Jean-Baptiste de Chatillon: Thank you, Luisa. BD and globally, capital allocation has no change. You’ve seen 25 deals going through BD and M&A and they are mostly centered on early science. Horizon, or I could name also Rezurock that we brought, even though it’s much smaller than Horizon, it’s opportunistic. If we see an opportunity where we can create value for shareholders, we would seize it. On — it’s not always about the size because Horizon has the right price, was a great opportunity to accelerate our journey to invest more in innovative science. So no change of strategy, but always on the lookout to seize an opportunity and try to create value for shareholders.
Paul Hudson: Thanks, J-B. And as you rightly point out that the — at the right price, there was an opportunity to use our pipeline in terms of investment and other assets. But we’re very comfortable where we are, the choices we’re making. So, next question?
Operator: Next question, Tim Anderson from Wolfe.
Tim Anderson: Yes. Thank you very much. On Dupixent and COPD, what level of effect size are the trials powered to show? That’s first simple question. And the second question on the flu franchise longer term. So, Sanofi’s guidance is to double vaccine sales by 2030. I’m guessing influenza’s likely the largest single segment within that. And I’m wondering if you can talk about COVID flu combination products, specifically because Pfizer is talking about launching such a combo in 2025. I’m wondering what your thoughts are on such a combo opportunity and what the timing is for a combo product from you guys? Thank you.
Paul Hudson: Tim, thank you. I’ll come to you in a moment. John, on the effect size that we…
John Reed: No, we haven’t shared that. So that is — and I don’t think our partners, Regeneron have either. So, we’re — we’ve designed what we think is of meaningful — clinically significant, clinically meaningful effect size, but we have not disclosed quantitatively what that is.
Paul Hudson: Thanks, John. Thomas, doubling vaccines and COVID flu combo?
Thomas Triomphe: So, definitely doubling vaccines, what does it mean for flu, I think is at the heart of question of Tim. Definitely, flu will grow, Tim. You’re absolutely right, when we move forward from now in 2030. There are a couple of important reasons. First of all, the fundamentals of the flu markets are positive in terms of more and more people in the aging part of our population. And therefore, the 60-plus segment is increasing and more and more recognition of the importance of preventing the severe epidemics moving forward. So definitely, it’s going to grow. Now, our positioning, as we said before, we believe we have the right assets to start from, that’s how we’re growing the business today with different — flu vaccines that have both the ability to protection beyond flu, so an extra protection and doing it at a very good tolerability profile.
Now, moving forward, obviously, we are a data-driven company. I’m sure you’ve seen some exciting slides from a — company recently showing results. These are projections without any data. We are looking at science where it’s going to go. That’s why we’ve initiated 3 mRNA QIV clinical Phase 1/2 trials in 2022. We’ll be happy to report those results when we have our vaccines IR event altogether at the end of the first half of 2023. The goal is to go with 3 different LNPs in order to get as much knowledge as possible to be as competitive as possible and moving to Phase 3 in Q4 2023 if we have the right product profile from this Phase 1/2. So it’s really about, first, let’s look at the data? Can this product profile generate protection beyond flu?
