Dr. Mikael Dolsten: Yes. We think that the tolerability will be well on par with vaccines used in the target population and be perceived as tolerable and convenient. As you described, the combination will attract the high volume of flu people to also be able in shot to renew the COVID coverage, particularly with more and more variants coming. So we’re very positive and think we’re right in the balance of those and opportunity there.
Dr. Albert Bourla: Thank you. And, of course, Dave will say, but right now, this is the profile that we are targeting. And we think it’s easy to do it with two viruses, so to load enough so that we have very good efficacy and good tolerability profile. We believe it will be more challenging, but of course, needs to be seen. And that’s why we believe that our RSV — protein and having such a good tolerability profile offers better combination of a triplet than triplet all with mRNA. Dave, also there was this question that I think you touched upon it earlier in your script about how we see going forward, the expenses of SI&A.
Dave Denton: Yes. So importantly, 2023, we’re seeing a step-up in SI&A and it’s really, again, investments around the launches and the products that have been acquired, which we think are really important to really drive growth in the back half of the decade. So, we’re already focused on that. We do think €˜23 is probably the big year of step-up from expenses. And then post €˜23, those expenses will grow more moderately after that.
Operator: Our next question will come from David Risinger with SVB Securities.
David Risinger: Yes. Thanks very much. Thanks for all of the additional details that you’re providing. So, it seems like the 2023 guidance is conservative, which is encouraging. But looking to Paxlovid longer term on slide 11, I guess I’m surprised that the percentage of symptomatic patients that you expect to be treated with an oral therapy would almost double from 12% to 22% between €˜22 and €˜26, even though the pandemic is being viewed as being over. So, I’m hoping that you could talk a little bit about those assumptions and what the denominator is. So, when you say symptomatic patients, is that high-risk/elderly that you’re calculating the 12% on going to €˜22, et cetera? And then, in terms of the Paxlovid share, it was approaching 91% at the year-end of €˜22, according to this slide but only declining to 80% in €˜26 when there are several companies, both large and small, ranging from Gilead to smaller companies that are planning to develop agents to compete aggressively and that could have implications for both, volume and pricing longer term.
So wanted to understand that.
Dr. Albert Bourla: David, very good questions. Let me try to explain a little bit. First of all, it’s not 12% going to 22%. It’s really 17% going to 22%, right? The 12% which is in €˜22,it is a partial year, so it didn’t include the full year. The real demand, it is, let’s say, €˜23 full year, it is 17%. And it’s going up because of two factors: one, it is a small increase in infections. And as I explained, the assumption is that COVID will not disappear, will be there. But vaccine rates, vaccinations are going down. So that will create — will wane the protection — the protection of the population. And that will manifest with a small increase, which you factor, 2% based on our modeling, a small increase of both the infections and eventually also the severity.
