thu hàng năm khoảng 16 triệu USD đến 20 triệu USD. Ban lãnh đạo cho biết công suất huyết tương nguồn thông thường này đã được phân bổ hiệu quả theo hợp đồng 3 năm trị giá 50 triệu USD. Huyết tương đặc hiệu thu gom tại các trung tâm này cũng sẽ hỗ trợ hoạt động sản xuất của chính Kamada.

Phòng kiểm nghiệm trung hòa kháng thể dại nội bộ mới được phê duyệt của công ty dự kiến sẽ rút ngắn thời gian thử nghiệm và xuất xưởng sản phẩm KEDRAB bằng cách thay thế các thử nghiệm tại phòng lab bên ngoài.

Dự báo của ban lãnh đạo

Kamada tái khẳng định dự báo năm 2026 như sau:

• Doanh thu từ 200 triệu USD đến 205 triệu USD.
• EBITDA điều chỉnh từ 50 triệu USD đến 53 triệu USD.

Tại mức trung vị, triển vọng này tương ứng với đà tăng trưởng doanh thu 12% và đà tăng trưởng EBITDA điều chỉnh 23% so với kết quả năm 2025. Ban lãnh đạo cho biết doanh thu dự kiến trong quý 4 từ hợp đồng cung cấp huyết tương mới đã được đưa vào dự báo này.

Công ty dự kiến tiếp tục duy trì đà tăng trưởng hai chữ số trong năm 2027, nhưng ban lãnh đạo nhấn mạnh rằng ngân sách năm 2027 vẫn chưa hoàn tất và dự báo chính thức sẽ được cung cấp sau.

Rủi ro và các yếu tố cần theo dõi

Biên lợi nhuận gộp có thể biến động giữa các quý do cơ cấu sản phẩm và thị trường địa lý. Ban lãnh đạo tập trung vào biên EBITDA điều chỉnh ổn định ở mức 26% thay vì đưa ra triển vọng biên lợi nhuận gộp cụ thể.

Công ty không nâng dự báo năm 2026 sau quý kinh doanh khởi sắc, với giải thích rằng doanh thu và EBITDA điều chỉnh trong nửa đầu năm đều đạt khoảng 50% mức trung vị của dự báo cả năm và kết quả vẫn nhất quán với kế hoạch hiện tại.

Doanh số bán huyết tương ban đầu dự kiến bắt đầu vào quý 4/2026, tạo ra sự phụ thuộc vào khả năng thực thi trong triển vọng cả năm đã được tái khẳng định. Ngoài ra, phát triển kinh doanh và M&A tiếp tục là các ưu tiên chiến lược, nhưng ban lãnh đạo chưa xác định giao dịch cụ thể hay lộ trình hoàn tất.

Giám đốc Tài chính (CFO) Chaime Orlev sẽ rời Kamada vào cuối năm 2026. Công ty đã bắt đầu tìm kiếm người thay thế và ông Orlev dự kiến sẽ hỗ trợ trong quá trình chuyển giao.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Các chuyên gia phân tích tập trung vào lý do tại sao Kamada duy trì thay vì tăng dự báo. Ban lãnh đạo cho biết triển vọng hiện tại đã tính đến mức tăng trưởng hàng năm đáng kể và kết quả nửa đầu năm bám sát kế hoạch cả năm.

Khi được hỏi về lợi nhuận gộp thấp hơn và tiềm năng mở rộng biên lợi nhuận từ tích hợp theo chiều dọc, ban lãnh đạo giải thích biến động biên lợi nhuận gộp theo quý là do cơ cấu sản phẩm và thị trường. Ban lãnh đạo nói thêm rằng việc gia tăng sử dụng huyết tương đặc hiệu tự thu gom sẽ hỗ trợ biên lợi nhuận gộp và khả năng sinh lời tổng thể theo thời gian.

Ban lãnh đạo cho rằng chi phí bán hàng và tiếp thị tương đối thấp là nhờ cộng hưởng hoạt động, lợi thế quy mô và phân bổ nguồn lực có kỷ luật, chứ không phải do khoản chi phí một lần được công bố.

Về tính bền vững của đà tăng trưởng tự thân, ban lãnh đạo chỉ ra 6 sản phẩm đã được FDA phê duyệt đang được bán tại hơn 30 quốc gia, việc mở rộng hoạt động phân phối và nhận li-xăng, đà tăng trưởng tại khu vực MENA, cùng hợp đồng cung cấp huyết tương mới. M&A có thể đóng góp thêm vào đà tăng trưởng này, nhưng kết quả hiện tại được mô tả là xuất phát từ danh mục hiện có.

Toàn văn biên bản cuộc họp báo kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Greetings, and welcome to the Kamada Ltd., Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I would now like to turn the conference over to Brian Ritchie, Managing Director of LifeSci Advisors. Please go ahead, sir.

Brian Ritchie

Thank you, operator. This is Brian Ritchie with LifeSci Advisors. Thank you all for participating in today's call.

Joining me from Kamada are Amir London, Chief Executive Officer; and Chaime Orlev, Chief Financial Officer.

Earlier today, Kamada announced its financial results for the 3 and 6 months ended June 30, 2026. If you have not received this news release, please go to the Investors page of the company's website at www.kamada.com.

Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Kamada. I encourage you to review the company's filings with the Securities and Exchange Commission, including, without limitation, the company's Forms 20-F and 6-K, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.

Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, Wednesday, August 12, 2026. Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call.

With that said, it's my pleasure to turn the call over to Amir London, CEO. Amir?

Amir London

Thank you, Brian, and thanks also to our investors and analysts for your interest in Kamada and for participating in today's call.

I'm pleased to report that we continue to execute on our strategic multi-year growth plan, delivering record high operational and financial performance during the first half of 2026, with strong double-digit growth in revenues and adjusted EBITDA for both the 6 months and second quarter reporting periods.

Before proceeding to the specifics, I'd like to point out that when examining and analyzing the company performance during recent months and without future binary events, it's clear that the company's growth strategy model based on our well-defined 4 growth pillars is working effectively. We are seeing growth and improvement across all financial metrics, including expanded sales and revenues, operational synergies and disciplined management of expenses. enhanced profitability and EBITDA, and a strengthened ability to generate cash from operations.

It's important to note that the significant growth we are currently experiencing is driven solely by our existing commercial product portfolio, organic growth. And that once we execute the acquisitions and M&A transactions that are also part of our strategic plan, this growth will accelerate even further, resulting in enhanced financial metrics.

With that said, let's move on now to our first 6 months performance. Total revenues were a record high of $100.2 million for the first half, an increase of approximately 13% year-over-year. Adjusted EBITDA was a record high of $25.7 million, up 14% year-over-year and representing a notable 26% margin of revenues. For the second quarter of the year, total revenues were $54.9 million, the strongest in our history, representing a 23% year-over-year increase.

Adjusted EBITDA was $14.1 million, up 29% year-over-year and representing a 26% margin of revenues. Net income for the first half was $13.4 million and 18% up year-over-year, and second quarter net income was $9.3 million, up 26% year-over-year. Our revenues and adjusted EBITDA for the first 6 months of the year represent approximately 50% of our 2026 annual guidance.

Based on our first half performance, we are reiterating our 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA, respectively, representing 12% and 23% growth when comparing 2026 guidance midpoints to 2025 results. As described on previous calls, we continue to be focused on our 4 growth drivers on a path for delivering continuous double-digit profitable annual growth. We are focused on continuing sales growth of our entire commercial portfolio, including our 6 FDA-approved specialty plasma-derived products.

In our Distribution segment, growth is supported by the launch of additional biosimilar products in the Israeli market, as well as the expansion of the Distribution business to the MENA region, which is ongoing with new distribution agreements being signed. We continue to ramp up plasma collection at our Texas-based facilities in support of our new 3-year $50 million supply agreement and expect to commence plasma sales by year-end.

Lastly, securing new business development and M&A opportunities remains a core focus. And as already said, we are committed to expanding our current commercial portfolio and accelerating our current double-digit organic growth. The underlying demand for our products, including for KEDRAB in the U.S. market, as well as VARIZIG and HEPAGAM, continues to increase. Our lead product continues to be our anti-rabies immunoglobulin, KEDRAB, which is being distributed in the U.S. through our collaboration with Kedrion.

End user utilization of the product in the U.S. is continuing to increase significantly, and our product supply to Kedrion is increasing year-over-year and beyond Kedrion's contractual minimum commitment. In addition to our significant market share in the U.S., we continue to grow sales of KAMRAB in leading international markets such as Canada, Latin America and Israel.

GLASSIA represents our second leading franchise, with revenue contribution driven by our growing product sales in ex-U.S. markets such as Argentina, Russia, Israel, Switzerland, as well as additional markets, mainly in Latin America as well as royalty income generated from sales of the product by Takeda in the U.S. and Canada. We continue to support the comprehensive post-marketing research program for CYTOGAM, which we launched last year, which we believe will help demonstrate the advantages of the product in the prevention and management of CMV disease.

This program was developed in collaboration with leading key opinion leaders to explore advancement of novel CMV disease management. The benefit of this program were recently highlighted by the presentation of data by Dr. Daniel Calabrese, Assistant Professor of Medicine at the UCSF Lung Transplant Program at the 2026 International Society for Heart and Lung Transplant Annual Meeting.

Findings presented by Dr. Calabrese based on analysis of CMV high-risk lung transplant recipients suggest CYTOGAM use is associated with improved clinical outcomes, supporting increased CYTOGAM utilization. In addition, patients continue to be enrolled in the investigator-initiated trial titled the SHIELD study, which is prospective randomized controlled multicenter study in CMV high-risk kidney transplant recipients.

The trial is investigating the benefit of CYTOGAM administrated at the conclusion of antiviral prophylaxis to reduce the risk of clinical significant late CMV in kidney transplant recipients who are CMV seronegative and have a CMV seropositive donor. We believe that the data generated by this study will support increased product utilization for CYTOGAM in the large population of kidney transplant recipients.

With respect to VARIZIG, our anti-Varicella Zoster Immune Globulin and HEPAGAM, our hepatitis B Immune Globulin, we are experiencing strong market demand for these products resulting, among other things, from our product awareness activities in the U.S. market. As for our distribution operation, as part of activities to advance organic growth, we already have 2 biosimilar products launched in the Israeli market, and we are on track to launch 2 other products during this quarter.

We have other biosimilar products in the pipeline to be launched in the coming years and additional in-licensing agreements are in process. We believe that this portfolio will become an increasingly important portion of our distribution business, with biosimilar annual sales of between $15 million to $20 million within the next few years.

We are also continuing to advance expansion of our distribution activity to the MENA region. We have recently entered into several distribution agreements and initiated activities to register the underlying products with local authorities. We continue to engage in discussion with additional international companies, offering them full service from registration, all the way to commercialization.

In July, we were very pleased to announce our 3-year $50 million sales agreement, first of its kind, to supply normal source plasma to a leading biopharmaceutical company focused on plasma-derived therapies. This agreement validates our plasma collection strategy and the investments we made in our U.S.-based state-of-the-art plasma collection centers, as well as our vertical integration strategy and multi-year revenue growth objectives. We expect that initial commercial sales under this agreement will be recorded in the fourth quarter of this year and have included these projected revenues in our current annual guidance.

Moving to business development and M&A. We continue to evaluate opportunities to enrich our portfolio of marketed products and complement our existing commercial operation. This remains a core focus, and we are committed to expanding our current commercial portfolio, accelerating our long-term profitable growth.

With that, I'll turn the call over to Chaime for a detailed discussion of our financial results.

Chaime, please go ahead.

Chaime Orlev

Thank you, Amir.

As Amir stated at the top of the call, we are recording record high financial results for the first 6 months and second quarter of 2026. Total revenues for the first 6 months of 2026 was $100.2 million, a 13% increase from the $88.8 million generated in the first 6 months of 2025. The increase in revenues is primarily attributable to increased sales of KEDRAB in the U.S. market, as well as VARIZIG and HEPAGAM.

Total revenues for the first 6 months of 2026 are at approximately 50% of the midpoint of our 2026 annual guidance. As an anecdote, approximately 5 years ago, we reported $103 million in total revenues for the full year ended December 31, 2021. And now we are reporting a similar revenue figure for the first 6 months. This is a strong indication of the company's significant growth track.

Total revenues for the second quarter of 2026 were $54.9 million, up 23% compared to the second quarter of 2025. Second quarter revenues represent the highest revenue for a given quarter in Kamada's history. Net income for the first 6 months of 2026 was $13.4 million, or $0.23 per diluted share, up 18% compared to $11.3 million, or $0.19 per diluted share in the first 6 months of 2025.

For the second quarter of 2026, net income was $9.3 million, up 26% compared to the second quarter of 2025. Adjusted EBITDA was $25.7 million in the first 6 months of 2026, a 14% increase as compared to the $22.5 million in the first 6 months of 2025. Adjusted EBITDA for the first 6 months of 2026 represents a 26% margin of revenues and is at 50% of the midpoint of our 2026 annual guidance.

Cash provided by operating activities during the first 6 months of 2026 was approximately $17.8 million compared to $7.5 million during the first 6 months of 2025. As of June 30, 2026, we had cash and cash equivalents and short-term investments totaling $70.1 million compared to $73.1 million at the end of March. The company's ability to maintain its cash position while making a $14.4 million dividend payment during the second quarter is indicative of its continued ability to convert operating profits into cash flow.

With that, I will transfer the call back to Amir.

Amir London

Thank you, Chaime.

Before we open the call to questions, I want to take a moment to acknowledge the other news we issued earlier this morning. As we announced, Chaime will be leaving Kamada at the end of the year to pursue other opportunities. On behalf of everyone at Kamada as well as our Board of Directors, I'd like to thank Chaime for his leadership and significant contribution to Kamada during his 9 years of service.

Chaime has been instrumental in our continued growth while maintaining a strong operating and financial position that underlies the growth track we reported on today. We've initiated a search for a new CFO, and Chaime is committed to providing transitional support. Please join me in wishing him all the best in his future endeavors.

Operator, that concludes our prepared remarks. We are ready to open the call to questions.

Operator

The first question comes from Annabel Samimy with Stifel.

Phần hỏi đáp

Annabel Samimy

Congratulations on a good quarter. So, I'm going to have to ask the obvious. Given the solid quarter and the balanced growth across all your franchises, are there any specific reasons why you don't feel comfortable raising guidance at this time? And just as well with the gross profit, your EBITDA margins were great and they're expanding. I was just curious about the gross profit as you're becoming more vertically integrated. I was curious why it was going down instead of up. And so is there anything unusual in the quarter? So just that first. And I'll follow up with another question.

Amir London

Yes. Thanks, Annabel. So, H1 performance is approximately 50% of an annual midpoint guidance. Pure guidance, we have already forecasted significant growth this year, 12% in revenue, 23% in EBITDA compared to last year and we are executing to the plan. So, that's basically kind of the rationale based on our performance and annual guidance. We expect another strong year next year of double-digit growth. So as we said, we believe that our growth model works.

We guided between $200 million to $205 million or approximately 50% of that. We felt comfortable with the second part of the year expectations, and we will be guiding 2027 in due time, which will be another great year of significant growth for the company. As for the gross margin -- gross margin decline, so gross margin is a little bit shifting between quarter-to-quarter based on the product mix and market mix.

Important to mention that we have maintained our EBITDA rate of 26% of revenue, which we believe is a significant achievement. And we were able to significantly grow our net income by over 18% year-over-year. So with those financial metrics, we believe that we are on a very strong track also moving forward, generating significant profitability and significant cash from operations, being able to convert that profitability into real money, real cash.

Okay. Can you hear me?

Operator

The next question comes from Jim Sidoti with Sidoti & Company.

James Sidoti

Can you just give a little color, why was it important for you to get that rabies antibody neutralizing test approved and be able to do that yourself?

Amir London

The lab that was approved was important for us in order to be even further vertically integrated. Until now, we were sending the samples of the anti-rabies product to an external lab. Having the lab in-house allows us quicker response and ability to get the product in process and final results, which allows us to release product faster to the market. With a significantly growing demand for KEDRAB, it's an important factor in our ability to continuously support growing market demand.

James Sidoti

And then in the quarter, selling and marketing, to me, I thought was particularly low compared to the level of sales you had. Was there a one-time item there? Or how are you able to keep that so low?

Amir London

We have been very effective in the way we are utilizing our resources. I think we are happy to present our investors year-after-year profitable growth. So it's not just we are just growing our top line, but also growing our revenues, growing our bottom line, EBITDA and net profit. And that's all about synergies, economy of scale and responsible management of our resources.

James Sidoti

And then it seems like you're on track to get those 3 plasma collection plants up and running. That $50 million 3-year contract, does that leave you other -- do you have enough capacity to fill other orders as well? Or is that going to be the bulk of the output for those 3 plasma collection centers?

Amir London

So since we launched the Houston and San Antonio centers, we spoke about the fact that each one of those 2 centers will contribute between $8 million to $10 million in revenue per year. So, this is the capacity of those 2 centers. If you add the 2 centers together, you get to between $16 million to $20 million per year. And if you take the $50 million divided by 3, it's exactly this $17 million that we will be generating from those centers. So, this is the current capacity, and this capacity has been basically sold to -- based on the contract we signed.

We are growing our specialty plasma collection in those centers, and that specialty plasma goes into our own production. And that's the second portion of this equation or this formula. So, we're not just selling plasma out as a way to grow and increase our revenue and profitability, but we're also using specialty plasma for our own products in a way that, over time, will allow us to keep growing and improving our gross margins and overall profitability.

James Sidoti

And what about the third center?

Amir London

The third center is a specialty center, collects only specialty plasma, which is being used by our -- this was the original center we acquired in Beaumont, and that's a specialty focused center.

Operator

[Operator Instructions] I would like to turn the call to Brian Ritchie for web questions at this time.

Brian Ritchie

Just a couple, Amir, and they're related. So, I'll ask them together. First is, can you talk about whether or not the organic growth is sustainable? And then maybe just discuss the consistency that we've seen in the business over the last several years and how sustainable that is long term?

Amir London

Yes. Great question. So, our business is highly sustainable or the organic growth is highly sustainable. We've been able to grow our business year-over-year double digit. We are projecting continued growth moving forward. We haven't completed yet our 2027 budget plan, but I can assure you that we will continue growing and all of this organically. And this is based on a strong business model, strategic model that is working very well for us. 6 FDA-approved products in over 30 different countries, in-licensing and Distribution segment, which is growing, including the expansion to the MENA region, the newly signed plasma sales deals, which we just spoke about. And of course, the transaction, M&A, BD activities that we are searching and we will be executing over time.

So, I think I mentioned it at the beginning of the call, but I would like maybe to reiterate it that when examining and analyzing the company performance during recent months and Kamada does not have any future binary events, we are basically growing year after year, quarter after quarter. It's clear that the company's growth strategy model is working and working effectively. We are seeing growth and improvement across all financial metrics.

Look, compare our 6 months' performance to previous year, expanded sales, expanded revenues, operational synergies, disciplined management of expenses, enhanced profitability and EBITDA and a very strong ability to generate cash from operations. So, I think that's basically the way to look at Kamada, a very strong, profitable growing business, generating cash, generating ability to continue investing into the business. We paid dividends last year and this year. And we believe that basically we have all the formula to continue growing in a very profitable way and bring value to our shareholders, especially when looking at our current share price and current valuation.

Brian Ritchie

Thanks, Amir. Maybe we'll just turn it back to you for the closing comments, please.

Amir London

Okay. Thank you very much.

So as communicated at the beginning of the call and my answer to Brian, we continue to execute on our strategic multi-year growth plan, delivering record high operational and financial performance during the first half of 2026. We continue to reach new heights and deliver on our commitment to deliver double-digit profitable growth. We invest in our 4-pillar growth strategy, continued progress made in organic growth of our existing commercial portfolio, expansion of distribution and in-licensing business, growth of our plasma collection operation and advancing business development and M&A transactions to support and expedite our growth.

We look forward to continuing to support clinicians and patients with important life-saving products that we develop, manufacture and commercialize. We thank you all for your support. We remain committed to creating long-term shareholder value. We hope you all stay healthy and safe.

Thank you for joining our call today.

Operator

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.