And as just announced the emerging data from 1046, leads us to believe there is a path forward here in terms of late-stage development. Also for Tivdak, based on what you’ve heard today, we also believe that there’s a path forward here particularly in terms of expanded development into head and neck also we think warrants further late-stage development. Now with that hopefully will come, larger revenue opportunities in the medium-term. Sticking with R&D and the third factor we’re going to continue to invest to maximize the value of our current tech platforms. And here we’re going to continue to invest to generate the next wave of IND candidates as well as progress some of our early-stage pipeline. And Jan shared with you some of the exciting progress there.
So that takes care of R&D. A let’s talk about SG&A and starting on the G&A side. Here we are starting to increasingly approach scale based on our existing footprint. So growth here is already starting to moderate. And we expect it to further moderate here, as we transition from Q4 2023 into 2024. Now if we think about the S part of SG&A, as it relates to EPCO there’s a couple of things that you should all be thinking about as you start to model for 2024 and beyond. First, for the US, to be clear the 2023 P&L reflects nearly a full year of costs for the initial indication. There will be some annualization impact next year but, that’s going to be more on the moderate side. And here as we potentially build out the EPCO label overtime, of course there’s going to be some incremental investments.
However, we will be able to leverage existing investments in many cases. Now shifting to our other priority market — in terms of Japan, the same for what I just went through for the United States also applies. However everything is just pushed out a bit, based on the potential approval or approval that we’ve now seen with Epcoritamab in Japan is coming at a much later point in the year. So the incremental impact in 2024 will be higher. So, maybe just to wrap-up the comments on, our investment levels, so everything I just covered of course is directional in nature. As always we’re going to continue to be very focused and very disciplined in our approach. And we’re going to continue to take a detailed bottom-up approach and make sure that we’re putting the appropriate amount of resource into our most important priorities.
And certainly look forward in February, in conjunction with our full year results we’re really sharing what our investment priorities will look like for 2024. But what we heard today hopefully was conveyed a lot of excitement across our entire pipeline.
Jan van de Winkel: Thanks Anthony. Thanks Emily, for the financial question.
Operator: Thank you. I would now like to turn the conference back to Jan van de Winkel for closing remarks.
Jan van de Winkel: So, thank you for calling in today to discuss Genmab’s financial results for the first nine months of 2023. If you have additional questions, please reach out to our Investor Relations team. We hope that you all stay safe, keep optimistic and remain healthy and we very much look forward to speaking with you all again soon.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
