Nikhil Lalwani : Yes. No, thank you for that question, Oren. It’s all volume related or in large portion relates to volume. It’s not driven by pricing. So I think there’s the second part of your question. .
Oren Livnat : Yes. And can you comment on generics, I guess, portfolio pricing trends in general. I mean, historically, we’ve gotten commentary from other players about double-digit year-over-year declines or not. Is that something you can comment across your portfolio?
Nikhil Lalwani : Yes. I think it’s much like the larger players in their commentary, we have seen some improvement in the degree of generic pricing decline. And yes. I think that versus what it was in past periods, we’ve seen some improvement. These are not separated from the macro trend of supply chain disruptions. And as our customers, like their #1 objective is to ensure that product is available for their patients. And as they solve for that, there is lesser of a pricing decline pricing erosion on base products than we’ve seen in the past.
Oren Livnat : All right. That’s encouraging. And then just last on the generics business. Are you able to comment on, I guess, concentration of your portfolio? I think historically, you’ve had a pretty a pretty well-diversified portfolio. It’s not enormous, is spread pretty well. Can you talk about how that’s changed this year with some of these benefits? Are there any one, two or a handful of products that are have driven outsized gains? And what’s maybe single or handful of revenue percentage in your portfolio now?
Nikhil Lalwani : Yes. I think that the diversification of our product portfolio across the generics business persists. We have multiple products in the generics business that have seen benefits from the supply chain disruptions. And not one has — there are different scales of it, but there are multiple products that have seen the benefit. And I’ll let Steve sort of jump in with — is there a specific product that is — I don’t think so that is disproportionately large of our overall generic business. I think it’s still top 10%. But Steve, you can just clarify?
Stephen Carey: That’s correct, Nikhil, on the generic side of the portfolio, the company has, throughout the years, rates driven to diversify the generics. And at this moment in time, I would say we have quite a diverse portfolio. And no single product taking any lion’s share of the generics portfolio.
Oren Livnat : All right. And just lastly, the rare disease business has been outperforming as well. I don’t want to only focus on generics. Can you talk about the investment there? I think once upon a time you told us you expected this year to have approximately 10% year-over-year spend — direct spend on that business. Is it safe to assume that you’ve been investing more behind that than originally and because of outperformance? And is that necessary to support the demand? Or are you actually investing more to drive more demand now and going forward?
Nikhil Lalwani : Yes. Thank you, Oren. No, I think that our we have invested from an SG&A perspective in line with in mind with the numbers that you mentioned, which is 10%-ish year-on year-over-year increase.
Operator: At this time, as we have no questions standing by. I will turn the conference back over to Nikhil Lalwani for any additional or closing comments.
Nikhil Lalwani : Thank you, everyone, for joining our call this morning. We believe that our efforts during 2023 have created a strong foundation for continued success and fulfilling our purpose of serving patients improving lives. We look forward to updating you on our progress. We appreciate your time and interest in ANI. Thank you. .
Operator: Ladies and gentlemen, that does conclude today’s conference. Thank you for your participation. You may disconnect at this time.
