Good morning, good evening, and welcome. Thank you very much for joining Takeda Pharmaceutical's Global Finance Investor Day, a day where we would like to talk to you about how we at Takeda are creating a best-in-class finance organization by leveraging the power of data and digital. I'm Joseph Cairns, Senior Director of Investor Relations. I'd like to serve as the moderator today. Before starting, I'd like to remind everyone that we will be discussing forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those discussed today. The factors that could cause our actual results to differ materially are discussed in our most recent Form 20-F and in our other SEC filings. Please also refer to the important notice on slide two of the presentation today. Now, please let me hand you over to Costa Saroukos, our Chief Financial Officer, for introductory remarks. Thanks, Joe. Good morning and good evening, everyone. It's an absolute pleasure for the opportunity to present to you today at the Global Finance Investor Day, in particular with the key focus on creating a best-in-class finance organization by leveraging the power of data and digital. Now, the reason why we created this Global Finance Investor Day was for the past two years or more, I've been receiving numerous questions from investors on how did Takeda deliver on these synergies. How did we unlock these synergies so quickly, one year ahead of our plan, the $2.3 billion of synergy savings? How did Takeda deliver on the integration faster than planned? And other questions such as, can we have more information on the partnership that Takeda did with AWS and Accenture? What does that entail? What are some of the digital programs that Takeda have done with regards to plasma-derived therapy business? And many, many more. And I'm very happy to have on the panel today a number of my finance leaders that will give you a lot more examples of exactly how we unlock the synergy so fast and what we're doing, not only what we did in the past, but what our future vision and strategy is on unlocking the power of data and digital moving forward as a company. But before we go into the examples, let me walk you through a few slides, some background slides, and our corporate philosophy. So just a refresh on the next slide, please, Joe. So the corporate philosophy, next slide, please, Joe. You can see that in total, Takeda, yeah, this is just a refresh on our corporate philosophy. Takeda's vision is to discover and deliver life-transforming treatment guided by our commitment to patients, the people, our employees, and the planet, and also driven by unleashing the power of data and digital, which is a common theme that you'll see in the future slides. The next slide, please, Joe. The next slide will give you a quick snapshot of our transformation, our evolution of Takeda. So back in 2014, that's when we started the globalization of Takeda. In 2014, that's when Andy Plump joined the company and started to really transform the R&D vision. In 2014, our revenue was just under JPY 1,800 billion, and our margin was slightly over 17%. In fiscal year, where we are today, fiscal year 2020, our revenue is just under JPY 3,200 billion, margin at 30.2%. And we're really focused on five key business areas, 14 global brands. Remember, prior to the acquisition, Takeda had two global brands. Today, we have 14 global brands, and we have a very rich pipeline of 11 new molecular entities in our Wave 1, and 2021, as we've mentioned before, is an inflection year in particular for the R&D, where we expect many of the assets to start to declare themselves. What's happening in the next 10 years? We're very much excited for 2030. We believe that by 2030, our goal will be JPY 5 trillion in revenue, driven by our 14 global brands and also spearheaded by our Wave 1 and Wave 2 assets in the later half of the decade. Next slide gives you a quick summary of what we've been able to achieve since 2008 and since the acquisition to 2020. Just to remind everyone, what's really important is we're pivoting. We're pivoting from integration. Integration was completed one year ahead of plan, and now we're really focusing on the acceleration of top line and pipeline. But it's important also to step back and say, well, what did we achieve since 2018 to 2020? Every year since the acquisition, we delivered on our financial guidance. Even during the year of a pandemic, we delivered on our synergies one year ahead of plan. In fact, our original synergy target was $1.4 billion. We increased it to $2.3 billion, and we delivered one year ahead of plan. And you'll see some examples of how we unlock that synergy much faster than expected. We've improved margins from the time of acquisition as a consolidated company was 22%. We closed the year 2020 with 30.2%, with the aim of improving our margins anywhere between 30%-35% in the mid-range, so 30% to mid-30s by fiscal year 2021 to 2023. We exceeded our divestitures of non-core assets target, which was $10 billion. We've announced up to $12.9 billion divestitures, 12 deals altogether, and we've continued to accelerate the deleveraging. At the start of the acquisition, it was 4.7x. We've brought it down to 3.2x, and we have a target to bring our net debt to Adjusted EBITDA to the low twos by fiscal year 2021 to 2023, so moving forward, it's all about the top line growth and the pipeline. We're very excited. 2021 is the year you'll start to see the acceleration start to declare itself. Previous years, our revenue has been low single digit. We've committed to mid-single digit in 2021. You'll see this common theme in the midterm as well. We'll continue to grow mid-single digit in the medium term, spearheaded by our 14 global brands in particular, and we'll continue to drive our margins moving forward. With that being said, I don't want to take up too much of your time because I'm very excited to get the team to showcase some of these examples, in particular around the data and digital and what we did and how we're building that framework. The next slide is really to summarize the agenda. Next slide, you'll see that today we have the Chief Digital and Information Officer, Karl Hick, will present the digital strategy for Takeda. We have Sanjay Patel, who's the Head of Takeda Business Solutions. He will really provide you all the information on what we've done in the automation and robotics space. And then Jill Zunshine is the Head of Global Real Estate, F acilities, and Procurement. She'll give you some great examples of how we unlocked significant synergy savings very early at the beginning with the Partner Value Summit as an example. And then Amit Singh, a Head of Treasury, will also give you some examples of how we've been able to manage the debt at great low interest rates and also our cash flow generation, etc. So he'll give you some really great examples of that. And all underpinning these examples will be how we've been leveraging the power of data and digital. So with that being said, I'd love to hand it over to my colleague, Karl Hick. Over to you, Karl. Thank you, Costa. It's tremendous to have the opportunity today, so thank you. Today, I'm very excited to share our tremendous progress here at Takeda in our data and digital journey. Let me just turn on my video, and we're creating very much a future-ready organization across all of Takeda, very much including Global Finance, and we'll talk to you more about that here shortly. Our cloud transformation will fuel Takeda's next chapter as a very modern global biopharmaceutical company. It's a business that is becoming increasingly data-driven, cross-functional, and digital-first to lead with innovation at the very highest levels, and importantly, we as a leadership team have recognized that it's a journey that's people-led and it's technology-supported. The people-led dimension is very important, and I'll speak more about this. But to start, I want to share a brief video with you, help you understand how we're making data and digital ambitions a reality. So next slide. The world has changed, and as disruptive forces alter the face of healthcare, Takeda has a new and essential role to play. We are creating a future-ready organization, one that evolves at the speed of science and technology, using data and digital to meet the needs of patients, our people, and the planet, and by investing now in our cloud-driven business transformation, we're turning words into actions alongside strategic partners like Accenture and Amazon Web Services. Because the future of Takeda starts in the cloud. Our cloud transformation will fuel Takeda's next chapter as a modern global biopharmaceutical, a business that's data-driven, cross-functional, and digital-first to lead with innovation at the highest level, but it's not just about getting to the cloud. It's also about what you do when you get there. Because these aren't just lofty ambitions. It's what drives our internal innovation engine that allows us to realize agility at speed. This newly realized cloud and data platform-enabled agility is reflected in new ways of working too. By creating cross-function business and technology teams, we're now pivoting quickly and addressing new business needs as they emerge in days rather than months. So when we say cloud isn't just thin air, we mean it. The cloud technology is going to help us reduce our carbon footprint by migrating servers in the cloud, and then from a data and digital standpoint, we've now been able to capture historical data and more than 130 data sources across PDT to help us better manage, understand, and develop insights from the data that we have and the data that we will be collecting through our new processes. This is an industry that was born in World War II, and it fundamentally hasn't changed. Data and digital is allowing us to transform our business, and that helps us to achieve our ambition of reimagining the plasma industry. There are moments in every organization's journey that require unprecedented speed. For Takeda, this is one of those moments. We believe that our people, not technology alone, will make the difference in Takeda's data and digital journey. Because a sustainable company that goes the distance is built by people with a shared commitment to a unified vision. And we've never been more committed. So at Takeda, we're investing in and we're committed to data and digital transformation. We recognize this is a multi-year effort. We've approached this integration with Shire, however, which served as an opportunity and a catalyst to help us build enterprise system strength and resilience while we started shifting our behaviors and our mindsets very much towards innovation. So we've accelerated this shift by taking a very strategic approach. And we didn't just look at the integration as a two-for-one process and system consolidation. But very importantly, we thought of it as re-engineering and modernizing really our environment, which in turn has provided the unlocking of many, many new capabilities. So just to highlight a few examples, in R&D, we're investing in scientific and development digital platforms that are transposable across our therapeutic areas and our programs. Now, our focus has been to support all of our R&D programs while accelerating or de-risking the delivery of our Wave 1 and the development of our Wave 2 pipeline. So keeping our clinical trials on track has been absolutely essential during this timeframe. And one example is that the Smart Supply Integration Program not only consolidated clinical supply chain systems, but it also automated and enabled the inventory plan fulfillment. And so by February of this next year, February of 2022, we expect over 200 clinical trials to be in the cloud with inventory automated and even greater visualization capabilities. Another example focuses in the customer relationship management system area where we've set up the development of omnichannel marketing capabilities. And this allows really our commercial colleagues globally to create very meaningful customer engagements. Our field teams in over 100 countries, by using this unified customer relationship management system, were able to shift from 10% to 60% of virtual engagement with our HCPs in just 30 days right at the onset of this pandemic. And I think that they were able to do that and share approved interactive materials real time, really quite impressive. In Global Finance, we've also been able to consolidate financials one month after close. And so by creating one source of truth here for Finance Master Data, we were able to integrate financial reporting and solutions, and we've been able to close our books faster and provide real-time financial views to help us make better decisions. And my colleagues following me will have a chance to really drill into more specific examples in this area. So in wrapping up this slide, I would say that those who invest in digital and data are pulling ahead, and we're absolutely one of those that's investing in this area. And having completed the integration in two years, as Costa said, versus three, it very much has allowed us now to lay the foundation of data and digital. And now we're focusing very much on strategic data and digital investments that are driving, I'll call it, business growth. So if you could go to the next slide. So a critical element in our corporate philosophy now is to unleash the power of data and digital. And to help us achieve this vision and ultimately improve patient outcomes, we need to drive data and digital across the entirety of our value chain. So we've aligned on our strategy, and it's one that helps us co-create across our business. We've really found a way to accelerate partnerships and alliances and to have real-time data exchange where we can harness the insights that are derived from our data. We're integrating with our partners now in what I would consider to be very much of a hyper-connected network, and so we've put finally into place a framework that also helps us to collaborate very much kind of cross-industry, and I think that this is an area in which every organization, certainly those that succeed, are putting talent and culture at the center. We're no different. We have absolutely leveraged data and digital to deliver better therapies for our patients. We're trying to create a workplace where talent is growing and talent is staying, and for this, we have a very robust talent and reskilling agenda, and I'll talk through some statistics shortly. As well, we are leveraging cloud and modern technologies to reduce the impact on our planet. All of this gives us the ability to innovate from within the company, building internal capability and other very important concepts. So if you could go to the next slide, please. So the evolving role of data and digital will help our goal. And that's, again, to help us improve our products and our services for our patients, really improving outcomes ultimately. The healthcare system we all know is shifting towards the value that we deliver, not just the treatments or the services that we provide. So at the highest level, we've been focusing on creating cross-cutting capabilities or opportunities within the enterprise. And these are all endorsed by the Takeda Executive Team. So on the next slide, what I wanted to do is talk a little bit about how innovation is happening. It doesn't happen by chance. It's very much driven by people. One of the things that we've done is to create a Digital Advisory Board. That acts as an orchestrator at this point for five strategic enterprise priorities across our business. One of those was to create a patient engagement platform. How could we connect patients and HCPs to a world-class digital experience? As an example, in terms of how this platform is currently being used, the Entyvio team has launched a program called For You With You. This supports our Entyvio SubQ launch. This is helping our inflammatory bowel disease patient community. The program's already enrolled more than 1,300 patients in the first four European countries. It's now live in 10 local operating companies, with many more on our roadmap. Another thing that we're doing is we're creating the ability to scale these platforms and solutions. We're launching a new in-house technology innovation center in Bratislava in Slovakia. That's going to help us scale our innovation engine. We're insourcing many capabilities as a company. Within the technology organization, that means data engineers, software developers, and architects. This allows us to respond far more quickly to the needs of our business and offset, quite frankly, what used to be a substantial use of external resources. Now, data in this new world is very much the new currency. We've established a Global Data Council with leaders from across Takeda to help guide our enterprise-wide data program. So far, we have over a petabyte of data that's been fueled by more than 6,000 data partners. And we're on track to launch enterprise data backbone capabilities in more than 85 countries by March of this next year. We also have created a self-service set of data analytics capabilities. And for today, that already gives about 14,000 end users within Takeda the ability to perform self-service around data analytics. So quite some progress. And then to the partnership that Costa referred to, yes, we have a tremendous relationship with AWS and Accenture. They're helping us accelerate our journey to cloud. And we intend by fiscal 2022, the end of fiscal 2022, to have 80% really of our assets in the cloud, unlocking greater agility and greater speed. We've already gone through the process of moving out of one physical data center with four more being targeted by the end of this fiscal year. And we've decommissioned 500 applications in this journey. We've also consolidated the number of partners that we use in helping us in the data space, again, reducing complexity. Next slide, please, so we are committed to investing in people as our biggest asset, and what I wanted to say is that to make this possible, we're increasing our overall data and digital IQ across the entirety of the company, so some examples of what's happened in the last six months. Within my organization, we've trained roughly 250 technologists on the AWS cloud, and we're projected to train and upskill about 10,000 of Takeda's associates on data and digital concepts in this fiscal year. Our executive team is already embarking on a learning journey as well, and they're going through a comprehensive executive-level learning series that covers cloud, data, AI, and agile. The other component here is the democratization of technology. And this is so critical to helping us achieve our vision. This means that we'll help people make decisions based on the best data and insights available through very friendly tools. Amit will have a chance to share an example of this called Cash in Your Pocket. And we'll be enabling and optimizing the use of robotic process automation platform that we put into place. Sanjay will also speak about this in the context of the TBS Digital Champions Program. I would say that externally, we have a strong ecosystem that's helping us move even faster. As an example, our oncology team has recently launched an AI-driven next best action engine. And that helps our field teams make a tremendous number of suggestions, roughly 7,000 in the last two months, that helps us, quite frankly, make better decisions by harnessing the power of external data sources from across our ecosystem. We're also making investments through Takeda Digital Ventures. One example of that is Seqster, who's helping us empower patients to collect, to own, and to share their own health data. And today, we're turning that energy on streamlining the donor experience within plasma-derived therapy. More to come on that. We also have academic partnerships like MIT. So if we could turn to the next slide, please. Actually, one more slide. Super. In January of 2020, Takeda and MIT, the Massachusetts Institute of Technology School of Engineering, announced a program to fuel the development and the application of artificial intelligence capabilities to benefit human health and also drug development. This endeavor funds research projects that aim to solve very specific business challenges across our enterprise. We offer educational programs for our employees to really strengthen their understanding and the use of AI to benefit our learning. Quite frankly, we're applying this into very practical solutions. One example that I would share is that we have a research program that aims to solve the data-rich business problem with high strategic value. This is an area in which AI automated inspection of lyophilized products for our dengue vaccine candidate, TAK-003, are being enabled. Now, automation, which is fueled by artificial intelligence, is very suited, well-suited to this data-rich and standardized environment. The process is going to ensure that the quality of medicines, quite frankly, is what we expect it to be. Right now, one step in our QC process is the human visual inspection of each individual vial to check for imperfections. Through teaching an algorithm the difference between a high-quality and a low-quality vial, we aim to fully automate this process. This has the potential to affect over 300 million vials per year, substantially improving our productivity in this space. We've already sourced the next wave of our AI use cases that are representative across Takeda's value chain, and we're very excited to see what's next, so if we could go to the next slide, please, and where I wanted to help bring this together now is really within plasma-derived therapy. The PDT business is, quite frankly, transforming to a data and digital-first organization. We're changing the entirety of our business model here, and we're on track to increase plasma collection and manufacturing capacity by more than 65% by 2024. Now, data and digital is a key enabler of that goal. Now, our investment in this transformation began about two years ago, and in that time, we've invested and we've seen results in a number of very key areas. One is for digital solutions. We've created very easy, very friendly, seamless new PDT donor channels. And this includes a new donor app. It includes a web portal. It includes a scheduler. And this contributes to the best month we've had ever for total plasma volume collection. We're also exploring new digital channels. How do we engage our donors or our customers? And how do we create a more personalized donor experience? We've done that by including things like the first virtual assistant for donors in the industry. And we've been able now to send up to 1.2 million personalized messages a week to current as well as to potential donors. And during this pandemic, we also created the ability for our donors to go directly to their assigned bed, increasing their safety as well as that of our BioLife staff. Despite the pandemic, data and digital has aided our ability to maintain a consistent throughput. Now, for data and platforms, we've reduced our technology debt. We've brought together years and years and years of historical data from more than 130 data sources into the cloud. We've centralized data access and near real-time insights to enhance the experience and to drive operational efficiencies across our plasma donation centers. Now, once complete, this initiative will help reduce our data center power consumption by roughly 80% and carbon emissions by 85%. For the external ecosystem, we have a plethora of partners, academia, technology partners, industry partners, and startups. It's working. We've steered our PDT business effectively through the disruption to plasma donation caused by the pandemic. Our team has been able to limit the drop in plasma donation to less than 5% for our U.S. centers, much better than the overall market. We've increased the sales of our immunoglobulin portfolio by 16% and expect high single-digit growth this fiscal year. We're confidently investing in the future. And we're continuing to open new donation centers during 2021 as we planned. And with that, I'm going to say to you, thank you. I hope you can see through these a small selection of examples that we really have an exciting journey ahead. We're making tremendous progress. And with that, I'm going to turn it over to my colleague, Sanjay. Thank you, Karl. Good morning, good afternoon, and good evening, colleagues. My name is Sanjay Patel, and I'm the Global Head of Takeda Business Solutions, or TBS. Today, I'm excited to share with you the role TBS is playing in supporting the imperatives that Costa had mentioned earlier. Next slide, please. TBS is Takeda's global solution center that builds and delivers simplified and innovative solutions across finance, HR, and procurement. At TBS, we partner closely with the business to understand our internal and external customers' needs to create an exceptional, seamless experience with a patient at the heart of everything we do. We're positioned close to our partners across the business with a global footprint that consists of eight solution centers worldwide. We drive process excellence to simplify the way we operate, giving back time to the business to focus on activities that benefit patients. And we do this through targeted centers of excellence such as our data analytics and intelligent automation. They are the driving force behind our ability to innovate and deliver greater efficiencies. We're optimized for success through our scale, size, and ability to deliver efficiencies. As we take work into TBS, we leverage our scale to deliver a one-time 20% productivity. Through the use of data and digital and other process improvement opportunities, we typically add a further 10% productivity. This means that for each new activity we transfer into TBS, we not only enhance the quality of the process, but we do it at a cost reduction of approximately 30%. We are well-positioned to become a best-in-class organization within the next three years. Next slide, please. Now, as one of the three pillars of our finance operating model, TBS is responsible for performing end-to-end operational activities on behalf of our colleagues in finance, procurement, and HR, focusing on work that is typically deemed to be high in volume, rule-based, and repetitive, thereby allowing these functions to focus on higher value-add activities. And when we transfer new activities into TBS, we apply efficiency levers to deliver the 1.3 times productivity I had mentioned in the previous slide. Now, we consolidate these activities within one of our in-house solution centers and leverage the size and scale. We then apply our process excellence methodologies, including the power of data and digital, for further optimization. Later in my presentation, I will showcase a few real-life examples of how we are unleashing the power of data and digital to drive effectiveness and efficiencies. As an organization, TBS has been established to be leveraged as a scalable and reusable asset that will continue to deliver value as we grow our top line, and we continue to partner with the business in exploring areas across Takeda where TBS can play a role in managing back-office activities, thereby enabling the business to focus on executing on our patient strategy. Next slide, please. As mentioned, when designing the vision for TBS, we made a conscious decision to leverage our in-house expertise and capabilities versus applying an external outsourcing model. Now, this in-house model performed better through the pandemic and illustrates how resilient the organization is in continuing to support the business and our integration and transformation efforts. In comparison, we understand that some organizations who had opted for a fully outsourced model did encounter challenges in meeting some of its reporting and operational commitments. Our investment and focused decisions have paid dividends over the last 18 months, differentiating us from our peers. Despite the pandemic, we have had zero service disruptions in terms of meeting our operational or financial reporting commitments. We also accelerated our internal financial close days by five days compared to fiscal year 2019. We successfully handled over 130,000 support requests and we supported the business through 12 divestitures. We have also further scaled up our organization, increasing our overall scope by 17% within just the last 12 months as we continue to capitalize on our ability to consolidate, optimize, and digitalize across Takeda. Next slide, please. Slide 23. Now, back in 2014 to 2018, TBS was a traditional back-office function focused on transactional finance activities, delivering single-digit efficiency gains. At the time of the integration, we were able to reimagine and relaunch under Takeda Business Solutions and deliver a game-changing shift in focus. Shire and Takeda had similar sized centralized support services organizations. We consolidated and optimized our geographic footprint to ensure we were closer to our stakeholders. We've been able to leverage the capabilities of the combined organization to establish an optimized TBS with centers on unleashing the power of data and digital and creating exceptional people experiences. I will now share with you a few proof points on how we're delivering on both of these, as Costa had mentioned earlier. Next slide, please. As you heard Karl talk about data and digital, let me show you a short video on how we're doing this in the context of finance. This video illustrates how we're empowering our people to learn automation skills and deliver value through our digital culture that is now embedded in Takeda's DNA. Our commitment to unleashing the power of data and digital is a key imperative of Takeda's corporate philosophy that Costa spoke about earlier. Can you please play the video? These bots, as we call them, are performed through robotic process automation or RPA. Put simply, the role of RPA is to automate repetitive, high-volume tasks that were previously handled by humans. They help improve efficiency and accuracy in our business processes and help free up time for our colleagues to focus on work that requires human judgment and empathy. Next slide, please. This program has been developed in-house, relying on very little external consultancy. As you saw in the video, this program has delivered more than 1,700 people being trained on automation and digital awareness, including over 350 client colleagues who are fully certified as our digital champions and capable of building their own bots. Once trained, it typically takes between one to four days to build a bot. We have over 360 live bots that have delivered over 385,000 productivity hours and capacity creation. All of this drives effectiveness and efficiencies and enabling strong emphasis on business partnering. Rather than simply tell you about our bots, I'd now like to show you them in action. Next slide, please. The first bot in action is Recona, our investor relations bot, which helps automate elements of our disclosure reporting process. Can you please play the video? Through the power of cloud technology and robotic process automation, we have taken what was once a very complex and highly manual process, compiling information from multiple different sources to create one concise report and digitalize the process end to end. If you've received the disclosure reports from Takeda lately, there's a good chance it was delivered as part of the Recona solution. The on-screen footage you are seeing right now is in real time. Automating this part of the process has delivered close to 1,000 hours of extra productivity annually. And this has freed up more time for our investor relations colleagues to focus on higher value-add activities such as data analysis and insight generation. So that was Recona, our investor relations bot, delivering faster, simpler, and better reporting, and enabling us to reimagine our communications with our global investor community. Next slide, please. The second example I would like to share is a bot that was created in one of our markets by our digital champions. Can you please play the video? Each morning, the team responsible for customer orders in this market would process over 550 manual orders from over 500 different customers, a very time-consuming and resource-intensive process. Now, during the early months of the pandemic, we saw customers over-ordering certain products, resulting in additional pressures on the local team. Our digital champion leveraged automation and transformed their ways of working. What you are seeing on the screen is a fully automated bot accessing data from multiple systems and optimizing the inventory allocation process, which is now 95% faster than before. As a result, we have improved data accuracy, shortened delivery times, and increased customer satisfaction. And most importantly, patients are receiving the right amount of medication at the right time. And we are now working on scaling our bots globally to maximize the benefits and drive greater value for the patients we serve. Next slide, please. Now, I would like to showcase an example of how we are unleashing the power of data and digital with our award-winning in-house built tool called CFO in Your Pocket. And later, you will also hear from my colleague, Amit, who will present a very similar tool within our treasury team as well. Can you please play the video? CFO in Your Pocket enabled us to reshape, redesign, and reimagine how we think about financial data. CFO in Your Pocket allowed us to achieve full visibility of our integrated financials within one month of closing the Shire acquisition, delivering one version of the truth. We built 10 consistent cost packages replicated throughout the company, which played a key role in our synergy delivery. The tool provides insights at the click of a button for every one of our markets. We can see our core performance KPIs, including net revenue and OpEx spend. The tool has complete drill-down functionality so budget owners can see their costs at a transactional level. And CFO in Your Pocket also has forward-looking functionalities with predictive trend analysis and can track daily sales performances across the world. We also have full P&L breakdowns on our product profitability, which is a key tool as we continue to drive our operating margin upwards. And it automatically generates key stakeholder presentation materials, freeing up time for our finance colleagues. This tool played a critical role in enabling us to exceed our original synergy target and deliver $2.3 billion of savings, a full year earlier than originally planned. CFO in Your Pocket is an award-winning solution and one that was built in-house by the business for the business, empowering our Global Finance colleagues to drive, deliver insights, and drive value for patients. Next slide, please, and within TBS, in addition to focusing on data and digital, we're also committed to creating exceptional and engaging experiences for our people and our suppliers. My colleague, Jill, will speak next to the work her team is doing in procurement to enhance our supply experience. We are driving towards a more connected workforce, empowering our people to create a seamless user experience that gives Takeda a competitive advantage. We have developed a mobile-enabled 24/7 self-service portal for our people and suppliers to ensure fast query resolution. We are also partnering with Karl's organization on leveraging leading-edge digital and data solutions to digitalize our processes that our people use daily, such as invoice processing and expense management. We are committed to optimizing and digitalizing our operational activities, such as our internal financial close process. As mentioned earlier, we reduced this by five days versus fiscal year 2019, and are targeting a further reduction of an additional five days by fiscal year 2022 as we continue on our journey towards a best-in-class organization. In closing, next slide, please. Our mission in TBS is to partner with the business by building simplified and innovative solutions that deliver exceptional experiences with a clear focus on data and digital and always keeping the patient at the heart of everything we do. Now, I will turn it over to my colleague, Jill Zunshine. Thank you. Thank you, Sanjay. I'm Jill Zunshine, and I lead the Global Real Estate, F acilities, and Procurement function here at Takeda, sometimes known as GREFP. You may not be familiar with such an acronym; however, you're probably familiar with the kind of work that we do. Next slide, please. In 2018, Takeda combined several complementary but previously separate functions into a single unit. Our unit includes real estate, facilities, and procurement, as well as meetings and travel. I was named as the head of the organization, and the organization was created to lead a global transformation in these areas, to assess our real estate footprint holistically across the enterprise, to lead decisions for continual capital investment in our global facilities, and also to have oversight of all procurement functions enterprise-wide, including our contribution to the global OpEx initiative. I was also named as Takeda's head of the functional integration team for these five areas. And the structure proved to be a very valuable decision just ahead of our acquisition and integration of Shire. Let's take a look now at the value we created and how we did it. We'll look first at real estate and facilities and second at procurement with the support of meetings and travel. Next slide, please. Before our day one, which was the official start as a combined company, GREFP worked closely with Shire to map out our real estate integration strategy based on due diligence. Together, our in-house experts, as well as an external partner, discovered that our real estate portfolio would have extensive coverage geographically and also many synergy opportunities. We found that we would have 681 properties around the globe in 70 countries, totaling 31 million sq ft. We created our location strategy for real estate consolidation to remove overlapping locations. We wanted to make sure, though, that we retained what was necessary to bring teams together and maintain our attractive geographic footprint. Our analysis revealed five key synergy levers, and you'll see them here on this slide: consolidation by city, by country, of our sales offices, looking at our workplace strategies and standards, as well as renegotiating our contracts together with procurement. All totaled, we estimated that we could deliver synergies ranging from $61 million-$110 million. And we did just that. We closed or consolidated more than 100 locations, and we delivered $110 million of synergies. That was at the top end of our range. We also sold excess real estate, which unlocked $2 billion in cash. In addition, this new real estate and site location strategy really achieved our goal of making Takeda more strategic and agile in its location strategy. Next slide. Our planning and due diligence didn't stop with real estate and facilities. We also worked to crystallize our integration approach for our third-party spend before day one as a combined company. Our experts in procurement in-house, along with the help of an external advisor, developed an even more rigorous due diligence. This was due to the number of suppliers, contracts, geographies, and other complexities in our third-party spend. In this case, we identified 10 key levers for synergy to help us capture the savings and synergy opportunities for third-party spend. You can see those 10 levers in the gray circles orbiting the red circle in the center. And in total, this analysis helped us to identify over 225 projects where we had savings opportunities ranging from $400 million-$700 million over a three-year period. We applied the 10 levers in three ways. First, as you see on the right, quick wins. Those are projects that we delivered within the first 30-90 days after the acquisition. Second, savings projects of all type, really looking strategically at our spend, and third, the Partner Value Summit, which I'll cover in more detail next. To ensure we captured the opportunity, we also put in place key performance indicators from day one, and this is another example where CFO in Your Pocket was a valuable tool for us to track our progress from day one. Next slide, please. Before day one, we had planned out Takeda's Partner Value Summit, which was a key supplier conference designed to help us accelerate cost savings, and as you can see here, the event brought together procurement with the business and 43 of Takeda's top largest suppliers. Our suppliers play a critical role in partnering with us and finding solutions to some of our most pressing problems and unmet needs, whether they're a raw material supplier, a clinical research laboratory, or a supplier of marketing services. In some cases, these goods and services directly impact patients' lives, and in other cases, it's an indirect impact, but ultimately, our partnership should deliver greater efficiency of spend, generating savings and cash to reinvest in the research and development of life-changing treatments for patients. On that score, the Partner Value Summit delivered. It brought in over $200 million in total savings, which exceeded our expectations. Next slide. Due to that success of the Partner Value Summit and realizing that we had more opportunity, we wanted to expand the concept to Takeda's next 100 largest suppliers and hold another summit. We called it PVS 2.0 in 2020. In this case, we were again looking to execute well-prepared negotiations and think strategically, sharing Takeda's strategy and business priorities with our top suppliers. We also expanded our focus to look beyond for ways suppliers could partner with us on environmental sustainability, on systems and interfaces, data and digital, as well as innovation. We had just begun our planning efforts in 2020 when the global COVID-19 pandemic hit, and that changed everything. We had to make a decision very quickly: do we keep planning, or do we cancel and replan when we can gather together in person, but we leveraged the agile and innovative capabilities of our Meetings and Travel Center of Excellence, and we made it happen. We greenlighted the conference, and 12 weeks later, we produced and hosted a virtual Partner Value Summit 2.0, the first major external virtual event for Takeda. I'd like to take a look at how it worked. Let's please roll the video. The benefit of having a virtual event is that we were able to host more suppliers, and that resulted in higher sign-up rates for our environmental sustainability goals, greater adoption of e-invoicing and e-collaboration, as well as $100 million of additional savings and synergies. On the next page, I'm pleased to say that our overall strategic approach with capabilities in conducting comprehensive due diligence, strategic planning, and careful execution has paid off. We were able to identify and realize synergies and savings for Takeda as it develops our pipeline. In real terms, Global Real Estate, F acilities, and Procurement contribute more than $800 million in synergies and over $2 billion of contributions to cash. We were able to unlock the value quickly, ahead of schedule, and deliver on our commitments. Plus, we advanced Takeda's interests in other important areas, such as purpose-led sustainability, diversity, equity, and inclusion, and innovation. Let me tell you more, starting with innovation. In part, it goes back to our Partner Value Summits, where we netted a large number of innovative ideas due to the numerous interactions with our suppliers and our internal partners at Takeda. It wasn't just focused on additional cost savings or synergies. There were many creative approaches that supported Takeda's corporate philosophy, our purpose, vision, and values that Costa shared in his opening remarks today. We consider Takeda's corporate philosophy as a cornerstone for how we think about, organize, and prioritize our work. In our diversified portfolio, inclusive of the partnerships we have here within Global Finance, as well as with the business and other functions, allow us to think and act expansively to achieve these objectives. I'd like to share two examples of this, starting on the next slide. My first example is about how we partnered with suppliers to innovate and implement virtual clinical trials. This is where we bring the trial to the patient at home. During one of our innovation workshops at the Partner Value Summit, we brought together five patient advocates with 11 suppliers and seven Takeda departments. Here, we focused on patient-centric design. How can we better design clinical trials so that we reduce the burden on the patient, so that we expand our geographic footprint and reach, increase our patient diversity, and also speed up patient enrollment in trials? We identified an opportunity to pilot the concept of virtual clinical trials, and these are realized through digital technologies with patients participating from home by using telehealth, connected sensors, as well as wearable devices. The result is that we're now implementing 10 virtual clinical trials. We're creating a bridge between technology and the patient experience. Our pilots will measure how well we perform against certain criteria, looking at things like the efficiency of the trials, our data collection, and the resiliency of the patients to remain in the trials. It could be a game changer for trials in the future. Next slide. The second example is how we're partnering to deliver on environmental sustainability goals. This was another open innovation session at the Partner Value Summit. We were able to identify that our suppliers in the airline industry could tap into their ability to use sustainable aviation fuel, or SAF, for frequent routes used by Takeda. And this is a growing but relatively untapped opportunity to save on carbon emissions. We worked with two of our top airlines, and we were able to forge agreements to eliminate an estimated 25% of our carbon emissions in airline travel. The program contributes to Takeda's ambitious 2040 climate change commitments. It also contributes to the airline industry's transition to new, cleaner fuel sources. This is a strong move in the right direction. It's doing what's right for our people, our communities, and the planet. On the next page, in our everyday work, GREFP continuously seeks new and innovative ways to support Takeda by being aligned with purpose-led sustainability and the ESG targets of the World Economic Forum, as well as the UN's Global Compact and its Principles for Responsible Investment. Global Real Estate, F acilities, and Procurement is uniquely positioned to lead in these areas. Starting with the environment, we're helping Takeda fight climate change through reducing carbon emissions from our buildings, with our energy purchases, and with all of our suppliers. It's what led our organization to be recognized by Green Lease Leader as a leading global organization supporting sustainable practices in our facilities. On the social side, we're helping to achieve supplier diversity, equity, and inclusion by identifying and developing diverse suppliers, and we're upholding human rights through our Supplier Code of Conduct. I'm also pleased to serve as an executive co-sponsor of Takeda's Gender Parity Network in the U.S. And finally, on the governance side, we're supporting crisis management through our facilities and site security teams, supporting risk management through third-party risk management programs, and also helping the business to manage suppliers' day-to-day performance. It's incredibly rewarding for the GREFP team that we can deliver on these goals on behalf of Takeda. On the next page, I'd like to wrap up by saying that the Global Real Estate, F acilities, and Procurement function has had a quick and impactful start. While we were standing up the new function, we were able to conduct a major transformation in these key areas, and we succeeded in delivering sizable synergies and savings to jump-start Takeda's inflection year. As we now pivot to support finance in Takeda in pipeline development, we will continue to innovate together with our partners in R&D, IT, TBS, and others. Our track record demonstrates that through innovation and collaboration, we're taking advantage of what data and digital has to offer to support patients while we're making significant contributions to our purpose-led sustainability and diversity, equity, and inclusion goals. Thank you. And now I'd like to turn it over to my colleague, Amit Singh, Group Treasurer for Takeda. Thank you, Jill. Thanks, Costa, for giving me a chance to showcase Treasury's contribution towards Takeda's progress since the Shire acquisition. Hello, everyone. My name is Amit Singh, and I'm the Group Treasurer for Takeda. It is a great, great pleasure and an honor for me to be having this conversation with you today. Next slide, please. Takeda's $62 billion Shire acquisition back in January 2019 was a large-sized transaction. In fact, it was the seventh largest global biopharma transaction and the largest ever in Japan. A deal of this size was bound to have a profound impact on our balance sheet. Takeda inherited Shire's debt and also issued approximately $30 billion in new debt in order to finance the deal. Our net debt climbed from less than $10 billion pre-acquisition to over $45 billion at the time of the acquisition. Resulting leverage ratio of net debt to Adjusted EBITDA jumped from 1.7x to 4.7x. Even as the combined company began integrating, we immediately started on a path to deleveraging and strengthening our balance sheet. We set a target of reducing our leverage ratio to low twos by the end of fiscal year 2023. And now, fast-forwarding around two to two and a half years, we have ended fiscal year 2020 at a leverage ratio of 3.2x, having reduced our net debt considerably. In the following slides, let me walk you through how this transition came to be. As you may expect, the most important pillar of our deleveraging progress is operating cash flow, or cash generated by our business. As you look at Takeda's quarterly operating cash flow since Shire acquisition, you will notice a few things. In eight out of nine quarters, our operating cash flow was above JPY 100 billion, approximately $1 billion. In other words, our cash flows have been strong and steady. In four out of those eight quarters where we exceeded JPY 100 billion, we actually exceeded JPY 200 billion, or approximately $2 billion. The last three quarters have been three of our strongest cash flow quarters ever, and they've also happened to coincide with the COVID-19 pandemic. This is a clear indication of how resilient Takeda's portfolio has been during the pandemic. As we have stated in earlier earnings calls, most of our life-saving products do not require patients to visit doctors frequently, nor do they require outpatient procedures, both of which allow Takeda's therapies to continue even during social distancing. Strong cash flows during the pandemic also highlight the quality of our shared services team led by Sanjay, who spoke to you just a few minutes ago. Our in-house TBS team managed the cash collection and payments seamlessly, ensuring that our working capital performance stayed strong during the pandemic, even as many of the other firms with their outsourced and shared. Slide, please. The second pillar supporting our deleveraging efforts is the cash generated by divesting our non-core business. Back in January 2019, we had set a target of obtaining $10 billion in proceeds from divesting our non-strategic portfolio of assets. These were assets that fell outside our core therapeutic areas of interest. As you know by now, we have completed this exercise and have announced divestiture deals totaling up to $12.9 billion in proceeds. One last deal in China remains to be closed and is expected to do so soon. Next slide, please. While we have been deleveraging, utilizing cash generated by our business and by using proceeds from divestitures, we have also been looking for ways to unlock idle assets from our balance sheet. This is our third pillar of cash generation. Our Global Real Estate team, led by Jill, who just spoke to you a minute ago, has stayed busy identifying and then divesting excess real estate assets across the world. We have also sold several of our non-strategic equity cross-holdings that had been acquired by Takeda, mainly during our successful past investments in various early-stage pharma companies. Altogether, with the three cash flow pillars that I've discussed, by the end of fiscal year 2020, Takeda has generated about JPY 3 trillion, or approximately $27 billion, since the Shire acquisition, much of which has been utilized towards deleveraging. Next slide, please. As we were paying down our debt, we were also keeping track of how our debt maturities were aligned across the years. In July of 2020, in an $11 billion leverage-neutral transaction, we refinanced our existing debt, which included floating-rate USD and Euro bank term loans, replacing it with fixed-rate USD and Euro notes. Demand for our debt was very strong, indicating that investors believed that we were on the right financial track. Our issuance timing was also good in retrospect when it came to benchmark interest rates like 10-year U.S. Treasuries, and as a result of high demand and good timing, we issued many of our new bonds at record-low coupons. After this refinancing, our debt maturities are well aligned with our projected annual cash generation, allowing us to prepay debt ahead of their maturities. For example, in fiscal year 2021, we plan to pay approximately JPY 450 billion, or $4 billion, most of which will actually be efficient prepayments. I would also like to point out that just this past Friday, the 9th of July, Takeda announced that we were calling EUR 1.5 billion of our 2022 notes at make-whole prices. This is the bond you see on the slide highlighted in yellow. Including the bonds and loans that we have paid off earlier in Q1 2021, we have now called or paid off approximately over $3.5 billion in debt this year itself, thus continuing our deleveraging momentum from previous year. Next slide, please. Having looked at our strong cash flows and our alignment of our debt maturities, let us switch gears. In keeping with today's theme of data and digital solutions supporting finance, let me now talk a bit about how Takeda's Treasury team has been leveraging technology. During Takeda's integration of Shire, the Treasury team built the technology infrastructure of the combined Treasury function ground up. We implemented a new Treasury Management System, or TMS, to streamline many of our day-to-day Treasury activities like cash, intercompany loan management, debt management, general ledger accounting postings, et cetera, and aligned them with SAP, which is Takeda's ERP system. Tight integration of our TMS with the SAP also led us to automating our FX hedging program, making it more efficient and cost-effective. Furthermore, we have developed several new digital solutions working with our external partners. For example, a cross-border cash pooling solution between China and Japan, and a new money market fund for investing euros, yen, and dollars out of Japan. We believe that these are all best-in-class solutions. One such solution that we are very excited to share with you today is called Cash in Your Pocket, in line with the CFO in Your Pocket solution that Sanjay showcased a few moments ago. Both of these tools were fully developed in-house at Takeda. Let us watch a short video that describes this best-in-class solution and what it is doing for Takeda. As you can see, Cash in Your Pocket leverages real-time connectivity between us and our banking partners globally to give us a daily cash visibility, which then allows us to plan our local cash balances. Using this tool, we have been able to reduce our cash held in local markets by 50%, sweeping it into Japan, and then using it for various corporate purposes like paying down debt. This is a great example of how we are utilizing digital solutions in finance. It also shows that we focus not only on generating cash, but also managing it efficiently. Next slide, please. All of our collective efforts are having the desired impact. Our leverage is steadily dropping. We ended fiscal year 2020 at 3.2 times net debt to Adjusted EBITDA, having started at 4.7x at the time of the Shire acquisition just two and a half years ago. Our results are even being acknowledged externally. S&P recently upgraded our credit outlook from negative to stable, and R&I, which is a Japanese credit rating agency, from stable to positive. While we are surely excited by our progress, we realize that work remains. We have our target of getting to low twos in the leverage ratio ahead of us, and we will continue to work hard to reach it, utilizing technology as our key enabler. Thank you so much for your time today. And now I will hand it back to Costa. Great. Thank you so much, Amit. And thank you to the Finance Leadership Team for your presentation. I hope the team gave you some great examples of how we leverage data and digital to accelerate the synergies, the integration, to now allow us to focus and pivot to our top-line revenue growth and our pipeline acceleration. So with that being said, I'd like to open it up to the floor for any Q&As. Thank you. So we are now up to around 9:15 A.M. Japan time, and we'd like to open the forum for Q&A. On the Q&A panel will be the four presenters today: Karl Hick, Sanjay Patel, Jill Zunshine, and Amit Singh, together with Costa Saroukos. If you have a question, please select "Raise Hand" from the option menu at the bottom of your Zoom screen. A few reminders as we queue up the questions. So we have our FY 2021 first quarter earnings release on July 30th in just over two weeks' time. So we won't be able to answer any questions on this quarter's results. When you're asking a question, please unmute yourself locally before speaking. Ask all of your questions upfront and please limit yourself to two questions before rejoining the queue. If you've selected to join from either the English or Japanese interpreted line, please keep to your language selection when asking your question. Our first question comes from Yamaguchi-san from Citigroup. Yamaguchi-san, please go ahead, unmute, and ask your question. Hello? Hello. Can you hear me? Yes. Go ahead. Great. Thank you. Yeah. Morning. This is Yamaguchi from Citi. I have two questions. The first one is regarding a PDT business, which you mentioned, especially that the digitalization or personalization of a PDT business on the patient side, which was really interesting to hear. So can you elaborate that activity, how it has been kind of differentiated from your competitor perspective, which I had a hard time to understand? I have a hard time to see others doing in the same way. So can you give me the example or your understanding how this personalization or sequence to the patients may differentiate your business in your PDT, especially in the United States? That's the first question. The second question is that all those things which we learned today, which is really good, but at the same time, that investors are always asking that when the company is going to turn out to be more, how to say, return side of the shareholder benefit, including a share buyback or raising dividend timing. And you showed me the debt level now going down as expected or could be more than expected. So can you give me the time when you think about that you are changing time for the shareholder return stance? That's the two questions. Thank you. Thank you very much, Yamaguchi-san. Maybe for the first question, I'll let Karl answer that, and then I can answer the capital allocation question on the shareholder returns. Thank you. Yeah. Thank you, Yamaguchi-san. This is Karl Hick. With respect to PDT, admittedly, we have focused quite a bit so far initially on plasma collection and on really the digitization and improvement of interactions with the donors. There's a huge amount of focus on AI, on personalization of those data and digital channels. Really, we consider that regarding with new digital patients for our patients. Certainly, there's a large focus now on geographical expansion and on marketing automation. But if you have very specific questions, I'm happy to try to answer those more specifically. So quick follow-up on that one that I couldn't hear what you say. Sorry, because it was a little bit frozen for five seconds. But it is fair to say that your digitalization on the personal device on the patients, not the patients, but donors, is it kind of a standard what's going on in the industry in the US, or you are a little bit ahead of your competitor about the kind of application to communicate with the clients? Sorry, donors. Thank you. Thank you for the question, Yamaguchi-san. I would say that from a marketing automation, I would say that we think that we have the best digital channels in the industry in terms of our interaction model with the donors specifically. Thank you. And just one thing to clarify. On the slide, it said over 1 million connections to donors per month. That was a typo. It should be 1 million plus 1 million per week. So that's a typo. It's even more active in the digital donor communications from Takeda. And also, at the time of the pandemic, we had the fact that our collection centers, they're typically larger in space than our peers, our competitors. There was the social distancing was in place very clearly, and it was upfront paperless. You could enter to donate plasma without even touching paper. And then at the same time, with all this digital infrastructure and channeling that we have, it's also strategically an approach that targets donors based on timing of their next donation. And that also improves overall end-to-end yield processes as well. It's a very innovative dynamic and great user experience that we've started to channel in this space. And also moving all this data, you heard Julie Kim mention over 130 data centers or PDT collected in all different channels are moving to the cloud. Then we have this data available to us in a much more easier way to generate insights. So I think overall, we're definitely, I think, a step ahead, especially with the focus that we've had since two years where we created this plasma-derived therapy organization led by Julie with the support of our teams in IT, like in Karl's team as well. We're really driving that agenda forward. And there's a lot more opportunities to improve yields overall moving forward as well. Thank you. Now, with your question, this question I get asked a lot because it's very close to the we get the question by many investors on the basis that, "Look, Costa, the team, the management team, you've delivered the integration faster than expected. You've delivered your synergies faster. You've done all the financials on the divestitures of non-core assets, improved your margins, but the share price hasn't rebounded. It hasn't moved, basically." So of course, we take this very seriously. We, again, reflect 2021 as an inflection year in our R&D pipeline. We're very excited. We have potentially up to four new product launches this year. We have 11 applications sorry, five to six applications this year, 11 new molecular entities in Wave 1. So 2021, I believe we're all very bullish about the R&D inflection year for Takeda. So we think that with this data generation that we expect to hear in the coming months, that the share price should really respond and the fundamentals should truly prevail here. Of course, we need to continue to deliver our numbers. Every quarter that we go out, we're delivering what we promise on the acceleration of revenue, on improving margins. But the R&D pipeline has to also declare itself, and 2021 is the year. Of course, we're also focusing on deleveraging at the moment. We're at 3.2x net debt to Adjusted EBITDA ratio. We want to break down the three times barrier. It's a psychological barrier with many investors, in particular in Japan. We do have the cash flow. We have strong cash flow. We have the levers to pull if we need to. And quite frankly, this is an area that we're considering on the basis that the share price isn't responding as it should be. So we will have an opportunity to pull these levers, but I can't give you the exact date for that. But my hope is that on the basis of the response of the readouts and the R&D inflection year, the share price should organically improve. But we'll wait and see. We'll wait and see. But we have the cash flow. We have the firepower if we need to support improvements in our shareholder return. It's a top priority for us, in particular in 2021. Okay. Thank you very much. Thank you. The next question comes from Sakai-san from Credit Suisse. Sakai-san, please unmute and ask your questions. Hi. Hi, Joseph. Can you hear me? Loud and clear. Okay. Okay. Great. Thank you for taking my questions. Two questions then. Now, hi, good morning, Costa-san. All nice things you talked about, your colleagues talked about this morning about digitalization and header stack technologies. And you also insist I mean, you also explained that you have achieved the $2.3 billion synergy in advance. Now, in going forward with all these transformations and new technologies, what would you expect? More synergies coming, especially within the next five years? Obviously, you don't talk about the precise guidance at this moment, but if you could give us some kind of tips, that would be very helpful. The second question is, now, speaking of next five years once again, we would expect the dent in earnings from Vyvanse and Entyvio. Now, how is that going to impact your cash flow planned in your cash flow statement? Because it's a nice thing that you have already paid up some of the debt in advance, but there is still some more debt to be paid. Now, is it going to be smoothed out, or we still have to expect some kind of, let's say, up and down in terms of cash flow for the next five years? Thank you. Thank you very much, Sakai-san, for your question. I can start with the first one, and then maybe we can move to the maturity ladder slide as we talk to the cash flow paydown in the next five years. But let me start by saying the synergies have been delivered. Now it's all about pivoting to top-line revenue growth and pipeline. But of course, we're going to leverage data and digital robotics, automation. We have the scalability now. We have the scale. As we grow the top-line revenue, as we grow the top-line revenue, and we are doing just that, we're going from low single digits to mid-single digits in the mid-term. In 2021, in the mid-term, we'll be mid-single-digit growth. We won't need to increase the G&A or the infrastructure because we have the scalability here to drive efficiencies. You can see with Sanjay and Karl what we're doing here on the data and digital and RPA, robotic process automation. This is really opportunities to really drive scalability. This is what's going to help us drive our margin from 30% to mid-30%. Remember, we've said that we expect to be anywhere between 30% margin to mid-30% margin within fiscal year 2021 to 2023. There is opportunity here to unlock further improvements here. I wouldn't call them synergies. Now shifting more to efficiencies. Now, regarding the cash flow, I think it's best we go here. You can see already 2021 is done. 2022, we've already made a call. We've made a call. Yeah, we've made a call, as Amit mentioned, to be paid in quarter two fiscal year 2021. So you can see all the cash that we generate. We have significant abundant cash flow that we generate still in 2021. Then also in 2022, that will be leveraged to pay 2022, 2023, 2025, and beyond. We are starting off in a very solid position where already our obligations for 2021 are paid off, and we still have another nine months to go. Then when you look at fiscal year 2022, the amount is only JPY 200 billion, which is quite small. So everything that we generate from here on will be used to pay down those outstandings like 2023 in particular. That's the next one that we want to pay down. Now, with Vyvanse, I know that loss of exclusivity is 2023. But with the acceleration of revenue that we're generating and growth, we still believe we're going to grow through Vyvanse. We have no concern about that. So like any business, it has its loss of exclusivity, but we're also having new product launches. We're also seeing Entyvio accelerating its growth. At the moment, it's just over $3 billion. It's expected to be a $6 billion business. Takhzyro is also expected to accelerate. PDT business is going to be a huge growth driver for Takeda for the next 10 years. And then on top of that, you have China, which is just growing nonstop based on the new product launches. It's expected to grow the 30% in 2021 fiscal year. So we don't see the issue as much as you do on Vyvanse. Yes, we understand there's challenge. It's a headwind. It's a headwind that is going to be managed within our 14 global brands. We're very confident about that. Then we have 2026 to worry about, which is Entyvio. Now, with Entyvio, we expect our Wave 1 and some parts of our Wave 2 assets to come and generate revenue by then. Hopefully, with some of the readouts, we have some big ticket items, Orexin and Dengue, Maribavir coming in. So they, on top of the 14 global brands, should offset Entyvio in 2026. At the same time, Entyvio biosimilar entry is not a guarantee. It's not a guarantee. We have patents up until 2032. But for the sake of our modeling, we're assuming biosimilar entrance in 2026 in the U.S. and 2024 in Europe. And let me tell you now, in the next six months, we'll know whether there will be any biosimilar entrance in Europe. And that could be a good indicator of whether there will be potential delays in biosimilars entering into Europe and the U.S. So that could be also an upside. Nevertheless, even without that as an upside, we still have, we believe, a strong 14 global brands will continue to grow the momentum coupled with the R&D pipeline. It should come through. And this year is an exciting year where we expect a couple of important milestones and readouts. So we're quite excited about that. Thank you, Costa. The next question comes from Hashiguchi-san of Daiwa Securities. Hashiguchi-san, please unmute and ask your question. This is Hashiguchi from Daiwa Securities. Thank you very much for your explanations. I have one question I'd like to ask. Page 39 about the virtual clinical studies. By doing this, what kind of innovation will be made possible? What kind of diseases will be targeted? What kind of therapies will be provided? Virtual clinical studies, I want to understand the value it provides. And in which clinical studies are you using this, or are you planning to use this in the future? Can you talk about some of the case examples, please? Thank you. Sure. Jill, do you want to take this one? Yes. Thank you very much, Hashiguchi-san. I appreciate your question. We're very excited about these virtual clinical trials. Basically, the innovation is to allow the patients to participate in the trial from home. That means that they don't have to visit a hospital, a clinic, some kind of a site. That's particularly helpful when a country is in a lockdown situation, such as in a pandemic. And it's also really helpful when a patient is extremely sick and it's difficult for them to physically leave their home. So the innovation is to allow the patients to participate from home instead of going to a physical site. Their medication would be shipped to them at home. And that's the innovation. The diseases that we're looking at right now are mostly in the GI space, as well as rare disease and neuroscience. And we're just finalizing which of our assets will be included in the pilot, but we will include 10. And we're very excited about the promise this holds. Again, by allowing patients to participate with less burden on the patient to get to the trial, we may increase the number of patients geographically that we can access. We may increase the diversity of those patients, which helps us with better results for our medicines and having the right type of patients into the trial. So I hope that answers your question. The innovation is really bringing all of the activity to the patient's home instead of the patient visiting the site. We are working through which disease states and which assets to apply these to, and we're very excited about the technology that we are using for these pilots. [Foreign Language] Thank you very much. Thank you, Joseph. As you, Joseph. As a reminder, if you have a question, please raise your hand. Our next question comes from Mr. Stephen Barker of Jefferies. Steph, please go ahead and ask your question. Yes, thank you. I have two questions. One is about tax rate, and the other is about Entyvio LOE. Regarding tax rates, could you kindly remind us what your guidance is? And then could you also comment on what the proposed changes of the Biden administration? I think they want to raise the corporate tax rate from 21% to, I think it's 28%. And then also you've got this global agreement among nations now, I think the G20 have signed on to bring the minimum global tax rate to 15%. If you could comment on what those changes might mean for Takeda's tax rate, that would be great. And then secondly, regarding the Entyvio LOE, I think the consensus is that you'll have competition from 2026. Could you comment on what you're actually seeing out there? Are you seeing companies actively developing biosimilars? Thank you. Sure. Hi, Stephen. Thank you for the question. So as you can imagine, first, let me say that our corporate tax rate's around 24% in 2020, and we expect around the same in 2021. But at the moment, we're obviously looking at the Biden tax agreement, global tax agreement. It's still premature to give a final conclusion on that because there's still work to be done. But overall, given the way Takeda is structured in a tax way, I don't believe the impact will be that material compared to our peers, for example. And so that's one thing to consider. But overall, yes, there would have an impact on our tax rate, but it depends on the final legislation, right? So we've done simulations based on worst-case scenarios. It could be anywhere between 2% or 3% impact. But still very early. Still very early to confirm. Then on the Entyvio LOE, you're right. In our model, we've actually internally, in our numbers, we've assumed biosimilar entrance in Europe in 2024. Mind you, that's a big number. Impacting us in 2024 because Entyvio 's got great growth, and it's got a big sales in U.K. in total already. U.K.'s a big driver. What we're seeing at the moment is, at this stage, there's been no companies that have started clinical trials. Time's ticking here. There's only so much time you have to start commencing clinical trials. Every month that goes by, the likelihood of an entry in 2024, biosimilar entry for Europe is diminished. We need to keep an eye out on that. That may also be. May also reflect what we expect in 2026 in the U.S. Again, for the U.S., it's biosimilar entrance. It's still too premature to assume delay at this stage, but of course, the first area we're looking at is Europe. At this stage, we'll know more in the coming months, but time's running out if biosimilar is expected to enter by 2024, and remember, we have strong patent up until 2032, so we will do what we have to do to manage the situation as well from our end, from a legal standpoint, so I mean, would you like to speculate about why companies might not be jumping into this? Well, I mean, all I can say is we have a strong patent, and so I don't want to speculate beyond that. We just continue to monitor the situation. We're looking at the clinical trial activity, and we haven't seen anything happen so far, and of course, each month that goes by, the probability of an entrant is reduced. Understood. Thanks very much. Thank you. Next question comes from Muraoka-san of Morgan Stanley. Muraoka-san, please unmute and ask your question. This is Muraoka with Morgan Stanley. I hope you can hear me. Hello. We can hear you. Thank you. My first question is about digital investment. The amount of investment that you're making for digital, how much is it now, and how much will it be in the future going forward? CapEx in total for this fiscal year is JPY 210-JPY 260 billion for this year. So the actual investment for digital, how much did it increase? And do you think the level of investment will continue to increase, or will it peak out? What is the general direction? That's my first question. And my second question is about PDT. You spoke about plasma collection and how to digitalize, what kind of efforts have been made? So for this fiscal year, additionally, what kind of digital initiatives do you have in plan, and what are you executing? That's the question. Thank you. Thank you very much, Muraoka-san. I will take the first question, and I'll address the second one, and then I can also add some color there. But it's a great question on digital investment. In fact, the aim is that our digital budget increases each year. That's the aim, with a trade-off in other areas of the business. So if we're really embarking on unleashing data in digital, then the business will leverage digital much more, and the cost will go up on digital. But then we'll reduce. There'll be a trade-off. And so we have many examples here whereby we increase, such as omnichannel activity. You invest in digital, but then you're reducing consulting fees. And also what we're seeing in IT, for example, or in Karl's Digital and Information A rea, is that we're increasing investment in the digital space with internal resources, but we're reducing significantly the number of external vendors. So there is an absolute trade-off. So in fact, digital should increase, but there should be trade-off that more than offsets the investment. So that's the aim. So it's all within this. So when we give our margin target, we said anywhere between 30 to mid-30, the capital, the digital, all of that is already baked into our assumptions. So that's why we believe that's why we give these guidance, because it's all already factored into our budgeting model. Regarding plasma collections, Karl, do you want to jump in first, and then I can add some comments there? Sure. Thank you, Costa. And thank you, Muraoka-san. I didn't know if the question around digital investment or the themes was broader than plasma-derived therapy or focused on plasma-derived therapy. But more broadly, we are working hard to support all of our inline and our pipeline assets, really looking at how can we accelerate and support. I'll call it launches and enhance commercial effectiveness. More broadly, across the entire company, we're looking at unlocking real-world evidence. How can we accelerate real-world data and clinical trials and beyond to demonstrate patient outcomes? We're looking at reducing time for diagnosis for rare disease. How can we use real-time predictive analytics and advanced AI algorithms? I mentioned earlier that we're looking at a seamless integrated and personalized care platform. So how do we help the individual patient through the entirety of their journey? I spoke a bit about a patient engagement platform that helps connect our patients and HCPs through a world-class, I'll call it, digital experience. Those are some of the broader initiatives that are taking place. Within, I'll call it the plasma-derived therapy space very specifically, as I mentioned earlier, we're focused very heavily on the best digital experience in the industry for our donors. And there's a continued set of enhancements and focus there. There are other parts of the value chain that we'll focus on next, but it's too soon to comment on that at this point in time. Thank you. As a reminder, if you have any questions, please raise your hand. At this time, we have no further questions. Hold on a second. We have one further question. Oh, we have one. Our next question comes from Mizuno-san of Tokio Marine Asset Management. Mizuno-san, please go ahead and ask your question. Hi. Can you hear me? Yes. Sorry. Am I on English line or Japanese line? The settings should be on the set locally at the bottom of your screen. Sorry. Yeah. Yeah. Listening to your presentations, I got this impression that sustainability is becoming increasingly important in your decision-making, including deals with your suppliers and partners. Going forward, do you think this organization and data will further accelerate your commitments to sustainability? And then also, as a financial investor, how should we value your progress in sustainability? Because presumably, going forward, it's more than just cost-saving, but additional value created on non-financial aspects. So if you can make a comment on that, please. Thank you. Yes, that's a great question. How about Jill? Do you want to tackle that? Yes. Yes. Thank you, Mizuno-san, for the question. We definitely have a strong focus on environmental sustainability and carbon emissions reduction, and our suppliers are the largest percentage of Takeda's carbon emissions. That's why we have a concerted focus and a five-year plan to address suppliers' carbon emissions, and we started at the Partner Value Summit, where we generated over 80 of those innovative ideas you saw on the previous slide, our innovation slide, Joe, that ties to the corporate philosophy. More than 80 of those ideas, 60-80 of those ideas, were related to sustainability and planet, so it is key, the success of our suppliers, whether it be airline fuel, whether it be packaging materials, things that are more sustainable in their manufacturing, and the ability to reuse in more of a circular economy. Right now, the biggest focus for us is how to help our suppliers measure the reduction in their carbon emissions. We're doing something very creative in tapping into our digital partnerships to blaze the trail here because it's a challenging area for many companies. We are partnering with our suppliers to help them measure the impact that they make. How else would you value our commitment to sustainability? It's definitely the impact on the planet. Full stop, right? Reducing carbon emissions. Additionally, we have a structure set up where we're looking at other forms of environmental sustainability, whether it's reducing waste, reducing our water usage. What are all the ways in which we can be a more sustainable company and leave the planet in a much better shape than it is now? There's also teams set up. I'm personally co-sponsoring what we call the Climate Action Program, which addresses a lot of what we just discussed. There are additional teams looking at our upfront research and development so that we design for environmental sustainability from the very beginning when we envision our pipeline. So I do think you can look at many different factors: the carbon emissions, the reduction of the use of assets, and how we then apply and leverage that to our R&D pipeline, and how we're able to lift the whole industry and the performance of many hundreds of our suppliers who make up the majority of Takeda's carbon emissions. Thank you. I'll just add one other comment here. Thanks, Jill. Really well summarized. But there's one intangible outcome here as well, and that is the value and the importance this has with our employees, the impact it has with our employees. They feel that they're working for a company that truly cares about the planet. So it's a strong retention and attraction lever as well and initiative overall for the company and employees. Thank you very much. Thank you. Another reminder, if you have a question, please raise your hand. I would also add, in relation to the ESG metrics, I would refer everybody to the appendix of our recently released integrated report, where we are continuing our journey of improving the metrics that we disclose to the public markets. So currently, we have no more questions in the queue. So I'd like to thank you all for joining the Takeda Global Finance Investor Day today. We look forward to connecting with you again for our Q1 earnings release on July 30th. And Costa, would you like to make some final remarks? Yeah. Look, I'd really like to thank my team. They've done an amazing job coming together. This is a new team that we created once I became the CFO, and we just made the announcement for the acquisition, and we swiftly came together, not just this team, but the rest of my finance leadership team, to plan out the best way and how swiftly and in a simplified way how we can really deliver our financial commitments, and you can see that from day one, we were ready to integrate systems, ensure that we had one version of the truth from a financial standpoint, and no matter where any employee was, no matter which country they were, we were all focused on the same goal, and we had the same metrics. We had visibility, touch of a button, visibility. And that's what I think has helped us deliver the synergies and increase the synergies as well from the original $1.4 billion target, which was a target that was linked to benchmarks from third-party benchmarks on the basis of such large acquisitions. Yet we exceeded that, and we did that 12 months earlier, which is great because we're now in a position where we're fully focused to support the business on the top-line revenue acceleration and now really excited about the pipeline. So 2021 is an inflection year. You've heard us say that many times. We're very excited about that, and we're excited about the growth potential that we have. And it starts this year. We'll see the acceleration of revenue growth in fiscal year 2021. So thank you very much, everyone. Look forward to speaking to you in a few weeks' time. Appreciate your support. Bye for now.