Terrance Coyne: Sure. So yes, there are a number of upcoming catalysts, as you mentioned in the fourth quarter, Tremfya was one of them, aficamten, we’re going to see the Phase III data collaborative as another. So we’re excited to see those readouts. And I think that our expectation is that, hopefully, if they’re positive, that they would start contributing to growth maybe Tremfya a little sooner. And the others, obviously, would need to go through the regulatory approval process, so probably more like 2025 and beyond. So that’s the great thing about how we sort of build the portfolio is that we have a regular flow of catalysts like these, but also a lot of sort of just organic growth within the portfolio as well. So that’s one of the strengths of our business model.
Marshall Urist: And then on your question on [indiscernible] nothing — nothing special in the agreement with respect to that outcome. I would just remind everyone, we acquired that Royalty as part of our transaction with MorphoSys to support their acquisition of the collaborative program. And it really was centered on Tremfya, the Tremfya royalty, which we just discussed in the last question. So we are excited to see the outcome like I know many others are. But overall, we remain really happy with the MorphoSys transaction and a great royalty like Tremfya that really anchored it.
Operator: The next question comes from Chris Shibutani with Goldman Sachs.
Chris Shibutani: I think when we think about the stock, which has been challenging, you guys have been communicating effectively in terms of addressing — tackling some of the debates, the pre-IPO shareholders, the Vertex triple, the interest rate environment, et cetera. One of the questions that comes up for us is this question of who are the right comps? And this came up in a recent discussion in part because when we see some Royalty trust, which are obviously not exactly the same. These in the Metal and Mining and Oil Explorer, for instance, with kind of similar risk profile though, created a premium. Can you comment about how you think of comparable companies from an investment vehicle standpoint? And maybe if there are any other sort of debates that are metals that you feel that you have to address.
And then secondly, on the creativity with [indiscernible] , obviously, there were particular circumstances with multiple players that lets you kind of double dip and expand into that opportunity. Does your creativity extend into thinking about some of the existing relationships that you have to also sort of further create additional structures that expand upon existing royalties given the fact that you have the relationship due diligence, et cetera, or with the same entities, perhaps for other assets? Is that part of a proactive effort on your part to grow the book?
Pablo Legorreta: Yes. So I’ll answer briefly the second question on creativity. And I think the way we approach the business, and we’ve done it the same way for several decades is that we try to get to know management teams, get to know the companies that they’re running, the products they are developing really well, and then have a constant dialogue with them about the challenges they face, the capital they need. And then see how we can best help them fund their programs and solve problems. And we always approach this dialogue with a super open mind, I always tell the team, we need to start with a sort of blank piece of paper and not come with any preconceived ideas that understand the problem first, understand the issues, the challenges, the need.
And then let’s reflect and see how we can come up with creative structures. But I think the business also has this very unique characteristic of repeat business with many companies and even Cystic Fibrosis Foundation and others, MSK, where we’ve done multiple deals. And we had a slide, I think, recently when we announced the PTC transaction of the volume of repeat business, which is very significant. So it is definitely something that we’ve become known for because I think a lot of those management teams and these companies believe that once they establish a partnership with us, and we know each other and are very easy to work with and very creative. They can then continue to work with us over time and helping them with other challenges they face.
But I’ll turn it over to I guess the first question was for Terry, yes.
Terrance Coyne: Yes. So Chris, you raised a really good point, and it’s something we’ve thought a lot about is the comps. And we really are [indiscernible]. And so there are elements of our business that look a lot like pharma. And then there are elements that are different. And there are elements that look like another sort of gold mining royalty company or even an alternative asset manager. And so we don’t fit squarely into any one bucket. We think that, that’s a benefit of the business, but also it does require more education on our part and just sort of meeting with investors and being out in front of people and explaining why this business is so unique and how you can get exposure to some of the amazing elements of biopharma without some of the challenges that the biopharma sector faces.
And that’s taking time. And I think that we’re going to continue to work at it. In the meantime, we feel like we’re continuing to execute really well. And hopefully, over time, investors start to be rewarded with a much stronger share price performance.
Pablo Legorreta: Yes. I’ll just add to what Terry said, one concept that I think is really critical here. Because the question of comps is an important one and one that, as you said, you’re getting often. But I think just a much more fundamental consideration is really what drives the performance of Royalty Pharma. And when you think about it, it’s really no different than a pharma company — biopharma company, sales of pharma products and what drives the sales of pharma products. It’s new indications, penetration into new markets. We have so many new therapies in our portfolio. We’ve been able over many decades to always invest in the most exciting new products that every wave of innovation has generated. So we have the drivers of biopharma, which is the top line driven by new products and markets that didn’t exist and as they get penetrated, they have very, very strong underlying growth.
And then as Terry pointed again, we’re not exposed to some of the headwinds of this industry. So I think it’s a very, very unique investment proposition and one that investors when we really sit down with them and investors understand what’s unique about Royalty Pharma, I think they realize that this presents a very unique opportunity to invest in Life Sciences in a very attractive, diversified way with significant predictable growth and low risk.
Operator: I show no further questions at this time. I would now like to turn the call back over to Pablo for closing remarks.
Pablo Legorreta: Thank you, operator, and thank you to everyone on the call for your continued interest in Royalty Pharma. If you have any follow-up questions, please feel free to reach out to George.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
