diff --git a/development/release_notes/release_notes_PsN_next_version.txt b/development/release_notes/release_notes_PsN_next_version.txt
new file mode 100644
index 00000000..7089ab94
--- /dev/null
+++ b/development/release_notes/release_notes_PsN_next_version.txt
@@ -0,0 +1,16 @@
+*********************************************
+Changes and bug fixes from PsN 5.4.0 to x.x.x
+*********************************************
+
+
+   ___General___
+
+
+   ___vpc___
+
+
+   ___frem___
+
+* Handle missing_data_token properly when it is not -99
+
+   ___scm___
diff --git a/lib/tool/frem.pm b/lib/tool/frem.pm
index e62597db..77c80ca1 100644
--- a/lib/tool/frem.pm
+++ b/lib/tool/frem.pm
@@ -111,7 +111,7 @@ sub BUILD
 
     # Check if any covariate column has all same value
     # In that case warn and remove column
-    my $code = "from pharmpy.tools.frem.tool import setup; print(setup(" . PsN::path_literal($model->full_name) . ',' . PsN::python_array($self->covariates) . "))";
+    my $code = "from pharmpy.tools.frem.tool import setup; print(setup(" . PsN::path_literal($model->full_name) . ',' . PsN::python_array($self->covariates) . ',"' . $self->missing_data_token . '"' . "))";
     my $filtered_covariates = PsN::call_pharmpy_wrapper($code);
     $filtered_covariates = PsN::from_python_array($filtered_covariates);
     my @filtered_categorical;
diff --git a/pharmpy b/pharmpy
index b29f4e13..e80d2ecd 160000
--- a/pharmpy
+++ b/pharmpy
@@ -1 +1 @@
-Subproject commit b29f4e131d570323f8a3d705d0fe89c5d018fbfe
+Subproject commit e80d2ecdd203337431af47430d5b990f7f10b912