So we’re going to retain some of that upside. And then you also — we have seen very strong and continued success on the other categories in China. Caltrate. You’ve seen that in my deck, I’ve shared the sellout numbers that we had on that brand. That’s our largest brand in China. Sensodyne had a weaker half one last year and started to perform very well in the second half of the year, so we go with good momentum into the year. So you have some offsets in other part of the category in China. So it’s not just Fenbid. And as a result confident that China will be a growth contributor and will be additive to growth in 2024 as well for the full year.
Sonya Ghobrial: Maybe we take one more question.
Operator: We have a follow-up question from David Hayes, Jefferies.
David Hayes: Hello. Sorry to come back. Just a completely clarify the share buyback which I may have not quite cool. So the £500 million you kind of mentioned that that may be impacted the way you use that by what GSK and Pfizer do. So just to be clear you could for example £500 million in the first six months of the year, nothing in the back half if the dynamics are what they choose to do made, that attractive? And then I guess if you are maybe to do more divestments in the year that £500 million could change? This is not something you agreed locked in with the Board. You could be flexible on that and maybe do more in the second half of the balance sheet flexibility was to get more favorable is that is that both fair comments? Thank you.
Tobias Hestler: So first of all, look, I think we’ve allocated £500 million of capital for share buybacks. We’re going to do £500 million. How we do it? We want to do it in the best possible way. And I think preferably, if there would be a placing it would be through that, because we get a discount, yeah. Now we’re going to do it in 2024. So that’s the timing we have set for that. So we have to have the cash. And we’ll do that flexibly in the most efficient way for the shareholders. I think you understood that part correctly. In terms of capital allocation decision, so I mean, look, if we would do a — we laid out the thing in my presentation the new capital allocation framework right? And I think one thing that doesn’t change as the high cash-generative nature of that business.
So if we’re in a situation that we have excess cash like we have now, coming through towards the end of the year and plus the divestment. We sit down and go through the three buckets have we invested properly in the business. We’ve done that then you move on to either any bolt-on or any M&A opportunities that are commercially compelling and accretive in value. And then lastly, if none of those exist, then we will look at what to do with the excess cash. So we would look at does it make sense to pay down more of the debt? Or does it make sense to return it for example via shareholders? And we’re going to share via buybacks or via dividends. So — and I think that’s exactly how we came to the decision because share buybacks are at the moment the best way and the most value-accretive way what we can do with that excess cash and that’s why we made a decision to allocate £500 million to share buyback.
We would go exactly to that same logic if and when the situation would arise that we have excess cash on our hands.
David Hayes: Great. Thank you.
Tobias Hestler: Okay. Great.
Brian McNamara: Great. Thanks David.
Tobias Hestler: Okay. Great. Listen, thanks very much everyone. I always appreciate your time and the engagement and your questions. It’s been another successful year of delivery for Haleon, building on our track record as a stand-alone company. I feel really confident about the year ahead. And we remain well positioned to deliver our 2024 and our medium-term guidance. So I hope you all have a good rest of the day. And if there’s any further questions as always feel free to reach out to Sonya and the Investor Relations team. Thanks again.
