Hello again, everyone. If this is your first session of the day, let me reintroduce myself. I'm Elaine Quilici, Senior Editor of Pharmaceutical Executive Magazine, and I'm pleased to welcome our next presenter, Catalent CEO John Chiminski. John was named Chief Executive Officer of Catalent Pharma Solutions in March 2009. Prior to that, he spent more than 20 years at GE Healthcare in roles such as President and CEO of GE Medical Diagnostics, Vice President and General Manager of GE Healthcare's Global Magnetic Resonance business, and Vice President and General Manager of Global Healthcare Services. Earlier at GE, he held a number of cross-functional leadership positions in both manufacturing and engineering, and we are excited to have John join us today. But before I hand it over to him, I'd just like to take a minute to ask our audience to post any questions that you might have in the Q&A tab on the right side of your screen, and we will address them at the end of the presentation. So now I would like to hand it over to John. Excellent. Thank you, Elaine. It's great to be here. I'm very proud to be presenting Catalent today and share with you our story that's really, really enhanced by our ESG journey. So before diving into the presentation, let me first draw your attention to slides two and three, which note our cautions regarding our use today of forward-looking statements and non-GAAP financials. I also encourage you to review our SEC filings to understand the risks and uncertainties that may bear on our operating results and financial condition. Catalent took our current form in 2007 when we were spun out of Cardinal Health, went public in 2014, but we trace our corporate history all the way back to the 1930s. For all these decades, Catalent has been the leading global provider of advanced dosage delivery technologies and drug development and manufacturing solutions for the biopharma industry. As a leading CDMO, we continue to differentiate ourselves through investing in innovative drug delivery technologies and manufacturing capability and capacity, helping our customers develop and manufacture small molecule drugs, biologics, cell and gene therapies, vaccines, and novel modalities. Slide five illustrates how the depth and breadth of our capabilities and scale enable Catalent to power biotech, pharma, and consumer health customers across the drug development cycle, from preclinical through commercial manufacturing, across a wide range of modalities and therapeutic categories. We have 1,200 active drug development projects, which yielded more than 160 product launches for our clients last year. And every year, we reliably supply well over 70 billion doses across 7,000 products, or roughly one in every 20 doses taken globally. The products we produce impact the lives of hundreds of millions of people each year. As a B2B company, we have a very different model than our biopharma customers, as our price is based on the development and manufacturing services we perform, which typically range from 2% to 8% of the overall price of a product. Diversification is a historical strength of Catalent and is highlighted on slide six. No matter how you segment our revenues, we don't have any significant concentration of risk. From a geographic standpoint, roughly 43% of our revenues come from outside the U.S. and are aligned with the Western biopharma industry. By product type, we're diversified across branded, biologics, generics, and OTC VMS products. From a product standpoint, no single product drives our business. Of the more than 7,000 products we manufactured in fiscal 2020, the largest contributed less than 3% of revenues, while the top 20 only made up about 18%. Our revenue streams are also diverse, with 56% of our 2020 revenue tied to commercial manufacturing and one-third recognized in high-value development solutions, which serve as a pipeline for commercial manufacturing, and the remainder is with our clinical supply services. With more than 1,000 current customers, our customer base is also very broad, partnering with nearly all the top pharmaceutical companies, biotechs, generics companies, and consumer health companies. Our more than 15,000 employees across our 45 facilities are driven by our mission to develop, manufacture, and supply products that help people live better and healthier lives. Being a trusted, reliable supplier to the biopharma industry means that we aim to bring long-term strategy and stability to Catalent and to our industry, adding our innovative manufacturing firepower to fuel the scaling up of solutions for our customers to get more treatments to more patients faster and more efficiently. Our strategic ambition, guided by and operationalized through our values, is to power the innovation and growth of the life science industry by becoming its leading development and commercial partner in advanced technologies, first-to-scale innovation, integrated solutions, and new therapeutic modalities. While living each of our values every day is critical to our success, our commitment to patient-first has become a differentiator for Catalent as a CDMO partner and a core part of our culture. For all our critical decisions, we ask the simple question, "What would the impact of the patient be?" remembering that behind every one of the 70 billion doses we provide is a patient. Our patient-first mindset, which is focused on patient safety, impact, and outcomes, is closely aligned with our customers' values. And our relentless ongoing focus on operational excellence and compliance lays the groundwork for our best-in-class offerings across development and manufacturing. We operate in a highly regulated industry. Our patient-first commitment and culture reduces the stress of processes and procedures by reminding us of the people who depend on us to be vigilant about safety and quality and consistently execute the appropriate operating procedures. Within the industry, Catalent's patient-first culture is a reputation and capability that is difficult to replicate, making Catalent the easy choice for our partners who entrust us with developing and manufacturing their molecules. Slide nine illustrates how our mission and values guided our rapid response to the pandemic and how that response exemplified the depth of our capabilities. Our top priority throughout the pandemic has been to ensure the safety and well-being of our people. Without the persistence, dedication, and flexibility of all our 15,000 employees, but particularly our frontline employees, we'd never have been able to not only maintain our operations but grow them to meet the needs created by this devastating situation. To help ensure that our employees felt safe, we regularly communicated to them about what we're doing and why. That ongoing communication has been integral to our overall response strategy, and our vigilance and diligence paid off. To date, our infection rates have been low relative to our local communities, and we've not experienced any significant disruptions of business at any of our sites due to an outbreak of COVID-19. We've met our patient, employee, customer, and investor commitments. We also worked hard to support the overall wellness of our people, establishing an internal well-being forum, adapting to flexible work where possible, and investing in even more mental health and family support initiatives throughout the pandemic. These actions showed us new ways of working and supporting our people that will continue beyond COVID. When the pandemic hit last year, Catalent was well-positioned from a capability and capacity standpoint to become a go-to partner for COVID programs and vaccines. We had the right people, processes, technologies, and capacity to help our customers. Additionally, our culture was one that was purpose-built to tackle hard problems, including a pandemic. At Catalent, our DNA is all about working with customers on the largest, most complex challenges to find solutions to their problems. No problem has needed more creative solutions than the global response to COVID-19, whose challenges could not have been so effectively met without Catalent and the broader CDMO industry. Since the start of the pandemic, we've been awarded work related to nearly 100 unique compounds investigated as potential COVID-19 vaccines and therapies by scores of customers across all of our key technologies and business segments. Due to our investments over the last several years and our financial strength, we were uniquely positioned to provide or build manufacturing capability and capacity for billions of COVID-19 vaccine doses over the next few years, including more than one billion vaccine doses this calendar year alone. In order to meet this unprecedented demand, our response to the COVID-19 pandemic included accelerating some of our strategic capacity plans. Additionally, our response also accelerated the returns on the strategic investments we've already made, enabling us to put additional cash to work to continue to drive our long-term growth. Working together, we ensured that we didn't let our customers or patients down. For our frontline Catalent employees, one of the ways we've shown our appreciation is through thank-you bonuses, which totaled more than $20 million since the beginning of the pandemic. To add to the complexity of the past year, another global event commanded our attention: the social justice movement that called on all of us to confront racism directly and to work intently to build a more inclusive and just world together. I want to call out the leadership of our employee resource groups who courageously stepped up to guide important conversations with me and my leadership team. They helped us process the events that we witnessed, understand their impact on our people, and advise on how Catalent could continue to evolve to be an even more inclusive and equitable place. Ultimately, based on feedback from our employees, our culture grew stronger through these events and will propel our D&I strategy and actions further, which I'll cover in a few minutes. Turning to slide 10, Catalent is a leading player in a large and growing industry. We estimate that the total spend by biopharmaceutical companies in the broad markets in which we participate was roughly $160 billion in 2020, with approximately $60 billion outsourced to CDMOs, an outsourcing rate of 37%. Now, there are several industry trends driving increased outsourcing and the long-term growth of the CDMO industry. First, small-cap biotechs have clearly become the innovation engine for big pharma. These companies rely heavily on CDMOs as development partners and for manufacturing capacity. Next, the market is shifting to more complex modalities that are outsourced at much higher rates. For example, in cell and gene therapy, we estimate the outsourced rate to be approximately two-thirds, with demand far exceeding current and anticipated future supply. Finally, the R&D pipeline is robust and growing, primarily driven by biologics, which is growing double digits and is expected to drive more than half of future pharma growth. Our strong performance and investment strategy has positioned us to capitalize on these favorable market trends. Now, in addition to these trends, the effects of the pandemic caused some of these drivers to be even more pronounced, while also creating higher demand and raising the profile for Catalent and the CDMO industry as a whole. The vertically integrated pharma companies of 20 years ago would have been challenged to meet the unprecedented need for capacity, capability, and speed required to address vaccines and therapeutics to end this pandemic. At Catalent, our focus is on being an accelerator of technology, and our innovation capabilities are critical to bringing high-quality advanced products at scale to market faster. The pace of change and innovation in the healthcare industry is unprecedented. New molecules and therapeutic modalities, novel ways to treat or prevent disease, are rapidly emerging. Twenty years ago, pharmaceutical innovators were developing products based on four to six main therapeutic modalities. This generally covers small molecules, peptides, therapeutic proteins, and vaccines. Today, it's doubled with the advent of cell and gene therapy, and we think in five years, it might be more than 15 different modalities. Keeping pace with the fast rate of change in our industry, we're evolving new partnership models to position Catalent at the center of innovation, even closer to customers and innovators. By deepening our participation at the onset, we aim to help bring these transformative therapies faster through clinical trials and eventually to commercialization so they can benefit patients at scale. Catalent is actively partnering, licensing, and investing to accelerate technology for both small and large molecules, cell and gene therapies, as well as novel modalities. Some illustrative areas of focus today include plasmid and DNA, next-generation cell therapy, and mRNA therapeutics and vaccines. Ultimately, through our science and technology, know-how, and open innovation efforts, we aim to be the go-to partner for our customers to bring new therapies first to manufacturing scale. Turning now to our ESG strategy, which is guided by our Corporate Responsibility Council and overseen by our board of directors, our approach to ESG focuses on three areas relevant to our business and prioritizes our impact on people, the environment, and communities. Last month, we published our second annual Corporate Responsibility Report covering our fiscal year 2020. The report describes how we extended and deepened our CR commitments as part of our long-term corporate strategy. Some of our highlights highlighted progress in that report includes the development of our first human rights statement and commencement of a third-party human rights assessment, a critical element of our emerging responsible supply chain initiative that aims to align our 10,000-plus suppliers with our industry standards for responsible, reliable, and sustainable partnership. Our commitments to new targets for waste and water reduction. Important to highlight is our pledge to ensure that none of our sites discharges wastewater with API concentrations above predicted no-effect concentrations, or PNECs, which often go beyond regulatory requirements. The transition of six sites to 100% renewable electricity, a number that will double this fiscal year, and completion of 50 energy efficiency projects. The improvement of our already low recordable incident and lost workday injury rates, even through a pandemic. Our largest ever philanthropic contribution total, with a substantial portion of our gifts focused on our responses to the interconnected COVID-19 and social inequality crises, and the doubling of the number of employee resource groups to eight, each sponsored by a member of our executive leadership team, including me, where I'm proud to serve as the executive sponsor of our Veterans ERG. Over the past year, we further integrated our employee resource groups into our diverse recruiting and development efforts. We also deepened the relationships we have with potential sources of talent and other HR providers to promote even more aggressive diverse talent recruitment, engagement, and development initiatives. My executive leadership team and I meet regularly with our global ERG steering committees to ensure that we continue to learn from one another and progress our D&I goals. Building a culture of inclusion together is essential. We prioritize ESG areas that we know to be the most significant to our business, and our strategy is informed by our employees, communities, customers, investors, and other key stakeholders. Our CR council guides the implementation of our CR strategy and now reports on a regular cadence to our board of directors. We continuously assess the maturity and performance of CR programs at each of our business units and sites through a scorecard system. Our leaders partner with us and are held accountable to strengthen our environmental and social efforts. Our company culture is built on the cornerstone value of patient-first. Our uncompromising approach to product quality and compliance ensures that we meet the highest standards for safety and efficacy as we reliably supply our customers and their patients. From a talent or human capital perspective, our focus is on continuously building an inspiring values-based culture that attracts, develops, and retains the biggest and best talent to advance our growth. COVID demonstrated how critical it was for us to care for and prioritize our people so they're motivated to come, stay, and more effectively deliver for customers and patients. We know that our employees are proud of the role Catalent has played in the COVID response, and potential employees are drawn to our essential work across a broad range of products and therapeutic categories. Our human capital strategy focuses on cultivating a sense of belonging and inclusion for all employees as a signature aspect of our culture. We're embracing our diversity, recognizing and acknowledging our gaps where we find them, and are taking actions. Looking ahead, we're committed to setting science-based environmental targets and strengthening our collaboration on climate action, especially with customers. We're on track to achieve a 15% reduction in our Scope 1 and 2 emissions based on a fiscal year 2018 baseline. This was a target published in our first CR report. Next, we'll set science-based Scope 1 and 2 carbon reduction targets in alignment with global climate change mitigation efforts, and we'll publicize the new targets in our next CR report. Our Scope 3 targets will take longer to assess and establish, but we will make progress. We'll enhance transparency in our supply chain operations. Our membership and participation in the Pharmaceutical Supply Chain Initiative has especially supported our responsible supply chain strategies in alignment with sector-wide priorities. We're also focused on the continuous improvement of our corporate governance program. Since we debuted as a public company in 2014, our board of directors has been committed to increasing shareholder focus and accountability with initiatives such as shareholder access to our proxy and the declassification of our board. I'm pleased to announce that at this year's annual meeting, we plan to propose to our shareholders that the approved changes to our company's charter that will allow for shareholder-initiated special meetings and simple majority votes for future article amendments. As a leader in the growing CDMO industry, we need to demonstrate our shared commitment, sense of urgency, and value in contributing to the responsibility and long-term sustainability of the entire biopharma industry. This is especially true for environmental sustainability. First, we'll achieve our current carbon reduction commitment, and then we'll set science-based Scope 1 and 2 carbon reduction targets in alignment with global climate change mitigation efforts. Those targets will be published in our next CR report. As part of our evolving responsible supplier initiative, we'll implement recommendations from our current human rights assessment in line with the United Nations' Guiding Principles on Business and Human Rights. Finally, we're maniacally focused on closing diversity inclusion gaps at Catalent as a critical element of our long-term talent and growth strategy. We share the progress we've made in our global gender statistics and U.S. race statistics in our second report that we just published. We're transparent about our accomplishments, as well as the work to be done, especially in those areas. Working against those baseline statistics, we're progressing on objectives to recruit more diverse talent across the board, especially in leadership roles. Through training, forums, and internal performance metrics, we're counteracting the unconscious bias that too often binds us from hiring and promoting the diverse talent that is right in front of us. We're very much looking forward to reporting back on our continuing progress against our sustainability, responsible supply chain, human rights, and diversity inclusion goals next year. Over the last few years, Catalent has made transformative investments that have shifted our technology portfolio to even more innovative and in-demand areas of drug development and manufacturing. Since fiscal 2016, we've deployed approximately $5 billion, including approximately $3 billion for acquisitions, which have already shown strong returns and have created a platform for high ROIC organic investments. Some notable acquisitions include our biologics facility in Bloomington, Indiana, and Anagni, Italy, both of which are currently providing the final fill/finish process for multiple COVID-19 vaccines. In addition, just over two years ago, we announced our entry into the fast-growing gene therapy sector and have further increased our capabilities with acquisitions in adjacent areas, including cell therapy and plasmids. Over the same period, our capital expenditures were approximately $2 billion, with more than a quarter of these investments happening in our current fiscal year, which ends in a few weeks on June 30th. As you can see by the list of some of our most recent organic investments, our CapEx is overwhelmingly weighted towards growth buildouts in biotherapeutics and cell and gene therapy, which will help meet patient and customer demand and substantially add to our long-term value creation. A notable portion of our fiscal 2021 CapEx spend includes the acceleration of future planned capacity to meet the elevated demand environment created by COVID-19, especially our fill/finish capabilities in the U.S. and Europe. COVID-19 accelerated our strategic plans and return on investments, enabling us to make additional investments, which will also be usable for non-COVID-19 projects to continue to drive our long-term growth. Given the very attractive returns for our organic and inorganic investments, combined with our strong and flexible balance sheet, our ongoing capital allocation will continue to be focused on CapEx to drive organic growth and potentially M&A to supplement this organic growth. In January of 2020, just weeks before the first COVID-19 patient was identified in the U.S., we provided investors with our fiscal 2024 targets. Our $4.5 billion revenue target represented more than a 50% increase in our trailing 12-month revenue at the time. We also projected our adjusted EBITDA margin to expand several hundred basis points to 28%, driven by an increased margin in the faster-growing biologics offerings once we move beyond our multi-year capacity buildout programs. Given our robust growth since announcing these targets, we're well on track to meet or exceed them. We originally envisioned M&A playing a notable role in helping us to get to our $4.5 billion goal. However, as we accelerated a number of substantial capital projects for COVID, the COVID response, in addition to our non-COVID expansion plans, we believe that we can meet or exceed our 2024 goals without any substantial additional M&A. In fact, the trailing 12 months ended March 31st, our reported net revenue was already $3.8 billion. So any large M&A we may do in the near to midterm should be additive to that goal. Our business mix looks very different today than it did in January of 2020, when our biologics segment comprised a quarter of our revenue. This is due to the wide range of growth rates among our service offerings as a result of the pandemic, our M&A activity, and other factors. We said then that our biologics segment would come to represent half our revenue by 2024, and our most recently reported quarter showed that our biologics business already represented more than half of the company's revenues, years ahead of our target. We believe our progress towards our 2024 goals, tested and accelerated through the COVID-19 pandemic and response, exemplifies our capability to deliver for all our stakeholders. At Catalent, our mission to help people live better, healthier lives drives our culture and inspires us. It all starts with our 15,000 employees who live our patient-first culture and have worked hard to carry out the great responsibility we have to maintain business continuity for all of those counting on us to deliver, be it for a potential COVID-19 vaccine or treatment, or the more than 70 billion doses we produce every year on behalf of our customers. Our ESG strategy, integrated into our strategic plan, ensures that we're operating and making decisions in alignment with our values, meeting our commitments, and contributing to the long-term success of the broader biopharma industry and the communities where we operate. Catalent's proud to be part of the CECP, and thank you for inviting us to be part of this year's BioPharma CEO Investor Forum to discuss this incredibly important topic. Thanks, and I look forward to your questions. Great. Thank you so much, John. Before we begin the Q&A, we have a brief poll that I'd like to mention. We ask that you take the poll, which is listed next to the Q&A tab on the right side of your screen. So if you could take a moment to fill out that poll, that would be great. Let's now address some of the questions. How does Catalent's role as a key manufacturing partner in the sector play for the duration of the pandemic and in the long term? Look, as I said here in the presentation, we found ourselves at the beginning of this pandemic really in a pole position, a go-to company for COVID-related vaccines and therapies. That's because over the last three to five years, we've actually been building out capabilities and capacity, specifically in biologics with regards to fill/finish capacity, drug substance capacity. So nobody was planning on the pandemic, and Catalent was building out substantial capacity at the time. That's when I picked up the phone, and our customers picked up the phone and called me and said, "We really need your help and would like to partner with you with regards to fill/finish for vaccines or even drug substance," as well as literally it started off somewhere around 50, moved to 80, and now 100 different therapies. I think the key thing for Catalent in the CDMO industry, which has really proven to be critical from a biopharma ecosystem, as I said in my remarks during the presentation, the vertically integrated, fully vertically integrated pharma companies of 20 years ago would have been challenged to be able to meet the massive need for capability, capacity, and speed to be able to get vaccines and therapies out. What I think's happening here is that certainly Catalent is going to be engaged for the next several years, if not beyond, with regards to COVID-related therapies and vaccines. On the vaccine front, it's become increasingly clear that this is not a one-and-done. There's going to be a need for boosters and variants. We still have the rest of the world to vaccinate. The other thing that I have to stress here is that the therapies are becoming even more important. Why is that? We know that there's a certain part of the population that can't or won't get vaccinated. That means that even in the U.S., where we may end up reaching a limit of 70% of the population being vaccinated, that still leaves a large part of the population that is vulnerable, especially if you're 65 or older. So therapies that are currently developed or being developed, whether they be antibiotic cocktails or therapeutics to fight cytokine storms, these are going to be absolutely critical. There will be a continuing rate of COVID cases throughout the U.S. It'll be much lower, obviously, than when we peaked out in the several hundred thousand, but that ongoing rate means that there's still a lot of work to do to go after this pandemic, so I guess the last thing I'll say, and I've also mentioned this throughout the presentation, the key thing with regards to Catalent and the pandemic is that COVID actually accelerated our strategic plan, so we were either building out capacity or had planned to build out capacity. We actually needed to pull that in to be able to meet the requirements to be able to manufacture or fill/finish a billion doses of vaccine this year, and that capacity also is going to be used, and it's fungible for other assets going into the future, so we're going to continue to play a critical role for the pandemic, working with our great partners. We're going to continue to play an important role in the overall CDMO industry going forward, and I think this has also strengthened the overall CDMO industry. I think our partners will be looking more towards us in the industry to partner even stronger going forward. Great. So how did Catalent become the go-to CDMO for COVID vaccines and therapies? Yeah. So I really won't repeat a lot of what I just said here, but Catalent, starting about five years ago, really went on a readjusted our strategy to go much more aggressively after the high growth, high margin areas of biologics. Obviously, it's the fastest growing area within the overall pipeline. So we had plans in place. We had acquired a facility that's a million sq ft. It can fit 21 football fields within it. It's in Bloomington, Indiana. We acquired it from Cook. It was Cook Pharmica. That gave us really, I would say, the foundation for our leadership role in terms of fill/finish. And quite frankly, I think it's probably one of the most strategic assets in North America for the COVID response, is that facility. Then inorganic investments that we made in terms of CapEx buildouts to put in additional capacity both there and in our drug substance in Madison made a huge difference. So again, no one knew the pandemic was coming, but we certainly saw an incredible pipeline of biologics coming that needed Catalent's, I would say, capability and capacity. We were actively building out that capacity, and then COVID hit, and we pulled it in. We actually built out a factory in half the time in our Bloomington area. We've been a critical part of Operation Warp Speed with General Perna visiting multiple times in that facility. And then we did even more. We built out capacity that we hadn't even planned on yet. So I think the speed at which Catalent operates and the role that we play, I would say, in biopharma, really, it just made us a go-to partner. So how do you engage your frontline workers in terms of safety, well-being, and upskilling? So look, safety is probably down to the core, I mean, is the foundation of Catalent. It's a long story. I've been here for 12 years. I brought in a great operational leader. And we grew up in an environment where we knew that employee safety or environmental health and safety, so you have to include all of it, was the precursor for having the discipline necessary to deliver quality. So if you have safety, you have discipline, which leads to quality. And obviously, it's about caring for your employees. And so we have very intense EHS programs, environmental health and safety programs. So it's not just about worker safety. It's also about the materials, the environment within our facilities. And we've been actively engaging our employees for more than a dozen years. So we don't just report safety problems. We actually are proactively asking people to provide us with a proactive funnel of potential safety problems. So we actually look at our safety program based upon potential safety problems. We use a program called Entropy, and I receive every day reports from our sites. They don't come often, but they come in. And I actually see every safety-related issue within the company. So it's a deep culture that we have here in Catalent. It starts with caring about the safety of our employee, reminding that they're walking in every day. And what we don't want is to have them walking into an environment that is less safe than anywhere else. In fact, I would say it's a more safe environment. And then obviously, our deep, I would say, respect for the environment and sustainability is a big deal. I mean, people will tell you that they always hear from Chiminski, "Don't buy it if it's going to go in a landfill." I mean, I've been saying that for a dozen years. I've been saying it forever, but I think it's a big part of the overall environment, and when you care for the employees, kind of getting to the root of the question, if you care for your employees, they recognize that, and that allows you to get engagement, and I think through the pandemic, we got even closer to our frontline employees. At the beginning of the pandemic, remember, people were afraid to come into work, but Catalent had a mission: help people live healthier, better lives. We had a critical role to play, and we said, "Our number one goal is to keep our employees safe," and we've said that all throughout the pandemic. And we lived up to our word on doing that. And once we provided them that safe environment, our mission and patient-first got them in and allowed us to keep all of our sites up and running. And you have to remember that, yes, we're a go-to on COVID vaccines and therapies, but we manufacture 7,000 other products that are lifesaving or life-enhancing. You can't have a gap. And so again, I'm really proud of the culture that we have here within the company. And even as I said in my presentation, throughout the events of last year, be it COVID, the murder of George Floyd, the social unrest, our culture in Catalent got stronger and deeper. And when we did, we actually did an employee engagement survey during the pandemic, and our numbers shot through the roof with regards to our patient-first and our diversity and inclusion. Highest growth in our overall engagement came in those areas. So believe it or not, there were some silver linings in this big dark pandemic cloud. And for Catalent, it was about growing a deeper and better culture as well as playing a role that enhanced all of our capabilities. Sorry for the long answer, but. No worries. I think there were definitely some silver linings we all saw. So how does the market opportunity change with companies turning to AI and big data for identifying molecules? Will the reduction of trial and error experiments impact industry growth rates? You know, I'm going to give you my opinion here. I think AI is actually going to be an accelerator because you have to remember that most molecules fail, right? And so if you take a look at from discovery through phase three and approval, you basically have low single-digit% rates in terms of from the beginning to the end of going from that molecule. I think AI is going to be a big accelerator. I haven't gone too much in detail yet with the Moderna team, great team, by the way, but they use AI, for example, in all of their work. And I was listening to it yesterday. And what I think is instead of trial and error, we can get out more better drugs faster through using AI. I think, as Stéphane said yesterday, they're training all of their employees on the basics of AI, and it's a core part of their overall innovation engine and strategy. So from my standpoint, there may be pieces of the overall biopharma industry that will change, but I think what we want is an industry that puts out more better, safer drugs. So there may be some inefficiencies that come out, but I think overall, it's a positive for the industry. Thank you. I think we have time for maybe one more question. With the big Biogen news yesterday, how is Catalent positioned in the Alzheimer's market, whether it's with Biogen, Eli Lilly, or other players? So look, Catalent's strategy, I have to back up just for a second. So from a biologics drug substance standpoint, Catalent is playing in what's called the sub-5,000-liter category. If you take a look at the pipeline of biologics molecules, 70% of that pipeline, if commercialized, will require something like 5,000 liters or less of drug substance capacity for the commercial needs of those products, meaning that they're going for smaller, more focused disease states. And then, of course, there's 30% that goes for, I would say, something that is along the lines of a blockbuster-type drug, which aducanumab is likely to become one of those areas. So there are big providers—that's not Catalent—in the drug substance category who have 250-500,000 liters of drug substance capability. Certainly, I think aducanumab, as well as any drugs in the Alzheimer's, Parkinson's area, which we hope that we can find even more drugs that are going to provide us the miracles that we need in those therapeutic categories, if being able to be applied to those larger populations, will certainly increase demand for the higher-level drug substance capacity manufacturers. But overall, hats off to Biogen and the Alzheimer's patients that hopefully will be able to experience some help. We've all been waiting for that, and I hope that this drug will be able to do something for those patients. Yep. Well, thank you, John, for sharing your presentation and your insights today. Do you have any closing comments you'd like to share? You know, I just want to say that I participated in most of the presentations across the two days, and I thought they were absolutely fantastic. It was a great forum. I'm proud of Catalent presenting in this forum. I'm proud of the progress that we've made. We've already published two CR reports. We're going to make more progress. But I think the work done here to really highlight our industry and what we're doing from an overall ESG and sustainability standpoint is really important. And I appreciate the opportunity to listen to my peers and customers as well as to share with you the progress that we're making and the progress we're going to make. So thank you very much. Thank you. Wonderful. Once again, thank you to our audience. Thank you for listening in. And we'd like to have you join us for our next session, which you can access through a pop-up that should appear on your screen shortly. Have a great day, everyone. Thanks, Elaine.