So look, it’s affordable approach from a sales force perspective but it does take more promotional dollars, more work on the retail side. Net-net, we don’t see a real big difference in the full P&L between the vet business and a retail business, we see both of them as growth drivers to our future. We see both of them with pipelines to bring new products and we continue to globalize that as well. And there’ll be quarter-to-quarter variations and share shifts, but as a whole we see robustness. And then your second question, the market has been resilient as you step back. Everyone has put a lot of energy on the vet visits that matters, maybe more for diagnostics and others, but for us with our differentiated omnichannel approach, we really haven’t seen a slowdown here, we’ve seen, we’re expecting up to 3% price as Todd said and what’s critical as you keep adding value, you keep driving brand awareness and you have good share of voice in physical availability and you’re going to be able to keep growing this.
And we see much elasticity and much resilience and price going forward.
Operator: Your next question comes from the line of Steve Scala from TD Cowen. Please go ahead.
Unidentified Analyst: Hi. This is Chris, on for Steve. We had one big picture question. So looking ahead to 2024 which is management view as the most important uncertainty or risk factor. Is it regulatory related to pipeline approvals interest rates, macro uncertainty or consumer spending or something else? And then following up on that given this uncertainty, is there a timeline to provide a updated medium term GP and EBITDA guidance? Thank you.
Jeff Simmons: Yes, there’s many, many risk factors. I’ll come back to just some of the challenges that I mentioned in 2024. It’s probably an aggregate of all of those but you’ve got competition. There’s a lot of – a lot of big companies all making moves in – in a limited number of segments. That’s always a factor absolutely regulatory just like human pharma, animal health, when you’re in this final regulatory stage, we know that that’s always dynamic. And then you’ve got to some of the just macroeconomic headwinds and maybe Todd wants to elaborate from the strong U.S. dollar to some of the challenges. But at the same time, we continue to say, and why we lean into this constant currency revenue growth, our existing innovation will ramp, we’ve got increased physical availability that’s already locked in on our retail side.
We’ve got a stronger EU pet retail market and growth in poultry aqua price will continue and most importantly our cash project costs are coming down. so. Got any things on the interest rates?
Todd Young: On the interest rates as we’ve mentioned, we’re about 76% fixed. Now with that we’ve given guidance on interest rate expectations for net interest expense and cash interest for next year. So we feel very good about that relative to where rates are. But overall, I think the stronger dollar is probably the bigger concern if interest rates continue to stay up just given the flow through to EBITDA. We run a global business over 50% of our revenue is outside the U.S., we don’t do cash flow hedging. It’s just part of the business we’re in. So that would be one risk but at the same time, as Jeff said so many good things going on with the big innovation coming. We’re excited about what the business will do as we move into 2024 and longer.
Operator: Great. Thanks, Jeff. I’ll send it to you to close.
Jeff Simmons: Yes. So just to close, we have momentum, we’ve returned to growth for the rest of this year and going into 2024, this charge of constant currency revenue growth and next year at the same time as our 70th year as a company and over these seven decades, there has been a couple constant, one is growth, two is innovation and three is a focus on customers. And that will be probably historical for us as we head into the 70th year. New innovation is progressing. We’re growing as a company, our capabilities and our leadership are the best they’ve been maybe ever. And yes, the markets are volatile, but manageable. And as Todd has highlighted, we have leverage but as stand up costs come down EBITDA goes up, net working capital goes up, we continue to see in a durable position with over 70% of our debt locked into late 2026 that with a durable industry and the way we’ve set ourselves up we also believe that we can pursue through that as well and excited about the opportunity for our company growing going forward.
Look forward to seeing you all at JPMorgan and in February as we highlight 2023 and set up 2024. Thank you again for your interest and investment in Elanco.
Operator: This concludes today’s conference call. Thank you for your participation and you may now disconnect.
