Shinichiro Muraoka: Thank you. My first question, in this third quarter, if you look at the expenses, R&D and SG&A, on a quarter-by-quarter basis, they both increased quite a lot. And based on this situation, for the full year, JPY1.18 trillion of our core profit for the full year, do we have to worry about achieving this? That’s my first question. And the second question is with regard to shareholder return. In the market, there is a heightened expectation for increased dividend by Takeda, and not just once, but continuous increase in dividend. So, in FY €˜23, €˜24 and €˜25, is your plan to continue this every year over the long-term? What is your general thinking or policy about this? Those are the two questions. Thank you.
Christopher O’Reilly: So, first question is looking at the quarter-on-quarter costs. So, R&D, SG&A tend to be higher in the third quarter. And is there any risk to the full year forecast of JPY1.18 trillion core operating profit? And then the second question on shareholder returns. What should we think about expectations of a dividend increase? Would it be something continual? And can we have the thoughts on that? So, I think both of these will direct to Costa.
Costa Saroukos: Great. Thank you very much, Muraoka-san. So, let me just start again just really drawing your attention to the year-to-date numbers, Q3 versus Q3 2021. So, again, quarter-by-quarter, this fluctuation seasonality on a year-to-date, we are comparing the right apples-to-apples baseline. So, on the SG&A numbers, you can see that our SG&A on a constant exchange rate is actually declining versus last year. So, it’s favorable 1.6%. And again, main driver for that is significant improvement in back office, more the G&A line with leveraging data digital technology, the Takeda business solutions and transactional effectiveness there. The R&D line, it’s up on a constant exchange basis of 5.3%, slightly above the growth of revenue, which is revenues growing at 4.5%.
But a lot of that is driven by some timing of program completion. Overall, to your question on the core operating profit of JPY1.18 trillion, I can say that we are tracking well towards that on a run rate. You can see our run rate deliverable year-to-date, we are tracking well. And in fact, we are highlighting that the management guidance is at the high-single digit and perhaps in the higher range of that high-single digit number. So, very pleased with Q3 results, not only on the top line growth, but also on the OpEx and core operating profit overall. Regarding dividend increase of share buybacks or €“ we haven’t changed, we are not changing our capital allocation policy. Again, we are very much focused on investing for growth and growth drivers.
We are pleased with the trend of our net debt to adjusted EBITDA coming down even from 2.8 to 2.5, even after the full year dividend has been made. And we are tracking very well towards getting to our net debt to adjusted EBITDA targets by fiscal year €˜23. So, we are very much focused on that and shareholder returns. So, we are very much focused on maintaining our discipline there. If we were to give an update on the capital allocation policy, we will consider, for sure, looking at something that wouldn’t be a one-timer. It will be something that will be consistent moving forward. But right now, it’s too early to communicate that. Thank you very much.
Christopher O’Reilly: Thank you. And now, the time has come to close. So, I would like to finish the Q&A session. Thank you very much for your participation, taking your precious time out of your busy schedule. If you have any individual follow-up questions, please contact IR. I would like to ask for your continued support.
