You have to assume a certain percentage for COGS. If you take 2 million — €12 million — €12 billion that you mentioned, you take some 80% gross margin, yes, you’re coming to something that makes already sense in that respect. We also have some revenues that will — that we are generating by selling the products to Pfizer. They have a very little contribution revenue — very little profit contribution — sorry, I’m mixing up here. And then, of course, we have our revenues towards Germany and Turkey. And here, we have a profit share with Pfizer. And if you take all this into account, the $5 billion to $13.5 billion that Pfizer has guided for ’23, I think that fits quite well with what you’ve seen in ’21, and it fits quite well to what you’ve seen in 2020.
Ryan Richardson: Yes. I think maybe to the last part of your question about profitability, I think what you’ve heard from us today in terms of our guidance is that we do expect to remain profitable this year. And more importantly, to your point about COVID profitability in the years to come, while we’re not issuing guidance today, I think our expectation, as Jens mentioned in his speech is that COVID — because of the cost structure of our partnership with Pfizer, where we can keep our fixed costs very lean, we expect the product to be highly cash generative for us.
Jens Holstein: That’s exactly what I said. So if you take the 5 — around about 5 billion as a guidance, revenue figure as a guidance and you take some 20% for COGS that we have reported in the past and that sort of ballpark 15% to 20%, and then you take our 2.4 billion to 2.6 billion for R&D spend and 650 million to 750 million SG&A spend, you see that based on our current plans, on our development plan, so not adding any additional M&A or collaborations impact on to those figures that for ’23, we expect to be profitable. And going forward, as Ryan said, this COVID franchise will contribute further profits in the years to come. That’s our anticipation for the future.
Unidentified Analyst: Got it. That’s super helpful. One quick follow-up, if I may. Just when should we expect to see bivalent data? And will you help when the data — when it is becoming available? Thank you.
Ryan Richardson: Sorry, just to clarify, your question was when will we see bivalent data, or when will there be a bivalent…
Unidentified Analyst: Yes. When should we expect to see bivalent BE data? And — top line, when it’s available? .
Ryan Richardson: Yes. So, we’re not guiding to BE data for bivalent. We have published safety and immunogenicity data last year. Our focus at this point for the vaccine is actually looking forward and to strain selection for the fall season. And we expect that that — we’re in discussions with regulators around that. Our expectation is that that will be based on safety and immunogenicity data. There are further discussions to be had over the coming months, but our expectation is that the new in May, June. I don’t know Ugur, Özlem, f you want to
Ugur Sahin: I’m not sure whether the bivalent data referred to COVID or the COVID flu combination.
Unidentified Analyst: That’s for COVID.
Ugur Sahin: For COVID, yes, we — so the process for updating the vaccines will be most likely as it was last year, based on immunogenicity data and safety data in a smaller cohort of subjects. No BE data.
Operator: And the next question comes from the line of Yaron Werber from Cowen.
