“When we look at in totality, you're right. Roughly 70% of the Eliquis business is in The US... And so we expect in November that we will lose exclusivity in Europe, and we would expect rapid and steep decline like we have seen with other small molecules outside of The US.”

In context

“think some patents have been off for years. I would I think it's striking for a product to go from double-digit in one year to $1 billion declines in the following. So it seems like what you're really saying is U. S. Prices coming down in twenty seven point two it's not clear why. And related to this, how did the contributing 7,000,000,000 of Eliquis API to the US government impact the P and L? Thank you. Adam Lenkowsky: Great, Stephen Scala. Thanks for the question. Just at a higher level. Number one, we continue to see strong demand performance with Eliquis and that's going to continue in twenty twenty six. When you look at the price reduction that took place in The United States, that will eliminate the inflationary penalties, CPI penalties of the rebates this year and into next year. When we look at in totality, you're right. Roughly 70% of the Eliquis business is in The US. This is a very large brand. And so we expect in November that we will lose exclusivity in Europe, and we would expect rapid and steep decline like we have seen with other small molecules outside of The US. And so that's why we would expect to see that step down in 2027. And just on your question on the strategic reserve, that's not a material impact on the overall business, just given the magnitude of the business as well as just amount of product that will be provided in that reserve. So no impact there. So thanks for the questions and maybe just in conclusion, we've spent as we've discussed on these calls for the last number of quarters significant time on execution as a company across functions. And I think what you see in the numbers we put up today is that we're doing what we said we would do. We've become much more focused. We strengthen, execute, across, all of the relevant functions in the organization. We've built a growth portfolio that has very strong mo”