Dr. Albert Bourla: A quick one because that’s easy, we do not expect €˜24 and €˜25 and beyond to have governmental sales in the U.S. In fact, we think that not even this year, other than some small deliveries that we have still pending with the U.S. government from the — before, we will not see any U.S. purchases. That’s our assumption right now that we will move into a commercial model that will cover all channels as with all other vaccines and products. Margin changes, we haven’t said anything yet about Paxlovid. So, I can’t comment, if you can calculate. We set there is price, you can calculate the net and then you can make your assumptions on margins. We don’t give margins on specific products. Now, a little bit on the lower revenues — about the revenues ex U.S. Angela, do you want to make any comment on that?
Angela Hwang: Sure. As you said, there were some specific reasons for why we saw what we saw for Eliquis, IBRANCE, PCV. I mean, Eliquis specifically was the loss of exclusivity and our patent challenges that led to some generic increase at risk in both the U.K. and Netherlands. I mean, IBRANCE is a mature product. And so, it goes through sort of the reimbursement and the sort of the pricing regulation that it typically goes through in Europe. And I think PCV in general, what we’re seeing is that, at least on the kid side, not on the adult side, but on the kid side, vaccinations are still — are not back up to where they are where it was prior to the pandemic. So, I think in all three cases, there were very specific reasons for what you saw. And we don’t anticipate anything extraordinary or different in 2023. I think it’s sort of business as usual.
Operator: Next question will come from Tim Anderson with Wolfe Research.
Tim Anderson: Thank you. I think one of the challenges for analysts modeling Pfizer is to try to understand what the flow-through to profitability is from Paxlovid and Comirnaty. So, I’m hoping directionally, you can tell us how that looks going forward once you get past this transitional year of €˜23. So, in €˜24 and beyond, is the profitability of that combined franchise likely to be higher, less or the same as what it was in 2021 and 2022? And then, a second question is on SG&A. How much of that increase was driven by inflation in 2023? And just any quick comments on your European austerity measures on pricing.
Dr. Albert Bourla: Dave?
Dave Denton: Yes. So on — maybe on the COVID franchise, obviously, we don’t give profitability for each product. But you can imagine, as we stated before, on the vaccine, we split our gross margin with BioNTech. So therefore, that would obviously carry a lower profitability mix compared to a typical product. And Paxlovid is probably the opposite in the sense that we share that — the economics of that fully. So, that’s probably a bit on the larger — higher margin side in general.
Dr. Albert Bourla: You can predict that, for example, in the first years, €˜21, €˜22 had very high R&D expenses also. We maintain our R&D expense to COVID. Very big part of our expenses in €˜23 is for COVID because we are investing. But you expect over time, those unless if we bring new products that will not be as high as. On the contrary, prices are going up, but margins could improve but also SI&A, promotion expenses are going up, right? So, without wanting to give direction from what it used to be €˜21, €˜22, we expect going forward to be higher, the margins. But all of these equations will be in play. Next question, please.
Operator: Our next question will come from Mohit Bansal with Wells Fargo.
