Then we have the reentry of Revlimid, of course, due to our settlement date that is working on an annual cycle. So when we enter this market with a higher volume allocation within the settlement with BMS. And then we have, of course, Xulane, which is a new drug on the list for launch this year. And then I have a couple of other products that we say, prepare for launch, assuming that we get FDA approval. But since we have made some experiences with the FDA about how difficult it is to get complex generics approved. I don’t want to give you a certain let’s say, now I think once we get approval, we will communicate more around that. But overall, I can say, let’s say, complex generics are still quite attractive for us because if you analyze in the classical 80-20 analysis, our gross margin and the cash contribution within the generics portfolio, complex generics are certainly a major stabilizer in our business in North America.
You also see that our price decline is quite stable in the base business. So that has improved over the last year, and we don’t expect the organic changes in that space. So overall, I would say, U.S. generics will be up if we get all the approvals that we discuss on a regular basis in these calls.
Richard Francis : Thank you, Sven. And then to ask you a question about the framing of debt and the EBITDA target we gave in 2027 and flexibility around that, if I heard you correctly Elliot. So look, we’re in the midst of doing our strategic review and understanding our plan going forward. And that’s a strategy that’s going to deliver growth. That’s the whole point of putting that strategy together. I think what we think is important and what is the team has worked hard on is to get credibility around our debt and on the payment of it over the last few years. And so we don’t want to squander that too quickly. So I think as we work through the strategic review and understand the opportunities and the need for capital both within the company to reallocate resources to drive some of our pipeline on our market products as well as to do some BD&L, we need to think about that.
But I’d also like to say that I think we think we have the ability to pay down that debt in the fashion that we’ve outlined and still be able to have some capital to allocate to drive the company back to growth. But we’re in the midst of that, but I appreciate your point of view and your question to challenge that. And we’ll be able to give a bit more clarity on that midyear.
Operator: We’ll now take our next question. This is from the line of Chris Schott from JPMorgan.
Christopher Schott : Just two for me. I guess, first, maybe, Eli, how should we be thinking about gross margins this year. I know you’re targeting flat OpEx, but just maybe a little bit more color on the components of OpEx as we think about ’23? And the second one was just kind of a bigger picture question on the biosimilar business. As you talked about this — as this continues to ramp and it’s an important growth driver for Teva. I guess there’s a continued kind of partner-centric approach make the most sense for the company or would these be capabilities you would want to develop, I guess, to be more in-house over time as you think about kind of really trying to maximize the value of this opportunity.
