“we said that $2 billion by 2027 will drop to the bottom line.”

In context

“es to our productivity initiatives. And just as a reminder, we initiated a $1.5 billion initiative back at the end of '23, knowing that we had several business development deals that we had to fund, and that was $1.5 billion. And we completed finding those funds last year and reallocated that to the programs that we talked about, particularly around Cobenfy with the multiple clinical programs that we have in place there, but as well as RayzeBio and funding those types of investments. And also don't forget SystImmune, very important program that we have there that we're funding that clinical program. Then this year, we announced a $2 billion strategic productivity initiative, which a lot of confidence in being able to deliver that. We're going to deliver $1 billion of that this year, which we said that $2 billion by 2027 will drop to the bottom line. But what that also does is that helps our cash flow position. It gives us more capital to allocate towards business development as well as enables us to do up invest. And I think this quarter is a great example of that, where we saw some opportunities, the #1 BioNTech deal funding those clinical studies, as you heard from Samit around, particularly around lung and breast. But also, what that enabled us to do is Adam had some up investment opportunities in the growth portfolio, and we were able to invest behind those. So we feel really good about the capability that we're building here and the ability to reallocate resources that are going to drive growth and strength in the long-term growth profile of the company at the end of the decade. And the last thing I'd say is like we have a signi”