Good morning. My name is Darla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Perrigo calendar year 2016 second quarter earnings results. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you. I would now like to turn the conference over to Bradley Joseph, Vice President of Global Investor Relations. Please go ahead.

Good morning and welcome to Perrigo's second quarter 2016 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, as is the slide presentation for this call. Joining me for today's call are John Hendrickson, Perrigo's Chief Executive Officer, and Judy Brown, Perrigo's Executive Vice President, Business Operations and Chief Financial Officer. I would like to remind everyone that during this call, participants 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. Now I'd like to turn the call over to John Hendrickson. John T. Hendrickson - President, Chief Executive Officer & Director: Thank you, Brad, and welcome, everyone, to Perrigo's second quarter 2016 earnings. On slide four, you will see today's agenda. First, I will provide an update on progress made executing on the strategic priorities I outlined in May, followed by an overview of the quarter for the business units. I will provide you detail regarding the first phases of our strategic plan to improve operational performance, including an update on the specific actions we have already completed and some others underway. Then Judy will walk you through the financial results for the quarter as well as the details behind our guidance revisions. Finally, I will provide my perspective on our business for the remainder of the year and longer term. I've just completed my first 100 days as CEO of Perrigo. They have been intense and challenging. They have also been very productive. I've been taking a comprehensive…

Thanks, John. We have discussed with many of you the potential of holding an analyst event this fall. Given scheduling and other moving parts, we will be in a better position to hold an event towards the end of 2016, likely in New York City. And we will keep you updated on the exact timing when we have solidified a date and venue. Operator, can we please open the call up for questions? We ask the participants to limit yourself to one question. Thank you.

Certainly. Your first question comes from Jami Rubin with Goldman Sachs. Jami Rubin - Goldman Sachs & Co.: Thank you. I'll try to limit myself to one question, and I'm sure the other questions will be asked by other people on the call. But, Judy, on the first quarter call, you said that your covenant coverage was fine even with your then earnings downgrade, and you gave us a lot of detail on this call about your commitment to bring down debt. But with EBITDA now revised down another 15% or so, can you still say you are comfortable with your covenant coverage? And is there a risk that your debt could be downgraded to high-yield given that you're only one notch above? And a question to you, John. Does this put pressure on you to sell the Tysabri asset in order to avoid a downgrade? Thanks very much. Judy L. Brown - Chief Financial Officer & Executive Vice President: So thank you, Jami. I'll start with covenant point. So as we sit here today at the end of June, our leverage ratio was 4.7 times. We are well within that band at the end of the quarter. It does step down to 4.5 times in the back half of the year and then down to four times at the end of the first quarter of 2017. But as commented on the call, we chose rather than waiting until November with the paper maturity in November of 2016, we said we have the cash on the balance sheet. We can proactively go ahead and pay down that paper in September, and we are proceeding on that path right now as we speak. That will give us even more headroom or cushion, again, not because there was a concern at the…

Your next question comes from Randall Stanicky with RBC.

John and Judy, near-term generic issues aside, just a bigger picture question. Has there or should there be a change in strategic thinking around the generics business? And I know it's a core part of the platform, but I'm thinking more a move towards 505(b)(2) or brands or allocating more capital towards R&D to bolster the pipeline. And then just the side points that I noticed that on slide 20 you talked to ProAir by the end of 2017. Has that moved from early 2017? Thanks. John T. Hendrickson - President, Chief Executive Officer & Director: So let me take the first one, Randall. As I think, just stepping back on Rx again, if I go through it and look at it from my lens, still a solid profitable business despite all the negative pricing, et cetera. It still has a good return on invested capital, good operating margins. We feel that there are still barriers to those margins, again, despite the pricing challenges. We feel we have a good pipeline, good link to our operations supply, all the things that you had mentioned earlier, and good switch support. Even if it's not specific products, just what we have there on the Rx side links into the OTC side. So those are all the pluses. I think that investing in R&D and in the right strategic opportunities with partners is certainly an opportunity there to expand that. But even without putting more in, we feel that there's a decent pipeline there. Our ProAir, if I get into the ProAir one, as we look at, we're responding to FDA and going through the answers to their Complete Response Letter, getting all the data together for that. We have not necessarily moved out the detailed timing as we look at 2017. But being more realistic, we wanted to put in the normal timing for the FDA to respond, et cetera, so we talk about during 2017. In our minds, we're still targeting aggressively to get this done.

Okay, great. Thanks, guys. John T. Hendrickson - President, Chief Executive Officer & Director: Thanks, Randall.

Your next question comes from Louise Chen with Guggenheim.

Hi, thanks for taking my question. So something that we've been asked a lot this morning is regarding your implied guidance for the second half 2016. And if we annualize that and grow that off the base to try to figure out what 2017 might be, it comes in well below consensus. So curious if that is the right way to actually look at 2017 EPS. And then the second thing here is just on your outlook for the Consumer business over the longer term. I know that Jeff Needham continues to run CHC, and the margins were positive in the quarter. So how do you sustain them? How confident are you in new product pipeline visibility, and also the same thing with Omega? Thanks. Judy L. Brown - Chief Financial Officer & Executive Vice President: Let me start with the EPS roll-forward because that is an extraordinarily logical question given the dramatic update that we provided to guidance this morning. So logically speaking, if you were to take the first half of the year actual EPS generated and the midpoint of the EPS guidance we just provided you, it would imply a second half decline over first half. Annualize that into next year, and it obviously is going to be well off consensus for 2017, although granted, consensus as of this morning has not been updated to fully reflect the changes in the environment that we highlighted in great depth on the official comments this morning. Suffice it to say, as we're looking at 2017 with our internal plans, the big drivers that we look at growth for next year, and there is implied growth in our 2017 plans off of our internal 2016 number, are coming from many of the things that, as John has already implied in…

Your next question comes from Elliot Wilbur... Judy L. Brown - Chief Financial Officer & Executive Vice President: One moment. John T. Hendrickson - President, Chief Executive Officer & Director: One moment. Let me – I'm sorry about that. Let me just answer the first part I think it was of your question that you looked at, which is CHC margins. Judy alluded to some of that as she was going through. We feel that with the new product pipeline that we have, which provide good value to consumers and will have good margins there as well as the continued focus on the operating efficiencies of the business that we have a good opportunity to maintain solid margins in that Consumer Healthcare business. It doesn't mean we don't always have pressures, so I don't want you to think it's a panacea out there. It's a tough business. But because of our scale, because of our operating efficiencies, we feel we can continue to deliver those good results.

Your next question comes from Elliot Wilbur with Raymond James. Elliot Wilbur - Raymond James & Associates, Inc.: Thanks, good morning. John, can I just ask you to clarify some commentary you made in your prepared remarks here that I'm not sure I interpreted correctly here? You said you made incremental adjustments for potential additional unfavorable pricing trends in Rx generics in Q3, but it wasn't clear to me if you were saying that so far pricing pressure has not materialized to the extent of the adjustments, or it's actually been worse than your adjustments. So if I could just get you to clarify that please. John T. Hendrickson - President, Chief Executive Officer & Director: I will. And Judy – and I probably did misspeak in going through. Judy said it correctly in her statement. We have not seen it yet. So even though we've planned for more, it has not materialized yet. Judy L. Brown - Chief Financial Officer & Executive Vice President: And just suffice it to say, if I'm in any one of your shoes, I'd be listening saying, they've just changed guidance again in Rx. Is your current performance at least reflecting your current forecast? And the answer is yes. So, five weeks does not a quarter or second half of the year make, but just to give everyone at least some visibility to the fact that the performance of the team in July and early August is in line with the forecast we've put forward so far. John T. Hendrickson - President, Chief Executive Officer & Director: Correct. Elliot Wilbur - Raymond James & Associates, Inc.: Okay, and if I could ask a real question then, for John I guess. With respect to the Rx generic segment, the company over the years has done…

Your next question is from David Maris with Wells Fargo.

Good morning. Judy, the last time you lowered guidance, you said that you had gone to your team and the guidance represented a worst-case scenario barring a nuclear war. And I know you didn't really mean that part of it. So first, should we consider this environment, the pricing environment, the equivalent of a nuclear war, like this is the worst that you've ever seen it, and maybe some color on why that is? But also what appears to be a clear lack of visibility given the repeated downgrades in the earnings guidance, and it's not over one product or a recall or a plant closure. It's a range of businesses. So is this trouble with the systems, the reporting systems, the managers in the business, the lack of negotiations with payers? What accounts for this lack of visibility from a quarter-to-quarter basis outlook? Judy L. Brown - Chief Financial Officer & Executive Vice President: So I'm not entirely sure I used the phrase nuclear Armageddon. But suffice it to say, the process that we went through last quarter, it starts with the Rx management team. And as you know, we've gone through an Rx management team change in the last few months, and we have seen continued price declines in the last few months. So I tried to elaborate in the prepared remarks, but maybe a little bit more color. The entire Rx leadership team came together and sat down and then went through every single product this time, taking maybe a more jaded lens on the reality of the market in which they're competing. And as we commented on, I'll use the great analogy of Donald Rumsfeld. They first, in the past, went through the known knowns, their entire product lineup, what they know is happening, what they…

And just as a follow-up, I think that what everyone is probably sitting here is if the last guidance was a worst-case scenario and now this new guidance, is it worst-case scenario again? And how do we have faith or how do you have faith that that's the case and visibility into that's the case? But I think you've addressed it, so thank you. John T. Hendrickson - President, Chief Executive Officer & Director: No, thanks for the question, David. I think it's a fair one.

Your next question comes from Jason Gerberry with Leerink Partners.

Hi, good morning. This is Derek on for Jason. John, I know you gave some commentary about the BCH turnaround. I just wanted to get a sense of where you are in the process there, as well as the sequential strength that we saw in the business in the second quarter. Was that mainly seasonality, or was that winning back some of the distribution business from prior years? Thanks. John T. Hendrickson - President, Chief Executive Officer & Director: Yes, so where we're at, we talked about transforming it both from a product standpoint, which products we're going to launch across more pan-European, about which countries are performing and we have some great ones that are doing great. We have some that are underperforming expectations. So, looking at countries and saying what do we need to do to drive those, and then building out the platform. So if you think – and the platform that enables that whole thing. So if you think of all of those, we are still on the early stages of expanding through. So we're going through. We're taking actions. We're trying to correct things as we go from both a brand standpoint. What are we putting innovation into? What are we driving? What's the focus for the team? From a country standpoint, it's going into countries and working that through. And then platform, we've worked previously a fair amount on the supply side and operating side. And that's where we're seeing those benefits come through on the P&L from a savings standpoint, but we still have a long way to go on the total infrastructure side to enable it. So it is still another I'll say 18-month process to work ultimately through that to where in my mind, you have a well-oiled operating system. All that said, we have good countries, good parts, people are driving things. So it's not nothing happens till then. We're making changes all along that path. As far as Q2 strength, I'll say the team did a great job of having some good sales and driving that, also having some good cost controls and driving it. As we look at the year and investments we want to make and where it pans out, we're not ready to count on a 15% operating margin repeating every quarter yet. We believe we'll eventually get there and then some, but just don't want to plan on that for the next half. So we've lowered the expectations so we can continue to build out our infrastructure for the long term.

Next question.

Your next question comes from Tim Chiang from BTIG.

You mentioned a timeframe for this review and also a timeframe for fixing things in the various segments. Just going through what's happening on the Rx pharmaceutical side, is that a segment that's going to take longer to fix, or is it really a time constraint, or is it just your product portfolio has gotten old? Do you need to look for more acquisitions, more larger acquisitions to fix that, or is that something you can do internally? John T. Hendrickson - President, Chief Executive Officer & Director: So again, if I step back big picture-wise and look at our Rx business, certainly it goes without saying that the pricing changes and dynamics there have been very large and certainly was a main driver of the quarter, a big part of our lowering guidance, so it's a big key. If I step back then and say okay, let's look at the business today after all those changes, after we've built in the 9% to 10% for the back half, all of that, we still have a business with a great return on invested capital, a great operating margin, great new product prospects. And so while I think there are many things we can do to enhance that business and drive more value and products to it, the main dynamic right now is this pricing dynamic. And that one is a – I've got to get through it, I've got to allow that to happen and have our new products start hitting in. We always described Rx as a leaky bucket. We knew this was going to be a tough new product year, and we've had more leaking out of the bucket from a pricing standpoint than we've been able to put in with new products and other kinds of pricing actions on the top. And so that's been what really compounded and added in this year. But in my mind, I look at the overall business fundamentals and they are still solid.

John, just one follow-up to that. Do you actually expect some form of a return to more normalized pricing by 2017 on your generic business? John T. Hendrickson - President, Chief Executive Officer & Director: I would expect that. It's hard to tell what's normalized, but I would expect it to moderate back to what would be more normalized levels, which means there are always price decreases. But I would expect what we see this year to be more normalized as we get into future years, yes.

Okay, great. Thanks.

Your next question comes from Gregg Gilbert with Deutsche Bank.

Thank you, good morning. John, will investors have to wait until an Analyst Day late in the year to hear your thoughts on a long-term growth outlook construct, or would you care to share some thoughts now? And secondly, do you want investors to assume that you've taken a fresh look at everything with a clean slate and that the final conclusion is that Russia and South Africa and Argentina and doggie treats or pet treats should go, or is there a larger assessment still underway that you'll report back on at a later time? Thanks. John T. Hendrickson - President, Chief Executive Officer & Director: Thanks, Gregg. Let me tackle the last one first and your doggie treats. I like that. So I would say don't assume that that's comprehensive, the only things we looked at and it's done. We are looking at all aspects. Those were the ones we reached conclusions on over the last 60 days as we got those rolling and took actions on how we've got to change the way were doing things here, alter how we're doing it. So those were the immediate ones. As we look at other parts of the business and those that are not performing as well as we want, we're saying how do we get those performing well, or is there another way to manage that asset or do those things? So this isn't the end-all for everything that's going on. It's sort of we're giving you what we've done today and moved on. Judy L. Brown - Chief Financial Officer & Executive Vice President: So maybe look at the long question you had on 2017 and thinking about a guidance view or a three-year perspective. Given the dynamism we've seen just in the last eight weeks, as we…

And, Judy, that's very late in the year? Judy L. Brown - Chief Financial Officer & Executive Vice President: Correct.

I'm pretty sure... Judy L. Brown - Chief Financial Officer & Executive Vice President: To allow us the ability to go through that, given the dynamism, again, of the moving numbers, particularly in Rx, and the impact that that has to how we look at the whole portfolio and investment strategy to be able to review that with our board, to be able to come back to you closer to the end of the year, which is when we'd probably want to provide more specific color to 2017, and if all goes well give guidance to numbers beyond that as well.

Thank you.

Thanks, Gregg. Next question, please?

Your next question comes from David Risinger with Morgan Stanley. David R. Risinger - Morgan Stanley & Co. LLC: Yes, thank you. My question is related to the big opportunities ahead. So with respect to OTC Nexium, could you help us understand how competitive you expect that market to be within a year of you launching, meaning maybe not on day one, but I thought it might be helpful if you could tell us how many manufacturers of generic prescription Nexium there are, and then how many of those you think will be competing with you in the OTC private label market in the U.S. next year? And then on ProAir, I know it's a limited quantity launch, but how limited is limited? Because from a modeling standpoint, if you're limited to 20%, it's a lot different than if you're limited to 40%. And then just one other, please. McKesson is joining with Walmart to squeeze generic companies further. Has that happened yet to Perrigo, or is that really a 2017 event? Thank you. John T. Hendrickson - President, Chief Executive Officer & Director: So I'll take those, and some I may be able to give you color on, others not as much. So first of all, the Nexium question, esomeprazole magnesium, hard to know how many competitors are out there. It's not the easiest product to make. It's not the easiest product to sell, distribute, manufacture. My guess is there ultimately will be a few approvals out there on the market similar to what we have with omeprazole or lansoprazole. There are two or three suppliers out there on the market. We still with Jeff and his business have usually done a good job of getting their fair share of those complex products. So I don't think this will be a 10-person market. It's just a unique product, and at some point there's more complexity in there. So that's my perspective. It could be wrong, but that's in general where I think that market will end up. On the limited guaranteed launch, we've not talked about that and at this point can't talk further about what that means and the quantities or volumes that that means. We'll have to come back to that one at a later time. McKesson Walmart, so McKesson has distributed some of Walmart's products within our normal consumer business. Previously, some of their pseudoephedrine products or other products are distributed through McKesson. They've had that relationship on some of the OTC products. But as far as the full impact, it really is in 2017 where more of our products could cross over through McKesson in some of those distributions. But McKesson does do some distribution already with some of those major retailers on some of their more controlled type OTC products. David R. Risinger - Morgan Stanley & Co. LLC: Thank you. John T. Hendrickson - President, Chief Executive Officer & Director: Thank you.

And your next question comes from Marc Goodman with UBS.

Yes, good morning. On the Omega business, can you talk about any progress that you've made on revenue synergies and when we can expect those to start kicking in? And then also, when you think about the cost savings that you have planned for the next couple of years and all the planning and stuff, what kind of operating margin is really the target? Is this a 20% operating margin business, or is it better than that? How are you thinking about that? And then just you had mentioned $300 million of new product launches this year. Can you just help us understand where it's going to come from, the segments, and what's been launched already and just break that out for us? Thanks. John T. Hendrickson - President, Chief Executive Officer & Director: So let me, Marc, tackle the revenue one. I'll probably toss the margin one back to Judy. But the revenue synergies is we've stepped back with Omega and the acquisition. We have a revenue synergy and we still target that. We have an operating synergy. We have a platform we maintain. We're on pace. We're driving the operating synergies. Those are going well, driving well. On the revenue synergies, they are taking us longer than we had originally planned on, most of it due to longer regulatory pathways, so in other words, getting the ultimate approvals in the countries, moving products back and forth between countries and entities and doing that. So when we look at our models here, those synergies are pushed out further to the next one to two years out in our models, whereas the operating synergies continue at a more aggressive pace and we're able to deliver those faster. So in reality, we couldn't get the approvals and the regulatory drive as…

Thank you. Next question, please.

It's from Douglas Tsao with Barclays.

Hi, good morning. Thanks for taking the questions. Just maybe turning to the Consumer segment quickly, obviously as you noted, it was down 8% year to year. Some of that was seasonal related to the allergy business and contract manufacturing. Just maybe if we could understand where your market position is and when you think about your share on a per unit or per product basis, has that changed? And, Judy, also I noticed you had very good performance in terms of the adjusted gross margin, although we didn't necessarily see that flow through to the operating margin, and we're just curious to understand what happened there. Thank you. John T. Hendrickson - President, Chief Executive Officer & Director: Let me take the first one, Judy, and then why don't you jump in the second part? So it was a big year. We had a big second quarter on the consumer side last year driven by a few you said. There was also – the retailers were at a lower inventory position and wanted to get to a stronger level at that time. So there was just a myriad of things that just made that a big consumer front. When I look at – just step back and look at market share or what's going on, first of all, we continue to do very well from a market share standpoint, grow with store brands, continue to do well and we as a percent of store brands continue to do well. The things that impact that, Douglas, as I look at it, are as brand launch, so we have the nasal spray product that launched. And when we are in those originally, they take share from cough/cold/allergy, those brands will. As we come in there, we start gaining our fair share…

Okay, great. Thank you. John T. Hendrickson - President, Chief Executive Officer & Director: Thank you.

And your next question comes from Annabel Samimy with Stifel. Annabel Samimy - Stifel, Nicolaus & Co., Inc.: Hi, thanks for taking my questions. So I know you were just talking about market share. I was thinking from a broader perspective. You guys used to talk about megatrends and one of them being that you would be able to gain continued incremental share of store brand against national brand, about I guess 100 basis points a year. Is that trend overall still continuing, or are you tapped out on that market share at this point? I know you just went through some of the dynamics with certain products. But just as a megatrend, is that still continuing? And then on the branded side, at what point – I know you had some good sequential growth. But at what point do you get back to a normalized annualized growth for that business, and what should we assume for that normal annualized growth? Thank you. John T. Hendrickson - President, Chief Executive Officer & Director: Let me take the first one on store brand share and megatrends. So I would say if you step back with all the big picture – and this is a way step back – but we're all getting older. Healthcare costs have done nothing but go up despite everything we try to do to manage them down. We all need more healthcare and we frankly have less money to spend on it. So, from a macro dynamic – and that's a pretty global trend. So from a macro dynamic, looking for a value way to pay for some of those healthcare needs in my mind will continue to grow, so that challenge. I think when you look at people from a pure store brand standpoint and looking…

Next question, please?

It's from David Buck from Northland Capital.

Yes, thanks for taking the question. For Judy I guess, quickly on the tax rate, can you talk a little bit about your confidence in maintaining your current non-GAAP tax rate and any changes that you put in place after the guidance that came out from the SEC on how you handle some of the, I guess, extraordinary tax items? And then one for John, on the Rx business, how confident are you that you actually get back to a "normal" pricing level versus 10% this year, given the comment that 2017 is when you could see more incremental pressure from One Stop combining with Walmart? If the Rx business is $1 billion this year, at 10% price it's down to $900 million before new products next year. So how should we be thinking about that as we look into 2017? Thanks. Judy L. Brown - Chief Financial Officer & Executive Vice President: Technically a three-part question. Thank you, David. Let's talk tax rate. How confident am I on the ability to execute on that tax number? For my colleagues in the executive committee who are listening to this call, I will say that the confidence in the ability to have the adjusted effective tax rate that we guided to today is entirely dependent on the jurisdictional mix of them delivering on their operating income earnings before tax in the updated guidance provided to you this morning. So if you feel good about the segment guidance, then by definition we should have a clear line of sight to delivering on that slightly higher tax rate. We had guided to 14% adjusted effective tax rate and updated that to 15% given updated mix of income in this new guidance. And if you do your math, that says a higher rate or…

Operator, could we take one more question, please?

And your final question comes from Sumant Kulkarni with Bank of America Merrill Lynch.

Good morning, thanks for taking my question. This is more on price erosion on the consumer healthcare side. I think you mentioned that analgesics, which is a pretty large category, had some erosion there. Should we still think about that business as being managed to roughly flat on price? And second, on putting the share buyback on the back burner, is that out of choice or a lack of flexibility? John T. Hendrickson - President, Chief Executive Officer & Director: So first of all, on the price erosion on consumer, we always have pricing on portfolios. Again, we talked about Rx because it's been so dynamic, but the consumer side isn't immune to those. Typically, when we think about price erosion on consumer, we're able to balance that out with some pricing, some new products, and manage the overall portfolio when you look at it. But it has some of the similar dynamics. It's not quite as dramatic because your starting point is a lot different, but some of the same dynamics as the other business. Jeff and the team have managed it well to try and look at the whole basket and say, how do we get the value from the whole basket that we're bringing there. Judy L. Brown - Chief Financial Officer & Executive Vice President: And the analgesic category in particular, which I mentioned is simply the factor – as we all know, the return of brand to marketplace did not have any particular large new product launches there, and also just on a relative basis on a year-over-year. So overall softer seasons, and so it's on a relative basis. We just wanted to point that one out in particular as a lot of folks have been paying a lot of close attention to the analgesic category over the last 18 months. I think your second question was with respect to putting the share repos on the back burner. Yes, I think that was pretty clearly stated in the prepared remarks. And at the end of the day, all of the comments and actions we're taking right now with respect to the balance sheet coming back full-circle to Jami's first question on this call, are about a prudent capital strategy and a prudent capital management strategy, making sure that we as a management team are considering the capability of building cushion, having optimal working flexibility as an organization. And at this point in time, given our commitment to investment-grade and our plans to continue on our debt re-paydown strategy, we believe that at this point in time it's the most prudent thing to do, to put that repo on hold and make sure that we're razor-focused on operations and the most optimal balance sheet possible.

Thank you. John T. Hendrickson - President, Chief Executive Officer & Director: And I would say related to – in general as I step back and think about the business, just stepping back and summarizing from an end standpoint, I remain – despite the overall guidance we've given which is down, but very optimistic about our business. When I think about our Consumer Healthcare, good strong business platform. We can add things to it. We can look at different ways of going to market with the platform, branded consumer, turning that around, driving it in the right direction. A good platform, still needs a fair amount of work, a fair amount of focus, but good driver thereof we need to do. Rx pricing has been very dynamic, but when I look in step back at the returns and the product pipeline, we feel good about those. So looking at those core operating assets, the core things that we have, I'm optimistic about where the business can go. John T. Hendrickson - President, Chief Executive Officer & Director: So I want to thank you very much for joining us on the call today and all of the great questions. We look forward to talking to you in person. Thank you.

Thank you, everyone. Judy L. Brown - Chief Financial Officer & Executive Vice President: Thank you.

This concludes the Perrigo calendar year 2016 second quarter earnings results conference call. You may now disconnect.