And again, one of the things that we’ve highlighted in the past is that Tysabri is a unique drug for a lot of different reasons. And so, we expect that it’s still going to have significant sales, even with a biosimilar on the market. And at this point, we’re only aware of one that would potentially be a competitor.
Terence Flynn: Thank you.
Operator: Our next question, our next question comes from Chris Shibutani with Goldman Sachs. Your line is open.
Chris Shibutani: Great. Thank you very much. Two questions if I could in general about opportunity sets on the forward, Marshall. Curious to know what your thinking is in particular about the cardiometabolic as you guys categorize it. Investors in the industry are clearly enthralled by the opportunity of metabolic disease, particularly obesity and allied conditions. Curious about your views there. And then secondly, during the past two years or so, there’s been a bit of a turnover of the shareholder base, particularly amongst the original IPO investors. Perhaps can you comment on anything that can give us perspective on where we’re at with that? I think that has somewhat loomed as an overhang in investors’ mindsets, but on the forward, what would you guide investors to think about that? Thank you.
Pablo Legorreta: Sure. I’ll take your second question about the change in the shareholder base, and it has been very significant. I think the goal for us going forward now is really to focus on long-term holders of Royalty Pharma and cultivating new investors and educating new investors about our business, which is very unique and very, very attractive. And I think one of the very exciting things we’re doing this quarter is revamping, as Terry reviewed, our financial information and reporting. But also, I would really encourage all of you to go to our website and now see how we’ve actually prepared a lot of interesting Excel spreadsheets where you’re going to be able to see, we’re going to really make it easy for investors, and investors will be able to see the historical performance of the business, product by product, how royalties are calculated, and then the analyst consensus, and all of this in a spreadsheet, making it really easy for new investors, old investors to track performance and actually decide to make an investment in our business, model it and monitor it.
But I’ll pass it on to, I think it was you, Marshall, on the first question.
Marshall Urist: Absolutely. Yes. Hi, Chris. Good morning. On your question on the TB metabolic space, yes, no question, as you might imagine, we’ve been following all of the really exciting developments there with a lot of interest. We do take a little bit broader view of all the innovation that’s been going on in that area to find opportunities. Certainly, the investments in LP(a) that we’ve made over the last two years, which is a exciting new target in cholesterol management, is an example of that, and we’re excited to see the results of those studies over the next couple years. And specifically in obesity, as you might imagine, we’re following this space closely, but really will continue to follow it in the context of our overarching strategy, which we’ve talked to you before about, which is to really be disciplined to look for opportunities that make sense for Royalty Pharma, and to wait until we see the right thing to add something in a particular therapeutic area, rather than saying we really need to go out and identify something in obesity or in a indication related to obesity.
But we want the right things, and we’ve been patient, and I think as you’ve seen us do in multiple other areas, we really will have the discipline and the patience to wait and find the right thing for Royalty Pharma. When we see the right thing, we will go after it really aggressively, but we’re certainly going to wait and show the same discipline that served us well to date.
Chris Shibutani: Thank you.
Operator: Thank you. Our next question comes from Steven Scala with TD Cowen. Your line is open.
Steve Scala: Thank you very much. In response to an earlier question on the Vertex situation, you mentioned that there were no updates. Does that mean that nothing is going on, so the royalty is unchanged until some event occurs? And/or is there – are there discussions that you cannot detail? Is it possible that Vertex concluded Royalty Pharma was right all along and won’t press the issue, or will Royalty Pharma start getting smaller royalty checks, so Royalty Pharma will have to initiate the litigation? And if the answer is you can’t discuss it, can you tell us why you can’t discuss it? Is it because it’s on the advice of legal counsel, or that you don’t know anything at this time? Thank you.
Pablo Legorreta: Thank you for the questions, Steve. Terry, please go ahead.
Terrance Coyne: Yes, Steve, we know investors are very curious about this. And unfortunately, we just can’t provide any updates at this point. But I would just reiterate what I said earlier. Investors have the sensitivities that we provided on our second quarter call to understand the potential impact of the business under various downside scenarios, and we still feel like those sensitivities are appropriate, and we will provide updates in due course.
Steve Scala: Thank you.
Operator: Thank you. There are no further questions at this time. I’d like to turn the call back over to Pablo for any closing remarks.
Pablo Legorreta: Thank you, operator, and thanks to everyone on the call for your continued interest in Royalty Pharma. If you have any follow-up questions, please feel free to reach out to George and the IR team. Thank you very much.
Operator: Ladies and gentlemen, this does conclude the program. You may now disconnect. Everyone, have a great day.
