Operator: Thank you. The next question comes from the line of Akash Tewari with Jefferies. Your line is now open.
Akash Tewari: So can you walk me through your confidence on the $2 billion sodium oxybate number for your long-term guidance let’s say you continue to add about 250 IH patients a quarter until ’25. That kind of implies IH will contribute about $600 million in sales by 2025. That means that your narcolepsy franchise, which is about $1.7 billion today only declined to about $1.4 billion for you to hit that $2 billion watermark. How do you achieve that with generic and Avida launching? Like what are we missing here? Also, I think you’ve previously mentioned the majority of the erosion impact for the sodium oxybate franchise will occur in 2023. Is that still the case today given your revised neuro guide?
Bruce Cozadd: Yes, Akash, thanks for the question. We outlined our confidence that oxybate business at Jazz would contribute about $2 billion towards Vision 2025. And at the beginning of last year, at the beginning of 2022, obviously, we reiterated that coming into ’23, and we’ve now actually increased our short-term guidance in ’23. As a reminder, what we meant by that $2 billion was the combined revenues from Xywav both in narcolepsy and in idiopathic hypersomnia, continued brand Xyrem sales and our royalties on any AGs that come to market through our system. And we continue to feel confident in that. You didn’t specifically mention the royalties in your analysis I’ll remind you that the contribution from those royalties is expected to be significantly higher in the second half of 2023 relative to the first half and that the royalty structure we’ve disclosed from the Hikma relationship will actually reset up again in 2024.
So it’s the combination of all those things that get us to the durability. Our big focus, as Kim explained, is on growing Xywav. This is the longer, healthier choice for patients given the benefits of low sodium in this chronic treatment and we’d like to see more and more patients get the benefit of Xywav moving forward.
Operator: Thank you. The next question comes from the line of David Amsellem with Piper Sandler. Your line is now open.
David Amsellem: So I wanted to come back to the Vision 2025 targets, particularly the $5 billion top line. It seems like the Street and the broader investor community is not quite there regarding the $5 billion target. So just can you articulate what you think we’re all missing? Is it something surrounding Epidiolex? Is it Zanidatamab, for instance, is GE biliary track cancer are both in that 2025 number? Just help us understand why there seems to be daylight between that target and what folks are modeling for 2025.
Bruce Cozadd: Yes. Well, let’s review where we are towards Vision 2025. Again, we rolled this out at the beginning of 2022. We’re six quarters in to a four-year period. We’re feeling very good about the performance of our business overall, both relative to our guidance for 2023, which has now been raised on both the top and the bottom line and our Vision 2025. I just spoke about oxybate and the durability of that franchise and the positive progress we’re seeing with Xywav. But let me remind you that half of our business today is already coming from Epidiolex and oncology. We’re seeing double-digit growth in our three lead assets, Xywav, Epidiolex and Rylaze which together are accounting for about 66% of our revenues. And when you look at the oxybate piece, Xyrem is now less than half of that piece of our business.
