“As we look to 2024, we expect operating margin to improve.”

In context

“should lower the burden they are going to face, which we also think could help with conversion. Peter Dannenbaum: Alright. Thanks Seamus. Next question please. Operator: Next, we will go to the line of Geoff Meacham from Bank of America. Please go ahead. Geoff Meacham: Hi guys. Good morning. Thanks for the question. Caroline, on margins, you highlighted a benefit from KEYTRUDA and GARDASIL this year, which I think was expected. But looking forward, is the guidance this year a reasonable target until the KEYTRUDA LOE? I wasn’t sure if there is other drivers going forward or whether mix could impact margins as well. Thank you. Caroline Litchfield: Thank you for the question, Geoff. So, as you all know, our company has made great progress in expanding operating margin over a number of years. As we look to 2024, we expect operating margin to improve. And that’s really driven by the strength of the top line and mix of revenue by the roll-off of royalties that we have noted on KEYTRUDA and GARDASIL. Being disciplined in our expenses, while we do invest fully behind our expansive pipeline, as we go beyond 2024, we still point to an operating margin of greater than 43% in 2025. But our focus as a company and as a team is to really ensure that we are fueling the pipeline supporting the portfolio of products that we are launching to drive growth into the long-term. Peter Dannenbaum: Great. Thanks Geoff. Next question please. Operator: Next, we will go to the line of Steve Scala from TD Cowen. Please go ahead. Steve Scala: Thank you. I believe the Merck RSV monoclonal antibody Phase 2/3 study is registrational and reads out this year, is tha”