Haleon plc

Good morning, everyone. Thanks very much for joining us for our Fill Your Results Q&A. Hopefully by now you've had time to look at our presentation as well as the press release and watch the video in the investor section of our Helium website. As usual, I'm joined by Brian McNamara, our CEO, and Tobias Hessler, CFO. So with that, we'd like to get started with Q&A and hand over to the first question. Thanks.

The first question comes from the line of Rashad Kawan, Morgan Stanley. Please go ahead.

Hey guys, good morning, and thanks for taking my question. Congrats on the results. Two for me, please. The first one, in terms of absolute margin developments, you're calling out 3% transactional FX impact, another three from M&A, so that's about a 150 headwind. It could likely get about 100 million from cost savings to partly offset that. Some more from kind of operating leverage. So, you know, you've taken some pricing off in the back half of last year. Can you just talk about how you expect gross margin to develop over the year, how much of the $100 in savings you plan on reinvesting, et cetera, just trying to get a sense for the margin evolution over the year? And then my second question, just on the shape of the P&L for this year, you've given guidance on Q1. But how should we think about the different moving parts over the year in terms of price mix and volume? Again, you're still benefiting from some carryover pricing. So do you expect growth to be price-led again? Do you plan on taking more pricing? Any color there is helpful. Thank you very much.