Exelixis (EXEL) CEO Michael Morrissey Presents at Goldman Sachs 35th Annual Global Healthcare Conference (Transcript)

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 |  About: Exelixis, Inc. (EXEL)
by: SA Transcripts

Exelixis, Inc. (NASDAQ:EXEL)

Goldman Sachs 35th Annual Global Healthcare Conference

June 10, 2014, 12:20 PM ET

Executives

Susan Hubbard - IR and Corporate Communications

Michael M. Morrissey - President and CEO

Analysts

Terence Flynn - Goldman Sachs

Terence Flynn - Goldman Sachs

Okay, great. Well thanks for joining us everybody. I am Terence Flynn, one of the biotech analysts here at Goldman Sachs and we're very pleased to welcome Exelixis this morning to the conference. Joining us is Mike Morrissey, President and CEO and Susan Hubbard, Director of Investor Relations. I think Susan you had some opening remarks?

Susan Hubbard

Yeah, just brief forward-looking statements, just during the course of this presentation we will be making forward-looking statements regarding future events or the future performance of the company, including statements about possible future developments regarding clinical, regulatory, commercial, financial and strategic matters. Actual events or results of course could differ materially. We refer you to the documents that Exelixis files from time to time with the SEC and in particular the company’s quarterly report on Form 10-Q filed on May 1, 2014.

These documents contain and identify, under the heading Risk Factors, important factors that could cause actual results to differ materially from those contained in any forward-looking statements, including without limitation the availability of data at the referenced times, risk and uncertainties related to initiation, conduct and results of clinical trials, risks relating to the commercialization of COMETRIQ, risks and uncertainties related to regulatory approval processes and compliance with applicable regulatory requirements, the sufficiency of Exelixis' Capital and other resources and market competition.

Terence Flynn - Goldman Sachs

Good.

Susan Hubbard

Thanks.

Terence Flynn - Goldman Sachs

Thank you. Well may be Mike we were just talking about this, right before the presentation as just how close this conference is to ASCO every year. Unfortunately this year we had a little bit of break between the two conferences, so we didn’t have to [come] directly from Chicago but may be you can just kind of give us your impression coming out of ASCO may be some of the key data points for Cabo that you saw, some of the conversations you had with some of the thought leaders there and their views on Cabo, just how close we are to ASCO.

Michael M. Morrissey

Sure, so again ASCO is an important meeting for us every year, it’s where we like to showcase new emerging data, past years have been very, very busy. This year we are I would say in the middle of kind of a big execution mode right, we're recharging our broad dataset with six pivotal trials for both cabozantinib and cobimetinib in a wide variety of other trials from the CTEP program from IST.

So we had 11 presentations at ASCO, three trials in progress, one for the METEOR trial, one for the -- which is the RCC trial. Second one for CELESTIAL, which is our liver cancer trial. So those are good opportunities to meet with investigators, showcase the trial, talk about where we are at, where we are going, those kinds of things, so that's how it's important.

It was the first year that we had data from the broad CTEP program which for us is an important opportunity to -- well we are focusing on really very discrete pivotal trials for cabozantinib. We are using the NCI-CTEP approach to then broadly look for either new signals or confirm other signals that we've seen in Phase I/II randomized trials.

So we had data in bladder, in non-small cell lung cancer, which again early data, but looks pretty encouraging. So we're excited about where we're at, obviously a big part of ASCO is the networking and the discussions that we have with investigators and KOLs and it's always good to get their level of enthusiasm and their excitement behind where the compound is and where we're going.

Terence Flynn - Goldman Sachs

Great, and how about the, I think there was a combo with abiraterone, any takeaways from that and may be next steps there?

Michael M. Morrissey

Yeah so we -- so you are speaking to the Phase Ib trial that Chris Sweeney presented in a poster session in the prostate cancer area, a combination -- it's a dose range finding work that he is doing at Dana Farber, combining full dose abi with different doses of cabozantinib. It's update from the AACR presentation we had earlier in the year, again showing good activity, good tolerability, full dose abi and the 40 milligram dose of cabozantinib and that then is driving what we're doing then in a company sponsored randomized Phase II looking at different doses of cabo with full dose abi in the pre-chemo population.

So obviously we're very focused on prostate cancer right now with the COMET-1 and COMET-2 trials, I expect both of those to be out in 2014. We have a lot of interest in moving up in combination, certainly the randomized Phase II which is a large randomized Phase II looking at the PFS as the primary end point, is the most advanced with abi, that’s going now and we are enrolling well. We have plans to combine cabozantinib with enzalutamide and similar kind of trial again for our randomized Phase II and then CTEP is doing a combination of cabozantinib with Taxotere.

So our goal is to obviously do as much as we can to expand the opportunity in prostate cancer and I think ASCO’s a good chance to kind of highlight that.

Terence Flynn - Goldman Sachs

Okay. Great news, that’s a good segue into the next -- just the COMET-1 and 2 trial. So may be any more insight in terms of the timing of these studies in terms of which would be out first or second? And then the other question is just more of a disclosure one. How much data can we actually expect in the releases from the [SB] on the primary end point, because I think that is a focus?

Michael M. Morrissey

Yeah, that’s a good question, it's a very fair question. So we are keeping our communication on the topic of timing very centered, we are saying 2014. Again these are all event- based trials. So it's hard to predict exactly when you’ll have the final event and then to do the source data verification and cleaning obviously takes some time. So whenever we try to estimate we normally fall off and that causes all kinds of issues. So we are going to keep 2014 as our guidance there and we’re looking forward to having that done and out.

In terms of how we’ll communicate the data, we have to wait and see. Obviously it's probably too early to really comment on that in too much detail. We’ve been very transparent about certainly data in the past and certainly with the EXAM data release that we had back in 2011. We’ve got enough data to help you to fully understand kind of the parameters of how that’ll look. So we want to be able to preserve the integrity of the data at a presentation later in the year in 2015 so we’ll be somewhat careful about how we do that. But I think people will get a sense of what happened with the trials as they read out.

Terence Flynn - Goldman Sachs

Okay and another topic of focus I think among many investors, I was just talking to you earlier this year you had reported this interim analysis of COMET-1 that was completed and the Data Monitoring Committee recommended the trial progress until the final analysis. The market clearly read that as a negative but may be just offer your perspective on what that meant and what that means, going forward.

Michael M. Morrissey

Yeah, so as you said at the end of March we announced that the IDMC recommended that we continue to the final analysis for COMET-1. COMET-1 is our -- it's our trial that we are doing a pivotal study that we are doing on cabozantinib versus prednisone in a formal third line population looking, again primary end point overall survival. We’re certainly considering all the possible scenarios, this is one of them. The feedback as you know from IDMC interim kind of feedback is often very short and to the point and in this case they said continue to the final analysis.

So we had certainly considered that as being one of the options that we would be hearing about and we are just going to go forward from there. So I won’t comment on how the Street reacted to it, I think it’s just, it's a news point, especially no data, we were told these thing and these are obvious very kind of high level 30 second conversation in terms of what the IDMC recommends.

So again the guidance is we’ll have the top line data from the full analysis in 2014, we are again doing all the work we have to do to be able to plan for different scenarios and plan for success and we are confident in the Phase II data and the data will be out later this year.

Terence Flynn - Goldman Sachs

Okay, may be just a reminder so the filing strategy here, obviously if COMET-1 and COMET-2 both succeed you guys would prefer a broad label and then may be walk us though a scenario if let’s say, kind of 1 does not succeed and COMET-2 does succeed, what does that than mean from a regulatory perspective?

Michael M. Morrissey

Yeah. So I think the whole goal with the COMET program, COMET-1 and COMET-2 is to really for the first time in the prostate cancer space, [live] supporting data which would enable a label potentially in both overall survival and reducing pain, reducing narcotics. This is a disease, especially in the last stage that involves a great deal of pain and that pain is thought to drive high degree of disability and mobility and contribute to the overall poor prognosis and ultimate death of these patients.

So from our point of view from the Phase II program we had, I think very compelling Phase II data showing that we could impact the pain palliation end points in Phase II reduced narcotics, that seem to associate well with improved survival. It’s all the caveats of Phase II single arm not randomized small population. So but that being said obviously I think we are by investing in two large global randomize trials looking to really document both the survival end point and the pain narcotic end point in such a way that would enable if the data was positive a broad label that would help us not only differentiate the compound from the competition which has obviously been somewhat been expensive over the last few years but really have a compound that would really address the important components of this disease.

So again it's all in the data to a certain degree, again we're not giving any guidance on the COMET-1 will be out first or second or COMET-2 will be first or second, we’ll use that data to be able to go forward with the filing strategy which we thinks makes sense based upon the data and the timing. So optimally obviously COMET-1 and COMET-2 we doubt that would be -- the strongest position from the standpoint of a filing scenario. If COMET-1 did not work and COMET-2 worked that’s suboptimal in a lot of ways obviously but it's really the data, so I wouldn't want to comment on what our plans would be until we see the data that we are getting.

Terence Flynn - Goldman Sachs

Okay, fair enough. And we touched on this a little bit, it’s just the combination strategy, so obviously the competitive landscape has been evolving here and prostate cancer pretty rapidly over the last couple of years or so. And you guys have taken some steps to explore Cabo in combination. But how does that strategy I guess continue to evolve here and what is the input I guess from the COMET trials that will drive that further I guess expansion of that combination?

Michael M. Morrissey

Yeah, so I think it's important to remember that cabozantinib works by an entirely [inaudible] mechanism of action compared to the new hormonal therapies, the new chemotherapies and the new radio therapies. So we view cabozantinib in prostate cancer as really the complementary not competitive with those agents, obviously early in the disease when patients with early prostate cancer, usually metastatic prostate cancer, they have a hormonally sensitive disease. So AR modulators, AR blockers are very effective as they progress on one or both, that tumor becomes AR independent and is by either genetic reasons or by just general evolutionary reasons becomes refractory to those agents and there’s been lots of arguments such that taxotere or other chemotherapies work by blocking the inner access as well.

So our view is to be able to take, again if we are successful in the COMETs a complementary approach that would be initially targeted at a formal third line population which we think is sizable and growing with time as well as then look at different strategies that will help us move pre-chemo. There was a lot of buzz at ASCO a few weeks ago around the AR-V7 splice variant, which doesn't bind to testosterone, seems to be resistant to both abiraterone and enzalutamide, again preclinical and this is the data that we published. We have very potent activity with cabozantinib in a variety of different models in terms of both blocking PSA production and blocking tumor growth that would be a very nice way to proceed in terms of being able to select the population that has primary resistance to that overall AR approach.

So we have a lot of balls in the air right now, we're very excited with the overall data set that we've got in Phase II, obviously positive Phase III data provides a lot of momentum to go forward and we're looking forward to having that data in 2014 and then move from there.

Terence Flynn - Goldman Sachs

Okay. What and we touched on this topic a little bit, you mentioned a couple of the trials in progress posters that were at ASCO but as you look forward to expanding cabo beyond prostate cancer just remind us of the ongoing company-sponsored trials here, why you are excited about those opportunities and really what the need is in this population?

Michael M. Morrissey

Yes. Yeah, great point. So again we've the hallmark of the totality of data for cabozantinib to-date has been the broad activity both in terms of different histologies we have activity in again in Phase II and the compartments where the drug seems to provide some level of activity. So we've seen activity in visceral disease and nodal disease, in [joint] disease and brain disease. We've seen in terms of different tumor types 15 different histologies or more showing some level of sensitivity in terms of rhesus objective responses.

So it has broad activity and certainly what’s happening now with IFTs and with the CTEP program is to understand that in much more detail either by single arm studies or [inaudible] studies as well.

Certainly in the pivotal trial arena we initiated two additional trials last year; the METEOR trial for second line renal cancer, the CELESTRIAL trial for second line liver cancer. We think we've got good Phase II data which supports that approach that we talked about at ASCO in 2012. Both are enrolling well; METEOR second line renal is really I think going at a very good clip, certainly exceeding my expectations for enrollment. We've got 200 sites up globally right now. It's really moving at a very good pace.

The market opportunity there it's probably 2 plus billion dollar global opportunity, about half of that is second line. We're looking at second line population. We think the completion there is sizeable in number but with, I would say modest bar for improvement if you look at PFS which is our primary end point for the mTOR inhibitors for the second line VEGFR inhibitors you are talking five, six months of PFS benefit.

In our Phase II trial with cabozantinib in a late line, very late line RCC we saw a 12 to 15 month benefit in terms of median PFS. So the opportunity is there to improve that standard of care if you will, if we're successful. So there is certainly lots of competition but if we're different, if we're better than we're pretty excited about where that could go. And to be honest to have a one, two punch of prostate cancer in 2014, renal cancer in 2015 both large mature GU indications, a single focused sales force to handle it really well, I think the numbers that we've seen look pretty good.

So we're again we're in execution phase right now. The enrollment for the METEOR trial is our number one enrollment priority for the year. That team is cranking right now, I am very excited about that and again in terms of over the next 12, 18 months it will be an important part of the story as we go forward.

Terence Flynn - Goldman Sachs

And before I go to liver cancer, what in terms of kidney cancer how do you think about just immunotherapy in that indication because I know there were some initial data at ASCO from some of the Phase II studies that looks like mono therapy was better than the combo, just looks like the tolerability was potentially an issue.

Michael M. Morrissey

Yeah so we'll see -- I mean it's interesting. So that was a big part of the story last year and this year was the data in second line RCC with [Nivolumab], again the PFS there is relatively short four to five months second line based upon the data we saw. Few weeks ago the overall survival it's hard to lead against single arm non-randomized. So the biology around second line RCC and the resistance that develops the VEGF inhibitors has been shown, I think both pre-clinically and in-clinically pretty strongly, with both METs, obviously cabo very potent dual MET VEGF inhibitor amongst other things.

So we like the biology, we like our data and again end of the day it will be how the data plays out and then if we're able to confirm what we saw in Phase II and Phase III I think we have a pretty good shot there in terms of how we could be really, really competitive in the marketplace.

Terence Flynn - Goldman Sachs

Okay, and may be moving on to liver cancer the other opportunity, it's obviously been a much tougher road for a lot of the other TKIs beyond Nexovar, but may be remind us of the data that you guys saw in Phase II and how you think about the ongoing study?

Michael M. Morrissey

Yeah so again I think what you say is spot on, second line HCC post progression on Sorafenib has been challenging for a variety of compound VEGF modulators, mTOR modulators et cetera. Again small non-randomized Phase II we saw good tumor shrinkage which in this tumor type is hard to see. In second line we've seen the extended PFS. We saw again a small non-randomized cohort, median overall survival of about 15 months which is again very encouraging as a signal. So again the whole MET VEGF access plays a very important role in liver cancer and it’s one that we think we can capitalize on quickly.

So the timing for METEOR is 2015, liver cancer we're doing a lot of work in Asia, it’s a little more involved and more complicated so from a tactical point of view so that should be a ‘16, ‘17 read out but again in the flow of event, in the flow of things to have that be the third way would be a very nice way to again build upon success that we hope to see in both prostate cancer and lung cancer.

Terence Flynn - Goldman Sachs

And you mentioned enrollment is probably going to be pretty rapid in that study just given there is not really any…

Michael M. Morrissey

There is certainly lots of other trials enrolling there right now. I think the challenge for HCC especially in Asia is get sites activated, once you've got that there is plenty of patients and so yeah that should go well.

Terence Flynn - Goldman Sachs

Okay, great. And you mentioned the CTEP collaboration you guys have and we saw some of that data at ASCO but maybe just walk us through some of those tumor types and then what would it take to kind of move that into a pivotal study like what would be the…

Michael M. Morrissey

Well that's yeah that's really a good question because I think the way we look at it is the first liver pivotal trial, certainly MTC got the whole ball rolling, again tiny indication but certainly important from a standpoint of getting regulatory traction first approval getting out there and marketing the drug, prostate, renal, liver is second and I think the Phase II data we have there supports the priority we’re putting behind that. Behind that is again it will be defined by the data and I think both the CTEP and the IST program is a very important method that we are using to be able to triage either new indications or asking more appropriate question in terms of early data in a randomize Phase II trial that will help then prioritize what’s next.

So it's all in the data, and not to say we’ve been very pleased and impressed with the progress that the CTEP group has made over the last 12, 18 months. We’ve got numerous trial centers either full year enrolled or near fully enrolled and I expect to see more data coming out over the next year or so. So again this is a hands off relationship we provide drive a little bit of money they do all the heavy lifting but it's a very, very important part of our overall story.

But certainly lots of work going on right in ovarian cancer and endometrial cancer. We’ve got two trials going in lung cancer and first line of renal trial, some melanoma work as well, bladder was a big, I think a big part of the Exelixis story for us. So lots going on and lots of interest to do more some stuff as well.

Terence Flynn - Goldman Sachs

Great, and I mean this partnering opportunity for CARBO, I think that’s another topic that kind of comes and goes and people are obviously focused on it, but what’s the weight of thinking from the company in terms of: number one if you would like to do a partnership and then number two what the appropriate time would be to do a partnership?

Michael M. Morrissey

Yeah. Well I think we are unique amongst our biotech brethren in that we have an asset like cabozantinib that has broad activity, has approval in a single first indication marketing the drug that we own globally. So we think that’s a very valuable asset, when we do the math and we’ve done a lot of math over the years. The value in the success scenario to our company to our shareholders is extensive if we are successful in some of these larger indications and we own drugs outright.

So our plan right now is to again, maintain that full ownership globally, market the drug ourselves. We have a full launch plan ready to go for U.S for prostate cancer we are dotting the I’s and crossing the T’s, one and for Europe as well. How we handle rest of world is under discussion. But we are not looking actively to partner the compound. We think we can again in a success scenario generate a lot of value for patients and our shareholders by holding the drug outright and doing that work or so.

Terence Flynn - Goldman Sachs

Okay. And may be anything with respect to biomarkers of subsets of patients that may respond better or not to Cabo, was there anything going on, on that front that you know that something has come up with some of the other TKI’s like regorafenib and there is still seems to me at least an ongoing debate about whether they will ever find a biomarker or not?

Michael M. Morrissey

Well again it's really hard to do that when you have a single targeted agent that’s specific for a single protein [inaudible], best example ALK. Cabozantinib is again multi-targeted in its nature by design. So it's hard to pinpoint a genetic fingerprint that will predict activity. Now obviously we are using modern tools to be able to pinpoint given components of its activity profile a lot, RET positive non-small cell lung cancer we have good activity in some ways the AR-V7 splice variant for prostate cancer if we can differentiate there as well in terms of sensitivity to that clone if you will for that subtype within prostate cancer compared to the air block a good way.

But it's a challenging operation. We’ve invested tons of time and money there over the years trying to make those correlations work high MET, no MET, no MET, whatever and it's just -- it's a tough one.

Terence Flynn - Goldman Sachs

Okay, and may be just the last question on Cabo from me. Just walk us through the ongoing launch in thyroid and then remind us of just when you guys made your pricing decision for the drug at that point, did that take into account considerations for future tumor types coming onboard or would there be any additional change in thinking depending on the data?

Michael M. Morrissey

Yeah, no it's a good point. So I’ll answer that second question first. So absolutely when we priced COMETRIQ it was done in a way that was I would say broadly keeping in view our options going forward in terms of other tumor types. So we had a pretty good view of the metrics of different indications prostate cancer, renal cancer, liver cancer, breast cancer and one axis now looking at how the kind of ban for TKIs kind of plays. So I think we’ve -- kind of put the needle up pretty well from the standpoint of what we can do from a pricing point of view doesn’t mean things will change overtime but I think the mindset going into this that we had a reasonably priced compound for broad activity if we're fortunate to have that in the clinical study.

In terms of the launch again MTC is a tiny population, a very important one to us, and one that we take very seriously. We've I think right-sized our commercial effort there. We've 15 reps in the field right now. We did about $5 million in Q1. So again it's the one that gets in the game helps us learn the ropes from the standpoint of the broad, just the broad corporate activities to be able to launch or market a drug and work out the kinks so that when we get into the situation with being shortly with prostate cancer, renal cancer, et cetera, we've got all those kinks worked out and we're sprinting at the start.

So it's been a very valuable exercise for us. It's one that we're very proud of, very few companies get over that goal line to begin with and we've done that with our first indication and we're excited about doing it again and again and again as we go forward.

Terence Flynn - Goldman Sachs

Okay, great. And in terms of I mean the commercial build obviously you're in a wait to see the data but then help us think about kind of just the time frame of that commercial build on prostate side just the data success….?

Michael M. Morrissey

Yeah. So I think you're correct, obviously we're gating the growth and expansion around positive data just to be very careful with our money obviously. I’ll leave the details of it for a later time once we have data because I think it's important to frame the commercial build and the corporate build with the market opportunity and how we see prostate cancer evolving in the short-term in terms of more discrete lines of therapy, compounds moving now pre-chemo kind of how that's all that's kind of working. We've done extensive market research. We feel like we've a pretty good view of the market. We've done some massive [chart] polls recently, so we understand how different drugs are being used today as opposed to a year ago or a few months ago.

So we're going into this with our eyes light and we've pretty good sense of the opportunity and what we need to do from a build point of view to be successful in the marketing the drug both in the U.S. and certainly in Europe as well.

Terence Flynn - Goldman Sachs

Okay, maybe moving on to the MEK inhibitor you guys have, obviously Roche is running a trial here in combination with their BRAF inhibitor and you guys have a stake in the MEK inhibitor and the [inaudible] metastatic melanoma I think they have guided to data later this year. But maybe just remind us of what you think the bar for success there is and then number two your economics on the MEK inhibitor and help us frame that opportunity?

Michael M. Morrissey

Yeah. So in terms of what's happening with coBRIM, so this is the pivotal trial that Roche is running with Genentech, it's again, it's Vemurafenib plus cobimetinib versus Vemurafenib, first line BRAF mutant positive BRAF inhibitor naïve population fully enrolled earlier in the year. They are guiding both topline data and the filing for second half of 2014. So things are moving. Obviously we're very excited about that, we've a co-promote that we've opted into, economics are profit share in the U.S., I think a very attractive royalty, rest of world. The profit share starts on a high end at 50-50 up to the first $200 million of sales and then the low end is 30% our share is 30% more than $400 million or so.

So it's a very economically attractive profit share for us. It's one where I think the Phase 1b data looks, I think pretty encouraging, so they have had two presentations, one at ASCO on some tech data which looked, I think just great and then they had an update at the EADO meeting in Lithuania a few weeks before ASCO. We're talking about a confirmed response rate of 85% plus, 90% almost, and median PFS of 13.5 to 14 months. The estimate of the one year survival is about 85%. So very strong data, again single arm data but if you're willing to make the leap of comparing to Vem does by itself it looks pretty good.

So we'll see, again Roche hasn’t given guidance on the metrics for what success is, success in my book is a positive pivotal trial and certainly looking forward to how that plays out later in the year. But it's a really important part of the story to have two compounds moving forward in pivotal trials, six pivotal trials overall, having the action start later this year I think is pretty exciting for us, absolutely.

Terence Flynn - Goldman Sachs

Okay, and what -- just remind us of the competitive landscape there and then any other tumor types beyond melanoma that in your personal view you think would be interesting to explore here?

Michael M. Morrissey

Yeah. So certainly the competition here is growing, GFK, I guess now Novartis has a neck RAF combination that's already been -- has been approved, the combination has accelerated approval in the U.S. They had some data from their COMBI-d trial at ASCO. I would say based upon their feedback, looks modest. We'll see how that evolves overtime but they are already on the market right now with that combination.

Certainly all the PU-1 work certainly is evolving in that space too. So there is lots of moving pieces there, lots of balls in the air, hard to say how it's all going to shake out until we see -- the go-file data, well that's the goal and certainly over the next year we will have a lot of that in terms of both the cobi data but also from other work as well, so…

Terence Flynn - Goldman Sachs

Okay, any question from anyone in the audience in the last couple of minutes here. No, so maybe just a last one from me just thinking about the pipeline I guess beyond Cabo and the MEK inhibitor I mean how do you think about that assuming positive data from some of these ongoing Phase III trials for Cabo?

Michael M. Morrissey

So we think about it a lot and we're certainly doing a lot of planning again looking at the -- of the many scenarios the uber success scenario where we have the opportunity to reignite our discovery effort and build a pipeline again and go from there. We focused on cabozantinib for purely tactical reasons, we thought it had a lot of opportunity. We -- certainly from a standpoint of how much cash we could access to be able to push that forward that made the most for us to really focus and hunker down on that combo. But that's not a strategy, that was a tactical way to be able to get to really free cash if successful then to be able to build it going forward.

So yeah we've as you know we had a very prolific discovery operation, we did great work 20 plus INDs over a seven or so year period. Lots of early work that was then partnered. We're looking forward to being able to have the free cash to be able to move forward and reinitiate that work and build a pipeline that we think would be really best in class. So but again it’s all part of the process when you get data and as always data drives that process forward.

Terence Flynn - Goldman Sachs

Great, okay. Thank you very much. Appreciate it.

Michael M. Morrissey

Thank you.

Question-and-Answer Session

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