Doretta Mistras: Great. So I would say on JANZ, it is performing kind of in line with what we expected for the first quarter. We are seeing growth — we did see some FX headwinds relative to last year in the region. But the growth we’re seeing there, that 2% operational growth was really driven by some expansion of business activities that we saw in Australia. And this is a business, kind of, that we expect on an ongoing basis there is natural price erosion just due to government price regulation, specifically in Japan and Australia. And so that will factor in as we think about the rest of the year and we do expect this business to perform in line with our expectations. And then specifically also just to add a little bit to what Scott said around new products, we have great confidence in our $450 million to $550 million of new product launches.
One of the benefits is we’re not dependent on any one single-product kind of Breyna is performing better than what we expected, but there is a — kind of the breadth of our portfolio is what allows us to kind of have that confidence in our $450 million to $550 million.
Scott Smith: And specific to your question, $0 of that is on Tyrvaya, that’s no longer defined as a new product within our company. And again, just very pleased with $154 million in the quarter for new products and reaffirming the $450 million to $550 million despite maybe some delays in GA Depot.
Operator: Thank you. And the next question comes from Chris Schott from JPMorgan.
Chris Schott: All right, great. Thanks so much for the questions. Just two for me. Maybe on — just some of the comments from the prepared remarks. I think on the Idorsia assets, you mentioned accelerating some site enrollment there or expanding the number of sites. Does that accelerate the timelines at all that you laid out at the analyst meeting or were those already reflected in those timelines? And then my second question was on the capital deployment front. I know it’s asked frequently, but just, Scott, can we see your latest thinking about how you’re thinking about the range of opportunities you’re evaluating as we think about in-market versus pipeline, in-licensing or partners versus outright acquisitions? Just, is there any baskets within there that seem particularly interesting versus others? And maybe just as part of that, just with where the stock is, how you’re thinking about repo in the mix of capital deployment? Thank you.
Philippe Martin: So I’ll take the first question on Idorsia. This is Philippe. So no, it’s not — the acceleration that we are currently working on by adding a significant number of sites and expanding into regions — that regions that originally were not planned by Idorsia, but where Viatris has significant experience is not included in the timeline that we presented at the R&D Day. It’s too early for us to see the impact that this is going to have, but we’ll keep you updated as we go forward.
Scott Smith: And relative to capital allocation, important to note already this year, we have bought back shares, delivered on a dividend, done the Idorsia deal and brought assets and that could drive potential future growth. In terms of the things that we’re looking at, I’ll continue to say we look at all manner of different opportunities. Certainly, I like the licensing partnership route for a lot of it. Given the strong global company we have and the base we have worldwide that I think we’re a very favorable partner for people with good technologies and products to be able to launch their products globally. So we’re looking at partnering. There’s a lot of interesting opportunities out there for a company of our size and our breadth and we’re sorting through it all.
And I will say, as we continue through the year, although we’ve already done some share repurchases and some BD, we expect to have the capital to be able to continue to do some share buybacks as we get through the year and also potentially some BD if the right opportunities arise for us.
Operator: Thank you. And the next question comes from David Amsellem with Piper Sandler.
David Amsellem: Thanks. So, a couple questions. On injectables, any color on Venofer and also Glucagon? I know you’ve cited those two in prior slides. And then also in general, how are you thinking about the broadening of your complex injectable footprint? I know you cited some metrics in the slides, but I guess the question here is how big of a priority is that as a percentage or as a portion of your overall generic R&D mix? And how are you thinking about new launches outside of this year in terms of how you’re thinking about a number of potential complex injectable launches for ’25 and ’26? Thanks.
Scott Smith: So I’ll take it over to Philippe to talk specifically about some of the products and the strategy. But just overall, the complex injectable portfolio is a very important part of our base business. We’re investing in it. We see important products on the market today from it. We see important products in the future from it. So it’s a very sort of important part of our base business mix and important to continue to invest in the complex generics as we move forward and add other new products, innovative products, patented products to the portfolio to accelerate that growth.
Philippe Martin: Yes. And to answer your question — your first question, the two assets you mentioned are second-half launches. We’re working through the regulatory approval process. We remain confident in our $450 million to $550 million new product revenue guidance for the full year. And we’ve — as you know, we’ve been very successful in bringing similar products to market in the past. So we feel good about our new product revenue going forward. And then in terms of the mix of products regarding the injectable — complex injectable pipeline, I mean they represent more than 50 products in total and we have about 15 that are currently under FDA review. So in terms of product mix, they represent a significant number of approvals for us going forward. So that remains a very important segment of our R&D portfolio that will continue to grow over time.
Operator: Thank you. And the next question comes from Balaji Prasad with Barclays.
Balaji Prasad: Hi, good morning, everyone. A couple of macro questions and a bookkeeping question from me on firstly emerging markets, looks like this quarter has been largely driven by emerging markets. Can you comment around the sustainability of this? And maybe also understand how this translated on an FX basis through the P&L? And on the guidance and revised guidance and the divestiture impact, if I understand right, so the $270 million strip is for nine months of Women’s Health and seven or eight months of the API business? Is it the right way to think about it? Thanks.
Scott Smith: Thank you, Balaji. I’m going to hand it over to Doretta to ask — answer the specific questions on the emerging market segments and the divestitures.
