Oh, good morning, everyone. Thank you for attending so early in the morning. Hope you had a good first day at the conference here. It's my super big pleasure to introduce the Bayer Consumer Health team to you, and you have all of them here on the stage. We have Julio Triana, who's heading the Consumer Health business at Bayer. You have Magnus Schellnock, who is the CFO of the business. And then you also have Rebekka Iten, who is Head of Commercial Operations in the EMEA region. Quite a unique opportunity to meet the entire Consumer Health team. As you might know, Consumer Health accounts for a little more than 10% of Bayer's group sales and earnings. Make no mistake, this is a globally leading business here that operates globally and, yeah, is leading in what it does. Maybe to open up here, for Julio, an opening question, maybe you could speak a little bit about the long-term strategic vision of the business, and how that aligns with the overall Bayer company strategy. Good. Thank you so much. Thank you, Falko. Thanks for the invitation, and good morning to everyone here. Before I answer the question, if you do not mind, I will maybe open it up for my colleagues here to say something about themselves. So, Rebekka, maybe. Good morning, everyone. Very pleased to be here. Thanks for coming. Yeah, I'm the Head of Commercial Operations in EMEA, and I hope we will have a good exchange this morning. And Magnus. Yeah, hi, everybody. Magnus Schellnock, also happy to be here. Thanks for coming, and looking forward to the discussion. Great. Thank you. It's not the entire team. It's only a few of them. We also have a couple of other regions and manufacturing R&D. Going back to your question, Falko, I don't know if people in the audience, you know, follow Bayer. We, as a company, have a mission to bring health for all and hunger for none. That is the reason why we're present in the businesses that we're in. Our contribution as Consumer Health is to bring our solutions, self-care solutions, to as many people as possible. We recently launched a strategy that we called the Road to Billions. This is basically a strategy based on the potential that the Consumer Health market, or industry, has and the attractiveness, the attractiveness it has. It's about, it, it's a market that's about, depends on how you look at it, it's about EUR 200 billion, and has been continuously growing. It's been growing at around mid-single digits. It's very interesting. Has very good margins. We have been able to, you know, continue to increase our margin in the last years. In a very decent, cash. We have a business of about EUR 6 billion, and we have cash of about EUR 800 million. It's very, you know, consistent. The way that we're looking at this, we also have a very good presence. We have an incredible portfolio of brands. You probably have heard, you know, the term of mega brands, but it, it, it, we feel that those are extremely important. We also have a lot of local heroes, and this is what is unique about the Bayer Consumer Health portfolio. It is that not only we leverage these mega brands, these are brands that have presence in, I don't know, 40-50 countries, so quite an amount of sales. We also have these local heroes that are also very interesting because we are competing with them, with these local heroes in markets that are fast-growing and where we have a very strong presence. Strong presence, we qualify that we are top three in the markets where we compete. It is an interesting industry. It is an interesting market for us. We have a very good geographic presence, where we have brands that are really, you know, trusted. It continues to grow, and we want to continue to play in this market. Our strategy is that we are basically, we call ourselves, we want to be, and that's our aspiration, you know, the number one fast-moving consumer health company in the world. Today, we're number three when you take a look at it in terms of size and just looking at the consumer health portfolio of our competitors. We feel that that positions us well to be able to be competitive in this market. Perfect. The next question is one that I think is one that we're getting quite often from investors. In light of the recent M&A activity in the sector, right, some of your peers have been spun out and became independent, so to say. Do you believe that your business receives the proper recognition as part of this bigger Bayer conglomerate? In Falko, you mean within the company or? Within the company, exactly. And, within, in terms of resource allocation, etc. Yeah. In that sense. The way we look at allocating resources within Bayer, we always say we basically have three main businesses. We say as long as we can really earn the right to be the best owners of that business, and we make sure that we're doing the right and the proper allocation to those businesses, we will continue to keep them. That is the reason why, I think it was early last year in our capital markets day, we said our intention continues to be to keep the portfolio businesses we have today, because we're not starving any of these businesses. We do get a lot of recognition and probably even more internally with what our colleagues or our peers have done in spinning out their businesses. When you take a look at their market capitalizations and you compare our size of the business, of course, internally, we say, "Wow, we have a very good, you know, sort of duel, internally." Yes, it, you know, sometimes we do not get a lot of attention because our two sisters are much, much bigger. Even though we are a smaller division, people understand that the potential that we have, it is significant. I do not feel in my conversations with our Supervisory Board, within the Board of Management, that there is not this recognition. In fact, whenever we have ideas in terms of M&A, we bring them forward. We compete for the allocation of resources equally to, you know, our pharma business as well as Crop Science. We are extremely active in that space. There is a lot going on in M&A and Consumer Health. We're just extremely selective, in terms of where we want to allocate our cash. We look everywhere, you know, the big deals that everyone knows about around the world, but also we're looking at deals that we can do in countries. Those will be smaller deals as part of our sort of innovation and continuing to expand our portfolio. This year, for example, in Q1, we bought or we finished the deal with an e-commerce company. It's called Natsana. If you're interested, you have an expert here. It's in Rebekka's region, and it's an e-commerce company that is a German company. We bought that one because that is one of the areas we're extremely interested in. Perfect. That's a great gateway to my next question, right? I mean, we have seen this significant trend towards the OTC online channels, right, in consumer health, not just in Europe but everywhere, but especially in Europe with online pharmacies emerging, etc. So, first of all, sort of, yeah, where do you see that going, and how do you participate in that trend? Look, I think we have industry-leading omnichannel expertise at Bayer. We basically go by principle. We sell our products where our shoppers shop the categories. E-commerce, you know, it's growing, significant growth. Also, when you look at our share, we basically doubled our e-commerce sales from 2020, now in Q1, from 7% up to 14% now in Q1 2025. Really strong performance in that regard. Like Julio said, we have done the latest acquisition, which is Natsana. It's a German-based company who is selling in Europe, specifically a nutritionals category, mainly on Amazon. They're leading there now also in the nutritional space. We not only got with the acquisition of Natsana a great nutritionals business in the e-commerce channel. We also got a lot of expertise on how to operate in that channel, which we can use now also for our existing Bayer brands. We got the expertise together with a great business on nutritionals. Yeah, we believe we're well set up to double down on the growth that we've seen in the last years. Perfect. This trend is likely to continue, right, going forward towards the, yeah. Perfect. Going back to capital allocation, you've done a bigger acquisition in 2016, I believe, right, back in the days. Ever since, have seen a string of divestments, divested quite a few brands. Do you expect M&A to be a sort of a continued important theme over the next few years, or do you feel good with where the portfolio sits? Yeah. No, we sort of never feel good, attached with the portfolio. We always believe that there are things that we can do, as I mentioned, in the acquisition part. We're constantly, constantly scanning the opportunities, not only at a global level but also in the countries where we participate. We can talk later about, you know, what are the priorities, which countries, which geographies. We are constantly doing that. We're always looking for areas where we can, we believe that there is significant growth opportunity, where we can expand, you know, the category presence we have in those specific markets. We're looking for, you know, areas where, or products or opportunities that are accretive to what we have and, and or could become accretive as quickly as possible and be able to generate the cash. We're sort of looking for, that's our criteria to say, "Okay, yeah, this is something that we will pursue." Now, because of our legacy and, you know, I mean, we're more than 150 years, you know, a company of more than 150 years. We have a lot of brands. We do have a long tail of products. We have significant presence across the world. We're constantly looking at, are we the right owners for those very small products in, in maybe, you know, remote countries. Those are the, when you said, you know, we've been very active in disposing of, or changing these assets. It's also in an effort to reduce complexity. That is something that we need to watch when you have a strategy where you value these local heroes and local pearls, if you like, you need to be careful as well that if you have these local products that are not as good, that you also dispose of those. What that does, it just gives us the opportunity to be able to save up and look for other opportunities. That is constantly something we're doing, all of the time. We will continue to do that. Perfect. A few financial topics for Magnus. I'm gonna lump it into sort of a bigger question, and you can sort of decide where you want to take it. How has your Consumer Health business been impacted by all of the macroeconomic things that have been going on, right? Whether it's been inflation, supply chain disruptions, we just discussed the slightly changing consumer behavior going to online, and then there's obviously the tariff topic at the moment. How has and how could it continue to affect your business? Mm-hmm. Good Mm-hmm. Good question. Thanks, Falko. Yeah, look, we are a global player. We are number three in a 200-billion market. We have a broad category footprint spanning six categories. And we have a strong global presence with, let's say, 35% in North America, equally in EMEA, and then also a good share in APAC and LATAM. That means we are exposed to whatever supply chain inflation or other constraints come. Looking into the past, though, we have also demonstrated strong resilience. Just to give some numbers, between 2019 and 2024, we grew 5% CAGR and expanded the margin by 240 basis points over five years, landing at 23.3% clean EBITDA margin in 2024. So that trajectory we have. Still, it provides challenges. If you look at 2023, 2024 as a time period, it was coined by the inflation. Now, post-COVID, a lot of supply constraints happened that drove inflation. That challenges you, I think, us, but also all other players in the industry on the quality of growth, we call it, which is the balance between price and volume. At that period, it was predominantly price-driven growth that we could record. To give you a, as a CFO, I have to give you some numbers. In 2023, we grew 6%, 9% of which was price minus 3% volume. 2024, even bigger spread, 7.5% price minus 5.5% volume, landing you at 2%. Market also mostly price-driven. I think we all agree in the room that this is not a sustainable path. The reason was very obvious with the inflationary trend. Everybody priced up. We saw then volume sensitivity. That means it has a natural end where the consumer does not buy you anymore. Us not, but also the entire industry had volume issues. It was amplified by one effect that we saw in the U.S. While the supply chain came back to being regular, interest rates in the U.S. were still high. That triggered reworking capital optimization programs in our retailers. So they destock, they take less volumes in their trade inventory. Some even faced financial challenges, closed stores. It also takes volume down. That made 2024, in particular, pretty challenging. We ended up even changing our guidance when we had these learnings. As you recall, in Q3, we lowered a little bit the guidance corridor for net sales. In Q1, though, we turned it around. We have 2.5% net sales growth, but 1.7% of which is volume. That is a good signal that we see this recovery in EMEA, in particular helping there, but also North America. That you can also expect to continue throughout the year within our guidance of 2-5%. Very recently, the other topic, tariff. Mm-hmm. has impacts on costs, on currency, and on consumer sentiment. On cost, you have heard us in the publication. We confirm our EBITDA guidance between 2023 and 2024, despite the exposure to tariffs. It is a manageable exposure, why is that? Our supply chain strategy was always region for region, local for local. Means for U.S., 75% of finished goods are produced locally. There is a remaining exposure. It is not 100%, but for us, manageable if we state it as at constant rates and also at the status that we had at the publication day relative to tariffs. This is, as you know, very fluid, but at that time, we could confirm. FX-wise, to give you some color, again, I am a number guy. I have to give you some color on numbers as well. Look, there is a sensitivity, as you have, there is a vector on the dollar. If it takes the March rates, and then we project March rates to the full year end to see our currency exposure, it was EUR 70 million in net sales negative if that was the full year rate. A month later, post-deliberation day, it was EUR 220 million. That swing factor, just by the dollar jumping to $1.14 versus the euro. That shows you there is a challenge in FX. That is why we also guide EBITDA at constant rates for that reason, because also the swing is 30 basis points in EBITDA negatively. That we have to carefully monitor. Lastly, and I think amongst us, that is actually the biggest concern, consumer sentiment. If that continues, and we have indications on the Michigan University, it is below the 20-year average. It had a steep decline in March and April. If that continues, it will have an effect also on the CH market projections. We see or saw a muted start into the year in key markets, Mexico, China, and U.S. If that continues, that is a kind of risk factor definitely that we have to navigate through. This is possibly even the biggest effect out of the three I mentioned around tariffs. To close on the positive, Q1 showed the return to growth relative to volume. We can confirm EBITDA guidance. I think the resilience comes from two things. A, the supply chain strategy is region for region, local for local. Second, a broad portfolio like ours, be it category, be it geo-geography, serves you well, actually protects you. Perfect. Thank you. Any questions on the financials from the audience before we move on? Good. Explained it all. Then, shifting a little bit to innovation, your portfolio, how do you think your business differentiates itself in an increasingly competitive and also commoditized environment? Yeah. Maybe, we can start with Europe, and then I add on the other geographies. Is that okay? Yeah. Happy, happy to do so. I think we differentiated in, in various ways. You know, like Magnus said before, we have a portfolio which is with a lot of global brands where we have also very strong positioning in Europe. Mm-hmm. We have some also very strong local pearls, how we're calling them, which are really strong, locally relevant. In the way how we're driving the portfolio is that we say we're really consumer-centric. Actually, we do care about our global mega brands. We also say more important is that we are consumer-centric, and we basically serve the consumer with the relevant brands that they're known and where we have the strong brand equity. We carry that portfolio of strong global mega brands, but also balancing it off with strong local brands. I think we manage by doing really well. It is also what is differentiating us, because when you have these brands, then you really can have a different discussion also with customers coming with a whole category story. Than being just a single brand or what I call the, the product shooter, that you come with one product or one brand. You know, we have really, thanks to the strong portfolio that we have, we can have a different discussion with customers also in the way how we execute our brands. In regards to innovation, we have very strong medical insights coming also from our strong Bayer heritage, in the way how we innovate with medical insights with different formulation backed up with strong science, which is giving us the differentiation very often also in our exchange with healthcare professionals. Because when you look at competition who is coming into the market, usually in January, they're not having that. You know, we are the only company, I would almost say, who has this pure OTC portfolio and without also the expertise to drive that portfolio really strongly. I can just build on that. Basically, the same that we do for Europe, we're doing for the other parts of the world. What we've done is we sort of shifted our innovation model, you know, recognizing that it is very competitive. It's starting to get commoditized and just to make sure that it is our brand and our brand equity that is, you know, first and foremost. What we do is instead of having this sort of global team thinking that they know what is relevant everywhere in the world, yes, we do have the global team that is taking all these ideas that are coming from the market. We decentralize our innovation model. A lot of the ideas that we're working on are ideas that are happening in the different markets where we play. What we also have done is we, you know, scanned what are the opportunities, what are the segments that are fast-growing where we can really be, you know, top three, what are those categories, and what is the innovation that is needed and that is relevant for those consumers in those markets. Once we capture those needs, as Rebekka mentioned, that are consumer relevant, we bring them up, and we make sure that we have what is the medical need and what is the science that we can bring behind that medical need. Of course, then we apply, you know, a repeatable growth model to make sure that that opportunity is really maximized in that country. The way we're running our portfolio is we're looking at this, we call them intersections ourselves. It is basically the opportunity space and the brands that we have in that country. That is where we allocate the resources. When we are talking about resources, it is not only the financial resources to make sure that we have the appropriate A&P and so on, but also the best people going after those opportunities, the best, you know, talent, if you like, to make sure that we seize those opportunities and we are able to continue to grow them. Out of those opportunities, we focus on about 100 of them. Those 100 are spread across the entire world. The 100 is about 10% of our entire portfolio. If you like, we are shifting the resources, both people as well as financial resources, to the highest opportunities we have across the world. Now, those 100, they are not static. We're constantly reviewing, you know, what is the execution, or are there other areas that are also, you know, worth coming up with innovation. This is, you know, part of our innovation system, making sure that we have appropriate resourcing and that we're able to repeat, you know, the growth model across the world. That's, you know, how we're trying to make sure that we stay relevant. You're right, it's a highly competitive space. At the end, what really, really counts is that your brands have the equity and they're seen as trusted. This is something that, with our legacy, you know, being part of Bayer, it just helps us a lot. Which are the main product categories or therapeutic areas that you aim to prioritize going forward that you believe have the best growth potential over the next few years? Yeah. I'll start in, maybe Rebekka can follow and talk a little bit more specific about Europe. I think Magnus mentioned it. We participate in six preventive and treatment categories. They're OTC and the nutrients or, you know, let's say the multivitamin space and dermatology. Basically, those categories are pain, cardio, digestive health, dermatology, also allergy, cough and cold, just to name some of the ones that we have there. We believe all of those, and we continue to participate in those because we believe they're extremely important. There are a couple of them that we are looking more into, sort of like the intersection of women's health. We, as Bayer, also have a very strong legacy in women's health, and we want to leverage that not only on our pharma portfolio, but also in the consumer portfolio and sort of have an end-to-end solution from prevention to treatment of, you know, issues associated with women. The whole topic of menopause is an area that we also see as developing where we are coming up with, you know, solutions that are part of our innovation mechanism. The other part is digestive health. You probably have seen, and, you know, we've been doing extremely well with digestive health in the past. It's an area that is growing significantly. We have a very, very strong, very good portfolio that we are rolling out across the world. Like, for example, Iberogast in the U.S., we had the launch, and it's, it's going very well. We have, we're expanding the category with products like Talcid in, in China. And we have, you know, many examples of those. So maybe if you can talk a little bit about what you're doing in Europe. Yeah. For Europe, we obviously operate also in these six categories that Julio just mentioned. What is really strong for us and where we also foresee strong growth is dermatology, where we have a winning brand, Vividrin, which is really strong with a strong position where we continuously innovate behind. Like with the latest innovation we just had was on dry eyes with a double function of protection, continuous hydration with a strong point of difference in the market that has done really well. We also double down on innovation in nutritionals. Nutritionals are a super important category for us, as I was talking before a bit with the acquisition of Natsana, but also our existing brands, Berocca, Supradyn, Elevit, Redoxon, doing really well in the region and where we keep on innovating and where we're doubling down and where we see the category still strongly growing. The third priority that we have in the region is digestive health. Also digestive health where we have a strong regional brand like Rennie, where we keep on innovating and with Iberogast, which is also a global mega brand, where we see these three categories actually really strongly growing in Europe. Maybe, Falko, let me, so that is a category perspective, and I guess that was the interest. The geography perspective as well, it's, it, maybe those follow-up, it's key. Magnus mentioned right now the composition of our, or our presence. We have about 35%-36% of our business in North America. Then you have another 35%, which is in Europe, Middle East, and Africa. Then about 15% is Latin America and Asia-Pacific. When you consider what is the makeup and the distribution and the opportunity for consumer health industry as a whole, you would say an opportunity for us is Asia-Pacific. Asia-Pacific, the consumer health market in the world, Asia-Pacific is about 25% of that market. We're only 15%. There is clearly an opportunity for us to grow. We have a very strong presence in China, and we will continue to strengthen that presence. We have a very good portfolio, an incredible team, and, you know, we continue to bring innovation into China. There are a couple of areas, like, for example, India, where we want to, and we have plans in place in, you know, sort of our India strategy to be able to leverage the opportunity more than what we have in the past. You know, other places like Indonesia. That is really where the growth is going to be. Latin America, we are a bit over-indexed. We are incredibly strong in Latin America. We talked, Magnus, I think, mentioned, we are number one in Mexico, for example, which is probably one of the largest markets in Latin America, where we have opportunities on markets like Brazil. In Brazil, we're doing extremely well with dermatology and, you know, the team there is, you know, coming up with a lot of innovation. From a geography perspective and with our road-to-billion strategy, with our effort to reach as many people as possible, Asia clearly is an opportunity for us. That's where the majority of the people in this world live. That is an area. Now, in Europe, we have, Europe is not only, you know, developed markets. We have pockets of growth that are significant. You know, we have the whole Central and Eastern Europe. These are markets that are growing double digits and where we have an extremely strong presence. Same thing with the Middle East. That basically complements our strategies in terms of growth from a category perspective and also geography. Maybe if you allow me, if you talk nicely about this intersection, these power couples, if you look at these 100, of course, they have a strong foothold in EMEA and North America. Guess what? 50% is geared towards emerging markets, including China. Of course, Mexico also being part in that definition. Yes, the power couple focus is important. You need to understand where have you a top one, two, or three leading position to build from. It also has, of course, this headspace argument and more penetration in emerging markets. I think it marries very nicely together. Yeah. Perfect. One area I'd like to drill into a little deeper, the nutritionals category, but lots of focus on it during the pandemic and coming out of the pandemic. How do you see the medium-term growth outlook for that business specifically? And why do you think it's important to keep offering that in conjunction with all of the other areas you operate? Yeah. Again, I'll start and hand over to you, Rebekka. Nutritionals for us, and we get this question actually, by the way, if I could, it's a really important question because it's a space where it's really become a little bit of a, you know, red ocean. There are many, many, many players. A lot of, you know, players that are sort of coming outside of the industry. We, it's a space that has been, you know, in the past, a lot of the growth has been coming from, for example, influencers that, you know, are using their name to be able to, you know, put products out there, using, you know, contract manufacturing and so on. That has been growing a lot. It is not sustainable. The companies, we believe that the companies that will continue to remain are companies like ourselves that have the heritage and, you know, be able to come up with the claims that we have that are backed by science. That will continue, that would prevail. It is very, very competitive at the moment. Now, we've been in this category for many, many years, and we have a strong heritage there. We believe as part of our idea of, you know, hunger for none and be able to have in populations that have the right nutrients, we feel that we owe it to our consumers as well to make sure that we have those solutions and that we bring those solutions to them. Part of our strategy, as I said, Road To Billions and be able to bring as many solutions to as many people as possible. We have to, this is a core area, and it is an area where we will continue to invest to make sure that that happens. We also see, also because of all this, you know, new players that have come in, our consumers are making the decisions and these products are a lot in e-commerce. To demonstrate how serious we are about this area, this is the reason why we made the investments we made in Natsana, for example, which is only nutritionals and it is only e-commerce. We are also seeing, okay, we are sort of migrating, you know, towards where our consumers are that are requiring these products that are, you know, continuing to buy our products through other channels. We will continue to expand there. It's really, definitely a key area for us. There is a nutrient gap, especially in those emerging markets that I mentioned, that we believe we have the opportunity to address. Maybe I hand over to you. Yeah. Like Julio said, it's a super important category for us, yeah, strategically to deliver on the road-to-billions because we still see that there is a strong potential to still also penetrate the market also with our brands that we have. While we have leading brands, while we have a strong penetration, we still see there is room to grow. When you look at the Euro monitor data, they predict a 5.4% CAGR over the next five years. It remains an important category. Like Julio said, I think we're super well-positioned with our existing brands that are basically addressing the consumer need, which we call on a need base, you know, like energy, like prenatal, like immunity. We complement the portfolio with Natsana, which is more an ingredient-led brand and also natural-led brands. Yeah. These are the two big consumer trends that we have seen in this category. With this latest acquisition, we basically cover both. Consumers are more and more also educated, you know, with digital, with ChatGPT, you name it, in regards to ingredients. More and more they focus on a more ingredient-led composition. With our existing current portfolio that we have also in the pharmacy complementing with e-commerce, I think we are well-positioned to also in future compete in that market. Great. Yeah. If you read our numbers, this Natsana portfolio is a portfolio effect this year. It is always separated out. It was EUR 35 million in Q1. It is a sizable contribution this year already in Euro value. Yeah. Is there any question from the audience? Just to make, yeah, please go ahead. Every now and then the conversation of disposal, disposal of consumer health comes up. It feels like we're potentially closer for some reason. I'm not sure if you would recognize that. Yeah, is it possible that Bayer would sell to this? Yeah. I saw you come in a little bit after my introduction, which, you're right. No, I reiterated that that is not our intention at the moment. I think the way that Bill Anderson, the CEO of the group, put it, you know, it's not now, not never. The way that we always, and I mentioned that in terms of capital allocation and what are the businesses that we keep, as long as we continue to be the best owner for this business, we will continue to keep it. We continue to get capital allocated to us. Our growth continues to be significant. It's very competitive. We've improved our margins. We continue to generate the cash flow. We don't get any hindrance to our business. It's a very separated business. It's, I don't have any restrictions, you know, to be able to say, "Look, I could do better or we could do better. The business will be, will thrive, you know, a lot more if we were, you know, separated or sold or something like that." No, we're not, we're not closer. We're not any closer than, you know, when we made the comment that we want to stay with the composition of the group as we are. We do get this question, you know, quite often. It is, we will continue to keep the business for as long as we continue to be the best owner for it. Great. Great. Maybe as a closing question, if the four of us would be sitting here or are sitting here in, let's say, 2030, right, in five years down the road, how would you like the business to look? What would you have liked to achieve over that period? Yeah. Thanks for the question. As I said, we kicked off this road-to-billions strategy. It is a strategy about bringing as many of our products to as many people around the world. We calculate that today about 630 million-650 million people, you know, get our products. Hopefully by 2030, that would be above a billion, into as many people as possible. There is a significant under-penetration of our product, of all the products of Consumer Health across the world. We need to do something about that to make sure that we are able to bring these solutions to as many people as possible. In doing so, let's say from a financial perspective, if we have done a good job at doing that, we will be able to grow faster than the market, we will be able to bring as much innovation as possible in the categories that we play, we continue to have competitive margins. We feel that they are competitive, you know, today, but, you know, we can always do, you know, a little bit better and reinvest into the business, continue to generate the cash. That basically would be, you know, what I would say that you would see that, you know, Bayer, instead of, you know, perhaps being the number three, would probably, you know, still be in that top three of the consumer health companies out there and that we continue to bring, you know, the solutions to as many people as possible. Perfect. Thank you very much for those detailed answers. Thank you all for attending and listening. Yeah, have a good rest of your day, everyone. Thank you. Thank you very much.