So we’ve got growth coming in all of our key franchises, which we estimated would contribute in 2025 approximately $4.5 billion in aggregate. We left a placeholder in Vision 2025 intentionally for our ongoing corporate development activities and said that products that were not part of our portfolio when we started Vision 2025 could contribute that last $0.5 billion. Zanidatamab may well contribute to that. We’re not saying it’s going to contribute all of the $500 million, to be clear, but that was something added to the portfolio after we began this process. And we remain very interested in continuing to access new commercial products and pipeline products through our corporate development efforts moving forward. Our financial position is strong.
If you look at our cash and investments, about $1.4 billion, you look at our cash flow in the first half of the year, approaching $620 million. Our leverage is down. So we feel like we’re well positioned to continue to bring in new assets. as we have over the Company’s history, if you go back any two- to three-year period in our history, you’ll generally see us do a significant transaction. And we thought it was unfair to assume that we would suddenly stop doing transactions, particularly given our successful launches of a number of products in a row here and our strong financial position.
Operator: Thank you. The next question comes from the line of Ami Fadia with Needham. Your line is now open
Ami Fadiaa: Perhaps continuing on the vain of the placeholder for corporate development, can you talk about your level of confidence in being able to hit for a majority of that $500 million through some sort of business development? And what are your thoughts at currently in terms of alternative options in terms of use of capital would you consider buying back more shares? Should you not be in a position to execute on such a deal?
Bruce Cozadd: Renee, can you jump in on this one?
Renee Gala: Sure. I’m happy to. So Ami, we’ve talked quite a bit about our strategic and disciplined approach to capital allocation. And our priority, first and foremost, is investing in growth. So we’re investing behind our commercial launches and growth programs. We’re investing behind the pipeline, and we expect to continue to invest in corporate development, as Bruce mentioned previously, it has been an important pillar of growth for us, and we expect that to continue to be the case. In addition, we also look at opportunities in terms of managing the balance sheet strategically. Bruce also mentioned we pretty quickly. So we’re in a great position today to be opportunistic in terms of additional investments for the balance sheet.
And we did take the opportunity, just given what we view as immense untapped value right now within the stock. We did take the opportunity to recommence share repurchases in the second quarter, and we think that was the right thing to do. In terms of future repurchases, we’ll continue to look carefully at the opportunity set in front of us prioritizing growth. And then specific to the $500 million placeholder, as you’ve heard on the call today, we’re really excited about the opportunity for Zanidatamab. We think that’s going to be an important program and eventually product for us and for patients. We don’t expect that to cover a large majority of the $500 million, but it’s certainly — we certainly expect that to contribute. And then beyond that, we’re quite active from a corporate development perspective.
As you’ve heard me say previously, we’re not going to overpay just to be able to meet this growth objective. We also don’t think that we’ll need to. We do think there are opportunities out there, both within neuroscience and oncology, but also within the rare and orphan segment more broadly. As you know, the vast majority of our commercial products currently do fall within that category, and we think there are applicable learnings in terms of working directly with patient groups and serving the needs of patients or underlying infrastructure those learnings can be shared both from our existing experience to other rare and orphan conditions. So today, we feel quite confident in our ability to transact we’re well capitalized to be able to do so as Bruce mentioned previously.
