Matthew Weston: Thank you. Two questions, if I can, please. The first for J-B. A year ago or six months ago you called out Dupixent manufacturing savings as a particular driver of margin improvement. Can you tell us, are we still on track? And can you remind us of the time line and the magnitude of the saving that you anticipate? And then one for Olivier. You’ve got a very large GenMed business at Sanofi. Ex U.S. pricing very rarely gets talked about, but we’re seeing meaningful clawbacks in your home market of France, also in the UK and there’s some worrying legislation in front of the European Commission about ex U.S. or EU drug pricing moving forward? I’d love your thoughts on the pricing environment and whether those challenges are one of the contributors holding back earnings this year at Sanofi.
Paul Hudson: Okay. Thank you, Matthew. Jean-Baptiste, Dupi margin expansion based on manufacturing upgrade.
Jean-Baptiste de Chatillon: Yes, we are fully on track on these deployments. Of course, it has to be deployed in all centers, and we are switching progressively. This will take time till ’23 — for all of ’23. And then as you know, we have a high level of inventory. So before it shows into the margin, it takes a bit more time. But effectively, at the alliance level, it’s a significant improvement on the COGS, €600 million will be in the bottom line, but it will improve the gross margin in Sanofi. So yes, it’s a good success story. And it is being deployed as we speak exactly as planned.
Paul Hudson: Trying to get to that real improvement and what it means for us, given how quickly we’re growing, it’s really incredible and how it fuels the rest of what we’ll do next. Olivier, pricing ex U.S.?
Olivier Charmeil: So, pricing ex U.S. So Matthew, you mentioned it in the right way, the situation is very different in emerging markets and in European. In the emerging market in some markets, although we face some price pressure, there are some markets we are able even to increase our price, especially in the countries that are weak currency, like Turkey, Argentina and couple of others. In Europe, we face, of course, in the current environment price pressure. But I would mention that we have a very broad portfolio. So, we have products that are probably less visible and of course, than others. We face some price pressure on our products that have been in the market for many years, relatively small product but not more than on the average of the portfolio.
And on the core assets, of course there is some pressure on some of the brand. But the fact that GenMed is not relying on 1 or 2 assets, but on a broad portfolio, of course, puts us in a better situation. The last point is, of course, given the price pressure that we face, especially in EU, we continue of course to work on our go-to-market model in order to make it as efficient as possible in an environment where we know that, of course, the price pressure will continue.
Paul Hudson: I will say and couple of us — team that the use of AI as well in helping us be very acutely aware of all of these moments has been some of the best I’ve ever seen, frankly. So, we continue to develop those capabilities and are starting with our team. Next question?
Operator: Next question from Keyur Parekh from Goldman Sachs. Keyur?
