“We will maintain an appropriate leverage for our company. We are very comfortable operating at the credit rating we are at and we would expect to sustain that kind of level as we go forward.”

In context

“t to talk to share repurchase, as we have stated previously, it’s our goal as a company to deploy our cash, first and foremost, behind the business opportunities we have within the company, as well as augment that with business development. We have turned on the share repurchase program, given the strength of our business and our balance sheet, but we will be ensuring we have ample capacity to pursue business development, which is the highest priority and is a better generator of growth and value creation. We have a portfolio of BD that we are reviewing and we will continue to do some test have news that we will be sharing in future. So priority remains really investing in the business, but to the extent, there is excess cash, we will return that to shareholders through the share buyback. We will maintain an appropriate leverage for our company. We are very comfortable operating at the credit rating we are at and we would expect to sustain that kind of level as we go forward. From a foreign exchange perspective, in 2022, we were extremely successful as a company in blunting the impact of foreign exchange with our revenue hedging program. The underlying impact of foreign exchange to our business in 2022 was approximately 6% on the topline, 10% on the bottomline, but with our expected hedging program, which brought revenue on the other revenue line of approximately $800 million that blunted the impact to 4% on the top and 4% on the bottom. As you rightly note, as we look at 2023, we expect the underlying impact of foreign exchange to be around 1 percentage point on the top and the bottomline. What is impacting the guidance that we have given is we obviously don’t expect as significant hedge gains in 2023, which means that the overall impact from foreign exchange”