As I said, it’s not going to happen overnight. The recovery will not be linear, but we are confident that this stronger plan will help stabilize the business. And with, again, a higher level of precision in our execution, we expect growth in 2024 to definitely be ahead of 2023.
Anna Lizzul: And if I can ask a follow-up on Self Care in Q4. Just outside of cold, cough and flu, could you comment on the rest of the portfolio? I think you had mentioned last quarter you were seeing some gains in your other categories. So I was wondering if there are some bright spots there? Or if they were also somewhat of a drag in the quarter?
Thibaut Mongon: It’s a great question because we talk a lot about the season and Paul described very well the dynamics there and how pleased we are with our performance during the season, but the strength of our leadership position doesn’t happen by accident. It’s an outcome of a lot of work that permeates throughout the entire Self Care portfolio, and that’s true for analgesics, but it’s also true for allergy, for digestive health, for smoking cessation. And in these other areas of the business, we are very pleased with our performance. We see continued performance in smoking cessation, good performance in digestive health. Allergy, while we had lower incidences, strong share gains on innovation, like Zyrtec chewables continues to do very well. So our strong performance in Self Care is broad-based across the portfolio.
Operator: Our next question comes from the line of Andrea Teixeira of J.P. Morgan.
Andrea Teixeira: I have a question and a follow-up. Thibaut, can you elaborate more on the time of the displays? You just mentioned the fixtures and the shelf space recovery in the US, in particular, ahead of the spring. I heard that a large retailer is probably moving some of the beauty restock into the summer. Is that impacting your expectations, number one? And number two, like you had mentioned you’re seeing progress throughout the year, which obviously has to do also with the comps. But is it fair to assume flat to slightly negative Q1 or first half of the year for organic turning positive, potential inflecting in Q2 and then the second half of the year is where we should be able to see significant progress on that? And a follow-up, in terms of the shipments against consumption on POS, I know it’s hard to really focus on Nielsen, but unfortunately, that’s what we can see in terms of consumption.
Should investors expect that track channel data will remain weak for most of the first half of the year and should start to see better trends toward June and July, given the reset? Or are you confident that with the innovation that you called upon, all the work that you have done to simplify the SKUs and also lapping those SKU simplifications, which is probably going to be a tailwind, all else equal? So should we be seeing slightly better than progress as you look in the first quarter against fourth quarter?
Thibaut Mongon: That’s a big question, Andrea. It’s an important one. So let me unpack your question in terms of phasing in what we plan to see unfolding in Skin Health and Beauty for the year. First of all, I think the way you are describing the year is directionally correct. We are not guiding by segment, by quarter. But I think the way to describe the phasing throughout the year is directionally correct and in line with the way we see it, given the noise you have in the comps. You talked about the impact of discontinuation, the suspension of our sales in Russia in the first half of the year, these are going to be tailwinds in terms of growth rate. But we have headwinds like, for example, in Q1, the large replenishments we saw in retailer inventory once we got out of the majority of our supply chain issue in the back half of 2022.
That’s going to be a headwind for us. If you exclude these comp dynamics, what we are laser-focused as an organization is deploying the plan that I just highlighted, and making sure that we execute with precision. That does include the stronger presence in-store, but that also includes amplifying our reach to consumers and healthcare professionals. And so, that’s where you will have different phasing of the impact of these different aspects of the plan throughout the year. I can tell you that we are executing our higher investment plan in terms of media as of January. So you will see a lag, as we all know, between the spend in advertising and the consumption that has already started. In terms of in-store activation, that will happen throughout the year, depending on the rhythm each retailer has.
So, we are laser-focused on executing these building blocks. You also mentioned that we are doing very well online, where the brand experience is very strong, and we grew the brand, like Neutrogena, double digit. That’s something that is not easy for you to track, but that continues to be a source of strength for us. And so, we are laser-focused on the tracked channel, if you will, which is what you see and which is where we have the biggest area for improvement.
Andrea Teixeira: If I can squeeze one question for Paul in terms of like the cadence for gross margin. You did call out the TSA/TMA phasing, and I understand it’s about $100 million potential savings. Is that fully included in potentially second half? Should we think about, okay, part of it be impacted in this outlook for operating margin being flattish given all the investments that you’re making? So in other words, whatever you gain this year is going to be reinvested into marketing and the 15% that you called out in A&P. And then you’re still going to have more benefit into 2025. Is that the way we should be thinking?
