Q1 2024 Viatris Inc Earnings Call

May 9, 2024

Operator: Good morning, and welcome to Viatris Q1, 2024 earnings conference call. All participants will be in listen only mode. Should you need assistance, please signal your conference specialist by pressing the Star key followed by 0. After todays presentation, there will be an opportunity to ask questions. To ask a question you may press Star then 1 on your telephone - touch on phone. To withdraw your question, please press Star then 2. Please note this event is being recorded. I would now like to turn the conference over to Bill Szablewski, Head of Capital Markets. Please go ahead. - Please hold the line.

All participants will be in listen only mode. Should you need assistance. Please signal conference specialist by pressing the star key followed by zero. After todays presentation, there will be an opportunity to ask questions. A question you May Press Star then one on your telephone touch on par to withdraw your question. Please press Star then two please. Please note this event is being recorded. I would now like telecom or sort of a buildup of Lawsky head of capital markets. Please go ahead. Please hold the line.

Should you need assistance. Please signal conference specialist by pressing the star key followed by zero. After todays presentation, there will be an opportunity to ask questions. A question you May Press Star then one on your telephone touch on par to withdraw your question. Please press Star then two please. Please note this event is being recorded. I would now like telecom or sort of a buildup of Lawsky head of capital markets. Please go ahead. Please hold the line.

After todays presentation, there will be an opportunity to ask questions. A question you May Press Star then one on your telephone touch on par to withdraw your question. Please press Star then two please. Please note this event is being recorded. I would now like telecom or sort of a buildup of Lawsky head of capital markets. Please go ahead. Please hold the line.

A question you May Press Star then one on your telephone touch on par to withdraw your question. Please press Star then two please. Please note this event is being recorded. I would now like telecom or sort of a buildup of Lawsky head of capital markets. Please go ahead. Please hold the line.

Please note this event is being recorded. I would now like telecom or sort of a buildup of Lawsky head of capital markets. Please go ahead. Please hold the line.

Telecom Specialist: I would now like telecom or sort of a buildup of Lawsky head of capital markets. Please go ahead. Please hold the line.

Speaker Change: Please hold the line.

Telecom Specialist: Yeah.

Telecom Specialist: [music].

Operator: Good morning, and welcome to Viatris Q1 2024 earnings conference call. All participants will be in listen only mode. Should you need assistance, please signal your conference specialist by pressing the Star key followed by 0. After todays presentation, there will be an opportunity to ask questions. To ask a question you may press Star then 1 on your touchtone phone. To withdraw your question, please press Star then 2. Please note this event is being recorded. I would now like to turn the conference over to Bill Szablewski, Head of Capital Markets. Please go ahead, sir.

Speaker Change: After todays presentation, there will be an opportunity to ask questions question. A question you May Press Star then one on your Touchtone phone withdraw. Your question. Please press Star then two please note that today's event is being recorded a dollar trial the conference over to Bellevue actress. All of US how Palmer. Please go ahead.

Speaker Change: All of US how Palmer. Please go ahead.

Bill Szablewski: Good morning, everyone welcome to our Q1 2024 earnings call. With us today is our CEO Scott Smith, CFO Doretta Mistras and Chief R&D Officer Philippe Martin. During today's call, we will be making forward looking statements on a number of matters, including our financial guidance for 2024 and various strategic initiatives. These statements are subject to risks and uncertainties. We will also be referring to certain actual and projected non-GAAP financial measures. Please refer to today's slide presentation, and our SEC filings for more information, including reconciliations of those non-GAAP measures, the most directly comparable GAAP measures. When discussing 2024 actual results, we're making certain comparisons to 2023 results on a divestiture adjusted operational basis, which excludes the impact of foreign currency rates and also excludes the proportionate results from the divestitures that closed in '24 and '23 from the 2023 period. When discussing our expectations for 2024.

Bellevue: With us today is our CEO Scott Smith. CFO Dorado, Mistras and Chief R&D Officer Felipe Martine. During today's call, we will be making forward looking statements on a number of matters, including our financial guidance for 2024 and various strategic initiatives. These statements are subject to risks and uncertainties. We will also be referring to certain actual and projected non-GAAP financial measures. Please refer to todays slide presentation, and our SEC filings for more information, including reconciliations of those non-GAAP measures. The most directly comparable GAAP measures. When discussing 2020 for actual results, we're making certain comparisons to 2023 results on a divestiture adjusted operational basis, which excludes the impact of foreign currency rates and also excludes the proportionate results from the divestitures that closed in 'twenty four and 'twenty three from the 2023 period. When discussing our expectations for 2024.

Bellevue: CFO Dorado, Mistras and Chief R&D Officer Felipe Martine. During today's call, we will be making forward looking statements on a number of matters, including our financial guidance for 2024 and various strategic initiatives. These statements are subject to risks and uncertainties. We will also be referring to certain actual and projected non-GAAP financial measures. Please refer to todays slide presentation, and our SEC filings for more information, including reconciliations of those non-GAAP measures. The most directly comparable GAAP measures. When discussing 2020 for actual results, we're making certain comparisons to 2023 results on a divestiture adjusted operational basis, which excludes the impact of foreign currency rates and also excludes the proportionate results from the divestitures that closed in 'twenty four and 'twenty three from the 2023 period. When discussing our expectations for 2024.

Bellevue: During today's call, we will be making forward looking statements on a number of matters, including our financial guidance for 2024 and various strategic initiatives. These statements are subject to risks and uncertainties. We will also be referring to certain actual and projected non-GAAP financial measures. Please refer to todays slide presentation, and our SEC filings for more information, including reconciliations of those non-GAAP measures. The most directly comparable GAAP measures. When discussing 2020 for actual results, we're making certain comparisons to 2023 results on a divestiture adjusted operational basis, which excludes the impact of foreign currency rates and also excludes the proportionate results from the divestitures that closed in 'twenty four and 'twenty three from the 2023 period. When discussing our expectations for 2024.

Bellevue: These statements are subject to risks and uncertainties. We will also be referring to certain actual and projected non-GAAP financial measures. Please refer to todays slide presentation, and our SEC filings for more information, including reconciliations of those non-GAAP measures. The most directly comparable GAAP measures. When discussing 2020 for actual results, we're making certain comparisons to 2023 results on a divestiture adjusted operational basis, which excludes the impact of foreign currency rates and also excludes the proportionate results from the divestitures that closed in 'twenty four and 'twenty three from the 2023 period. When discussing our expectations for 2024.

Bellevue: We will also be referring to certain actual and projected non-GAAP financial measures. Please refer to todays slide presentation, and our SEC filings for more information, including reconciliations of those non-GAAP measures. The most directly comparable GAAP measures. When discussing 2020 for actual results, we're making certain comparisons to 2023 results on a divestiture adjusted operational basis, which excludes the impact of foreign currency rates and also excludes the proportionate results from the divestitures that closed in 'twenty four and 'twenty three from the 2023 period. When discussing our expectations for 2024.

Bellevue: Please refer to todays slide presentation, and our SEC filings for more information, including reconciliations of those non-GAAP measures. The most directly comparable GAAP measures. When discussing 2020 for actual results, we're making certain comparisons to 2023 results on a divestiture adjusted operational basis, which excludes the impact of foreign currency rates and also excludes the proportionate results from the divestitures that closed in 'twenty four and 'twenty three from the 2023 period. When discussing our expectations for 2024.

Bellevue: When discussing 2020 for actual results, we're making certain comparisons to 2023 results on a divestiture adjusted operational basis, which excludes the impact of foreign currency rates and also excludes the proportionate results from the divestitures that closed in 'twenty four and 'twenty three from the 2023 period. When discussing our expectations for 2024.

Bellevue: When discussing our expectations for 2024.

Bill Szablewski: When discussing our expectations for 2024, we will be making certain comparisons to 2024 results on a divestiture adjusted operational basis, which excludes the impact of foreign currency rates and also excludes from guidance the forecast the results from the date of closing until the end of the period with the divestitures that closed in 2024. With that, I'll hand the call over to our CEO, Scott Smith.

Bellevue: We will be making certain comparisons to 2024 results on a divestiture adjusted operational basis. It excludes the impact of foreign currency rates and also excludes from guidance the forecast the results from the date of closing until the end of the period. With the divestitures that closed in 2024 with that I'll hand, the call over to our CEO Scott Smith.

Bellevue: It excludes the impact of foreign currency rates and also excludes from guidance the forecast the results from the date of closing until the end of the period. With the divestitures that closed in 2024 with that I'll hand, the call over to our CEO Scott Smith.

Bellevue: With the divestitures that closed in 2024 with that I'll hand, the call over to our CEO Scott Smith.

Scott Andrew Smith: Good morning. Our first quarter financial results demonstrate continued execution against our business fundamentals, which include maintaining base business stability while driving new product revenue and executing on our vision for future growth. We are making progress on all our key priorities, including completing planned divestitures, continuing to pay down debt, increasing shareholder return, fueling our base business, and importantly, making strategic investments in future growth. Since last quarter's call, we closed our transaction with Idorsia and held a successful R&D event in which we reviewed key elements of our base business pipeline and did a deep dive into our newest assets, SELATOGREL and CENERIMOD. Our focus for the event was outlining how we are continuing to evolve our R&D strategy and deliver on our goal of assembling a more durable, high margin portfolio of patented innovation on the foundation of our strong base business.

Scott Andrew Smith: Our first quarter financial results demonstrate continued execution against our business fundamentals, which include maintaining base business stability, while driving new product revenue and executing on our vision for future growth. We are making progress on all our key priorities, including completing planned divestitures continuing to pay down debt, increasing shareholder return fueling our base business and importantly, making strategic investments in future growth. Since last quarter's call, we closed our transaction with endorse yet and held a successful R&D event in which we reviewed key elements of our base business pipeline and did a deep dive into our newest assets, so how to grill and cinemark. Our focus for the event was outlining how we are continuing to evolve our R&D strategy and deliver on our goal of assembling a more durable high margin portfolio of patented innovation on the foundation of our strong base business.

Scott Andrew Smith: We are making progress on all our key priorities, including completing planned divestitures continuing to pay down debt, increasing shareholder return fueling our base business and importantly, making strategic investments in future growth. Since last quarter's call, we closed our transaction with endorse yet and held a successful R&D event in which we reviewed key elements of our base business pipeline and did a deep dive into our newest assets, so how to grill and cinemark. Our focus for the event was outlining how we are continuing to evolve our R&D strategy and deliver on our goal of assembling a more durable high margin portfolio of patented innovation on the foundation of our strong base business.

Scott Andrew Smith: Since last quarter's call, we closed our transaction with endorse yet and held a successful R&D event in which we reviewed key elements of our base business pipeline and did a deep dive into our newest assets, so how to grill and cinemark. Our focus for the event was outlining how we are continuing to evolve our R&D strategy and deliver on our goal of assembling a more durable high margin portfolio of patented innovation on the foundation of our strong base business.

Scott Andrew Smith: Our focus for the event was outlining how we are continuing to evolve our R&D strategy and deliver on our goal of assembling a more durable high margin portfolio of patented innovation on the foundation of our strong base business.

Scott Andrew Smith: We were joined by two key opinion leaders, Dr. Deepak Bhatt, Director of Mount Sinai Fuster Heart Hospital and are widely recognized cardiology expert, and Dr. Anca Askanase, Founder and Clinical Director of Columbia University's Lupus Center. Dr. Bhatt and Dr. Asskanase discussed challenges in treating acute MRI and lupus highlighting the need for highly innovative novel products that have the potential for meaningful patient impact that address significant unmet need in these two areas. We also reviewed the study designs for the Phase III SOS-AMI study for SELATOGREL, and the Phase III Opus studies for CENERIMOD. I am pleased to say that since we closed the transaction, we are already leveraging our own existing infrastructure and experience to expand and accelerate the development plans for both assets. Turning to the first quarter, we delivered total revenue of approximately $3.7 billion, adjusted EBITDA of approximately $1.2 billion, adjusted EPS of $0.67 per share and free cash flow of approximately $565 million.

Scott Andrew Smith: But Dr. Ashkenazi discussed challenges in treating acute MRI and lupus highlighting the need for highly innovative novel products that have the potential for meaningful patient impact that address significant unmet need in these two areas. We also reviewed the study designs for the phase III S. O S. A M. I study for Salada Grill, and the phase three Opus studies for Cinemark. I am pleased to say that since we closed the transaction, we are already leveraging our own existing infrastructure and experience to expand and accelerate the development plans for both assets. Turning to the first quarter, we delivered total revenue of approximately $3 $7 billion adjusted. Adjusted EBITDA of approximately $1 $2 billion. Adjusted EPS of <unk> 67 per share and free cash flow of approximately $565 million.

Scott Andrew Smith: We also reviewed the study designs for the phase III S. O S. A M. I study for Salada Grill, and the phase three Opus studies for Cinemark. I am pleased to say that since we closed the transaction, we are already leveraging our own existing infrastructure and experience to expand and accelerate the development plans for both assets. Turning to the first quarter, we delivered total revenue of approximately $3 $7 billion adjusted. Adjusted EBITDA of approximately $1 $2 billion. Adjusted EPS of <unk> 67 per share and free cash flow of approximately $565 million.

Scott Andrew Smith: I am pleased to say that since we closed the transaction, we are already leveraging our own existing infrastructure and experience to expand and accelerate the development plans for both assets. Turning to the first quarter, we delivered total revenue of approximately $3 $7 billion adjusted. Adjusted EBITDA of approximately $1 $2 billion. Adjusted EPS of <unk> 67 per share and free cash flow of approximately $565 million.

Scott Andrew Smith: Turning to the first quarter, we delivered total revenue of approximately $3 $7 billion adjusted. Adjusted EBITDA of approximately $1 $2 billion. Adjusted EPS of <unk> 67 per share and free cash flow of approximately $565 million.

Scott Andrew Smith: Adjusted EBITDA of approximately $1 $2 billion. Adjusted EPS of <unk> 67 per share and free cash flow of approximately $565 million.

Scott Andrew Smith: Adjusted EPS of <unk> 67 per share and free cash flow of approximately $565 million.

Scott Andrew Smith: We have now closed our women's health care business divestiture. We expect to close our API divesture imminently. We are on track to close the OTC divesture by mid-year subject to receipt of certain regulatory approvals and consents. Today we are reaffirming our 2024 financial guidance after adjusting the range is solely to reflect the impact of divestitures and acquired IP R&D. We are also reaffirming our 2024, new product revenue range of $450 million to $550 million. From a capital allocation perspective, we continue to focus on delivering strong total shareholder return. In the first quarter, we returned $393 million to shareholders in dividends and share buybacks and our Board of Directors has declared another quarterly dividend of $0.12 a share for this quarter. We also continued to pay down our debt and we are continuing our efforts to identify that and secure additional best in class patented assets that have the potential to contribute to our future revenue growth. Before we move on, I want to talk about the executive leadership team we've put in place since our last call to deliver on our strategy. Executing on our base business, while also pursuing opportunities for innovation and growth will be key to our future success.

Scott Andrew Smith: We expect to close our API Divesture imminently. We are on track to close the OTC divesture by mid year subject to receipt of certain regulatory approvals and consents today, we are reaffirming our 2024 financial guidance. After adjusting the range is solely to reflect the impact of divestitures and acquired IP R&D. We are also reaffirming our 2024, new product revenue range of $450 million to $550 million. From a capital allocation perspective, we continue to focus on delivering strong total shareholder return. In the first quarter, we returned $393 million to shareholders in dividends and share buybacks and our board of directors has declared another quarterly dividend of 12 cents a share for this quarter. We also continued to pay down our debt and we are continuing our efforts to identify that and secure additional best in class patented assets that have the potential to contribute to our future revenue growth. Before we move on I want to talk about the executive leadership team, we've put in place since our last call to deliver on our strategy. Executing on our base business, while also pursuing opportunities for innovation and growth will be key to our future success.

Scott Andrew Smith: We are on track to close the OTC divesture by mid year subject to receipt of certain regulatory approvals and consents today, we are reaffirming our 2024 financial guidance. After adjusting the range is solely to reflect the impact of divestitures and acquired IP R&D. We are also reaffirming our 2024, new product revenue range of $450 million to $550 million. From a capital allocation perspective, we continue to focus on delivering strong total shareholder return. In the first quarter, we returned $393 million to shareholders in dividends and share buybacks and our board of directors has declared another quarterly dividend of 12 cents a share for this quarter. We also continued to pay down our debt and we are continuing our efforts to identify that and secure additional best in class patented assets that have the potential to contribute to our future revenue growth. Before we move on I want to talk about the executive leadership team, we've put in place since our last call to deliver on our strategy. Executing on our base business, while also pursuing opportunities for innovation and growth will be key to our future success.

Scott Andrew Smith: We are also reaffirming our 2024, new product revenue range of $450 million to $550 million. From a capital allocation perspective, we continue to focus on delivering strong total shareholder return. In the first quarter, we returned $393 million to shareholders in dividends and share buybacks and our board of directors has declared another quarterly dividend of 12 cents a share for this quarter. We also continued to pay down our debt and we are continuing our efforts to identify that and secure additional best in class patented assets that have the potential to contribute to our future revenue growth. Before we move on I want to talk about the executive leadership team, we've put in place since our last call to deliver on our strategy. Executing on our base business, while also pursuing opportunities for innovation and growth will be key to our future success.

Scott Andrew Smith: From a capital allocation perspective, we continue to focus on delivering strong total shareholder return. In the first quarter, we returned $393 million to shareholders in dividends and share buybacks and our board of directors has declared another quarterly dividend of 12 cents a share for this quarter. We also continued to pay down our debt and we are continuing our efforts to identify that and secure additional best in class patented assets that have the potential to contribute to our future revenue growth. Before we move on I want to talk about the executive leadership team, we've put in place since our last call to deliver on our strategy. Executing on our base business, while also pursuing opportunities for innovation and growth will be key to our future success.

Scott Andrew Smith: In the first quarter, we returned $393 million to shareholders in dividends and share buybacks and our board of directors has declared another quarterly dividend of 12 cents a share for this quarter. We also continued to pay down our debt and we are continuing our efforts to identify that and secure additional best in class patented assets that have the potential to contribute to our future revenue growth. Before we move on I want to talk about the executive leadership team, we've put in place since our last call to deliver on our strategy. Executing on our base business, while also pursuing opportunities for innovation and growth will be key to our future success.

Scott Andrew Smith: We also continued to pay down our debt and we are continuing our efforts to identify that and secure additional best in class patented assets that have the potential to contribute to our future revenue growth. Before we move on I want to talk about the executive leadership team, we've put in place since our last call to deliver on our strategy. Executing on our base business, while also pursuing opportunities for innovation and growth will be key to our future success.

Scott Andrew Smith: Before we move on I want to talk about the executive leadership team, we've put in place since our last call to deliver on our strategy. Executing on our base business, while also pursuing opportunities for innovation and growth will be key to our future success.

Scott Andrew Smith: Executing on our base business, while also pursuing opportunities for innovation and growth will be key to our future success.

Scott Andrew Smith: With these two priorities in mind, we have built a leadership team there is a balance between the talented group of leaders we already have within via tourists with some new faces, who add new scale, new capabilities and new areas of expertise. The most recent addition to the team is Corinne Le Goff, who joined us as Chief Commercial Officer. In addition to bringing a wealth of experience from serving in executive leadership roles at companies across the biotech and pharmaceutical industries, Corinne's also lived, worked and studied around the world, bringing a global perspective that is important to a company like Viatris that reaches patients to more than 165 countries. I am very pleased to have Corinne onboard, I look forward to working with her and all of the members of the executive leadership team as we continue to build a truly unique company that we have in vision. Now, let me turn it over to Philippe Martin to discuss progress on our pipeline. Philippe

Scott Andrew Smith: The most recent addition to the team as Corrine, La Goss, who joined us as Chief commercial officer. In addition to bringing a wealth of experience from serving in executive leadership roles at companies across the biotech and pharmaceutical industries, whereas also lived worked and studied around the world, bringing a global perspective that is important to a company like via tourists that reaches patients to more than 165 countries. I am very pleased to have green onboard I look forward to working with her and all of the members of the executive leadership team as we continue to build a truly unique company that we have in vision. Now, let me turn it over to Felipe Martin to discuss progress on our pipeline. Felipe.

Scott Andrew Smith: In addition to bringing a wealth of experience from serving in executive leadership roles at companies across the biotech and pharmaceutical industries, whereas also lived worked and studied around the world, bringing a global perspective that is important to a company like via tourists that reaches patients to more than 165 countries. I am very pleased to have green onboard I look forward to working with her and all of the members of the executive leadership team as we continue to build a truly unique company that we have in vision. Now, let me turn it over to Felipe Martin to discuss progress on our pipeline. Felipe.

Scott Andrew Smith: I am very pleased to have green onboard I look forward to working with her and all of the members of the executive leadership team as we continue to build a truly unique company that we have in vision. Now, let me turn it over to Felipe Martin to discuss progress on our pipeline. Felipe.

Scott Andrew Smith: Now, let me turn it over to Felipe Martin to discuss progress on our pipeline. Felipe.

Scott Andrew Smith: Felipe.

Philippe Martin: Thank you, Scott. I'd also like to welcome Corinne to Viatris and I look forward to working with her. Since our last earning calls, we held the R&D event to discuss key elements of our pipeline, as well as details about the collaboration with Idorsia, including the two potential blockbuster assets, the SELATOGREL and CENERIMOD. As we said, we have built a strong foundation, our base business pipeline and portfolio is expected to keep delivering inconsistent results currently reaching more than 1 billion patients a year. Our new partnership with Idorsia has the potential to broaden that reach. We are very excited about SELATOGREL and CENERIMOD, they are highly innovative products that have the potential to deliver meaningful patient impact and significantly advance treatment in areas of high unmet medical need. The deal closed on March 15th, and since then, we have brought on board approximately 80 Idorsia employees, ensuring no interruption in program continuity. They are a team of talented drug developers, who are fully dedicated to driving forward the development programs for both assets.

Philippe Martin: Since our last earning calls. We have the R&D event to discuss key elements of our pipeline as well as details about the collaboration with Idose yet <unk>. Including the two potential blockbuster asset the latter grill and scenario button. As we said we have built a strong foundation our base business pipeline and portfolio is expected to keep getting very inconsistent results currently reaching more than 1 billion patients a year. In partnership with Idose, yet has the potential to broaden that reach. We are very excited about siddhartha gravlin scenario. They are highly innovative products that have the potential to deliver meaningful patient impact and significantly advance treatment in areas of high unmet medical need. The deal closed on March 15, and since then we have brought on board approximately 88 Dorothea employees, ensuring no interruption in program continued. The IR team a talented drug developers, who are fully dedicated to driving forward the development programs for <unk>. Assets.

Philippe Martin: We have the R&D event to discuss key elements of our pipeline as well as details about the collaboration with Idose yet <unk>. Including the two potential blockbuster asset the latter grill and scenario button. As we said we have built a strong foundation our base business pipeline and portfolio is expected to keep getting very inconsistent results currently reaching more than 1 billion patients a year. In partnership with Idose, yet has the potential to broaden that reach. We are very excited about siddhartha gravlin scenario. They are highly innovative products that have the potential to deliver meaningful patient impact and significantly advance treatment in areas of high unmet medical need. The deal closed on March 15, and since then we have brought on board approximately 88 Dorothea employees, ensuring no interruption in program continued. The IR team a talented drug developers, who are fully dedicated to driving forward the development programs for <unk>. Assets.

Philippe Martin: Including the two potential blockbuster asset the latter grill and scenario button. As we said we have built a strong foundation our base business pipeline and portfolio is expected to keep getting very inconsistent results currently reaching more than 1 billion patients a year. In partnership with Idose, yet has the potential to broaden that reach. We are very excited about siddhartha gravlin scenario. They are highly innovative products that have the potential to deliver meaningful patient impact and significantly advance treatment in areas of high unmet medical need. The deal closed on March 15, and since then we have brought on board approximately 88 Dorothea employees, ensuring no interruption in program continued. The IR team a talented drug developers, who are fully dedicated to driving forward the development programs for <unk>. Assets.

Philippe Martin: As we said we have built a strong foundation our base business pipeline and portfolio is expected to keep getting very inconsistent results currently reaching more than 1 billion patients a year. In partnership with Idose, yet has the potential to broaden that reach. We are very excited about siddhartha gravlin scenario. They are highly innovative products that have the potential to deliver meaningful patient impact and significantly advance treatment in areas of high unmet medical need. The deal closed on March 15, and since then we have brought on board approximately 88 Dorothea employees, ensuring no interruption in program continued. The IR team a talented drug developers, who are fully dedicated to driving forward the development programs for <unk>. Assets.

Philippe Martin: In partnership with Idose, yet has the potential to broaden that reach. We are very excited about siddhartha gravlin scenario. They are highly innovative products that have the potential to deliver meaningful patient impact and significantly advance treatment in areas of high unmet medical need. The deal closed on March 15, and since then we have brought on board approximately 88 Dorothea employees, ensuring no interruption in program continued. The IR team a talented drug developers, who are fully dedicated to driving forward the development programs for <unk>. Assets.

Philippe Martin: We are very excited about siddhartha gravlin scenario. They are highly innovative products that have the potential to deliver meaningful patient impact and significantly advance treatment in areas of high unmet medical need. The deal closed on March 15, and since then we have brought on board approximately 88 Dorothea employees, ensuring no interruption in program continued. The IR team a talented drug developers, who are fully dedicated to driving forward the development programs for <unk>. Assets.

Philippe Martin: The deal closed on March 15, and since then we have brought on board approximately 88 Dorothea employees, ensuring no interruption in program continued. The IR team a talented drug developers, who are fully dedicated to driving forward the development programs for <unk>. Assets.

Philippe Martin: The IR team a talented drug developers, who are fully dedicated to driving forward the development programs for <unk>. Assets.

Philippe Martin: Assets.

Philippe Martin: With SELATOGREL and CENERIMOD we are focused on expanding and accelerating enrollment of the Phase III study SOS-AMI study and Phase III Opus studies, respectively. We are adding approximately 250 sites to each program and we are expanding into additional regions leveraging the strengths of Viatris' global reach. We have initiated the development of lifecycle strategies for both assets looking to maximize these opportunities by developing additional indications or expanding into broader patient populations, as well as optimizing labeling and launch sequencing globally. Finally, we will have an oral presentation at [inaudible] in June focused on CENERIMOD's effect on bio marker of inflammation in Italy. Looking at our eye-care pipeline, we launched RYZUMVI in the U.S. for the reversal of pharmacologically-induced mydriasis on April 1st.

Philippe Martin: Study and phase III Opus studies, respectively. We are adding approximately 250 sites to each program and we are expanding into additional regions leveraging the strengths of <unk> global reach. We have initiated the development of lifecycle strategies for both assets looking to maximize these opportunities by developing additional indications or expanding into broader patient populations as well as optimizing labeling and launch sequencing globally. Finally, we will have an oral presentation at <unk> in June focused on say Mary mud effect on bio marker of inflammation in Italy. Looking at Ikea pipeline. We launched resumed in the U S for the reversal of pharmacologically induce my dresses on April 1st.

Philippe Martin: We are adding approximately 250 sites to each program and we are expanding into additional regions leveraging the strengths of <unk> global reach. We have initiated the development of lifecycle strategies for both assets looking to maximize these opportunities by developing additional indications or expanding into broader patient populations as well as optimizing labeling and launch sequencing globally. Finally, we will have an oral presentation at <unk> in June focused on say Mary mud effect on bio marker of inflammation in Italy. Looking at Ikea pipeline. We launched resumed in the U S for the reversal of pharmacologically induce my dresses on April 1st.

Philippe Martin: We have initiated the development of lifecycle strategies for both assets looking to maximize these opportunities by developing additional indications or expanding into broader patient populations as well as optimizing labeling and launch sequencing globally. Finally, we will have an oral presentation at <unk> in June focused on say Mary mud effect on bio marker of inflammation in Italy. Looking at Ikea pipeline. We launched resumed in the U S for the reversal of pharmacologically induce my dresses on April 1st.

Philippe Martin: Finally, we will have an oral presentation at <unk> in June focused on say Mary mud effect on bio marker of inflammation in Italy. Looking at Ikea pipeline. We launched resumed in the U S for the reversal of pharmacologically induce my dresses on April 1st.

Philippe Martin: Looking at Ikea pipeline. We launched resumed in the U S for the reversal of pharmacologically induce my dresses on April 1st.

Philippe Martin: We launched resumed in the U S for the reversal of pharmacologically induce my dresses on April 1st.

Philippe Martin: We are actively enrolling Phase III studies of MR-139 for the treatment of Blepharitis and MR-142 for the treatment of dim light or night vision disturbances. Our MR-146, a gene therapy for neurotrophic keratopathy, we are targeting a [inaudible] in the second half of this year. Looking at our base business pipeline, we have more than 25 products in our novel portfolio. Of those, I would like to highlight three particular projects. Our GA DEPOT as you know, our partner Mapi received the CRM back in March, we are working with Mapi to respond to comments. We see some [inaudible] and intend to seek a meeting with FDA in the next few months. We will determine the next steps after that meeting. Phase III studies for MELOXICAM, fast acting, a potential opioid sparing treatment in post surgery pain are well underway.

Philippe Martin: Our $1 46, a gene therapy for neurotrophic Jetblue Betsy we are targeting a 90 submission in the second half of this year. Looking at our base business pipeline, we have more than 25 products in our novel portfolio. Of those I would like to highlight three particular projects. Well G. A depot as you know our partner might be received the CRM back in March we are working with my pizza respond to comments. We see some D M D E and intend to seek a meeting with FDA in the next few months we. We will determine the next steps after that meeting. Phase III studies for Meloxicam fast acting a potential opioid sparing treatment in post surgery pain are well underway.

Philippe Martin: Looking at our base business pipeline, we have more than 25 products in our novel portfolio. Of those I would like to highlight three particular projects. Well G. A depot as you know our partner might be received the CRM back in March we are working with my pizza respond to comments. We see some D M D E and intend to seek a meeting with FDA in the next few months we. We will determine the next steps after that meeting. Phase III studies for Meloxicam fast acting a potential opioid sparing treatment in post surgery pain are well underway.

Philippe Martin: Of those I would like to highlight three particular projects. Well G. A depot as you know our partner might be received the CRM back in March we are working with my pizza respond to comments. We see some D M D E and intend to seek a meeting with FDA in the next few months we. We will determine the next steps after that meeting. Phase III studies for Meloxicam fast acting a potential opioid sparing treatment in post surgery pain are well underway.

Philippe Martin: Well G. A depot as you know our partner might be received the CRM back in March we are working with my pizza respond to comments. We see some D M D E and intend to seek a meeting with FDA in the next few months we. We will determine the next steps after that meeting. Phase III studies for Meloxicam fast acting a potential opioid sparing treatment in post surgery pain are well underway.

Philippe Martin: We see some D M D E and intend to seek a meeting with FDA in the next few months we. We will determine the next steps after that meeting. Phase III studies for Meloxicam fast acting a potential opioid sparing treatment in post surgery pain are well underway.

Philippe Martin: We will determine the next steps after that meeting. Phase III studies for Meloxicam fast acting a potential opioid sparing treatment in post surgery pain are well underway.

Philippe Martin: Phase III studies for Meloxicam fast acting a potential opioid sparing treatment in post surgery pain are well underway.

Philippe Martin: The Phase III study for XULANE LOW DOSE for use in contraception has completed enrollment. With our complex injectable pipeline alone, we have more than 50 products in total - 15 product currently under FDA review. None of these represent potential first-to-market opportunities. Finally, our core generic pipeline is progressing well with submissions continuing at a steady pace in line with expectations. In summary, we are making progress on key elements of our pipeline, we have an incredibly talented team and we have clear plans to deliver on our key R&D objectives to support Viatris' overall growth. Now, I will turn the call over to Doretta to walk through the quarterly results.

Philippe Martin: With our complex injectable pipeline alone we have more than 50. In total 15 product currently under FDA review. None of these represent potential first to market opportunities. Finally, our core generic pipeline is progressing well with submissions continuing at a steady pace in line with expectations. In summary, we are making progress on key elements of our pipeline, we have an incredibly talented team and we have to. <unk> plans to deliver on our key R&D objectives to support via trees overall. Now I will turn the call over to Dorado. Walk through the quarterly results.

Philippe Martin: In total 15 product currently under FDA review. None of these represent potential first to market opportunities. Finally, our core generic pipeline is progressing well with submissions continuing at a steady pace in line with expectations. In summary, we are making progress on key elements of our pipeline, we have an incredibly talented team and we have to. <unk> plans to deliver on our key R&D objectives to support via trees overall. Now I will turn the call over to Dorado. Walk through the quarterly results.

Philippe Martin: None of these represent potential first to market opportunities. Finally, our core generic pipeline is progressing well with submissions continuing at a steady pace in line with expectations. In summary, we are making progress on key elements of our pipeline, we have an incredibly talented team and we have to. <unk> plans to deliver on our key R&D objectives to support via trees overall. Now I will turn the call over to Dorado. Walk through the quarterly results.

Philippe Martin: Finally, our core generic pipeline is progressing well with submissions continuing at a steady pace in line with expectations. In summary, we are making progress on key elements of our pipeline, we have an incredibly talented team and we have to. <unk> plans to deliver on our key R&D objectives to support via trees overall. Now I will turn the call over to Dorado. Walk through the quarterly results.

Philippe Martin: In summary, we are making progress on key elements of our pipeline, we have an incredibly talented team and we have to. <unk> plans to deliver on our key R&D objectives to support via trees overall. Now I will turn the call over to Dorado. Walk through the quarterly results.

Philippe Martin: <unk> plans to deliver on our key R&D objectives to support via trees overall. Now I will turn the call over to Dorado. Walk through the quarterly results.

Philippe Martin: Now I will turn the call over to Dorado. Walk through the quarterly results.

Dorado: Walk through the quarterly results.

Doretta Mistras: Thank you, Philippe. And good morning, everyone. It's great to be here to discuss our Q1 performance. As Scott highlighted, we are off to a strong start the year with our fourth consecutive quarter of top line growth. We continue to execute against our growth plan, which includes maintaining our base business stability and driving new product revenue. Our globally diverse platform is generating growth from our base business in emerging markets in Europe and from higher than expected new product revenue. In the quarter, we made great progress on our strategic initiatives. We closed the women's health care business divestiture, completed the Idorsia transaction, and expect to close the divestiture of the API business eminently. I'll provide an update on these items as it relates to guidance in a bit. And I echo Scott's comments as it relates to Corinne. I look forward to working closely with her as we continue to drive growth and unlock value from our platform.

Dorado: As Scott highlighted we are off to a strong start the year with our fourth consecutive quarter of top line growth. We continue to execute against our growth plan, which includes maintaining our base business stability and driving new product revenue our globally diverse platform is generating growth from our base business in emerging markets in Europe and from higher than expected new product revenue. In the quarter, we made great progress on our strategic initiatives. Close the women's health care business divestiture completed the eye Dorothea transaction and expect to close the divestiture of the API business eminently. We'll provide an update on these items as it relates to guidance in a bit. Echo Scott's comments as it relates to Corinne I look forward to working closely with her as we continue to drive growth and unlock value from our platform.

Dorado: We continue to execute against our growth plan, which includes maintaining our base business stability and driving new product revenue our globally diverse platform is generating growth from our base business in emerging markets in Europe and from higher than expected new product revenue. In the quarter, we made great progress on our strategic initiatives. Close the women's health care business divestiture completed the eye Dorothea transaction and expect to close the divestiture of the API business eminently. We'll provide an update on these items as it relates to guidance in a bit. Echo Scott's comments as it relates to Corinne I look forward to working closely with her as we continue to drive growth and unlock value from our platform.

Dorado: In the quarter, we made great progress on our strategic initiatives. Close the women's health care business divestiture completed the eye Dorothea transaction and expect to close the divestiture of the API business eminently. We'll provide an update on these items as it relates to guidance in a bit. Echo Scott's comments as it relates to Corinne I look forward to working closely with her as we continue to drive growth and unlock value from our platform.

Dorado: Close the women's health care business divestiture completed the eye Dorothea transaction and expect to close the divestiture of the API business eminently. We'll provide an update on these items as it relates to guidance in a bit. Echo Scott's comments as it relates to Corinne I look forward to working closely with her as we continue to drive growth and unlock value from our platform.

Dorado: We'll provide an update on these items as it relates to guidance in a bit. Echo Scott's comments as it relates to Corinne I look forward to working closely with her as we continue to drive growth and unlock value from our platform.

Dorado: Echo Scott's comments as it relates to Corinne I look forward to working closely with her as we continue to drive growth and unlock value from our platform.

Doretta Mistras: Turning to first quarter performance, we delivered 2% year-over-year operational growth, which was in line with our expectation. This excludes the impact of foreign exchange, which was approximately 2%. This marks the fourth consecutive quarter of topline growth, and once again, highlights the power of our well diversified global platform. The growth was driven by strength in emerging markets, Europe, and JANZ, and by better than expected new product revenue of 154 million in the quarter. Moving to our commercial segment. For developed markets, Europe delivered another strong quarter, growing approximately 2% versus the prior year. We saw growth across our broad portfolio of brands, generics in key markets, such as Italy, and France, and the positive benefits from new product launches. Our North America business declined approximately 3% year-over-year as a result of channel dynamics and customer formulary changes in our brand portfolio. This was partially offset by approximately 18% net sales growth in YUPELRI and continued uptake in TYRVAYA versus Q1 of 2023.

Dorado: This excludes the impact of foreign exchange, which was approximately 2%. This marks the fourth consecutive quarter of topline growth and once again highlights the power of our well diversified global platform. Growth was driven by strength in emerging markets, Europe, and Jan and by better than expected new product revenue of 154 million in the quarter. Moving to our commercial segment for developed markets Europe delivered another strong quarter growing approximately 2% versus the prior year. We saw growth across our broad portfolio of brands. <unk> in key markets, such as Italy, and France, and the positive benefits from new product watch it. Our North America business declined approximately 3% year over year as a result of channel dynamics and customer formulary changes in our brand portfolio. Partially offset by approximately 18% net sales growth in your Perl re and continued uptake in <unk> versus Q1 of 2023.

Dorado: This marks the fourth consecutive quarter of topline growth and once again highlights the power of our well diversified global platform. Growth was driven by strength in emerging markets, Europe, and Jan and by better than expected new product revenue of 154 million in the quarter. Moving to our commercial segment for developed markets Europe delivered another strong quarter growing approximately 2% versus the prior year. We saw growth across our broad portfolio of brands. <unk> in key markets, such as Italy, and France, and the positive benefits from new product watch it. Our North America business declined approximately 3% year over year as a result of channel dynamics and customer formulary changes in our brand portfolio. Partially offset by approximately 18% net sales growth in your Perl re and continued uptake in <unk> versus Q1 of 2023.

Dorado: Growth was driven by strength in emerging markets, Europe, and Jan and by better than expected new product revenue of 154 million in the quarter. Moving to our commercial segment for developed markets Europe delivered another strong quarter growing approximately 2% versus the prior year. We saw growth across our broad portfolio of brands. <unk> in key markets, such as Italy, and France, and the positive benefits from new product watch it. Our North America business declined approximately 3% year over year as a result of channel dynamics and customer formulary changes in our brand portfolio. Partially offset by approximately 18% net sales growth in your Perl re and continued uptake in <unk> versus Q1 of 2023.

Dorado: Moving to our commercial segment for developed markets Europe delivered another strong quarter growing approximately 2% versus the prior year. We saw growth across our broad portfolio of brands. <unk> in key markets, such as Italy, and France, and the positive benefits from new product watch it. Our North America business declined approximately 3% year over year as a result of channel dynamics and customer formulary changes in our brand portfolio. Partially offset by approximately 18% net sales growth in your Perl re and continued uptake in <unk> versus Q1 of 2023.

Dorado: We saw growth across our broad portfolio of brands. <unk> in key markets, such as Italy, and France, and the positive benefits from new product watch it. Our North America business declined approximately 3% year over year as a result of channel dynamics and customer formulary changes in our brand portfolio. Partially offset by approximately 18% net sales growth in your Perl re and continued uptake in <unk> versus Q1 of 2023.

Dorado: <unk> in key markets, such as Italy, and France, and the positive benefits from new product watch it. Our North America business declined approximately 3% year over year as a result of channel dynamics and customer formulary changes in our brand portfolio. Partially offset by approximately 18% net sales growth in your Perl re and continued uptake in <unk> versus Q1 of 2023.

Dorado: Our North America business declined approximately 3% year over year as a result of channel dynamics and customer formulary changes in our brand portfolio. Partially offset by approximately 18% net sales growth in your Perl re and continued uptake in <unk> versus Q1 of 2023.

Dorado: Partially offset by approximately 18% net sales growth in your Perl re and continued uptake in <unk> versus Q1 of 2023.

Doretta Mistras: Generics performed better than expected driven by new product launches, including BREYNA, as well as strong performance in base business complex products, such as WIXELA. Emerging markets had another strong quarter, delivering approximately 9% year-over-year operational growth. This performance was driven by strong results in the MENA and Eurasia region, as well as key countries like Thailand and Malaysia. Generics grew approximately 10% due to ARV phasing benefits and strength across our broad portfolio. And brands were up approximately 8% more than expected driven by key products, such as LIPITOR, ELIDEL and XALABRANDS. grew approximately 2% over the prior year, driven by expansion of business activities in Australia. This helped to more than offset the expected declines due to government price regulation in Japan and Australia. And lastly, in greater China, our results were flat versus Q1 2023. We continue to focus on the retail segment and on growing the self pay patient base, while navigating the evolving policy environment.

Dorado: Emerging markets had another strong quarter, delivering approximately 9% year over year operational growth. Performance was driven by strong results in the Mena and Eurasia region, as well as key countries like Thailand and Malaysia. Generics grew approximately 10% due to AARP phasing benefits and strength across our broad portfolio. And brands were up approximately 8% more than expected driven by key products, such as lipitor and Alabama. <unk> grew approximately 2% over the prior year driven by expansion of business activities in Australia. This helped to more than offset the expected declines due to government price regulation in Japan and Australia. And lastly in greater China, our results were flat versus Q1 2023. We continue to focus on the retail segment and on growing the self pay patient base, while navigating the evolving policy environment.

Dorado: Performance was driven by strong results in the Mena and Eurasia region, as well as key countries like Thailand and Malaysia. Generics grew approximately 10% due to AARP phasing benefits and strength across our broad portfolio. And brands were up approximately 8% more than expected driven by key products, such as lipitor and Alabama. <unk> grew approximately 2% over the prior year driven by expansion of business activities in Australia. This helped to more than offset the expected declines due to government price regulation in Japan and Australia. And lastly in greater China, our results were flat versus Q1 2023. We continue to focus on the retail segment and on growing the self pay patient base, while navigating the evolving policy environment.

Dorado: Generics grew approximately 10% due to AARP phasing benefits and strength across our broad portfolio. And brands were up approximately 8% more than expected driven by key products, such as lipitor and Alabama. <unk> grew approximately 2% over the prior year driven by expansion of business activities in Australia. This helped to more than offset the expected declines due to government price regulation in Japan and Australia. And lastly in greater China, our results were flat versus Q1 2023. We continue to focus on the retail segment and on growing the self pay patient base, while navigating the evolving policy environment.

Dorado: And brands were up approximately 8% more than expected driven by key products, such as lipitor and Alabama. <unk> grew approximately 2% over the prior year driven by expansion of business activities in Australia. This helped to more than offset the expected declines due to government price regulation in Japan and Australia. And lastly in greater China, our results were flat versus Q1 2023. We continue to focus on the retail segment and on growing the self pay patient base, while navigating the evolving policy environment.

Dorado: <unk> grew approximately 2% over the prior year driven by expansion of business activities in Australia. This helped to more than offset the expected declines due to government price regulation in Japan and Australia. And lastly in greater China, our results were flat versus Q1 2023. We continue to focus on the retail segment and on growing the self pay patient base, while navigating the evolving policy environment.

Dorado: And lastly in greater China, our results were flat versus Q1 2023. We continue to focus on the retail segment and on growing the self pay patient base, while navigating the evolving policy environment.

Dorado: We continue to focus on the retail segment and on growing the self pay patient base, while navigating the evolving policy environment.

Doretta Mistras: Now I'll walk you through the remainder of the P&L and the drivers of adjusted EBITDA and adjusted EPS. Adjusted gross margin of approximately 59% in the quarter was ahead of our expectations and was driven by positive portfolio and segment mix. As anticipated, adjusted gross margin declined versus the prior year due to price regulations in Japan, and the increase in Cogs. As expected, first quarter operating expenses increased due to SG&A investments in the eye care franchise, new product launches and progress in key R&D programs. Free cash flow for the quarter met expectations, and versus prior year, was driven by lower adjusted EBITDA, the closing of divestitures, and the timing of working capital. Excluding transaction costs and taxes from the divestitures, free cash flow would've been 648 million.

Dorado: Adjusted gross margin of approximately 59% in the quarter was ahead of our expectations and was driven by positive portfolio and segment mix. As anticipated adjusted gross margin declined versus the prior year due to price regulations in Japan, and the increase in Cogs. As expected first quarter operating expenses increased due to SG&A investments in the eye care franchise, new product launches and progress in key R&D programs. Free cash flow for the quarter met expectations and versus prior year was driven by lower adjusted EBITDA, the closing of divestitures and the timing of working capital. Excluding transaction costs and taxes from the divestitures and free cash flow would've been 648 million.

Dorado: As anticipated adjusted gross margin declined versus the prior year due to price regulations in Japan, and the increase in Cogs. As expected first quarter operating expenses increased due to SG&A investments in the eye care franchise, new product launches and progress in key R&D programs. Free cash flow for the quarter met expectations and versus prior year was driven by lower adjusted EBITDA, the closing of divestitures and the timing of working capital. Excluding transaction costs and taxes from the divestitures and free cash flow would've been 648 million.

Dorado: As expected first quarter operating expenses increased due to SG&A investments in the eye care franchise, new product launches and progress in key R&D programs. Free cash flow for the quarter met expectations and versus prior year was driven by lower adjusted EBITDA, the closing of divestitures and the timing of working capital. Excluding transaction costs and taxes from the divestitures and free cash flow would've been 648 million.

Dorado: Free cash flow for the quarter met expectations and versus prior year was driven by lower adjusted EBITDA, the closing of divestitures and the timing of working capital. Excluding transaction costs and taxes from the divestitures and free cash flow would've been 648 million.

Dorado: Excluding transaction costs and taxes from the divestitures and free cash flow would've been 648 million.

Doretta Mistras: It is important to note that related taxes and transaction costs associated with the divestitures will continue to impact cash flow from operating activities. The proceeds received from the divestitures will benefit cash flow from investing activities. Moving to the balance sheet and capital allocation. We ended the quarter with approximately 1 billion in cash and cash equivalents on hand. Continue to execute on our balanced capital allocation framework, and returned $393 million of capital to shareholders in Q1 in the form of both dividends and share repurchases. Now I'll walk you through the details of our financial guidance for the rest of the year. We are reaffirming our 2024 financial guidance after adjusting the range is solely due to divestitures and acquired IP R&D. These adjustments represent approximately $270 million in revenue, $86 million and adjusted EBITDA, and $0.04 in adjusted EPS for the remainder of 2024.

Dorado: Proceeds received from the divestitures will benefit cash flow from investing activities. Moving to the balance sheet and capital allocation. We ended the quarter with approximately 1 billion in cash and cash equivalents on hand. Continue to execute on our balanced capital allocation framework, and we returned $393 million of capital to shareholders in Q1 in the form of both dividends and share repurchases. Now I'll walk you through the details of our financial guidance for the rest of the year. We are reaffirming our 2024 financial guidance after adjusting the range is solely due to divestitures and acquired IP R&D. These adjustments represent approximately $270 million in revenue 86 million and adjusted EBITDA and four in adjusted EPS for the remainder of 2024.

Dorado: Moving to the balance sheet and capital allocation. We ended the quarter with approximately 1 billion in cash and cash equivalents on hand. Continue to execute on our balanced capital allocation framework, and we returned $393 million of capital to shareholders in Q1 in the form of both dividends and share repurchases. Now I'll walk you through the details of our financial guidance for the rest of the year. We are reaffirming our 2024 financial guidance after adjusting the range is solely due to divestitures and acquired IP R&D. These adjustments represent approximately $270 million in revenue 86 million and adjusted EBITDA and four in adjusted EPS for the remainder of 2024.

Dorado: We ended the quarter with approximately 1 billion in cash and cash equivalents on hand. Continue to execute on our balanced capital allocation framework, and we returned $393 million of capital to shareholders in Q1 in the form of both dividends and share repurchases. Now I'll walk you through the details of our financial guidance for the rest of the year. We are reaffirming our 2024 financial guidance after adjusting the range is solely due to divestitures and acquired IP R&D. These adjustments represent approximately $270 million in revenue 86 million and adjusted EBITDA and four in adjusted EPS for the remainder of 2024.

Dorado: Continue to execute on our balanced capital allocation framework, and we returned $393 million of capital to shareholders in Q1 in the form of both dividends and share repurchases. Now I'll walk you through the details of our financial guidance for the rest of the year. We are reaffirming our 2024 financial guidance after adjusting the range is solely due to divestitures and acquired IP R&D. These adjustments represent approximately $270 million in revenue 86 million and adjusted EBITDA and four in adjusted EPS for the remainder of 2024.

Speaker Change: Now I'll walk you through the details of our financial guidance for the rest of the year. We are reaffirming our 2024 financial guidance after adjusting the range is solely due to divestitures and acquired IP R&D. These adjustments represent approximately $270 million in revenue 86 million and adjusted EBITDA and four in adjusted EPS for the remainder of 2024.

Speaker Change: We are reaffirming our 2024 financial guidance after adjusting the range is solely due to divestitures and acquired IP R&D. These adjustments represent approximately $270 million in revenue 86 million and adjusted EBITDA and four in adjusted EPS for the remainder of 2024.

Speaker Change: These adjustments represent approximately $270 million in revenue 86 million and adjusted EBITDA and four in adjusted EPS for the remainder of 2024.

Doretta Mistras: The underlying fundamentals for 2024 total revenue guidance include no change to the base business growth of approximately 2% operationally versus 2023, and continued confidence in meeting our new product revenue range of $450 million to $550 million due to the strong uptake of BREYNA and the breadth of our new product launches. Lastly, if April foreign exchange rates hold for the rest of the year, there could be a headwind of approximately 2% on full year revenue. Now a few comments about anticipated phasing for the rest of the year. Total revenue is expected to be modestly higher in the second half mainly due to normal product seasonality. New product revenue is expected to be higher in the first half driven by BREYNA, which is treated as new product revenue through July. Adjusted gross margin is expected to be higher in the first half versus second half due to product and segment mix. We expect operating expenses to be relatively evenly phased between the first half and the second half. Taking these factors into consideration, adjusted EBITDA and adjusted EPS are expected to be slightly higher in the second half. Free cash flow is also expected to be more weighted to the second half.

Speaker Change: And continued confidence in meeting our new product revenue range of $450 million to $550 million due to the strong uptake of <unk> and the breadth of our new product launches. Lastly in April foreign exchange rates hold for the rest of the year there could be a headwind of approximately 2% on full year revenue. Now a few comments about anticipated phasing for the rest of the year. Total revenue is expected to be modestly higher in the second half mainly due to normal product seasonality. New product revenue is expected to be higher in the first half driven by <unk>, which is treated as new product revenue through July. Adjusted gross margin is expected to be higher in the first half versus second half due to product and segment mix. We expect operating expenses to be relatively evenly phased between the first half and the second half. Taking these factors into consideration adjusted EBITDA and adjusted EPS are expected to be slightly higher in the second half. Free cash flow is also expected to be more weighted to the second half.

Speaker Change: Lastly in April foreign exchange rates hold for the rest of the year there could be a headwind of approximately 2% on full year revenue. Now a few comments about anticipated phasing for the rest of the year. Total revenue is expected to be modestly higher in the second half mainly due to normal product seasonality. New product revenue is expected to be higher in the first half driven by <unk>, which is treated as new product revenue through July. Adjusted gross margin is expected to be higher in the first half versus second half due to product and segment mix. We expect operating expenses to be relatively evenly phased between the first half and the second half. Taking these factors into consideration adjusted EBITDA and adjusted EPS are expected to be slightly higher in the second half. Free cash flow is also expected to be more weighted to the second half.

Speaker Change: Now a few comments about anticipated phasing for the rest of the year. Total revenue is expected to be modestly higher in the second half mainly due to normal product seasonality. New product revenue is expected to be higher in the first half driven by <unk>, which is treated as new product revenue through July. Adjusted gross margin is expected to be higher in the first half versus second half due to product and segment mix. We expect operating expenses to be relatively evenly phased between the first half and the second half. Taking these factors into consideration adjusted EBITDA and adjusted EPS are expected to be slightly higher in the second half. Free cash flow is also expected to be more weighted to the second half.

Speaker Change: Total revenue is expected to be modestly higher in the second half mainly due to normal product seasonality. New product revenue is expected to be higher in the first half driven by <unk>, which is treated as new product revenue through July. Adjusted gross margin is expected to be higher in the first half versus second half due to product and segment mix. We expect operating expenses to be relatively evenly phased between the first half and the second half. Taking these factors into consideration adjusted EBITDA and adjusted EPS are expected to be slightly higher in the second half. Free cash flow is also expected to be more weighted to the second half.

Speaker Change: New product revenue is expected to be higher in the first half driven by <unk>, which is treated as new product revenue through July. Adjusted gross margin is expected to be higher in the first half versus second half due to product and segment mix. We expect operating expenses to be relatively evenly phased between the first half and the second half. Taking these factors into consideration adjusted EBITDA and adjusted EPS are expected to be slightly higher in the second half. Free cash flow is also expected to be more weighted to the second half.

Speaker Change: Adjusted gross margin is expected to be higher in the first half versus second half due to product and segment mix. We expect operating expenses to be relatively evenly phased between the first half and the second half. Taking these factors into consideration adjusted EBITDA and adjusted EPS are expected to be slightly higher in the second half. Free cash flow is also expected to be more weighted to the second half.

Speaker Change: We expect operating expenses to be relatively evenly phased between the first half and the second half. Taking these factors into consideration adjusted EBITDA and adjusted EPS are expected to be slightly higher in the second half. Free cash flow is also expected to be more weighted to the second half.

Speaker Change: Taking these factors into consideration adjusted EBITDA and adjusted EPS are expected to be slightly higher in the second half. Free cash flow is also expected to be more weighted to the second half.

Speaker Change: Free cash flow is also expected to be more weighted to the second half.

Doretta Mistras: As a reminder, free cash flow tends to be lower in Q2 and Q4 due to timing of semi annual interest payments. Based on the strong fundamentals of our business and our progress to date against our objectives, we believe we are well positioned to meet our expectations for the remainder of this year. With that, I'll hand it back over to the operator to begin the Q&A.

Speaker Change: Based on the strong fundamentals of our business and our progress to date against our objectives. We believe we are well positioned to meet our expectations for the remainder of this year. With that I'll hand, it back over to the operator to begin the Q&A.

Speaker Change: With that I'll hand, it back over to the operator to begin the Q&A.

Operator: Yes. Thank you. We will now begin the question and answer session. To ask a question you may press Star then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press Star then 2. At this time, we will pause momentarily to assemble the roster. And the first question comes from Nathan Rich with Goldman Sachs.

Speaker Change: To ask a question you May Press Star then one on your Touchtone phone. If you are using a speakerphone. Please pick up your handset before pressing the keys to withdraw your question. Please press Star then two. At this time, we will pause momentarily to assemble the roster. And the first question comes from Nathan Rich with Goldman Sachs.

Speaker Change: If you are using a speakerphone. Please pick up your handset before pressing the keys to withdraw your question. Please press Star then two. At this time, we will pause momentarily to assemble the roster. And the first question comes from Nathan Rich with Goldman Sachs.

Speaker Change: At this time, we will pause momentarily to assemble the roster. And the first question comes from Nathan Rich with Goldman Sachs.

Speaker Change: And the first question comes from Nathan Rich with Goldman Sachs.

Nathan Rich: Yeah. Great, good morning. And thanks so much for the questions. Maybe a couple of product questions to start. First, I guess, Doretta, you mentioned in North America, softness in brands, could you elaborate on the channel on formulary dynamics that you saw. How much of that was different than your expectations? And is there anything you can do to improve access there? And then, with respect to GA DEPOT, and the expected meeting with the FDA in the third quarter, I think you had previously talked about kind of site inspection that needed to be done, as well as some questions on the Phase III study, I guess, as you had a little bit more time to talk to Mapi. What is the current kind of timeline for remediation that you see and when that product could potentially get approval and launch?

Nathan Rich: Great Good morning. And thanks, so much for the questions. Maybe a couple of product questions to start. First I guess the router you mentioned in North America. Softness in brands could you elaborate on the channel on formulary dynamics that you saw how much of that was different than your expectations and is there anything you can do to improve access there and then with respect to G. A depot. And the expected meeting with the FDA in the third quarter. I think you had previously talked about kind of site. Inspection that needed to be done. As well as some questions on the phase III study I guess as you had a little bit more time. Talk to Maui. What is the current kind of timeline for remediation. You see and when that product could potentially get approval and launch.

Nathan Rich: And thanks, so much for the questions. Maybe a couple of product questions to start. First I guess the router you mentioned in North America. Softness in brands could you elaborate on the channel on formulary dynamics that you saw how much of that was different than your expectations and is there anything you can do to improve access there and then with respect to G. A depot. And the expected meeting with the FDA in the third quarter. I think you had previously talked about kind of site. Inspection that needed to be done. As well as some questions on the phase III study I guess as you had a little bit more time. Talk to Maui. What is the current kind of timeline for remediation. You see and when that product could potentially get approval and launch.

Nathan Rich: Maybe a couple of product questions to start. First I guess the router you mentioned in North America. Softness in brands could you elaborate on the channel on formulary dynamics that you saw how much of that was different than your expectations and is there anything you can do to improve access there and then with respect to G. A depot. And the expected meeting with the FDA in the third quarter. I think you had previously talked about kind of site. Inspection that needed to be done. As well as some questions on the phase III study I guess as you had a little bit more time. Talk to Maui. What is the current kind of timeline for remediation. You see and when that product could potentially get approval and launch.

Nathan Rich: First I guess the router you mentioned in North America. Softness in brands could you elaborate on the channel on formulary dynamics that you saw how much of that was different than your expectations and is there anything you can do to improve access there and then with respect to G. A depot. And the expected meeting with the FDA in the third quarter. I think you had previously talked about kind of site. Inspection that needed to be done. As well as some questions on the phase III study I guess as you had a little bit more time. Talk to Maui. What is the current kind of timeline for remediation. You see and when that product could potentially get approval and launch.

Nathan Rich: Softness in brands could you elaborate on the channel on formulary dynamics that you saw how much of that was different than your expectations and is there anything you can do to improve access there and then with respect to G. A depot. And the expected meeting with the FDA in the third quarter. I think you had previously talked about kind of site. Inspection that needed to be done. As well as some questions on the phase III study I guess as you had a little bit more time. Talk to Maui. What is the current kind of timeline for remediation. You see and when that product could potentially get approval and launch.

Nathan Rich: And the expected meeting with the FDA in the third quarter. I think you had previously talked about kind of site. Inspection that needed to be done. As well as some questions on the phase III study I guess as you had a little bit more time. Talk to Maui. What is the current kind of timeline for remediation. You see and when that product could potentially get approval and launch.

Nathan Rich: Inspection that needed to be done. As well as some questions on the phase III study I guess as you had a little bit more time. Talk to Maui. What is the current kind of timeline for remediation. You see and when that product could potentially get approval and launch.

Nathan Rich: As well as some questions on the phase III study I guess as you had a little bit more time. Talk to Maui. What is the current kind of timeline for remediation. You see and when that product could potentially get approval and launch.

Speaker Change: Talk to Maui. What is the current kind of timeline for remediation. You see and when that product could potentially get approval and launch.

Speaker Change: What is the current kind of timeline for remediation. You see and when that product could potentially get approval and launch.

Speaker Change: You see and when that product could potentially get approval and launch.

Scott Andrew Smith: So, Scott Smith here, thank you Nate and good morning to you. I'm going to kick it over to Doretta to answer the product specific question and Philippe will address the GA DEPOT. So, Doretta? Thank you specifically I would call North America as mentioned as he noted we were impacted by two items. The first was a formulary change and the second with channel dynamics that formulary change really impacted epipen that changing channel dynamics. In Q1. We saw slightly higher than expected utilization in certain kind of legacy brands and that was really due to. Higher utilization than those noncommercial channels, I would say kind of. Over the course of the year, we do expect those impacts to be offset by growth in other brands. So we saw 18% and <unk> growth <unk> growth. These are factors that we're all kind of monitoring in in that in Q1, I would say we were.

Philippe Martin: Thank you specifically I would call North America as mentioned as he noted we were impacted by two items. The first was a formulary change and the second with channel dynamics that formulary change really impacted epipen that changing channel dynamics. In Q1. We saw slightly higher than expected utilization in certain kind of legacy brands and that was really due to. Higher utilization than those noncommercial channels, I would say kind of. Over the course of the year, we do expect those impacts to be offset by growth in other brands. So we saw 18% and <unk> growth <unk> growth. These are factors that we're all kind of monitoring in in that in Q1, I would say we were.

Doretta Mistras: Thank you. Specifically, I would say North America, as mentioned, as you noted, we were impacted by two items. The first was a formulary change and the second with channel dynamics. That formulary change really impacted EPIPEN, that changing channel dynamics in Q1, we saw slightly higher than expected utilization in certain kind of legacy brands, and that was really due to higher utilization in those noncommercial channels. I would say, kind of over the course of the year, we do expect those impacts to be offset by growth in other brands. So, we saw 18% in YUPELRI growth, TYRVAYA growth - these are factors that we're all kind of monitoring in Q1, I would say we were - it was disproportionate impact than what we originally anticipated, but I think as we go through the course of the year, we expect these to be offset.

Philippe Martin: In Q1. We saw slightly higher than expected utilization in certain kind of legacy brands and that was really due to. Higher utilization than those noncommercial channels, I would say kind of. Over the course of the year, we do expect those impacts to be offset by growth in other brands. So we saw 18% and <unk> growth <unk> growth. These are factors that we're all kind of monitoring in in that in Q1, I would say we were.

Speaker Change: We saw slightly higher than expected utilization in certain kind of legacy brands and that was really due to. Higher utilization than those noncommercial channels, I would say kind of. Over the course of the year, we do expect those impacts to be offset by growth in other brands. So we saw 18% and <unk> growth <unk> growth. These are factors that we're all kind of monitoring in in that in Q1, I would say we were.

Philippe Martin: Higher utilization than those noncommercial channels, I would say kind of. Over the course of the year, we do expect those impacts to be offset by growth in other brands. So we saw 18% and <unk> growth <unk> growth. These are factors that we're all kind of monitoring in in that in Q1, I would say we were.

Philippe Martin: Over the course of the year, we do expect those impacts to be offset by growth in other brands. So we saw 18% and <unk> growth <unk> growth. These are factors that we're all kind of monitoring in in that in Q1, I would say we were.

Philippe Martin: It was that. Disproportionate impact than what we. Originally anticipated, but I think if we as we go through the course of the. For the year, we expect these to be off that.

Philippe Martin: Disproportionate impact than what we. Originally anticipated, but I think if we as we go through the course of the. For the year, we expect these to be off that.

Philippe Martin: Originally anticipated, but I think if we as we go through the course of the. For the year, we expect these to be off that.

Philippe Martin: For the year, we expect these to be off that.

Scott Andrew Smith: And then, just a couple of comments before I turn it over to Philippe. Q1 for brands in the U.S. is always a little bit choppy. Again, as Doretta said, we expect to have a good full year performance. And I would just like to say, overall the business is performing as expected, globally. It's a very large and diverse business, there's lots of puts and takes, but we are very happy with the overall global performance this quarter. Colors, and ophthalmology sales that you're expecting by 2028 between oyster and family care assets I believe the recently launched resume b was framed as a sort of commercially niche product. So is the key seeing an inflection in turbine and the remainder of 2024. And then second on the free cash flow longer term. Do you continue to see a floor as being $2 3 billion unchanged post divestitures, which would be 2025 onwards. <unk>.

Philippe Martin: Thanks, Scott. With regards to Mapi and GA DEPOT, we are working with them to address comment that we received from the FDA, as I mentioned, and taking a meeting in the next few months. Once we have that meeting, we'll have clarity on - more clarity on the timeline and what to expect. So, we'll be sharing that with you once available. Colors, and ophthalmology sales that you're expecting by 2028 between oyster and family care assets I believe the recently launched resume b was framed as a sort of commercially niche product. So is the key seeing an inflection in turbine and the remainder of 2024. And then second on the free cash flow longer term. Do you continue to see a floor as being $2 3 billion unchanged post divestitures, which would be 2025 onwards. <unk>.

Philippe Martin: Colors, and ophthalmology sales that you're expecting by 2028 between oyster and family care assets I believe the recently launched resume b was framed as a sort of commercially niche product. So is the key seeing an inflection in turbine and the remainder of 2024. And then second on the free cash flow longer term. Do you continue to see a floor as being $2 3 billion unchanged post divestitures, which would be 2025 onwards. <unk>.

Operator: Thank you. And the next question comes from Jason Garberry with Bank of America. Colors, and ophthalmology sales that you're expecting by 2028 between oyster and family care assets I believe the recently launched resume b was framed as a sort of commercially niche product. So is the key seeing an inflection in turbine and the remainder of 2024. And then second on the free cash flow longer term. Do you continue to see a floor as being $2 3 billion unchanged post divestitures, which would be 2025 onwards. <unk>.

Operator: Thank you. And the next question comes from Jason Garberry with Bank of America.

Unknown: Hey, guys. This is [inaudible] on for Jason. For us, I just wanna focus on this TYRVAYA. The product appears to be evaluated in a million dollar product with moderate growth, so maybe, can you just help us form the bridge to the $1 billion in ophthalmology sales that you're expecting by 2028 between Oyster and family care assets? I believe the recently launched RYZUMVI was framed as a sort of commercially niche product. So, is the key seeing an inflection in TYRVAYA and the remainder of 2024? And then, second on the free cash flow, longer term, do you continue to see a floor as being $2.3 billion, unchanged, post divestitures, which would be 2025 onwards? Thank you.

Philippe Martin: And then second on the free cash flow longer term. Do you continue to see a floor as being $2 3 billion unchanged post divestitures, which would be 2025 onwards. <unk>.

Philippe Martin: Do you continue to see a floor as being $2 3 billion unchanged post divestitures, which would be 2025 onwards. <unk>.

Philippe Martin: <unk>.

Scott Andrew Smith: Thank you very much for the question. TYRVAYA, you know, we're seeing positive trends, we're seeing continued uptake with TYRVAYA, performed in line with our expectations in Q1, we're very helpful on the trajectory of TYRVAYA. We just started the DTC in Q4, and we'll see where it goes. That billion dollars that you're talking about over the next 4, 5, 6 years is relative to the whole pipeline of products. Definitely, presumably, is a little bit of a niche product that's complementary to what we're doing with TYRVAYA, in terms of sales call dynamics and things, but we're continuing to be very, very hopeful relative to the ophthalmology business and we've got a number of products in the pipeline.

Philippe Martin: In the next 456 years is relative to the whole pipeline of products right definitely presumably is a little bit of a niche product that's complementary to what we're doing with your buyer in terms of sales call dynamics and things, but we're continuing to be very very hopeful relative to the ophthalmology business and we've got a number of products in the pipeline.

Doretta Mistras: And specifically to free cash flow, the short answer is, yes, with respect to your question around $2.3 billion kind of - we feel that even post the divestitures kind of as we look into 2025 and beyond, just given the diversity of our business, the portfolio and the stability of the base business, as well as some of the kind of broader objectives and cash optimization kind of initiatives we've put in place, our business should be able to generate at least $2.3 billion in free cash on an ongoing basis.

Philippe Martin: And specifically the free cash flow. The short answer is yes with respect to your question around $2 3 billion kind of we feel that even post the divestitures kind of as we look into 2025 and beyond just given the diversity of our business the portfolio and the stability of the Bay. This business is. Well some of that kind of broader. The objectives and cash optimization kind of initiatives, we've put in place. Our business should be able to generate at least $2 3 billion in free cash on an ongoing basis.

Philippe Martin: The short answer is yes with respect to your question around $2 3 billion kind of we feel that even post the divestitures kind of as we look into 2025 and beyond just given the diversity of our business the portfolio and the stability of the Bay. This business is. Well some of that kind of broader. The objectives and cash optimization kind of initiatives, we've put in place. Our business should be able to generate at least $2 3 billion in free cash on an ongoing basis.

Philippe Martin: This business is. Well some of that kind of broader. The objectives and cash optimization kind of initiatives, we've put in place. Our business should be able to generate at least $2 3 billion in free cash on an ongoing basis.

Philippe Martin: Well some of that kind of broader. The objectives and cash optimization kind of initiatives, we've put in place. Our business should be able to generate at least $2 3 billion in free cash on an ongoing basis.

Philippe Martin: The objectives and cash optimization kind of initiatives, we've put in place. Our business should be able to generate at least $2 3 billion in free cash on an ongoing basis.

Philippe Martin: Our business should be able to generate at least $2 3 billion in free cash on an ongoing basis.

Operator: Thank you. And the next question comes from Glen Santangelo with Jefferies.

Philippe Martin: The next question comes from Glen Santangelo with Jefferies.

Glen Santangelo: Yeah, good morning and thanks. Hey, Scott, in your prepared remarks, I mean, you obviously made the comment that API is expected to sort of close imminently. And I didn't hear clearly what you said on OTC. Is that still expected to close by June 30, I think was the previous timing. Is that still fair?

Glen Santangelo: Hey, Scott. In your prepared remarks, I mean, you obviously made the comment that API is expected to sort of close imminently and I didn't hear clearly what you said on OTC is that still expected to close by June 30, I think was the previous timing is that still fair.

Glen Santangelo: In your prepared remarks, I mean, you obviously made the comment that API is expected to sort of close imminently and I didn't hear clearly what you said on OTC is that still expected to close by June 30, I think was the previous timing is that still fair.

Scott Andrew Smith: Yeah, I think what we talked about in the last time was close by mid-year. I'm not sure if it's going to be June or a little bit later than that, but we're expecting to close at midyear. It's obviously subject to certain regulatory approvals and consents, which are a little bit out of our control, but that continues to track very well. We're pleased with our progress there. We should be closing that transaction by mid-year.

Glen Santangelo: I'm not sure if it's gonna be June or a little bit later than that but we're expecting to close mid year. It's obviously subject to certain regulatory approvals and consent consensus which are a little bit out of our control, but that continues to track very well. We're pleased with our progress there we should be closing that transaction by by mid year.

Operator: Thank you. And the next question comes from Ash Verma with UBS.

Ash Verma: Hi, good morning. Thanks for taking our questions. I had two. So, just on JANZ maybe, can you elaborate the business dynamics here? It seems like the business has been facing some headwinds. I mean, currently you were up 2% on an operational basis, but not a relatively easy comp. And what sort of should be the go-forward trajectory here? And then second, on the new product revenue, good to see the $154 million, how much of that is driven by Tyrvaya? And can you get to your - this year guide for $450 million, $550 million without CapEx on once monthly? Thanks.

Ashwin: Angela you were up 2% on an operational basis. Relatively easy comp. What sort of should be the go forward trajectory here and then second on the new product revenue good to see the 154 million how much of that is driven by <unk> and can you get to your. This year, our guide for $4 $55 50 without Copaxone once monthly.

Speaker Change: Relatively easy comp. What sort of should be the go forward trajectory here and then second on the new product revenue good to see the 154 million how much of that is driven by <unk> and can you get to your. This year, our guide for $4 $55 50 without Copaxone once monthly.

Speaker Change: What sort of should be the go forward trajectory here and then second on the new product revenue good to see the 154 million how much of that is driven by <unk> and can you get to your. This year, our guide for $4 $55 50 without Copaxone once monthly.

Speaker Change: This year, our guide for $4 $55 50 without Copaxone once monthly.

Scott Andrew Smith: Yeah, Doretta can answer the first part on JANZ and I'll take the new product question afterwards.

Speaker Change: Yeah terrific and answer the first part and then James and I will take the new product question afterwards.

Speaker Change: Right.

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.

Speaker Change: In line with with what we. Expected for the first quarter. We are seeing growth, we did see some FX headwind 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. That we expect on an ongoing basis, there is natural price erosion just due to. Government price regulation, specifically in Japan and in. In Australia, and so that that will factor in as we think about the rest of the year and we do expect this business to perform in line with with our with our expectations and then specifically also just to add a little bit to what Scott said around around new products, we have. Great confidence in our 450 to 550 of new product launches one of the benefits is we're not dependent on any one. Single product kind of brain. Is it 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 to 550

Speaker Change: Expected for the first quarter. We are seeing growth, we did see some FX headwind 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. That we expect on an ongoing basis, there is natural price erosion just due to. Government price regulation, specifically in Japan and in. In Australia, and so that that will factor in as we think about the rest of the year and we do expect this business to perform in line with with our with our expectations and then specifically also just to add a little bit to what Scott said around around new products, we have. Great confidence in our 450 to 550 of new product launches one of the benefits is we're not dependent on any one. Single product kind of brain. Is it 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 to 550

Speaker Change: We are seeing growth, we did see some FX headwind 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. That we expect on an ongoing basis, there is natural price erosion just due to. Government price regulation, specifically in Japan and in. In Australia, and so that that will factor in as we think about the rest of the year and we do expect this business to perform in line with with our with our expectations and then specifically also just to add a little bit to what Scott said around around new products, we have. Great confidence in our 450 to 550 of new product launches one of the benefits is we're not dependent on any one. Single product kind of brain. Is it 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 to 550

Speaker Change: That we expect on an ongoing basis, there is natural price erosion just due to. Government price regulation, specifically in Japan and in. In Australia, and so that that will factor in as we think about the rest of the year and we do expect this business to perform in line with with our with our expectations and then specifically also just to add a little bit to what Scott said around around new products, we have. Great confidence in our 450 to 550 of new product launches one of the benefits is we're not dependent on any one. Single product kind of brain. Is it 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 to 550

Speaker Change: Government price regulation, specifically in Japan and in. In Australia, and so that that will factor in as we think about the rest of the year and we do expect this business to perform in line with with our with our expectations and then specifically also just to add a little bit to what Scott said around around new products, we have. Great confidence in our 450 to 550 of new product launches one of the benefits is we're not dependent on any one. Single product kind of brain. Is it 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 to 550

Speaker Change: In Australia, and so that that will factor in as we think about the rest of the year and we do expect this business to perform in line with with our with our expectations and then specifically also just to add a little bit to what Scott said around around new products, we have. Great confidence in our 450 to 550 of new product launches one of the benefits is we're not dependent on any one. Single product kind of brain. Is it 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 to 550

Speaker Change: Great confidence in our 450 to 550 of new product launches one of the benefits is we're not dependent on any one. Single product kind of brain. Is it 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 to 550

Speaker Change: Single product kind of brain. Is it 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 to 550

Speaker Change: Is it 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 to 550

Speaker Change: 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 to 550 and specific to your question $0 of that is is onto your buy and Thats no longer.

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 to 550

Scott Andrew 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.

Speaker Change: Defined as the new product within our within our company. And again, just very pleased with $1 54 in the quarter for new products and reaffirming the $450 to $5 50, Despite maybe some delays in J D. Yeah.

Speaker Change: And again, just very pleased with $1 54 in the quarter for new products and reaffirming the $450 to $5 50, Despite maybe some delays in J D. Yeah.

Speaker Change: Yeah.

Operator: Thank you. And our next question comes from Chris Schott with JP Morgan.

Christopher Thomas 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.

Christopher Thomas Schott: Just on the comments from the prepared remarks, I think on the doorstep of assets you mentioned accelerating some site enrollment there we're expanding 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 you mentioned your latest thinking. How youre thinking about the range of opportunities you're evaluating do we think about in market versus pipeline and 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 are you thinking about repo and the mix of capital deployment. Thank you.

Christopher Thomas Schott: How youre thinking about the range of opportunities you're evaluating do we think about in market versus pipeline and 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 are you thinking about repo and the mix of capital deployment. Thank you.

Christopher Thomas Schott: Baskets within there that seem particularly interesting versus others. And maybe just as part of that just with where the stock is how are you thinking about repo and the mix of capital deployment. Thank you.

Christopher Thomas Schott: And maybe just as part of that just with where the stock is how are you thinking about repo and 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.

Philippe Martin: So no it's not the acceleration that we're currently working on bi. Adding a significant number of sites and expanding into region that regions that originally you were not planning by our dossier. But where <unk> has significant experience is not included in the timeline that we. We presented at the R&D day. It's too early for us to to see the impact that this is going to have but we will keep you updated as we go forward.

Philippe Martin: Adding a significant number of sites and expanding into region that regions that originally you were not planning by our dossier. But where <unk> has significant experience is not included in the timeline that we. We presented at the R&D day. It's too early for us to to see the impact that this is going to have but we will keep you updated as we go forward.

Speaker Change: But where <unk> has significant experience is not included in the timeline that we. We presented at the R&D day. It's too early for us to to see the impact that this is going to have but we will keep you updated as we go forward.

Speaker Change: We presented at the R&D day. It's too early for us to to see the impact that this is going to have but we will keep you updated as we go forward.

Philippe Martin: It's too early for us to to see the impact that this is going to have but we will keep you updated as we go forward.

Scott Andrew 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.

Philippe Martin: Brought in assets and that could drive potential future growth in terms of the things that we're looking at you know I'll continue to say, where we look at all manner of different opportunities certainly. I liked the licensing partnership route for a lot of it. Given the strong global company, we have in the base we have. Worldwide that I think were 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. 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 b b, we expect to have the capital to be able to continue to do some share buybacks as we go through the year and also potentially some BD if the right opportunities arise. This for us.

Philippe Martin: I liked the licensing partnership route for a lot of it. Given the strong global company, we have in the base we have. Worldwide that I think were 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. 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 b b, we expect to have the capital to be able to continue to do some share buybacks as we go through the year and also potentially some BD if the right opportunities arise. This for us.

Philippe Martin: Given the strong global company, we have in the base we have. Worldwide that I think were 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. 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 b b, we expect to have the capital to be able to continue to do some share buybacks as we go through the year and also potentially some BD if the right opportunities arise. This for us.

Philippe Martin: Worldwide that I think were 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. 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 b b, we expect to have the capital to be able to continue to do some share buybacks as we go through the year and also potentially some BD if the right opportunities arise. This for us.

Philippe Martin: Partnering there. 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 b b, we expect to have the capital to be able to continue to do some share buybacks as we go through the year and also potentially some BD if the right opportunities arise. This for us.

Philippe Martin: 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 b b, we expect to have the capital to be able to continue to do some share buybacks as we go through the year and also potentially some BD if the right opportunities arise. This for us.

Philippe Martin: This for us.

Operator: Thank you. And the next question comes from David Amsellem with Piper Sandler.

Philippe Martin: Yeah.

David A. 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.

David A. Amsellem: And the Injectables. Any color on on Jennifer and also glucagon. You had said that those two. Prior slides. And then also. In general how are you thinking about the broadening. Your your complex injectable. Footprint I know you cited. Some metrics in the slides, but I guess the question here is you know how big of a priority. Is that as a percentage or 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.

David A. Amsellem: Any color on on Jennifer and also glucagon. You had said that those two. Prior slides. And then also. In general how are you thinking about the broadening. Your your complex injectable. Footprint I know you cited. Some metrics in the slides, but I guess the question here is you know how big of a priority. Is that as a percentage or 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.

David A. Amsellem: You had said that those two. Prior slides. And then also. In general how are you thinking about the broadening. Your your complex injectable. Footprint I know you cited. Some metrics in the slides, but I guess the question here is you know how big of a priority. Is that as a percentage or 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.

David A. Amsellem: Prior slides. And then also. In general how are you thinking about the broadening. Your your complex injectable. Footprint I know you cited. Some metrics in the slides, but I guess the question here is you know how big of a priority. Is that as a percentage or 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.

David A. Amsellem: And then also. In general how are you thinking about the broadening. Your your complex injectable. Footprint I know you cited. Some metrics in the slides, but I guess the question here is you know how big of a priority. Is that as a percentage or 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.

David A. Amsellem: In general how are you thinking about the broadening. Your your complex injectable. Footprint I know you cited. Some metrics in the slides, but I guess the question here is you know how big of a priority. Is that as a percentage or 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.

David A. Amsellem: Your your complex injectable. Footprint I know you cited. Some metrics in the slides, but I guess the question here is you know how big of a priority. Is that as a percentage or 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.

David A. Amsellem: Footprint I know you cited. Some metrics in the slides, but I guess the question here is you know how big of a priority. Is that as a percentage or 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.

David A. Amsellem: Some metrics in the slides, but I guess the question here is you know how big of a priority. Is that as a percentage or 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.

David A. Amsellem: Is that as a percentage or 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.

David A. Amsellem: 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.

David A. Amsellem: 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 Andrew Smith: So, I'll kick 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.

Felipe: Complex injectable portfolio was a very important part of our base business. We're investing in it we see important products on the market today from what we see important products in the future from it so it's a very sort. Sort of important part of our base business mix, an important to continue to invest in the complex generics as we move forward and add other new products innovative products and the products of the portfolio to accelerate that growth.

Felipe: We're investing in it we see important products on the market today from what we see important products in the future from it so it's a very sort. Sort of important part of our base business mix, an important to continue to invest in the complex generics as we move forward and add other new products innovative products and the products of the portfolio to accelerate that growth.

Felipe: Sort of important part of our base business mix, an important to continue to invest in the complex generics as we move forward and add other new products innovative products and the products of 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.

Speaker Change: The two assets you mentioned, our second half launches. We're working through the regulatory approval process. We remain confident of. Our $50 to 550, 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 that we feel good about our new product revenue going forward and then in terms of the mix of product regarding the the injectable complex injectable pipeline I mean there. More than 50 products in total. We have about 15. That are currently under FDA review, so in terms of product mix there. I had 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.

Speaker Change: We're working through the regulatory approval process. We remain confident of. Our $50 to 550, 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 that we feel good about our new product revenue going forward and then in terms of the mix of product regarding the the injectable complex injectable pipeline I mean there. More than 50 products in total. We have about 15. That are currently under FDA review, so in terms of product mix there. I had 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.

Speaker Change: We remain confident of. Our $50 to 550, 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 that we feel good about our new product revenue going forward and then in terms of the mix of product regarding the the injectable complex injectable pipeline I mean there. More than 50 products in total. We have about 15. That are currently under FDA review, so in terms of product mix there. I had 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.

Speaker Change: Our $50 to 550, 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 that we feel good about our new product revenue going forward and then in terms of the mix of product regarding the the injectable complex injectable pipeline I mean there. More than 50 products in total. We have about 15. That are currently under FDA review, so in terms of product mix there. I had 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.

Speaker Change: And we've as you know we've been very successful in bringing similar products to market in the past. So we feel that we feel good about our new product revenue going forward and then in terms of the mix of product regarding the the injectable complex injectable pipeline I mean there. More than 50 products in total. We have about 15. That are currently under FDA review, so in terms of product mix there. I had 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.

Speaker Change: More than 50 products in total. We have about 15. That are currently under FDA review, so in terms of product mix there. I had 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.

Speaker Change: We have about 15. That are currently under FDA review, so in terms of product mix there. I had 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.

Speaker Change: That are currently under FDA review, so in terms of product mix there. I had 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.

Speaker Change: I had 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.

Speaker Change: That will continue to grow over time.

Operator: Thank you. And the next question comes from Balaji Prasad with Barclays.

Balaji V. 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.

Prasad: Emerging markets. It looks like this quarter has been largely driven by emerging markets can you comment around the sustainability of this and maybe also a matter of time, how this translated on an FX basis through the P&L. And. On the guidance and the revised guidance and the divestiture impact if I understand right. So the $2 7 million dollar strength is for nine months of women's out seven or eight months in the API business isn't the right way to think about it.

Prasad: And. On the guidance and the revised guidance and the divestiture impact if I understand right. So the $2 7 million dollar strength is for nine months of women's out seven or eight months in the API business isn't the right way to think about it.

Prasad: On the guidance and the revised guidance and the divestiture impact if I understand right. So the $2 7 million dollar strength is for nine months of women's out seven or eight months in the API business isn't the right way to think about it.

Scott Andrew 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.

Bob: Hand, it over to direct it to us in answering those specific questions on on the emerging market segments and the divestitures yeah. So on on emerging markets. Specifically, we were very pleased with the performance that we've seen in that region. It was it was really.

Hand, it over to direct it to us in answering those specific questions on on the emerging market segments and the divestitures yeah.

Doretta Mistras: Yeah, so on emerging markets specifically, we were very pleased with the performance that we've seen in that region. It was really - we saw broad performance specifically both in our MENA and our Eurasia region, both across generics and across our branded portfolio such as LIPITOR, ELIDEL, XALABRANDS. So, we really saw outperformance across the board. And this was despite some FX headwinds that we saw in that region. We had multiple currencies that we saw some weakness in versus the U.S. dollar relative to last year. So, we were very pleased with our performance in emerging markets. With respect to your second question around the divestitures, so yes, so as kind of the Women's Health transaction we closed in March. Given we expect to close the API transaction imminently, the way we've thought about the remainder of '24, we've stripped out Women's Health as of its close and we've stripped out the API business as if it has closed in May given its imminent closure - expected closure.

Bob: We saw broad. Performance. Specifically, both in Armenia, and our Eurasia region both across. Generics and across our branded portfolio, such as Lipitor al Adel Valla brand. So we really saw outperformance across our across the board and this was despite. Some FX headwinds that we saw in that in that region. We had multiple currencies that we saw some weakness in versus the U S. Dollar relative to last year. So we were very pleased with our performance and in emerging markets. With with respect to your second question around that the divestitures. So. Yes, so as kind of the women's health transaction, we closed in March. Given we expect to close the API transaction imminently the way we've thought about the remainder of 'twenty four we've we've stripped out women's health as a it's close and we've stripped out the. The API business as if it had closed and in May given given its eminent closure. Good question.

Bob: Performance. Specifically, both in Armenia, and our Eurasia region both across. Generics and across our branded portfolio, such as Lipitor al Adel Valla brand. So we really saw outperformance across our across the board and this was despite. Some FX headwinds that we saw in that in that region. We had multiple currencies that we saw some weakness in versus the U S. Dollar relative to last year. So we were very pleased with our performance and in emerging markets. With with respect to your second question around that the divestitures. So. Yes, so as kind of the women's health transaction, we closed in March. Given we expect to close the API transaction imminently the way we've thought about the remainder of 'twenty four we've we've stripped out women's health as a it's close and we've stripped out the. The API business as if it had closed and in May given given its eminent closure. Good question.

Speaker Change: Specifically, both in Armenia, and our Eurasia region both across. Generics and across our branded portfolio, such as Lipitor al Adel Valla brand. So we really saw outperformance across our across the board and this was despite. Some FX headwinds that we saw in that in that region. We had multiple currencies that we saw some weakness in versus the U S. Dollar relative to last year. So we were very pleased with our performance and in emerging markets. With with respect to your second question around that the divestitures. So. Yes, so as kind of the women's health transaction, we closed in March. Given we expect to close the API transaction imminently the way we've thought about the remainder of 'twenty four we've we've stripped out women's health as a it's close and we've stripped out the. The API business as if it had closed and in May given given its eminent closure. Good question.

Speaker Change: Generics and across our branded portfolio, such as Lipitor al Adel Valla brand. So we really saw outperformance across our across the board and this was despite. Some FX headwinds that we saw in that in that region. We had multiple currencies that we saw some weakness in versus the U S. Dollar relative to last year. So we were very pleased with our performance and in emerging markets. With with respect to your second question around that the divestitures. So. Yes, so as kind of the women's health transaction, we closed in March. Given we expect to close the API transaction imminently the way we've thought about the remainder of 'twenty four we've we've stripped out women's health as a it's close and we've stripped out the. The API business as if it had closed and in May given given its eminent closure. Good question.

Speaker Change: Some FX headwinds that we saw in that in that region. We had multiple currencies that we saw some weakness in versus the U S. Dollar relative to last year. So we were very pleased with our performance and in emerging markets. With with respect to your second question around that the divestitures. So. Yes, so as kind of the women's health transaction, we closed in March. Given we expect to close the API transaction imminently the way we've thought about the remainder of 'twenty four we've we've stripped out women's health as a it's close and we've stripped out the. The API business as if it had closed and in May given given its eminent closure. Good question.

Speaker Change: With with respect to your second question around that the divestitures. So. Yes, so as kind of the women's health transaction, we closed in March. Given we expect to close the API transaction imminently the way we've thought about the remainder of 'twenty four we've we've stripped out women's health as a it's close and we've stripped out the. The API business as if it had closed and in May given given its eminent closure. Good question.

Speaker Change: Yes, so as kind of the women's health transaction, we closed in March. Given we expect to close the API transaction imminently the way we've thought about the remainder of 'twenty four we've we've stripped out women's health as a it's close and we've stripped out the. The API business as if it had closed and in May given given its eminent closure. Good question.

Speaker Change: Given we expect to close the API transaction imminently the way we've thought about the remainder of 'twenty four we've we've stripped out women's health as a it's close and we've stripped out the. The API business as if it had closed and in May given given its eminent closure. Good question.

Speaker Change: The API business as if it had closed and in May given given its eminent closure. Good question.

Speaker Change: Good question.

Operator: Thank you. And this concludes our question-and-answer session. I would like to return the conference to Mr. Scott Smith, CEO, for any closing comments.

Scott Andrew Smith: So, thank you and thank you to everybody online for your attention this morning. In closing, we're continuing our momentum for last year. We've had a great - we've made great progress on all our key priorities and have a strong executive leadership team in place, a passionate global workforce that's dedicated to leading the company into what we believe is an exciting future ahead. Thank you again.

Scott Andrew Smith: Future ahead, thank you again.

Operator: Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your phone lines.

Scott Andrew Smith: [music].

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