“So, I would expect that in the short term, we continue to see some operating margin expansion on this ratio. In long term, again, we will continue to expand and drive sustainable growth that will basically justify the investments that we do in SG&A and R&D.”

In context

“d by revenue is quite a lengthy ratio. But just going to your question in the short run you see that we have grown our ratio in the last few quarters as we have been having this cycle of significant growth trajectory and we are starting to ramp up our investment both in SG&A and R&D. That effect will continue for sure for getting into the fourth quarter of the year that is including as part of our guidance. And what we expect to see moving into 2025, going into your question is we do expect to ramp up our demand generation activities in SG&A that will pay down into 2025, as well as we will scale our R&D. We talk about some of the assets on our portfolio that moves into Phase 2 and Phase 3 that will continue to play-out as we ramp-up those investments to drive long-term sustainable growth. So, I would expect that in the short term, we continue to see some operating margin expansion on this ratio. In long term, again, we will continue to expand and drive sustainable growth that will basically justify the investments that we do in SG&A and R&D. Joe Fletcher: Thanks, Lucas. Next question. Operator: The next question will be from Trung Huynh from UBS. Trung, your line is live. Trung Huynh: Hi, guys. Thanks for squeezing me in. So in your PR, you note favorable changes to estimates for rebates and discounts for Mounjaro. If you axe on our numbers, if you axe-out mid-single-digit destock, it does look like price has gone up for the year for that product. Also, Zepbound pricing looks pretty stable. So perhaps can you just talk about what you see in pricing evolution for the rest of the year, but also next year as you'll have potentially sleep apnea and have that on the label, which may mean that you go into more government settings? Thank you. Joe Fletcher: Lucas, would you like to talk kind of high-level and any net pricing dynamics”