“We do expect that all these investments, both our cost realignment program and our investments from a manufacturing optimization program are all designed to improve operating margins to get us back to pre-pandemic levels in the near future.”

In context

“ed to understand, how should we think about the margin expansion for the rest of the year. And then how should we think about it going forward in 2025 and 2026, especially as you head into the IRA territory? Albert Bourla: Perfect question for Dave. Dave Denton: Yes. So Mohit, just a couple of things. As you recall in my prepared remarks, we are focused on actually launched our manufacturing optimization program, the result of which will begin to yield results in 2025 and to generate over $1.5 billion in savings by 2027. As we think about margin expansion, just given the guidance that I provided for the balance of this year, it would imply that margin – gross margin rates would actually improve versus the low-70s color that we’ve given previously to probably mid-70s at this point in time. We do expect that all these investments, both our cost realignment program and our investments from a manufacturing optimization program are all designed to improve operating margins to get us back to pre-pandemic levels in the near future. Albert Bourla: Thank you, Dave. Operator, the next question, please. Operator: Our next question comes from Terence Flynn with Morgan Stanley. Please go ahead. Terence Flynn: Great. Thanks for taking the question. Was just wondering, had two on the new product cycle side, how are you guys thinking about this upcoming RSV season? As we think about patients coming back in for a booster, as well as maybe an existing new group of patients coming in. And then on Elrexfio and myeloma, can you give us any color on the launch, either sales or market share there? And if you're still confident in that $4 billion opportunity, thank you. Albert Bourla: Yes. Thank you, Terence, and very good questions. RSV, why don't Aamir and then Alexandre speak about the Royalty? And then Chris, you covered alerts.”