Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) recently reported its second quarter earnings and discussed the following topics in its earnings conference call.
Terence Flynn – Goldman Sachs: Congrats on all the progress. Just had a question on DME, I guess, can you tell us what percent of patients had vision gain in the study or can you say, if it was at least as good as Lucentis? Then any commentary on current off label use of EYLEA for DME? Thanks a lot.
Leonard S. Schleifer – President and CEO: On the second one we really don’t have any information. We don’t promote and we don’t really even track any off label use of our product. As far as the first one, the investigators wanted to present the details of the study at the upcoming scientific meetings. I can’t say that the end point like you are talking about strongly correlate obviously with best corrected visual purity. So, the results were strong and we look forward to presenting them to later this year at a medical conference.
Terence Flynn – Goldman Sachs: Can I ask one follow-up?
Leonard S. Schleifer – President and CEO: Yes. Go ahead…
Terence Flynn – Goldman Sachs: So, on PCSK9, I noticed you guys are moving to a once-a-month schedule now as well which is on par with Amgen. Just what drove the change in your thinking there, because I know you guys had focused on every other week for a while, but just curious what data drove that decision?
Leonard S. Schleifer – President and CEO: So, if you look at the Crestor, market historically, you know, you can go to maybe a cocktail party and somebody says, I take Lipitor, I take Crestor, I take 10 milligrams, I take 20 milligram, that does tend to individualize therapy and titrate therapy in this area. So, we thought that since our drug could perform for many patients, on an every monthly dosing regimen and we have that data. It’s not new data, it’s based on the data we had from our earlier pre-Phase 3 work and we thought it made sense to include some of that in our Phase 3 package. So, that overall doctors and patients would have a good choice of regimen and doses and titrate ability, et cetera. So, nothing really new there. Our jug is always been – had the same PK as it always had obviously and we expect that we should be able to have Q4 weak dosing for many of the patients it would be good but for those who need more we will have the Q2 weak.
Terence Flynn – Goldman Sachs: Is that the same formulation, you will be using the same device?
Leonard S. Schleifer – President and CEO: We are not going to get into all the details because this is pretty highly competitive but we think our delivery systems will be a competitive asset. We have a partner who has delivered lots of products and they deliver more injected insulin probably than anybody else in the world as far as I know. So this is an important part of our program.
Christopher Raymond – Robert W. Baird: So in commentary Bob mentioned an inventory reduction at distributors, is it possible you could maybe give us a little bit more detail around exactly what that in dollar terms that impact was? I guess sort of should we expect to see a benefit or some impact in Q2 – in Q3?
Leonard S. Schleifer – President and CEO: Yes. It’s hard to predict to how the fluctuations will go from quarter-to-quarter, even from week-to-week. I think Bob, mentioned that in this particular quarter that we still had inventory that was in the one to two week range with a modest (jot down) of inventory. Can’t tell how or what our distributors will do, so really can’t predict that.
Christopher Raymond – Robert W. Baird: If you are taking follow-ups, can I ask one. A quick one here, so despite our calculation it looks like DSOs actually went up slightly Q1 to Q2. Can you maybe talk a little bit about that? I know you have been talking about titrating down your terms, can you maybe give us some color on the dynamics there and when we should expect to see that start to move down?
Robert J. Terifay – SVP, Commercial: Yeah, well, the day sales outstanding is going up because we have – the sales have been going up and through the quarter. We did adjust the terms down earlier in the year, and that will start to flow through later in the year. The terms are still a bit long, so it’ll take a while for that to show up, but we – by the end of the year, the day sales should go down for that reason because of the lower terms.