Good morning. My name is Dan and I will be your conference operator today. At this time, I would like to welcome everyone to the Biogen First Quarter 2018 Financial Results and Business Update. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you. I would now like to turn the conference over to Mr. Matt Calistri, Vice President, Investor Relations. You may begin your conference.

Thanks, Dan. Thank you and welcome to Biogen's first quarter 2018 earnings conference call. Before we begin, I encourage everyone to go to the Investors section of biogen.com to find the press release and related financial tables, including a reconciliation of the GAAP to non-GAAP financial measures that we will discuss today. Our GAAP financials are provided in Tables 1 and 2. Table 3 includes a reconciliation of our GAAP to non-GAAP financial results. We believe non-GAAP financial results better represent the ongoing economics of our business and reflect how we manage the business internally. We have also posted slides on our website that follow the discussions related to this call. I would like to point out that we will be making forward-looking statements, which are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties and our actual results may differ materially. I encourage you to consult the Risk Factors discussed in our SEC filings for additional detail. On today's call, I am joined by our Chief Executive Officer, Michel Vounatsos; Dr. Michael Ehlers, EVP of Research and Development; and our CFO, Jeff Capello. Before I conclude, I would also like to note that starting with the Q2 2018 earnings call we will post press releases related to future earnings calls, materials, and Investor Events on the Investors section of Biogen's website, www.biogen.com, and issue statement on Twitter when they become available. We will do this instead of publishing press releases related to future earnings calls, earnings releases, and Investor Events via Newswire services. Our Twitter handle is @biogen. Now, I will turn the call over to Michel.

Thank you, Matt. Good morning everyone and thank you for joining us. First, let me begin with some financial highlights. Biogen started 2018 with first quarter revenues of $3.1 billion. On an apples-to-apples basis, excluding hemophilia, revenues grew 15% versus the same period a year ago. Including hemophilia, revenue grew 11%. First quarter 2018 GAAP earnings were $5.54 a share, a 60% increase versus the same period a year ago, and non-GAAP EPS was $6.05, a 16% increase versus the same period a year ago. We are pleased with our double-digit top-line and bottom-line growth. Our new management team is taking meaningful action to secure our long-term leadership in neuroscience, including strong execution on our core business, a renewed focus on business development, ramping up our internal R&D productivity, and implementing an enhanced operating model designed for the future. Now let me review the solid progress we made in the first quarter. First, our MS core business including OCREVUS royalties delivered revenues of $2.1 billion. Globally, our core franchise remained resilient as reflected by continued growth in number of MS patients and new staffs on Biogen therapy. In the U.S., the good news is that we saw improving demand of our MS products and our discontinuations remain relatively stable. However, we saw the usual seasonality and a larger than expected inventory drawdown. Outside of the U.S., our volumes grew in our priority markets and we continued our strong progress in the emerging markets. Overall, these performance is in line with our expectations, but there are some puts and takes that Jeff will discuss in more detail. We remain absolutely committed to our MS business and we are furthering our lifecycle management initiatives by advancing the development of BIIB098 with our partner Alkermes. We have planned to file for regulatory approval…

Thank you, Michel, and good morning everyone. Last July, we communicated our vision for securing definitive leadership in neuroscience. This past quarter we have executed against our goal to meaningfully enhance our pipeline by adding or advancing five clinical stage programs, improving our research productivity, and bolstering our portfolio of pre-clinical assets. I'd like to talk about how we continued that momentum in the first quarter across our core and emerging growth areas. Starting with MS and neuroimmunology. This week we are presenting data at the 70th Annual Meeting of the American Academy of Neurology or AAN, which was also presented at ECTRIMS, regarding real world use of TYSABRI, and the potential impact of extended interval dozing on the risk of PML. A post-hoc analysis of data from the touch database supported an approximately 90% reduction in the risk of PML when taking TYSABRI using extended interval dosing as compared to the standard dosing. Based on these data, we're accelerating efforts to generate more data evaluated in the efficacy of alternate dosing. If this additional research supports a high level of efficacy with a lower risk of PML, we believe it would represent a significant advancement of the treatment of MS. This builds on our broader risk stratification efforts for TYSABRI including the use of JCV index values. Earlier this month, the FDA approved an updated label highlighting the association between index values and the risk of PML. Further, Alkermes will be presenting data at AAN from the EVOLVE-MS-1 study which is a Phase 3 open label long-term study of our partnered monomethyl fumarate prodrug BIIB98 in patients with relapsing remitting MS with 528 patients enrolled to-date. In a one-year interim analysis of exploratory efficacy endpoints, the annualized relapse rate in patients treated with BIIB98 was 0.16 and there was…

Thanks Mike. Good morning everyone. I'll now review our financial performance for the first quarter 2018, starting with revenues. As Michel mentioned earlier, results for the first quarter were largely in line with our expectations. Total revenue for Q1 were $3.1 billion growing 11% year-over-year or 15% excluding hemophilia. Let me now provide more detail on our MS franchise revenues. While the expensed seasonality and greater than anticipated inventory impacts in the U.S., we believe the fundamentals of the business are healthy across our portfolio as we continue to drive stability in the U.S. and strong growth outside the U.S. Global first quarter TECFIDERA revenues were $987 million, a 3% increase versus the prior year. This included revenues of $729 million in the U.S., a decrease of 3% versus Q1 2017, and $258 million outside the U.S., an increase of 25% versus the first quarter 2017. In the U.S. we saw an inventory drawdown of approximately $80 million. This compares to a drawdown of approximately $60 million in Q1 2017 thus driving a difference of $20 million year-over-year. Excluding this impact U.S. TECFIDERA revenues would have been stable versus Q1 of last year as net pricing increases offset the impact of OCREVUS. On a sequential basis, we saw stable U.S. volumes for TECFIDERA versus the prior year when accounting for the inventory dynamics, with improving demand generation trends within the quarter leading to increased share of new prescriptions and stable share of total prescriptions. In addition we were very pleased with TECFIDERA's performance outside the U.S. driven by strong year-over-year patient growth across each large European market and solid emerging market growth, particularly in Japan, where TECFIDERA has reached 16% market share in its first year in the market. We believe there is significant opportunity remaining for TECFIDERA outside the…

Thank you, Jeff. We closed the first quarter with solid double-digit revenue and earnings growth and with the momentum across our business that we anticipated. In line with our strategic priorities, we allocated capital to both invest in our differentiated pipeline and opportunistically return capital to shareholders. We do not intend to pose or slowdown here. We believe there will be plenty more we can accomplish through the rest of 2018. Looking forward within the next 12 months, we expect further progress across our neuroscience pipeline, including completing enrolment of aducanumab, dosing the first patient with our gene therapy for SMA, data readouts across MS, Alzheimer's, neuropathic pain of thermology and ALS, initiation of Phase 3 studies in stroke and neuropathic pain, and filing for regulatory approval in the U.S. for BIIB098 in MS. Overall, as we have communicated in the past, our goal is to secure the long-term growth potential of Biogen beyond just aducanumab. We believe we have made progress between the potential 2019 U.S. launch of BIIB098, the potential launch of late-stage assets for stroke, PSP, neuropathic pain in the early 2020s, and our continued progress to bolster our early and mid-stage pipeline but we clearly have more work to do to achieve this goal. Importantly, and for the long-term growth of Biogen, we are focused on our eight priority markets with the U.S. remaining the most significant driver. However, as we execute on our strategy and selectively expand our global footprint, we are seeing evidence that there is likely more long-term growth opportunity than we expected in the EU and in the emerging markets. Our MS volumes continue to grow outside of the U.S. and it is still an under-diagnosed disease in many developed countries. Our Biosimilars business in Europe is now tracking at a potential run rate of at least $0.5 billion a year and we plan to launch IMRALDI in October of this year. SPINRAZA is paving the way for Biogen to establish a presence in selected new geographies which will support further global growth. In the first quarter, our ex-U.S. product revenues were $986 million, an increase of over 30% from the same period a year ago, and we have recently opened affiliate in China, Korea, Taiwan, and Colombia. Finally, I want to reiterate our commitment to maximizing returns to our shareholders over the long-term. This demands that we continue to allocate capital efficiently, effectively, and appropriately. As we have demonstrated in the past, we will always strive to have an optimal capital structure as well as aim for superior returns from the investments we make. I would like to thank our employees around the world who have dedicated to making a positive impact on patient's life and all of the physicians, caregivers and participants in our clinical development programs. Next month, Biogen will be celebrating its 40th Anniversary. Our past and future achievements could not be realized without the passion and commitment. With that, we will open the call for questions.

[Operator Instructions]. Your first question today comes from the line of Umer Raffat with Evercore ISI. Please go ahead.

Hi, thanks so much for taking my question. I wanted to focus on Alzheimer’s for a minute maybe and your sample size estimation because of the higher variability and I guess my question is this, you added patients to the trial despite unless they are dropouts which implies to me that perhaps the higher variance has to do with the assumptions you made on both the trials both on the treatment of fact and perhaps also on variance so my question is where your assumptions on the placebo arm informed by prior trials that happened reported large ones or where they were informed by the Phase 1b data that you presented previously.

Yes, Umer, this is Mike. I'll take that. So essentially you're correct about this, let me clarify. The variability that was observed was and the powering of the study was initially designed based on our known data in the Phase 1b prime data study as well as other previously conducted studies so both were contributing to our estimation to that. Of course it's always an estimation of the variability that we would expect to see and the blinded sample size readjustment was put in place in order to take care of the situation where I think our assumptions were not quite accurate. And that's what we found in this case where our assumptions as we had initially going again in were not exactly the same as the behavior that we were observing across the blinded sample size. So as a consequence we increased the sample size of the trial as a whole in order to preserve 90% power.

Got it. And just to be clear when Lily ran their third trial they used higher end of the standard deviation and they basically took the higher standard deviation from the first two trials; is that a practice you had continued to implement as well?

Well, I mean we haven't gotten into that level of detail on exactly the statistics underlying our initial assumptions. But just for a little bit of perspective I mean this blinded sample size re-estimation as you know is a pretty standard method used in trials and we did the same thing actually an increase of sample size for both our TECFIDERA and PLEGRIDY trials and they were ongoing.

And your next question comes from the line of Geoff Meacham with Barclays. Please go ahead.

Hey guys good morning and thanks a lot for the questions. Just had a question on commercial SPINRAZA. I realize that trends can be lumpy on a sequential basis just given dosing but does like new starts moderate in the U.S. can you speak to the dynamics in the U.S. end of the market and then obviously OUS you do have some nice sequential growth and good new ads and maybe just speak to kind of where you are with respect to adoption in some of the major markets. Thank you.

So thanks for the question. This is Michel. We don't see the start forms really at the tread line and we're working hard really to capture now the rest of the pediatric population and the adult population and these takes a bit more time than we anticipated. But if we step back, there was bolus of patients a year ago that were working for this only hope for treating SMA. And they came pretty fast to treatment and we have basically outpaced all estimate that we had and that the external stakeholders had also. So we did extremely well and the model worked very well. Now the second phase is absolutely to do to hey to do the same, but for the pediatric and adult population which is the biggest cutter of SMA patients. So we are basically enhancing and increasing the field team. We have now an adult campaign that we are launching and we start to see traction. We have patient's ambassadors as adults and we are encouraged by the momentum actually. So we are really focused on implementation there is still more than 5,000 patients to go. The team is putting the head down and implementing better than ever and actually I have good confidence in our U.S. team.

Your next question comes from the line of Eric Schmidt with Cowen. Please go ahead.

Maybe another question for Michel on biz dev you mentioned a renewed focus here. Is there a specific goal that you're trying to achieve via business development maybe you can comment on what that is and what exactly you and the board have alignment on with regard to your focus here?

So let me take that one. This is Jeff. So as Michel has said and I've said as well we've got. an enviable position here where we were well capitalized and we generated a lot of cash. And so we're in an enviable position where we have a lot of cash available to create shareholder value. Our premium is on adding to the pipeline, given our commercial footprint and our manufacturing footprint and trying to bring in assets that are closer to being market ready. So there's certainly a preference to kind of look at those types of transactions. However as we go along we'll continue to add to the pipeline with mid-stage assets and lower-stage assets where they fill in, and Mike has done a great job with his team doing that. But at the same time given our capital situation our cash flow generation we can both add to the pipeline both later-stage assets and mid-stage assets and also return capital to shareholders. And I do want to reiterate we have $2.75 billion remaining under our share repurchase program and we expect to be active on that front as well.

So if I can add on one Jeff’s comments. The priority capital allocation will go in terms of BD, will go on the priority growth areas. So we will retain some capital and will distribute. We'll continue to distribute the way we have done but even more eventually. But the investment in terms of BD will be primarily dedicated to the priority growth areas: MS, neuroimmunology, movement disorders, neuromuscular diseases and the last one, Mike.

Alzheimer's.

Alzheimer's disease absolutely.

Your next question comes from the line of Cory Kasimov with J.P. Morgan. Please go ahead.

Hey guys. Good morning. Thanks for taking the question. I guess following up on Eric's. I also wanted to ask about BD but in a different way as it relates to the growth outlook for the company from here, so with SPINRAZA flattening out at least in the U.S. as you been predicating and a stable MS franchise. I'm curious if you think you can continue to grow the business over the intermediate term without bringing in a later-stage pipeline from the outside. Thanks.

Let me start with a comment on MS, SPINRAZA flattening out in the U.S. I don't think we're saying that the U.S. is going to flatten out indefinitely. I think what we're saying is because we were so successful in getting through the bolus of patients when we first introduced the drug that we had kind of a benefit -- one-time benefit of a number of patients, particularly in kind of the infants and the pediatrics. And so we worked our way through that which is why kind of the loading doses have come down a bit which is kind of impacting our sequential growth. We think that as we, as Michel said, penetrated the adult segment which is the largest segment that growth will resume and we're kind of predicting that to happen at kind of the end of this year as our sales force gets focused on the different centers to treat adults we get through reimbursement we identify those patients. So there is still a very good growth opportunity in the U.S. Outside the U.S. there's an even bigger opportunity and you can see and we've said clearly that we think the market is going to be greater. We won't face exactly the same dynamics because some of the outside U.S. patients don't go through the normal loading doses they come through the expanded access program. So we'll have more of a regular growth outside of the U.S. So we're still very confident that the SPINRAZA has a very growth -- good growth opportunity ahead of it.

So I can only reinforce the focus of the organization on executing well all around the world including the U.S. As I've said we are very encouraged by the leadership and the implementation that we see in the U.S. even if there are some bumps sometimes on the way. This is the nature of our business. So it's all about growth and this hopefully will be generated in the U.S. more directly but mostly ex-U.S. Concerning SPINRAZA with the rapid and sequential reimbursement that we are gaining and the objective by the end of the year we are unlocking new opportunities in terms of picking SMA population. So this paves the way hopefully to us achieving the peak sales that we anticipate and we already said this will be one of the largest asset of the organization. Obviously we look at complementing eventually the momentum with some acquisition but we will be very wise always on the way we invest our capital and if we believe we can do -- these assets can do better in Biogen hands then we’ll propose that to the board that will be always very cautious but we are actively looking absolutely.

Your next question comes from the line of Geoffrey Porges with Leerink. Please go ahead.

Thank you very much and appreciate all the color. Just following up on SPINRAZA. You gave us good information on the distribution of patient types by age in U.S but could you provide the same color for the 2300 or so patients outside the U.S. I think that's the right number. And then could you just comment on treatment persistence in the U.S. where you've been in the market for longest for those three different patient population infant, pediatric, and the adolescents in adults. Thanks.

Yes, so let me give you the numbers as it relates to kind of Europe. I don't have all the numbers around the world but kind of our Type 1 patients were roughly 810 in the first quarter, Type 2 were 590, and Type 3 were 138, that's how it breaks out plus Geoff.

Your next question comes from the line of Michael Yee with Jefferies. Please go ahead.

Thanks for the question. Appreciate it. In regards to the Samsung Bioepis stake which you made a comment about planning to exercise in the coming months, can you just remind us I guess how that would work when you do that you have to integrate your P&L or you just going to hold the equity stake obviously that would be worth billions of dollars, so maybe just the plans on that and how that strategically would fit with what you guys are trying to do et cetera et cetera. Thanks so much.

So this is Michel before we come to this question I just wanted to answer the second part of the previous question. The discontinuations on SPINRAZA are extremely low and this speaks to the efficacy of the product and the progress that the patients are making on the product. Now Biosimilars.

Yes, so as it relates to kind of exercising that option that would be an equity investment we would make and would still be below the level that would require us to consolidate, so it would be an equity investment where we would just pick up their share or our share of the net profits with regard to that collaboration. So would be booked kind of below the line, below non-operating.

Your next question comes from the line of Ying Huang with Bank of America Merrill Lynch. Please go ahead.

Hi, thanks for the question. Another quick one of SPINRAZA as well you mentioned previously that seven patients from the AveXis 101 Phase 1 type 1 SMA patients have already been receiving SPINRAZA treatment. Can you talk about where those seven patients saw additional function improvement from SPINRAZA? And then secondly in light of the recent failures of the Merck facing better in two Phase 3 trials does that change your thought on your base program in Phase 3 or not. Thank you.

Hey, Ying this is Mike thanks for the questions there. I mean so that the short answer is that we really don't have direct information on the clinical status or outcome of the patients in the AveXis trial that had substantially gone on SPINRAZA. All we can really say is that medical experience to-date and as reported by AveXis indicates that number or a large number of patients who received in therapy subsequently gone in SPINRAZA. But while we don't know the exact reasons there, they're not hard to imagine and in any event suggest that even with a gene therapy product on the market we can anticipate substantial need and use for combination therapy which is something that we're actively exploring in terms of preclinical studies. With regard to the Merck base inhibitor results of course these are things we've been looking at very carefully. I think they do raise a number of very valid questions about the right patient population study design when you might anticipate potential benefit or not and these are things that we're looking at very closely in active discussions with our collaboration partner ASI.

Your next question comes from the line of Matthew Harrison with Morgan Stanley. Please go ahead.

Great, good morning thanks for taking the question. I was hoping maybe we could just talk a little bit about your neuropathic pain assets. Obviously you're going to have some probably have some data from the Radiculopathy study sometime in the second half of this year. Maybe if you could just help us think about, what we're going to see out of that dataset and how you would frame that data in terms of insights into the overall program. Thanks.

Yes, so this is Mike, Matt. Thanks for the question on that. So right now this is we've got BIIB74 it’s we'll be starting a Phase 3 trial in Trigeminal Neuralgia I mentioned. It’s completed enrollment in Phase study in painful lumbosacral radiculopathy. These are two different pain syndromes. I think as you know and one of the challenges but and opportunities in the neuropathic pain space as you got a variety of different specific indications that have different features of neuropathic pain. Trigeminal neuralgia very episodic pain crises and some where we've got stronger proof of concept data. Lumbosacral radiculopathy or sciatica this is a little bit more of a mixed neuropathic in inflammatory pains state that's a little bit more of a mixed mixture. We've started screening on our -- on the trial in small fiber neuropathy again this would be a small fiber more episodic pain disease. In each of these cases, a lot depends on the specific pain state and the mechanism that you're going after. That's why we were trying in each of these three, the strongest clinical evidence that we have to-date is in trigeminal neuralgia and we're looking to explore where that might provide additional benefit beyond trigeminal neuralgia.

Your next question comes from the line of Terence Flynn with Goldman Sachs. Please go ahead.

Hi, thanks for taking the questions. Maybe just on SPINRAZA in Europe, I was wondering if you can give us a little bit more detail on the percent of patients that are getting a loading versus maintenance dosing and then roughly where you would expect that to end up by the end of the year. And then for Jeff, you had repurchased $250 million of stock in the quarter; you mentioned you still have a pretty sizable amount outstanding. How should we think about the case on the forward there? Thanks a lot.

So we get started on the SMA question ex-U.S., so you recall that we had many patients on the early access program. So we don’t have the hockey stick as easy of dosing dose in most of the market. So this is helping the trend be much more smooth. And in addition there is a sequential access and reimbursement progress we're making and this should pave the way combined with the U.S. performance for long-term growth on SPINRAZA.

And with regard to the share repurchase question, so I would look -- based on the stock price today we think the company is very undervalued, I would look for us to kind of pick up our pace with regard to the share repurchase and actually get out to $2.75 billion over a reasonable timeframe.

Your next question comes from the line of Alethia Young with Credit Suisse. Please go ahead.

Hi guys, thanks for taking my question. I was just curious actually about the Alkermes program BIIB098, just how you’re thinking about the potential opportunity there from that relationship of payors and the physicians and thinking about differentiated profile in TECFIDERA in particular linear generic which may come in August of 2019. Thanks.

Okay Alethia this is Mike. I’ll start with this and then pass it on a little bit. So I mean the status is that Alkermes is presenting data at AAN demonstrating clear benefits I mentioned on annualized relapse rate and MRI lesions. We’re in the midst of generating and gathering data in head to head comparison with TECFIDERA which we’ll be talking about more at the beginning of next year. We do anticipate of being able to file this year and look the profile that we're looking for here is to-date we've seen strong evidence of efficacy. We’ve seen safety profile that looks favorable and we're very interested to know how that lines up relative to our experience with TECFIDERA and we imagine that upon filing and making it available to patients that this would provide an additional potential option with potentially differentiated tolerability profile.

And if I may add, this is Michel. This will be another opportunity to expand the fastest growing segment of the MS DMT which is the oral and TECFIDERA is doing great but here we will have another opportunity with potentially integrate. And coming back to the overall growth questions and the reasons to believe also for MS, we continue to take price and we have seen that. The generics are mostly impacting the originator, the unmet medical needs is tremendous. We have an entire portfolio where we are leaders on the platforms, the orals and the high efficacy. We are generating more data and we had a pipeline. So these are additional reasons to believe in our ability to compete and to grow.

And your next question comes from the line of Robyn Karnauskas with Citi. Please go ahead.

Hi guys, thank you for taking my question. So just a little bit along the lines of TECFIDERA continuing about next year, you’re referring from doctors that they view TECFIDERA [indiscernible] similarly and so basically patients don’t get both, they are now curious whether or not your market research was supportive of that and then on the lines do you think that a generic will really only impact the brand. What gives you the confidence is it just a just rebating and would you be surprised going forward next year that you stuff added 14 people to use generic ahead of a different type of brand in the oral class. So maybe give us some comfort around what your market repurchase value is?

So the way the market so far has managed those DMTs was with open formularies because of this type of disease and they do believe the payors that is not a blanket formulary that will increase the value for the patients. We are talking here logically different therapies, different classes. As you know the monitoring on the Gilenya is pretty intense during the first period on the product. I don’t see how evidence based medicines will be completely overshadowed by formularies in order to prescribe first a generic of S1P that has baggage of efficacy and risk profile that is different from the other DMTs, this would be a bad day for evidence based medicine in this country and this will be the first time for neurological diseases and mostly MS. I don’t see that as a credible assumption, we will not take that in our long range plan assumption.

And Robyn, I may add just a little bit here, this is Mike. I think in our experience and discussions practicing a neurologist out there is that there would be a very strong aversion we believe to patients potentially having to have a multi-hour first dose cardiac monitoring as a step through for some of the therapy. So there is an initial a clinical burden that would generally be viewed negatively by a number of MS neurologists we believe.

And your final question today will come from the line of Ronny Gal with Bernstein. Please go ahead.

Good morning everybody and thanks for fitting me in. Just wanted to talk a little bit about the pattern of buying that you're seeing with the MS product, it feels a little bit like buyers are buying in the fourth quarter ahead of anticipated price increases in the first quarter. Is this what’s going on and is it something you can manage through contracting and similarly can you talk a little bit about co-pay accumulators as you switch to patients from kind of insurance type card to a more of credit card format in terms of your co-pay assistance program?

Ronny, it’s Jeff. Let me help you with the inventory channel dynamics and reiterate some of the numbers for you. So I think as you saw in our press release, we disclosed the channel inventory overall for U.S. MS came down about $130 million in the first quarter. If you look at that compared to the fourth quarter channel inventory went up $50 million. So we had about $180 million swing that had nothing to do with fundamental demand as far as we can see it, it is just channel dynamics. So that's a good kind of overall sense of kind of what happened Q4 to Q1 and we expect that the case is in fact because of expected price increases we’ve done and further regularly in the first quarter. So that we can’t control to a certain degree that we have kind of a larger kind of channel building that's prerogative in the fourth quarter and then some drawdown in the first quarter. Fundamentally though as we look at kind of share and we looked at it carefully with regard to kind of going from the fourth to the first quarter that script, we believe we picked up share in both TECFIDERA and TYSABRI from the fourth quarter to the first quarter in U.S. in terms of new prescriptions and the kind of flat total prescriptions. So we think the business underlying are pretty healthy and it’s going in the right direction but we can’t control always kind of the channel inventory dynamics.

Yes, we are pleased to see that basically we cross that during the months of March in MVRX Ocrevus with a growth momentum for the BIIB portfolio, so we are pleased to see that. But still a long way to go. So concerning the patient accumulator I understand this is the last question, so we believe that some [indiscernible] have started to account the co-pays element differently according to these new co-pay evaluator formula and there is absolutely no impact at this stage, we need to monitor that every year carefully but at this stage there is nothing more to report. End of Q&A

So thank you all for attending our Q1 call and have a good day. Thank you.

Thank you to everyone for attending today. This will conclude today’s call and you may now disconnect.