Operator: Next question today is coming from Larry Biegelsen from Wells Fargo.
Larry Biegelsen: Just a 2-part one for me. Joe, can you provide a little more color on the cadence of operational sales growth in Pharma and devices? How much lower do you expect the first half to be versus the second half? And what are you assuming for market growth in each of the segments in €˜23? And Joaquin, just to follow up to David’s question there on the $60 billion, it implies a 6% CAGR between 2022 and 2025. How should we think about the ramp to $60 billion? 6% do you expect it to be more back-end loaded? Thanks for taking the questions.
Joe Wolk: Good morning, Larry. So, let me start by — as you know, we don’t provide guidance by quarter, but let me talk a little bit about market growth. With respect to MedTech, we anticipate pretty much what we typically see in any given year, 4% to 6%. As some of my earlier comments in the prepared remarks reflect, we anticipate that there will be a little bit of, I’ll call it, carryover from some of the COVID surges that we saw in the Asia Pacific region in the fourth quarter. But, other than that, a normal cadence of steady procedure recovery. The biggest challenge that hospital administrators are facing right now is really the staffing concern, but they’ve done a wonderful job in getting some sense of normalcy to that.
With respect to Pharmaceuticals, again, we enjoyed our 11th consecutive year of above-market growth. We anticipate 2023 will be a 12th year, but it is off of a lower base. If you happen to see some of the IQVIA data from last week, they’re calling global and actually U.S. growth somewhere in that 2.5% to 4% range, depending on what region you’re looking at. So, while we will beat the market, we think it will be a lower number just by the dynamic of the market overall. And that’s kind of how we’re thinking of it. In terms of some of the cadence, maybe to elaborate on the comments that I had prepared earlier, we will see some of that generic erosion that we experienced in the fourth quarter in Europe with the long-acting injectables as well as ZYTIGA having a much more pronounced impact in the first and second quarter, bleeding over from the fourth quarter.
And pricing measures likely will be consistent throughout the year. So hopefully, that helps give you a better sense of how we’re looking at it. But again, the general theme of second half stronger than first half and probably second quarter stronger than first quarter seems to hold intact based on top line as well as bottom line performance, given our expectations.
Joaquin Duato: And regarding to your question, Larry, as we have discussed and commented, we see above market growth in 2023 for our Pharmaceutical group, which would be the 12th consecutive year of our market growth. And we continue to see positive growth in 2024 despite the loss of exclusivity in STELARA. And then we would see again pick up our growth above market in 2025. That’s the sequence that we will see. Certainly, the actual growth rate will be impacted by the FX and we don’t anticipate and we don’t project FX. And when we were establishing our $60 billion goal, we were thinking about the FX at the moment. We don’t change the $60 billion because we don’t know what the FX would be by 2025. But for purposes of you understanding how we see that, we see above market growth in 2023; we see positive growth in 2024; and then, we see a pickup of growth, a significant one, in 2025 above market.
Operator: Your next question today is coming from Chris Schott from JP Morgan.
