Tasos Konidaris: Yes. Good morning, Chris. Yes, you’re spot on. So that’s why when you talk about generics that we’re seeing for 2023, low single-digits overall, which we have said we expect mid-single-digits. So 2023 is a little bit of not growing as fast as we think we can grow the business. A part of it is cadence of new products. Part of it is we’re planning for a similar competitive pressures, both in terms of price and volume as historically, right? So as you had said, we believe the environment may improve this year. And if it improves, we’ll drop the incremental profitability bottom line. If the environment continues to persist both in terms of price pressures and competition, then I think our guidance is covered. So that’s kind of the first topic.
The second topic about, kind of, higher interest rate costs I think everyone, right? I think everyone not only ourselves; I think everyone is reassessing of capital allocation. So obviously, in terms of M&A, I mean, we have been fortunate the last number of years, we have made substantial investments that, kind of, build out our specialty pipeline, built out our biosimilars pipeline. And as Chirag and Chintu said, we put over $150 million in our infrastructure to expand our injectable portfolio, right? And now we’re going to reap those rewards late this year and next year. So we’re fortunate a bunch of — and a substantial amount of investments, and also, we settle a lot of legacy legal issues, right? So a lot of that is behind us. So now in terms of M&A, I think we will be raising, right, our own expectations in terms of the expected rate of return.
So we’re going to be even more disciplined, number one. And number two, in terms of kind of overall debt pay down, I think becomes most of the priority than was in the past. So hopefully, that helps.
Chirag Patel: we have such an awesome pipeline, the organic pipeline, we do not need to be changing any M&A.
Chris Schott: Perfect. Thanks for the color there. And then just one just quick clarification on IPX-203. I know you’re being conservative approach of not including that in the guidance this year. But maybe just a little bit of — I know you’ve touched on this in a couple of the prior questions, but assuming that was approved around the PDUFA, should we be thinking about this a product that takes a few quarters to get, kind of, reimbursement in place and kind of physicians prepped for this product? Or is it something that actually could have a fairly, kind of, quick uptake assuming approval and all goes well around the PDUFA. Thank you.
Tasos Konidaris: Yes. I think a couple of things. I think our — you can assume with our commercial team; our reimbursement teams are already — will begin engaging with payers even now as we speak. So our ability, that’s number one. Number two, I think considering the unmet need, the product profile, my expectation. As you know, it’s not going to be reimbursed day one, right? It’s going to take some time to build on reimbursement. So I think that’s going to happen. And the other thing is, I think the buildup of revenues will be over time, and that is because our primary focus will be a new patient starts, which we think will resonate very well in that patient population and over the course of time, I think we’re going to see a nice switches from other from the IR, which is a year-old technology.
So I don’t think it’s going to be an incredibly rapid acceleration of revenues at the latter part of this year. I think it’s going to build out — build over time in the latter part and into 2024 and beyond.
Chris Schott: Great. Thanks so much.
Operator: Our next question is from David Amsellem from Piper Sandler. David, your line is now open. Please go ahead.
