Jason Gerberry
BofA Securities, Research Division

Jason Gerberry, I cover biotech and pharma. Pleased to be introducing Teva Pharmaceuticals and Eric Hughes, EVP, Global R&D and Chief Medical Officer. So Eric, thanks for joining us.

Eric Hughes
Executive VP of Global R&D and Chief Medical Officer

Good to be here. Thank you for having us.

Jason Gerberry
BofA Securities, Research Division

So I thought I'd focus the discussion initially just on some corporate strategy matters, and you did recent Royalty and Blackstone deals. And so how should investors think about sort of those deals as a template for the future? You also did your first BD deal as well. So how you're thinking about capital deployment, but also giving up economics on certain drugs to expedite those through development? Are these in part done given you have margin targets and there's a desire to ensure that you deliver on those. So maybe we could start there.

Eric Hughes
Executive VP of Global R&D and Chief Medical Officer

Well, thanks again for having me. And yes, there's a fundamental way in which Teva is approaching our deals. So we have a relatively robust late-stage pipeline with a relatively high POS. So the way to create value is to go at pace. So these deals are really just the way in which we can -- I'd like to say, future-proof some of our programs. We've done deals on 4 of the 5 programs we've got. And what that does is gives us the gun powder to go really quickly. So we've done a deal with Royalty Pharma on olanzapine