Tazeen Ahmad
BofA Securities, Research Division

Thank you for joining us. Welcome back to the Bank of America Healthcare Conference. It's my pleasure to have with me our next presenting company, Regeneron Pharmaceuticals. Up here on stage with me are two members that we'll be talking to you for the next 30 minutes. Marion McCourt, who is, of course, Executive Vice President of Commercial, as well as Ryan Crowe, who is Senior Vice President, Investor Relations. Guys, thanks for making the trip over from the East Coast...

Ryan Crowe
Senior Vice President of Investor Relations & Strategic Analysis

[Audio Gap] In exchange, we are not going to be subject to future government pricing mandates, and we'll also have tariff relief through at least January of 2029. So all in all, a very similar construct to the previous deals that were announced. Perhaps one detail that we've included in some of our disclosures is that this includes products that are wholly owned by Regeneron in the United States. So that excludes certain of our alliance products from this agreement.

Tazeen Ahmad
BofA Securities, Research Division

Are those exclusions inclusive of EYLEA and DUPIXENT?

Ryan Crowe
Senior Vice President of Investor Relations & Strategic Analysis

So we have never made any comments about specific products and because of the confidentiality around these agreements, I can't name specific products, but what I will say is we wholly own EYLEA and EYLEA HD in the U.S., but we do not wholly own DUPIXENT in the U.S.