Joaquin Duato: So let me start with the MARIPOSA. No, I mean, we are — as we communicated, we are moving into a final analysis by the end of the year, potentially presenting the data at the end of the year.
Erik Haas: And with respect to the talc suits, we don’t anticipate additional individual actions to go up for it outside the bankruptcy. Judge Kaplan lifted the stay only with respect to that one particular case, the Valdez case. Indeed, subsequent to that, he denied a request from the same counsel to lift the stay on another case. So currently, I would not anticipate any other case to go forward in advance of a ruling on the motion to dismiss.
Operator: Thank you. Next question is coming from Terence Flynn from Morgan Stanley. Your line is now live.
Terence Flynn: Great. Congrats on the quarter. Thanks for all the color. I had two, I was wondering, Joaquin, we’ve talked a lot about the myeloma market evolution over the last decade or so. J&J has been a leader there. This is a $20 billion market. You obviously have a number of different options now for patients, including TECVAYLI most recently and talquetamab with upcoming PDUFA date. So I guess my question is just top down, what prevents you from capturing a majority share of that $20 billion market? And then, Joe, a question for you on margins post Kenvue. Any early idea you can give us in terms of how that structure could evolve post the full separation?
Joaquin Duato: Yes. So thank you for the question. And the answer is nothing prevents us from doing that. As a matter of fact, our aspiration in myeloma is that with the portfolio that we have today with DARZALEX, TECVAYLI, talquetamab and CARVYKTI, we would be in a position to have three out of every four patients starting in Janssen containing regimen by the end of this decade. So that’s our aspiration in myeloma. Our aspiration is that there is a Janssen regimen for every line of therapy and a Janssen treatment for every patient irrespective of their characteristics. And that’s the way we are planning our development. Certainly, DARZALEX being a backbone of therapy, first line and also in combination with multiple agents and then sequencing into CARVYKTI and talquetamab and TECVAYLI, which we are studying in combination with DARZALEX and also in combination among each other and sequencing among them.
So ultimately, our goal when it comes to multiple myeloma is to be able to sequence our medicines, combine them in a way that we are changing the treatment paradigm from treating to progression to treating to cure. And that is a big, big, big plus in our portfolio. And as I have commented often, multiple myeloma is the core of our Pharmaceutical franchise and the number one growth driver that is going to be for 2025 and beyond. There’s more factors that give us optimism about the business potential of this area is that as we combine and as we seek those treatments, the treatment duration itself is going to be significantly increased. So we overall foresee great patient and growth opportunity as we look to combine all these modalities, as I said, in order to be able to convert multiple myeloma into a chronic disease.
Joe Wolk: And Terence, thanks for the question regarding margins. And specifically, I think you’re getting at the heart of the potential deleverage that could occur with the separation once Kenvue is on its own entirely. You may recall a couple of quarters ago on one of these calls, we said that there was potentially $500 million to $750 million of deleverage in SG&A. We embarked on an initiative, and I guess the benchmarks would suggest companies usually take about two to three years to get those costs out of their system. Last summer, we really embarked on a project to eliminate those costs in a much faster cadence. And I would say of that $500 million to $750 million, there’s a small fraction that may remain, and we’re still working to eliminate that. So you should expect as you’re modeling no deleveraging or very, very little deleveraging from the Kenvue separation.
