Ryan

Ryan asked about the pace of new PFIC patient additions in Q3 2025 compared to Q2 2025, particularly concerning genetic testing and new diagnoses. He also sought insights into Mirum's business development strategy for adding more products to the pipeline, given consistent positive cash flow and upcoming launches.

Answer

President and COO Peter Radovich stated that the pace of PFIC adds remains healthy and broad, spanning infants to adults, driven by ongoing educational efforts to change the paradigm among adult providers regarding genetic cholestasis. CEO Chris Peetz emphasized that business development is core to Mirum's strategy, focusing on underappreciated programs with a high bar for value creation, but noted there is no urgency due to the company's strong financial position.

Ryan asked about the differences in the refinish market dynamics between the U.S. and Europe, and which segments of the market PPG is gaining share in.

Answer

CFO Vince Morales explained that U.S. insurance premiums are significantly higher, leading to different claims rates compared to Europe, where claims more closely parallel accident rates. Chairman and CEO Tim Knavish stated that PPG is gaining share across both the U.S. and Europe, driven by its digital and chemistry productivity solutions. He added that PPG is re-expanding its revenue pie through PPG-specific, subscription-based, and volume-agnostic offerings that provide customer productivity.

Questioned the levers for future margin improvement beyond current initiatives, the final steps before the Beam Spot product launch, and the expected timeline for it to become a significant revenue contributor.

Answer

Future margin improvements will come from scale, further engineering/operational efficiencies, stabilizing component costs, and learnings from the European team, with a long-term goal of 50% gross profit. The Beam Spot product has key components integrated, with the first prototype installation in San Diego expected in the next couple of months, followed by aggressive marketing. Meaningful revenue from Beam Spot is anticipated in 2025.