There are some optical hygienic type where they may be constraints, et cetera, and ZYN is something which is — looks cleaner and is white, it doesn’t contain tobacco, which might have been for a — might be for some consumer create some resistance. So this is what I can say. I think the product has a good trajectory. The market is a large market in the U.S. with a well-developed e-vape category, obviously, still a very sizable combustible cigarette category and also many other oral tobacco forms, so it’s a nice sourcing for ZYN, which is appealing to these audiences. With regards to your comments about the number of accounts forecasted, naturally related to our guidance for next year. We are very well familiar with that slightly trend in the U.S. Can ZYN surprise us to the positive?
Yes. Can — but guidance is built on the number of the assumptions, right? I mean it’s a global business, multi-category and there are some headwinds, which we are aware today. I’m not sure whether there’s a lot of materialized, but I think it’s a matter of prudence is that this part of the year at the beginning of the year to single them amount and be prudent, but there are also some upsides and the tailwinds, which we are well aware of. The year-end faults will come to the Q1. I mean as a player, we build the confidence as you go through the year.
Jacek Olczak: Yes. And Pam, to clarify the guidance here, we are coming with a growth year-on-year that would be similar than the one we’ve been experiencing in terms of total volume growth and not in a big percentage year versus ’23 and ’22. So these are similar volume growth. It’s related to a reduction in the growth rate. We’ll see whether your — we have still going even higher than what we are forecasting for the time being.
Pamela Kaufman: Okay. Thank you. That makes sense. And a question on the patent settlement with BAT. Can you elaborate on the implications of that? I know you’ve been investing in manufacturing capabilities in the U.S. for IQOS. How does the settlement influence your ability to import into the U.S.? And does it change your manufacturing strategy?
Jacek Olczak: Well, it actually allows us now to also connect IQOS in the U.S. to the supply chain, which is on the international supply chain from day 1, which is operating with all the benefits of economies of scale, et cetera. So obviously, as the mitigating type of a strategy we have been implementing in parallel the alternative manufacturing in the U.S., but that obviously is the first factory, first volumes. We would obviously result in the increased or elevated cost both on the devices and the HeatSticks and it will take a while until U.S., on a stand-alone basis, would close at the same level of the benefits of the cost, if you like, as we had on international. So for us, it clears the path for IQOS, top blend and ILUMA.
So we’re bringing a lot of — or removing that, I should say, uncertainty from today and going forward. And IQOS because it is U.S., it’s just another market which we added to the geographical family of IQOS presence from a day one, will have an access as I said to the pipeline of the products and its economic cost benefits as an international market. So for us, actually, is clarity and acceleration which we gain through this agreement. And obviously, as we all know, the patent litigation territory has a high degree of uncertainty. And we’re running a very sizable business and we plan to have even more sizable business with the addition now of U.S. and that clarity and the visibility going forward is very important which I believe is also important for investors too.
Operator: We’ll go next to Faham Baig with UBS.
Mirza Faham Ali Baig: Hi, guys. Good afternoon. Thank you for the questions. I have a couple as well, please. Firstly, you’re guiding for another impressive year of mid-teens heated tobacco in-market sales growth. You’ve highlighted Europe will be within that range. Historically, Europe has done slightly better. What markets make up the sort of difference to help you to still get to the mid-teens growth? If you could allude to the larger markets. And within that, are you assuming any contribution from Taiwan, Saudi Arabia, you mentioned? And what should we expect for the U.S. as well, please?
Jacek Olczak: So maybe I start with the U.S. I mean the U.S., we will do the test market on IQOS three point — what we called IQOS 3.0 blade product, which is literally for us the high cost and we keep looking forward to get more visibility from FDA with regards to the PMTA MRTPA for IQOS which would allow us to accelerate the broader, more national type of a commercialization. So what we have assumed in 2024 in terms of the volume contribution of IQOS from U.S., it’s very minimal. We are not treating this as testing the engine, commercial, the consumer phasing type of a solution rather than a lowered the current version of the product at the full scope. We have assumed — we made some assumptions with regards of opening the markets in which IQOS today is not allowed.
The trade not on the list is obviously Taiwan. Okay, that’s each other assumptions and we might be right or wrong, but these are the assumptions which we made. It obviously hinges on the speed of some regulatory decisions and the laws being passed and et cetera. And with regards to Europe, look, I mean although I believe and the history have shown with the flavor type of regulations in the different categories, in the different places, that over a period of time, they don’t have much of an impact to the dollar. But we’re going in a period that some markets or markets will be implementing these regulations. I think they need to be cautious that there might be some distortions. I mean that they put in a guidelines and these will be transparent and still give you potential with headwind, which we take in, in the volume outlook for IQOS, but we’ll have to see where this materializes.
