Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $4.2 billion, a decrease of 5% compared to Q4 2023. Excluding a one-time payment from Sanofi, revenue increased by 7% [41][42] - Adjusted EBITDA for the year was $4.8 billion, up 9%, and non-GAAP EPS was $2.49, up 10% [9][39] - Free cash flow increased by 10% to $2.1 billion, and net debt to EBITDA ratio improved to approximately 3 times [9][50] Business Line Data and Key Metrics Changes - The Innovative business grew significantly, with AUSTEDO up 36% to nearly $1.7 billion, AJOVY up 18% to over $500 million, and Uceti reaching $117 million, exceeding guidance [10][12][14] - The Generics business saw an 11% increase, totaling approximately $9.5 billion, while the API business grew by 3% [10][20] Market Data and Key Metrics Changes - The U.S. market for AUSTEDO showed a 34% growth, contributing significantly to the overall performance [11] - International markets delivered a 15% growth, while Europe experienced mid-single-digit growth [22] Company Strategy and Development Direction - The company is focused on its "Pivot to Growth" strategy, which includes four pillars: delivering on growth engines, stepping up innovation, creating a sustainable generics powerhouse, and focusing the business [5][4] - Plans for 2025 include launching seven biosimilars in the U.S. and four in Europe, alongside a commitment to improve operational efficiency [19][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 5% CAGR by 2027, citing strong growth in innovative products and a return to growth in the generics business [8][51] - The company is mindful of industry dynamics, including the Inflation Reduction Act's impact on the U.S. market, and is adjusting its financial guidance accordingly [54][56] Other Important Information - The company received a one-time payment of $500 million from Sanofi in Q4 2023, which positively impacted revenue and adjusted EBITDA [40] - Credit ratings agencies have upgraded the company's ratings, reflecting improved growth prospects and a strengthened balance sheet [51] Q&A Session Summary Question: What is the EBITDA trajectory going forward? - Management indicated that the partnership with Sanofi involves a 50-50 share of operational expenses, which will support the Duvequito program. They aim to grow EBITDA while investing in key areas [64][66] Question: Can you clarify the guidance for AUSTEDO and the impact of the IRA? - Management acknowledged that the IRA redesign affects AUSTEDO and noted that while they expect strong prescription growth, they must navigate the immediate impacts of the redesign [80][82] Question: How will the company address the loss of Revlimid sales? - Management plans to offset Revlimid's decline with new product launches, including 16 complex generics and several biosimilars, while maintaining growth in the innovative business [94][96] Question: Any updates on the lawsuit against CMS? - Management stated they cannot provide specific details due to ongoing litigation but will share updates as they become available [97]