So I think it makes sense to look there. That said, as opportunities come along, which may be in the broader, CNS will look at them. But right now, we’re ensuring we stay focused to make sure we allocate our capital in a way that will be synergistic to our P&L and maximize our OpEx. With regard to the biosims question, I think our strategy is really clear. I think biosimilars is a massive opportunity to generate revenue. I’ve seen that in Europe. I believe that’s going to happen in the United States. It’ll be a bit bumpy in the United States as we’ve seen in the past. But we’ve also seen with Truxima or Tuximab, it’s a great revenue generator. So the way we address maybe some of that uncertainty is to ensure that we don’t allocate a huge amount of capital to it by doing that through partnerships.
And we’ve built a broad portfolio. So when some assets come to the market in a timely manner or some assets overachieve and other assets underachieve on what their big sales could look like, we’re balancing that out because we have a portfolio approach. But we feel very clear on our strategy and committed to our strategy. We think it’s the right strategy for a company like Teva.
Operator: Our final question for today comes from Chris Schott of JPMorgan.
Unidentified Analyst: Hey, this is Karina for Chris. Thank you so much for taking your questions. So first on gross margins, I know you’re not giving guidance for next year, but as we think about margin trajectory from here and the trends, we saw in Q3 and what we’re going to see in Q4, is that kind of the correct starting point as we think about gross margin next year? Or are there any other pushes and pulls we should keep in mind there? And I think the second question is just on AUSTEDO. It seems like the product has had a very strong quarter. Just let us thinking around kind of investing behind that product and support for the asset. How are you thinking about balancing costs versus kind of maximizing the revenue opportunity? Has a thinking evolved at all? And any implications as we think about SG&A spent next year? Thank you so much.
Richard Francis: Thank you, Karina. I’ll take a go at both of those and then also allow my colleagues, Sven and Eli, to contribute. So when we think about margin, the way I think about margin going forward, it’s aligned to our strategy. So when you think about our Pivot to Gross strategy, it was to make the company get back to growth, but grow it in an area where it will drive profitability at the top and the bottom line. Now, obviously, I think Eli has just highlighted and I highlighted in my comments that we improved gross margin by 50 basis points. The way we did that primarily is our portfolio mix. So as we drive AUSTEDO, as we drive AJOVY, as we drive UZEDY, as we bring an Olanzapine to the market, ICS/SABA to the market, those products have a very different gross margin profile than our generic business. And so that, by definition, will raise our gross margin. So that’s sort of the big picture on it. Eli, give a bit more flavor if you want to, Eli.
Eli Kalif: Yes, so just, we are still actually aligned with our long-term financial targets by 2027 to reach the 30% on OP, which means if you look on our trajectory in OpEx, then as we are very, very questions on even that we’re actually dollar spend higher, but you’re turning it always versus revenue this year and last year, we believe that we’ve been 26% to 27% and OpEx going forward, which means that those gross margin of 55% to 67% on the long term should serve our goals.
Richard Francis: And then moving on AUSTEDO. For AUSTEDO, we think we have a very important asset here and because of that, we ensure that that is funded in the appropriate way and obviously we have a big cost base at Teva and so for us, it’s about prioritization and AUSTEDO is one of the top priorities we have in this company and so when it comes to getting resources, obviously there’s a process to do that. It’s not quite an open checkbook for Sven and his team, but it’s very much, this is an asset we want to maximize, let’s understand what that takes and then obviously manage that through other aspects of the business cost structure to make sure we can offset that as much as we can to once again stay very on top of our spend. As our revenue grows, we want to make sure our profitability grows with it. But Sven, do you have anything else to add to that?
Sven Dethlefs : Yes, I think one of the advantages that we have is of course that we can make synergistic investment between AUSTEDO and UZEDY because some of the prescribers that we target prescribe both of the brands. So we have leveraged and we can create some scale effects. We have this year stepped up our salesforce. We have increased our long-term care team. We have made investments in specialty pharmacy programs to increase our fill rates and we are also working on adherence. And I believe the fact that the prescriber base increases as more and more physicians start prescribing VMAT2 inhibitors, it naturally leads you to an opportunity to invest more behind sales and patient activation. And that’s what we also plan to do for 2024. But as Richard said, of course, we are quite disciplined in analyzing where we want to invest our dollars.
A – Richard Francis: Thank you, Sven. And I’d like to thank everybody for taking the time to listen to our call and to ask the question. We do appreciate the interest in Teva and I wish everybody a good day or a good evening. Thank you.
Operator: Thank you for joining today’s call. You may now disconnect your lines.
