Ladies and gentlemen, thank you for standing by and welcome to the fourth quarter 2015 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time. As a reminder, this conference is being recorded. I'd now like to turn the conference over to our host, Dr. John Lechleiter. Please go ahead.
John C. Lechleiter - Chairman, President & Chief Executive Officer: Good morning, everybody, and thanks for joining us for Eli Lilly and Company's fourth quarter 2015 earnings call. I'm John Lechleiter, Lilly's Chairman, President, and CEO. Joining me here on the call today are: Derica Rice, our Chief Financial Officer; Dr. Jan Lundberg, President of Lilly Research Laboratories; Sue Mahony, President of Lilly Oncology; Enrique Conterno, President of Lilly Diabetes; Dave Ricks, President of Lilly Bio-Medicines; Chito Zulueta, President of Emerging Markets; Jeff Simmons, President of Elanco Animal Health; and Ilissa Rassner, Brad Robling, and Phil Johnson of Lilly's IR team. During this conference call, we anticipate making projections and forward-looking statements based on our current expectations. Our actual results could differ materially due to a number of factors, including those listed on slide 3 and those outlined in our latest Forms 10-K and 10-Q filed with the SEC. The information we provide about our products and pipeline is for the benefit of the investment community. It's not intended to be promotional and is not sufficient for prescribing decisions. So let me begin by recapping key events since our last earnings call in October. On the commercial front, we have received approval for and launched Portrazza in combination with gemcitabine and cisplatin in the United States for first-line squamous non-small-cell lung cancer. On the regulatory front, just last week, along with Incyte, we announced FDA submission of once-daily baricitinib for the treatment of moderately to severely active rheumatoid arthritis. We also submitted baricitinib to the European Medicines Agency for the same indication. Along with Boehringer Ingelheim, we received final U.S. approval for our insulin glargine product, Basaglar, with launch set for December 15 this year. We also submitted an 80-unit Basaglar pen for FDA review. We announced that FDA accepted the filing of data from EMPA-REG OUTCOME, the Jardiance cardiovascular outcomes trial. The data were also submitted to European regulators. As you may recall, Jardiance is the only diabetes medicine to have demonstrated a significant reduction in both cardiovascular risk and cardiovascular death in a dedicated outcomes trial. And finally, we submitted the fixed-dose combination tablet containing empagliflozin and linagliptin to European regulators. We also received FDA approval for the Humulin Regular U-500 KwikPen. We received European Commission approval following positive CHMP [Committee for Medicinal Products for Human Use] recommendations for Cyramza for both second-line non-small-cell lung cancer and second-line metastatic colorectal cancer. And Europe's CHMP issued a positive recommendation for approval of Portrazza in first-line EGFR-expressing squamous non-small-cell lung cancer. On the clinical front, we had a number of notable developments. Along with Boehringer Ingelheim, we presented additional data from the EMPA-REG OUTCOME study. At the American Society of Nephrology, initial renal outcomes data were presented that showed empagliflozin, when used in addition to standard of care, significantly improved renal outcomes compared to standard of care alone. And we expect more comprehensive renal results to be published in a peer-reviewed scientific journal this year. And at the American Heart Association, further data related to the reduction of heart failure and cardiovascular death were presented. And earlier this week, European Heart Journal published comprehensive heart failure results. At the World Diabetes Congress, we presented data from the AWARD-8 study showing that treatment with Trulicity plus a sulfonylurea produced greater reductions in HbA1c than treatment with a sulfonylurea alone. Along with Incyte, we presented data at the ACR [American College of Rheumatology] meeting from the baricitinib Phase 3 rheumatoid arthritis program, including data from the RA-BEGIN study that showed baricitinib was superior to methotrexate in improving multiple measures of the signs and symptoms of RA in treatment-naive patients, and data from the RA-BEAM study that showed baricitinib was superior to adalimumab in improving multiple measures of the signs and symptoms of RA in patients who had an inadequate response to methotrexate. At the ACR annual meeting, we presented data from the Phase 3 SPIRIT-P1 ixekizumab study showing that patients with active psoriatic arthritis treated with ixekizumab for 24 weeks achieved significant improvements in signs and symptoms of their disease when compared to placebo. They also experienced significantly less progression of radiographic structural joint damage, reduced disability when performing certain physical functions, and improved skin clearance of plaque psoriasis. Finally, we terminated the development of basal insulin peglispro. On the business development front, we extended our agreement with Merck to evaluate Alimta in combination with Keytruda in a Phase 3 study in first-line non-squamous non-small cell lung cancer. We also announced a collaboration with Merck to evaluate our CDK-4 and CDK-6 inhibitor, abemaciclib, in combination with Keytruda in multiple tumor types. And we announced an agreement with Roche Diagnostics related to Roche's ongoing development of a commercially scalable cerebralspinal fluid assay for amyloid-beta 1-42. In other news, we announced an expansion of our R&D facilities here in Indianapolis. We also announced that we will close our Animal Health manufacturing facility in Sligo, Ireland. Manufacturing operations and commercialization activity will conclude this quarter, with full closure targeted by year-end. As a result of this decision, the company will recognize a charge in the first quarter of approximately $100 million. In addition, we decided to exit ownership of our Animal Health manufacturing site in Dundee, Scotland. In the fourth quarter we repurchased roughly $250 million of stock, leaving $2.95 billion remaining on our $5 billion plan. In addition, during the fourth quarter we distributed over $500 million to shareholders via our dividend. And in December we announced a 2% increase in the dividend for 2016. We remain committed to providing a robust dividend and to returning excess cash to shareholders via share repurchase. Now I'll turn the call over to Phil for a discussion of our financial performance for the quarter. Phil?
Philip L. Johnson - Vice President, Investor Relations, Eli Lilly & Co.: Thanks, John. Before I discuss our Q4 results, it may be helpful to review key features of our presentation of GAAP results and non-GAAP measures. When interpreting our GAAP results and the growth rates versus 2014, keep in mind that 2014 does not include Novartis Animal Health, while 2015 includes the operating results of this business as well as all the costs associated with the acquisition. For our non-GAAP measures, we now exclude amortization of intangibles. And to provide you a better idea of underlying trends in our business, we've adjusted our non-GAAP measures for 2014 to exclude the expense associated with amortization of intangibles and to include Novartis Animal Health as if we had closed the acquisition on January 1, 2014. This places 2014 on the same basis upon which we are reporting our financials this year. Now let's look at our results for the quarter. Slide 9 provides a summary of our GAAP results. I'll focus my comments on our non-GAAP adjusted measures to provide insights into the underlying trends in our business. So please refer to today's earnings release for a detailed description of the year-on-year changes in our fourth quarter reported results. Moving to slide 10, you can see that Q4 2015 revenue was relatively flat compared to Q4 of 2014 at just under $5.4 billion. FX continued to provide a significant top line headwind. Excluding FX, our Q4 revenue increased 5% on a non-GAAP basis, driven by higher volume for Trulicity, Cyramza, Humalog, and Trajenta, the takeback of North American rights for Erbitux, and U.S. prices. Gross margin as a percent of revenue increased 1 percentage point to 77.3%. This increase was driven by productivity improvements from our diabetes manufacturing technical agenda, efficiencies in other manufacturing processes, and increased prices in the U.S. This quarter the gross margin percent was not affected by changes in foreign exchange rates on international inventories sold, as the benefit realized in this year's Q4 was very similar to that realized in Q4 last year. Excluding this FX effect, our gross margin percent increased by 1 percentage point, going from 74.7% in last year's quarter to 75.7% this quarter. As on prior calls, you'll find a supplementary slide providing our gross margin percent for the last 10 quarters with and without this FX effect. Total operating expense, defined as the sum of R&D and SG&A, increased 5% compared to Q4 of 2014. Breaking this into its component parts, marketing, selling and administrative expenses declined 3%, while research and development expenses increased 19%. The reduction in marketing, selling and administrative expenses was due to the favorable impact of foreign exchange rates and continued expense control, partially offset by expenses to support recent product launches. The increase in R&D expense was driven primarily by charges associated with the termination of evacetrapib and basal insulin peglispro and by higher late-stage clinical development costs. Excluding the termination charges, R&D expense increased 8%. Other income and expense was income of $45 million this quarter. This represents an improvement of $33 million compared to Q4 2014, primarily due to lower net interest expense. Our tax rate was 13.5%, a decrease of 2.9 percentage points compared to the same quarter last year. This decrease is primarily due to a discrete tax benefit recognized this quarter. Also, our tax rate in both periods included the full-year benefit of the extension of certain U.S. tax provisions, including the R&D tax credit. At the bottom line, net income decreased 6% and earnings per share decreased 5%. As I'll discuss in a few moments, net income and EPS actually increased when excluding the effect of FX. And R&D termination charges mentioned earlier were also a headwind. Slide 11 contains non-GAAP adjusted information for the full year. At a high level, you'll see that full-year revenue decreased 4%, as did operating expenses, and the gross margin percent grew substantially, leading to a double-digit EPS growth. As with the quarter, FX was a big factor on a number of line items. In a few moments I'll cover our full-year results on a performance basis excluding the effect of foreign exchange. Slide 12 provides a reconciliation between reported and non-GAAP EPS, and you'll find additional details on these adjustments on slides 24 and 25. Now let's take a look at the effect of price, rate, and volume on Q4 revenue growth. On slide 13 in the yellow box at the bottom of the page, you'll see the flat non-GAAP revenue I mentioned earlier. The significant strengthening of the U.S. dollar against many foreign currencies drove this decline, as you see the 6% negative effect from FX this quarter. On a performance basis, our worldwide revenue grew 5% this quarter, with price growth of 3 percentage points and volume growth of 2 percentage points. By geography, you'll note that U.S. pharma revenue increased 14%, driven by price and to a lesser extent volume. Humalog, Trulicity, Cialis, Cyramza, and Strattera all made substantial contributions to U.S. pharma revenue growth. Having completed the takeback of North American rights for Erbitux on October 1, we also benefited from booking a full quarter's end sales of Erbitux. The decline in EuCan revenue of 17% was primarily driven by the negative effect of foreign exchange, while on a constant currency or performance basis, EuCan revenue decreased 6%. This decrease was driven by a substantial reduction in European Cymbalta sales resulting from the loss of data-package exclusivity late in 2014. Excluding European Cymbalta, EuCan sales increased about 3.5% in constant currency terms. In Japan, pharma revenue increased 8% in total, driven by mid-teens volume growth, while on a constant currency or performance basis, Japan revenue increased 16%. This performance growth is attributable to a number of products, chief among them Cyramza and Cymbalta. Turning to emerging markets, we saw revenue decline 12%, driven entirely by the negative effect of FX. On a performance basis, emerging markets revenue increased 1%, or 4% when adjusting for the Brazil Humulin tender that we had in 2014 but not in 2015. Also this quarter, our pharma revenue in China increased 2%, with a volume increase of 5%, partially offset by FX. On a non-GAAP basis, again, which adjusts 2014 as if we had completed the Novartis Animal Health acquisition on January 1 of that year, Elanco Animal Health revenue declined 11%. Excluding the negative effect of foreign exchange, Elanco revenue decreased 5%. This performance decrease was primarily driven by OUS products. Turning to slide 14, you can see that FX trimmed full-year non-GAAP revenue growth by 7 percentage points, or nearly $1.5 billion. Excluding FX, worldwide revenue grew 4%, primarily driven by volume, with significant contributions from the U.S. and Japan. Moving to slide 15, you'll see the effect of changes in foreign exchange rates on our Q4 and full-year 2015 results. As mentioned earlier, this quarter FX was a top line headwind, reducing revenue in U.S. dollars by over five percentage points. Excluding FX, revenue grew nearly 5.5% on a non-GAAP basis. In performance terms, we saw slightly slower growth in cost of sales, resulting in somewhat faster growth in gross margin. Unlike prior quarters this year, operating expenses grew a bit faster than revenue on a performance basis this quarter. Much of the OpEx increase is due to the R&D charges for the termination of evacetrapib and basal insulin peglispro. Excluding these charges, on a performance basis, non-GAAP OpEx grew about 4%, or roughly 125 basis points slower than revenue. Excluding FX, operating income declined 2%, while slightly higher other income and a slightly lower tax rate led to non-GAAP EPS increasing 5%. Turning to the full year, we delivered strong leverage on an operating basis. Excluding the negative effect of foreign exchange, revenue grew 4% on a non-GAAP basis, while our operating expenses were flat, and EPS increased 14%. These are outstanding results. And with that, now let me turn the call over to Derica.
Derica W. Rice - Chief Financial Officer & EVP-Global Services: Thanks, Phil. Moving on to our pipeline update, slide 16 shows our pipeline as of January 25. Changes since our last earnings call are highlighted, with green arrows showing progression and red arrows showing movement out of the portfolio. In terms of advancement, you'll see that necitumumab was approved by the U.S. FDA for first-line squamous non-small-cell lung cancer. Baricitinib was submitted in both the U.S. and Europe for RA, and we advanced two biologics and one small molecule into Phase 2, and three biologics began Phase 1 testing. Since our last update, we also terminated development of basal insulin peglispro. And two Phase 2 molecules exited our portfolio, one for termination and one for out-licensing. You may also have noticed that we provided the mechanism of action for a number of our Phase 1 assets to give you better visibility into where we are focusing our early-stage development work. The positive pipeline progress we've had over the past few years has brought a number of significant opportunities for lifecycle investments in new indications and line extensions. Going forward, we'll be including a slide like slide 17 in today's presentation that details select new indications and line extensions, or NILEX, including movement and attrition as we do for our NME pipeline. We hope this provides you and the investment community with greater visibility into the future potential of our pipeline investments. As on prior calls, I'll recap the progress we've made on the key events we projected for 2015, briefly discuss the key events you should monitor during 2016, and then review our 2016 financial guidance. Turning to slide 18, we're pleased with the positive progress we've made on the key events we laid out for 2015. This progress is represented by the large number of green checkmarks you see. In yellow boxes we've highlighted key events that have occurred since our last earnings call. We've already discussed many of these earlier in this call. So let me draw your attention to olaratumab, for which we've initiated our FDA rolling submission. We expect to complete the submission during the first half of the year. Now reflecting on 2015, it was a landmark year for our innovation efforts. Among the year's achievements, I'd highlight: the reduction in CV risk, CV death, and all-cause mortality shown by Jardiance in the EMPA-REG OUTCOME study; baricitinib showing superiority to Humira and to methotrexate on many measures of the signs and symptoms of RA; and both olaratumab and abemaciclib receiving Breakthrough Therapy designation from the FDA. Slide 19 lists key events to watch for in 2016, and we'll update this list on each of our quarterly calls to help you monitor our progress. Since I discussed this list in detail on our January 5 call, I won't go through each item again today. However, I do want to draw your attention to those key events that occurred in the past few weeks. Specifically, we began Phase 3 testing of our CGRP monoclonal antibody for migraine prevention, and we submitted baricitinib for rheumatoid arthritis in both the U.S. and Europe. In the coming months, we look forward to submitting baricitinib also to the Japanese regulators. We are very pleased with the data generated in the baricitinib Phase 3 RA program. We believe baricitinib, if approved, could be best-in-class medicine and could help improve outcomes for patients living with RA. Now turning to our 2016 financial guidance, we are reconfirming the non-GAAP guidance we provided just a few weeks ago on January 5. We are, however, updating our GAAP guidance to reflect the decision to close our Animal Health manufacturing facility in Sligo, Ireland. Consequently, our GAAP tax rate guidance has been raised by 50 basis points to roughly 21%, and our GAAP EPS guidance range has been lowered to a range of $2.83 to $2.93. In summary, 2015 was a strong year, both for our underlying financial performance and for continued positive movement of our pipeline. On a non-GAAP basis, excluding FX, we drove revenue growth of 4%, with growing contributions from recently launched products. On this same basis, our focus on improving productivity resulted in flat operating expenses compared to 2014, which drove 14% EPS growth. We have strong momentum behind our innovation-based strategy. Continued execution of this strategy should position us to drive revenue growth and expand margins throughout the balance of this decade and make major contributions to medical progress. In 2015, we've made steady progress against our strategic objectives, driving revenue growth, expanding margins, sustaining the flow of innovation, and deploying capital to create value. As reflected in our 2016 financial guidance and the key events on tap for the year, we expect to make continued progress against each of these goals this year as well. We entered this post-patent period in a position of strength, with launches underway and important science being done in our labs. And we are very optimistic about the opportunity before us to improve patient lives and create value for shareholders. Now this concludes our prepared remarks. I'll now turn the call over to Phil to moderate our Q&A session. Okay, Phil.
Philip L. Johnson - Vice President, Investor Relations, Eli Lilly & Co.: Thank you, Derica. And based on feedback we received on the last couple of calls, those of you who are in the Q&A queue, if you could, please limit your questions to two or a single two-part question. And we'll rapidly go through as quickly as we can the questions and hopefully exhaust the queue during the Q&A time. So with that, Val, if you can, please provide the instructions to the callers for the Q&A session, and then we can go to the first caller, please.
