Max Herrmann: Okay. My next questions are more financial. So I’ll put them on. In terms of COVID inventory, I know you say you have 8 million to 10 million doses on hand. I was wondering if you could give us a bit of a view of what portion of your inventory levels are represented by that actual COVID stock. Second question is just the margin. In the fourth quarter, you obviously €“ the gross margin that is, you obviously had a relatively low margin in the third quarter. I assume primarily related to the collaboration and license revenue, which I guess is margin without margin. Just trying to understand how we should view the margin development going forward. And then just in terms of R&D, very interesting comment about €“ and I wasn’t aware that the Pfizer R&D spend or the balance spend that you make will go against the balance sheet. So just giving us feel, do you expect R&D in 2023, therefore to be lower than you expect it to be in 2022? Thank you.
Thomas Lingelbach: Peter?
Peter Buhler: Yes. Sorry, I was muted. So first question, Max, on COVID inventory. So we have not given in the Q3 the details of inventories but you can assume that actually there is a fair portion of inventories that we reported in our balance sheet related to COVID. And it is safe to assume that it’s approximately half of it. Most of it, of course, finished product or semi-finish and finished product. And as we said, these are the doses that we are aiming at selling in markets outside of Europe. Gross margin in Q4, again, here we have not given guidance on gross margin, so over time, so I wouldn’t specifically comment maybe about on Q4. I think overall speaking, we clearly look at our gross margin on our travel vaccines improving significantly as we increase volumes.
And we do expect that in 2023, we’ll probably be close to where we used to be pre- COVID. And remember we were at top of my head, 64%, I believe roughly. So that’s clearly objective to get into this range as far as cost of goods on travel vaccine is concerned. And you’re absolutely right. Of course, the margin does get diluted a bit depending on what contracts we have with the parties in our CTM facility in Sweden. And then finally, your question on R&D. So yes, whatever we pay to Pfizer goes against our liabilities. The spend that we have on VLA15 goes into R&D spend. It’s primarily people cost of course, but that goes into R&D spend. And we have not yet provided guidance for 2023, I think questions on 2023, right. So we have not provided R&D guidance on that yet.
But we’ll do that of course once we do publish our full year results.
Max Herrmann: So maybe just pushing back a little bit on the R&D guidance for 2023, I mean, it wasn’t €“ I wasn’t really €“ I was just trying to get understand. I mean, next year the Pfizer trial costs are going to be the big significant part that’s not going through your R&D spend and you’re not spending on the COVID vaccine anymore and the chikungunya vaccine, most of the registration studies have been completed then that would suggest quite a significant reduction in R&D spend for next year
Peter Buhler: Yes, that’s correct
Max Herrmann: Is the right way to think about it?
Peter Buhler: Well, yes, our R&D spend will for sure go down. It will of course, include some post-marketing commitments for our chikungunya vaccine and of course, progressing our preclinical pipeline, but is absolutely fair to assume that our R&D cost in 2023 will be significantly lower than in 2022.
Max Herrmann: Right. Thank you very much.
Operator: Thank you. And one moment for next question. Our next question comes from the line of Arsene Guekam from Kepler Cheuvreux. Your line is open.
