Graham Parry: Great. Thanks for taking my follow-up. I just wanted to just follow-up on conference presentation. So, NATALEE, I think you haven’t ruled out ASCO, but I think the headline — or the release — the titles will be released tomorrow. So, if it’s not in those cycles, is it possible still that it could be at ASCO? And I notice surging event, is that with the intent to discuss NATALEE? And then for Pluvicto, he PSMAfore, do you think you’ll be able to hit the ESMO conference, or can you confirm now that you wouldn’t make that conference with that data? Thank you.
Vas Narasimhan: Yes. So, I think that I can’t comment on the specific conferences that we are putting forward. But we’re obviously moving as fast as we can to get NATALEE out into the public. So, it can be obviously reviewed by investigators, clinicians and of course, the investment community. So, I’ll leave it at that on that, NATALEE. On Pluvicto, it’s too soon to say. We have had discussions with FDA and FDA has made clear the information fraction that they want in terms of the number of OS events. So, we’re just waiting to hit that number will lock. And then as soon as we lock and have the data, we’ll move forward to a congress as fast as we can. We’re hopeful that can happen in the first part of the summer, but it’s all data dependent.
And until we have the events, we obviously can’t make the lock at FDA. But I would say the guidance we received from FDA is fully in line with the guidance that our competitors received as well in December. AstraZeneca received, I think, very similar guidance for their prostate cancer medicine. Next question, operator. Thanks Graham.
Operator: Thank you. Your next question comes from the line of Richard Parkes, BNP Paribas. Please, go ahead. Your line is open.
Richard Parkes: Hi. Thanks very much for taking my follow-up. And just to follow on from Michael’s question over the guidance. It’s obviously a very impressive margin performance in IM in Q1, but guidance doesn’t seem to suggest that’s not sustained at that level of year-on-year basis point improvement through the year. So I just wondered if you could talk again about phasing benefits that might have been in Q1, how Innovative Medicine margins should evolve? I know you talked about inflationary impacts on COGS, but that sounds like that’s more impacting Sandoz. So, yes, any insight helpful. Thank you.
Harry Kirsch: Thank you, Richard. Actually, I don’t think I can say so much more. I mean, quarterly margins, as you know, they are not as linear, right? You have the improvement in Q1. We cannot just multiply that or assume that is happening each quarter now. But overall, we are, of course, highly confident in margin improvement on the year. It’s actually also quite significant, if you model it out, and then the inflation we have to watch altogether, right? I mean that’s not — it’s not only hitting on bundles. It’s also hitting on Innovative Medicines. It’s just not as big there for the overall P&L, right? So I would just — let’s be a little bit cautious. After three months, I would continue to expect good productivity in top line, how exactly the margin by — we also — I don’t believe in quarterly guidance, be it on sales or margin, right, it is too much.
We have dynamics. We always want to ensure we do the right investments on everything. And — but I would expect a very good further dynamic margin development as we go forward. As I also expect the top line and productivity programs to further positively develop. But this is a very high margin improvement in one quarter. And I would not suggest to simply assume that for the rest of the year.
Vas Narasimhan: Great. Thanks, Harry.
Richard Parkes: Okay. Thank you very much.
Vas Narasimhan: Thank you, Richard. Next question, operator?
Operator: Thank you. Your next question comes from the line of Stephen Scala from Cowen. Please, go ahead. Your line is open.
Stephen Scala: Thank you very much. I’m curious if Novartis has any more visibility on the profile of MBL-949 for obesity. On the Q4 call, you said that you would have greater visibility on dosing schedule in the second quarter. I’m curious if the data is in-house, and I’m wondering why Novartis rarely mentions this product, particularly given the global focus on obesity. Thank you.
Vas Narasimhan: Yes. Thanks, Steve. Just looking at my colleagues. So the answer is, we don’t have the FIR data set yet, but we will have it in the coming period. And then we’ll update accordingly. I think our reluctance is just to — we want to be sure we have a real medicine here, because I think given the overall euphoria, I guess, around obesity, we don’t want to create any kind of false, so we want to make sure that this is — if it is a real drug and if not, we’ll of course disclose it that way as well. So as soon as we have a clear understanding of did we adequately navigate the safety and efficacy profile for this medicine, we’ll update you accordingly.
Stephen Scala: Thank you.
Vas Narasimhan: Next question, operator?
Operator: Thank you. We will now take our last question for today. One moment, please. And the question comes from the line of Matthew Weston from Credit Suisse. Please, go ahead. Your line is open.
Vas Narasimhan: Matthew?
Operator: Hello, Matthew, are you on mute?
