Giovanni Caforio : Thanks, Seamus. This is Giovanni. I’ll take the question, and I’ll ask Chris to comment on your second question about the free goods strategies. So I think when you look at IRA, similar to the discussion we’ve had before, I would say there is a lot that we still don’t know. As you know, CMS is working through the procedural aspects of implementing the legislation. And of course, over the course of this year, we’ll learn much more. Now when you look at your question about BMS. So first of all, we know that we do not see an impact from IRA until 2026 when some of the government price setting starts. And you are right that it is possible that Eliquis is impacted in 2026. So of course, we need to learn more in order to understand what the degree of impact may be.
I’ll just remind you that while we book 100% of the revenue for Eliquis, we split, obviously, the profit with Pfizer. So in many ways, it is an important brand, but it’s a smaller brand in terms of determining our earnings trajectory versus what you would think about the revenue line. Now what can we do to continue to grow the company through the execution and implementation of IRA. In many ways, it’s exactly what we are doing is advancing new medicines to the market in order to accelerate the renewal of our portfolio. So when you look at 2026, given our expectations that new launch brands will be $10 billion to $13 billion in sales. I would say there will be a very dynamic, young portfolio that will drive the company growth for the second half of the year.
And of course, those products will have been launched very recently and therefore, won’t be a candidate to government by setting for a while. Now the last comment that I would make is you are right about the challenges associated with the diverging natives as you refer to them, for the nine years, for all 13-year for biologics. We obviously are not pleased with that because the science is going very much in terms of enabling us to deliver — to develop more and more molecules. But obviously, any change there would require legislative changes. Chris, do you want to comment on the launch of dynamics?
Christopher Boerner : Sure. Seamus, it’s an interesting question on the role that free drug programs play in light of IRAs. As I think most of you know, free drug programs are typical, particularly in markets where rebates require that you have a transition period, particularly for new products to make their way into a more favorable access position. Now there’s a dynamic there in that those free drug programs are typically targeted to commercial payers. I mean, commercial patients and IRA, of course, is focused on Medicare. That dynamic notwithstanding, I think that you’re right, though, that to the extent that free drugs and free-drug programs play out for extended periods, it could have a negative impact when you look at the restrictions and price setting coming in, in nine years.
I think what that reinforces for us though is the importance of very strong commercial execution because clearly, what you want to do is transition from free drugs into a more favorable access position as quickly as possible. And so as we just discussed, for a product like Sotyktu, that’s going to continue to be our focus. But I think it’s a very important question. It’s something that we’re going to have to continue to monitor as we learn more about the rollout of IRA.
Operator: The next question is from the line of Steve Scala with Cowen.
