Hi, good afternoon, everyone. This is Rachel Vatnsdal with the Life Science Tools and Diagnostics team here at J.P. Morgan. I'm pleased to introduce the Catalent management team. As we typically have done with most of these sessions, this will be a roughly 20-minute presentation, followed by 20 minutes of Q&A. With that, I will hand it off to Alessandro. Thank you. Hello, everyone. Good afternoon. Welcome to our presentation. Very excited to be here, and before I get started, you know, I want to share a short story. Yesterday, when I stepped into the conference, I had the one of those flashbacks thinking about being here 12 months ago. 12 months, the last 12 months, and had this flashback of what happened in the last 12 months, and was quite a lot, right? It was surely an eventful period for the industry, eventful for Catalent, but one in which we also made several progresses and we had also some exciting stuff happening. So hopefully today I will be successful in sharing with you that story and you know, how we see the company going forward. You're gonna walk out of this room with the same level of excitement and optimism I have for the future of the space in general, but also how well Catalent is positioned to leverage and capture the opportunities that are in the space. Of course, you know, I'm gonna make some. I don't expect you to read everything on that page, clearly, but you know, I'm gonna make some forward-looking statements during the presentation today. You can read that this will bear some risks, and page two and three of the presentation are covering this part. In general, Catalent had the same mission, something that we take very, very seriously, given our premier role in the healthcare ecosystem, and our mission really doesn't change, and it's to help people living, better and healthier lives. The way we are delivering on this mission is, and as we have improved and enhanced our ability to deliver on this mission, is really to build a comprehensive end-to-end ecosystem of services and capabilities to help innovators to bring their innovation all the way to patient outcomes, right? Our job is, one, an innovator has a, you know, a good molecule, to help them all the way through the process to bring this molecule to patients, either helping them overcome some of the hurdles they might encounter during the development phase, or to help them with analytical development, or even, you know, providing to them manufacturing services, reliably supplying the patients in the end market. So, our mission is really underpinned by a comprehensive, consistent culture in which we have invested for many years. We call this culture Patient First. The way we conceive this culture, we expect everybody at the company to really put the patient first in everything we do, at the center of everything we do, either in the development phase, whether we're making decisions when it comes to quality and compliance, or really our commitment to operational excellence. We expect all of these to be underpinned by a patient-first culture. So the way this materializes is through the work of the 3,000 scientists and technicians, which we have around the globe in our labs and facilities, which help customers during the development phase of each molecules, or through the outcome of our regulatory inspections. As you know, we are under continuous regular inspection and scrutiny, given our wide presence in the industry and wide reach into the industry. You can see the numbers here on how many regulatory audits we received in the last five years. And all of these really enable us to enable touching almost 8,000 products in the several therapeutic areas, the most exciting therapeutic areas of our industry. So with the mission and the culture come the capabilities of the company. And over the last several years, we've really built a comprehensive set of capabilities, which help us to partner with customers along the entire lifecycle of a molecule, starting from preclinical all the way through commercial. On the left-hand side of this chart, you can see a detail of these capabilities, you know, formulation development, clinical supply services, commercial manufacturing, all the way through also the most complex and critical parts of the manufacturing and supply of the industry, which is a sterile fill and finish. One that clearly is very relevant to the world today, because this is the very formulation that is used, for instance, for the GLP-1 supply, on which I'll come back in a few minutes. And the way we think about these capabilities are capabilities that need to be suitable and applicable to the most exciting therapeutic areas of our industry. So on the right-hand side, you see the different modalities in which we can apply these capabilities, either the legacy, traditional small molecules. With traditional, I don't want to undermine the excitement we have for this space. For us, small molecule continue to be a very exciting space, a space where there is a lot of opportunity. Surely, one of the silver lining of the 2023 has been a sort of renaissance of the small molecules, with several therapeutic areas which have seen successful outcomes driven by this category of products, in which, again, we play a leading role. But also, you know, the most advanced and novel modalities that you can see on the page, all the way to the bottom, with the cell and gene therapy. So really, the set of the capabilities of the company are meant to apply to every possible phase of the development. You know, it's very comprehensive, end-to-end, and is applicable to all, and to the most exciting therapeutic areas. So when you now combine mission, culture, and capabilities, this is what enable us in the marketplace, and exposes us to what we call the addressable market. So when you think about this market, we were quantifying the addressable market for the company in $32 billion just before the pandemic. I'm afraid that, that this pre-pandemic data point will always, continue to be a, a reference point, because the pandemic has changed a lot of things. As we went through the pandemic, we made the investment we've done in additional capabilities. We built our ability to enter gene therapies, cell therapies. We really boost our presence in sterile fill and finish, and enhance our presence in oral solid. We have seen by now our addressable market to double, to almost $72 billion. And because we believe we have invested in the most exciting areas, we believe that the addressable market, we estimate to be $90 billion+ by 2026. So not only, as I'm gonna share later in the slide deck, we have a leading position in almost all of these markets, with a significant market share. We believe we can continue to gain share because of our offering, and capabilities, and culture, but also the overall market that we play in, we'll see an exciting expansion as we move forward. So all these elements are really underpinning the growth conviction that we have for the company going forward. But, you know, more than the overall size of the market, what is really exciting when you look at the slices of the pie, you can see, deconstructing these slices, what are surely the most exciting offerings that are needed for the therapeutic areas in the space. So the ones that I'm gonna drive your attention to is surely proteins, in which we play in the sub 5,000 litre bioreactor space, cell and gene therapies, sterile fill and finish, with a specific focus in prefilled syringes. The reason why we have isolated out the prefilled syringes is because of the high demand of GLP-1s. These sub-categories of sterile fill and finish will see a level of growth, and a rate of growth, which is significantly higher than all the other areas of fill and finish. So what does it mean for Catalent as a company? You know, first of all, you can see that the portfolio of the company is very broad in whatever dimension you want to use to measure it, either geographically, by product type, by type of activity. And we have a philosophy at Catalent. We only play in spaces where we can have a leading position from a market share standpoint. So this is summarized by the box on the top left, summarizing the fact that in each single market we play into, either sterile fill and finish, cell and gene therapy, complex oral solid, we occupy either the number one, number two, or number three position by market share. Also, when you look at the number of products approved by FDA and EMA, EMA in the last seven years, in each of these seven years, Catalent has been either the number one CDMO by approval of new products, or number two, depending on the year, for those approvals. When you put this data together, you can see that now we are able to serve 87 out of the top 100 drug companies, and we have an overall portfolio of 1,200 customers. So really a global leading service provider for the pharmaceutical industry. When we drill down a little bit in terms of the structure of the company, we organize ourselves in two segments: biologics and pharma consumer health. So biologics is where we offer end-to-end capabilities for biotech and pharmaceutical innovators in large molecules, providing them drug substance, cell and gene therapy services, bioanalytical services, fill and finish capabilities. This is almost 46% of the revenues of the company. I would, you know, be upfront by saying that really the margin has suffered as of late because of the—a couple of dynamics really. One, the so-called COVID cliff, COVID correction, where we have built a lot of infrastructure, and surely the revenue drop has been faster than any ability we had of correcting the infrastructure accordingly, and which margin that we expect to normalize by the end of this fiscal year. Pharma consumer health, which is fairly stable in terms of both revenue performance and margin performance. You know, it's a business that, on a steady state standpoint, in the mid-single digits, growth, with a very attractive margin. Again, even there, we are concentrating in the most attractive sub-segment of the oral space, like fast dissolve tablets, oral complex oral solid, modified release, control release technologies. Here I want to drill down in probably the two most exciting areas when you think about the growth story of the company. The first one is GLP-1. As you know, it's been in the public news before, in many, in many different ways. Catalent has a leading position as a provider of capacity to manufacture GLP-1s. And this is probably gonna be one of the most exciting areas in the next few years. You see that the market today is estimated, last year was estimated to be $6 billion in revenues and sales. There are estimates that this can be as big as $100 billion by 2030. Today, this means that Catalent realizes less than $100 million, as of fiscal 2024 estimate. And we have already shared publicly that when all the capacity that we have currently deployed towards this franchise, and the one that we're gonna be bringing online in the next couple of years, we estimate our total revenue to exceed $0.5 billion. So clearly, this is expected to be a significant contributor to the growth story of the company. But moreover, that is not gonna be the end of it. To reach when the market is gonna be $100 billion, surely there is opportunity for us to go well and beyond that threshold, and we're not gonna lose the opportunity in discussion with our board, to continue to allocate capital in a very aggressive fashion toward this franchise, to make sure that we don't lose what we believe today is our leading position to serve customers in this exciting space. The second one, that is, as exciting as GLP-1, is gene therapies, right? So, this chart on the left gives you a little bit, a flavor. Look, I know that in gene therapy, when they think about Catalent gene therapy, Sarepta comes next. But hopefully, the chart on the left-hand side, that's right, will give you a little bit of a flavor that there is much more in our pipeline. And really, our pipeline is growing as we go through, is expecting to reach an inflection point in the next couple of years, but more importantly, is maturing. Which means that the share of late-stage programs is increasing over the total. Now, this is a very important point for a CDMO like us, because the revenue per program that you can generate is far greater in late stage than it is in early stage, just because of the sheer quantity of clinical material and services that we provide to customers. So not only the pipeline is going up, but it's getting more mature, with more opportunity to extract revenues for each single program that we have. Now, on the right-hand side, global market, summarizing these between AAVs and other viral vectors, you can see that the market is still very much an AAV market, to a large extent. And the percentage of outsourcing in this space is probably the highest that you can see in every space we play into. It reaches levels of 65%-70%, is a pretty high, highly outsourced market. And the Catalent share in the outsourced market overall is pretty sizable, right? So but when you look at this more on the. And this is the overall market share, both early and late. When you zoom in the late, surely Catalent, by all the means, is the biggest CDMO in the, in late stage. And this is fundamentally because, one, we are the only CDMO that was successful in bringing to market two very significant gene therapies, commercial gene therapies, and moreover, because we are the only CDMO that has a commercially approved manufacturing capacity for viral vector production to large scale. So very proud, very excited about the position we built over the years in gene therapies, one that will continue to give us a pretty interesting advantage and a leading position into the future. So let's bring a little bit everything I shared today with you together. So first of all, we have a compelling culture at the company, which puts the patient at the center of everything we do, and really underpins our commitment to operational excellence, quality, and compliance. Second, we have built a world-class platform of premium assets, which are in the right spaces, that have allowed us to expand the addressable market by threefold over the last few years. In each segment we play, if we're in, is to have a leading position, either number one, number two, or number three. And finally, as I look backward in the last twelve months and recognizing some of the challenges that we've seen recently with the company, we have taken on board the task of seeing what happened and improve on it, and we have refreshed our board, done some changes on the leadership team, and refocus the company on shareholder value creation. As we go forward, the company will focus on increasing utilization of assets, return biologics to historical margins, generate healthy levels of free cash flow, and through expansion of our margin, growth of EBITDA, and fresh co- and free cash flow generation, reducing our leverage back to our target level of three times EBITDA. With that, I conclude here my presentation and welcome any question. Hello, can you hear me? There we go. Perfect. Thank you so much for the presentation intro. So first, I just want to touch on 2023. You know, the CDMO industry has been going through a really dynamic year, especially as everyone starts to transition away from COVID projects. There's been cautious spending globally. Large pharma pipeline has kind of been reprioritized, and then there was biotech funding challenges on top of that. But on the other hand, there was also some positive trends. We had discussions around GLP-1s, like you mentioned, you know, some movement on the cell and gene therapy approval side. So can you walk through these dynamics and how that impacted Catalent? And then how do these dynamics set up for 2024 for Catalent as well? Yeah, sure. Look, you know, clearly, we were one of the first companies, just on the back of 2022, calling out some of those, less favorable dynamics that we were facing with, the impact of biotech funding, potentially correction of COVID. Some of it we got to the right extent, some of it was surely, heavier and deeper than what we anticipated. But really, you know, we started the work early to try to address the challenges we were facing and correct, course-correct, the company to, to get back on track. And we are pleased with the progresses that we've done, in these directions, both, you know, curing the overcapacity and underutilization where we had it, specifically in some areas like cell therapies, where surely we had expectation of the market to grow faster than what initially anticipated. Surely, the consumer health business has not been as exciting as we initially expected when we acquired the gummy business, and that's something that we also have addressed. We have announced recently, you know, the difficult decision of closing one of our sites on the West Coast and concentrate all our production in the Midwest, which will give significant boost to our margins in that business and really help our productivity. But I would say also that some of the investments that we deployed during the capacity were starting to bear fruit. So when you think about the level of utilization, our viral vector facility in Baltimore and the operational improvement we were able to deploy during 2023, which were also recognized today by our customer, we are very pleased about the level of productivity and scale-up that we were able to apply there. And look, it's not easy, right? So we need to realize that nobody ever before has produced viral vector at the scale that we are producing in Baltimore, not even close to that. And so we are very proud of the level of productivity and efficiency that we have achieved in the latter part of 2023 in that facility. GLP-1 is been an investment we've done early. Of course, we have an historical relationship with the semaglutide. It's public knowledge in Brussels, but, you know, the effort of bringing these to more facilities across the globe has been a no small feat, and, and again, something that we have deployed a lot of resources, and we made a lot of progresses with. So, as you said, look, it's been a challenging year. Surely, the biotech funding continues to affect the early-stage services that we provide. Again, I'm gonna put myself out for a prediction. I still believe that there will be a few months ahead of us where we're not gonna see much improvement there, but I do believe that, as cost of capital comes back and, maybe some couple of inflection points will happen in the public market with IPOs and so forth. I do expect the second half of the year to get better. So, you know, when you combine these, these biotech funding return and some of the dynamics that I mentioned, that is enough to be positive about what is ahead of us. Great. Maybe following up on that, now that we're halfway through fiscal 2024, can you just talk about your conviction and how you're feeling about your fiscal 2024 revenue and EBITDA guidance? Then how confident are you in being able to really hit that 30% non-COVID biologics growth? I'm gonna defer to my CFO for the question. Matti, do you want to go with that? Sure. We're not going to reiterate guidance here today. I mean, we've given guidance, we gave it in December when we went to the debt markets, and so we feel good about the business. Obviously, the opportunity ahead of us is excellent and you know, there's nothing that would stand in our way. Everything that we talk about is within our control. It's execution within our manufacturing facilities, it's continued rationalization of our workforce where we need to adjust. And we've made those adjustments, and we've publicly announced all those items that we've conducted. With the Alessandro mentioned consumer health. We talked about the cell therapy reductions we've had to right-size the footprint there. So I think you know, we're taking all the right actions, and we're focused on generating free cash flow as well. We upped our guidance, I think, at the end of the first quarter to $100 million plus a year. We continue to focus on our working capital as another area of improvement for us to generate free cash flow. Perfect. And then I wanted to touch on some of the company-specific events that Catalent faced this year. So you know, notably, there were some operational and productivity issues that began earlier this or last calendar year, excuse me. So as a recap, can you really discuss where we're at in terms of the recovery process on the Bloomington, Brussels, and BWI plants? And then are those issues fully resolved, or is there still some working capital to be invested to get those completed? Sure. So look, as I shared, we are very pleased by the progresses we've done in Baltimore. Even more pleased that the customers are publicly recognizing them, as happened this morning. So, really good work from the team there. Again, you know, this is one where we're doing something that is unprecedented, and so succeeding in something that nobody has done before, it's even more rewarding in many ways. I do believe that Brussels is almost there in terms of you know serving customer and receiving a lot of very positive feedback from customers and the way Brussels is operating now and serving them. And again, about Bloomington, the situation was a little bit more complex there. I believe with that, we've done significant progresses there, some work to be done. We never expected that to be 100% there by this time of the year. We said that we're gonna be normalized by the end of the fiscal year, and from where I stand today, I can see that we are fully on track to be there. I believe probably in BWI and Brussels, we've been a little bit better than what we were expecting to be. But you know, even on the rest across the board, you know, we are where we need to be at this point. Got it, that's helpful. And a follow-up on some of these productivity issues. Can you talk about some of the conversations that you've been having with new customers, especially related to the Form 483 s that have come up the last two years? Form 483 s are pretty common across the industry, but specifically just given the prevalence and, you know, some of the high-profile nature of the delays that we're here with Catalent, how has that impacted any of your conversations with new customers? Well, number one, you know, we get Form 483s, the customers do it as well, so it's a reality of our industry. I believe there are technologies where Form 483s tend to be more common than others, right? So sterile fill and finish being surely the place where it is the highest, you know, criticality, rightly so. We're talking about sterile products that get injected directly in the veins of patients. So it's important that, you know, the level of criticality, scrutiny, and expectations are the highest. On the other side of the spectrum, probably you have oral solids, where it's a little bit different. So we, you know, by any statistics, our performance is no different either from our competitors or our customers, to be honest with you. You know, there are many data sources that can prove what I just stated. So, I believe that it's important that when there are these Form 483s, which resolution can sometimes timing-wise impacting you know some some approval process. What the customer want to see that, one, you take it seriously; two, you have a very good response; three, you get on with the response; four, you get a good outcome, and in the shortest time frame. And when you look at what happened in 2023 during the summer, that one of our customers got a CRL in June, and then got the approval in August, I don't believe there are many companies out there that can state that they were able to resolve a situation like that in two months. So again, you know, we need to see the complete picture here. You know, of course, it's never easy when you get this situation and a customer needs to publish a CRL because you got a Form 483 in your facility. We don't plan for it, but, you know, we do the work that is required to address the situation. And when you are on the other side of it, you know, it's good for customers. Again, when you look at the outcome, we have been having our challenges in Brussels two years ago, and yet, you know, GLP-1 is one of our biggest growth drivers. That tells you that out of these situations can come also strengthened relationships with customers if you do it right. Great, that's helpful. And then I wanted to ask on the long-term outlook for Catalent. You know, the prior management team had previously been pointing towards 8%-12% long-term growth. Obviously, a lot of dynamics, the market has really changed since then. But how should we think about the long-term growth profile of Catalent as we return to a more normalized environment? So look, you know, clearly it's, we've been through months and quarters of learnings on some of the spaces, like cell therapies. Surely we have an outlook today, not necessarily a conviction about the space. We continue to be convinced that cell therapy is gonna be a great space for CDMOs in general. It's just the speed of the maturity which we can get there is gonna be different, right? So but the endpoint is gonna be an exciting market. So surely the biotech funding is different what we anticipated. Again, I believe it's gonna normalize. And just let me be clear, being at the same level of pre-pandemic is not enough, right? It has to be higher, because the number of biotech companies out there are much higher than the number of biotech companies we had before the pandemic, just because many more were started during the pandemic, so the level of funding required is much higher. So I look forward to these dynamics to really normalize, and in general, I continue to feel optimistic about the growth of the company. As you can see, the market is expanding, and we have a leading position, so which means that we're gonna continue to at least hold our market share and continue to gain share in some of those spaces. So I believe that when all of these situation will be more stable, it will be more. It will be easier to really quantify them in new ranges. But in general, I continue to believe this to be an exciting growing market with the opportunity to expand margins. Great. And then I wanted to shift over to some specific questions on the biologics segment. So you expect 16% of your fiscal 2024 revenues will come from a gene therapy customer, and that customer currently has an age-restricted label, and regulatory standing beyond that is uncertain at this point. So can you walk us through how is Catalent approaching guidance in this case? Are you following a customer forecast? If so, at what volume scale-up is really assumed in your guidance, and then how much visibility do you have on that? Again, I'll take a breath and allow my CFO to address this. Thanks. So we have a binding forecast, a rolling 6-month forecast, and so we, as a CDMO, abide by that forecast. Over the longer term, we have various scenarios, and I think as what just played out in the market with the FDA, I think it's taken off, you know, an outright, you know, cancellation of that, of that product. So we do believe that there's fundamental growth that's gonna happen. Our forecast is predicated, again, rolling 6- month forecast, and we—i t takes us 9 months -12 months to make that product today. So stuff that we are getting orders today, we're gonna deliver in 9 months -12 months. So there's, to me, the near term is very much set, and we have, as, as I said, it's binding. I think over the longer term, it's a question of what does that label do? Does it get expanded? But we're prepared and ready, and we've got the, you know. We also have the flip side. You know, as we've mentioned, half of that revenue is low margin pass-through revenue, so it doesn't necessarily have a dramatic impact to our earnings. So if you think about, you know, so the different scenarios, you wanna play a downside or an upside, there's opportunities on both sides. We have other business with that gene therapy customer, as well as other customers, that we can backfill and utilize those suites for. The suites are very fungible, and so we can utilize those, that production in our facility to generate different types of revenue as well. Great. Okay, that's really helpful. As a follow-up, that customer also recently submitted an efficacy supplement. So can you give us an update on how your conversations with that specific customer have trended recently? And then, when are they really expecting a decision from the FDA, and how does that process typically work? So look, you know, it would be inappropriate for me to share conversations with every—with a customer or any customer for what it matters. I do believe that specific customer has been pretty open and transparent in terms of sharing their dialogue with the agency and where they stand in their level of conviction around the different scenarios. I just gonna say that our relationship with that customer goes well beyond the 9001. We have more than one asset with them, some of them in adherent processes, some of them in suspension processes. So our collaboration with them goes in many different ways. So we continue to be very happy about the relationship, very excited about it. I do believe that they will continue to be a significant partner of Catalent going forward. But, you know, some of those conversations are not different than what they shared publicly, so I don't believe I can add any value in that. Great. I wanted to follow up on some of the comments that you gave around GLP-1s in the presentation. You've been pretty vocal about how large of an opportunity this is on the long term. Yeah. Can you discuss how much of your current capacity, and then more so how much of your future capacity is already spoken for by GLP-1 drugs? How do you kind of see that trending going forward? Well, you know, when you think about prefilled syringes, I would say that there is a significant share of our current capacity, which is being deployed to GLP-1. And I believe that it's fair to say that almost the entirety of the capacity we're gonna be bringing online in prefilled syringes will be GLP-1 going forward, with some caveats. But the largest part, the lion's share of the capacity we're gonna be bringing online is gonna be GLP-1. And I already shared that when I think about the time frame that I shared before, there will, you know, there will be soon a time where the more than half, or surely the largest part of our fill and finish capacity, will be GLP-1. So it's a big deal for us. Got it. And then I wanted to shift over to the PCH business. So that segment was negatively impacted by macro headwinds this past year, r eally evidenced by some of the softer demand in nutritional supplements and lower prescription product revenues. So are you seeing similar macro-driven headwinds really persist into 2024 so far? And then can you talk about, in general, your visibility in that business? Yeah, sure. Look, you know, PCH was a combination of factor in the previous fiscal year. There were some macro, there were also some delayed approvals of new products. You know, that large segment leaves out of products phasing out and product phasing in, and if these two elements are not necessarily in sync, you can see temporary blips, either of growth above the level that you expect or below the level that you expect. So fiscal year 2023 was very much below the level we would expect from PCH, was essentially flat. Fiscal year 2024 is gonna be higher than what you would expect, or it is mid-single digits, so we're gonna be probably north of it. So in general, I believe the fact that we received all the approved. They were delayed, but they came all the way through 2023. We had more than 12 approvals, which is a lot, when you think about it. So I would say that the prescription business of PCH, when you combine the approvals with the huge demand we have for Zydis, which is driven by the launches we've done in the last few years, great story there. Consumer health is not, the macro has not improved. What has improved for us is the share. So we have disclosed that we won some significant contracts with the large customers, gaining share from competition. So I don't necessarily believe that overall the market has normalized, but for us, we're gonna see growth, because we have gained sharing against the competition. What I do see a little bit of more continued challenge in PCH is in the early stage award, where we are exposed to the same biotech dynamics that we are with biologics, but in PCH, it really mixes up with all the other dynamics. So we continue to be very excited about where PCH is for this fiscal year and the years to come. You know, there is a very exciting pipeline coming to fruition, so with several approvals, so is a, is a good story there. Helpful. Then I wanted to ask about some more broader market trends. Specifically on outsourcing, can you talk about how much you think that CDMO penetration on the outsourcing side has really increased in recent years? And where do you think that could go from an outsource perspective in the next 3 years-5 years? And then, what do you think are really the main drivers of increasing that outsource? Sure. Look, so first of all, there are, as I said, there are spaces like gene therapies that become more way more relevant to us, where the outsourcing is very high. Cell therapies is a, you know, quite a nice outsourcing as well. When you think about Sterile Fill and Finish, there is, you know, because of GLP-1, either insource, outsource, everything will be taken. There is need for capacity anyway. When you think about the dynamic for outsourcing, you know, look, I do believe that this industry is exposed to uncertainty more than ever. You know, when you think about funding, the cost of capital, IRA implications, how you're gonna be thinking about, you know, returns on new drugs, and so on, there is a fair amount of difficulty and uncertainty in modeling out what is the product really gonna make. And so the solution for uncertainty is agility and flexibility. And the way you gain agility and flexibility is to keep your infrastructure light and to use outsourcing. So although, you know, I don't necessarily like the dynamics of some of those things, but from a service provider, I enjoy outsourcing. So for me, the more is uncertain and the more you need to be flexible, the more you are reluctant in deploying capital in fixed asset that they may end up not being used, and the more you can leverage external partners, I like it. So, I believe outsourcing will continue to increase because of these dynamics, and more importantly, will continue to go towards the bigger players, because scale does matter. If there is one leftover from the pandemic, which I believe is more structural, is the fact that after the pandemic, I've seen way more business going to the big players than the small players. So when you combine more outsourcing, importance of scale together, we're gonna see good demand for Catalent. Perfect. And then maybe just last question here as we kind of wrap up, just regarding the strategic review. Are there any updates from that strategic and operational review committee of the board? And then are there any early indications of the expected next steps there, and what type of an update can we expect to hear in the next earnings call? Sure. Look, first of all, let me remind you, it was a strategic and operating review, I guess. So there was a strategic element and operational element, and surely, you know, I do believe that there is recognition from the board and all the parties that Catalent is on the right strategic path, right? As I shared before, we are working in the right spaces with the right assets. Maybe in some spaces, we've been more bullish than we should have been in the past, so we had too much capacity. We had to cure the problem. Absolutely, you know, COVID cliff was is what it was. You know, could have we done with that better? Maybe. Not easy, because $1.3 billion of revenues disappearing in 12 months, not easy to manage for anybody, on a base of five. So I just believe, you know, it has been what it's been. I believe that the focus was really on the operating piece out of the gate and try to refocus the company in gaining the operational excellence, rhythm, and the quarterly reliability that is always there. And I do believe that we made a good progress. I do believe that the committee— If you would ask the committee today here, they would tell you that they give us a pretty good grade in terms of how we have improved on that front. On the strategic review, look, of course, there are opportunities for us to get smarter and on our strategy, and really, you know, I believe that the next focus point is, you know, rebuilding the capital structure of the company so that we can be, again, successful in deploying capital to continue to expand our ecosystem. I believe there are several ways to do that. We are not in a rush because our CFO is doing a fantastic job in giving us liquidity for the short term. So we're gonna take our time to make sure that we evaluate all the available options and to choose the best one for our shareholders and for all our stakeholders. Perfect. With that, unfortunately, we are out of time. No, thank you. Thank you so much for joining us. Thank you so much.