VRNA - Earnings call transcript Q4 2024

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Operator

Good morning, ladies and gentlemen. Welcome to the Verona Pharma Fourth Quarter and Full Year 2024 Financial Results and Conference Call. [Operator Instructions] This call is being recorded on Thursday, February 27, 2025.

I would now like to turn the conference over to David Zaccardelli, the Chief Executive Officer. Please go ahead.

David Zaccardelli

everyone, call. welcome, and you to today's Thank

With During the Commercial and advancing launch quarter, Officer; Chief we Dr. you our Chief our our Dr. Hahn, progress Chris with achieved remarkable Officer. Martin, today. updating Tara of to Medical programs, Kathy look Rheault, the are Financial Officer; and Mark our past development forward me Chief Ohtuvayre, Officer; Rickard, along Development with Chief our

U.S. year XX of COPD XXXX millions and Verona action also for FDA was inhaled for the for treatment approval suffering as in launch with maintenance an transformational first of the COPD. available COPD therapy Ohtuvayre of from years. another is of patients for commercial a Pharma with mechanism was over Ohtuvayre important the year XXXX novel

our addition our and In we and key moment, I'll the in which strategy. COPD programs in launch, partnering to in made bronchiectasis walk a through outstanding global Phase have and pipeline regulatory II progressed advances

First, COPD availability, let's indication were treatment quarter the commercial Ohtuvayre, full maintenance which of for sales the benefit the the million its of of grounded first in the $XX.X $XX.X is full its risk profile. million for broad compelling of to In quarter initial Ohtuvayre in fourth net and review launch and year XXXX.

of first months launch build momentum to X continues with XXXX very are initial QX dispensed the to pleased in prescriptions strong We than XXXX. the extremely report more in QX

belief can a results starts refills. month-over-month we These in patient Ohtuvayre early growth launch become our remarkable support saw are and product. dispensed new prescriptions, blockbuster and Additionally, that

over approximately of strengthen Tier HCPs. our XX% Ohtuvayre, HCPs our prescribing unique to X,XXX continue prescriber X,XXX X base with We including

their We see HCPs expanding prescribing to continue patients. more to

than over HCPs Ohtuvayre now XXX more patients to have their XX in practice. prescribed Specifically,

to of and continue metrics. by depth the and prescribers very breadth be encouraged We prescription

range to and utilization therapy. In a prescribe dual metrics, approximately types bronchodilator addition triple including patient patients the paradigm nonsteroidal COPD. on continuing background all are that belief redefine single, see we broad activity our Ohtuvayre can for anti-inflammatory This of launch to across COPD key across and HCPs on treatment strengthens novel Ohtuvayre's these patients, XX% impressive

patients extremely and of over X and supported the by is from about receiving continued meaningful persistency patients both impact care Ohtuvayre health data, providers encouraging Feedback our refill and is including refills. also

our programs. we launch, clinical have our to with Ohtuvayre Alongside continued advance pipeline X Phase successful II

with completed II a the clinical the Following support end successfully This the for range dose LAMA, the study maintenance of trial treatment to we fixed-dose year, nebulized combination dose-ranging our Phase the glycopyrrolate, ensifentrine a of with appropriate confirmed COPD. clinical the of to the with of components to of combination. glycopyrrolate initiate development fixed-dose compared We XXXX. dose-ranging Phase second nebulized plan IIb support glycopyrrolate further half of to ensifentrine trial fixed-dose combination evaluating a in a individual

assess on enrollment with of symptoms a Phase pulmonary life. ] our group addition, in ensifentrine twice exacerbations, and will II assess of the randomized will XXX trial in to recent and the ensifentrine continues subjects parallel placebo-controlled effect pulmonary exacerbations. The bronchiectasis. milligrams In The trial risk [ quality of rate X with of double-blind, history study daily enroll nebulized patients

to pivotal completed trial the address across ensifentrine millions COPD outside of Ohtuvayre Macau COPD for in Nuance enrollment the in and in treatment maintenance globe our symptoms III Ohtuvayre first maintenance partner mission the for of Finally, to current still approval COPD turning the of patients to provide recently in clinical evaluate China is expects U.S. of it important also ensifentrine This of experiencing step despite Phase results the our its to Pharma, that announced in in mid-XXXX. marking persistent global needs adult development announced therapies. in of Pharma has patients, strategy. the Nuance for China, our approval the an Greater treatment

activities with United Europe are Kingdom. on forward in to progress. the We also look preparation for the submissions we finally, regulatory updating And potential authorities initiating you application and marketing this Union authorization in

Mark now our turn call will financial XXXX. full QX I the and over for to to review year results

Mark Hahn

of for The we morning. in quarter Verona first Good fourth recorded million full sales was the in monumental $XX.X as Ohtuvayre quarter sales.

December For Ohtuvayre net the year million. XXXX, XX, $XX.X sales were ended

in Cost inventory These pharmacy ended December $X sales for was their of royalties. R&D costs expense. $X.X Recall for specialty post-approval and approved maintain manufacturing and the with contracted to were and associated continue inventory the include manufacture weeks. prior FDA year. X approval, Ohtuvayre to as XX million was that XXXX at the partners costs levels Ohtuvayre of quarter costs, Our June X expensed costs Ohtuvayre overhead of receiving million to

annual of costs. period initiation $X.X related in million, trial costs for costs of was to the $XX.X compared XXXX, the million development and ] costs December $X.X other the and reported increases year for the XX, reported [ XXXX, in development December X and XXXX. were people-related across approval and Research the milestone, of pre-approval million million increases million $XX.X million, quarter share-based ended $XX.X $X.X and The the primarily increase ended due Phase clinical to in for $X.X compared fourth an to quarter XXXX XX, increase million to of for manufacturing compensation II trials

reported the administrative XX, the ended increase and December for a to in were million same the period due and we December $XX.X share-based compared XXXX people-related as Ohtuvayre, first-sale million XXXX, $XX.X million $XX.X million $XX primarily million increase Selling, in commercial-related in our of XX, XXXX, million out XXXX. million for compared $XX.X the year an organization was annual costs $XXX.X $XX launch other The general for across ended commercial to the the to milestone, expenses compensation. increase for $XX.X activities and supporting a marketing built and in million increase period quarter

or tax million the of period represents same loss the $X.XX share of the the ordinary $XX.X year. $X.XX fourth share after net and $X.XX XX, XXXX share of and for in compared prior ended December ADS ordinary the in million ordinary loss loss year XXXX. share compared per to the loss of for for or $XX.X $X.XX a compared ADS $X.XX $XXX.X of quarter to XXXX, per ADS per the per loss a tax net compared This million XXXX, $X.XX a was for year loss a of For per for XXXX or quarter $XX.X million per ADS to XX, or to $X.XX per a December after quarter $X.XX ended per ordinary for

remains cash December of in XX, and equivalents strong Finally, our $XXX million balance as XXXX. sheet with

access to we of have addition, $XXX In facilities. the additional Oaktree to up million capital through

turn back now the for call I'll to the Q&A. the operator over

Operator

comes question with Tsai [Operator from Andrew Instructions] Jefferies. The first

Lin Tsai

Congrats pretty on to It's launch the see just the progress. awesome progressing nicely. all

So my first healthy. question is, the really look volume very

Can the side quantify And us QX? to when prescription with much? clear, the sales sales the question help is it how the relates be that just gets in deductibles next? us fill that Can and there gross-to-net just QX is typically Or it cadence. you maybe well? So set so, it affected? on by if level how expectations And much for impact somehow you as could insurance side as pricing to be a to resets help you report EPS occur

David Zaccardelli

his turn in Mark to thoughts question. on the for over you thank to that dynamic gross-to-nets. it provide I'll Andrew,

Mark Hahn

assistance. deductibles, and the talk co-pay it perspective. gross-to-net, related then the he commercial I'll But that be to thing about of of commercial talk higher a have can from from you they're impacting you to sees gross-to-net, high them. Yes. Chris would the a would If amount patients going co-pay see what Andrew, -- assistance about a fill real could see more

shipments. portion very patients are However, total the as you of know, commercial a small

think, won't gross-to-net anything, about But an impact have fills. So Chris if can don't it I of the in QX. talk much on

Christopher Martin

thanks Andrew, for the Yes. question.

the as think, year, that or the we've every of the as far resets, business. deductible beginning at just Medicare As line of the fills, through were other our sector like we, before, to brand subject stated works I

outweighs that that potential of we've that believe any many I also strongly resets have. deductible of patients think is what very momentum the said may the launch we these

And increasing nominally continue we're to on you and expect dispenses total still quarter our full is Remember, see refilled basis. the of launch. patients expectation monthly would in new a to that second

the Advantage -- momentum of those year. and Medicare you think deal the of at believe dynamics going again, that high-deductible with macro brand early faces to have some of are the to can beginning of at year, outweigh the that's with, beginning plans. I that initial strongly some I launch going is that the But deductible patients every reset very the

Lin Tsai

could break million Yes. you assume which guys this maybe I'll is is year? it do you to ask to is, Very good. about consensus, XXXX feel fair $XXX try million? And And about even how

Mark Hahn

long single asset, break-even time and a a me about overhead sales, let to I've can think been team the very with -- no and talking a now Well, get I or that company focused a discovery portion. not get. sales start real with to small flow to cash quarterly $XXX the but a probably the R&D like for run But at relatively $XXX breakeven, engines team, Verona million a a annual small could gets breakeven. a that run million Cash where to million than think $XXX flow may I $XXX breakeven, profitability actually. a breakeven we rate you that's it closer a flow rate -- million rate, cash

right. are So yes, numbers those

we that the rate be in of year. could at think end I the

David Zaccardelli

Andrew, I Yes. mean --

confident don't The it can the We're trajectory I very I need think as you with uptake know, unmet of patients. in is is think comment Ohtuvayre. regard directly, on see out of really the there, the but to number consensus, everyone increasing. we

momentum XXXX I the opportunity see quarter. early And about unfolds. [ you can the in the And excited think we're this ] so first clearly, very as

Operator

comes from Piper Sandler. question next The Yasmeen from Rahimi

Yasmeen Rahimi

really have getting outstanding the many that the anything on are of headed not keeping beautiful. headwinds direction? things question happen? analysts more sort Congrats night? some are risks guys guess I is That's the that that I looks one. or our clients Because chart up given the growth from could you would that at I foreseeing what incredible are And an that's of What love launch. we some I guess, -- what the we're is be that want launch, first of all our could the on are like one of

like I filings. what around is European select number opportunity the the around us understand in, Question two U.K. think, is countries. thoughts and Help market your

what I pursue to opportunity cost also, force. -- And the that? really I out to the substantially wanting is there? think about we do build Can the it. think, past, how Appreciate lower. needed led in your guess, to pricing like a sales And

around question multi-part that. Sorry,

David Zaccardelli

Thanks Sure. question, Yas. the for

launch the we're COPD. has been we addressing of unfolded. that and there standard need of there a clearly patients, that's -- on currently think playing out in millions, optimistic the as very before comment, demonstrated is knew in are number I has care. headwinds unmet large symptomatic the that We And really that current the is launched

into patient So an a launching indication with great we with unmet population in label a need. broad are

So to merely just they handle or is we or their the of that level patients medical cadence how physicians don't really is there a them how accessed. tapped they being out of and maxed this out And normal see needing address in see care.

the Tier prescribing the X,XXX XX% X and As and with the Approximately targeted continues of over now are you prescribers HCP expanse see, prescribing unique already. of can prescribers. depth breadth

shows patients for that and helping remain the for symptomatic. pent-up I you Ohtuvayre need think who

So we continue. to that expect

the all different XX,XXX in in clearly surround target offices. are course, that and, HCPs of There the our those list, HCPs

continually opportunity And prescribers get expanding so we help see and to an patients. to more more

that And don't a from frame anti-inflammatory. perspective, see bronchodilator patient, competition in dynamic we really any an like that headwinds. and future, standpoint any nonsteroidal unmet a Ohtuvayre, need, don't see from again, foreseeable a time we a anything of looks that From so from -- market specific a

So with extremely helping patients. that these think that, fits I well

attend we manage to lot has that be tests running risk. And as get maybe a that handled never a to I attention things the pharmaceutical that to business of much then think is always to have have

commercializing around to release all product, have sure You product doing have that properly. make have you're the product, regulatory make to the you requirements you to

underlying risk I the our business pharmaceutical the that's every to that all pay never is And enough execution work something But do. inherent we to, just and And on on that can that attention as an for something work well. on business. the we we day put continued execution So clearly, activities. that pharmaceutical always we

think, through on we I optimistic very the market as for again, sure. go So XXXX

to advancing just filing, start still Europe. European the as we plan far understand, As we're sure in What to the process we operations in doing make regulatory Europe. don't is

I the greater go conversations we well very regulatory then into to time Europe, which that, aspect line. strategy. U.K. our the filing And and time we'll as the we you in do the talent on that strategy. our European to As clarity I work people feeds our And to get that we have think is from a know, regulatory get in takes And advance Europe the filings the from And and capability and the through our concurrently through. XXXX, think in still in of some a perspective, strategy with partnering we'll both in partnering order Union as

I expect So as especially to come we XXXX. through together, them walk

Operator

Fauth The question Tiago with next comes Fargo. from Wells

Tiago Fauth

not to about been revenue Like a How months upside for duration that average per lot we can a about discontinuations. here. about on patient -- couple assumption? hearing that? duration that's And there of early, checks, think potential getting our therapy X Congrats think questions because still average how really average to is toggle this on the of a progress. duration. while curious channel In we're We've key

David Zaccardelli

think Yes. on thanks. we persistence year, drugs has are sort use based Yes, and -- on around typical X our of of No. that year. malina we've in Tiago, refills described their use been the COPD over that and benchmark normal our how I per that -- the it,

encouraged though, that, very very you Ohtuvayre is through that. characterize refills. As know, the the the ability and are track support through actually we way specialty We there carefully is a the upside think it network patients by the pharmacy. that we specialty some them to distribute to And early, and to pharmacy

first I launch comes earlier of we the started as because, the already. refills receiving course, from over refills, And again, that of think course, are very about, patients. now X the patients early that of most patients the of that fact in course, is, Ohtuvayre refills helping yet from in the XXXX. it's But -- part talked

very number to we'll the we XXXX, of now. where yes, course, And through at. right do are get have, there a encouraged we look upside patients, But think as refilled we're refills So to more greater is of year. X information we per yes, by

Operator

comes question with Shrader Tom next The from BTIG.

Thomas Shrader

X trying the question the Congratulations. to break-even ask I nerve up quarter. was after

surveillance So a of XX% not questions. I for are that. Are thank the have common structural drug? working asking who couple you prescribing there any things Any in the on? themes are you

that This add -- nebulizer? building you big drug? how peak is deal are there a a numbers question. have the anti sales nebulizer, who a the there of Or significant this is then really nebulizer? Are And into are is patients patients to nebulizer

Christopher Martin

Thanks, Tom, for the question.

written an the mid-adopters the profile for that Let's of in physicians. the of early is or nominally and have and start late adopters, brands and I want think second Ohtuvayre. highlights No that we focus have the that's characteristics of the of -- mean, is the of haven't market writers their the today. number X,XXX typical of quarter to And I with need I you or I face. launch launch XX% think -- to side over the incredible the what full specific yet. you start on in that writers saw we unmet except What adoption dynamic these see today of dynamics other research adopters.

haven't market think of the benefits X, their excited when profile one also written the and months. patients. written see and the within very next encouraged about do the those how they things I keeps that that of XX all doctors writing Ohtuvayre the start the that talk Ohtuvayre, -- physicians They in about on have the future in would with potential us X, of research we and yet,

to haven't because will we our our that research, the to writer when continue will of So understand base far we doctors and we so continue look these Ohtuvayre. group penetrate written market I that grow, think at profile of

our this into part that route As very administration, of would question we the we're nebulizer, as on launch drug? very can of use I stages drug nebulized as far innovation hypothesis that early seeing think people clearly -- And this trump of or something of launch. the in going early is this was a a that got this early will

something up route a has that around In core fact, doctors. administration that a a comes underlying and are doctors is the kind patients at when with patients persistent from symptoms, a of nebulizer. we we nonissue. have don't Ohtuvayre data, feature prescribing of perspective that become something have nebulizer that with the that the It's do not not our fill up comes It's look have And patients.

talk it patients their nebulizer lungs. how a is deliver know their they many comforting fact, to because In product way gets about to

dispelled, the I something bringing and that I showcases it Ohtuvayre think been COPD that's launch to marketplace. is So think has the in been that early innovation really

Operator

comes The next Selvaraju from Ram question HCW. with

Raghuram Selvaraju

the the It's on progress really really phenomenal Congrats very launch. with impressive.

trends who Ohtuvayre, further Firstly, the I with see we've commercial whether the prescriber expect remain whether regarding to in therapy increase comment receiving respect especially you of you the preferences patients can to bit particular, you gotten proportion are to And that time into also market dynamic wanted on any trajectory. Ohtuvayre if underlying constant? ask of on little a tri emerging deployment or now over

there, situation on get to so what with handle pricing that drug available. the China, of approved like the realize comment just it's And can in to a Nuance look could and dynamics also are ex respect the you performance your just the now able beyond ensifentrine lucrative Macau believe on picker, what has target and wondering for perhaps product pricing to the if likely U.S. we once be been Greater particularly might to in Greater those are there China strategic And also be then you territories territories. plans that are if was what with you bit a

David Zaccardelli

there. a unpack to there's Ram, lot well,

that back question. sort So let start of near me of the

it. work way Let's through our we'll -- and

partner we course, as mentioned, you still, to Greater Our China. in of the strategy U.S. outside have is as already,

and I think of significant in very global South Greater in basis. other growth for in become own Japan, as and are even America, the but other in in important Asia are totality regions the their incremental Other Clearly, of incremental again, other parts and Europe, are emerging the outside markets, all China, a regions, all way. on well; Ohtuvayre course, important.

we'll to But always successful that's is having important focus been we which that than continue for carry there -- on, I've with we'll sure. more that And by Europe a XXXX regulatory mentioned, saying in as starting on U.S., we're in I with state partnering. execute the and already nothing strategy to the launch for progressive in in the U.K. continue authorities in more the working Now what and

talk what maybe to turn balanced and we've it what -- sort that in And on market did I'll the research. of Chris has -- to we the been market dynamics dynamics about over how seen

Christopher Martin

goes When kind back look Dave. change patients. what's Ohtuvayre, the prescribed patients who's Thanks, to some at physician truths. for theme the have persistent all And very therapies to we about consistent that's trigger these add These big it very and particularly symptoms, a patients a or getting within simple of dyspnea.

offices, our help dealing more Ohtuvayre -- persistent background So not potentially it's is. these regards reps go with there with into is decreasing in when patient the dyspnea, time. over these how It's about patients activities could symptoms, today and either therapy what what to about the

triples, XX% long-acting are patients thing in are a LAB-ICS therapies his by other not is, dual that bronchodilator, bronchodilator, I is very Dave either so single which about of think no as comments, on The opening our talked considered bronchodilator. or a we're encouraged that

this over time. think increase is going to I

interactions mechanism another don't from doctors seen and bronchodilation steroids. that heard nonsteroidal provide for and looking As effects another the anti-inflammatory field, and our to we've from are involve in using in physicians way research

comments addition form, into only It of than addition to a really product, potentially will So as long-term as triple its potential his become pipeline to combination lines on more less the of used our earlier a Ohtuvayre, is the maybe expansions. today. but than I mentioned time, current ICS it believe, for talks potentially about in appropriate Dave therapies to over patients in they look these earlier about has not the move place

like that's well. feel great as opportunity move 'XX we through really as I into a 'XX So and

Operator

The from next question comes Truist. Lee from Joon

Joon Lee

in you with reimbursement and of this? XX% spoke wide a the pushes to We of several pulmonologists. help are to for ranging prescription and doing over rates, pulmonologists, reimbursement improve range be what Could some half less than and us you some from to there understand seems pulls

have may European just else partnership. case like a it have that with in clawback And you question may on your to some Is clarification want clause rights? plan the global the merge, Nuance one someone

David Zaccardelli

Joon, the question. thanks for

Let discussions one, I'll I think how it with to we'll last go. the turn then partnership over start to and Chris. see Well, me our have

manufacturing the also As looking broader that to have a of capabilities for DPI and product, manufacturing a you partner of MDI. may with of we're of know, drug regard base development MDI/DPI,

with may than there the the at are attributes one that of other partnership Pharma different the So be Nuance have quite we moment.

and So point. we'll see structured do. And looks kind understand continue. as Ohtuvayre best we shareholders always we deal our how we clearly, make the for that But of do we we in your want that the sure to

And to it Chris. with over I'll that, turn

Christopher Martin

Yes. as in reimbursement, looks think very pleased this Joon, with as of the we've reimbursement launch. stage how been early I far

our under holding these medical Medicare about we would Advantage, we about that's or at launches. either talked or Part go anticipated fall XX% under and we benefit, As consistent reimbursement B of as claims launch, into Medicare

met their patients. supplemental usually is becomes $XX it than get patient If I is or think There's even their If the no can about in Advantage, those that in There's cost for the out-of-pocket one What step it. Ohtuvayre of deductible mean Medicare have nothing. insurance, less there's a no that channels. than to co-pays prior I it. have in always has their an we patients talked we I auth, things at co-pay access those channels. see $XX. less patients are is real access

an of out-of-pocket more driver And cost. the not that's It's so reimbursement. of potentially It's access. necessarily

really insurance. with some work or through have provide Medicare Medicare, have Within cannot so to they their the assistance supplemental any side, to deductibles patients we

we robust to have programs On co-pay side, card and that provide patients. the commercial

well. -- that income can other this process created services assistance as low programs patient Additionally, they get for we've with that through including that are patients product

But I reimbursement way itself. these within X launch, of encouraged quarters we drug, of get say, quarters and would than nominally seeing is the more access importantly, very by when first these vast are the -- XX% come as And presenting having first X many it over patient patients, co-pays a majority, would well. on we $XX we're I them say, -- less would of

Operator

from next The comes Boobalan with Pachaiyappan ROTH. question

Boobalan Pachaiyappan

hear you okay? me Can

David Zaccardelli

Yes.

Boobalan Pachaiyappan

I So just have a couple of questions.

So one the process. of on them focusing refill

of symptom So a when the first do prescription That's drug more are some test they symptoms improvements so what the improved the are So take as usage? are asking when more have they Ohtuvayre does and how make patients So work one. getting going process to of asking anything doctor and doctor with the get setting? sure just the terms or you wondering refill, in seeing? for benefit take they kind I'm call are for the real-world spirometry or in specific patients there that to

And there recurring any any FDA effects the patients in especially there real-world those are physicians are psychiatric label? profile, instances seeing Are those, that side any Are including the that the listed are setting? of side-effect listed the in label? in events ones second, the in these of

David Zaccardelli

Chris process to goes. to turn I'll maybe over it and that with the how refill Boobalan, start Right.

Christopher Martin

this Yes. the mean our I distribution is of benefit pathway.

patients to can of in that X Centerwell prescription talk systematic a therapy. early patient would out patients reach about that Acarria say, the to to their individually the CVS Director like ensuring and will process organized and them very, refill their to processes approach specialty I a timely them encourage a And very refilling in and on individualized it's a and or have to manner. amazing stay pharmacy ensure Each medication. We have partners

their ask the situations Ohtuvayre pharmacy of value to have on to about the opportunity encourages that on. going therapy see our talk the within think to these I and in be what's questions to able stay patients and also lives. They And

Ohtuvayre seeing. think I bit as assess is things to this that think the I or on, initial early X-month upside very to upside one how feedback -- too is is early the that the things the across believe spectrum different to it's the mentioned, also but the beneficial refill early But little very of for going we forecast, is potential we're One patients of be patient. there long a we're doctors encouraging the significant term is that encouraging say really than that data pharmacies getting to there. persistency Dave from our specialty a there's Again, highlights

David Zaccardelli

I be with And effects, commercial and all subject the a label. are side -- side with commercial regards is And active program, to determined an side drugs of we Boobalan, is inconsistent as course, you place. that level. pharmacovigilance as have effects and mitigate on program know, do to say, capture we would effects in there reported that nothing we have

of this say, side-effect course, profile at in the time. I fairly it's, with the consistent labeling. would is I so process our think early And

Operator

session. [Operator Zaccardelli to Instructions] for to David any back would This concludes I over turn our like the question-and-answer remarks. conference closing

David Zaccardelli

you everyone, to seeing at And for continue forward upcoming we progress as of of joining you, Well, this thank course, all to XXXX. we look conferences to us morning.

can helping you patients in well. impact COPD, we're with excited continue very continue the in see, and of globally we the Ohtuvayre As to as and about U.S. both execute we'll as that

you and as day. hope So a great look have to progress, updated everyone we forward keeping

Operator

Ladies participation. your call. and you gentlemen, Thank this concludes today's for conference

You may disconnect now

Verona Pharma (VRNA) 27 Feb 252024 Q4 Earnings call transcript