Stephan Tanda: Yes, we really don’t give that detail, but what we have said is that, I’m going back a little bit, the pandemic has really been good for us in the sense that our technical capability was tested by everybody. They came to the conclusion that they are equal to the market leader, which means companies do new projects in biologics and otherwise, but especially biologics, look to us as being a partner for a particular project. So our biologics pipeline is growing quite well, but we’re not, and that has led us to the significant investments we made in additional capacity, $180 million plus an acquisition in China plus the build-out in North America. So that gives you a sense for the confidence we have in the pipeline. That doesn’t say anything that the other pipeline — the other end markets are shrinking. The overall pipeline continues to do very well.
Alexander Yee: Okay, thank you. And one last question, and I’ll turn it over. In the [inaudible] segment, it seems like some companies are talking about consumer weakness in Europe but you guys are kind of talking, continue strengthening the preferences. Is that, do you think, is that a difference in just demographics, the entire consumers between real portfolio and other European packages, I guess? Or any kind of color you can kind of share on what’s driving the strength there. Thank you.
Stephan Tanda: Sure. And as a reminder, when you look to what we record in Europe, part of that is actually what’s consumed in Europe, and we do see some weakness in home care in Europe and personal care. What we found in terms of fragrance is those products tend to end up around the world. So there, we’re not only signaling what’s happening in the Europe consumer market, but fragrance globally, because LVMH launches the fragrance and it goes around the world and so on. So what you hear from us is not that different, except that when we talk about fragrance, it’s more signal that launch activity continues for our fragrance customers, and we expect growth in the kind of 3% to 6% range for our fragrance business. While we experience the same kind of consumer that other companies experience, and indeed, we see pockets of weakness in that then gets consolidated into our Beauty results and into our closure results.
Operator: As there are no additional questions waiting at the time, I’d like to hand the call back over to Mr. Tanda for closing remarks.
Stephan Tanda: Great. Thank you. So let me end the call by zooming out a bit. Again, we are closing out the very successful year with 2023. It’s really the company and all of our businesses are much stronger than the year ago, as many of the initiatives and projects that we kicked off during the pandemic are now coming to fruition. And our enhanced execution capabilities are being put to work in our factories and in the marketplace. And as we talked about, we are executing the ambitious plan that we shared with you at the Investor Day in last September and have a very strong focus on both the top line and on productivity gains, ensuring that our bottom line growth faster than the top line in keeping us on this double digit EPS growth trajectory.
So as we enter 2024, we have strong pipelines and a growing order book. We expect the momentum to continue, even though as we just talked about, we see pockets of economic weakness in some of our regional end markets. We also entered the year with a number of productivity and cost reduction efforts well underway, mid-flight so to speak, and they will keep adding to the bottom line throughout ‘24 and into ‘25. And then in addition to that, our teams are eager to find additional productivity opportunities, which is that a leadership event last week, it’s really becoming a point of pride in the company and taking root in our culture, just like innovation and sustainability. We are increasing the competitiveness of regional footprints with our actions that we talked about in Europe, in Asia, now including a joint venture, and in North America, including expanding our Mexican capacity for the North American market.
Our strong balance sheet allows us to continue to invest in future growth and productivity investments. As you know, we are fans of bite-sized, bolt-on partnerships and acquisitions and have developed a solid track record to deliver against those, as well as return funds to shareholders. So when you consider all the puts and takes for the coming period, it’s our proprietary drug delivery systems will continue to grow even after the strong year ‘23 and remain inside the growth target of our overall pharma growth target. Injectables for sure will not repeat the ERP issue, and it’s benefiting from a strong pipeline in biologics and otherwise. We didn’t talk about digital health, but this project win that we have with Biogen, again, the press release is coming out in 15 minutes or so, bodes well for our digital health business as we start to more and more operate digital health solutions for our clients.
Elsewhere, fragrance will continue to grow also after year of double digit growth. We anticipate the North America destocking to abate and Asia is pulling nicely while China recover is a bit more muted, India starts to really pull much stronger and our expenses, whether it’s SG&A or manufacturing fixed costs are coming down. So when you sum that all up, that bodes well for 2024 and beyond and we look forward to discuss in more detail with you on the road. Thanks for joining.
Operator: Ladies and gentlemen, that concludes today’s conference call. Have a great rest of your day. You may now disconnect your line.
