I think for us, it’s about stability and building on that and getting it back to growth, and to be, I think thoughtful about how we communicate that. That’s the way to think about it. With regard to pricing and what you said about the PBMs, look – I welcome anybody that starts to look at generics pricing to make it sustainable. I think right now, it’s a very challenging environment, continues to be, where the value that generics bring to the healthcare industry, to the hospitals, to society is not reflected in the price that we can sell them at, and I think that creates a very challenging environment. I think probably that has led to the PBMs and the payors thinking about actually supply challenges and how do we mitigate those, and I think is what has raised this discussion.
Would this be a solution? I think there’s many others I could also suggest. I think ultimately you have to have a price that creates sustainability, that allows us to invest in not only launches but in capital in our manufacturing sites, and I think that requires people just to step back and understand a bit more about what it takes to achieve that. So good the fact that it’s having a conversation now, but I don’t think that is the silver bullet necessarily to improve the market. Thanks for the question, Nathan.
Nathan Rich: Thank you.
Operator: Thank you. Our next question comes from Jason Gerberry of Bank of America. Your line is now open, please go ahead.
Jason Gerberry: Thanks for taking my follow-up. Just curious, can you comment on at the margins, now that the planned divestiture, I think it was $700 million external, $300 million internal revenues, but just wondering how to think about how profitable that business is when we try to think about potential valuations. Then with the Olanzapine LAI program, will you guys give any updates regarding number of injections without PDSS signal, or will the next update just be the second half 2024 pivotal top line update? Thanks.
Richard Francis: Thank you Jason. Thanks for your questions coming back. I think with regard to TAPI, I think the idea was what it’s going to do for margins, and I’ll hand that to Eli, but on the whole I think it’s pretty neutral with regard to what it does to margins, so don’t think of it impacting our margins in a positive or negative way – that’s probably the simplest way to think of that one. Anything to add to that, Eli?
Eli Kalif: No, I think it’s–I don’t have anything to add.
Richard Francis: Okay, and then going onto Olanzapine, I’ll hand that one to Eric and maybe get more specifics about the fact that we’ve fully recruited the study, and maybe how many injections we’ve had.
Eric Hughes: Yes, so I can give you up to the minute data on that right now. There’s 675 patients in the study – that’s fully enrolled globally at this point. To date, we’ve 2,030 injections completed, no PDSS at this point – that’s 62% of our total target that we want for the clinical package for the submission, so we’re well on our way and we’ll monitor this very closely.
Richard Francis: Thanks Eric. Thank you for the question, Nathan.
Nathan Rich: Thank you.
Operator: Thank you. Our next question comes from Oleksy Soroka of ING. Your line is now open, please go ahead.
Oleksy Soroka: Yes, hi. Thank you for taking my questions. With regards to your debt, what are your plans for refinancing the upcoming maturities, including the bonds?
Richard Francis: Thank you, Oleksy, for the question. Eli, could you take that one?
Eli Kalif: Yes, thanks for the question. Yes, so if we’re looking on the coming year, we’ll have a maturity of around $950 million due in April and another approximately $700 million due in October on the euro maturity, and we are pretty, I would say, positioned very well to manage the maturities of ’24 and ’25 from our organic free cash flow. We will have a tower of around $3.4 billion around October ’26, which is allowing us enough time to consider when we will need to make the next refinancing. We are constantly looking on the market in terms of capacity and trends, and we are calculating our strategy along this; but currently, we don’t have, I would say, any specific need to go early.
Oleksy Soroka: But would you expect to deal with ramp with this peak that you mentioned in October 2026 this year, to start prefunding it?
Eli Kalif: Yes, so it really depends on the dynamics and the weighted average of, I would say, our maturities that we need to tear down, which is at the level at 3%-plus, that maturity in ’26, and the market now is doing 6% to 7%, so it really depends on how this one evolves because that will need to actually consider some capital allocation in terms of interest expenses and timing. But as I mentioned, we are constantly looking on that one, and usually we would like to go between 12 to 16 months ahead in order to address those maturities, but we think there is enough time, but still we are reviewing all those strategies around it.
