Good morning. My name is Holly, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Perrigo's Calendar 2015 Fourth Quarter Earnings Results Conference Call. All lines have been muted to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. I'll now turn today's conference over to Art Shannon, Vice President of Corporate Affairs and European Investor Relations. Please go ahead, sir.

Welcome to – thank you, Holly. Welcome to Perrigo's fourth quarter and calendar 2015 earnings conference call. I hope you all had a chance to review our press release which we issued earlier this morning. A copy of the release is available on our website, and also on the website is the slide presentation for this call. Before we proceed with the call, I'd like to remind everyone that during this call, management will make certain forward-looking statements. Please refer to the important information for investors and shareholders and Safe Harbor language regarding these statements in our press release issued this morning. In addition, in the appendix for today's presentation, we have provided reconciliations for all non-GAAP financial measures presented. I'd also like to note that calendar year data for 2015 was derived from the company's audited results for the six-month period ended December 31, 2015 and unaudited results for the fiscal quarters ended March 28, 2015 and June 27, 2015. Calendar year data for 2014 was derived from the company's unaudited results for the fiscal quarters ended March 29, 2014, June 28, 2014, September 27, 2014 and December 27, 2014. Following management's review of the presentation, we'll open up the call for questions. I'd now like to turn the call over to Perrigo's Chairman and CEO, Joe Papa. Joseph C. Papa - Chairman & Chief Executive Officer: Thank you, Art, and welcome everyone to Perrigo's Fourth Quarter and Calendar Year 2015 Earnings Conference Call. Joining me today is Judy Brown, Perrigo's Executive Vice President and Chief Financial Officer. Now here's the agenda for today's call. First, I will walk through some of the key financial highlights for calendar 2015, then I'll highlight the advantages of our focus strategy within our consumer-facing OTC global platform, which, when coupled with the…

And, Holly, can you please that we keep it to one question per analyst. Thank you.

Our first question will come from the line of Elliot Wilbur with Raymond James.

Thanks. Good morning. Sure there'll be a lot of question on BCH, or maybe I'll actually start off and ask a question on the Rx generics segment. Judy, if you have the numbers available, could you give us a sense of what the full year contribution was from new products versus decline in the base? Just looking at fourth quarter and it looks like there was about a 10% rate of decline in the base, which maybe seems a little bit higher than average, which kind of leads me into part of my question here. It just seems like at the margin, certain segments within the generic area are seeing more pricing erosion, particularly dermatologics, and just kind of wondering how you're thinking about potential headwinds there in terms of accelerated pricing erosion in 2016. Obviously, it's been a very strong tailwind the past couple of years. Thanks. Joseph C. Papa - Chairman & Chief Executive Officer: Judy, why don't you take the first part of it and I'll take that latter part. Judy L. Brown - Chief Financial Officer & Executive Vice President: So were you to go through and accumulate the comments we made each quarter throughout calendar 2015 on new products in Rx, new product contributed approximately $121 million over the course of those four quarters. And pricing wise, we did see some pressure, give or take, in the total portfolio over the course of the year, approximately 1%. Joseph C. Papa - Chairman & Chief Executive Officer: And the latter part of your question really talks about the pricing dynamics and what we're thinking about and looking at for the future. And I'd say the following. Are there some incremental product competition that we're going to face? The answer is yes. However, what we've tried to do at the Perrigo Group is not just stay focused only on dermatology, as you know, we've moved into what I would refer to as extended topicals. So those are things beyond just certainly dermatology, but respiratory, nasal, ophthalmic. And with those product categories, for example, at the end of the year, we'll launch our ProAir product in terms of a metered dose inhaler for respiratory, those are the things that are giving us great strength in our Rx category. And as we believe, that will give us a very high gross margin and operating margin, certainly as we think about the 2016 and beyond. So we like what we see in terms of our ability to launch these new products and what they mean for gross margin and operating margin.

And our next question will come from the line of Louise Chen with Guggenheim.

Hi. Thanks for taking my question. Wanted to dig into a little bit more on BCH. And curious on two things here. Number one, as you mentioned, you did give guidance in January, so curious, when did you actually see a change relative to your expectations on the top end of the range? And then secondly, just curious how much, if any, of the lower sales in Omega than you had originally forecasted were results of Perrigo spending more time defending itself against the hostile last year, or if it was something else? Thank you. Joseph C. Papa - Chairman & Chief Executive Officer: Okay. On the first question, on the question of when did we become aware of some of the challenges with the BCH business. It was really in the middle of January as we were consolidating our business doing the close. Really, it wasn't till that middle part of January that we became aware of some of the issues specifically with the BCH business. Now there's clearly – you get some revenue numbers ahead of time – but you don't get to the full bottom line and the consolidated income as a company until we close out our full auditing process and look at everything. So it was really very late in the January timeframe as we looked at the full consolidated part of it. The second part with the Branded Consumer Healthcare and it was relative to the Mylan question, I think, if I recall?

Yes. Yes. That's correct, yeah. Joseph C. Papa - Chairman & Chief Executive Officer: So there's no doubt that the events that occurred when we closed the Omega or Branded Consumer Healthcare transaction on March 30, 2015 and followed by a hostile attempt at a takeover starting in around April 8. Did that cause some challenges for us as we focused on the business? Yeah, it did. I mean did – clearly, you see though through that time period, the latter half of 2015, we had strong business performance in our Rx team. We had strong business performance in our OTC or store brand business. As we are trying to put resources towards Branded Consumer Healthcare, there were some challenges, and as I said, it's a personal disappointment but clearly it's something we know we can fix. And we're going to take every effort that we can go forward and put the initiatives that I outlined before by improving the sales and operation planning, improving the financial planning analysis, making the globalized supply chain, things that we know how to do because they fit right into what Perrigo does really well. So we'll take that on and get that focused and get that righted, but make no mistake, we still believe this was a great opportunity for us. It was an opportunity to move our business from competing in six countries around the world to 39 countries. So we are really excited about what that means for our future and continue to be very excited about the Omega business. Operator, next question?

Your next question will come from the line of Marc Goodman with UBS.

Joe, good morning. You went through some of the changes that you're going to do with the Omega business. They all seem like blocking and tackling issues, I mean things that I guess we'd expected you to do kind of from day one. Why not take these actions earlier with this basically, we bought a company, it was functioning well, let's not fix it, it's everything's operating well, then all of a sudden it just started to slow? Or maybe you can give us a flavor for that. And I'm sorry, I have a second question, which is the Rx sales guidance, seems like $1.2 billion-ish or something, you had guided for a higher number than that before, and now you've made some recent acquisitions. I'm guess I'm curious what's changed to offset the acquisitions such that the guidance changed so much in that business? Thanks. Joseph C. Papa - Chairman & Chief Executive Officer: Okay. Let's start out on the first part of your question, Branded Consumer Healthcare, question of the timing of any changes. I think that you said it well. We acquired what we thought is clearly a great business and we continue to believe it is a great business. As we found though, there's some things that happened in a – it's a private company and some things in private companies we think we can improve on. Basically as we think about the Perrigo process that we go through, whether it be the sales forecasting, the supply chain integration on all the things that we do really well, the financial planning and analysis, all those things are process things that we can do better. And clearly, that was why, when I made my comments, it was partially on the people side, partially on the process side…

Your next question is going to come from the line of David Risinger with Morgan Stanley. David R. Risinger - Morgan Stanley & Co. LLC: Yes. Thank you. So my question is related to Branded Consumer. Could you just talk about the management changes there and the leadership changes? And just explain how that structure is evolving and whether the leadership that was running the business a few months ago is still in place or how that's been altered. Thank you. Joseph C. Papa - Chairman & Chief Executive Officer: Sure, David. Yeah, the people side of our changes are really a couple of different factors. Number one, the management of the Omega business, or Branded Consumer Healthcare, was led by an executive committee of three individuals. Two of those three individuals are still with us right now; however, we are going to expand the size of that executive committee to a larger executive committee. One of the individuals has departed from the company. Relative – so we're going to expand the size of the executive committee to just make sure we have more inputs into the process. As I said, in addition, we'll have John Hendrickson, our Perrigo President of the business, to go over there and help them with some of the issues and opportunities to improve the functional or process opportunities. Final comment on the people side of it would be simply related to some of the restructuring that we're planning to do in a couple of the key markets, specifically country markets that we're planning on. But that's really the full extent of it. And then final comment is just simply on the people side. I clearly expect to devote some significant attention to this business over the next six months to 12 months from a personal point of view for me too. David R. Risinger - Morgan Stanley & Co. LLC: Thank you. Joseph C. Papa - Chairman & Chief Executive Officer: Operator, next question?

Your next question will come from the line of Chris Schott with JPMorgan.

Great. Thanks very much. Just on BCH, how long are you anticipating until these initiatives take hold and we should see improved growth trends? I'm just trying to get a handle on what the near-term outlook for BCH looks like. And then there's a second question on this, just on margins for that division as well. I know you talked about some quarterly spend dynamics, but just where should we think about the BCH margins for the year? And what's the longer term range we should think about for margins for this business? Thanks very much. Joseph C. Papa - Chairman & Chief Executive Officer: Sure. Well, Judy, I'll take the first part of the question of how long some of this will take and then you could take that margin question. On the initiatives that we have in mind, I just was going to remind everyone it's all about people, processes and products. Some of the people things, those can happen very quickly and are in place and happening as we speak. So people are underway. There is some restructuring. As with any restructuring, it takes a certain amount of time to do that. I would say that the improvement on process is really, by definition, a longer timeframe. As you put in a new sales and operation planning process and as you put a new financial planning and analysis process, as you integrate the supply chain, some of those things just take a little bit longer in terms of timeframe. Having said that, though, we continue to believe that from the product point of view, they're launching – the Omega team or Branded Consumer Healthcare team is launching a number of important products. We do believe with the addition of the GSK products that I mentioned, from the…

And your next question will come from the line of Gregg Gilbert with Deutsche Bank.

Thanks. I'll keep it to one maybe philosophical question. Joe, to the extent there's a crisis of confidence here – hopefully a short term one after stiff-arming Mylan, lowering your outlook and having significant structural issues with your latest deal – maybe you could talk about how aggressive the company, or maybe more appropriately the board, is prepared to be in allocating capital for buybacks as opposed to additional M&A. Of course, in parallel with you getting operations back on track. Thanks. Joseph C. Papa - Chairman & Chief Executive Officer: Well, let me – I've got to take your question into pieces, Gregg. I mean, on the question of, is there some challenges we have with our Branded Consumer Healthcare business, the answer is yes. And that's some things that I mentioned, Judy mentioned, and we're going to take that on. And we feel absolutely confident we will overcome those challenges. And clearly, we still believe this is a great business opportunity for us. As I said, it took us from competing in six countries around the world to 39. We think that expansion in geographic footprint is very, very important to us for the future. So on that question, yeah, there's some challenges that we're going to work our way through but it's nothing that we haven't experienced before. And the good news is that many of the things that we need to get improved are things that we think Perrigo does very well in terms of our world-class approach to the supply chain, the world-class approach to what we plan to do with just our sales forecasting and optimization. Remember, we manage over somewhere around 20,000 SKUs from a sales and operations planning point of view from forecasting. So, we believe that those things are things that…

The next question will come from the line of Linda Bolton with B. Riley. Linda Bolton Weiser - B. Riley & Co. LLC: Hi. Just first like a small kind of housekeeping thing, I guess. Judy, when you talked about new products in BCH, you said it was $65 million including acquisitions. So does the $400 million of new product sales for 2016 include acquisitions? So could you just clarify that? And then secondly, on a bigger picture, in terms of the restructuring and cost savings you had outlined when you were fighting the hostile takeover, my understanding was a lot of that was actually taking place in the U.S. business and that you had a specific targeted amount of savings for 2016. Can you remind us what all that is? Is that getting lost in the shuffle or are you still pursuing those savings? And will you be reporting on how much of those restructuring savings you'll be getting each quarter as we progress through 2016 so we can monitor progress? Thanks. Judy L. Brown - Chief Financial Officer & Executive Vice President: Sure. This is a JV section. So let me first off comment on the BCH question, new products. You are spot on that for the first time ever, there was a mixture in that comment, $65 million of new products, which included Yokebe and GSK acquired products. It's an anomaly here because we have an acquisition in a period where we don't have a comparable to last year. So, the acquired products were approximately half of that $65 million and the new products that the BCH team deemed as new in their calendar year, in the normal kind of metrics that we would use here in the company as launching something within the first 12 months,…

Your next question will come from the line of Douglas Tsao with Barclays.

Hi. Good morning. Thanks for taking the questions. Just maybe turning to the Consumer Healthcare business. Judy, if we look at the 45% guidance relative to – percentage of sales for Consumer Healthcare relative to the sort of consolidated revenue guidance for the company, it sort of implies Consumer Healthcare to be sort of down a touch relative to this year. Given the progress we've seen in the last couple quarters, it's a little surprising to me. Just curious if we're sort of interpreting that the right way. Judy L. Brown - Chief Financial Officer & Executive Vice President: So I'm looking at my Consumer Healthcare segment-specific information, and we definitely have Consumer Healthcare growing in 2016. There we do generally break out revenues for you in total, 45%-25%-20%, but these are approximates. So what I can tell you is that within our own breakdown segment by segment, we see the Consumer Healthcare business continuing to grow, and both on the sales and on the operating income line for the full year. So remember, those breakdowns in order to give you a feel for how the business is progressing, those items presented on page 25, again, are approximates, just to give you the continued information that our consumer-facing business continues to generate approximately 7% of our expected sales.

Okay. Great. Thank you very much. That's helpful clarity. Joseph C. Papa - Chairman & Chief Executive Officer: Yes. But to be clear, the only thing I'd add – I think Judy said it exactly right – the only thing I'd add is that we continue to look at our business in terms of growing the consumer-facing business in that 5% to 10% range. I mean, that's what our mindset continues to be as a company.

And your next question will come from the line of Annabel Samimy with Stifel. Annabel Samimy - Stifel, Nicolaus & Co., Inc.: Hi. Thanks for taking my question. I know there's been a lot of discussion about BCH, but within generics, even though it's at the highest level ever, the growth seemed to slow pretty meaningfully. So you already talked about price erosion. I guess I want to gauge your confidence about the new product introductions outside of the Entocort and Retin-A programs, and how do you feel about the base business? How confident do you feel about the other product introductions within the group, as well as any competition on the horizon that could erode your product opportunities of the base business? Thanks. Joseph C. Papa - Chairman & Chief Executive Officer: So let me start with your first kind of assumption. It is correct. We did expect the generic Rx business to slow down. The reason expected it to slow down was because at the end of 2014, we launched a very significant new product, it was the Androgel 1% or testosterone 1% gel. That was a very important launch for us and one which did incredibly well. We were the only company out there with a generic equivalent to the 1%, so therefore this was all things that we expected. We always knew the comp for the year-over-year was going to be significant for the fourth quarter, and all of that has transpired exactly as what was stated. I remind you, as Judy was talking about, the opportunities in our Rx business, one of the things we've mentioned was the opportunity to launch a generic equivalent of ProAir. That generic equivalent is, we think, a very exciting opportunity. To our knowledge, no one else has even challenged…

And your next question will come from the line of Tim Chiang with BTIG.

Hi, Joe. You talked a little bit about – at least you highlighted the over-the-counter Flonase product to launch in 2016. Could you talk a little bit about what your expectations for the timing of the launch is and sort of how significant you think that product could be here in the states this year? Joseph C. Papa - Chairman & Chief Executive Officer: Sure. Well, it's currently at the FDA. So we have to await FDA's approval process. But do I believe that the Flonase product will happen sometime in the next 30 days to 90 days, I think that that is a very reasonable assumption. I obviously can't guarantee anything. It's up to the FDA to make their decision. But I do think that somewhere in that next 30 days to 90 days that we'll see the introduction of a store brand private label of Flonase. On the question of the opportunity, we think Flonase is doing very well so far in terms of the brand. You see a lot of advertising for it, a lot of promotion for it. They're doing very well with it. Our expectation is that there is a significant store brand opportunity. It's, ball park, it's on track for $300 million for Flonase and rising as a brand. So we think the store brand opportunity is significant.

Okay. Great. Thanks. Joseph C. Papa - Chairman & Chief Executive Officer: Thank you. Operator, next question.

Your next question will come from the line of Jami Rubin with Goldman Sachs. Jami Rubin - Goldman Sachs & Co.: Thank you. Joe, Perrigo's business model has become increasingly dependent on M&A for growth. And even you are spending more of your time with external business development activities. Does this experience with Omega give you pause on M&A generally? Will it cause you to reassess your desire to expand globally? Is this a European thing? How does this experience – how does this change your priorities in terms of M&A? And should we continue for you to do M&A over the course of the year in terms of size of deals, types of deals? Does it even make sense for Perrigo to continue along that path just given the setbacks with Omega? Thanks very much. Joseph C. Papa - Chairman & Chief Executive Officer: Sure. Thank you for the question, Jami. I would say a couple comments. Number one, I've had the pleasure of working with the Perrigo team for almost 10 years now, and I would say that through those 10 years, we've done 29, 30 different transactions. And so I accept that there's some challenges that we have to work with on the Omega business? Yeah, absolutely. But that's nothing different than every other acquisition we've been a part of. Some go faster, some go a little slower. The European market is one right now that is a little bit slower in terms of – we don't take – we don't blame it on it but certainly we knew that the FX for the euro was coming down. I mean there's a lot of things that were moving on it, but it makes me still believe, though, that this is a phenomenal future opportunity for us from…

Your next question will come from the line of Jason Gerberry with Leerink Partners.

Hey. Good morning. Thanks for taking my questions. Jumped on the call late so apologies if I missed this, but could you provide a little more explanation of what's happening at the tax line? 14% on the quarter is the guidance; I guess 14% was a couple hundred basis points lower than we were forecasting. Just wanted to get your views in terms of the sustainability of that as a lower tax rate? Thanks. Joseph C. Papa - Chairman & Chief Executive Officer: Judy, you want to speak to that? Judy L. Brown - Chief Financial Officer & Executive Vice President: Absolutely. So the quarter was slightly below our own expectations. We had been anticipating a rate more in the 16% zone. In the quarter just ended December, there was a mix shift. We were not where we expected to be with earnings before tax in Europe where our jurisdictional rates are relatively higher and therefore you see the overall rate lower in Q4. Looking forward, though, the approximately 14% effective tax rate – adjusted effective tax rate that we're targeting for the full year is a component of jurisdictional mix of our businesses, as well as the programs put in place that we announced on October 22, 2015, with respect to capturing better value and optimizing our tax line through the global supply chain initiatives that have enormous operational activity behind them at the moment. So those will contribute to an approximately 400 basis point improvement in our tax rate versus our previous run rate tax rate in the past.

Should we be thinking about sort of 2017/2018 reverting back to that kind of historical 17%-ish rate? Judy L. Brown - Chief Financial Officer & Executive Vice President: No. So think of it this way. We were – post-Elan, we were talking about a rate in the high-teens, so 17%, 18%. With the implementation of the global supply chain optimization, we said we should now be targeting more like a 14% to 15% run rate, all other things equal. So I can never comment on jurisdictional mix changes if we do acquisitions or jurisdictional mix changes with a swing, one country versus another in terms of new product timing. But the new run rate should be more mid-teens versus high-teens because of these global supply chain initiatives. So those initiatives are not one-off, it's changing the way we do business. It's changing our operating model to truly make our global supply chain universal. So all of our operations being run from that one center of excellence, it doesn't revert back, not like a restructuring plan where you lose the year-over-year basis. It really is a change in the way the company operates, and therefore, you have a sustainable base to build off of for the future.

And your next question will come from the line of David Steinberg with Jefferies.

Thanks. Ever since you bought Elan, there's been some discussion about whether the TYSABRI royalty stream fits for the long-term plans of the company. Just curious what your current thinking is on the subject. Are you intent on keeping it at this point? Are you looking to divest, and if so, would you only divest it as a whole entity or in pieces? And if you are looking to divest it, what sort of interest is there in the marketplace, particularly given the looming competition down the road from Roche? Thanks. Joseph C. Papa - Chairman & Chief Executive Officer: Sure. Let me probably restate a couple things and then just go forward. We, as we look at TYSABRI, still believe it's a great product. We believe we've got a great partner. We believe it's a product that's very important, and the category of highly-effective drugs is even going to be more important for patients with MS. So we like what we set – where we sit with it. We also believe it's got a very long life. I mean because of the fact that it's a biologic with a REMS program, we think it's going – it will be very difficult to genericize. Having said that, I would say that we will continue to assess what's the right thing to do with this product. I would only say that right now, as we think about this from a point of view of strategy, as we think about any potential to monetize part or all of it, we can do part or we could do all of it to part answer one of your questions. I would say, though, that we're only going to do something like that if it's in association with what we think is a significant transaction. We just don't want to obviously just put it on our balance sheet – cash on our balance sheet. I think if we do something, look to us to do that relative to some other transaction as a company. But we sit here today, we clearly are aware of the Roche product but we think we've got a great partner in Biogen, and importantly, we think the highly-effective category of MS drugs are only going to continue to expand as, importantly, patients look for better and better therapies in MS. So we'll make decisions as we get to that point as it would relate to other strategic alternatives for us. Operator, the next question.

Your next question will come from the line of David Maris with Wells Fargo Securities.

Good morning, Joe. Good morning, Judy. Just building on a couple questions that others have asked, I'm going to ask it a little bit different way. I understand that M&A is still part of the strategy and before GPS was on every phone and every car, whenever I'd go on a road trip and know where I'm going and then ended up a little bit off, my wife would say, pull over and I sometimes would decide to keep driving. And it's always better to pull over and kind of get your bearings. Why – how are you going to address shareholders that, say, over the next few days I'm sure – why not put a moratorium on deals for the next little bit? Buybacks and debt paydown is pretty straightforward – no risk to those. And with all the management changes, comp changes, why hoist more deals on a management team that's in a transition? Why not just wait? Is the environment for M&A so uniquely good right now that you don't want to miss things? So maybe if you can address, why not just wait for a year or two or until you right things before doing any further M&A? Joseph C. Papa - Chairman & Chief Executive Officer: Sure. So, David, I guess a couple comments. Number one, I start with we believe that the strength of our business in the Consumer Healthcare side of our business and the Rx side of our business are still very strong businesses, and we think that they are still – there's still opportunities there to look to, as I said before, put one more item on the truck that's going from Perrigo today to one of our large retailers. So, we're going to keep looking at those opportunities. Do I…

Thank you. Joseph C. Papa - Chairman & Chief Executive Officer: Operator, next question?

Your next question will come from the line of Sumant Kulkarni with Bank of America Merrill Lynch.

Good morning. Thanks for taking my questions. This is more of a strategy question. Is it fair to characterize the underperformance in Branded Consumer Health as a Perrigo or Omega-specific issue, or is there something specific that's fundamentally new that you've learned about managing the competitive dynamics in European branded consumer health markets, given that's a very different ball game relative to the U.S. store brands, where the company's traditional expertise lies? Joseph C. Papa - Chairman & Chief Executive Officer: No, I don't think – so the summary comment – is we clearly still believe the Omega business is a very strong business. And as we've said at the onset, the team that was running it is still the team that is currently running it, with the exception of one individual. Having said that, we think there's some things we can strengthen, as I mentioned, in terms of a process point of view. We clearly believe there's things we can improve on relative to sales forecasting, sales operation planning, the financial planning and analysis, supply chain. Those are things that we already had in our minds, we just simply want to accelerate some of that as we get closer to the business and look at it, and also see some of the challenges that we saw in the fourth quarter. So, it's things that we already know we're going to do. I think what I'm really saying is we're just going to accelerate some of these things faster, based on at least what we think are opportunities to improve. But I don't think it's a – there's any other structural or strategy issues, other than the ones I've outlined – for us to improve on. Obviously, the only other comment, I guess, I could say on Europe is a known fact, that just obviously the foreign exchange is different than when we acquired it, but that's something that we all face as a company. Operator, we have time for one more question.

Okay. Our final question will then come from the line of Elliot Wilbur with Raymond James.

Thanks. Just want to come back to, I guess, Judy and ask a specific question about gross margins. Obviously, you don't provide guidance on gross margin parameters anymore, but specifically with respect to Consumer Healthcare, we saw a very strong ramp in gross margin performance over the last couple of quarters and then a pretty significant step down this period. And obviously, there's a lot of things that go into that in terms of mix and whatnot. And I think you closed the year around 34.5%. But how do we think about, going forward, whether the 36%-plus rate we saw in the June/September quarters, are those kind of – sort of high-end targets and not really new baseline numbers? Kind of get a sense of what you think the baseline is at this point? And as a follow-up to that, another gross margin question on the generic business. How are the acquisitions of tretinoin and budesonide going to impact the gross margin line? Judy L. Brown - Chief Financial Officer & Executive Vice President: All right. I'll take the lead-off with Consumer Healthcare. You're right; we stepped back from giving very granular line-by-line segment margin analytics in our guidance. But suffice it to say, the Consumer Healthcare team, you have to give props to Jeff Needham and his entire organization. They have done a yeoman's job in years when there have not been the enormous switch products coming in their portfolio, but blocking and tackling, bringing dozens of new products to the market, positioning those products well, fighting the fight in a world of more challenging pricing dynamics out in today's market, taking advantage of good commodities buying and taking advantage, frankly, of the comments, Joe's talked about the operating model of Perrigo and our lean manufacturing efficiencies that we've…

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