IONIS PHARMACEUTICALS INC — Call Transcript 2026

Good afternoon. Welcome to Ionis conference call to discuss the FDA approval of TRYNGOLZA for sHTG. As a reminder, note that this conference call is being recorded. At this time, I would like to turn the call over to Wade Walke, Senior Vice President of Investor Relations, to lead off the call. Wade, please begin. Thank you, Sylvie. Thank you to everyone who has joined us today as we discuss the FDA approval of TRYNGOLZA for sHTG, which is now approved in the U.S. to reduce triglycerides and the risk of acute pancreatitis in adults with severe hypertriglyceridemia. Please be sure to visit the investor section of the Ionis website to see the press release that Ionis issued earlier today, along with the slides accompanying today's webcast. Before we begin, I would like to remind you that our discussion today will contain forward-looking statements that are based on our current expectations and beliefs. Such statements are subject to certain risks and uncertainties, and our actual results may differ materially. I encourage you to consult the risk factors contained in our SEC filings for additional detail. With me on the call today are Brett Monia, Chief Executive Officer, Sam Tsimikas, SVP, Global Cardiovascular Development, and Kyle Jenne, Chief Global Product Strategy Officer. For our agenda today, Brett will provide opening remarks. Sam will provide a brief review of the data that supported the approval and label of TRYNGOLZA. Kyle will review our strategy to achieve launch success with TRYNGOLZA now that it's approved for the larger sHTG indication. After Brett's brief conclusion, we will open the call for your questions regarding TRYNGOLZA. With that, I'll turn the call over to Brett. Thanks, Wade. Thanks to everybody for joining us today. I'm thrilled to share that TRYNGOLZA is now approved as the first and only therapy indicated to reduce triglycerides and the risk of acute pancreatitis in adults with severe hypertriglyceridemia. TRYNGOLZA's approval is a landmark milestone establishing it as the first-ever medicine approved to prevent acute pancreatitis for people living with sHTG. This approval is also a transformational achievement for Ionis. It not only demonstrates our continued leadership in translating groundbreaking science into the delivery of breakthrough medicines, but also further demonstrates our commitment in establishing Ionis as a leading, fully integrated commercial-stage biopharmaceutical company. The approval of TRYNGOLZA for sHTG was supported by the unprecedented phase III results we reported last year, in which TRYNGOLZA demonstrated rapid, substantial, durable, and clinically meaningful reductions in triglycerides of up to 72% on top of standard of care. These reductions in triglycerides resulted in the reduction of acute pancreatitis events by up to 91%, making TRYNGOLZA the first and only treatment to achieve this outcome in sHTG. Importantly, 86% of treated patients reduced their mean triglyceride levels below 500 mg/dL, the threshold that defines sHTG, and up to 54% of patients achieved normal triglyceride levels. These groundbreaking results, together with our substantial first-mover advantage, position TRYNGOLZA to fundamentally change the treatment paradigm for people with sHTG and become the new standard of care in the management of this disease. Notably, the TRYNGOLZA label includes acute pancreatitis risk reduction in the indications statement, which underscores the importance of preventing these debilitating and potentially fatal attacks, and further validates the unprecedented results from our clinical trials. We received approval for both a 50 mg and 80 mg dosage administered once monthly, providing physicians with dosing flexibility to tailor treatment based on individual patient needs and treatment goals. This flexibility will resonate well with physicians who manage sHTG patients based on our extensive HCP research. With the label now in hand, we are reaffirming our full-year 2026 guidance of $100 million-$110 million and our peak sales guidance for TRYNGOLZA of greater than $3 billion, positioning TRYNGOLZA to become our first Ionis wholly-owned multi-billion dollar medicine. Before I turn the call over to Sam, I want to extend my sincere thanks to the patients, families, clinical investigators, advocacy groups, and research partners who made this approval possible, especially those who participated in our clinical trials. I also want to recognize the Ionis team, whose dedication to patients and commitment to groundbreaking science and the TRYNGOLZA program were essential in achieving today's positive outcome. With that, I'll turn the call over to Sam. Thank you, Brett. Like Brett, I'm very excited with today's approval and what it means for people living with severe hypertriglyceridemia. Severe hypertriglyceridemia, or sHTG, is characterized by markedly elevated triglyceride levels above 500 mg/dL. These patients are not able to get their triglyceride levels below 500 mg/dL, which defines the risk threshold for acute pancreatitis, despite lifestyle modifications and treatment with standard lipid-lowering therapies. Very high triglyceride levels are a well-recognized cause of acute pancreatitis, a serious and potentially life-threatening condition associated with hospitalizations that often need intensive care admission, as well as long-term complications that include repeat pancreatitis events and the destruction of pancreatic function. Traditional triglyceride-lowering treatments, such as fibrates and omega-3 fatty acids offer only modest effectiveness and frequently fail to reduce triglycerides to below the threshold for pancreatitis risk. Moreover, none have demonstrated benefit in reducing acute pancreatitis events. sHTG is estimated to affect more than 3 million people in the U.S., and many of these people have a history of pancreatitis or are at high risk for a first event and often have additional comorbidities such as diabetes or cardiovascular disease. Until TRYNGOLZA's approval, patients and physicians lack the therapy that could reliably lower triglycerides below the pancreatitis risk threshold. With TRYNGOLZA now approved, we believe that treatment gap is being addressed. sHTG is driven in large part by dysregulated triglyceride-rich lipoprotein metabolism. Apolipoprotein C-III, or apoC-III, is a key regulator of the system. Elevated apoC-III inhibits lipoprotein lipase, the enzyme that breaks down triglyceride-rich particles, and it also blocks the clearance of these particles from the circulation. We designed TRYNGOLZA to selectively reduce apoC-III production in the liver by targeting apoC-III messenger RNA. We were the first to demonstrate that lowering apoC-III results in substantial reductions in triglycerides and acute pancreatitis events in patients living with severely elevated triglycerides. Importantly, TRYNGOLZA was also highly effective on top of existing standards of care therapies such as statins, fibrates, and omega-3 fatty acids, adding a distinct and powerful new mechanism for lowering triglycerides. The sHTG approval was based primarily on positive results from the phase III CORE and CORE2 studies, which evaluated TRYNGOLZA in adults with severe hypertriglyceridemia on stable background therapy in the largest pivotal program ever conducted in this patient population. Pivotal CORE and CORE2 studies demonstrated substantial and sustained reductions in triglyceride levels of up to 72% compared to placebo at six months, with sustained reductions at 12 months. Furthermore, 86% of patients treated with TRYNGOLZA achieved triglyceride levels below 500 mg/dL, the threshold for acute pancreatitis. Notably, up to 54% of patients in this study also achieved normal triglyceride levels. We saw a remarkable reduction in the rate of pancreatitis events of up to 91% after only 12 months of treatment. In the overall pooled analysis from CORE and CORE2, treating just 20 patients with TRYNGOLZA for one year is estimated to prevent one potentially fatal pancreatitis attack. In the highest risk group, those with triglycerides above 880 mg/dL and a history of acute pancreatitis, the number needed to treat to prevent a one potentially fatal acute pancreatitis attack is only four patients after just 12 months of treatment. Seeing a number to treat ranging from 4-20 for a potentially life-threatening event like pancreatitis and achieved in just one year is very compelling to physicians, which we believe will provide a sense of urgency to treat patients with TRYNGOLZA. For context, statins used in primary prevention of cardiovascular disease have a number needed to treat in the range of 50-100, meaning 50-100 patients need to be treated for more than five years to prevent one cardiovascular event. TRYNGOLZA demonstrated an overall favorable safety profile in the phase III studies, with adverse events balanced across treatment arms. The most common adverse events were generally mild to moderate and manageable. The most common treatment-emergent events were injection site reactions, which were mostly mild and typically transient. At the 50 mg dose, there were no imbalances in liver enzyme elevations. Asymptomatic liver enzyme elevations of greater than equal three times the upper limit of normal were observed in 7% of participants treated with the 80 mg dose versus 2% treated with placebo. These events were not associated with clinical complications, generally resolved with continued treatment, and no cases met Hy's law criteria. These unprecedented data from the TRYNGOLZA development program, beginning with FCS and now the broader severe hypertriglyceridemia population, have also been presented in major cardiology and lipidology congresses and published in leading peer-reviewed medical journals. The level of external validation underscores the scientific rigor and clinical importance of targeting apoC-III in triglyceride-rich disorders. For patients and physicians who have struggled to control severe triglycerides with existing therapies, we believe TRYNGOLZA sets a new standard for the management of sHTG. I'll now turn the call over to Kyle. Thank you, Sam. The approval of TRYNGOLZA for sHTG is a defining moment in our journey to bring a much-needed new medicine to this long-underserved patient population. Our team is energized and focused on delivering a successful launch and capitalizing on our first-mover advantage. We have a highly experienced field organization with deep backgrounds in lipidology and cardiometabolic diseases. They've been preparing for this approval over the past several months by providing disease state education to the highest sHTG treaters. In parallel, they have been strengthening patient identification efforts and laying the foundation for a seamless expansion from FCS into sHTG. We expect the product to be available in the channel in the coming days, and our teams are ready to begin promoting TRYNGOLZA for sHTG. The U.S. market is both sizable and underserved, with no effective treatments available until now. As represented by the pyramid shown on this slide, there are estimated to be more than three million people with sHTG in the U.S. Triglyceride management is concentrated among cardiologists, endocrinologists, and lipidologists, which allows us to reach hundreds of thousands of eligible patients with a focused commercial footprint. Our customer-facing team plans to initially focus on the high-risk patient population, which includes patients with triglycerides of greater than 880 mg/dL, or with triglycerides of greater than 500 mg/dL, and a history of acute pancreatitis or other comorbidities. With our commercial footprint, we are positioned to engage approximately 20,000 high-volume prescribers across the country. As we did for FCS, we also plan to leverage Ionis' omni-channel marketing capabilities to further reach both physicians and patients with tailored educational content and support. Despite widespread use of statins, fibrates, and omega-3s, many patients do not reach triglyceride targets and remain at high risk for pancreatitis. This treatment gap is well-recognized by physicians and payers. Consistent with the label, TRYNGOLZA's compelling clinical profile and differentiated mechanism position it to play an important role alongside existing therapies to reduce the risk of acute pancreatitis. Until today, physicians have not had an effective therapy for severe hypertriglyceridemia. TRYNGOLZA changes that. It has demonstrated robust triglyceride lowering, statistically significant reduction in acute pancreatitis events, a compelling number needed to treat to prevent acute pancreatitis. We are pleased to offer both the 50 mg and 80 mg doses of TRYNGOLZA for sHTG, packaged in a patient-friendly auto-injector designed for real-world use. This provides important flexibility for healthcare providers and patients and supports a tailored approach to treatment based on individual patient needs and treatment goals. Taken together, we believe TRYNGOLZA is a breakthrough for patients who are struggling with their disease and a meaningful advancement for physicians managing this high-risk population. Our launch strategy is designed for success and builds on our expanding commercial capabilities with two successful launches under our belt, including the launch of TRYNGOLZA and FCS. A key component of this strategy is our medical affairs effort, with the team actively participating in major cardiology, endocrinology, and lipid meetings to share data from CORE, CORE2, and related studies, while also helping educate the market on apoC-III biology and the burden of sHTG. On the market access front, our reimbursement and payer teams have proactively engaged with U.S. payers. With the updated WAC price of $40,000 effective April 1st, we are launching TRYNGOLZA and sHTG at a price that reflects its substantial clinical value and the high burden of disease, while recognizing the need for broad, responsible access. We are committed to ensuring affordability for patients who need TRYNGOLZA. For eligible commercially insured patients, our financial assistance programs can significantly reduce out-of-pocket costs, in some cases to as little as $0 per prescription. Supporting patients throughout their treatment journey is central to our commercial approach. Ionis Every Step, our patient support program, will now be expanded to support the needs of sHTG patients and caregivers throughout their treatment journey. The program is designed to provide disease state and product education, meaningful caregiver support, and reimbursement assistance that helps facilitate access and continuity of care. For healthcare providers, Ionis Every Step is intended to simplify the process of initiating therapy for appropriate patients while keeping the emphasis where it belongs, on helping patients better understand their disease, navigate treatment options, and access the support they need. Before I turn the call back to Brett, I want to underscore our excitement about this approval and the opportunity it creates to meaningfully improve outcomes for people living with severe hypertriglyceridemia. While we recognize that building awareness and changing treatment paradigms by integrating a new therapy into clinical practice will take time, we are highly encouraged by the HCP feedback and the opportunity to address the significant unmet need in sHTG. TRYNGOLZA's strong clinical profile and compelling label, including the significance of acute pancreatitis prevention in the indication statement, together with an experienced commercial organization that is launch-ready, position us to seamlessly execute. Most importantly, this helps us close an important gap in care for appropriate patients. More broadly, we believe this launch creates an important opportunity to expand the impact of TRYNGOLZA by bringing meaningful innovation to a larger population of patients with serious unmet need. With that, I'll turn the call back over to Brett. Thanks, Kyle. Today marks a pivotal moment for Ionis. With today's approval, we are poised to reach hundreds of thousands of people living with sHTG, and in turn, make TRYNGOLZA our first potential blockbuster medicine. Today's milestone underscores how we are delivering on our promise to bring a steady cadence of transformational medicines to people living with serious diseases. In just the last 18 months, we have successfully launched TRYNGOLZA for FCS, our first independently launched commercial medicine. We have also successfully launched DAWNZERA for hereditary angioedema, which is gaining significant momentum. Now we're expanding TRYNGOLZA into sHTG, our first independent launch into a broad population. We also look forward to our anticipated approval of zilganersen for Alexander disease, with a PDUFA date in September, and advancing our rich, wholly-owned pipeline of potential best-in-class medicines focused primarily on cardiometabolic and neurological diseases. The approval of TRYNGOLZA in sHTG underscores the strength of Ionis today. With two independent launches underway, TRYNGOLZA in sHTG expected to launch in the coming days, with more anticipated approvals and launches to come, we are well-positioned to deliver increasing value for patients and all Ionis stakeholders. With that, I'll now open the call up for questions. Given the importance of today's news, we will keep the Q&A session focused entirely on TRYNGOLZA. Operator, please open up for questions. Thank you, sir. Ladies and gentlemen, if you do have any questions at this time, please press star followed by one on your touch-tone phone. You will then hear a prompt that your hand has been raised. Should you wish to withdraw from the process, please press star followed by two. If you're using a speakerphone, you will need to lift the handset first before pressing any keys. Please go ahead and press star one now if you have any questions. Your first question will be from Yaron Werber at TD Cowen. Please go ahead. Good afternoon, everyone. This is Steven Ionov on for Yaron Werber. Congratulations on this landmark approval. One question from us. Could you give us some more color on where the conversations with payers currently stand on coverage? Specifically, are you expecting payers to try to narrow coverage to patients with an acute pancreatitis history? Have you seen positive feedback on a more broad label across the board? Thank you very much. Hey, thanks for the question, Steven. This is Kyle. I couldn't be more pleased with the interactions that we've had with payers up to this point. We've been able to share with them, obviously, information related to the CORE and CORE2 studies. They've also seen HCP demand research on where HCPs anticipate using this treatment. The expectation is that the coverage will be broad and that anyone with triglyceride levels above 500 mg/dL will have access to TRYNGOLZA. We're working on payer discussions currently. As you would expect, getting the approval today, we'll need to go with the final label and have ongoing discussions with them. All of our conversations have been for the broad population being greater than 500 mg/dL. That also represents the pricing that we set on April 1st at $40,000 for the WAC. That price point is intended to cover all patients and not limit it or restrict it to a high-risk sHTG patient population. That's exactly where HCPs are telling us that they want to treat and use this product based on the strength of the data. The 72% reductions in triglycerides, the 91% reduction in AP events, and the ability to use this on top of standard of care today really make this a meaningful treatment to potentially change and advance the way that medicine's treated for these patients that haven't had a treatment up to this time. Broad payer access is what we expect, and those are the ongoing conversations we continue to have. Thank you very much. Next question will be from Yanan Zhu at Wells Fargo. Please go ahead. Great. Thanks for taking our questions. Congrats on the early approval and the great label. Maybe two questions from us. One is, in terms of on the front page, the only warnings mentioned was the liver enzyme abnormalities. I think you went over it in the prepared remarks as well. I was wondering how do we think about any implication of this item in terms of the launch? Does this mean certain monitoring requirements? Another observation. You mentioned 91% risk reduction for the pancreatitis attacks. That actually came from the 50 mg group. It seems like you had even better pancreatitis reduction at the lower dose than the 80 mg higher dose. How does that impact your launch activity or promotion activity? I would note that at that dose, the safety is overall even better than 80 mg, including liver fat. Thank you. Thank you. I'll start, then I'll toss it over to Sam. I'd love for him to give his perspective on the recommendation to consider testing for liver enzymes prior to beginning treatment with TRYNGOLZA or escalating dose. It's very common practice in the business. Let me start with your second question first. The 91% reduction in acute pancreatitis was called out by the FDA, the AP reductions of 91% for the 50 mg dose, as you pointed out, Yanan. We're thrilled with the 85% reduction in the pooled analysis. Of course, an AP reduction unprecedented. The 91% in the 50 mg dose were just wanting to be consistent with the label, which reflects up to 91% in there. As for the reasons between 80 mg and 50 mg showing slightly different reductions in acute pancreatitis on a percentage basis, we don't have an explanation for that. It's remarkable data for both doses. We do not believe that's going to impact, in any way, the preference for 50 mg or 80 mg in the launch, in the marketing, commercialization of TRYNGOLZA for sHTG in any way. I do want to point out that the 80 mg dose is very well tolerated. As we highlighted in our prepared remarks, provides dosing flexibility for physicians, which is common practice and also preference so that physicians can use the dose that they believe is going to provide the greatest benefit, depending on the patient's needs. Regarding the second part of your question, no monitoring. There's no monitoring in this label required for anything, let alone liver enzymes. I'd like to send it over to Sam to provide his perspective on how this is so consistent with available treatments today for cardiovascular diseases. I think what the label is basically saying is you just need to make sure you're a good doctor, right? If you give a chronic therapy, you need to know their baseline values of their labs, including the liver tests. If you want to change a dose, then you just check it again. It just tells you twice you should check it, once before you start and if you want to change the dose. That's it. You don't need to worry in between about checking regular labs all the time. This is consistent with good medical care and nothing out of the ordinary in terms of checking LFTs. Yanan, maybe I can address a little bit on the launch implications here because all of them are favorable, everything that we're discussing here. To have AP in the indication statement, number one, is going to strengthen the position and strengthen the understanding by HCPs in terms of how and why to use this treatment for sHTG patients, any patient that's above 500 mg/dL. That strengthens the argument there. Number two, the 50 mg and 80 mg doses allow for dosing flexibility, which is exactly what HCPs are telling us that they want and that they will use in this patient population, therefore, again, strengthening the launch implications. No monitoring required strengthens the launch implications. For us, everything is pointed towards very strong favorability in terms of what this label looks like and as represents. Great. Super helpful. Thank you, and congrats again. Next question will be from Salveen Richter at Goldman Sachs. Please go ahead. Good afternoon. Thanks for taking my question. With regard to liver monitoring, could you just speak to how it's done in practice, how much of an extra lift this is, and whether you think doctors will actually do that? Then just noting the label's language around liver fat, what feedback have you been getting from stakeholders on the open label extension data? Why do you believe the 50 mg to 80 mg transition patients saw that kind of elevation or did not see the decreases in their HFF elevations within the follow-up? Thank you. Salveen, as we addressed in the last question, there's no monitoring required at all for anything, liver enzymes or anything for TRYNGOLZA. It's a very clean label. As Sam pointed out, it's common practice by physicians when they move a patient onto a new treatment for the first time to recommend some initial testing of liver enzymes. You don't have to continue testing in any way. Prior to dose escalation, it's recommended, not required, to consider testing again before you dose escalate. Again, no monitoring. No monitoring at all in the label for TRYNGOLZA. As far as hepatic fat progression, as we presented at NLA last week and as predicted, the on-target small increases in liver fat that we observed in our phase III sHTG studies are returning to baseline as we presented at NLA last week. Again, there's no clinical sequelae, no emerging AEs with long-term treatment, obviously no monitoring as I covered. This profile that includes the small increases of what appear to be transient increases in liver fat are completely consistent with our $3 billion product peak sales that we've guided to. Maybe you could talk a little bit about that, Kyle, on how all this is contained with our expectation for peak product sales. Yeah, that's exactly right. We have tested after the CORE and CORE2 data came out. The exact profile from the phase III trial, these data with HCPs. They are very supportive. They do not have concerns around hepatic fat, for example, or needing to consider testing for something like liver enzymes. The strength of the data here, the need in the patient population, how clean overall this profile is and how strong the data are. The HCPs and the demand research are very supportive of using this drug. We did the same presentation to payers, similar response. Payers understand it, payers are very accepting of this. I think we are set up for tremendous success based on the label that we received today. Sam, you want to comment on how it's common practice to have when you have two doses approved, starting with a 50 mg dose or the lower dose of previous that's dosage correct? Sure. Yeah. We're used to using different doses for lipid-lowering therapy. This is going to be completely consistent in practice how we use statins. It's going to be very similar, almost identical to it. Before you start a statin, you need to know what the lipid levels are and what the labs are. Then after you give it, you want to see what effect it has. You'll check labs again, and you'll check the liver path, and you'll check the lipid panel. That's basically what's going to happen here is I think clinicians will be very used to doing exactly what they do now with statins. There's not going to be any other extra burden on anybody. Okay. Next question will be from Mike Ulz at Morgan Stanley. Please go ahead, Mike. Good afternoon. Thanks for taking the question and congrats on the approval as well. Maybe just a quick one around pricing, it has to do with the addition of the 50 mg dose in addition to the current 80 mg dose. Just to clarify, is it going to be flat pricing across both those doses? Thanks. Yeah. Thanks for the question, Mike. It will be flat pricing. From a payer standpoint, again all of the testing that we've done and the conversations that we've had with them around utilization management criteria, WAC pricing, et cetera, they've been very supportive of that, I think flat pricing 50 mg and 80 mg just helps us even more with payers and streamline access ultimately for HCPs to prescribe and patients to receive an appropriate medication. Makes sense. Thank you. Bye. Next question will be from Jessica Fye at JPMorgan. Please go ahead, Jessica. Hi, this is Sylvia for Jess Fye. Two questions from me. First, can you talk about how the label compares to your expectations? My second question is, can you remind us of how you think about the size of the subgroups in the high-risk sHTG population, so those with AP history and those without, as well as any differences to how you may approach these subgroups commercially? Thank you. Yeah. Kyle will address how we're planning to address the various subsegments of the sHTG population commercially. With respect to label expectations, we were hopeful to have acute pancreatitis in the label based on the compelling data that we generated from our phase III CORE and CORE2 studies. It is highly unusual to include an outcome like acute pancreatitis in the indication statement when it's not a primary endpoint in the trial. It was a key secondary endpoint in our trial, but we were hopeful, and we achieved it. That really reflects the compelling importance of the data that we generate showing that we could prevent a potentially fatal acute pancreatitis attacks in sHTG patients for the first time ever for any medicine. I think the FDA got it, they recognized the importance of this, and they want it in the label because it's to the benefit of patients. Physicians, it gets their attention, and they prescribe. Talk a little bit about segments in the population. Sure, yeah. The overall population, as we have been discussing, is greater than 3 million patients. The high risk sHTG population has approximately 50,000 patients that are over 500 mg/dL with a history of AP. There are approximately 550,000 patients that are over 880 mg/dL, and there are several hundred thousand, 400,000+patients that are over 500 mg/dL with comorbidities such as ASCVD or Type 2 diabetes that could potentially be well controlled, but still be above 500 mg/dL with their triglyceride levels and be at high risk for acute pancreatitis. Out of the gates, that's where the focus will be. Obviously, the highest risk patients and the urgency to treat those patients. HCPs are largely aware of who these patients are. They're trying to treat them today with omega-3s and fibrates and other triglyceride-lowering agents that just are suboptimal and not effective enough to get the patients out of harm's way. We know from the CORE studies that by adding TRYNGOLZA onto those patients, that you can have up to 72% reductions in addition to that in their triglyceride levels. This fits in very nicely with a number of patients that the HCPs are seeing and treating today and need a better therapy to address them. We believe that TRYNGOLZA is going to be that therapy to be able to step in and help them. It's very nice to have a first-mover advantage here as well, where we're going to be able to have access to this very broad, prevalent patient population with no competitor directly working against us at this point. Thank you. Thanks, Sylvia. Next question will be from Jason Gerberry at Bank of America. Please go ahead, Jason. Great. Thanks so much for taking my questions. Kyle, curious, what do you think are the most important distinctions relative to the VASCEPA launch in sHTG? Why couldn't TRYNGOLZA have a similar patient-level demand in the first few quarters? Is it just come down to a simple oral versus injectable barrier to entry? Do you think it's payer-related? I'm just kind of curious if you can offer some perspective there. Secondly, it appears like some healthcare providers who are intimately familiar with CORE talk about having an early bolus of patients, but these could just be a small subset, perhaps, of early adopters. I guess, I know you guys have been asked this question before, but what would be your expectation for the proportion of doctors that have an early bolus of patients, and is really the challenge there just pulling those patients through under medical exceptions in the first few quarters? Thanks. Yeah. Thanks, Jason. A couple things on this launch. We believe with TRYNGOLZA, I'm describing it as a moderate launch at this point. That is based on this is a new therapy, new class of therapy. We're going to a very broad number of HCPs, greater than 20,000 HCPs. Educating those HCPs on the label, the product, where to use, why to use, et cetera, will take a little bit of time. Number two, these are patients that typically see their HCP one to two times per year. They're not just coming in on a monthly basis to see their HCP. They're a little bit of that dynamic in terms of getting these patients in to be, again, assessed and diagnosed and then receive their prescription. The third thing that you mentioned is part of this as well, which is the payer dynamic. We know out of the gates, based on the fact that this is a new indication for a product, that payers will need to go through the P&T process and make decisions around the coverage criteria for these patients. It'll take a little bit of time for us to navigate that, and there will be medical exceptions that will be in place for a period of time. However, the work that we've done leading up to this, we believe is going to help us streamline that process. We still have to fit that into the process that each individual payer takes as it relates to assessing a new indication for a product. Those are the dynamics there. We're very encouraged. We'll learn more the second half of this year, I think 2027, you'll see obviously acceleration as we get into the new year and more experience comes from using the product. In terms of the bolus of patients, we're working through that right now. We know from the data which HCPs are using high volumes of omega-3s and fibrates today. That kind of puts you in the general vicinity of who's treating patients with high triglycerides to begin with. You've got to get in there, again, and educate on the product and then talk to them about that patient population to see who is potentially still eligible to take the drug and still above 500 mg/dL, for example. We are doing that currently, the launch team is ready to execute against that now that we have the approval, we can speak directly to the label, we can compliantly sell for sHTG in the broad patient population. I think a lot more to learn here over the next couple of months. I am super excited about the label, I know the sales team is ready to get out there and help as many patients as possible. I'll just add very quickly, Jason, we don't believe VASCEPA is a good analog for TRYNGOLZA in any way. There's differences in the administration, as you mentioned. The efficacy that we have reported that's in our label now on TG reductions and AP reductions is unprecedented. Never been shown for that medicine. We just don't think it's a good analog for several different reasons. Understood. Thank you. Next question will be from Jasmine Fels at Barclays. Please go ahead, Jasmine. Hi, this is Jasmine on for Ellie Merle from Barclays. Thanks for taking the question and congratulations. First, what kind of launch metrics should we expect you to give in the initial quarters of the launch? Then second, do you have a plan to give free drugs to patients who are working to secure access but haven't yet? Thank you. Great question, Jasmine. Thank you for that. For launch metrics, I think the most important one is going to be quarterly revenues. We will share how the product is performing on a quarterly basis and what the revenues look like during our earnings calls. We will give some color probably around HCP specialties, who's prescribing and what that mix looks like, payer dynamics and how coverage is coming along, et cetera. I don't anticipate, consistent with the FCS and our HAE launch going far beyond that in terms of how many HCPs are prescribing or how many patients are receiving prescriptions yet. It is a competitive space and I think some of those metrics we'll probably keep in-house for our own knowledge and make decisions around that. In terms of free product, we will offer the typical programs that you would expect for this type of treatment. There will be a quick start program and if patients are navigating the reimbursement process, there will be drug available for them while they're working through the prior authorizations that might be required in order to get patients started on treatment. Awesome. Thank you. Next question will be from Gary Nachman at Canaccord Genuity. Please go ahead, Gary. Hi, guys. My congrats as well on the early approval. With this first approval in severe high trigs, how soon can the guidelines be updated for this indication, and how much will that help you in this market, both with physicians and payers? Is that even needed here? Just remind us where you are in terms of the full sales force that's in place for the launch, the size and experience, and any more hirings that need to occur, especially given the broad label. Thanks. Thank you, Gary. Sam, what do you think about guidelines? Yeah. Guidelines, there are a lot of different guidelines, ACC, AHA, Canadian, European. It depends on the timing when that group is meeting. We anticipate whenever a new guideline comes out, this has to be on there. This is unprecedented data. I'm sure it's going to be a Class 1 indication, as best as I can tell based on the label and the data that we got. It depends on the geographic flow in terms of which guidelines. Just recently, we did have the ACC, AHA guidelines just got updated, and TRYNGOLZA seemed to get a recommendation for FCS. TRYNGOLZA. Sorry, yeah, TRYNGOLZA. That one may be a little bit delayed than when they do the next one. Sometimes they also give updates when something really cool happens, that they need to be able to keep up with the times. We'll see. We anticipate this going in all the guidelines eventually, though, when they get updated. Before handing over you to Kyle, I do want to highlight something that you said, Sam. TRYNGOLZA is the only approved recommended medicine in the guidelines for FCS today. That's a huge step forward for TRYNGOLZA. We're hopeful that we're going to get a similar, that it will also be reflected for sHTG as quickly as possible. Impact on tailwinds for the launch and then on sales force. Yeah. Let me just add to what Sam said for a second. There are guidelines in place today that reflect the 500 mg/dL threshold for acute pancreatitis, and we've been using those already. Both cardiology and endocrinology have those guidelines. In terms of being able to help us with HCPs and payers, I think we have very strong evidence today and very strong supporting guidelines to be able to do what we need to communicate the message and the story and the value that this treatment offers. There's also a very strong understanding from HCPs of that 500 mg/dL threshold, right? If they've seen a patient that has had an AP event, they never want to see that patient have another event, and they also never want to see any of their patients above 500 mg/dL have their first event. These guidelines help that, but also the evidence and the experience of these HCPs is helping drive that understanding. The field force size today, we did an expansion at the very beginning of this year. There are approximately 200 customer-facing field team members in place right now. That is a specialty-sized launch field force. It's exactly where we need to be to reach the audience of the highest treaters of sHTG, being the endocrinologist, cardiologist, and lipidologist. Right now, I think we've got the right size, the right team, and the right strategy in place in order to go forward with the launch. Great. Thank you. Next question will be from Luca Issi at RBC Capital Markets. Please go ahead, Luca. Great. Thanks so much, team, for taking our questions. This is Cathy for Luca, adding our congrats on an extremely strong label. A quick follow-up on the 50 mg dose seeing 91% acute pancreatitis event reduction. Did you maybe also see more patients in the 50 mg cohort who have trig normalized? Separately, Kyle, in the same spirit of prior questions asked on the launch and a bullet of demand, but looking more longer term, how should we draw our launch curve to look like what you would anticipate to reach the 1 million versus 3 million patient segments? Specifically, what are some potential scenarios where you would see competition to be more intense than you expect in a year or so? Thanks so much. Sam, anything in the baseline demographics that could explain the slightly better AP rate at 50 mg versus 80 mg? We looked. There's nothing really that we can explain this. This is, of course, pooled data from both trials. There were some differences in the trials in terms of slightly different triglyceride levels, geographic location. Both doses were highly effective. We're talking about differences, but in the very high range, right? In the mid-80s is on average. No, I can't say that we found anything obvious. It could be just some play of chance. There's nothing I think that can explain it right now that we found. Let me talk a little bit about the patient populations. Obviously, I mentioned starting with the 1 million or so high-risk sHTG patients, which by the way, is a very large patient population that is very underserved, that has tremendous need for a treatment like this. That will give us runway for a couple of years in terms of being able to penetrate and work within that existing 1 million patient population or so. To go from 1 million to 3 million, you start getting into some patients that are largely in the 500 mg/dL-880 mg/dL range. A lot of those patients are treated in a different care setting, either internal medicine or primary care. That will take a little bit more work to educate and bring forward a novel therapy like this and educate that audience in terms of why to treat and how to treat that patient population. We will be able to do that in parallel as we are launching into this 1 million patient population. I made reference to our omni-channel marketing capabilities, for example. We can do things that are very efficient and very targeted to help address some of that education and drive disease state awareness to the broader HCP treating community. We will obviously do that. You mentioned competition as well. We know what's coming up behind us, and I think having more than one share of voice in this space is not a bad thing. When we are going to conferences right now, we are seeing multiple podium presentations on triglycerides, the importance of treating triglycerides, what levels should you treat, why should you be treating, et cetera. Share of voice, I think, is just going to elevate the entire market, and we do believe that we are in a great position to continue to get this launch off to a great start and make things happen. Next question will be from Mitchell Kapoor at H.C. Wainwright. Please go ahead, Mitchell. This is [Aminat] for Mitchell. Thank you for taking our questions, and congrats on the approval and strong label. Just a few questions on the TRYNGOLZA. Do you expect it will be used mostly as an add-on after fibrates and omega-3s, or could it move earlier for appropriate patients? Do you expect payers, based on your conversations, to require prior use or inadequate response to fibrates? In your conversations with physicians, is TRYNGOLZA to be layered on top of legacy triglyceride-lowering therapy indefinitely, or should physicians deescalate those agents once patients get below the 500 mg/dL level? Thank you. Thank you for the question. I'd like to give you a medical perspective on that, as well as a commercial perspective on that. It's a very important question. Thank you, Sam. First, we designed our trials for this to be an add-on therapy. The data that you're seeing is actually on top of fibrates or omega-3 fatty acids. In fact, in our trials, over 80% of patients were on statins. 70% or so were on fibrates, 33% were on omega-3 fatty acids. The results you're seeing are on top. The patients are coming in with high triglycerides despite treatment of all those. This is really meant to be on top of standard of care. What that standard of care may differ among some patients. Right now, we don't know how it's going to pan out in the community, but we have had some patients have dramatic responses. The 70% reduction is mean, but we've had some patients have over 90%. There, the physicians may need to kind of tweak their meds around a little bit and figure out which one is optimal. There could be some management of the medication depending on the responses. Really our data is on top of everything because the patients still need further care. I think that's where the initial focus will be. How that pans out later, we'll have to see. One thing to keep in mind is that physicians have not seen this kind of reduction in any lipid-lowering therapy, not just with this drug. When you give a statin, it's 30%, 40%, 50%, 60% if you're lucky. Here, we're going to be getting 60%, 70%, 80%. They're going to be shocked how effective this drug is, I think. There's going to be some recalibration about some common therapies. We're not in a position right now to be able to answer your question until we get some real experience. In other words, although our clinical trials were on top of standard of care, physicians that manage these patients today are fully aware of the marginal decreases in triglycerides that they can achieve with existing therapies. They're going to be very enthusiastic to move to TRYNGOLZA as quickly as possible. Absolutely. Yeah. In fact, once they see the results- Yeah -it's going to make a bigger impact in their practice, and they'll find these patients because up to now, there wasn't anything they could easily treat. They would give a drug, and they would get a triglyceride from 800 mg/dL to 600 mg/dL, and it's very unsatisfying. Right. Now they're going to have a real potent therapy. Right. It's not a requirement in the label to be treated with anything prior to TRYNGOLZA for sHTG. There's a commercial perspective, too. Yeah, absolutely. On the payer dynamics, as I said, we've been having these conversations for quite a while with payers. They typically take two steps. The first step is, what is your indication statement, right? Which this indication statement is so strong with the inclusion of all patients greater than 500 mg/dL, as well as having the inclusion of to reduce AP events. It's just telling us that from a payer standpoint, that's going to hopefully provide broad access as we work on those negotiations. I would expect it to do so. There's the utilization management criteria, which is the second step. For that step, what we would expect is the coverage to be consistent with what the clinical trial represented, which is exactly what Sam just said. On some sort of background triglyceride-lowering therapy for a period of time, then they should be eligible to go directly onto TRYNGOLZA at that point. Got it. Thank you. If I can just follow up real quick on the competition question that came up earlier. As we think about the competition, is your view that the bar is now acute pancreatitis reduction on top of triglycerides lowering? Given the label and data you have shown, what would a competitor need to show to change your view of the $3 billion U.S. opportunity? We're not focused on competition. We're focused on TRYNGOLZA and the upcoming launch and to maximize value for patients and for all our shareholders. That's what we're focused on. Certainly, the data we presented, including acute pancreatitis is an unprecedented, very high bar with respect to efficacy as it is on safety and tolerability. We love our profile, as Kyle mentioned before, having multiple players in this open green space where the unmet need is so large just expands the share of voice, which can help everybody. That's really where our view on that. Thank you. Next question is from Jay Olson at Oppenheimer. Please go ahead, Jay. Oh, hey. Congrats on the early approval and solid label. How quickly do you expect TRYNGOLZA adoption and sHTG to move beyond lipid specialists into broader prescriber bases? Do you think sHTG treatment goals may eventually come down now that there's finally an effective treatment available, just as we've seen with LDL cholesterol? Thank you. Why don't you take the first part of that question, Kyle? Yeah. I think out of the gates here, the focus really is on the specialists, as I mentioned. That's where the highest volume of patients are being treated today. It's where the highest risk patients are being seen. It's where you're seeing the highest volumes of other triglyceride-lowering agents be prescribed because of the patient population that I just mentioned. It's definitely going to start there. I believe this is going to start to bleed out fairly quickly. I think Sam's comment about once you start to get experience using TRYNGOLZA and you see the magnitude of effect and reductions in triglycerides, number one, those HCPs that I just referenced that are specialists will begin using it more broadly than just their high-risk patients, and we believe that will happen fairly quickly over time as they gain that experience. The second thing is, it will bleed out into the community. Whenever some of these patients go back to see their primary care physician or internal medicine physician and they're on TRYNGOLZA and that physician starts to see the response that these patients are getting, that will help. You start with the top of the pyramid and work your way down. That will help, I think, instill that broad education awareness about the product. It'll happen over time, and we're going to do everything we can to support that through our other tactics and means that we have available to us. Treatment goals? Yeah. For treatment goals, I don't think we're ready for something like with LDL. It has to be under 55 or 70 yet, but we're close. Even to see as the guidelines evolve. Right now, as Kyle said, they're more like check triglycerides or X, Y, and Z, pay attention to the patient. Now, what they're going to say is exactly what's in the label. If somebody's over 500 mg/dL, your drug will be indicated as a Class 1, let's say, to reduce the risk of pancreatitis. They'll be that much more firm now, I think, level at which you should treat and what you would expect to get out of that treatment, which is pancreatitis. How low to go beyond that? I think at this point, under 500 mg/dL is perfectly fine because that's where the pancreatitis risk is. Whether it goes lower than that, I doubt it based on these data. It's going to be really pancreatitis-focused. As the field evolves, we might see some numbers that could hit targets. Thank you, Jay. Thank you. Congrats again. Next question will be from Eric Joseph at Citigroup. Please go ahead, Eric. Oh, hey. Thanks for taking the questions. Let me add my congrats on the expanded label. It seems like there are a couple of new data points in the label versus prior publications, specifically ApoB-48 and also the month one, the fasting TG declines. Can you talk a little bit about the intent behind their inclusion and how they might resonate with clinicians? Then just on the commercial side, I wonder if you could speak to sort of the lead time to where you might achieve the conclusion of coverage reviews for, say, like a milestone of greater than 80% of covered lives, and what the lead time is like for medical exemption as will be sort of has to be leveraged near term. Thank you. Before we go to you, Kyle, Sam, thoughts on ApoB-48? Clinicians focus on the typical lipid panel. Right? It's total cholesterol, LDL, triglycerides, HDL, and LDL. That's what they're going to be using clinically to help them. It's going to be VAP triglycerides. The ApoB-48 is important because that's where the chylomicrons are, and this is a chylomicronemic population. As you see here, it's elevated. By having the ApoB-48 in the label, it's going to tell us basically that we're targeting the right particles that are triglyceride-rich. There was a marked reduction in ApoB-48, 76%. This goes along with the drug is doing what it's supposed to. It's targeting the particles that cause pancreatitis. That's going to resonate very well. The rest of the question about timing, these drugs are not given daily. There has to be some steady state to reach before you expect the full effect. That's seen in the curves, I think that you saw in the label. There's nothing unusual there from that perspective in terms of what the clinician might anticipate. Right. We have a fast onset of action, and that's highlighted in the label where triglycerides are coming down at the first time, which we've measured, which is at one month after starting. We do encourage and support the label with respect to testing after three months when we're at steady state, where a physician can actually see the maximum efficacy that TRYNGOLZA offers on triglycerides and make decisions on whether, for example, whether they want to dose escalate at that point. Kyle? Yeah. As it relates to payers and the process in terms of getting coverage and access in place, I think this is going to be very consistent with what you've seen with other products that have a new indication. The indication is there. We have first-mover advantage. There's no other treatment out there that's able to do what TRYNGOLZA is now labeled and approved to do. We do believe that this is going to accelerate the review process with some payers, but the payers are still going to have to fit us into their P&T review processes. I would expect the first three to six months, the payers to start to come on board. As I mentioned in my earlier remarks, starting next year in 2027, I would expect that to accelerate even more broadly. The expectation is that we've got coverage of all patients above 500 mg/dL, regardless of if they're high risk or not, and coverage to label, as I described earlier, in terms of consistent with the clinical trial design, is exactly what we expect for payer coverage. Access will happen. We're at the mercy of the payers, but we're working very closely with them in order to open that up and make sure that HCPs can prescribe for the patients they want to treat. Patients obviously can benefit from the tremendous therapy that was approved today. Thanks, Eric. I think we have time for one last question. Our last question comes from Myles Minter at William Blair. Please go ahead, Myles. Thanks for sneaking me in and congrats on the approval here. It's great to see. I completely get the messaging about treating patients and getting them below 500 mg/dL and reducing the AP risk as per label. What's your messaging to clinicians on how to sort of combat that LDL-C increase? Is that an issue at all, or do you just expect patients to uptitrate on statins? Maybe you can explain to me how it's done in FCS currently and if there's any parallels with going with this broader population. Thanks very much and congrats again. Thank you, Myles. I'm going to ask Sam to comment on the biology and from a clinical perspective. Thank you, Myles. I think the best way to characterize these patients, both with FCS and sHTG, is that because a lot of their cholesterol is on larger particles, apolipoproteins on VLDL, their LDL is suppressed. FCS, LDLs are 15, and in sHTG, it's 60. They're kind of recalibrating back to where they would have gone if the patient didn't have a triglyceride disorder. In this case, we corrected triglyceride disorder. You're right, there is a small increase in the LDL, but it's in the normal range, essentially, and it's recalibrating. It's very easy to treat that with just adjusting their LDL medications. It's not a clinical issue. Clinician's not going to be concerned if somebody goes from, say, 50 to 65. That's not going to be a problem. The bottom line is it's consistent with the pathophysiology. It's easy to manage. We don't see this as a major issue at all, even a minor issue for managing these patients. Any commercial perspective? Yeah, I'll just mention on the FCS side, it's not been a sticking point. It's not been a major question or concern. It's been manageable as Sam just mentioned. In the FCS space, it's not been an issue. I'll also add that we've tested this profile very broadly with CORE and CORE2 data in its totality with HCPs. HCPs are aware of the data. It's not really coming up as something that they're concerned about. They're more concerned about being over 500 mg/dL risk of AP and the strength of the data that's represented in the label. Thanks, Myles. Thanks. Thanks, Myles. Appreciate the question. Thanks to everybody again for joining us on today's important news. The approval of TRYNGOLZA in sHTG is a major step forward for patients and an important milestone in Ionis' evolution as a fully integrated biotechnology company, something we're incredibly proud of. We look forward to updating you all on our launch progress and our momentum to advance our pipeline, bring additional transformational medicines to patients around the world. Thanks again, everybody, for joining. Have a great day. Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect your lines.

Speaker 10: Good afternoon. Welcome to Ionis conference call to discuss the FDA approval of TRYNGOLZA for sHTG. As a reminder, note that this conference call is being recorded. At this time, I would like to turn the call over to Wade Walke, Senior Vice President of Investor Relations, to lead off the call. Wade, please begin. Good afternoon. good afternoon Welcome to Ionis conference call to discuss the FDA approval of TRYNGOLZA for sHTG. welcome to ionis conference call to discuss the fda approval of tryngolza for shtg As a reminder, note that this conference call is being recorded. as a reminder note that this conference call is being recorded At this time, I would like to turn the call over to Wade Walke, Senior Vice President of Investor Relations, to lead off the call. at this time i would like to turn the call over to wade walke senior vice president of investor relations to lead off the call Wade, please begin. wade please begin

Speaker 14: Thank you, Sylvie. Thank you to everyone who has joined us today as we discuss the FDA approval of TRYNGOLZA for sHTG, which is now approved in the U.S. to reduce triglycerides and the risk of acute pancreatitis in adults with severe hypertriglyceridemia. Please be sure to visit the investor section of the Ionis website to see the press release that Ionis issued earlier today, along with the slides accompanying today's webcast. Before we begin, I would like to remind you that our discussion today will contain forward-looking statements that are based on our current expectations and beliefs. Such statements are subject to certain risks and uncertainties, and our actual results may differ materially. I encourage you to consult the risk factors contained in our SEC filings for additional detail. Thank you, Sylvie. thank you sylvie Thank you to everyone who has joined us today as we discuss the FDA approval of TRYNGOLZA for sHTG, which is now approved in the U.S. to reduce triglycerides and the risk of acute pancreatitis in adults with severe hypertriglyceridemia. thank you to everyone who has joined us today as we discuss the fda approval of tryngolza for shtg which is now approved in the u.s to reduce triglycerides and the risk of acute pancreatitis in adults with severe hypertriglyceridemia Please be sure to visit the investor section of the Ionis website to see the press release that Ionis issued earlier today, along with the slides accompanying today's webcast. please be sure to visit the investor section of the ionis website to see the press release that ionis issued earlier today along with the slides accompanying today's webcast Before we begin, I would like to remind you that our discussion today will contain forward-looking statements that are based on our current expectations and beliefs. before we begin i would like to remind you that our discussion today will contain forward-looking statements that are based on our current expectations and beliefs Such statements are subject to certain risks and uncertainties, and our actual results may differ materially. such statements are subject to certain risks and uncertainties and our actual results may differ materially I encourage you to consult the risk factors contained in our SEC filings for additional detail. i encourage you to consult the risk factors contained in our sec filings for additional detail With me on the call today are Brett Monia, Chief Executive Officer, Sam Tsimikas, SVP, Global Cardiovascular Development, and Kyle Jenne, Chief Global Product Strategy Officer. For our agenda today, Brett will provide opening remarks. Sam will provide a brief review of the data that supported the approval and label of TRYNGOLZA. Kyle will review our strategy to achieve launch success with TRYNGOLZA now that it's approved for the larger sHTG indication. After Brett's brief conclusion, we will open the call for your questions regarding TRYNGOLZA. With that, I'll turn the call over to Brett. With me on the call today are Brett Monia, Chief Executive Officer, Sam Tsimikas, SVP, Global Cardiovascular Development, and Kyle Jenne, Chief Global Product Strategy Officer. with me on the call today are brett monia chief executive officer sam tsimikas svp global cardiovascular development and kyle jenne chief global product strategy officer For our agenda today, Brett will provide opening remarks. for our agenda today brett will provide opening remarks Sam will provide a brief review of the data that supported the approval and label of TRYNGOLZA. sam will provide a brief review of the data that supported the approval and label of tryngolza Kyle will review our strategy to achieve launch success with TRYNGOLZA now that it's approved for the larger sHTG indication. kyle will review our strategy to achieve launch success with tryngolza now that it's approved for the larger shtg indication After Brett's brief conclusion, we will open the call for your questions regarding TRYNGOLZA. after brett's brief conclusion we will open the call for your questions regarding tryngolza With that, I'll turn the call over to Brett. with that i'll turn the call over to brett

Speaker 1: Thanks, Wade. Thanks to everybody for joining us today. I'm thrilled to share that TRYNGOLZA is now approved as the first and only therapy indicated to reduce triglycerides and the risk of acute pancreatitis in adults with severe hypertriglyceridemia. TRYNGOLZA's approval is a landmark milestone establishing it as the first-ever medicine approved to prevent acute pancreatitis for people living with sHTG. This approval is also a transformational achievement for Ionis. It not only demonstrates our continued leadership in translating groundbreaking science into the delivery of breakthrough medicines, but also further demonstrates our commitment in establishing Ionis as a leading, fully integrated commercial-stage biopharmaceutical company. The approval of TRYNGOLZA for sHTG was supported by the unprecedented phase III results we reported last year, in which TRYNGOLZA demonstrated rapid, substantial, durable, and clinically meaningful reductions in triglycerides of up to 72% on top of standard of care. Thanks, Wade. thanks wade Thanks to everybody for joining us today. thanks to everybody for joining us today I'm thrilled to share that TRYNGOLZA is now approved as the first and only therapy indicated to reduce triglycerides and the risk of acute pancreatitis in adults with severe hypertriglyceridemia. i'm thrilled to share that tryngolza is now approved as the first and only therapy indicated to reduce triglycerides and the risk of acute pancreatitis in adults with severe hypertriglyceridemia TRYNGOLZA's approval is a landmark milestone establishing it as the first-ever medicine approved to prevent acute pancreatitis for people living with sHTG. tryngolza's approval is a landmark milestone establishing it as the first-ever medicine approved to prevent acute pancreatitis for people living with shtg This approval is also a transformational achievement for Ionis. this approval is also a transformational achievement for ionis It not only demonstrates our continued leadership in translating groundbreaking science into the delivery of breakthrough medicines, but also further demonstrates our commitment in establishing Ionis as a leading, fully integrated commercial-stage biopharmaceutical company. it not only demonstrates our continued leadership in translating groundbreaking science into the delivery of breakthrough medicines but also further demonstrates our commitment in establishing ionis as a leading fully integrated commercial-stage biopharmaceutical company The approval of TRYNGOLZA for sHTG was supported by the unprecedented phase III results we reported last year, in which TRYNGOLZA demonstrated rapid, substantial, durable, and clinically meaningful reductions in triglycerides of up to 72% on top of standard of care. the approval of tryngolza for shtg was supported by the unprecedented phase iii results we reported last year in which tryngolza demonstrated rapid substantial durable and clinically meaningful reductions in triglycerides of up to 72% on top of standard of care These reductions in triglycerides resulted in the reduction of acute pancreatitis events by up to 91%, making TRYNGOLZA the first and only treatment to achieve this outcome in sHTG. Importantly, 86% of treated patients reduced their mean triglyceride levels below 500 mg/dL, the threshold that defines sHTG, and up to 54% of patients achieved normal triglyceride levels. These groundbreaking results, together with our substantial first-mover advantage, position TRYNGOLZA to fundamentally change the treatment paradigm for people with sHTG and become the new standard of care in the management of this disease. Notably, the TRYNGOLZA label includes acute pancreatitis risk reduction in the indications statement, which underscores the importance of preventing these debilitating and potentially fatal attacks, and further validates the unprecedented results from our clinical trials. These reductions in triglycerides resulted in the reduction of acute pancreatitis events by up to 91%, making TRYNGOLZA the first and only treatment to achieve this outcome in sHTG. these reductions in triglycerides resulted in the reduction of acute pancreatitis events by up to 91% making tryngolza the first and only treatment to achieve this outcome in shtg Importantly, 86% of treated patients reduced their mean triglyceride levels below 500 mg/dL , the threshold that defines sHTG, and up to 54% of patients achieved normal triglyceride levels. importantly 86% of treated patients reduced their mean triglyceride levels below 500 mg/dl the threshold that defines shtg and up to 54% of patients achieved normal triglyceride levels These groundbreaking results, together with our substantial first-mover advantage, position TRYNGOLZA to fundamentally change the treatment paradigm for people with sHTG and become the new standard of care in the management of this disease. these groundbreaking results together with our substantial first-mover advantage position tryngolza to fundamentally change the treatment paradigm for people with shtg and become the new standard of care in the management of this disease Notably, the TRYNGOLZA label includes acute pancreatitis risk reduction in the indications statement, which underscores the importance of preventing these debilitating and potentially fatal attacks, and further validates the unprecedented results from our clinical trials. notably the tryngolza label includes acute pancreatitis risk reduction in the indications statement which underscores the importance of preventing these debilitating and potentially fatal attacks and further validates the unprecedented results from our clinical trials We received approval for both a 50 mg and 80 mg dosage administered once monthly, providing physicians with dosing flexibility to tailor treatment based on individual patient needs and treatment goals. This flexibility will resonate well with physicians who manage sHTG patients based on our extensive HCP research. With the label now in hand, we are reaffirming our full-year 2026 guidance of $100 million-$110 million and our peak sales guidance for TRYNGOLZA of greater than $3 billion, positioning TRYNGOLZA to become our first Ionis wholly-owned multi-billion dollar medicine. Before I turn the call over to Sam, I want to extend my sincere thanks to the patients, families, clinical investigators, advocacy groups, and research partners who made this approval possible, especially those who participated in our clinical trials. We received approval for both a 50 mg and 80 mg dosage administered once monthly, providing physicians with dosing flexibility to tailor treatment based on individual patient needs and treatment goals. we received approval for both a 50 mg and 80 mg dosage administered once monthly providing physicians with dosing flexibility to tailor treatment based on individual patient needs and treatment goals This flexibility will resonate well with physicians who manage sHTG patients based on our extensive HCP research. this flexibility will resonate well with physicians who manage shtg patients based on our extensive hcp research With the label now in hand, we are reaffirming our full-year 2026 guidance of $100 million - $110 million and our peak sales guidance for TRYNGOLZA of greater than $3 billion, positioning TRYNGOLZA to become our first Ionis wholly-owned multi-billion dollar medicine. with the label now in hand we are reaffirming our full-year 2026 guidance of $100 million - $110 million and our peak sales guidance for tryngolza of greater than $3 billion positioning tryngolza to become our first ionis wholly-owned multi-billion dollar medicine Before I turn the call over to Sam, I want to extend my sincere thanks to the patients, families, clinical investigators, advocacy groups, and research partners who made this approval possible, especially those who participated in our clinical trials. before i turn the call over to sam i want to extend my sincere thanks to the patients families clinical investigators advocacy groups and research partners who made this approval possible especially those who participated in our clinical trials I also want to recognize the Ionis team, whose dedication to patients and commitment to groundbreaking science and the TRYNGOLZA program were essential in achieving today's positive outcome. With that, I'll turn the call over to Sam. I also want to recognize the Ionis team, whose dedication to patients and commitment to groundbreaking science and the TRYNGOLZA program were essential in achieving today's positive outcome. i also want to recognize the ionis team whose dedication to patients and commitment to groundbreaking science and the tryngolza program were essential in achieving today's positive outcome With that, I'll turn the call over to Sam. with that i'll turn the call over to sam

Speaker 12: Thank you, Brett. Like Brett, I'm very excited with today's approval and what it means for people living with severe hypertriglyceridemia. Severe hypertriglyceridemia, or sHTG, is characterized by markedly elevated triglyceride levels above 500 mg/dL. These patients are not able to get their triglyceride levels below 500 mg/dL, which defines the risk threshold for acute pancreatitis, despite lifestyle modifications and treatment with standard lipid-lowering therapies. Very high triglyceride levels are a well-recognized cause of acute pancreatitis, a serious and potentially life-threatening condition associated with hospitalizations that often need intensive care admission, as well as long-term complications that include repeat pancreatitis events and the destruction of pancreatic function. Traditional triglyceride-lowering treatments, such as fibrates and omega-3 fatty acids offer only modest effectiveness and frequently fail to reduce triglycerides to below the threshold for pancreatitis risk. Moreover, none have demonstrated benefit in reducing acute pancreatitis events. Thank you, Brett. thank you brett Like Brett, I'm very excited with today's approval and what it means for people living with severe hypertriglyceridemia. like brett i'm very excited with today's approval and what it means for people living with severe hypertriglyceridemia Severe hypertriglyceridemia, or sHTG, is characterized by markedly elevated triglyceride levels above 500 mg/dL . severe hypertriglyceridemia or shtg is characterized by markedly elevated triglyceride levels above 500 mg/dl These patients are not able to get their triglyceride levels below 500 mg/dL , which defines the risk threshold for acute pancreatitis, despite lifestyle modifications and treatment with standard lipid-lowering therapies. these patients are not able to get their triglyceride levels below 500 mg/dl which defines the risk threshold for acute pancreatitis despite lifestyle modifications and treatment with standard lipid-lowering therapies Very high triglyceride levels are a well-recognized cause of acute pancreatitis, a serious and potentially life-threatening condition associated with hospitalizations that often need intensive care admission, as well as long-term complications that include repeat pancreatitis events and the destruction of pancreatic function. very high triglyceride levels are a well-recognized cause of acute pancreatitis a serious and potentially life-threatening condition associated with hospitalizations that often need intensive care admission as well as long-term complications that include repeat pancreatitis events and the destruction of pancreatic function Traditional triglyceride-lowering treatments, such as fibrates and omega-3 fatty acids offer only modest effectiveness and frequently fail to reduce triglycerides to below the threshold for pancreatitis risk. traditional triglyceride-lowering treatments such as fibrates and omega-3 fatty acids offer only modest effectiveness and frequently fail to reduce triglycerides to below the threshold for pancreatitis risk Moreover, none have demonstrated benefit in reducing acute pancreatitis events. moreover none have demonstrated benefit in reducing acute pancreatitis events sHTG is estimated to affect more than 3 million people in the U.S., and many of these people have a history of pancreatitis or are at high risk for a first event and often have additional comorbidities such as diabetes or cardiovascular disease. Until TRYNGOLZA's approval, patients and physicians lack the therapy that could reliably lower triglycerides below the pancreatitis risk threshold. With TRYNGOLZA now approved, we believe that treatment gap is being addressed. sHTG is driven in large part by dysregulated triglyceride-rich lipoprotein metabolism. Apolipoprotein C-III, or apoC-III, is a key regulator of the system. Elevated apoC-III inhibits lipoprotein lipase, the enzyme that breaks down triglyceride-rich particles, and it also blocks the clearance of these particles from the circulation. We designed TRYNGOLZA to selectively reduce apoC-III production in the liver by targeting apoC-III messenger RNA. sHTG is estimated to affect more than 3 million people in the U.S., and many of these people have a history of pancreatitis or are at high risk for a first event and often have additional comorbidities such as diabetes or cardiovascular disease. shtg is estimated to affect more than 3 million people in the u.s and many of these people have a history of pancreatitis or are at high risk for a first event and often have additional comorbidities such as diabetes or cardiovascular disease Until TRYNGOLZA's approval, patients and physicians lack the therapy that could reliably lower triglycerides below the pancreatitis risk threshold. until tryngolza's approval patients and physicians lack the therapy that could reliably lower triglycerides below the pancreatitis risk threshold With TRYNGOLZA now approved, we believe that treatment gap is being addressed. sHTG is driven in large part by dysregulated triglyceride-rich lipoprotein metabolism. with tryngolza now approved we believe that treatment gap is being addressed shtg is driven in large part by dysregulated triglyceride-rich lipoprotein metabolism Apolipoprotein C-III, or apoC-III, is a key regulator of the system. apolipoprotein c-iii or apoc-iii is a key regulator of the system Elevated apoC-III inhibits lipoprotein lipase, the enzyme that breaks down triglyceride-rich particles, and it also blocks the clearance of these particles from the circulation. elevated apoc-iii inhibits lipoprotein lipase the enzyme that breaks down triglyceride-rich particles and it also blocks the clearance of these particles from the circulation We designed TRYNGOLZA to selectively reduce apoC-III production in the liver by targeting apoC-III messenger RNA. we designed tryngolza to selectively reduce apoc-iii production in the liver by targeting apoc-iii messenger rna We were the first to demonstrate that lowering apoC-III results in substantial reductions in triglycerides and acute pancreatitis events in patients living with severely elevated triglycerides. Importantly, TRYNGOLZA was also highly effective on top of existing standards of care therapies such as statins, fibrates, and omega-3 fatty acids, adding a distinct and powerful new mechanism for lowering triglycerides. The sHTG approval was based primarily on positive results from the phase III CORE and CORE2 studies, which evaluated TRYNGOLZA in adults with severe hypertriglyceridemia on stable background therapy in the largest pivotal program ever conducted in this patient population. Pivotal CORE and CORE2 studies demonstrated substantial and sustained reductions in triglyceride levels of up to 72% compared to placebo at six months, with sustained reductions at 12 months. We were the first to demonstrate that lowering apoC-III results in substantial reductions in triglycerides and acute pancreatitis events in patients living with severely elevated triglycerides. we were the first to demonstrate that lowering apoc-iii results in substantial reductions in triglycerides and acute pancreatitis events in patients living with severely elevated triglycerides Importantly, TRYNGOLZA was also highly effective on top of existing standards of care therapies such as statins, fibrates, and omega-3 fatty acids, adding a distinct and powerful new mechanism for lowering triglycerides. importantly tryngolza was also highly effective on top of existing standards of care therapies such as statins fibrates and omega-3 fatty acids adding a distinct and powerful new mechanism for lowering triglycerides The sHTG approval was based primarily on positive results from the phase III CORE and CORE2 studies, which evaluated TRYNGOLZA in adults with severe hypertriglyceridemia on stable background therapy in the largest pivotal program ever conducted in this patient population. the shtg approval was based primarily on positive results from the phase iii core and core2 studies which evaluated tryngolza in adults with severe hypertriglyceridemia on stable background therapy in the largest pivotal program ever conducted in this patient population Pivotal CORE and CORE2 studies demonstrated substantial and sustained reductions in triglyceride levels of up to 72% compared to placebo at six months, with sustained reductions at 12 months. pivotal core and core2 studies demonstrated substantial and sustained reductions in triglyceride levels of up to 72% compared to placebo at six months with sustained reductions at 12 months Furthermore, 86% of patients treated with TRYNGOLZA achieved triglyceride levels below 500 mg/dL, the threshold for acute pancreatitis. Notably, up to 54% of patients in this study also achieved normal triglyceride levels. We saw a remarkable reduction in the rate of pancreatitis events of up to 91% after only 12 months of treatment. In the overall pooled analysis from CORE and CORE2, treating just 20 patients with TRYNGOLZA for one year is estimated to prevent one potentially fatal pancreatitis attack. In the highest risk group, those with triglycerides above 880 mg/dL and a history of acute pancreatitis, the number needed to treat to prevent a one potentially fatal acute pancreatitis attack is only four patients after just 12 months of treatment. Furthermore, 86% of patients treated with TRYNGOLZA achieved triglyceride levels below 500 mg/dL , the threshold for acute pancreatitis. furthermore, 86% of patients treated with tryngolza achieved triglyceride levels below 500 mg/dl the threshold for acute pancreatitis Notably, up to 54% of patients in this study also achieved normal triglyceride levels. notably up to 54% of patients in this study also achieved normal triglyceride levels We saw a remarkable reduction in the rate of pancreatitis events of up to 91% after only 12 months of treatment. we saw a remarkable reduction in the rate of pancreatitis events of up to 91% after only 12 months of treatment In the overall pooled analysis from CORE and CORE2, treating just 20 patients with TRYNGOLZA for one year is estimated to prevent one potentially fatal pancreatitis attack. in the overall pooled analysis from core and core2 treating just 20 patients with tryngolza for one year is estimated to prevent one potentially fatal pancreatitis attack In the highest risk group, those with triglycerides above 880 mg/dL and a history of acute pancreatitis, the number needed to treat to prevent a one potentially fatal acute pancreatitis attack is only four patients after just 12 months of treatment. in the highest risk group those with triglycerides above 880 mg/dl and a history of acute pancreatitis the number needed to treat to prevent a one potentially fatal acute pancreatitis attack is only four patients after just 12 months of treatment Seeing a number to treat ranging from 4-20 for a potentially life-threatening event like pancreatitis and achieved in just one year is very compelling to physicians, which we believe will provide a sense of urgency to treat patients with TRYNGOLZA. For context, statins used in primary prevention of cardiovascular disease have a number needed to treat in the range of 50-100, meaning 50-100 patients need to be treated for more than five years to prevent one cardiovascular event. TRYNGOLZA demonstrated an overall favorable safety profile in the phase III studies, with adverse events balanced across treatment arms. The most common adverse events were generally mild to moderate and manageable. The most common treatment-emergent events were injection site reactions, which were mostly mild and typically transient. At the 50 mg dose, there were no imbalances in liver enzyme elevations. Seeing a number to treat ranging from 4-20 for a potentially life-threatening event like pancreatitis and achieved in just one year is very compelling to physicians, which we believe will provide a sense of urgency to treat patients with TRYNGOLZA. seeing a number to treat ranging from 4-20 for a potentially life-threatening event like pancreatitis and achieved in just one year is very compelling to physicians which we believe will provide a sense of urgency to treat patients with tryngolza For context, statins used in primary prevention of cardiovascular disease have a number needed to treat in the range of 50-100, meaning 50-100 patients need to be treated for more than five years to prevent one cardiovascular event. for context statins used in primary prevention of cardiovascular disease have a number needed to treat in the range of 50-100 meaning 50-100 patients need to be treated for more than five years to prevent one cardiovascular event TRYNGOLZA demonstrated an overall favorable safety profile in the phase III studies, with adverse events balanced across treatment arms. tryngolza demonstrated an overall favorable safety profile in the phase iii studies with adverse events balanced across treatment arms The most common adverse events were generally mild to moderate and manageable. the most common adverse events were generally mild to moderate and manageable The most common treatment-emergent events were injection site reactions, which were mostly mild and typically transient. the most common treatment-emergent events were injection site reactions which were mostly mild and typically transient At the 50 mg dose, there were no imbalances in liver enzyme elevations. at the 50 mg dose there were no imbalances in liver enzyme elevations Asymptomatic liver enzyme elevations of greater than equal three times the upper limit of normal were observed in 7% of participants treated with the 80 mg dose versus 2% treated with placebo. These events were not associated with clinical complications, generally resolved with continued treatment, and no cases met Hy's law criteria. These unprecedented data from the TRYNGOLZA development program, beginning with FCS and now the broader severe hypertriglyceridemia population, have also been presented in major cardiology and lipidology congresses and published in leading peer-reviewed medical journals. The level of external validation underscores the scientific rigor and clinical importance of targeting apoC-III in triglyceride-rich disorders. For patients and physicians who have struggled to control severe triglycerides with existing therapies, we believe TRYNGOLZA sets a new standard for the management of sHTG. I'll now turn the call over to Kyle. Asymptomatic liver enzyme elevations of greater than equal three times the upper limit of normal were observed in 7% of participants treated with the 80 mg dose versus 2% treated with placebo. asymptomatic liver enzyme elevations of greater than equal three times the upper limit of normal were observed in 7% of participants treated with the 80 mg dose versus 2% treated with placebo These events were not associated with clinical complications, generally resolved with continued treatment, and no cases met Hy's law criteria. these events were not associated with clinical complications generally resolved with continued treatment and no cases met hy's law criteria These unprecedented data from the TRYNGOLZA development program, beginning with FCS and now the broader severe hypertriglyceridemia population, have also been presented in major cardiology and lipidology congresses and published in leading peer-reviewed medical journals. these unprecedented data from the tryngolza development program beginning with fcs and now the broader severe hypertriglyceridemia population have also been presented in major cardiology and lipidology congresses and published in leading peer-reviewed medical journals The level of external validation underscores the scientific rigor and clinical importance of targeting apoC-III in triglyceride-rich disorders. the level of external validation underscores the scientific rigor and clinical importance of targeting apoc-iii in triglyceride-rich disorders For patients and physicians who have struggled to control severe triglycerides with existing therapies, we believe TRYNGOLZA sets a new standard for the management of sHTG. for patients and physicians who have struggled to control severe triglycerides with existing therapies we believe tryngolza sets a new standard for the management of shtg I'll now turn the call over to Kyle. i'll now turn the call over to kyle

Speaker 7: Thank you, Sam. The approval of TRYNGOLZA for sHTG is a defining moment in our journey to bring a much-needed new medicine to this long-underserved patient population. Our team is energized and focused on delivering a successful launch and capitalizing on our first-mover advantage. We have a highly experienced field organization with deep backgrounds in lipidology and cardiometabolic diseases. They've been preparing for this approval over the past several months by providing disease state education to the highest sHTG treaters. In parallel, they have been strengthening patient identification efforts and laying the foundation for a seamless expansion from FCS into sHTG. We expect the product to be available in the channel in the coming days, and our teams are ready to begin promoting TRYNGOLZA for sHTG. The U.S. market is both sizable and underserved, with no effective treatments available until now. Thank you, Sam. thank you sam The approval of TRYNGOLZA for sHTG is a defining moment in our journey to bring a much-needed new medicine to this long-underserved patient population. the approval of tryngolza for shtg is a defining moment in our journey to bring a much-needed new medicine to this long-underserved patient population Our team is energized and focused on delivering a successful launch and capitalizing on our first-mover advantage. our team is energized and focused on delivering a successful launch and capitalizing on our first-mover advantage We have a highly experienced field organization with deep backgrounds in lipidology and cardiometabolic diseases. we have a highly experienced field organization with deep backgrounds in lipidology and cardiometabolic diseases They've been preparing for this approval over the past several months by providing disease state education to the highest sHTG treaters. they've been preparing for this approval over the past several months by providing disease state education to the highest shtg treaters In parallel, they have been strengthening patient identification efforts and laying the foundation for a seamless expansion from FCS into sHTG. in parallel they have been strengthening patient identification efforts and laying the foundation for a seamless expansion from fcs into shtg We expect the product to be available in the channel in the coming days, and our teams are ready to begin promoting TRYNGOLZA for sHTG. we expect the product to be available in the channel in the coming days and our teams are ready to begin promoting tryngolza for shtg The U.S. market is both sizable and underserved, with no effective treatments available until now. the u.s market is both sizable and underserved with no effective treatments available until now As represented by the pyramid shown on this slide, there are estimated to be more than three million people with sHTG in the U.S. Triglyceride management is concentrated among cardiologists, endocrinologists, and lipidologists, which allows us to reach hundreds of thousands of eligible patients with a focused commercial footprint. Our customer-facing team plans to initially focus on the high-risk patient population, which includes patients with triglycerides of greater than 880 mg/dL, or with triglycerides of greater than 500 mg/dL, and a history of acute pancreatitis or other comorbidities. With our commercial footprint, we are positioned to engage approximately 20,000 high-volume prescribers across the country. As we did for FCS, we also plan to leverage Ionis' omni-channel marketing capabilities to further reach both physicians and patients with tailored educational content and support. As represented by the pyramid shown on this slide, there are estimated to be more than three million people with sHTG in the U.S. as represented by the pyramid shown on this slide there are estimated to be more than three million people with shtg in the u.s Triglyceride management is concentrated among cardiologists, endocrinologists, and lipidologists, which allows us to reach hundreds of thousands of eligible patients with a focused commercial footprint. triglyceride management is concentrated among cardiologists endocrinologists and lipidologists which allows us to reach hundreds of thousands of eligible patients with a focused commercial footprint Our customer-facing team plans to initially focus on the high-risk patient population, which includes patients with triglycerides of greater than 880 mg/dL , or with triglycerides of greater than 500 mg/dL , and a history of acute pancreatitis or other comorbidities. our customer-facing team plans to initially focus on the high-risk patient population which includes patients with triglycerides of greater than 880 mg/dl or with triglycerides of greater than 500 mg/dl and a history of acute pancreatitis or other comorbidities With our commercial footprint, we are positioned to engage approximately 20,000 high-volume prescribers across the country. with our commercial footprint we are positioned to engage approximately 20,000 high-volume prescribers across the country As we did for FCS, we also plan to leverage Ionis' omni-channel marketing capabilities to further reach both physicians and patients with tailored educational content and support. as we did for fcs we also plan to leverage ionis' omni-channel marketing capabilities to further reach both physicians and patients with tailored educational content and support Despite widespread use of statins, fibrates, and omega-3s, many patients do not reach triglyceride targets and remain at high risk for pancreatitis. This treatment gap is well-recognized by physicians and payers. Consistent with the label, TRYNGOLZA's compelling clinical profile and differentiated mechanism position it to play an important role alongside existing therapies to reduce the risk of acute pancreatitis. Until today, physicians have not had an effective therapy for severe hypertriglyceridemia. TRYNGOLZA changes that. It has demonstrated robust triglyceride lowering, statistically significant reduction in acute pancreatitis events, a compelling number needed to treat to prevent acute pancreatitis. We are pleased to offer both the 50 mg and 80 mg doses of TRYNGOLZA for sHTG, packaged in a patient-friendly auto-injector designed for real-world use. This provides important flexibility for healthcare providers and patients and supports a tailored approach to treatment based on individual patient needs and treatment goals. Despite widespread use of statins, fibrates, and omega-3s, many patients do not reach triglyceride targets and remain at high risk for pancreatitis. despite widespread use of statins fibrates and omega-3s many patients do not reach triglyceride targets and remain at high risk for pancreatitis This treatment gap is well-recognized by physicians and payers. this treatment gap is well-recognized by physicians and payers Consistent with the label, TRYNGOLZA's compelling clinical profile and differentiated mechanism position it to play an important role alongside existing therapies to reduce the risk of acute pancreatitis. consistent with the label tryngolza's compelling clinical profile and differentiated mechanism position it to play an important role alongside existing therapies to reduce the risk of acute pancreatitis Until today, physicians have not had an effective therapy for severe hypertriglyceridemia. until today physicians have not had an effective therapy for severe hypertriglyceridemia TRYNGOLZA changes that. tryngolza changes that It has demonstrated robust triglyceride lowering, statistically significant reduction in acute pancreatitis events, a compelling number needed to treat to prevent acute pancreatitis. it has demonstrated robust triglyceride lowering statistically significant reduction in acute pancreatitis events a compelling number needed to treat to prevent acute pancreatitis We are pleased to offer both the 50 mg and 80 mg doses of TRYNGOLZA for sHTG, packaged in a patient-friendly auto-injector designed for real-world use. we are pleased to offer both the 50 mg and 80 mg doses of tryngolza for shtg packaged in a patient-friendly auto-injector designed for real-world use This provides important flexibility for healthcare providers and patients and supports a tailored approach to treatment based on individual patient needs and treatment goals. this provides important flexibility for healthcare providers and patients and supports a tailored approach to treatment based on individual patient needs and treatment goals Taken together, we believe TRYNGOLZA is a breakthrough for patients who are struggling with their disease and a meaningful advancement for physicians managing this high-risk population. Our launch strategy is designed for success and builds on our expanding commercial capabilities with two successful launches under our belt, including the launch of TRYNGOLZA and FCS. A key component of this strategy is our medical affairs effort, with the team actively participating in major cardiology, endocrinology, and lipid meetings to share data from CORE, CORE2, and related studies, while also helping educate the market on apoC-III biology and the burden of sHTG. On the market access front, our reimbursement and payer teams have proactively engaged with U.S. payers. Taken together, we believe TRYNGOLZA is a breakthrough for patients who are struggling with their disease and a meaningful advancement for physicians managing this high-risk population. taken together we believe tryngolza is a breakthrough for patients who are struggling with their disease and a meaningful advancement for physicians managing this high-risk population Our launch strategy is designed for success and builds on our expanding commercial capabilities with two successful launches under our belt, including the launch of TRYNGOLZA and FCS. our launch strategy is designed for success and builds on our expanding commercial capabilities with two successful launches under our belt including the launch of tryngolza and fcs A key component of this strategy is our medical affairs effort, with the team actively participating in major cardiology, endocrinology, and lipid meetings to share data from CORE, CORE2, and related studies, while also helping educate the market on apoC-III biology and the burden of sHTG. a key component of this strategy is our medical affairs effort with the team actively participating in major cardiology endocrinology and lipid meetings to share data from core core2 and related studies while also helping educate the market on apoc-iii biology and the burden of shtg On the market access front, our reimbursement and payer teams have proactively engaged with U.S. payers. on the market access front our reimbursement and payer teams have proactively engaged with u.s payers With the updated WAC price of $40,000 effective April 1st, we are launching TRYNGOLZA and sHTG at a price that reflects its substantial clinical value and the high burden of disease, while recognizing the need for broad, responsible access. We are committed to ensuring affordability for patients who need TRYNGOLZA. For eligible commercially insured patients, our financial assistance programs can significantly reduce out-of-pocket costs, in some cases to as little as $0 per prescription. Supporting patients throughout their treatment journey is central to our commercial approach. Ionis Every Step, our patient support program, will now be expanded to support the needs of sHTG patients and caregivers throughout their treatment journey. The program is designed to provide disease state and product education, meaningful caregiver support, and reimbursement assistance that helps facilitate access and continuity of care. With the updated WAC price of $40,000 effective April 1st, we are launching TRYNGOLZA and sHTG at a price that reflects its substantial clinical value and the high burden of disease, while recognizing the need for broad, responsible access. with the updated wac price of $40,000 effective april 1st we are launching tryngolza and shtg at a price that reflects its substantial clinical value and the high burden of disease while recognizing the need for broad responsible access We are committed to ensuring affordability for patients who need TRYNGOLZA. we are committed to ensuring affordability for patients who need tryngolza For eligible commercially insured patients, our financial assistance programs can significantly reduce out-of-pocket costs, in some cases to as little as $0 per prescription. for eligible commercially insured patients our financial assistance programs can significantly reduce out-of-pocket costs in some cases to as little as $0 per prescription Supporting patients throughout their treatment journey is central to our commercial approach. supporting patients throughout their treatment journey is central to our commercial approach Ionis Every Step, our patient support program, will now be expanded to support the needs of sHTG patients and caregivers throughout their treatment journey. ionis every step our patient support program will now be expanded to support the needs of shtg patients and caregivers throughout their treatment journey The program is designed to provide disease state and product education, meaningful caregiver support, and reimbursement assistance that helps facilitate access and continuity of care. the program is designed to provide disease state and product education meaningful caregiver support and reimbursement assistance that helps facilitate access and continuity of care For healthcare providers, Ionis Every Step is intended to simplify the process of initiating therapy for appropriate patients while keeping the emphasis where it belongs, on helping patients better understand their disease, navigate treatment options, and access the support they need. Before I turn the call back to Brett, I want to underscore our excitement about this approval and the opportunity it creates to meaningfully improve outcomes for people living with severe hypertriglyceridemia. While we recognize that building awareness and changing treatment paradigms by integrating a new therapy into clinical practice will take time, we are highly encouraged by the HCP feedback and the opportunity to address the significant unmet need in sHTG. TRYNGOLZA's strong clinical profile and compelling label, including the significance of acute pancreatitis prevention in the indication statement, together with an experienced commercial organization that is launch-ready, position us to seamlessly execute. For healthcare providers, Ionis Every Step is intended to simplify the process of initiating therapy for appropriate patients while keeping the emphasis where it belongs, on helping patients better understand their disease, navigate treatment options, and access the support they need. for healthcare providers ionis every step is intended to simplify the process of initiating therapy for appropriate patients while keeping the emphasis where it belongs on helping patients better understand their disease navigate treatment options and access the support they need Before I turn the call back to Brett, I want to underscore our excitement about this approval and the opportunity it creates to meaningfully improve outcomes for people living with severe hypertriglyceridemia. before i turn the call back to brett i want to underscore our excitement about this approval and the opportunity it creates to meaningfully improve outcomes for people living with severe hypertriglyceridemia While we recognize that building awareness and changing treatment paradigms by integrating a new therapy into clinical practice will take time, we are highly encouraged by the HCP feedback and the opportunity to address the significant unmet need in sHTG. while we recognize that building awareness and changing treatment paradigms by integrating a new therapy into clinical practice will take time we are highly encouraged by the hcp feedback and the opportunity to address the significant unmet need in shtg TRYNGOLZA's strong clinical profile and compelling label, including the significance of acute pancreatitis prevention in the indication statement, together with an experienced commercial organization that is launch-ready, position us to seamlessly execute. tryngolza's strong clinical profile and compelling label including the significance of acute pancreatitis prevention in the indication statement together with an experienced commercial organization that is launch-ready position us to seamlessly execute Most importantly, this helps us close an important gap in care for appropriate patients. More broadly, we believe this launch creates an important opportunity to expand the impact of TRYNGOLZA by bringing meaningful innovation to a larger population of patients with serious unmet need. With that, I'll turn the call back over to Brett. Most importantly, this helps us close an important gap in care for appropriate patients. most importantly this helps us close an important gap in care for appropriate patients More broadly, we believe this launch creates an important opportunity to expand the impact of TRYNGOLZA by bringing meaningful innovation to a larger population of patients with serious unmet need. more broadly we believe this launch creates an important opportunity to expand the impact of tryngolza by bringing meaningful innovation to a larger population of patients with serious unmet need With that, I'll turn the call back over to Brett. with that i'll turn the call back over to brett

Speaker 1: Thanks, Kyle. Today marks a pivotal moment for Ionis. With today's approval, we are poised to reach hundreds of thousands of people living with sHTG, and in turn, make TRYNGOLZA our first potential blockbuster medicine. Today's milestone underscores how we are delivering on our promise to bring a steady cadence of transformational medicines to people living with serious diseases. In just the last 18 months, we have successfully launched TRYNGOLZA for FCS, our first independently launched commercial medicine. We have also successfully launched DAWNZERA for hereditary angioedema, which is gaining significant momentum. Now we're expanding TRYNGOLZA into sHTG, our first independent launch into a broad population. We also look forward to our anticipated approval of zilganersen for Alexander disease, with a PDUFA date in September, and advancing our rich, wholly-owned pipeline of potential best-in-class medicines focused primarily on cardiometabolic and neurological diseases. Thanks, Kyle. thanks kyle Today marks a pivotal moment for Ionis. today marks a pivotal moment for ionis With today's approval, we are poised to reach hundreds of thousands of people living with sHTG, and in turn, make TRYNGOLZA our first potential blockbuster medicine. with today's approval we are poised to reach hundreds of thousands of people living with shtg and in turn make tryngolza our first potential blockbuster medicine Today's milestone underscores how we are delivering on our promise to bring a steady cadence of transformational medicines to people living with serious diseases. today's milestone underscores how we are delivering on our promise to bring a steady cadence of transformational medicines to people living with serious diseases In just the last 18 months, we have successfully launched TRYNGOLZA for FCS, our first independently launched commercial medicine. in just the last 18 months we have successfully launched tryngolza for fcs our first independently launched commercial medicine We have also successfully launched DAWNZERA for hereditary angioedema, which is gaining significant momentum. we have also successfully launched dawnzera for hereditary angioedema which is gaining significant momentum Now we're expanding TRYNGOLZA into sHTG, our first independent launch into a broad population. now we're expanding tryngolza into shtg our first independent launch into a broad population We also look forward to our anticipated approval of zilganersen for Alexander disease, with a PDUFA date in September, and advancing our rich, wholly-owned pipeline of potential best-in-class medicines focused primarily on cardiometabolic and neurological diseases. we also look forward to our anticipated approval of zilganersen for alexander disease with a pdufa date in september and advancing our rich wholly-owned pipeline of potential best-in-class medicines focused primarily on cardiometabolic and neurological diseases The approval of TRYNGOLZA in sHTG underscores the strength of Ionis today. With two independent launches underway, TRYNGOLZA in sHTG expected to launch in the coming days, with more anticipated approvals and launches to come, we are well-positioned to deliver increasing value for patients and all Ionis stakeholders. With that, I'll now open the call up for questions. Given the importance of today's news, we will keep the Q&A session focused entirely on TRYNGOLZA. Operator, please open up for questions. The approval of TRYNGOLZA in sHTG underscores the strength of Ionis today. the approval of tryngolza in shtg underscores the strength of ionis today With two independent launches underway, TRYNGOLZA in sHTG expected to launch in the coming days, with more anticipated approvals and launches to come, we are well-positioned to deliver increasing value for patients and all Ionis stakeholders. with two independent launches underway tryngolza in shtg expected to launch in the coming days with more anticipated approvals and launches to come we are well-positioned to deliver increasing value for patients and all ionis stakeholders With that, I'll now open the call up for questions. with that i'll now open the call up for questions Given the importance of today's news, we will keep the Q&A session focused entirely on TRYNGOLZA. given the importance of today's news we will keep the q&a session focused entirely on tryngolza Operator, please open up for questions. operator please open up for questions

Speaker 10: Thank you, sir. Ladies and gentlemen, if you do have any questions at this time, please press star followed by one on your touch-tone phone. You will then hear a prompt that your hand has been raised. Should you wish to withdraw from the process, please press star followed by two. If you're using a speakerphone, you will need to lift the handset first before pressing any keys. Please go ahead and press star one now if you have any questions. Your first question will be from Yaron Werber at TD Cowen. Please go ahead. Thank you, sir. thank you sir Ladies and gentlemen, if you do have any questions at this time, please press star followed by one on your touch-tone phone. ladies and gentlemen if you do have any questions at this time please press star followed by one on your touch-tone phone You will then hear a prompt that your hand has been raised. you will then hear a prompt that your hand has been raised Should you wish to withdraw from the process, please press star followed by two. should you wish to withdraw from the process please press star followed by two If you're using a speakerphone, you will need to lift the handset first before pressing any keys. if you're using a speakerphone you will need to lift the handset first before pressing any keys Please go ahead and press star one now if you have any questions. please go ahead and press star one now if you have any questions Your first question will be from Yaron Werber at TD Cowen. your first question will be from yaron werber at td cowen Please go ahead. please go ahead

Speaker 13: Good afternoon, everyone. This is Steven Ionov on for Yaron Werber. Congratulations on this landmark approval. One question from us. Could you give us some more color on where the conversations with payers currently stand on coverage? Specifically, are you expecting payers to try to narrow coverage to patients with an acute pancreatitis history? Have you seen positive feedback on a more broad label across the board? Thank you very much. Good afternoon, everyone. good afternoon everyone This is Steven Ionov on for Yaron Werber. this is steven ionov on for yaron werber Congratulations on this landmark approval. congratulations on this landmark approval One question from us. one question from us Could you give us some more color on where the conversations with payers currently stand on coverage? could you give us some more color on where the conversations with payers currently stand on coverage Specifically, are you expecting payers to try to narrow coverage to patients with an acute pancreatitis history? specifically are you expecting payers to try to narrow coverage to patients with an acute pancreatitis history Have you seen positive feedback on a more broad label across the board? have you seen positive feedback on a more broad label across the board Thank you very much. thank you very much

Speaker 7: Hey, thanks for the question, Steven. This is Kyle. I couldn't be more pleased with the interactions that we've had with payers up to this point. We've been able to share with them, obviously, information related to the CORE and CORE2 studies. They've also seen HCP demand research on where HCPs anticipate using this treatment. The expectation is that the coverage will be broad and that anyone with triglyceride levels above 500 mg/dL will have access to TRYNGOLZA. We're working on payer discussions currently. As you would expect, getting the approval today, we'll need to go with the final label and have ongoing discussions with them. All of our conversations have been for the broad population being greater than 500 mg/dL. That also represents the pricing that we set on April 1st at $40,000 for the WAC. Hey, thanks for the question, Steven. hey thanks for the question steven This is Kyle. this is kyle I couldn't be more pleased with the interactions that we've had with payers up to this point. i couldn't be more pleased with the interactions that we've had with payers up to this point We've been able to share with them, obviously, information related to the CORE and CORE2 studies. we've been able to share with them obviously information related to the core and core2 studies They've also seen HCP demand research on where HCPs anticipate using this treatment. they've also seen hcp demand research on where hcps anticipate using this treatment The expectation is that the coverage will be broad and that anyone with triglyceride levels above 500 mg/dL will have access to TRYNGOLZA. the expectation is that the coverage will be broad and that anyone with triglyceride levels above 500 mg/dl will have access to tryngolza We're working on payer discussions currently. we're working on payer discussions currently As you would expect, getting the approval today, we'll need to go with the final label and have ongoing discussions with them. as you would expect getting the approval today we'll need to go with the final label and have ongoing discussions with them All of our conversations have been for the broad population being greater than 500 mg/dL. all of our conversations have been for the broad population being greater than 500 mg/dl That also represents the pricing that we set on April 1st at $40,000 for the WAC. that also represents the pricing that we set on april 1st at $40,000 for the wac That price point is intended to cover all patients and not limit it or restrict it to a high-risk sHTG patient population. That's exactly where HCPs are telling us that they want to treat and use this product based on the strength of the data. The 72% reductions in triglycerides, the 91% reduction in AP events, and the ability to use this on top of standard of care today really make this a meaningful treatment to potentially change and advance the way that medicine's treated for these patients that haven't had a treatment up to this time. Broad payer access is what we expect, and those are the ongoing conversations we continue to have. That price point is intended to cover all patients and not limit it or restrict it to a high-risk sHTG patient population. that price point is intended to cover all patients and not limit it or restrict it to a high-risk shtg patient population That's exactly where HCPs are telling us that they want to treat and use this product based on the strength of the data. that's exactly where hcps are telling us that they want to treat and use this product based on the strength of the data The 72% reductions in triglycerides, the 91% reduction in AP events, and the ability to use this on top of standard of care today really make this a meaningful treatment to potentially change and advance the way that medicine's treated for these patients that haven't had a treatment up to this time. the 72% reductions in triglycerides the 91% reduction in ap events and the ability to use this on top of standard of care today really make this a meaningful treatment to potentially change and advance the way that medicine's treated for these patients that haven't had a treatment up to this time Broad payer access is what we expect, and those are the ongoing conversations we continue to have. broad payer access is what we expect and those are the ongoing conversations we continue to have

Speaker 13: Thank you very much. Thank you very much. thank you very much

Speaker 10: Next question will be from Yanan Zhu at Wells Fargo. Please go ahead. Next question will be from Yanan Zhu at Wells Fargo. next question will be from yanan zhu at wells fargo Please go ahead. please go ahead

Speaker 15: Great. Thanks for taking our questions. Congrats on the early approval and the great label. Maybe two questions from us. One is, in terms of on the front page, the only warnings mentioned was the liver enzyme abnormalities. I think you went over it in the prepared remarks as well. I was wondering how do we think about any implication of this item in terms of the launch? Does this mean certain monitoring requirements? Another observation. You mentioned 91% risk reduction for the pancreatitis attacks. That actually came from the 50 mg group. It seems like you had even better pancreatitis reduction at the lower dose than the 80 mg higher dose. How does that impact your launch activity or promotion activity? I would note that at that dose, the safety is overall even better than 80 mg, including liver fat. Thank you. Great. great Thanks for taking our questions. thanks for taking our questions Congrats on the early approval and the great label. congrats on the early approval and the great label Maybe two questions from us. maybe two questions from us One is, in terms of on the front page, the only warnings mentioned was the liver enzyme abnormalities. one is in terms of on the front page the only warnings mentioned was the liver enzyme abnormalities I think you went over it in the prepared remarks as well. i think you went over it in the prepared remarks as well I was wondering how do we think about any implication of this item in terms of the launch? i was wondering how do we think about any implication of this item in terms of the launch Does this mean certain monitoring requirements? does this mean certain monitoring requirements Another observation. another observation You mentioned 91% risk reduction for the pancreatitis attacks. you mentioned 91% risk reduction for the pancreatitis attacks That actually came from the 50 mg group. that actually came from the 50 mg group It seems like you had even better pancreatitis reduction at the lower dose than the 80 mg higher dose. it seems like you had even better pancreatitis reduction at the lower dose than the 80 mg higher dose How does that impact your launch activity or promotion activity? how does that impact your launch activity or promotion activity I would note that at that dose, the safety is overall even better than 80 mg, including liver fat. i would note that at that dose the safety is overall even better than 80 mg including liver fat Thank you. thank you

Speaker 1: Thank you. I'll start, then I'll toss it over to Sam. I'd love for him to give his perspective on the recommendation to consider testing for liver enzymes prior to beginning treatment with TRYNGOLZA or escalating dose. It's very common practice in the business. Let me start with your second question first. The 91% reduction in acute pancreatitis was called out by the FDA, the AP reductions of 91% for the 50 mg dose, as you pointed out, Yanan. We're thrilled with the 85% reduction in the pooled analysis. Of course, an AP reduction unprecedented. The 91% in the 50 mg dose were just wanting to be consistent with the label, which reflects up to 91% in there. As for the reasons between 80 mg and 50 mg showing slightly different reductions in acute pancreatitis on a percentage basis, we don't have an explanation for that. Thank you. thank you I'll start, then I'll toss it over to Sam. i'll start then i'll toss it over to sam I'd love for him to give his perspective on the recommendation to consider testing for liver enzymes prior to beginning treatment with TRYNGOLZA or escalating dose. i'd love for him to give his perspective on the recommendation to consider testing for liver enzymes prior to beginning treatment with tryngolza or escalating dose It's very common practice in the business. it's very common practice in the business Let me start with your second question first. let me start with your second question first The 91% reduction in acute pancreatitis was called out by the FDA, the AP reductions of 91% for the 50 mg dose, as you pointed out, Yanan. the 91% reduction in acute pancreatitis was called out by the fda the ap reductions of 91% for the 50 mg dose as you pointed out yanan We're thrilled with the 85% reduction in the pooled analysis. we're thrilled with the 85% reduction in the pooled analysis Of course, an AP reduction unprecedented. of course an ap reduction unprecedented The 91% in the 50 mg dose were just wanting to be consistent with the label, which reflects up to 91% in there. the 91% in the 50 mg dose were just wanting to be consistent with the label which reflects up to 91% in there As for the reasons between 80 mg and 50 mg showing slightly different reductions in acute pancreatitis on a percentage basis, we don't have an explanation for that. as for the reasons between 80 mg and 50 mg showing slightly different reductions in acute pancreatitis on a percentage basis we don't have an explanation for that It's remarkable data for both doses. We do not believe that's going to impact, in any way, the preference for 50 mg or 80 mg in the launch, in the marketing, commercialization of TRYNGOLZA for sHTG in any way. I do want to point out that the 80 mg dose is very well tolerated. As we highlighted in our prepared remarks, provides dosing flexibility for physicians, which is common practice and also preference so that physicians can use the dose that they believe is going to provide the greatest benefit, depending on the patient's needs. Regarding the second part of your question, no monitoring. There's no monitoring in this label required for anything, let alone liver enzymes. I'd like to send it over to Sam to provide his perspective on how this is so consistent with available treatments today for cardiovascular diseases. It's remarkable data for both doses. it's remarkable data for both doses We do not believe that's going to impact, in any way, the preference for 50 mg or 80 mg in the launch, in the marketing, commercialization of TRYNGOLZA for sHTG in any way. we do not believe that's going to impact in any way the preference for 50 mg or 80 mg in the launch in the marketing commercialization of tryngolza for shtg in any way I do want to point out that the 80 mg dose is very well tolerated. i do want to point out that the 80 mg dose is very well tolerated As we highlighted in our prepared remarks, provides dosing flexibility for physicians, which is common practice and also preference so that physicians can use the dose that they believe is going to provide the greatest benefit, depending on the patient's needs. as we highlighted in our prepared remarks provides dosing flexibility for physicians which is common practice and also preference so that physicians can use the dose that they believe is going to provide the greatest benefit depending on the patient's needs Regarding the second part of your question, no monitoring. regarding the second part of your question no monitoring There's no monitoring in this label required for anything, let alone liver enzymes. there's no monitoring in this label required for anything let alone liver enzymes I'd like to send it over to Sam to provide his perspective on how this is so consistent with available treatments today for cardiovascular diseases. i'd like to send it over to sam to provide his perspective on how this is so consistent with available treatments today for cardiovascular diseases

Speaker 12: I think what the label is basically saying is you just need to make sure you're a good doctor, right? If you give a chronic therapy, you need to know their baseline values of their labs, including the liver tests. If you want to change a dose, then you just check it again. It just tells you twice you should check it, once before you start and if you want to change the dose. That's it. You don't need to worry in between about checking regular labs all the time. This is consistent with good medical care and nothing out of the ordinary in terms of checking LFTs. I think what the label is basically saying is you just need to make sure you're a good doctor, right? i think what the label is basically saying is you just need to make sure you're a good doctor right If you give a chronic therapy, you need to know their baseline values of their labs, including the liver tests. if you give a chronic therapy you need to know their baseline values of their labs including the liver tests If you want to change a dose, then you just check it again. if you want to change a dose then you just check it again It just tells you twice you should check it, once before you start and if you want to change the dose. it just tells you twice you should check it once before you start and if you want to change the dose That's it. that's it You don't need to worry in between about checking regular labs all the time. you don't need to worry in between about checking regular labs all the time This is consistent with good medical care and nothing out of the ordinary in terms of checking LFTs. this is consistent with good medical care and nothing out of the ordinary in terms of checking lfts

Speaker 7: Yanan, maybe I can address a little bit on the launch implications here because all of them are favorable, everything that we're discussing here. To have AP in the indication statement, number one, is going to strengthen the position and strengthen the understanding by HCPs in terms of how and why to use this treatment for sHTG patients, any patient that's above 500 mg/dL. That strengthens the argument there. Number two, the 50 mg and 80 mg doses allow for dosing flexibility, which is exactly what HCPs are telling us that they want and that they will use in this patient population, therefore, again, strengthening the launch implications. No monitoring required strengthens the launch implications. For us, everything is pointed towards very strong favorability in terms of what this label looks like and as represents. Yanan, maybe I can address a little bit on the launch implications here because all of them are favorable, everything that we're discussing here. yanan maybe i can address a little bit on the launch implications here because all of them are favorable everything that we're discussing here To have AP in the indication statement, number one, is going to strengthen the position and strengthen the understanding by HCPs in terms of how and why to use this treatment for sHTG patients, any patient that's above 500 mg/dL. to have ap in the indication statement number one is going to strengthen the position and strengthen the understanding by hcps in terms of how and why to use this treatment for shtg patients any patient that's above 500 mg/dl That strengthens the argument there. that strengthens the argument there Number two, the 50 mg and 80 mg doses allow for dosing flexibility, which is exactly what HCPs are telling us that they want and that they will use in this patient population, therefore, again, strengthening the launch implications. number two the 50 mg and 80 mg doses allow for dosing flexibility which is exactly what hcps are telling us that they want and that they will use in this patient population therefore again strengthening the launch implications No monitoring required strengthens the launch implications. no monitoring required strengthens the launch implications For us, everything is pointed towards very strong favorability in terms of what this label looks like and as represents. for us everything is pointed towards very strong favorability in terms of what this label looks like and as represents

Speaker 15: Great. Super helpful. Thank you, and congrats again. Great. great Super helpful. super helpful Thank you, and congrats again. thank you and congrats again

Speaker 10: Next question will be from Salveen Richter at Goldman Sachs. Please go ahead. Next question will be from Salveen Richter at Goldman Sachs. next question will be from salveen richter at goldman sachs Please go ahead. please go ahead

Speaker 11: Good afternoon. Thanks for taking my question. With regard to liver monitoring, could you just speak to how it's done in practice, how much of an extra lift this is, and whether you think doctors will actually do that? Then just noting the label's language around liver fat, what feedback have you been getting from stakeholders on the open label extension data? Why do you believe the 50 mg to 80 mg transition patients saw that kind of elevation or did not see the decreases in their HFF elevations within the follow-up? Thank you. Good afternoon. good afternoon Thanks for taking my question. thanks for taking my question With regard to liver monitoring, could you just speak to how it's done in practice, how much of an extra lift this is, and whether you think doctors will actually do that? with regard to liver monitoring could you just speak to how it's done in practice how much of an extra lift this is and whether you think doctors will actually do that Then just noting the label's language around liver fat, what feedback have you been getting from stakeholders on the open label extension data? then just noting the label's language around liver fat what feedback have you been getting from stakeholders on the open label extension data Why do you believe the 50 mg to 80 mg transition patients saw that kind of elevation or did not see the decreases in their HFF elevations within the follow-up? why do you believe the 50 mg to 80 mg transition patients saw that kind of elevation or did not see the decreases in their hff elevations within the follow-up Thank you. thank you

Speaker 1: Salveen, as we addressed in the last question, there's no monitoring required at all for anything, liver enzymes or anything for TRYNGOLZA. It's a very clean label. As Sam pointed out, it's common practice by physicians when they move a patient onto a new treatment for the first time to recommend some initial testing of liver enzymes. You don't have to continue testing in any way. Prior to dose escalation, it's recommended, not required, to consider testing again before you dose escalate. Again, no monitoring. No monitoring at all in the label for TRYNGOLZA. As far as hepatic fat progression, as we presented at NLA last week and as predicted, the on-target small increases in liver fat that we observed in our phase III sHTG studies are returning to baseline as we presented at NLA last week. Salveen, as we addressed in the last question, there's no monitoring required at all for anything, liver enzymes or anything for TRYNGOLZA. salveen as we addressed in the last question there's no monitoring required at all for anything liver enzymes or anything for tryngolza It's a very clean label. it's a very clean label As Sam pointed out, it's common practice by physicians when they move a patient onto a new treatment for the first time to recommend some initial testing of liver enzymes. as sam pointed out it's common practice by physicians when they move a patient onto a new treatment for the first time to recommend some initial testing of liver enzymes You don't have to continue testing in any way. you don't have to continue testing in any way Prior to dose escalation, it's recommended, not required, to consider testing again before you dose escalate. prior to dose escalation it's recommended not required to consider testing again before you dose escalate Again, no monitoring. again no monitoring No monitoring at all in the label for TRYNGOLZA. no monitoring at all in the label for tryngolza As far as hepatic fat progression, as we presented at NLA last week and as predicted, the on-target small increases in liver fat that we observed in our phase III sHTG studies are returning to baseline as we presented at NLA last week. as far as hepatic fat progression as we presented at nla last week and as predicted the on-target small increases in liver fat that we observed in our phase iii shtg studies are returning to baseline as we presented at nla last week Again, there's no clinical sequelae, no emerging AEs with long-term treatment, obviously no monitoring as I covered. This profile that includes the small increases of what appear to be transient increases in liver fat are completely consistent with our $3 billion product peak sales that we've guided to. Maybe you could talk a little bit about that, Kyle, on how all this is contained with our expectation for peak product sales. Again, there's no clinical sequelae, no emerging AEs with long-term treatment, obviously no monitoring as I covered. again there's no clinical sequelae no emerging aes with long-term treatment obviously no monitoring as i covered This profile that includes the small increases of what appear to be transient increases in liver fat are completely consistent with our $3 billion product peak sales that we've guided to. this profile that includes the small increases of what appear to be transient increases in liver fat are completely consistent with our $3 billion product peak sales that we've guided to Maybe you could talk a little bit about that, Kyle, on how all this is contained with our expectation for peak product sales. maybe you could talk a little bit about that kyle on how all this is contained with our expectation for peak product sales

Speaker 7: Yeah, that's exactly right. We have tested after the CORE and CORE2 data came out. The exact profile from the phase III trial, these data with HCPs. They are very supportive. They do not have concerns around hepatic fat, for example, or needing to consider testing for something like liver enzymes. The strength of the data here, the need in the patient population, how clean overall this profile is and how strong the data are. The HCPs and the demand research are very supportive of using this drug. We did the same presentation to payers, similar response. Payers understand it, payers are very accepting of this. I think we are set up for tremendous success based on the label that we received today. Yeah, that's exactly right. yeah that's exactly right We have tested after the CORE and CORE2 data came out. we have tested after the core and core2 data came out The exact profile from the phase III trial, these data with HCPs. the exact profile from the phase iii trial these data with hcps They are very supportive. they are very supportive They do not have concerns around hepatic fat, for example, or needing to consider testing for something like liver enzymes. they do not have concerns around hepatic fat for example or needing to consider testing for something like liver enzymes The strength of the data here, the need in the patient population, how clean overall this profile is and how strong the data are. the strength of the data here the need in the patient population how clean overall this profile is and how strong the data are The HCPs and the demand research are very supportive of using this drug. the hcps and the demand research are very supportive of using this drug We did the same presentation to payers, similar response. we did the same presentation to payers similar response Payers understand it, payers are very accepting of this. payers understand it payers are very accepting of this I think we are set up for tremendous success based on the label that we received today. i think we are set up for tremendous success based on the label that we received today

Speaker 1: Sam, you want to comment on how it's common practice to have when you have two doses approved, starting with a 50 mg dose or the lower dose of previous that's dosage correct? Sam, you want to comment on how it's common practice to have when you have two doses approved, starting with a 50 mg dose or the lower dose of previous that's dosage correct? sam you want to comment on how it's common practice to have when you have two doses approved starting with a 50 mg dose or the lower dose of previous that's dosage correct

Speaker 12: Sure. Yeah. We're used to using different doses for lipid-lowering therapy. This is going to be completely consistent in practice how we use statins. It's going to be very similar, almost identical to it. Before you start a statin, you need to know what the lipid levels are and what the labs are. Then after you give it, you want to see what effect it has. You'll check labs again, and you'll check the liver path, and you'll check the lipid panel. That's basically what's going to happen here is I think clinicians will be very used to doing exactly what they do now with statins. There's not going to be any other extra burden on anybody. Sure. sure Yeah. yeah We're used to using different doses for lipid-lowering therapy. we're used to using different doses for lipid-lowering therapy This is going to be completely consistent in practice how we use statins. this is going to be completely consistent in practice how we use statins It's going to be very similar, almost identical to it. it's going to be very similar almost identical to it Before you start a statin, you need to know what the lipid levels are and what the labs are. before you start a statin you need to know what the lipid levels are and what the labs are Then after you give it, you want to see what effect it has. then after you give it you want to see what effect it has You'll check labs again, and you'll check the liver path, and you'll check the lipid panel. you'll check labs again and you'll check the liver path and you'll check the lipid panel That's basically what's going to happen here is I think clinicians will be very used to doing exactly what they do now with statins. that's basically what's going to happen here is i think clinicians will be very used to doing exactly what they do now with statins There's not going to be any other extra burden on anybody. there's not going to be any other extra burden on anybody

Speaker 7: Okay. Okay. okay

Speaker 10: Next question will be from Mike Ulz at Morgan Stanley. Please go ahead, Mike. Next question will be from Mike Ulz at Morgan Stanley. next question will be from mike ulz at morgan stanley Please go ahead, Mike. please go ahead mike

Speaker 8: Good afternoon. Thanks for taking the question and congrats on the approval as well. Maybe just a quick one around pricing, it has to do with the addition of the 50 mg dose in addition to the current 80 mg dose. Just to clarify, is it going to be flat pricing across both those doses? Thanks. Good afternoon. good afternoon Thanks for taking the question and congrats on the approval as well. thanks for taking the question and congrats on the approval as well Maybe just a quick one around pricing, it has to do with the addition of the 50 mg dose in addition to the current 80 mg dose. maybe just a quick one around pricing it has to do with the addition of the 50 mg dose in addition to the current 80 mg dose Just to clarify, is it going to be flat pricing across both those doses? just to clarify is it going to be flat pricing across both those doses Thanks. thanks

Speaker 7: Yeah. Thanks for the question, Mike. It will be flat pricing. From a payer standpoint, again all of the testing that we've done and the conversations that we've had with them around utilization management criteria, WAC pricing, et cetera, they've been very supportive of that, I think flat pricing 50 mg and 80 mg just helps us even more with payers and streamline access ultimately for HCPs to prescribe and patients to receive an appropriate medication. Yeah. yeah Thanks for the question, Mike. thanks for the question mike It will be flat pricing. it will be flat pricing From a payer standpoint, again all of the testing that we've done and the conversations that we've had with them around utilization management criteria, WAC pricing, et cetera, they've been very supportive of that, I think flat pricing 50 mg and 80 mg just helps us even more with payers and streamline access ultimately for HCPs to prescribe and patients to receive an appropriate medication. from a payer standpoint again all of the testing that we've done and the conversations that we've had with them around utilization management criteria wac pricing et cetera they've been very supportive of that i think flat pricing 50 mg and 80 mg just helps us even more with payers and streamline access ultimately for hcps to prescribe and patients to receive an appropriate medication

Speaker 8: Makes sense. Thank you. Makes sense. makes sense Thank you. thank you

Speaker 7: Bye. Bye. bye

Speaker 10: Next question will be from Jessica Fye at JPMorgan. Please go ahead, Jessica. Next question will be from Jessica Fye at JP Morgan. next question will be from jessica fye at jp morgan Please go ahead, Jessica. please go ahead jessica

Speaker 17: Hi, this is Sylvia for Jess Fye. Two questions from me. First, can you talk about how the label compares to your expectations? My second question is, can you remind us of how you think about the size of the subgroups in the high-risk sHTG population, so those with AP history and those without, as well as any differences to how you may approach these subgroups commercially? Thank you. Hi, this is Sylvia for Jess Fye. hi this is sylvia for jess fye Two questions from me. two questions from me First, can you talk about how the label compares to your expectations? first can you talk about how the label compares to your expectations My second question is, can you remind us of how you think about the size of the subgroups in the high-risk sHTG population, so those with AP history and those without, as well as any differences to how you may approach these subgroups commercially? my second question is can you remind us of how you think about the size of the subgroups in the high-risk shtg population so those with ap history and those without as well as any differences to how you may approach these subgroups commercially Thank you. thank you

Speaker 1: Yeah. Kyle will address how we're planning to address the various subsegments of the sHTG population commercially. With respect to label expectations, we were hopeful to have acute pancreatitis in the label based on the compelling data that we generated from our phase III CORE and CORE2 studies. It is highly unusual to include an outcome like acute pancreatitis in the indication statement when it's not a primary endpoint in the trial. It was a key secondary endpoint in our trial, but we were hopeful, and we achieved it. That really reflects the compelling importance of the data that we generate showing that we could prevent a potentially fatal acute pancreatitis attacks in sHTG patients for the first time ever for any medicine. Yeah. yeah Kyle will address how we're planning to address the various subsegments of the sHTG population commercially. kyle will address how we're planning to address the various subsegments of the shtg population commercially With respect to label expectations, we were hopeful to have acute pancreatitis in the label based on the compelling data that we generated from our phase III CORE and CORE2 studies. with respect to label expectations we were hopeful to have acute pancreatitis in the label based on the compelling data that we generated from our phase iii core and core2 studies It is highly unusual to include an outcome like acute pancreatitis in the indication statement when it's not a primary endpoint in the trial. it is highly unusual to include an outcome like acute pancreatitis in the indication statement when it's not a primary endpoint in the trial It was a key secondary endpoint in our trial, but we were hopeful, and we achieved it. it was a key secondary endpoint in our trial but we were hopeful and we achieved it That really reflects the compelling importance of the data that we generate showing that we could prevent a potentially fatal acute pancreatitis attacks in sHTG patients for the first time ever for any medicine. that really reflects the compelling importance of the data that we generate showing that we could prevent a potentially fatal acute pancreatitis attacks in shtg patients for the first time ever for any medicine I think the FDA got it, they recognized the importance of this, and they want it in the label because it's to the benefit of patients. Physicians, it gets their attention, and they prescribe. Talk a little bit about segments in the population. I think the FDA got it, they recognized the importance of this, and they want it in the label because it's to the benefit of patients. i think the fda got it they recognized the importance of this and they want it in the label because it's to the benefit of patients Physicians, it gets their attention, and they prescribe. physicians it gets their attention and they prescribe Talk a little bit about segments in the population. talk a little bit about segments in the population

Speaker 7: Sure, yeah. The overall population, as we have been discussing, is greater than 3 million patients. The high risk sHTG population has approximately 50,000 patients that are over 500 mg/dL with a history of AP. There are approximately 550,000 patients that are over 880 mg/dL, and there are several hundred thousand, 400,000+patients that are over 500 mg/dL with comorbidities such as ASCVD or Type 2 diabetes that could potentially be well controlled, but still be above 500 mg/dL with their triglyceride levels and be at high risk for acute pancreatitis. Out of the gates, that's where the focus will be. Obviously, the highest risk patients and the urgency to treat those patients. HCPs are largely aware of who these patients are. Sure, yeah. sure yeah The overall population, as we have been discussing, is greater than 3 million patients. the overall population as we have been discussing is greater than 3 million patients The high risk sHTG population has approximately 50,000 patients that are over 500 mg/dL with a history of AP. the high risk shtg population has approximately 50,000 patients that are over 500 mg/dl with a history of ap There are approximately 550,000 patients that are over 880 mg/dL, and there are several hundred thousand, 400,000 + patients that are over 500 mg/dL with comorbidities such as ASCVD or Type 2 diabetes that could potentially be well controlled, but still be above 500 mg/dL with their triglyceride levels and be at high risk for acute pancreatitis. there are approximately 550,000 patients that are over 880 mg/dl and there are several hundred thousand 400,000 + patients that are over 500 mg/dl with comorbidities such as ascvd or type 2 diabetes that could potentially be well controlled but still be above 500 mg/dl with their triglyceride levels and be at high risk for acute pancreatitis Out of the gates, that's where the focus will be. out of the gates that's where the focus will be Obviously, the highest risk patients and the urgency to treat those patients. obviously the highest risk patients and the urgency to treat those patients HCPs are largely aware of who these patients are. hcps are largely aware of who these patients are They're trying to treat them today with omega-3s and fibrates and other triglyceride-lowering agents that just are suboptimal and not effective enough to get the patients out of harm's way. We know from the CORE studies that by adding TRYNGOLZA onto those patients, that you can have up to 72% reductions in addition to that in their triglyceride levels. This fits in very nicely with a number of patients that the HCPs are seeing and treating today and need a better therapy to address them. We believe that TRYNGOLZA is going to be that therapy to be able to step in and help them. It's very nice to have a first-mover advantage here as well, where we're going to be able to have access to this very broad, prevalent patient population with no competitor directly working against us at this point. They're trying to treat them today with omega-3s and fibrates and other triglyceride-lowering agents that just are suboptimal and not effective enough to get the patients out of harm's way. they're trying to treat them today with omega-3s and fibrates and other triglyceride-lowering agents that just are suboptimal and not effective enough to get the patients out of harm's way We know from the CORE studies that by adding TRYNGOLZA onto those patients, that you can have up to 72% reductions in addition to that in their triglyceride levels. we know from the core studies that by adding tryngolza onto those patients that you can have up to 72% reductions in addition to that in their triglyceride levels This fits in very nicely with a number of patients that the HCPs are seeing and treating today and need a better therapy to address them. this fits in very nicely with a number of patients that the hcps are seeing and treating today and need a better therapy to address them We believe that TRYNGOLZA is going to be that therapy to be able to step in and help them. we believe that tryngolza is going to be that therapy to be able to step in and help them It's very nice to have a first-mover advantage here as well, where we're going to be able to have access to this very broad, prevalent patient population with no competitor directly working against us at this point. it's very nice to have a first-mover advantage here as well where we're going to be able to have access to this very broad prevalent patient population with no competitor directly working against us at this point

Speaker 17: Thank you. Thank you. thank you

Speaker 1: Thanks, Sylvia. Thanks, Sylvia. thanks sylvia

Speaker 10: Next question will be from Jason Gerberry at Bank of America. Please go ahead, Jason. Next question will be from Jason Gerberry at Bank of America. next question will be from jason gerberry at bank of america Please go ahead, Jason. please go ahead jason

Speaker 5: Great. Thanks so much for taking my questions. Kyle, curious, what do you think are the most important distinctions relative to the VASCEPA launch in sHTG? Why couldn't TRYNGOLZA have a similar patient-level demand in the first few quarters? Is it just come down to a simple oral versus injectable barrier to entry? Do you think it's payer-related? I'm just kind of curious if you can offer some perspective there. Secondly, it appears like some healthcare providers who are intimately familiar with CORE talk about having an early bolus of patients, but these could just be a small subset, perhaps, of early adopters. Great. great Thanks so much for taking my questions. thanks so much for taking my questions Kyle, curious, what do you think are the most important distinctions relative to the VASCEPA launch in sHTG? kyle curious what do you think are the most important distinctions relative to the vascepa launch in shtg Why couldn't TRYNGOLZA have a similar patient-level demand in the first few quarters? why couldn't tryngolza have a similar patient-level demand in the first few quarters Is it just come down to a simple oral versus injectable barrier to entry? is it just come down to a simple oral versus injectable barrier to entry Do you think it's payer-related? do you think it's payer-related I'm just kind of curious if you can offer some perspective there. i'm just kind of curious if you can offer some perspective there Secondly, it appears like some healthcare providers who are intimately familiar with CORE talk about having an early bolus of patients, but these could just be a small subset, perhaps, of early adopters. secondly, it appears like some healthcare providers who are intimately familiar with core talk about having an early bolus of patients but these could just be a small subset perhaps of early adopters I guess, I know you guys have been asked this question before, but what would be your expectation for the proportion of doctors that have an early bolus of patients, and is really the challenge there just pulling those patients through under medical exceptions in the first few quarters? Thanks. I guess, I know you guys have been asked this question before, but what would be your expectation for the proportion of doctors that have an early bolus of patients, and is really the challenge there just pulling those patients through under medical exceptions in the first few quarters? i guess i know you guys have been asked this question before but what would be your expectation for the proportion of doctors that have an early bolus of patients and is really the challenge there just pulling those patients through under medical exceptions in the first few quarters Thanks. thanks

Speaker 7: Yeah. Thanks, Jason. A couple things on this launch. We believe with TRYNGOLZA, I'm describing it as a moderate launch at this point. That is based on this is a new therapy, new class of therapy. We're going to a very broad number of HCPs, greater than 20,000 HCPs. Educating those HCPs on the label, the product, where to use, why to use, et cetera, will take a little bit of time. Number two, these are patients that typically see their HCP one to two times per year. They're not just coming in on a monthly basis to see their HCP. They're a little bit of that dynamic in terms of getting these patients in to be, again, assessed and diagnosed and then receive their prescription. The third thing that you mentioned is part of this as well, which is the payer dynamic. Yeah. yeah Thanks, Jason. thanks jason A couple things on this launch. a couple things on this launch We believe with TRYNGOLZA, I'm describing it as a moderate launch at this point. we believe with tryngolza i'm describing it as a moderate launch at this point That is based on this is a new therapy, new class of therapy. that is based on this is a new therapy new class of therapy We're going to a very broad number of HCPs, greater than 20,000 HCPs. we're going to a very broad number of hcps greater than 20,000 hcps Educating those HCPs on the label, the product, where to use, why to use, et cetera, will take a little bit of time. educating those hcps on the label the product where to use why to use et cetera will take a little bit of time Number two, these are patients that typically see their HCP one to two times per year. number two these are patients that typically see their hcp one to two times per year They're not just coming in on a monthly basis to see their HCP. they're not just coming in on a monthly basis to see their hcp They're a little bit of that dynamic in terms of getting these patients in to be, again, assessed and diagnosed and then receive their prescription. they're a little bit of that dynamic in terms of getting these patients in to be again assessed and diagnosed and then receive their prescription The third thing that you mentioned is part of this as well, which is the payer dynamic. the third thing that you mentioned is part of this as well which is the payer dynamic We know out of the gates, based on the fact that this is a new indication for a product, that payers will need to go through the P&T process and make decisions around the coverage criteria for these patients. It'll take a little bit of time for us to navigate that, and there will be medical exceptions that will be in place for a period of time. However, the work that we've done leading up to this, we believe is going to help us streamline that process. We still have to fit that into the process that each individual payer takes as it relates to assessing a new indication for a product. Those are the dynamics there. We're very encouraged. We know out of the gates, based on the fact that this is a new indication for a product, that payers will need to go through the P&T process and make decisions around the coverage criteria for these patients. we know out of the gates based on the fact that this is a new indication for a product that payers will need to go through the p&t process and make decisions around the coverage criteria for these patients It'll take a little bit of time for us to navigate that, and there will be medical exceptions that will be in place for a period of time. it'll take a little bit of time for us to navigate that and there will be medical exceptions that will be in place for a period of time However, the work that we've done leading up to this, we believe is going to help us streamline that process. however the work that we've done leading up to this we believe is going to help us streamline that process We still have to fit that into the process that each individual payer takes as it relates to assessing a new indication for a product. we still have to fit that into the process that each individual payer takes as it relates to assessing a new indication for a product Those are the dynamics there. those are the dynamics there We're very encouraged. we're very encouraged We'll learn more the second half of this year, I think 2027, you'll see obviously acceleration as we get into the new year and more experience comes from using the product. In terms of the bolus of patients, we're working through that right now. We know from the data which HCPs are using high volumes of omega-3s and fibrates today. That kind of puts you in the general vicinity of who's treating patients with high triglycerides to begin with. You've got to get in there, again, and educate on the product and then talk to them about that patient population to see who is potentially still eligible to take the drug and still above 500 mg/dL, for example. We'll learn more the second half of this year, I think 2027, you'll see obviously acceleration as we get into the new year and more experience comes from using the product. we'll learn more the second half of this year i think 2027 you'll see obviously acceleration as we get into the new year and more experience comes from using the product In terms of the bolus of patients, we're working through that right now. in terms of the bolus of patients we're working through that right now We know from the data which HCPs are using high volumes of omega-3s and fibrates today. we know from the data which hcps are using high volumes of omega-3s and fibrates today That kind of puts you in the general vicinity of who's treating patients with high triglycerides to begin with. that kind of puts you in the general vicinity of who's treating patients with high triglycerides to begin with You've got to get in there, again, and educate on the product and then talk to them about that patient population to see who is potentially still eligible to take the drug and still above 500 mg/dL, for example. you've got to get in there again and educate on the product and then talk to them about that patient population to see who is potentially still eligible to take the drug and still above 500 mg/dl for example We are doing that currently, the launch team is ready to execute against that now that we have the approval, we can speak directly to the label, we can compliantly sell for sHTG in the broad patient population. I think a lot more to learn here over the next couple of months. I am super excited about the label, I know the sales team is ready to get out there and help as many patients as possible. We are doing that currently, the launch team is ready to execute against that now that we have the approval, we can speak directly to the label, we can compliantly sell for sHTG in the broad patient population. we are doing that currently the launch team is ready to execute against that now that we have the approval we can speak directly to the label we can compliantly sell for shtg in the broad patient population I think a lot more to learn here over the next couple of months. i think a lot more to learn here over the next couple of months I am super excited about the label, I know the sales team is ready to get out there and help as many patients as possible. i am super excited about the label i know the sales team is ready to get out there and help as many patients as possible

Speaker 1: I'll just add very quickly, Jason, we don't believe VASCEPA is a good analog for TRYNGOLZA in any way. There's differences in the administration, as you mentioned. The efficacy that we have reported that's in our label now on TG reductions and AP reductions is unprecedented. Never been shown for that medicine. We just don't think it's a good analog for several different reasons. I'll just add very quickly, Jason, we don't believe VASCEPA is a good analog for TRYNGOLZA in any way. i'll just add very quickly jason we don't believe vascepa is a good analog for tryngolza in any way There's differences in the administration, as you mentioned. there's differences in the administration as you mentioned The efficacy that we have reported that's in our label now on TG reductions and AP reductions is unprecedented. the efficacy that we have reported that's in our label now on tg reductions and ap reductions is unprecedented Never been shown for that medicine. never been shown for that medicine We just don't think it's a good analog for several different reasons. we just don't think it's a good analog for several different reasons

Speaker 5: Understood. Thank you. Understood. understood Thank you. thank you

Speaker 10: Next question will be from Jasmine Fels at Barclays. Please go ahead, Jasmine. Next question will be from Jasmine Fels at Barclays. next question will be from jasmine fels at barclays Please go ahead, Jasmine. please go ahead jasmine

Speaker 4: Hi, this is Jasmine on for Ellie Merle from Barclays. Thanks for taking the question and congratulations. First, what kind of launch metrics should we expect you to give in the initial quarters of the launch? Then second, do you have a plan to give free drugs to patients who are working to secure access but haven't yet? Thank you. Hi, this is Jasmine on for Ellie Merle from Barclays. hi this is jasmine on for ellie merle from barclays Thanks for taking the question and congratulations. thanks for taking the question and congratulations First, what kind of launch metrics should we expect you to give in the initial quarters of the launch? first what kind of launch metrics should we expect you to give in the initial quarters of the launch Then second, do you have a plan to give free drugs to patients who are working to secure access but haven't yet? then second do you have a plan to give free drugs to patients who are working to secure access but haven't yet Thank you. thank you

Speaker 7: Great question, Jasmine. Thank you for that. For launch metrics, I think the most important one is going to be quarterly revenues. We will share how the product is performing on a quarterly basis and what the revenues look like during our earnings calls. We will give some color probably around HCP specialties, who's prescribing and what that mix looks like, payer dynamics and how coverage is coming along, et cetera. I don't anticipate, consistent with the FCS and our HAE launch going far beyond that in terms of how many HCPs are prescribing or how many patients are receiving prescriptions yet. It is a competitive space and I think some of those metrics we'll probably keep in-house for our own knowledge and make decisions around that. In terms of free product, we will offer the typical programs that you would expect for this type of treatment. Great question, Jasmine. great question jasmine Thank you for that. thank you for that For launch metrics, I think the most important one is going to be quarterly revenues. for launch metrics i think the most important one is going to be quarterly revenues We will share how the product is performing on a quarterly basis and what the revenues look like during our earnings calls. we will share how the product is performing on a quarterly basis and what the revenues look like during our earnings calls We will give some color probably around HCP specialties, who's prescribing and what that mix looks like, payer dynamics and how coverage is coming along, et cetera. we will give some color probably around hcp specialties who's prescribing and what that mix looks like payer dynamics and how coverage is coming along et cetera I don't anticipate, consistent with the FCS and our HAE launch going far beyond that in terms of how many HCPs are prescribing or how many patients are receiving prescriptions yet. i don't anticipate consistent with the fcs and our hae launch going far beyond that in terms of how many hcps are prescribing or how many patients are receiving prescriptions yet It is a competitive space and I think some of those metrics we'll probably keep in-house for our own knowledge and make decisions around that. it is a competitive space and i think some of those metrics we'll probably keep in-house for our own knowledge and make decisions around that In terms of free product, we will offer the typical programs that you would expect for this type of treatment. in terms of free product we will offer the typical programs that you would expect for this type of treatment There will be a quick start program and if patients are navigating the reimbursement process, there will be drug available for them while they're working through the prior authorizations that might be required in order to get patients started on treatment. There will be a quick start program and if patients are navigating the reimbursement process, there will be drug available for them while they're working through the prior authorizations that might be required in order to get patients started on treatment. there will be a quick start program and if patients are navigating the reimbursement process there will be drug available for them while they're working through the prior authorizations that might be required in order to get patients started on treatment

Speaker 4: Awesome. Thank you. Awesome. awesome Thank you. thank you

Speaker 10: Next question will be from Gary Nachman at Canaccord Genuity. Please go ahead, Gary. Next question will be from Gary Nachman at Canaccord Genuity. next question will be from gary nachman at canaccord genuity Please go ahead, Gary. please go ahead gary

Speaker 3: Hi, guys. My congrats as well on the early approval. With this first approval in severe high trigs, how soon can the guidelines be updated for this indication, and how much will that help you in this market, both with physicians and payers? Is that even needed here? Just remind us where you are in terms of the full sales force that's in place for the launch, the size and experience, and any more hirings that need to occur, especially given the broad label. Thanks. Hi, guys. hi guys My congrats as well on the early approval. my congrats as well on the early approval With this first approval in severe high trigs, how soon can the guidelines be updated for this indication, and how much will that help you in this market, both with physicians and payers? with this first approval in severe high trigs how soon can the guidelines be updated for this indication and how much will that help you in this market both with physicians and payers Is that even needed here? is that even needed here Just remind us where you are in terms of the full sales force that's in place for the launch, the size and experience, and any more hirings that need to occur, especially given the broad label. just remind us where you are in terms of the full sales force that's in place for the launch the size and experience and any more hirings that need to occur especially given the broad label Thanks. thanks

Speaker 1: Thank you, Gary. Sam, what do you think about guidelines? Thank you, Gary. thank you gary Sam, what do you think about guidelines? sam what do you think about guidelines

Speaker 12: Yeah. Guidelines, there are a lot of different guidelines, ACC, AHA, Canadian, European. It depends on the timing when that group is meeting. We anticipate whenever a new guideline comes out, this has to be on there. This is unprecedented data. I'm sure it's going to be a Class 1 indication, as best as I can tell based on the label and the data that we got. It depends on the geographic flow in terms of which guidelines. Just recently, we did have the ACC, AHA guidelines just got updated, and TRYNGOLZA seemed to get a recommendation for FCS. Yeah. yeah Guidelines, there are a lot of different guidelines, ACC, AHA, Canadian, European. guidelines there are a lot of different guidelines acc aha canadian european It depends on the timing when that group is meeting. it depends on the timing when that group is meeting We anticipate whenever a new guideline comes out, this has to be on there. we anticipate whenever a new guideline comes out this has to be on there This is unprecedented data. this is unprecedented data I'm sure it's going to be a Class 1 indication, as best as I can tell based on the label and the data that we got. i'm sure it's going to be a class 1 indication as best as i can tell based on the label and the data that we got It depends on the geographic flow in terms of which guidelines. it depends on the geographic flow in terms of which guidelines Just recently, we did have the ACC, AHA guidelines just got updated, and TRYNGOLZA seemed to get a recommendation for FCS. just recently we did have the acc aha guidelines just got updated and tryngolza seemed to get a recommendation for fcs

Speaker 1: TRYNGOLZA. TRYNGOLZA . tryngolza

Speaker 12: Sorry, yeah, TRYNGOLZA. That one may be a little bit delayed than when they do the next one. Sometimes they also give updates when something really cool happens, that they need to be able to keep up with the times. We'll see. We anticipate this going in all the guidelines eventually, though, when they get updated. Sorry, yeah, TRYNGOLZA. sorry yeah tryngolza That one may be a little bit delayed than when they do the next one. that one may be a little bit delayed than when they do the next one Sometimes they also give updates when something really cool happens, that they need to be able to keep up with the times. sometimes they also give updates when something really cool happens that they need to be able to keep up with the times We'll see. we'll see We anticipate this going in all the guidelines eventually, though, when they get updated. we anticipate this going in all the guidelines eventually though when they get updated

Speaker 1: Before handing over you to Kyle, I do want to highlight something that you said, Sam. TRYNGOLZA is the only approved recommended medicine in the guidelines for FCS today. That's a huge step forward for TRYNGOLZA. We're hopeful that we're going to get a similar, that it will also be reflected for sHTG as quickly as possible. Impact on tailwinds for the launch and then on sales force. Before handing over you to Kyle, I do want to highlight something that you said, Sam. before handing over you to kyle i do want to highlight something that you said sam TRYNGOLZA is the only approved recommended medicine in the guidelines for FCS today. tryngolza is the only approved recommended medicine in the guidelines for fcs today That's a huge step forward for TRYNGOLZA. that's a huge step forward for tryngolza We're hopeful that we're going to get a similar, that it will also be reflected for sHTG as quickly as possible. we're hopeful that we're going to get a similar that it will also be reflected for shtg as quickly as possible Impact on tailwinds for the launch and then on sales force. impact on tailwinds for the launch and then on sales force

Speaker 7: Yeah. Let me just add to what Sam said for a second. There are guidelines in place today that reflect the 500 mg/dL threshold for acute pancreatitis, and we've been using those already. Both cardiology and endocrinology have those guidelines. In terms of being able to help us with HCPs and payers, I think we have very strong evidence today and very strong supporting guidelines to be able to do what we need to communicate the message and the story and the value that this treatment offers. There's also a very strong understanding from HCPs of that 500 mg/dL threshold, right? If they've seen a patient that has had an AP event, they never want to see that patient have another event, and they also never want to see any of their patients above 500 mg/dL have their first event. Yeah. yeah Let me just add to what Sam said for a second. let me just add to what sam said for a second There are guidelines in place today that reflect the 500 mg/dL threshold for acute pancreatitis, and we've been using those already. there are guidelines in place today that reflect the 500 mg/dl threshold for acute pancreatitis and we've been using those already Both cardiology and endocrinology have those guidelines. both cardiology and endocrinology have those guidelines In terms of being able to help us with HCPs and payers, I think we have very strong evidence today and very strong supporting guidelines to be able to do what we need to communicate the message and the story and the value that this treatment offers. in terms of being able to help us with hcps and payers i think we have very strong evidence today and very strong supporting guidelines to be able to do what we need to communicate the message and the story and the value that this treatment offers There's also a very strong understanding from HCPs of that 500 mg/dL threshold, right? there's also a very strong understanding from hcps of that 500 mg/dl threshold right If they've seen a patient that has had an AP event, they never want to see that patient have another event, and they also never want to see any of their patients above 500 mg/dL have their first event. if they've seen a patient that has had an ap event they never want to see that patient have another event and they also never want to see any of their patients above 500 mg/dl have their first event These guidelines help that, but also the evidence and the experience of these HCPs is helping drive that understanding. The field force size today, we did an expansion at the very beginning of this year. There are approximately 200 customer-facing field team members in place right now. That is a specialty-sized launch field force. It's exactly where we need to be to reach the audience of the highest treaters of sHTG, being the endocrinologist, cardiologist, and lipidologist. Right now, I think we've got the right size, the right team, and the right strategy in place in order to go forward with the launch. These guidelines help that, but also the evidence and the experience of these HCPs is helping drive that understanding. these guidelines help that but also the evidence and the experience of these hcps is helping drive that understanding The field force size today, we did an expansion at the very beginning of this year. the field force size today we did an expansion at the very beginning of this year There are approximately 200 customer-facing field team members in place right now. there are approximately 200 customer-facing field team members in place right now That is a specialty-sized launch field force. that is a specialty-sized launch field force It's exactly where we need to be to reach the audience of the highest treaters of sHTG, being the endocrinologist, cardiologist, and lipidologist. it's exactly where we need to be to reach the audience of the highest treaters of shtg being the endocrinologist cardiologist and lipidologist Right now, I think we've got the right size, the right team, and the right strategy in place in order to go forward with the launch. right now i think we've got the right size the right team and the right strategy in place in order to go forward with the launch

Speaker 3: Great. Thank you. Great. great Thank you. thank you

Speaker 10: Next question will be from Luca Issi at RBC Capital Markets. Please go ahead, Luca. Next question will be from Luca Issi at RBC Capital Markets. next question will be from luca issi at rbc capital markets Please go ahead, Luca. please go ahead luca

Speaker 18: Great. Thanks so much, team, for taking our questions. This is Cathy for Luca, adding our congrats on an extremely strong label. A quick follow-up on the 50 mg dose seeing 91% acute pancreatitis event reduction. Did you maybe also see more patients in the 50 mg cohort who have trig normalized? Separately, Kyle, in the same spirit of prior questions asked on the launch and a bullet of demand, but looking more longer term, how should we draw our launch curve to look like what you would anticipate to reach the 1 million versus 3 million patient segments? Specifically, what are some potential scenarios where you would see competition to be more intense than you expect in a year or so? Thanks so much. Great. great Thanks so much, team, for taking our questions. thanks so much team for taking our questions This is Cathy for Luca, adding our congrats on an extremely strong label. this is cathy for luca adding our congrats on an extremely strong label A quick follow-up on the 50 mg dose seeing 91% acute pancreatitis event reduction. a quick follow-up on the 50 mg dose seeing 91% acute pancreatitis event reduction Did you maybe also see more patients in the 50 mg cohort who have trig normalized? did you maybe also see more patients in the 50 mg cohort who have trig normalized Separately, Kyle, in the same spirit of prior questions asked on the launch and a bullet of demand, but looking more longer term, how should we draw our launch curve to look like what you would anticipate to reach the 1 million versus 3 million patient segments? separately kyle in the same spirit of prior questions asked on the launch and a bullet of demand but looking more longer term how should we draw our launch curve to look like what you would anticipate to reach the 1 million versus 3 million patient segments Specifically, what are some potential scenarios where you would see competition to be more intense than you expect in a year or so? specifically what are some potential scenarios where you would see competition to be more intense than you expect in a year or so Thanks so much. thanks so much

Speaker 1: Sam, anything in the baseline demographics that could explain the slightly better AP rate at 50 mg versus 80 mg? Sam, anything in the baseline demographics that could explain the slightly better AP rate at 50 mg versus 80 mg? sam anything in the baseline demographics that could explain the slightly better ap rate at 50 mg versus 80 mg

Speaker 12: We looked. There's nothing really that we can explain this. This is, of course, pooled data from both trials. There were some differences in the trials in terms of slightly different triglyceride levels, geographic location. Both doses were highly effective. We're talking about differences, but in the very high range, right? In the mid-80s is on average. No, I can't say that we found anything obvious. It could be just some play of chance. There's nothing I think that can explain it right now that we found. We looked. we looked There's nothing really that we can explain this. there's nothing really that we can explain this This is, of course, pooled data from both trials. this is of course pooled data from both trials There were some differences in the trials in terms of slightly different triglyceride levels, geographic location. there were some differences in the trials in terms of slightly different triglyceride levels geographic location Both doses were highly effective. both doses were highly effective We're talking about differences, but in the very high range, right? we're talking about differences but in the very high range right In the mid-80s is on average. in the mid-80s is on average No, I can't say that we found anything obvious. no i can't say that we found anything obvious It could be just some play of chance. it could be just some play of chance There's nothing I think that can explain it right now that we found. there's nothing i think that can explain it right now that we found

Speaker 7: Let me talk a little bit about the patient populations. Obviously, I mentioned starting with the 1 million or so high-risk sHTG patients, which by the way, is a very large patient population that is very underserved, that has tremendous need for a treatment like this. That will give us runway for a couple of years in terms of being able to penetrate and work within that existing 1 million patient population or so. To go from 1 million to 3 million, you start getting into some patients that are largely in the 500 mg/dL-880 mg/dL range. A lot of those patients are treated in a different care setting, either internal medicine or primary care. Let me talk a little bit about the patient populations. let me talk a little bit about the patient populations Obviously, I mentioned starting with the 1 million or so high-risk sHTG patients, which by the way, is a very large patient population that is very underserved, that has tremendous need for a treatment like this. obviously i mentioned starting with the 1 million or so high-risk shtg patients which by the way is a very large patient population that is very underserved that has tremendous need for a treatment like this That will give us runway for a couple of years in terms of being able to penetrate and work within that existing 1 million patient population or so. that will give us runway for a couple of years in terms of being able to penetrate and work within that existing 1 million patient population or so To go from 1 million to 3 million, you start getting into some patients that are largely in the 500 mg/dL - 880 mg/dL range. to go from 1 million to 3 million you start getting into some patients that are largely in the 500 mg/dl - 880 mg/dl range A lot of those patients are treated in a different care setting, either internal medicine or primary care. a lot of those patients are treated in a different care setting either internal medicine or primary care That will take a little bit more work to educate and bring forward a novel therapy like this and educate that audience in terms of why to treat and how to treat that patient population. We will be able to do that in parallel as we are launching into this 1 million patient population. I made reference to our omni-channel marketing capabilities, for example. We can do things that are very efficient and very targeted to help address some of that education and drive disease state awareness to the broader HCP treating community. We will obviously do that. You mentioned competition as well. We know what's coming up behind us, and I think having more than one share of voice in this space is not a bad thing. That will take a little bit more work to educate and bring forward a novel therapy like this and educate that audience in terms of why to treat and how to treat that patient population. that will take a little bit more work to educate and bring forward a novel therapy like this and educate that audience in terms of why to treat and how to treat that patient population We will be able to do that in parallel as we are launching into this 1 million patient population. we will be able to do that in parallel as we are launching into this 1 million patient population I made reference to our omni-channel marketing capabilities, for example. i made reference to our omni-channel marketing capabilities for example We can do things that are very efficient and very targeted to help address some of that education and drive disease state awareness to the broader HCP treating community. we can do things that are very efficient and very targeted to help address some of that education and drive disease state awareness to the broader hcp treating community We will obviously do that. we will obviously do that You mentioned competition as well. you mentioned competition as well We know what's coming up behind us, and I think having more than one share of voice in this space is not a bad thing. we know what's coming up behind us and i think having more than one share of voice in this space is not a bad thing When we are going to conferences right now, we are seeing multiple podium presentations on triglycerides, the importance of treating triglycerides, what levels should you treat, why should you be treating, et cetera. Share of voice, I think, is just going to elevate the entire market, and we do believe that we are in a great position to continue to get this launch off to a great start and make things happen. When we are going to conferences right now, we are seeing multiple podium presentations on triglycerides, the importance of treating triglycerides, what levels should you treat, why should you be treating, et cetera. when we are going to conferences right now we are seeing multiple podium presentations on triglycerides the importance of treating triglycerides what levels should you treat why should you be treating et cetera Share of voice, I think, is just going to elevate the entire market, and we do believe that we are in a great position to continue to get this launch off to a great start and make things happen. share of voice i think is just going to elevate the entire market and we do believe that we are in a great position to continue to get this launch off to a great start and make things happen

Speaker 10: Next question will be from Mitchell Kapoor at H.C. Wainwright. Please go ahead, Mitchell. Next question will be from Mitchell Kapoor at H.C. next question will be from mitchell kapoor at h.c Wainwright. wainwright Please go ahead, Mitchell. please go ahead mitchell

Speaker 16: This is [Aminat] for Mitchell. Thank you for taking our questions, and congrats on the approval and strong label. Just a few questions on the TRYNGOLZA. Do you expect it will be used mostly as an add-on after fibrates and omega-3s, or could it move earlier for appropriate patients? Do you expect payers, based on your conversations, to require prior use or inadequate response to fibrates? In your conversations with physicians, is TRYNGOLZA to be layered on top of legacy triglyceride-lowering therapy indefinitely, or should physicians deescalate those agents once patients get below the 500 mg/dL level? Thank you. This is [Aminat] for Mitchell . this is [aminat] for mitchell Thank you for taking our questions, and congrats on the approval and strong label. thank you for taking our questions and congrats on the approval and strong label Just a few questions on the TRYNGOLZA. just a few questions on the tryngolza Do you expect it will be used mostly as an add-on after fibrates and omega-3s, or could it move earlier for appropriate patients? do you expect it will be used mostly as an add-on after fibrates and omega-3s or could it move earlier for appropriate patients Do you expect payers, based on your conversations, to require prior use or inadequate response to fibrates? do you expect payers based on your conversations to require prior use or inadequate response to fibrates In your conversations with physicians, is TRYNGOLZA to be layered on top of legacy triglyceride-lowering therapy indefinitely, or should physicians deescalate those agents once patients get below the 500 mg/dL level? in your conversations with physicians is tryngolza to be layered on top of legacy triglyceride-lowering therapy indefinitely or should physicians deescalate those agents once patients get below the 500 mg/dl level Thank you. thank you

Speaker 1: Thank you for the question. I'd like to give you a medical perspective on that, as well as a commercial perspective on that. It's a very important question. Thank you for the question. thank you for the question I'd like to give you a medical perspective on that, as well as a commercial perspective on that. i'd like to give you a medical perspective on that as well as a commercial perspective on that It's a very important question. it's a very important question

Speaker 12: Thank you, Sam. First, we designed our trials for this to be an add-on therapy. The data that you're seeing is actually on top of fibrates or omega-3 fatty acids. In fact, in our trials, over 80% of patients were on statins. 70% or so were on fibrates, 33% were on omega-3 fatty acids. The results you're seeing are on top. The patients are coming in with high triglycerides despite treatment of all those. This is really meant to be on top of standard of care. What that standard of care may differ among some patients. Right now, we don't know how it's going to pan out in the community, but we have had some patients have dramatic responses. The 70% reduction is mean, but we've had some patients have over 90%. Thank you, Sam. thank you sam First, we designed our trials for this to be an add-on therapy. first we designed our trials for this to be an add-on therapy The data that you're seeing is actually on top of fibrates or omega-3 fatty acids. the data that you're seeing is actually on top of fibrates or omega-3 fatty acids In fact, in our trials, over 80% of patients were on statins. 70% or so were on fibrates, 33% were on omega-3 fatty acids. in fact in our trials over 80% of patients were on statins 70% or so were on fibrates 33% were on omega-3 fatty acids The results you're seeing are on top. the results you're seeing are on top The patients are coming in with high triglycerides despite treatment of all those. the patients are coming in with high triglycerides despite treatment of all those This is really meant to be on top of standard of care. this is really meant to be on top of standard of care What that standard of care may differ among some patients. what that standard of care may differ among some patients Right now, we don't know how it's going to pan out in the community, but we have had some patients have dramatic responses. right now we don't know how it's going to pan out in the community but we have had some patients have dramatic responses The 70% reduction is mean, but we've had some patients have over 90%. the 70% reduction is mean but we've had some patients have over 90% There, the physicians may need to kind of tweak their meds around a little bit and figure out which one is optimal. There could be some management of the medication depending on the responses. Really our data is on top of everything because the patients still need further care. I think that's where the initial focus will be. How that pans out later, we'll have to see. One thing to keep in mind is that physicians have not seen this kind of reduction in any lipid-lowering therapy, not just with this drug. When you give a statin, it's 30%, 40%, 50%, 60% if you're lucky. Here, we're going to be getting 60%, 70%, 80%. They're going to be shocked how effective this drug is, I think. There's going to be some recalibration about some common therapies. There, the physicians may need to kind of tweak their meds around a little bit and figure out which one is optimal. there the physicians may need to kind of tweak their meds around a little bit and figure out which one is optimal There could be some management of the medication depending on the responses. there could be some management of the medication depending on the responses Really our data is on top of everything because the patients still need further care. really our data is on top of everything because the patients still need further care I think that's where the initial focus will be. i think that's where the initial focus will be How that pans out later, we'll have to see. how that pans out later we'll have to see One thing to keep in mind is that physicians have not seen this kind of reduction in any lipid-lowering therapy, not just with this drug. one thing to keep in mind is that physicians have not seen this kind of reduction in any lipid-lowering therapy not just with this drug When you give a statin, it's 30%, 40%, 50%, 60% if you're lucky. when you give a statin it's 30% 40% 50% 60% if you're lucky Here, we're going to be getting 60%, 70%, 80%. here we're going to be getting 60% 70% 80% They're going to be shocked how effective this drug is, I think. they're going to be shocked how effective this drug is i think There's going to be some recalibration about some common therapies. there's going to be some recalibration about some common therapies We're not in a position right now to be able to answer your question until we get some real experience. We're not in a position right now to be able to answer your question until we get some real experience. we're not in a position right now to be able to answer your question until we get some real experience

Speaker 1: In other words, although our clinical trials were on top of standard of care, physicians that manage these patients today are fully aware of the marginal decreases in triglycerides that they can achieve with existing therapies. They're going to be very enthusiastic to move to TRYNGOLZA as quickly as possible. In other words, although our clinical trials were on top of standard of care, physicians that manage these patients today are fully aware of the marginal decreases in triglycerides that they can achieve with existing therapies. in other words although our clinical trials were on top of standard of care physicians that manage these patients today are fully aware of the marginal decreases in triglycerides that they can achieve with existing therapies They're going to be very enthusiastic to move to TRYNGOLZA as quickly as possible. they're going to be very enthusiastic to move to tryngolza as quickly as possible

Speaker 12: Absolutely. Absolutely. absolutely

Speaker 1: Yeah. Yeah. yeah

Speaker 12: In fact, once they see the results- In fact, once they see the results- in fact once they see the results-

Speaker 1: Yeah Yeah yeah

Speaker 12: -it's going to make a bigger impact in their practice, and they'll find these patients because up to now, there wasn't anything they could easily treat. They would give a drug, and they would get a triglyceride from 800 mg/dL to 600 mg/dL, and it's very unsatisfying. -it's going to make a bigger impact in their practice, and they'll find these patients because up to now, there wasn't anything they could easily treat. -it's going to make a bigger impact in their practice and they'll find these patients because up to now there wasn't anything they could easily treat They would give a drug, and they would get a triglyceride from 800 mg/dL to 600 mg/dL, and it's very unsatisfying. they would give a drug and they would get a triglyceride from 800 mg/dl to 600 mg/dl and it's very unsatisfying

Speaker 1: Right. Right. right

Speaker 12: Now they're going to have a real potent therapy. Now they're going to have a real potent therapy. now they're going to have a real potent therapy

Speaker 1: Right. It's not a requirement in the label to be treated with anything prior to TRYNGOLZA for sHTG. There's a commercial perspective, too. Right. right It's not a requirement in the label to be treated with anything prior to TRYNGOLZA for sHTG. it's not a requirement in the label to be treated with anything prior to tryngolza for shtg There's a commercial perspective, too. there's a commercial perspective too

Speaker 7: Yeah, absolutely. On the payer dynamics, as I said, we've been having these conversations for quite a while with payers. They typically take two steps. The first step is, what is your indication statement, right? Which this indication statement is so strong with the inclusion of all patients greater than 500 mg/dL, as well as having the inclusion of to reduce AP events. It's just telling us that from a payer standpoint, that's going to hopefully provide broad access as we work on those negotiations. I would expect it to do so. There's the utilization management criteria, which is the second step. Yeah, absolutely. yeah absolutely On the payer dynamics, as I said, we've been having these conversations for quite a while with payers. on the payer dynamics as i said we've been having these conversations for quite a while with payers They typically take two steps. they typically take two steps The first step is, what is your indication statement, right? the first step is what is your indication statement right Which this indication statement is so strong with the inclusion of all patients greater than 500 mg/dL, as well as having the inclusion of to reduce AP events. which this indication statement is so strong with the inclusion of all patients greater than 500 mg/dl as well as having the inclusion of to reduce ap events It's just telling us that from a payer standpoint, that's going to hopefully provide broad access as we work on those negotiations. it's just telling us that from a payer standpoint that's going to hopefully provide broad access as we work on those negotiations I would expect it to do so. i would expect it to do so There's the utilization management criteria, which is the second step. there's the utilization management criteria which is the second step For that step, what we would expect is the coverage to be consistent with what the clinical trial represented, which is exactly what Sam just said. On some sort of background triglyceride-lowering therapy for a period of time, then they should be eligible to go directly onto TRYNGOLZA at that point. For that step, what we would expect is the coverage to be consistent with what the clinical trial represented, which is exactly what Sam just said. for that step what we would expect is the coverage to be consistent with what the clinical trial represented which is exactly what sam just said On some sort of background triglyceride-lowering therapy for a period of time, then they should be eligible to go directly onto TRYNGOLZA at that point. on some sort of background triglyceride-lowering therapy for a period of time then they should be eligible to go directly onto tryngolza at that point

Speaker 16: Got it. Thank you. If I can just follow up real quick on the competition question that came up earlier. As we think about the competition, is your view that the bar is now acute pancreatitis reduction on top of triglycerides lowering? Given the label and data you have shown, what would a competitor need to show to change your view of the $3 billion U.S. opportunity? Got it. got it Thank you. thank you If I can just follow up real quick on the competition question that came up earlier. if i can just follow up real quick on the competition question that came up earlier As we think about the competition, is your view that the bar is now acute pancreatitis reduction on top of triglycerides lowering? as we think about the competition is your view that the bar is now acute pancreatitis reduction on top of triglycerides lowering Given the label and data you have shown, what would a competitor need to show to change your view of the $3 billion U.S. opportunity? given the label and data you have shown what would a competitor need to show to change your view of the $3 billion u.s opportunity

Speaker 1: We're not focused on competition. We're focused on TRYNGOLZA and the upcoming launch and to maximize value for patients and for all our shareholders. That's what we're focused on. Certainly, the data we presented, including acute pancreatitis is an unprecedented, very high bar with respect to efficacy as it is on safety and tolerability. We love our profile, as Kyle mentioned before, having multiple players in this open green space where the unmet need is so large just expands the share of voice, which can help everybody. That's really where our view on that. We're not focused on competition. we're not focused on competition We're focused on TRYNGOLZA and the upcoming launch and to maximize value for patients and for all our shareholders. we're focused on tryngolza and the upcoming launch and to maximize value for patients and for all our shareholders That's what we're focused on. that's what we're focused on Certainly, the data we presented, including acute pancreatitis i s an unprecedented, very high bar with respect to efficacy as it is on safety and tolerability. certainly the data we presented including acute pancreatitis i s an unprecedented very high bar with respect to efficacy as it is on safety and tolerability We love our profile, as Kyle mentioned before, having multiple players in this open green space where the unmet need is so large just expands the share of voice, which can help everybody. we love our profile as kyle mentioned before having multiple players in this open green space where the unmet need is so large just expands the share of voice which can help everybody That's really where our view on that. that's really where our view on that

Speaker 16: Thank you. Thank you. thank you

Speaker 10: Next question is from Jay Olson at Oppenheimer. Please go ahead, Jay. Next question is from Jay Olson at Oppenheimer. next question is from jay olson at oppenheimer Please go ahead, Jay. please go ahead jay

Speaker 6: Oh, hey. Congrats on the early approval and solid label. How quickly do you expect TRYNGOLZA adoption and sHTG to move beyond lipid specialists into broader prescriber bases? Do you think sHTG treatment goals may eventually come down now that there's finally an effective treatment available, just as we've seen with LDL cholesterol? Thank you. Oh, hey. oh hey Congrats on the early approval and solid label. congrats on the early approval and solid label How quickly do you expect TRYNGOLZA adoption and sHTG to move beyond lipid specialists into broader prescriber bases? how quickly do you expect tryngolza adoption and shtg to move beyond lipid specialists into broader prescriber bases Do you think sHTG treatment goals may eventually come down now that there's finally an effective treatment available, just as we've seen with LDL cholesterol? do you think shtg treatment goals may eventually come down now that there's finally an effective treatment available just as we've seen with ldl cholesterol Thank you. thank you

Speaker 1: Why don't you take the first part of that question, Kyle? Why don't you take the first part of that question, Kyle? why don't you take the first part of that question kyle

Speaker 7: Yeah. I think out of the gates here, the focus really is on the specialists, as I mentioned. That's where the highest volume of patients are being treated today. It's where the highest risk patients are being seen. It's where you're seeing the highest volumes of other triglyceride-lowering agents be prescribed because of the patient population that I just mentioned. It's definitely going to start there. I believe this is going to start to bleed out fairly quickly. I think Sam's comment about once you start to get experience using TRYNGOLZA and you see the magnitude of effect and reductions in triglycerides, number one, those HCPs that I just referenced that are specialists will begin using it more broadly than just their high-risk patients, and we believe that will happen fairly quickly over time as they gain that experience. Yeah. yeah I think out of the gates here, the focus really is on the specialists, as I mentioned. i think out of the gates here the focus really is on the specialists as i mentioned That's where the highest volume of patients are being treated today. that's where the highest volume of patients are being treated today It's where the highest risk patients are being seen. it's where the highest risk patients are being seen It's where you're seeing the highest volumes of other triglyceride-lowering agents be prescribed because of the patient population that I just mentioned. it's where you're seeing the highest volumes of other triglyceride-lowering agents be prescribed because of the patient population that i just mentioned It's definitely going to start there. it's definitely going to start there I believe this is going to start to bleed out fairly quickly. i believe this is going to start to bleed out fairly quickly I think Sam's comment about once you start to get experience using TRYNGOLZA and you see the magnitude of effect and reductions in triglycerides, number one, those HCPs that I just referenced that are specialists will begin using it more broadly than just their high-risk patients, and we believe that will happen fairly quickly over time as they gain that experience. i think sam's comment about once you start to get experience using tryngolza and you see the magnitude of effect and reductions in triglycerides number one those hcps that i just referenced that are specialists will begin using it more broadly than just their high-risk patients and we believe that will happen fairly quickly over time as they gain that experience The second thing is, it will bleed out into the community. Whenever some of these patients go back to see their primary care physician or internal medicine physician and they're on TRYNGOLZA and that physician starts to see the response that these patients are getting, that will help. You start with the top of the pyramid and work your way down. That will help, I think, instill that broad education awareness about the product. It'll happen over time, and we're going to do everything we can to support that through our other tactics and means that we have available to us. The second thing is, it will bleed out into the community. the second thing is it will bleed out into the community Whenever some of these patients go back to see their primary care physician or internal medicine physician and they're on TRYNGOLZA and that physician starts to see the response that these patients are getting, that will help. whenever some of these patients go back to see their primary care physician or internal medicine physician and they're on tryngolza and that physician starts to see the response that these patients are getting that will help You start with the top of the pyramid and work your way down. you start with the top of the pyramid and work your way down That will help, I think, instill that broad education awareness about the product. that will help i think instill that broad education awareness about the product It'll happen over time, and we're going to do everything we can to support that through our other tactics and means that we have available to us. it'll happen over time and we're going to do everything we can to support that through our other tactics and means that we have available to us

Speaker 1: Treatment goals? Treatment goals? treatment goals

Speaker 12: Yeah. For treatment goals, I don't think we're ready for something like with LDL. It has to be under 55 or 70 yet, but we're close. Even to see as the guidelines evolve. Right now, as Kyle said, they're more like check triglycerides or X, Y, and Z, pay attention to the patient. Now, what they're going to say is exactly what's in the label. If somebody's over 500 mg/dL, your drug will be indicated as a Class 1, let's say, to reduce the risk of pancreatitis. They'll be that much more firm now, I think, level at which you should treat and what you would expect to get out of that treatment, which is pancreatitis. How low to go beyond that? I think at this point, under 500 mg/dL is perfectly fine because that's where the pancreatitis risk is. Yeah. yeah For treatment goals, I don't think we're ready for something like with LDL. for treatment goals i don't think we're ready for something like with ldl It has to be under 55 or 70 yet, but we're close. it has to be under 55 or 70 yet but we're close Even to see as the guidelines evolve. even to see as the guidelines evolve Right now, as Kyle said, they're more like check triglycerides or X, Y, and Z, pay attention to the patient. right now as kyle said they're more like check triglycerides or x y and z pay attention to the patient Now, what they're going to say is exactly what's in the label. now what they're going to say is exactly what's in the label If somebody's over 500 mg/dL, your drug will be indicated as a Class 1, let's say, to reduce the risk of pancreatitis. if somebody's over 500 mg/dl your drug will be indicated as a class 1 let's say to reduce the risk of pancreatitis They'll be that much more firm now, I think, level at which you should treat and what you would expect to get out of that treatment, which is pancreatitis. they'll be that much more firm now i think level at which you should treat and what you would expect to get out of that treatment which is pancreatitis How low to go beyond that? how low to go beyond that I think at this point, under 500 mg/dL is perfectly fine because that's where the pancreatitis risk is. i think at this point under 500 mg/dl is perfectly fine because that's where the pancreatitis risk is Whether it goes lower than that, I doubt it based on these data. It's going to be really pancreatitis-focused. As the field evolves, we might see some numbers that could hit targets. Whether it goes lower than that, I doubt it based on these data. whether it goes lower than that i doubt it based on these data It's going to be really pancreatitis-focused. it's going to be really pancreatitis-focused As the field evolves, we might see some numbers that could hit targets. as the field evolves we might see some numbers that could hit targets

Speaker 1: Thank you, Jay. Thank you, Jay. thank you jay

Speaker 6: Thank you. Congrats again. Thank you. thank you Congrats again. congrats again

Speaker 10: Next question will be from Eric Joseph at Citigroup. Please go ahead, Eric. Next question will be from Eric Joseph at Citigroup. next question will be from eric joseph at citigroup Please go ahead, Eric. please go ahead eric

Speaker 2: Oh, hey. Thanks for taking the questions. Let me add my congrats on the expanded label. It seems like there are a couple of new data points in the label versus prior publications, specifically ApoB-48 and also the month one, the fasting TG declines. Can you talk a little bit about the intent behind their inclusion and how they might resonate with clinicians? Then just on the commercial side, I wonder if you could speak to sort of the lead time to where you might achieve the conclusion of coverage reviews for, say, like a milestone of greater than 80% of covered lives, and what the lead time is like for medical exemption as will be sort of has to be leveraged near term. Thank you. Oh, hey. oh hey Thanks for taking the questions. thanks for taking the questions Let me add my congrats on the expanded label. let me add my congrats on the expanded label It seems like there are a couple of new data points in the label versus prior publications, specifically ApoB-48 and also the month one, the fasting TG declines. it seems like there are a couple of new data points in the label versus prior publications specifically apob-48 and also the month one the fasting tg declines Can you talk a little bit about the intent behind their inclusion and how they might resonate with clinicians? can you talk a little bit about the intent behind their inclusion and how they might resonate with clinicians Then just on the commercial side, I wonder if you could speak to sort of the lead time to where you might achieve the conclusion of coverage reviews for, say, like a milestone of greater than 80% of covered lives, and what the lead time is like for medical exemption as will be sort of has to be leveraged near term. then just on the commercial side i wonder if you could speak to sort of the lead time to where you might achieve the conclusion of coverage reviews for say like a milestone of greater than 80% of covered lives and what the lead time is like for medical exemption as will be sort of has to be leveraged near term Thank you. thank you

Speaker 1: Before we go to you, Kyle, Sam, thoughts on ApoB-48? Before we go to you, Kyle, Sam, thoughts on ApoB-48? before we go to you kyle sam thoughts on apob-48

Speaker 12: Clinicians focus on the typical lipid panel. Right? It's total cholesterol, LDL, triglycerides, HDL, and LDL. That's what they're going to be using clinically to help them. It's going to be VAP triglycerides. The ApoB-48 is important because that's where the chylomicrons are, and this is a chylomicronemic population. As you see here, it's elevated. By having the ApoB-48 in the label, it's going to tell us basically that we're targeting the right particles that are triglyceride-rich. There was a marked reduction in ApoB-48, 76%. This goes along with the drug is doing what it's supposed to. It's targeting the particles that cause pancreatitis. That's going to resonate very well. The rest of the question about timing, these drugs are not given daily. Clinicians focus on the typical lipid panel. clinicians focus on the typical lipid panel Right? right It's total cholesterol, LDL, triglycerides, HDL, and LDL. it's total cholesterol ldl triglycerides hdl and ldl That's what they're going to be using clinically to help them. that's what they're going to be using clinically to help them It's going to be VAP triglycerides. it's going to be vap triglycerides The ApoB-48 is important because that's where the chylomicrons are, and this is a chylomicronemic population. the apob-48 is important because that's where the chylomicrons are and this is a chylomicronemic population As you see here, it's elevated. as you see here it's elevated By having the ApoB-48 in the label, it's going to tell us basically that we're targeting the right particles that are triglyceride-rich. by having the apob-48 in the label it's going to tell us basically that we're targeting the right particles that are triglyceride-rich There was a marked reduction in ApoB-48, 76%. there was a marked reduction in apob-48 76% This goes along with the drug is doing what it's supposed to. this goes along with the drug is doing what it's supposed to It's targeting the particles that cause pancreatitis. it's targeting the particles that cause pancreatitis That's going to resonate very well. that's going to resonate very well The rest of the question about timing, these drugs are not given daily. the rest of the question about timing these drugs are not given daily There has to be some steady state to reach before you expect the full effect. That's seen in the curves, I think that you saw in the label. There's nothing unusual there from that perspective in terms of what the clinician might anticipate. There has to be some steady state to reach before you expect the full effect. there has to be some steady state to reach before you expect the full effect That's seen in the curves, I think that you saw in the label. that's seen in the curves i think that you saw in the label There's nothing unusual there from that perspective in terms of what the clinician might anticipate. there's nothing unusual there from that perspective in terms of what the clinician might anticipate

Speaker 1: Right. We have a fast onset of action, and that's highlighted in the label where triglycerides are coming down at the first time, which we've measured, which is at one month after starting. We do encourage and support the label with respect to testing after three months when we're at steady state, where a physician can actually see the maximum efficacy that TRYNGOLZA offers on triglycerides and make decisions on whether, for example, whether they want to dose escalate at that point. Kyle? Right. right We have a fast onset of action, and that's highlighted in the label where triglycerides are coming down at the first time, which we've measured, which is at one month after starting. we have a fast onset of action and that's highlighted in the label where triglycerides are coming down at the first time which we've measured which is at one month after starting We do encourage and support the label with respect to testing after three months when we're at steady state, where a physician can actually see the maximum efficacy that TRYNGOLZA offers on triglycerides and make decisions on whether, for example, whether they want to dose escalate at that point. we do encourage and support the label with respect to testing after three months when we're at steady state where a physician can actually see the maximum efficacy that tryngolza offers on triglycerides and make decisions on whether for example whether they want to dose escalate at that point Kyle? kyle

Speaker 7: Yeah. As it relates to payers and the process in terms of getting coverage and access in place, I think this is going to be very consistent with what you've seen with other products that have a new indication. The indication is there. We have first-mover advantage. There's no other treatment out there that's able to do what TRYNGOLZA is now labeled and approved to do. We do believe that this is going to accelerate the review process with some payers, but the payers are still going to have to fit us into their P&T review processes. I would expect the first three to six months, the payers to start to come on board. As I mentioned in my earlier remarks, starting next year in 2027, I would expect that to accelerate even more broadly. Yeah. yeah As it relates to payers and the process in terms of getting coverage and access in place, I think this is going to be very consistent with what you've seen with other products that have a new indication. as it relates to payers and the process in terms of getting coverage and access in place i think this is going to be very consistent with what you've seen with other products that have a new indication The indication is there. the indication is there We have first-mover advantage. we have first-mover advantage There's no other treatment out there that's able to do what TRYNGOLZA is now labeled and approved to do. there's no other treatment out there that's able to do what tryngolza is now labeled and approved to do We do believe that this is going to accelerate the review process with some payers, but the payers are still going to have to fit us into their P&T review processes. we do believe that this is going to accelerate the review process with some payers but the payers are still going to have to fit us into their p&t review processes I would expect the first three to six months, the payers to start to come on board. i would expect the first three to six months the payers to start to come on board As I mentioned in my earlier remarks, starting next year in 2027, I would expect that to accelerate even more broadly. as i mentioned in my earlier remarks starting next year in 2027 i would expect that to accelerate even more broadly The expectation is that we've got coverage of all patients above 500 mg/dL, regardless of if they're high risk or not, and coverage to label, as I described earlier, in terms of consistent with the clinical trial design, is exactly what we expect for payer coverage. Access will happen. We're at the mercy of the payers, but we're working very closely with them in order to open that up and make sure that HCPs can prescribe for the patients they want to treat. Patients obviously can benefit from the tremendous therapy that was approved today. The expectation is that we've got coverage of all patients above 500 mg/dL, regardless of if they're high risk or not, and coverage to label, as I described earlier, in terms of consistent with the clinical trial design, is exactly what we expect for payer coverage. the expectation is that we've got coverage of all patients above 500 mg/dl regardless of if they're high risk or not and coverage to label as i described earlier in terms of consistent with the clinical trial design is exactly what we expect for payer coverage Access will happen. access will happen We're at the mercy of the payers, but we're working very closely with them in order to open that up and make sure that HCPs can prescribe for the patients they want to treat. we're at the mercy of the payers but we're working very closely with them in order to open that up and make sure that hcps can prescribe for the patients they want to treat Patients obviously can benefit from the tremendous therapy that was approved today. patients obviously can benefit from the tremendous therapy that was approved today

Speaker 1: Thanks, Eric. I think we have time for one last question. Thanks, Eric. thanks eric I think we have time for one last question. i think we have time for one last question

Speaker 10: Our last question comes from Myles Minter at William Blair. Please go ahead, Myles. Our last question comes from Myles Minter at William Blair. our last question comes from myles minter at william blair Please go ahead, Myles. please go ahead myles

Speaker 9: Thanks for sneaking me in and congrats on the approval here. It's great to see. I completely get the messaging about treating patients and getting them below 500 mg/dL and reducing the AP risk as per label. What's your messaging to clinicians on how to sort of combat that LDL-C increase? Is that an issue at all, or do you just expect patients to uptitrate on statins? Maybe you can explain to me how it's done in FCS currently and if there's any parallels with going with this broader population. Thanks very much and congrats again. Thanks for sneaking me in and congrats on the approval here. thanks for sneaking me in and congrats on the approval here It's great to see. it's great to see I completely get the messaging about treating patients and getting them below 500 mg/dL and reducing the AP risk as per label. i completely get the messaging about treating patients and getting them below 500 mg/dl and reducing the ap risk as per label What's your messaging to clinicians on how to sort of combat that LDL-C increase? what's your messaging to clinicians on how to sort of combat that ldl-c increase Is that an issue at all, or do you just expect patients to uptitrate on statins? is that an issue at all or do you just expect patients to uptitrate on statins Maybe you can explain to me how it's done in FCS currently and if there's any parallels with going with this broader population. maybe you can explain to me how it's done in fcs currently and if there's any parallels with going with this broader population Thanks very much and congrats again. thanks very much and congrats again

Speaker 1: Thank you, Myles. I'm going to ask Sam to comment on the biology and from a clinical perspective. Thank you, Myles. thank you myles I'm going to ask Sam to comment on the biology and from a clinical perspective. i'm going to ask sam to comment on the biology and from a clinical perspective

Speaker 12: Thank you, Myles. I think the best way to characterize these patients, both with FCS and sHTG, is that because a lot of their cholesterol is on larger particles, apolipoproteins on VLDL, their LDL is suppressed. FCS, LDLs are 15, and in sHTG, it's 60. They're kind of recalibrating back to where they would have gone if the patient didn't have a triglyceride disorder. In this case, we corrected triglyceride disorder. You're right, there is a small increase in the LDL, but it's in the normal range, essentially, and it's recalibrating. It's very easy to treat that with just adjusting their LDL medications. It's not a clinical issue. Clinician's not going to be concerned if somebody goes from, say, 50 to 65. That's not going to be a problem. The bottom line is it's consistent with the pathophysiology. Thank you, Myles. thank you myles I think the best way to characterize these patients, both with FCS and sHTG, is that because a lot of their cholesterol is on larger particles, apolipoproteins on VLDL, their LDL is suppressed. i think the best way to characterize these patients both with fcs and shtg is that because a lot of their cholesterol is on larger particles apolipoproteins on vldl their ldl is suppressed FCS, LDLs are 15, and in sHTG, it's 60. fcs ldls are 15 and in shtg it's 60 They're kind of recalibrating back to where they would have gone if the patient didn't have a triglyceride disorder. they're kind of recalibrating back to where they would have gone if the patient didn't have a triglyceride disorder In this case, we corrected triglyceride disorder. in this case we corrected triglyceride disorder You're right, there is a small increase in the LDL, but it's in the normal range, essentially, and it's recalibrating. you're right there is a small increase in the ldl but it's in the normal range essentially and it's recalibrating It's very easy to treat that with just adjusting their LDL medications. it's very easy to treat that with just adjusting their ldl medications It's not a clinical issue. it's not a clinical issue Clinician's not going to be concerned if somebody goes from, say, 50 to 65. clinician's not going to be concerned if somebody goes from say 50 to 65 That's not going to be a problem. that's not going to be a problem The bottom line is it's consistent with the pathophysiology. the bottom line is it's consistent with the pathophysiology It's easy to manage. We don't see this as a major issue at all, even a minor issue for managing these patients. It's easy to manage. it's easy to manage We don't see this as a major issue at all, even a minor issue for managing these patients. we don't see this as a major issue at all even a minor issue for managing these patients

Speaker 1: Any commercial perspective? Any commercial perspective? any commercial perspective

Speaker 7: Yeah, I'll just mention on the FCS side, it's not been a sticking point. It's not been a major question or concern. It's been manageable as Sam just mentioned. In the FCS space, it's not been an issue. I'll also add that we've tested this profile very broadly with CORE and CORE2 data in its totality with HCPs. HCPs are aware of the data. It's not really coming up as something that they're concerned about. They're more concerned about being over 500 mg/dL risk of AP and the strength of the data that's represented in the label. Yeah, I'll just mention on the FCS side, it's not been a sticking point. yeah i'll just mention on the fcs side it's not been a sticking point It's not been a major question or concern. it's not been a major question or concern It's been manageable as Sam just mentioned. it's been manageable as sam just mentioned In the FCS space, it's not been an issue. in the fcs space it's not been an issue I'll also add that we've tested this profile very broadly with CORE and CORE2 data in its totality with HCPs. i'll also add that we've tested this profile very broadly with core and core2 data in its totality with hcps HCPs are aware of the data. hcps are aware of the data It's not really coming up as something that they're concerned about. it's not really coming up as something that they're concerned about They're more concerned about being over 500 mg/dL risk of AP and the strength of the data that's represented in the label. they're more concerned about being over 500 mg/dl risk of ap and the strength of the data that's represented in the label

Speaker 1: Thanks, Myles. Thanks, Myles. thanks myles

Speaker 7: Thanks. Thanks. thanks

Speaker 1: Thanks, Myles. Appreciate the question. Thanks to everybody again for joining us on today's important news. The approval of TRYNGOLZA in sHTG is a major step forward for patients and an important milestone in Ionis' evolution as a fully integrated biotechnology company, something we're incredibly proud of. We look forward to updating you all on our launch progress and our momentum to advance our pipeline, bring additional transformational medicines to patients around the world. Thanks again, everybody, for joining. Have a great day. Thanks, Myles. thanks myles Appreciate the question. appreciate the question Thanks to everybody again for joining us on today's important news. thanks to everybody again for joining us on today's important news The approval of TRYNGOLZA in sHTG is a major step forward for patients and an important milestone in Ionis' evolution as a fully integrated biotechnology company, something we're incredibly proud of. the approval of tryngolza in shtg is a major step forward for patients and an important milestone in ionis' evolution as a fully integrated biotechnology company something we're incredibly proud of We look forward to updating you all on our launch progress and our momentum to advance our pipeline, bring additional transformational medicines to patients around the world. we look forward to updating you all on our launch progress and our momentum to advance our pipeline bring additional transformational medicines to patients around the world Thanks again, everybody, for joining. thanks again everybody for joining Have a great day. have a great day

Speaker 10: Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. At this time, we do ask that you please disconnect your lines. Thank you, sir. thank you sir Ladies and gentlemen, this does indeed conclude your conference call for today. ladies and gentlemen this does indeed conclude your conference call for today Once again, thank you for attending. once again thank you for attending At this time, we do ask that you please disconnect your lines. at this time we do ask that you please disconnect your lines