PFE
#<UNK> your question on Allergan, our interactions with the shareholders both sell-side and buy-side have been very positive.
I don't think in reality there's anything under appreciated other than the street's perception of risk around the close.
I would direct you back, of course, to the excitement I have about the products that Allergan have that they just launched.
About their Phase 3 products, both in depression, and in diabetic gastroparesis, and they just got breakthrough status.
And the combination of our information knowledge, and our TAs with Xeljanz around their area, our JAKs around their expertise in that area, I think perhaps the street is right now hung up on this close issue.
<UNK> on the question regarding percentage of Enbrel business, potentially exposed to biosimilar competition, I don't have a figure on the top of my head.
I would say more than 50% of the ex-US business would be in the European Union, where we expect to see biosimilars.
We aren't expecting to see it in Japan, Australia and several of the Latin American countries, but I would say it's more than 50% of the business.
The last question was on 2016 operating cash flow.
The way I'll answer this Dave, is, if you look at our operating cash flow through three quarters, it was about $10 billion.
We expect the fourth quarter to be healthy in terms of the operating cash flow for the year.
And then obviously 2016, we want to continue to grow that operating cash flow number.
And then in terms of the uses from our perspective, the uses of how we deploy our capital haven't changed.
Obviously, investing in our business and our returning capital to shareholders.
I mentioned in my remarks we returned $13.1 billion to our shareholders in 2015 through a combination of dividends and share buybacks.
And obviously looking at some bolt on acquisitions, if those make sense.
So, no change would be how I'd answer the question on capital allocation.
Thanks Frank.
<UNK> could you deal with Hospira first please.
Yes sure.
So I think we would say that in the Hospira infusion systems business, which comprises pumps, consumables, large volume solutions.
We believe we acquired a very valuable asset that provides novel capabilities in an adjacent area.
And it adds significant value to the customers and the patients.
We are committed to insuring its success in short, medium and longer term.
Okay Frank on the leverage and then the level detail.
Yes, so I think on level of detail, we'll be providing revenue details, EPS details, projected out I believe it's several years ---+ five years.
So there will be information out there relative to projections on the Company.
On the leverage number the 2.5 to 3, in my mind that's what's possible.
In terms of what we did on buybacks, we tried to provide information when we announced the deal to give you all of the data you needed so that when you connected the dots you could model what the buyback numbers would be, right.
So we started out with the accretion dilution.
We said neutral in year one, modestly accretive in year two, more than 10% in year three, and high teens in year four.
We gave what the beginning share count number of the combined Company would be.
It was 10.6 billion shares we said we would have 5.9 billion and Allergan would have 4.7 billion.
And then we gave the tax rate which was 17% to 18%.
So with those data points we thought we provided the information that you needed in order to model what the buybacks would be.
And just to the 2.5 to 3, clearly there could be some extra juice if we took the leverage ratio up to that level.
Thanks, Frank.
<UNK> do you want to talk about China.
Sure, as we always say <UNK>, on emerging markets we'll always see quarter-to-quarter volatility.
But at the same time, we continue to expect to see growth numbers in the mid-single digit ---+ mid to high single digit range.
Frank's already talked about China.
We continue to be positive about the prospects in the short, medium and longer term in China.
It's obviously not just the world's largest country ---+ it's 1.3 billion to 1.4 billion population.
But we continue to see a strong government commitment to expanding access to quality healthcare.
We're very encouraged by steps that we see the government taking in the regulatory environment to really enhance quality standards in the marketplace.
And whilst there are a few headwinds, GDP growth is slowing but still positive, still mid-six single digit percentages.
We are seeing some pressure in pricing.
But overall, when you put all of those factors together, we continue to see China being a very positive growth driver.
Thank you, <UNK>.
And on BD, <UNK>, we see it would be more focused to smaller deals than larger deals right now.
But once we close, we'll look at the opportunities and we still have substantial flexibility.
And of course, it will be measured against the alternative uses of that cash which, right now, are scheduled for buybacks and the accretion equation.
So we'll make the decisions that we believe are best for shareholders, and we'll take into account what the assets are priced at, at the time we close.
And <UNK>, the only thing I'd add is we Pfizer standalone today generate a lot of operating cash flow.
The combined new Company, we said by 2018, will be generating in excess of $25 billion a year in operating cash flow.
So the new Company will generate significant amounts of operating cash flow.
Last question please, Operator.
Okay on the levers, <UNK> <UNK> could you indicate what you see the levers are for the close.
Thank you.
It's a net number.
The synergy number is a net number.
He asked whether it was gross or net and the answer is it's a net number.
Okay.
That should do it thank you very much for your questions.
Thanks for your time everybody.
