Peter Welford: Just coming back to the oral GLP-1. I just wonder if, firstly, if Ruud could perhaps comment on how important is it that this could potentially get to market at a time when you do have a successful life cycle management or other strategies for Farxiga in the U.S. market? And overall, sort of presence, I guess, a significant presence in your CVRM portfolio in the U.S.? And how does it leave the weekly Amylin, perhaps a question for Sharon? Is it actually possible to potentially reformulate the oral as well as an injectable for an ambient combination? Or is the [indiscernible] monotherapy at this point within your portfolio? And I apologize. I know I’m last, but if I’ve done it, just step back again. Could you just quick — can you reiterate the mid-to-high 30% longer-term margin target? Because that wasn’t actually mentioned, but it’s come up for a lot of people’s questions. Thank you.
Ruud Dobber: Okay. So Peter, let me do my best in order to answer your first question regarding the importance of this new assets in the combination with Farxiga. It’s fair to say that we are getting more and more excited about the other combinations in our portfolio as well. Sharon mentioned the combination with zibotentan. We hope to show results with Amylin combination with Farxiga. And last but not least, of course, we have the baxdrostat combination. The Phase III trial has already started for the mono component, and hopefully early next year, we will also start to Phase III in the combination of Farxiga. So those 3 will enter the market earlier than the combination with the obesity. But of course, we will gladly do everything in order to accelerate the development also of the combination of the Eccogene compounds with Farxiga, if that makes sense.
So that’s what I can say at the moment. It’s high speed. There’s a lot ongoing in order to make sure that we will mitigate the potential effect of an LOE in the United States as much as possible.
Pascal Soriot: And I’ll answer your second question, which — I’m sorry. Go ahead, Sharon. Yes.
Sharon Barr: Yes. I think we’ll follow up. There was a question there about how this fits into our portfolio in which we already have a long-acting Amylin agonist. So it’s an excellent question, but let’s just say that nobody thinks that the unmet medical need for diabetes has been fully met at this point. And so we have multiple opportunities to address both Type 2 diabetes and obesity with the molecules in our portfolio as well as with this acquisition of ECC5004. So there is still a place for our long-acting Amylin molecule, and it is a small molecule so we anticipate that it would be combinable with a molecule like ECC5004. So we continue to build on our portfolio, not subtract from.
Pascal Soriot: And with amylin, the idea is really to combine, not replace GLP-1 but combine and provide a product that is better tolerated, add further weight loss or enable reduction of GLP-1 and better tolerability of the combination, and also [indiscernible] effect. But of course, only time will tell whether we can deliver this, and that’s why we do the clinical development. So the last question, operating margin remains certainly our key focus. But of course, we will always consider the opportunities we have. As I said before, with what we have in our hands, we can deliver industry-leading growth post-2025, which we’ve said before. And if we find other additional opportunities to grow even faster, certainly, we may consider adjusting operating margin target.
But the one thing we will not do is compromise the profitability and the cash flow in absolute value. So we will only trade an adjustment in operating margin if we thought we can deliver faster, even faster growth more profit and more cash flow. So that’s sort of the bottom line, and we want to deliver for shareholders at the end of the day.
Pascal Soriot: So with this, maybe we want to call it a day. And thank you very much for all your great questions, and have a good day, everybody. Thank you.
