But you asked about placements. So that’s kind of how that breaks out. When we look at a bridge like that into the other franchises, there isn’t a dramatic effect like VBP, right, in those other franchises. You asked about whether we think VBP will be a factor in those other franchises. It’s difficult to predict kind of what the government in China will do versus one category versus other. So don’t expect VBP in the near term in those categories. But of course, should it come, we will adapt as we have adapted in Orthopaedics. So hopefully, that addresses the second part of your question. And in terms of the factors, as I mentioned, we’ve been executing well commercially in those other two franchises. It doesn’t mean we’re perfect. It doesn’t mean there are opportunities, not opportunities for acceleration.
We’ve called those out right, in the 12-point plan. So continued high level of commercial execution, continued improvements in that will — of the portfolio, yes, will be a key driver of growth. Innovation is a key part of it. It’s less dramatic than in Orthopaedics because we’ve got CORI, which is a new platform that’s coming in, new ways of doing things in the industry. But there is innovation in both negative pressure and sorry, in wound and in sports. So whether it’s innovation across new categories, biologics is a significant investment area for us in sports, right? That’s still early innings in terms of what we can do with regenerative in terms of getting that broadly adopted into the market. So we’re investing in biologics — continue to invest in biologics and sports.
On in wound negative pressures and important investment category for us. And we’ve got a broad portfolio already, and we’re making targeted investments, whether it’s in biologics or in skin substitutes in Wound as well. So there are fairly robust pipelines in those areas as well. So as I mentioned, we look forward to giving you a lot more visibility into those categories as well as Capital Markets Day. It’s not that we’re trying to be coy here. It’s just a lot of detail to go into there as well. So the waterfall looks a bit less dramatic in — if you were to create that and explore setting out, right? And I think your second question was for Anne-Francoise.
Anne-Francoise Nesmes: Although I will finish on the — picking up on the dramatic. Actually, if you look at Wound in particular, you will see that the margin, and you can find — you can see that in our segment reporting in the annual report, the margin on Wound is actually above 2019. So Wound has delivered. And therefore, I think it’s important to understand that the drag on the profitability has been mostly driven by Orthopaedics. Hence, our focus on that. But the other franchises are performing well with Wound, in particular, being back on number of 2019 level and sports being there by ad revenue only given the pressure on the cost of these for sports. So now the final question was on buyback and whether we are committed to buyback.
We remain committed to buybacks and we did $158 million in 2022. And if you recall, when we reframed our capital allocation policy in December ’21, we also sign posted to our leverage our target leverage of 2x to 2.5x. We’re currently at the bottom of the range given the challenging macro environment the effects of COVID on our profit recovery and also the working capital buildup that you’ve seen in 2022. So as a result, we paused the buyback, and we’ll continue to keep this under review in ’23.
Deepak Nath: We’ve got two questions on the phone as well. So let me take one in the room and another one from the phone.
