Unidentified Analyst: Hi. This is Akhila on for Balaji. Thanks for taking our questions. Just two for me. I guess could you first just provide some additional color on business development priorities for the year? And then building upon an earlier question, what are your volume expectations from new pet additions for the year? Thank you.
Wetteny Joseph: Yes. So, look, when you look at our capital allocation priorities, certainly investing in the business is the first place we go. And clearly, we are poised to significantly invest in the areas of R&D as well as across our supply chain and manufacturing €“ you saw the significant increase in R&D spend anticipated for 2023 versus 2022. And our CapEx numbers are going to be in the range of $950 million to $1 billion on the year. Certainly, as you look at our strategic priorities, they are aligned with where we look at from a BD perspective in terms of where there might be opportunities to accelerate some of those execution on our strategies. And they span across our current slate of businesses, including some of the R&D areas in terms of external innovation and so on.
BD is one of those areas, as you know, is hard to predict in terms of exact timing and so on, but it is an important lever that I would say, second after investing in the business. And then thirdly, as you saw in 2022, we are returning capital to shareholders to the tune of $2.2 billion in total between share buybacks and dividends. Alright. I think you had a question €“ sorry, I think you had a question in terms of new pets. Look, if you look at the growth in the industry over the last two decades, it’s been about 5% to 6%. The way I look at it, vet visits, in essence, as you see pet population growth and so on, it would be reflected in that. They have accounted for about 1% of that growth historically. So, the bigger element of growth here is really pet owners’ willingness to spend for innovation, and you see that reflected in the spend per visit figures that are far more in terms of the impact on growth historically, and we anticipate that continuing.
So, as you sit here today, I wouldn’t say new pet increases is a major factor into what we are looking at. It’s our innovation and pet owners willing to pay. And the demographics of pet ownership with Gen Z and millennials willing to spend more on pet health and prioritizing those as well as higher income households that are bringing pets and more pets into their homes. Those are the factors that we watch that contribute to growth.
Operator: It appears we have no further questions at this time. I will now turn the program back over to CEO, Kristin Peck.
Kristin Peck: Thank you so much, and thanks everybody for your questions and certainly for your continued interest in Zoetis. And just to summarize, we see really positive and sustainable demand for our products based on the fundamental drivers of animal health, we see continued strength across our diverse global portfolio, especially in our products for pet care. And we are continuing to invest in the talent, the pipeline and the manufacturing capabilities that can support our future growth, while adapting our business to the increasingly dynamic environment where we operate. So, we look forward to keeping you updated on future calls, and thanks so much for joining us today.
Operator: Thank you, ladies and gentlemen. This concludes today’s conference. You may now disconnect.
