by a question and answer session. Again, if you'd like to ask a question, please click on the Q&A tab in the ribbon below and then type your question into the box.

Um, as a reminder, this briefing is being recorded and will be available, um, on the Adheris website. With that, I'd now like to hand it over to John to get us started.

Thanks, John.

Thank you, George. Welcome, everybody.

Uh, let's dive right into the slides. I'll skip the disclaimer here.

Just quickly on the business for those of you that might be new to our story. Uh, we sit in the at the intersection between pharma manufacturers, retail pharmacies, and the patients that they serve.

Um, we have relationships with top global pharma companies. Uh, most of those relationships are over 15 years old.

We also work with nine out of the top 10 pharmacy chains in the US, and those relationships have spanned over 20 years on average. Um, we've driven quite a bit of impact across the 30 years that we've been in business.

Uh, we reach over just about 170 million Americans through our network of 25,000 pharmacies. Now, we've sent over 500 million sponsored messages to patients in the past five years.

We've driven strong results. Uh, 65% of the patients we reach return to therapy after receiving interventions from us.

Our click-through rates on SMS are over 24% on average. On the awareness side of our business, we drive an average lift of over 11%.

The agenda for today is to cover uh, key highlights from fiscal '26. We'll spend some time reviewing progress against the strategic priorities that we established when I joined the business.

Then we'll share some observations and outlook going forward. For key highlights, we'll start with uh, the financial results for the year.

Uh, revenue was $34 million, down from uh, down 46% from prior year. Gross profit of $14.6 million is down 56% from the prior year.

Gross margin at 43%, down 9 percentage points year-over-year. An underlying loss before income tax of $16.7 million, and that's actually a slightly smaller loss than in fiscal '25, about a 1% difference.

Statutory net loss of $4.3 million, which is much lower than it was in fiscal '25, 93% lower than last year. Uh, we finished the period at uh, with $9.5 million cash at bank, and that's down about $800,000 year-over-year.

I'll spend some time on key highlights from from fiscal '26, uh, which really was a year where we established the foundations that will help us return the company to growth uh, as we entered fiscal '27. Starting in the upper left with our financial performance, we just talked through the key numbers.

Um, we did achieve cash flow breakeven in the fourth quarter, which we had guided previously, um, ending the year at $9.5 million in cash, as I had mentioned, and with no debt. Moving over to the right on operational highlights, um, we did accelerate our cost-out program and finished with a 37% reduction in operating costs over the prior year.

Importantly, uh, we did reengage with many customers who had either stopped spending with us or had significantly reduced their spend with us in prior periods. Um, and actually won over $3 million US in contracts from customers who had previously stopped working with us.

We also added eight new brands to our portfolio in the second half of '26, which is a period of time where we typically don't see a lot of bookings. We'll talk more about that cycle as we proceed.

Uh, with board and management, uh, key updates there, we did resize the board following the disposal of the ANZ business. We did add uh, an very experienced non-exec director, John Murray, on the 1st of July.

As I've mentioned in prior presentations, we did refresh our leadership team with several executives who've spent a good amount of time in this company its- itself as well as in the industry more broadly. They all bring a proven track record of executing both within this business and returning it to growth before, as well as um, strong delivery in in the space more broadly.

Uh, and then I'll finish with a focus on the future. We are into our calendar '27 pharma planning cycle, which is really a critical time of the year for the business.

This is when our pharma customers develop their budgets for the following calendar year. This is when folks like us are putting forth their best proposals for how to support the brands that we work with, and our customers are making decisions that will impact their spend, and obviously therefore, our revenue um, in in calendar '27.

I'm happy to report that close to 60% of the current pipeline opportunity that we have right now sits in Thrive opportunities and other digital engagement programs. That's a material increase compared to our uh, fiscal '26 revenue mix, which will support a better gross margin story for fiscal '27.

Um, and then lastly, we do expect to maintain cash flow breakeven across fiscal '27. Uh, although the generation of cash throughout that year will be a bit lumpy, and you should see that be a bit uneven quarter to quarter.

We'll talk a little bit more about that. When I returned to the company in November of '25, um, I established five key stra- strategic priorities for the year, and I want to spend a little time giving you a progress update on each of those priorities.

Then we'll dig a little deeper on each in the following slides. The five priorities were to build a more scalable operation, to diversify our revenue, to focus our sales on higher-margin solutions, expand our pharmacy network, and enhance digital engagement.

Um, starting on the far left with building a more scalable operation, our plan heading into fiscal '27 is to hold the cost base roughly flat so that the revenue growth that we're projecting will fall through more often to the bottom line and will improve our overall profitability. We're also working hard to increase the output that we get from each employee by embedding uh, AI productivity tools across the company.

We've already done that, and we're seeing some really strong early results from that. Um, as far as the tangible results from this initiative, as I mentioned before, operating costs down 37% year-over-year.

As a subset of that, our staff costs, including contractor and consulting spend, um, is expected to stabilize at about $18.2 million in fiscal '27 versus $34 million in fiscal '25. A significant reduction there.

Moving over to revenue diversification, um, we talked about this when I came back. We have worked hard to reduce our overdependence on vaccine revenue and focus on high-growth categories like obesity, including GLP-1s, diabetes, immunology, respiratory, and other specialty conditions.

Um, and we've had good progress against that. Uh, our non-vaccine revenue was 83% of the mix in fiscal 20 '26, and that's compared to only 54% in fiscal '25.

We've increased the share from general medicine, specialty meds, and GLP-1s. We'll get into more detail as we go forward in the presentation.

We also, importantly, onboarded a total of 11 new brands in the year. Uh, on the selling higher-margin solutions, right, we've refocused our sales efforts toward the products that drive the best gross margin for us, and those products are Thrive and our other digital engagement tactics.

That focus should improve our revenue mix here in fiscal '27, which ultimately then drives higher gross margins. As I mentioned on the prior slide, close to 60% of our calendar '27 pipeline is in those higher-margin products, and that compares to just 32% of our fiscal '26 revenue coming from those products.

That's a material increase, and that's really where we expect to see margin expansion come from. On the pharmacy network side, we continue to look to increase the breadth and the scale of our network.

That comes from adding new partners, but it also comes from expanding channels and working with each of our current chains across more um, engagement strategies. For example, adding digital messaging to a partner who maybe historically has only run print.

Um, a couple highlights there. One of our largest pharmacy partners enabled our programs on their brand-new digital platform, which they rolled out across their entire enterprise, and that generates additional revenue opportunities for us.

Also, we expanded our digital reach in the year by more than 36 million patients, which is a substantial number. That alone is actually a pretty strong number in the industry, let alone just being an addition for us to what we already have.

A material increase there. Then lastly, enhancing digital engagement, we're going to show you some examples in a few slides of how we're um, leveling up our engagement suite on the digital side.

We are adding richer content, we're leveraging AI where it makes sense, and we're pushing for deeper pharmacy integration. All of that helps improve behavior and ultimately creates healthier patients, which is really is just why we exist.

Uh, we've seen average click-through rates on our SMS messages at over 24%, as I mentioned earlier. We also have over 2,000 stores live on our new digital regulatory product, which is a subscription product that our pharmacy partners can buy to deliver um, government-required material to patients in a digital format versus in a printed format, which is how it's historically been done.

We do have over 9,000 stores in the pipeline for this product as well. We're excited about this.

It's an early, still early days, but I think we're seeing some good traction in the marketplace. Diving a little bit deeper on the scalable operation, I talked about the um, the cost-out program, right?

Material reduction in opex, as well as staff costs. Um, we materially changed our executive compensation plan.

Uh, it's very much oriented toward a performance basis now. Um, the emphasis is on equity upside, and we've taken a a different look at salary and cash bonuses.

Those are much lower than um, than under prior leadership. Really, what that generates is strong alignment between my team and myself and shareholders.

That's really where it needs to be. I think that that philosophy will will serve everybody well moving forward as we start to rebuild our our enterprise value.

Then on the productivity side, I mentioned that we had launched um, some AI-powered productivity tools. Those have been resulting so far in faster execution, a significant reduction in the manual work that it takes for us to do our jobs each day, and ultimately, higher output per FTE.

Revenue diversification, um, both in terms of the disease states as well as the product mix, right? I talked about shifting our mix away from the overdependence that we had previously on vaccines.

We've done well there, and as as I mentioned before, we increased our non-vaccine mix from 54% in fiscal '25 to 83% in fiscal '26. Um, we have maintained a strong focus on immunology, respiratory, diabetes, and other um, complex specialty conditions.

Our digital programs went from 6% of revenue in January up to 15% by June. As I mentioned, our pipeline is showing an even stronger uh, skew toward digital and Thrive.

All of that is expected to improve our revenue mix. GLP-1s are a very fast-growing category, um, and this is a place where we are really well-positioned um, to grow revenue materially.

Um, our GLP-1 revenue in fiscal '26 was up almost 35% from the prior year and is now 8% of our revenue mix um, for the for the year. Actually is um, in even in an even larger percentage of our mix of calendar '27 pipeline.

Definitely heading in the right direction. This category of medicines is expected to grow materially.

So, 25 million Americans are expected to be on a GLP-1 medication by 2030, which is only 4 years, 3.5 years away. That goes from a base of 10 million last year.

That's a really material increase. This is a a growth area that we have to be part of, and so far, we've we've started to make good inroads with the leading manufacturers of these products.

Um, and then lastly, I mentioned earlier, we did win back over $3 million US in contracts from folks that had left us in prior periods and added 11 new brands during the year. Eight of eight of those were in the second half.

Good good progress there. Just really quickly on the far right, if you look at our revenue mix between fiscal '25 to fiscal '26, you'll see the increases in the yellow there, that's GLP-1 revenue, and then also in um, specialty going from 10% of mix to 21%, and then gen med going from 34% to 47%.

Now, if you look at our current calendar '27 pipeline, that trend is continuing, right? Far, the pipeline um, as of the 21st of August, 13% of our pipeline was in GLP-1, 22% in specialty, 59% in gen med.

We continue to see the trends that we set out to achieve when we established this initiative back in November. Higher-margin solutions, um, I've mentioned Thrive a few times, and I wanted to just spend a few minutes explaining to all of you uh, what our Thrive solution is, how it works, and and why it's beneficial for our clients, our patients that we serve, as well as our business itself.

What we do is we apply advanced predictive modeling that finds the patients who are most likely to have an adherence problem. That helps us focus our messaging and our outreach to the patients who we believe need support most.

We personalize that experience to improve ultimately the patient's outcome while also maximizing program efficiency. If we think that a digital communication is the best fit for that patient at that particular moment, that's what we'll send.

If we think, potentially, a higher-cost direct mail message might be the right fit at that time given the patient's profile, their demographics, and so forth, then that's what we'll send. We're differentially investing um, and using the channels appropriately based on what we know about the patient and their challenges.

Um, importantly, this revenue model is a little bit different than how the business has historically operated. Most of our programs run on a per-message basis, but Thrive is built on a per-patient revenue model.

That allows us to scale efficiently as program sizes increase. It also improves our unit economics as the programs get larger because we can direct the the higher-margin digital messages to the patients who really need them, and then only fall back on the lower-margin printed products when they're most appropriate.

Ultimately, this leads to a higher gross margin profile than some of our legacy tactics. Um, and then, be- because we have multiple ways to reach patients, right?

Direct mail, print, MMS, SMS, patient concierge, we can deploy the right message at the right time based on what we think will drive the highest engagement as well as the highest behavioral impact. This is a really important product, not only for patient support, but also for driving better gross margins for us and uh, more scalable programs as um, as brands invest more with us.

On the pharmacy network, uh, a few highlights that I wanted to mention. Um, I talked about our digital regulatory product earlier and the fact that we have over 2,000 stores live right now and another 9,000+ in pipeline.

That's definitely helping us expand our digital presence with our retail partners. Um, I talked about the 36 million patients that we've added to our digital reach.

That's a really important um, driver for us, and that allows us to, again, skew our revenue mix more toward digital because we have more access. We can reach more patients that way than we could uh, a year ago.

We did have a new regional chain launch SMS with us in the second half of '26, and we have another one that's expected to onboard here in the first half of fiscal '27. Then I talked earlier about how um, one of our larger chains enabled our programs across their entire entire um, enterprise-wide digital platform.

Um, and then lastly, we're really excited about uh, we have an agreement signed with one of our retail partners to pilot pilot a new concierge service, which helps patients um, with scheduling of appointments at the pharmacy. Um, this takes us beyond the traditional messaging that we've done historically and builds a new use case for the way that we can leverage the access that we have to patients and some of the newer products that we've built to potentially generate pharmacy-funded revenue opportunities in addition to pharma-funded, right?

Obviously, historically, we're very heavily skewed toward pharma as our primary um, sponsor. Increasingly, with this with these new products, we now have opportunities to generate revenue directly from the pharmacies themselves.

We've talked about enhancing the digital experience. Really, what that means is, we want to make sure that we take our connectivity with patients beyond a static one-way message into a real conversation, right?

A real engagement with a patient that can actually solve a problem for them in real time. I want to show you a quick demo of how this product actually works.

This is a real patient journey that I'm about to show you, and this one's focused on driving better adherence and helping patients afford expensive medications. The way this flow would start would be if we see a prescription come through that's going to be expensive for the patient based on their insurance coverage or lack of insurance coverage, we will greet them with a custom message that lets them know that there are savings opportunities available to help them afford the medication.

Once we get the patient's consent and they provide their information, the concierge will automatically sign them up for a savings program and return a savings card to them that they can then present right at the pharmacy counter and get significant savings off their medication. I'm just going to play this flow for you really quickly so you can see it in action.

That's pro- what, maybe a 45-second flow, maybe 60 seconds with the patient entering their information, which actually we can help prepopulate. Think about the the power of determining that a patient's prescription is going to cost them a lot of money, proactively making a savings program available for them, signing them up without them having to know how to do that, and then pushing back a card right to their phone that they can immediately save $50, $100, $200, sometimes even more dollars per fill.

Um, these are the kinds of things that we're doing to help drive our results further and help more patients stay healthy. The last section that we have here is just observations and outlook as we as we go forward into fiscal '27.

I'm going to start at the top left here and talk a little bit more about our calendar '27 pipeline. Again, as I mentioned before, this period that we're in right now, from today through the end of December, this is when most of our customers are making the majority of their buying decisions for all of calendar 2027.

This is the critical period. This is where we will build our revenue base for calendar '27.

At August 21, um, we had more than 90 opportunities in our pipeline that covers almost 40 customers and about 80 different brands. Importantly, it's not overly concentrated.

No single opportunity or brand is more than 10% of pipeline value. It's very um, distributed across a lot of customers and a lot of opportunities.

I talked earlier about the fact that almost 60% of the value in that pipeline is focused on higher-margin products, Thrive and digital, versus 32% of our '26 mix. Also, importantly, um, the opportunities in this pipeline right now are material materially larger on average than our fiscal '26 bookings.

About half of the value of this pipeline right now is in programs that are $1 million US or larger. Not only are we seeing some good early traction, a lot of opportunities against the right products, but we're also seeing larger deal sizes, which is really important as we try to scale.

I'm encouraged by the the early progress that we've seen on the pipeline. Um, if we go to the top right, decisions on the majority of the pipeline that I just talked about, we do expect to see by the end of December.

Some of those will spill into January and February, but most of these will be locked up by the end of December. Um, and that'll be part of the reporting that we're doing going forward.

Every quarter, we'll be reporting progress against our bookings growth for this calendar '27 cycle that I talked about, the share of our revenue that's coming from digital and Thrive, our margin profile, and our cash discipline. You can expect to see reports on all of those every quarter.

The first material readout for the pipeline conversion, how well are we doing on closing the deals that I just walked through, you'll see that at the AGM in November. By then, we will have a pretty good feel for how this is trending, and we will have some contracts under agreement by then, like signed contracts that I can talk through.

That's an important milestone um, at the AGM in November. The shape of the of fiscal '27, uh, we certainly are targeting substantial revenue growth over fiscal '26, um, and we do not expect to increase the cost base materially, as I've said a couple of times.

That really supports our path back to profitability, which is where we we have to be as quickly as possible. I alluded to this earlier, but we do expect to remain cash flow breakeven across calendar '27, and uh, and fiscal '27 as well, it's important to note.

The July 1 to June 30, we expect to be cash flow breakeven as well. Um, now that cash flow generation, as I talked about, it will be a bit lumpy.

You'll see some unevenness unevenness quarter to quarter. Um, but on an overall basis for the fiscal year and for the calendar year '27, we do expect to be at least cash flow breakeven.

Um, lastly, the earnout from the sale of the ANZ business, um, we expect to finalize that process in Q1 and determine the final figure, and then payment is expected in Q2 of fiscal '27. We've had conversations with Jonas uh, over the past few weeks, and so we're getting closer to finalizing that payment amount.

We are confident that there will be a payment uh, for the first year of the earnout. Then lastly, we already disclosed uh, the Mindsprint dispute.

Um, we were vigorously defending those claims. Um, it's not expected to impact our operations.

Uh, and as I said in the release, we really can't comment any further than that. Um, but if, if we have the opportunity to do that in the future, we certainly will.

Just to close with our investment case, I feel really confident about the position we're in right now as the precursor to getting back to profitable growth. Um, we've been around a really long time, over 30 years.

We have a very established brand and a strong reputation with pharma and with pharmacies. Um, and we've been rebuilding a lot of that trust here over the past nine months.

We reestablished our experienced leadership team, as I mentioned earlier. We've added a lot of additional um, talent on top of that, and a lot of folks that we've worked with before.

I feel really good about the team that we have here and our ability to execute. As I said earlier, our incentives are very much aligned to shareholder value creation.

We are here for the long term. We're here We're here to rebuild value for shareholders.

We are also um, uniquely positioned in a very large market. Um, pharma spends about $8 billion US per year on patient support and patient marketing, and about $2 billion of that is through the pharmacy channel.

It doesn't take a large percentage of that spend to get materially larger revenue than what we've seen over the past year. Um, in addition, our products are unique not only because of the the reach that we have, the scale that we have, the ability to drive behavior, but also that it's measurable.

We measure every program that we run with a rigorous um, prospectively randomized methodology, and we're able to prove to clients that for every dollar they spend, we're returning $5, $6, $8, $10 back. That's what gets customers coming back year-over-year.

Our strategy is I think really well-aligned to getting back to growth quickly. We've talked about diversifying our revenue streams.

I think we're seeing some progress there. Um, we are prior- prioritizing our higher-margin solutions.

You're seeing the early days of that in the uh, the pipeline mix. We have expanded our network, particularly with our digital presence.

I just showed you a preview of our next-gen digital engagement, which is really going to make our customer relationships stronger, as well as our patient impact a lot stronger. Then lastly, um, we need to maintain discipline and be laser-focused on profitability, and that's what I've been since the day I came back.

Um, I think we've set some strong foundations for calendar '27, right? I talked about the pipeline.

It's diversified. It's weighted toward the right products, and it has much larger deal sizes on average than prior year.

I think we've proven our cost management discipline, um, and we'll continue to be very tight on cash and make sure that we're spending on the right things. As I said earlier, we are targeting a cash flow breakeven position again in fiscal '27.

Um, with that, uh, George, I'll turn it over to you for Q&A.

Right.

Thanks for that, John.

Thanks for that very insightful presentation. Um, again, if you'd like to ask a question, just click on the Q&A ribbon below and type your question into the box, and I'll ask it on your behalf.

Um, John, first question. Um, the US administration's policies, are they impacting your business in a positive or a negative way?

It's a good question. I think when the new administration first came in, there was a lot of fear about uh, price pressures, and that did temporarily have an impact on uh, pharma budgets.

We've seen that ease up quite a bit um, I'd say, since I've rejoined. Interestingly, sometimes when budgets become a little bit tighter, that could actually be a benefit to us because our programs are measurable, right?

Like I talked about before, because we can actually prove the value of what we do, uh, when pharma is making hard decisions about where to allocate funds, we tend to come out on top more often than not. That's kind of how I see the impact so far.

All right, thank you. Next question um, is around digital.

Is digital creating new revenue streams for the business, and if so, how large could they become?

That's a great question. Um, I talked earlier about the digital regulatory product.

I think that's one big trend that we've seen. Historically, that that material has been printed, and it's um, very expensive for pharmacies, and it's also very wasteful because a lot of that paper um, over time, the patient gets the same thing 10 or 12 times, they tend to throw that out.

We've seen a really strong push for pharmacies to deliver that regulatory content digitally, and that is creating opportunities for us um, to generate subscription revenue from the pharmacies. We've also seen, as you've seen from the pipeline uh, mix, continued interest and demand for digital solutions to reach patients.

Whether it's our Thrive product or whether it's the concierge that I showed, um, those products, there's just a higher demand for those products compared to some of the legacy tactics. They also carry uh, larger price points and can tend to drive higher deal sizes.

Those are all good things for us. Um, I probably wouldn't put an exact figure on what they can become just because it's such a large market, but there's there's material opportunity in digital, for sure, and that's what we're chasing.

Right. Thanks for that.

Uh, next question: When do you expect the cash low point on your balance sheet, and can we expect a better Q2 than Q1?

I think we the low point I think we probably will see in this quarter in the first quarter here. Um, and so, I would expect to see uh, Q2 be in a better position relative to Q1.

Um, that's where I would probably guide it right now.

Okay. All right, thank you.

Um, next question: How has the turnaround progressed based on your expectations at the time of your return? Um,

yeah, I'm pretty happy overall. Um, I think that we worked really quickly on the cost base.

Um, that was initially kind of a a two-year plan, um, but I think that we've done most of that work already here in nine months. Getting the costs under control was critical, and I think we've achieved that.

Um, I've been really happy with how quickly we've rebuilt um, rebuilt relationships, both on the pharma side and the pharmacy side. That's really a credit to uh, the team that that's working here on those relationships every day.

Um, but that's happened faster than I thought it would, and then that's what has led to these win-back deals that I talked about and the fact that pharmacies are increasing their digital scale quickly with us, right? Those are those are good indicators that we've done some strong work on the relationships.

I'm really happy about that. Um, and then I would probably point back to the pipeline, right?

Um, to already be seeing um, it's still early days in the cycle, but to see that kind of pipeline growth that quickly along with it being the right mix and having large deals in there, I think is maybe a little bit faster than I might have anticipated. Um, but I'll certainly take it.

Overall, I think we're doing a good job. There's a lot more work to do.

We need to keep executing, and we need to stay disciplined. Um, but I would say in the first nine months, overall, I'm pretty pleased.

Right, thank you. All right.

Next question says, "The ex-cash share price implies a valuation of the business of zero. Given that the remuneration of John and all the executives is significantly based on equity upside, what's the board doing to promote the company to investors?"

Um,

yeah, that's a great question. I think the most important thing that we can do to generate investor interest is to get our financials back on track, and that's what we're working really hard to do.

I think that we need to rebuild confidence and we need to demonstrate that the business can grow back to um, revenues that we've seen, in the recent years. Um, we also need to get back to profitability.

I think if we do those things, uh, we'll start to see renewed investor confidence. Then I think we might be a little more proactive in um, promoting ourselves.

Really, for me, the first thing is to fix the underlying business, and then we start um, telling our story more meaningfully.

Yeah. If I could add to that,

yeah,

I think up until now, it's been about a reset really. You your you and your team have had your heads down and just been working on turning the business around.

We reported our fourth quarter results a month ago, and we did a virtual roadshow on the back of that, you're out there talking to investors. Um, we're doing this webinar today.

AGM's coming up, um, and I think the pipeline will be quite well progressed and you'll probably be able to talk to a lot more detail by then. We're hoping that we can try and get you out here actually over the summer months and walk around and and visit investors in a face-to-face setting.

We're

we're trying to increase that investor engagement.

Yep. Spot-on.

Thanks, George. Uh,

just one last question. Again, if you have a question, please click on the Q&A box, otherwise this seems to be the last question.

Um, "Can you talk about your competitors, who obviously ate your lunch last year, and how are you going to get that back?"

Sure. Um, so, there's a handful of competitors who I think are probably uh, closest to us in terms of um, the solutions that they provide as well as the budgets that they're going after.

Um, we have a couple of competitors who run primarily through pharmacy like we do. Um, they're smaller than us.

Their networks are smaller as well. I think that it's fair to say that um, as we, lost business with some of the brands that we've since won back, they did go to other um, other providers, right?

Um, those competitors can pick up share when we aren't performing. There's also a couple of competitors who deliver their messaging primarily through the physician, slightly different channel, but similar goals, right?

Trying to get patients educated about the medicines that they're being prescribed, and then, working on things like affordability, making sure the drug's covered, and and then helping them longer-term. Um, those groups can compete with us for budget.

I think until recently, um, some of them had done a better job on innovation on their product suite than we had. I'm pretty confident now that we've caught up with our concierge and some of the the new Thrive work that we've done.

Um, and then lastly, there are some other niche competitors that focus on very specific parts of the journey, just affordability, right? Or just the prior authorization, which is a process that health plans put in place to um, to make it a little more difficult for patients to get on drug.

There's some niche players that we have to be aware of. Ultimately, for me, we have the largest reach, we've been around the longest, and if we um, if we do what we say we will, and we bring a competitive product to to market, which now we have, I think we're going to win more than our fair share.

All right, John. Thank you for that.

Look, there are no further questions. Um, so that concludes the briefing for today.

Uh, John, thank you very much for your insights, and to everyone for attending today. Um, and I now invite you all to disconnect.

Thank you.

Thank you.