Scott Smith: So Gary, thank you very much for the question. I think a very important part of the strategy is moving up the value chain as we move into part two and beyond. I think the eye care transactions that happened recently are a very good model for the way that we’re going to want to do BD going forward. You mentioned the therapeutic areas of interest, obviously, through my branded experience with Otezla and others, I’m very familiar with the GI space and with, of course, the derm space. These are two areas that I think fit our strategy very, very well. But I will say, I think I want to a little bit opportunistic as well. If there are opportunities outside of these tidy eyes that fit our model going forward, we should be very open-minded to engage in those as well. So this, to me, is a very, very important and exciting part of the strategy, moving up the value chain, and I’m really excited to be leading that effort.
Operator: Thank you. Our next question will come from David Amsellem with Piper Sandler.
David Amsellem: Hey, thanks. So I wanted to drill down more on your longer term expectations on complex products and also brands. You talked about novel and complex products about $1 billion of peak sales by 2028. I know you addressed glatiramer once monthly. But just wondering what are the other products that you think stand out here, like, for instance, the meloxicam product post-surgery, there was one that was recently discontinued. So I’m just wondering what makes you think that’s a great opportunity for instance. And then regarding the brand side on eye care, you said it’s mostly dry eye. Just to be clear, is that Tyrvaya? Is that — are there other products? I mean, can you just help me better understand the mix there? Thank you.
Robert Coury: Okay. Let me just start. And I think I’d rather you not speak about any one particular product, but the franchises that we outlined on November 7th. So the ophthalmics being one, the complex generics being another, Rajiv, why don’t you outline each of the franchises, and then let’s articulate a little bit about what’s inside those franchises?
Rajiv Malik: Yeah. We talked about extensively about three buckets of billion-dollar franchises. One was the eye care — sorry, one was eye care, of course, which is the latest one. But then complex injectables, and the third was the complex products. And given complex injectables, almost already 10 products are already under review with FDA with seven first market position secured over there and many more, like I said, three to four products are category into the filing in 2023. And we have about 33 products in the pipeline. Now they’re all — you can follow Effexor like model, but then we go to the complex 505(b)(2) whether it’s Botox, whether it’s Xulane Low Dose, GA and we didn’t discontinue meloxicam. Meloxicam, in fact, is advancing very nicely.
We just concluded Phase IIb. We have end of the Phase II study with the meeting with FDA scheduled in the next few weeks, in fact, a couple of months. And that product will be heading into the clinical phase — Phase III clinical studies later this year. So there’s a lot going on in that bucket because both Botox, Xulane Low Dose, Effexor, meloxicam enter Phase III later this year.
Michael Goettler: Yes. And David, I would just say when you look at the franchises and you look at their makeup and the word complexity should also telegraph how much competition we anticipate at market formation and also the type of pricing that we anticipate as well.
Rajiv Malik: And also, let’s not underestimate the pipeline, which is markets like China, Japan and Europe separately because to offset their basic erosion. That pipeline never existed. That pipeline has been created. So that pipeline will be also coming into the play.
Robert Coury: Tyrvaya for
