Jason Gerberry
BofA Securities, Research Division

[Audio Gap] to the next company presentation at the BofA Annual Healthcare Conference. My name is Jason Gerberry. I cover pharma and biotech at BofA, and I'm pleased to be moderating our next fireside discussion with Johnson & Johnson, and John Reed, Executive Vice President, Pharma R&D. So John, thanks so much for joining us.

John Reed
Executive Vice President of Innovative Medicine and R&D

It's great to be here. Looking forward to the chat.

Jason Gerberry
BofA Securities, Research Division

Well, look, you -- as a company, have had a lot of momentum, I think, in the R&D organization. So looking forward to just maybe at a high-level framing first. Where you're at in terms of the pipeline and BD consideration versus in-house developed. You guys have shown a propensity obviously to have success on both fronts. And I imagine you're always opportunistically looking for best science, right? So we get that dynamic. But are the priority areas within the portfolio that from your seat, you're looking at and saying, hey, we maybe want to address and augment through external innovation. I know you probably don't want to tell your hand too much to the external community, but maybe if you could just frame that dynamic first because there's been so much activity with your pharma peers on the M&A front that it's topical.

John Reed
Executive Vice President of Innovative Medicine and R&D

Yes. No, we're -- first, I would say that we really have become a more focused company in the last few