So Flat OpEx ‘25 versus ‘24 with a clear top line growth, this will trigger leverage. Now looking beyond this, beyond ‘25, if we’ve done — if we’ve taken the decision of going all in and developing our pipeline is free to break the ceiling of growth rate on profitability that Sanofi has experimented in past years. So we will see where it goes. But as I said, we are going to enjoy a long run of growth on a clear opportunity to create value and go through the LOE of Dupixent with EUR3 billion to EUR5 billion — EUR2 billion to EUR5 billion or EUR3 billion to EUR5 billion asset with EUR2 billion to EUR5 billion peak sales potential. And you’ve seen in the R&D Day that we have more than what it takes already and you’ve seen also that we are relentless in adding to our portfolio inorganically as we just did with Inhibrx.
Paul Hudson: Thank you, JB. Next question please.
Eva Schaefer-Jansen: The next question is from Gary Steventon from Exane BNP. Gary? Gary, can you hear us?
Paul Hudson: Maybe move to the next phone.
Eva Schaefer-Jansen: Okay. So we’ll come back to Gary. So let’s move to Rajesh Kumar from HSBC. Rajesh? Okay. So do we have Gary online? No. So I think I have also a question written in the box. I’m going to read it out. It’s from Florent Cespedes from Societe Generale. So, the question is for CHC. So there is one question. Could you elaborate on the dynamic in Europe, the decline in Q4 and US? What is the organic growth? And is it still possible to raise price in the US? And then there is another question on 2025. What are the drivers and challenges for 2025? How confident are you with the consensus EPS growth in 2025?
Paul Hudson: Okay, good. All right. Well, then Julie, Europe dynamics, US and price flexibility and then JB will come back to the EPS rebound ’25.
Julie van Ongevalle: Okay. So and then — on Q4. So I think maybe on Q4, I think there’s three factors that are important to notice that have impacted our growth versus consensus. It’s first, some further divestments of our non-core brands as part of our plan to simplify our portfolio and we’re coming to the end of that program. We’ll still have some impact in 2024. As of for the performance in the US, it’s explained first by a softer market dynamic, but also some underperformance of our brands and actions to improve performance on these brands is happening as we speak, especially in the allergy and pain categories, while the addition obviously of Qunol is strengthening our position to deliver future growth in the US. Europe, we have strong positions.
I think our strength overall is that we have more than 60% of our business that is driven by leadership — brands that have leadership positions in their in respective markets with all, still a lot of potential to grow, thanks to mainly penetration as well as innovation. That helps. And price or room for pricing? Room for pricing, obviously, there’s less room for pricing than in the past. But there’s still, we see that our category overall is a little bit more resilient, especially the OTC category is more resilient than many other consumer categories.
Paul Hudson: Thank you, Julie. JB, maybe your last comment.
Jean-Baptiste de Chatillon: It will be — with ‘25, the strong rebound is coming pretty naturally on pretty mechanically. So yeah, confidence is high.
Paul Hudson: Thank you, JB. Wise words. So thank you to everybody. Thanks for those that connected today and for everybody that played a part. We’ve positioned ourselves well with the blockbusters that we have ahead of us with our launch performance. We have to keep delivering the now and wait for our readouts and celebrate our successes from launches. So thank you very much.
Eva Schaefer-Jansen: Thank you. You may now disconnect.
