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Killexams : RSA Administrator candidate - BingNews Search results Killexams : RSA Administrator candidate - BingNews Killexams : Civil service requests 2024 staffing data for gov’t units
Content image - Phnom Penh Post

Minister of Civil Service Prum Sokha has informed all ministries and state institutions to confirm the number of new officials needed for their national and sub-national units in 2024. SPM

Minister of Civil Service Prum Sokha has informed all ministries and state institutions to confirm the number of new officials needed for their national and sub-national units in 2024.

The figures should be sent to the Royal School of Administration (RSA) before July 25 for review and discussion, according to a letter from the minister.

The letter said the RSA would conduct entry examinations for Level B students, who would study for one year before being placed in ministries and institutions in 2024.

The RSA, it explained, needs the figures so that it could begin planning and dividing students by ministry.

Should a ministry or institution not send their figures to the RSA, it would be assumed that no new officials would be required, it added.

“Accordingly, please provide the required numbers by July 25,” said Sokha.

Ros Soveacha, spokesman for the Ministry of Education, Youth and Sport, said the ministry had already received the letter from the civil service ministry. Currently, the education ministry was disseminating the contents of the letter to the units under its control, and would prepare a summary of its 2024 requirements.

According to the civil service ministry, as of April 2021, there were totally 214,038 male and female officials working in public service.

Thu, 14 Jul 2022 02:02:00 -0500 en text/html
Killexams : Tokunbo Abiru: Why I Want to Serve Lagos East as Senator


Tokunbo Abiru, former Group Managing Director of Polaris Bank and the candidate of the All Progressives Congress (APC) in the December 5 Lagos East Senatorial by-election, talks to select journalists, including Bennett Oghifo, about his mission in politics and dreams for Lagos East

I spent about 29 years of my career life in the banking sector
By training, I am an economist and a chartered accountant. I put in about 32 years of work after my university education. I spent about 29 years of my career life in the banking sector. By the grace of God Almighty, I got to the peak of my chosen career. By 2013, I became an Executive Director in First Bank Plc. Thereafter, I had the privilege to be the regular-appointed Group Managing Director for Skye Bank Plc., during the turbulent times. I had the mandate to rescue it and save it from total collapse that challenged the financial stability of the country.

In 2016, Skye Bank was one of those banks that are systemically important in the country. It had serious prudential ratio challenges. I headed the management team that was saddled with the restoration of the bank. By 2018, precisely by September 11, we had virtually reversed all the negative ratios, be it profitability ratio, which was hitherto negative, capital adequacy ratio or liquidity ratio. All has become normal and even more competitive. By 2019, the efficiency ratio of the bank had become very competitive when compared with its peers in the industry.

CBN’s mandate on Skye Bank was fulfilled
When we were setting out on July 4, 2016, the mandate was very clear then: stabilise the bank and return it to the path of profitability. At the end of 2019, the mandate had been fully achieved. For somebody like me, I had to take stock of my career and asked myself what next, since I had delivered the mandate. I concluded that it was about time to throw in the towel and possibly, let others come and try their hands.

Why I joined partisan politics
I had already the mindset that I was going to retire at the end of this year. It was not clear to me what I was going to do when I retire. When this opportunity came, I reflected on it and thought it made a lot of sense. And I will explain the reason. In the course of my career, between 2011 and 2013, I was appointed Commissioner for Finance in the Babatunde Fashola administration. It was a four-year arrangement. After two years, I, on my own, stepped down to wrap up my career. At the time I joined government in 2011, I was just Deputy General Manager (DGM). As at that time, that was the limit of the management career because it is from the DGM one will become an Executive Director.

For me, I did not think wrapping up my career in private sector, as the DGM was the best thing. That was not the way I wanted to account for my own career. Yes, Commissioner for Finance is a great job with great exposure. It gave me an indication of how government is run and how things are done in the public sector. But if you look at it from the perspective of focus, I needed fulfilment in my own career. After two years, I had to engage the governor that I had to go. I remember my conversation with him. He said to me that my assignment was for four years.

I insisted that I had to go. I replied him: ‘You are a SAN. Despite the fact that you are a governor, you got to the peak of your career. How will I write my story in future that from being DGM, I became Commissioner for Finance?’ I can always come back to the public service. When the opportunity came this time, it was part of the reasons I had to fast-forward my retirement time to August 31. Coming into public space is not completely accidental. It was occasioned by the opportunity that presented itself. It was also due to the prior motive that I had. I thought it was a better story to tell that I had accomplished one and moved to another. I have been tested with human and material resources, and I delivered.

My campaign not elaborate as such
I will not describe my campaign as elaborate as such. If you are familiar with Lagos East, you will come to this conclusion. First, it largely comprises indigenous people of Lagos. We are talking about Epe, Ibeju-Lekki, Ikorodu, Kosofe and Somolu. Outside Ikorodu, which is my place of origin, I am not sure I am well known in these locations. Second, if you look at the composition of people along this belt, you will find a commonality there. And the belt is composed of Ijebu-speaking people, especially in Epe, Ikorodu, Ibeju-Lekki and Somolu. For somebody who has spent his life in the private sector, I cannot take things for granted.

Let it be that people actually know me. I have to move around and explain myself to them. Also, I crisscrossed all the local government areas (LGAs) in Lagos East. We have five LGAs as constituted under the 1999 Constitution. We equally have 11 local council development areas (LCDAs), making 16. I needed to crisscross all these local councils. Part of what people are saying is that they do not know me. This is what actually galvanise me to move round and secure public acceptance so that people will not think we are taking them for granted. It was important to garner people’s acceptance. Part of what I learnt on the campaign field is that our democracy may be young, but it is gradually getting deepened. People too are asking questions regarding who their leaders should be.

As that was coming to my consciousness, the issue of apathy was also coming up. When you talk to people, you find out that they are remote and not happy generally. The reasons for the apathy are not far-fetched. One is the state of the economy. Two is the compounding case in the issue of COVID-19. As a result, there was need to make myself well known. We, also, need to moderate the issue of apathy. This takes me to something critical. I think the by-election is more difficult than the general election. That is the reality. A general election is like a carnival. There are other candidates contesting for different political offices. We have those contesting for the office of the President. We also have those contesting for governorship and legislative positions at the federal and state levels. It is like a carnival in town that everybody feels. But the by-election is very tricky. We have to wake people up that something is going on. A lot of people do not even know. We have to let them know. It is not meant to be a presidential or governorship election campaign. We are just doing the right thing a democratic setting should embrace.

Politics to me is about service
If I compare where I am from and where I am going into, honestly, there is a common feature. That common feature is what I can call service. Banking, for instance, is about service. I am sure you will agree with me because all of us are account owners or holders. Even if you go to ATM and it does not respond to you, you know all the crises you can create. Politics, to me too, is about service. That is one belief that I hold. This tells you that I have just handled one type of service and I am getting into another type of service. What do I do to meet the need of my people? First, the answer is almost obvious to all of us. People need all things that can Boost human development index (HDI). People need good roads, stable power supply, good governance and accountability, among others. Given my background, what I am going for is not an executive position.

So, I will see it in terms of good governance and accountability. All through my career, I have been guided along the path of accountability and good governance. I will also use this as an illustration. If I have had the privilege of saving a bank, it is like you have saved a community. The staff strength of the bank is up to 10,000 people. If that bank went under, it means 10,000 people would have lost their jobs. It, also, means over 40,000 dependents would have been in disarray. Then, it was a bank that has four million customers with over N1 trillion deposit. You can imagine what will happen if that bank collapses. That means I am coming with the background of someone who has been tested both human and material resources. With all sense of modesty, I have delivered on it. With the kind of experience I have gathered over the years, it tells me clearly that part of the conversation around this country today is about somebody who can bring quality representation. I must tell you that this is not an executive role.

I cannot tell you that I will go and construct road here. I cannot tell you that I will go and provide water there. I see a legislative role as more of facilitation and influencing. The kind of background and pedigree I have will come into play. Let me supply you some examples. When I visited Epe, I went from Ikorodu. I have not travelled from Ikorodu to Epe by road for a very long time. But I was shocked as to the state of the road when I was going. I was really shocked. So, we had this session in Epe. It was a raining day and the journey was tortuous. I was so tired that I told my campaign that if you are returning to Ikorodu, I was going to Lagos. I did not realise that I was going to have another experience. Coming from Epe through Lekki was another bad experience. This is where one’s background and pedigree come to play. I just picked my phone and called my former boss, Mr. Babatunde Fashola, who is today the Minister of Works and Housing. I told him it was important to do something on the road. The minister told me that Ikorodu-Itoikin-Epe road was a federal road. But that f you are talking about Lekki-Epe road, it is a state road.

I equally called the governor and told him the same thing. I have known the governor for more than 20 years. We were in banking together. Even his deputy, we served together under Fashola. While he was the Commissioner for Works & Infrastructure, I was the Commissioner for Finance in the same cabinet. Why am I bringing this up? If you have a pedigree that has a wide influence, then it is going to make the job easier. I may not have executive power, but I can reach out. I can confidently tell you that we have gone far on the Lekki-Ibeju road, mainly from Abraham Adesanya Housing Estate to Epe. We have to mount pressure on the governor to do something about the road. The pressure also gingered him that he could not leave the road that way. For me, we can serve role models for the upcoming youths. We can shape them so they don’t just assume leadership roles blindly.

The youths, the old, will feel my impact through legislation, facilitation
The youths, the old and everybody will feel my impact through legislation and facilitation. Beyond this, I have a constituency office here in Ikorodu. It was properly set up with a vision beyond winning the by-election. I do not hope to replicate the same in other LGAs because it will be a waste in this age of technology. At best, I probably can have satellite offices in LGAs. It will just be a small one so that we do not waste resources we can use for the betterment of the society. But I deliberately set up the Ikorodu office because I am from here and it is important I have a coordinating office beyond my campaign office. Beyond the primary roles of legislation, facilitation and influencing, a senator is expected to anchor. I, on my own, will establish an empowerment and endowment programme, having been around and seen the level of poverty, the rate of unemployment and the number of vulnerable people. You just need to go on a campaign trip. Part of it that worries me is the number of young people, young women, older people that are running after us.

If these people are engaged or have their means of livelihoods, they will not probably be doing this. If you want to campaign in an estate, probably a well-organised one, you have to look for a weekend or else you will not get any person to attend because these are people, who are engaged. You will not see any person if you go to any organised estate during the week. The number of people that followed us from here to Epe was huge. Some will join us on the road on their bikes. This has been my burden. I keep asking the party, what happens to these people after the campaign? It is not something I can do alone. But I believe strongly that I can lead by example. After the victory on December 5, I like us to discuss a validation of what I am about to say, perhaps, after 90 days in office. I intend, by the grace of God, to have an empowerment and endowment programme that can at least impact directly by January 31. It is a model I have been working on. Part of the model I am working on is that we shall be impacting between 500 and 1,000 constituents across the senatorial district on a monthly basis. I will tell people to go and validate it. Also, we have a situation whereby you wake up in the morning; different people are sending messages to you, complaining about one health challenge or the other.

I intend to come up with a medical arrangement that can impact the people in a structured manner. I do not need to see your face or whatever. But it will be limited because I am just an individual. Personally, I want to set up an endowment. It must be in place at the end of December or not beyond January 2021. That endowment will focus on two critical things. First, it will focus on our youths. I have studied different empowerment schemes, their strength and their shortcomings. The kind of empowerment I want to do will focus on the youth and women. We will identify vocational centres. Our emphasis will be on skill acquisition and skill development. We will determine the number of people we can bring on board periodically. The selected people will run six-month or one-year training at the cost to the endowment, we can then supply them the tools they need. If any person endures to go through the training, he will definitely have his hands in it. If you take them through a learning curve and they come out successfully, then there is possibility that out of five persons, three or four will take it up from there. Second, given my own background that has been essentially in lending and banking, I want to come up with credit scheme that can support small and medium enterprises (SMEs) within the district. We can accommodate between 500 and 1,000 per annum. We will supply them soft loans. Again, part of the problems is access and the cost of such credits. In this case, access will be easily available. In terms of the cost, that is the interest rate, we have just to bring it to what is just affordable. I am just hoping people will not see this as the dividends of democracy.

We just try it and hope it will be successful. Of course, there will be a scoring model. We will ask them whether they belong to Community Development Committee (CDC), Christian Association of Nigeria (CAN), any Islamic association or if there is a leader who can identify you. Or you have a BVN. This is enough to serve as collateral. I am saying, within my own capacity, the seed money of that foundation will come from me. Also, I am going to use the goodwill I have built during my work life to get people on board, either associates or friends. I have had conversation with some of them and they also believe in it. I have benefited particularly from Lagos State. Look at my background in terms of education; I went to public schools all my life. I went to Ereko Methodist Primary School, which was owned by government. I went to Government College, Lagos. I went to Baptist Academy, which was also owned by government. I also went to Lagos State University, which was established by government. With this antecedent, I think it is the right time for me to supply back to the society.

Special status for Lagos
The issue of special status has been with us for a long time. We can trace the origin to 1976 during the time of General Murtala Mohammed. He actually initiated the need to relocate Federal Capital Territory from Lagos to Abuja. He also mentioned that given the level of federal government assets that have been invested in Lagos, be it seaport, airport and even flyovers, among others, they will continue to be sources of attraction for those outside of Lagos. That is what we call rural to urban migration. He went further to say that there is need for the federal government to have a special arrangement to sustain these assets for the benefit of all. If we cast our minds to that period and to 1990 when General Ibrahim Babangida, we can see that Lagos still remains the commercial, entertainment, financial and tourist capital of Nigeria. It behooves on us to find a way to continue to enhance the facilities that are attracting a lot of people here.

If you speak to the Lagos State Government, they will tell that the population growth rate of this country is at an average of 2.5 per cent. But the rate of people migrating to Lagos is in excess of 3 per cent. So, the pressure is so much. You see traffic here. You see traffic there. It is welcome. But we need to enhance those structures until we get true federalism. We cannot stop the arrangement for special status. We will continue to agitate for it. That is the way they are treating Abuja as well. Abuja is centrally funded from the national budget. The federal government cannot leave Lagos for the Lagos State Government. Even if you take a look at the budget of this government, this financial year is about N1 trillion. In terms of size, Lagos is supposed to be the smallest state in Nigeria. That tells you the kind of pressure in this state. Also, you see what happened recently. The good intentioned #EndSARS protest, the hijack and the destruction barely tell us that we do not have a choice than to support the facilities that are attracting people to Lagos State. Special Status, of course, is a just agitation.

Feedback from my campaign is encouraging
For me, the feedback has been very encouraging and supportive. Of course, it is a mixed bag of people’s challenges and their concerns. Without being selfish, I think that I see what I can describe as genuine acceptability. I always make it very clear everywhere I went the kind of background that I parade. I also let them know that it is not all about me. It is all about giving to the society. With due respect to everyone here, I am not an old man. I am full of energy. Part of what I am bringing on the table is the energy I use to deliver my earlier career. I still have that energy to bring to the table. I see a lot of acceptability from the people – the traditional rulers, the youths, the old people, the women and even the working class. Again, part of what we heard from the people is the need to attend to people’s needs.

For instance, mothers were pleading to have job opportunities for their children. When you heard that unemployment rate is 27 per cent, in real life, you will see that this is a major challenge. We just have to find a way around it. The solution must be sustainable and enduring. We have to look at the development deficiency of this country. If we have high unemployment rate and look at the demography of the country, people between 18 and 35 account for about 65 per cent. And we have unemployment rate around 27 per cent.

It tells you that we have a lot of burning energies that are unused. We have to support policies that create enabling environment for businesses. That is what I mean by sustainable opportunities. If we create a fluke that endure for a short period, it will not help us. We need a development policy that creates employment opportunities. We can only build it around initiatives that will support infrastructure; that will encourage private enterprises and that will allow businesses to grow.
We need peace because businesses can only grow where there is security of lives and property. These are things we need to keep our minds to save ourselves from the economic situation of this country.

Message to voters
I strongly believe this is an opportunity for Lagos East to have on board somebody that is experienced; that has the capacity and exposure to play the roles expected of a senator. Also, this is an opportunity to bring on board somebody who can supply quality representation as to what is expected of a senator representing Lagos East.

It is an opportunity to bring in a personality that is homegrown individual, whom our youths can look up to, learn from and believe as to the possibilities in this country. I am not a foreign trained person in any form. My background is very basic and local. When I look back, I have more to lose if I do not live up to people’s expectation. That is part of the burden I carry on this assignment. I have run a very successful career. I will not at this stage do anything that will rubbish it. This is a journey of four years and I have run a career of 32 years unblemished. I will not at this stage of my life mess it up.

I think this is an opportunity for Lagos East to have somebody that will not disappoint them; somebody that will live up to expectations and somebody that has listening ears. My life has been of service. I will not be a kind of person that they will only see during election period. I will be that person that will periodically, either quarterly or biannually go back to my constituents to supply account of what I have done; listen to them to get feedback and see what I can do to further their cause.
PIX: Tokunbo Abiru.jpg

Bayelsa West: CDC Chairmen, Youth Presidents Back Dickson
Tolulope Ibukunoluwa

The Chairmen of the Community Development Committees and Youth Presidents in Ekeremor Local Government Area have reaffirmed support for Chief Henry Seriake Dickson’s Senatorial bid for the Bayelsa West District.
The CDC Chairmen and the Youth President said Dickson was the most qualified with the requisite experience and contacts required to promote the interest of the district, the state and indeed the Ijaw nation in the National Assembly.

The different groups which spoke during solidarity visits to the former Governor at his Opolo, Yenagoa residence yesterday, said that the former governor should have returned unopposed going by his experience and record òf performance.

Spokespersons of the groups, Philip Enieyekebi, Chairman of CDC Ndoro, and his Ekeremor counterpart, Hon Fiemotonghan Otuma and the Youth President, Agori, Akiki Ezoukumoh, were unanimous in their position that Dickson is the only candidate they know in the forthcoming senatorial contest in the zone.
They stressed that Chief Dickson is more exposed no national politics and in a better position to promote the interest of the district apart from the arrangement on zoning that favors him.

They assured that the election would be peaceful and urged the electorate to turn out enmasse to vote without fear of molestation and also defend their votes come December 5, 2020.

“Everybody that is truly sincere knows that you are in a better position to articulate the needs of the Ijaw nation having played crucial roles at different levels of government.
“We the CDC Chairmen and our youth Presidents are not aware of any other candidate contesting the Senatorial seat. It is on record that you and your party, the PDP, have consulted widely in our communities and we hold the firm view that you will be returned as our Senator,” They said.

In his response, the former governor thanked the CDC Chairmen and the youth groups for their sustained support and reaffirming their endorsement of his candidature as the right person for the Senatorial slot.
He urged the youth to supply the deserved priority to the need to ensure that the election is violence free in their communities.

Dickson commended the leaders and members of the groups for insisting on the power sharing arrangement between the two local government areas making up the district which Favour a Sagbama to produce the next senator.
He assured them of his unflinching commitment to the cause of the people and indeed the Ijaw nation, at the upper chamber of the National Assembly if elected.

Leadway Pensure’s RSA Funds
Michael Olugbode in Abuja

Leadway Pensure PFA Limited, foremost pension funds administrator, has outperformed the benchmark funds under its Retirement Savings Account (RSA) for October 2020.
A statement yesteday from the company reported that all funds under its Retirement Savings Account (RSA) outperformed their stipulated benchmark for October 2020.

The statement read: “In the month under review, Leadway Pensure PFA’s annualised return for RSA Fund I was 32 per cent against a 25 per cent benchmark; RSA Fund II returned 25 per cent against a 23 per cent benchmark; RSA Fund III returned 20 per cent against a 15 per cent benchmark, and RSA Fund IV returned 18 per cent against a 9 per cent benchmark, culminating in an overall high performance of RSA funds across multiple investments in the company.

“The annualised return represents the approximate return achievable by an investment if retained for a whole year as opposed to when it is prematurely terminated.”

Commenting on the results, Managing Director, Leadway Pensure PFA, Mrs. Aderonke Adedeji stated that the performance was a testament to the company’s consistent efforts to deliver excellent results to its customers and remain one of the leading PFAs in the country.
She said: “As a company, we work assiduously to never stray from our objective of remaining amongst the top-five Pension Fund Administrators in the nation. Being intensely aware of the dynamic nature of the market, we consciously guard our RSA funds against downturns to preserve value. Thus, causing our funds to outperform a 14.23 per cent inflation rate in October. We remain confident that the rest of the year will not be any different.”

The Retirement Savings Account was initiated by the Federal Government under the repealed Pensions Reform Act (PRA)of 2004 (now enacted PRA 2014) and is used to set aside money towards an individual’s retirement; with joint contributions from the employer and the employee, while the multi-fund structure is a framework designed to align the retirement savings of contributors to their risk appetite by maintaining four funds with different tolerance for risk.

Tetfund Harps On Judicious Utilisation of Intervention Funds
The Tertiary Education Trust Fund, Tetfund, has stressed the need for the judicious utilisation of the agency’s interventions to public tertiary educational institutions.
This was even as the agency commended the management of the Bayero University, Kano for the proper utilisation of the interventions it received from Tetfund, reiterating the commitment of President Muhammadu Buhari administration to improving the standard of tertiary in the country.

The Chairman of Tetfund’s Board of Trustees, Alhaji Kashim Ibrahim-Imam, stated this at the Annual Tetfund/Federal Inland Revenue Service (FIRS) interactive Forum in Kano during which the agency also inspected Tetfund intervention projects at the University.

“We are happy about what we saw in Bayero University, Kano because it is one thing to make funds available to the universities, it is yet another to utilise such interventions properly. The stakeholders contributing to Tetfund can only feel encouraged when they see that their contributions are making the necessary difference in transformation of our universities, polytechnics, and colleges of education.
“On the part of Tetfund, we will continue to engage all stakeholders as well as insist on the judicious utilisation of funds made available to the tertiary educational institutions”, Ibrahim-Imam said.

Also speaking at the interactive forum themed “New Thrust in Sustaining the EDT Collection During COVID-19 Pandemic for Effective Service Delivery of the Fund”, the Executive Secretary of Tetfund, Professor Suleiman Elias Bogoro, commended the commitment and diligence exhibited by FIRS in collecting the funds on behalf of the Tetfund.

While equally commending the management of Bayero University for proper utilisation of Tetfund’s interventions, Bogoro noted that FIRS’ diligence had made it possible for Tetfund to discharge its mandate without much hitches.

“We have never found them wanting, nor have we had any cause to quarrel. To me this is an indication of the integrity and honesty of the FIRS personnel”, he stated.
Earlier, the Executive Chairman of the FIRS, Alhaji Muhammad Mani, who was represented by Director of Collections, Mr. Pam Davou, reaffirmed the commitment of his agency to discharging its responsibility with utmost zeal and commitment to ensure that the nation’s institutions of higher learning lived up to expection.
Speaking, the Vice Chancellor, Bayero University, Professor Sagir Adamu Abbas, commended Tetfund for the infrastructural development in the university where the agency has so far funded 108 projects.

Mon, 11 Jul 2022 12:01:00 -0500 en-US text/html
Killexams : Balancing Computer Security and Innovation—A Talk with RSA’s Art Coviello

It’s no surprise that the president of RSA, the security division of Hopkinton, MA-based information management giant EMC (NYSE: EMC), has strong views about the need for better security practices within corporations and government agencies. But Art Coviello, who joined RSA in 1995 and helped engineer its 2006 acquisition by EMC, says the problem isn’t that companies aren’t aware of today’s cyber security challenges—it’s that they often aren’t doing the right things to address them.

Companies try too hard to protect the machines that data live on, rather than the data itself, Coviello told me during an interview earlier this month. They dive into faddish new technologies like cloud computing and social networking without investigating the new kinds of security risks they pose. And they focus too much on achieving technical compliance with government regulations, rather than on minimizing the risks those regulations are meant to address.

Coviello spoke with me shortly after RSA issued the latest report from the Security for Business Innovation Council, a group of 10 security executives from companies like Motorola, JP Morgan Chase, Time Warner, and Novartis. RSA assembled the council to draw attention to ways that businesses can continue to innovate—a process that often involves adopting untested new technologies—without exposing themselves to new waves of fraud, data breaches, and other cyber attacks.

Coviello was eager to share the recommendations in the report, which range from suggestions about specific security policies and technologies that companies can adopt to ideas for broad industry cooperation on ways to thwart cyber criminals. But I also asked him for his perspective on the accurate increase in the number of New England-area companies offering so-called “governance, risk, and compliance” software, and for his views of the Obama Administration’s performance so far on cyber security issues. (See page 3. A preview: he’s reserved, but optimistic—and has some specific suggestions on who President Obama should name as the new cyber security czar.) A condensed version of our interview follows.

Xconomy: What’s the main purpose of this latest report from the Security for Business Innovation Council?

Art Coviello: One of the things we tried to establish early on is that security doesn’t have to be viewed as an inhibitor of innovation. It can be viewed as an enabler of innovation. This is the fourth in a series of reports that does just that. It gives tips and advice on how [security] can not only not get in the way, but how it should supply people confidence to do more things online.

But one part of what we’re bringing out here is that when it comes to things like cloud computing and social networking, people are just jumping ahead, and saying we’ll take care of the security later. That’s a bad idea.

X: Forgive me if this question sounds cynical, but cloud computing and certain forms of social networking are among EMC’s services and software these days—and so, obviously, is security. Wouldn’t almost any report coming from a group convened by the security division of EMC be recommending more adoption of security software?

AC: I can see how you could be cynical about almost anything that gets produced by a technology company. But the guys who are part of this study are independent. We facilitate it, we don’t pay them for it. You’ve got people like Bill Boni from Motorola, Anish Bhimani from JP Morgan Chase, David Kent from Genzyme, Craig Shumard from Cigna. You have a cross section of people, and they’re not making any money from cloud computing or social networking.

Having said that, the fact is that the horse is out of the barn, and people are going to be adopting these technologies, because they Boost productivity and communication. You are not going to slow it down, but you can expose yourself to risks that you would feel fairly sorry about if you don’t … Next Page »

Wade Roush is a freelance science and technology journalist and the producer and host of the podcast Soonish.

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Tue, 28 Jun 2022 12:00:00 -0500 Wade Roush en text/html
Killexams : Contributory Pension Scheme and Nigeria’s economic development

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Killexams : African boxing confederation elects new president and board of directors No result found, try new keyword!At a meeting of its Congress in Algiers, the African Boxing Confederation (AFBC) elected a new President and Board of directors, with Mr Bertrand MENDOUGA of Cameroon the successful presidential ... Sun, 24 Jul 2022 12:00:00 -0500 en text/html Killexams : Understanding NIST’s Post-Quantum Encryption Standardization and Next Steps for Federal CISOs

By Duncan Jones, Head of Cybersecurity at Quantinuum

In a accurate National Security Memo (NSM-10), the White House acknowledged the need for immediacy in addressing the threat of quantum computers to our current cryptographic systems and mandated agencies to comply with its initial plans to prepare. It’s the first directive that mandates specific actions for agencies as they begin a very long and complex migration to quantum-resistant cryptography. Many of the actions required of agencies depend on new cryptographic algorithms that have just been chosen by the National Institute of Standards and Technology, although final standardization will take 18 to 24 months.

What should CISOs be doing to prepare for the risks of quantum computers and to comply with NSM-10 requirements? They should start by gaining an understanding of the new algorithm standards, and from there, focus on inventorying the agency’s most important information and assets. 

NIST to the rescue

In as little as a decade, quantum computers will break many of the encryption schemes in use today, such as the popular RSA algorithm that we use for encrypting internet data and for digitally signing transactions. An attacker with a powerful quantum computer will be able to read data encrypted by an RSA public key or forge transactions signed by an RSA private key. Worse, a category of attack known as “hack now, decrypt later” may already be under way. Attackers who record data using quantum-vulnerable algorithms now can retrospectively decrypt it in the future using quantum computers. For any agency or contractor that shares data with a long sensitivity lifespan, this is a real concern.

Fortunately, the academic world has not been sitting idle. Since 2016, NIST has been working with the cryptographic community to identify and standardize new quantum-proof encryption algorithms. The NIST process will help ensure that these algorithms become standardized in Federal Information Processing Standards publications and are ready for consumption by federal authorities. As such, it’s important for CISOs to familiarize themselves with the new algorithms and their properties.

Each post-quantum algorithm has three different security levels defined—SL1, SL3 and SL5. These levels are very similar to key sizes in today’s algorithms. Much like 4096-bit RSA keys are stronger than 1024-bit RSA keys, SL5 is stronger than SL3 and SL1. However, that increased security comes at a cost. SL5 keys are typically larger to store and result in slower computations. It’s also notable that post-quantum algorithms cannot be used for both encryption and data signing. Instead, they are used for only one task or the other. This means we will be replacing a single algorithm, such as RSA, with two separate algorithms.

The table below shows some of the characteristics of the selected algorithms.

Algorithm Type Family Public Key Size Ciphertext/Signature Size
CRYSTALS-KYBER Key Establishment Lattice-based 1.6KB - 3.1KB 0.8KB - 1.5 KB
CRYSTALS-Dilithium Signature Lattice-based 2.5KB - 4.8KB 2.4KB - 4.6KB
Falcon Signature Lattice-based 1.2KB - 2.3KB 0.7KB - 1.3KB
SPHINCS+ Signature Hash-based 0.03KB-0.06KB 7.7KB - 49KB

For immediate action

According to NIST’s chief of the Computer Security Division, Matt Scholl, “…don't wait for the standard to be done. Start inventorying your most important information. Ask yourself what is that data that an adversary is going to want to break into first.”

According to NSM-10, leaders from the Office of Management and Budget, the Cybersecurity and Infrastructure Security Agency, NIST and the National Security Agency will be establishing requirements for inventorying all currently deployed cryptographic systems within six months of the May 4 memo. Within a year—and on an annual basis—“…heads of all federal civilian executive branch agencies shall deliver to the director of CISA and the national cyber director an inventory of their IT systems that remain vulnerable to CRQCs.”

Agency inventory requirements will include: 

Migrating an agency or department to a fully post-quantum position is a complex process that will take many years. Although these post-quantum algorithms will not be ready for widespread production use until the standardization process finishes in 2024, considerable work—now mandated under NSM-10 directive—must be done to prepare for these changes, starting with the inventorying process. 

Next steps for federal CISOs

Identify data assets and use of cryptography. Before you can prioritize migration, you need to understand exactly what data you have, and how vulnerable it is to attack. Data that is particularly sensitive and vulnerable to the “hack-now, decrypt-later” attacks should be prioritized above less sensitive data that isn’t transmitted freely. CISOs should start cataloging where quantum-vulnerable algorithms are currently being used. For a variety of reasons, not all systems will be affected equally. CISOs need a very clear picture of the vulnerabilities present in each of their systems.

Speak with vendors. Now is the perfect time to be asking your vendors about their plans for adopting post-quantum algorithms. A good vendor should have a clear roadmap already in place and be testing the candidate algorithms in preparation for 2024.

Test algorithms for home-grown software. Post-quantum algorithms have different properties than the algorithms we use today. The only way to know how they will affect your systems is to implement them and experiment. To assist with potential compatibility issues, NSM-10 encourages agency heads to begin conducting “…tests of commercial solutions that have implemented pre-standardized quantum-resistant cryptographic algorithms.” 

A good place to start is with the Open Quantum Safe project, which provides many different implementations of post-quantum algorithms designed for experimentation. 

Quantum is not all bad news. It is worth remembering that quantum computing also offers new techniques for strengthening existing systems. Quantum computers are already being used today to generate stronger cryptographic keys. In the future, once this migration to post-quantum algorithms is behind us, we’ll view quantum as a gift to cybersecurity, not a threat.

 Duncan Jones is the head of cybersecurity at Quantinuum.

Mon, 25 Jul 2022 16:20:00 -0500 en text/html Killexams : BCCI apex council candidates - All you need to know


Sourav Ganguly was named as the sole BCCI president-elect nominee in Mumbai

Sourav Ganguly was named as the sole BCCI president-elect nominee in Mumbai © AFP

With all the eight positions in the BCCI apex council going uncontested, if the nominations of the candidates are cleared on October 15, they will assume their respective roles on October 23. Here's a brief need-to-know about the candidates who have filed their nominations for the BCCI elections.

Sourav Ganguly: A former India captain and a two-time elected president of the Cricket Association of Bengal, Sourav Ganguly took over the charge of his state association immediately after the demise of Jagmohan Dalmiya in 2015. Leading to the upcoming election, he was one of the front-runners for the post of board president, as the BCCI old guards were looking at a cricketer, who could add value and credibility and revamp the board's image globally. After almost losing out to Brijesh Patel for that position, a dramatic turn of events took place on the night prior to the day of filing nominations for elections, and he secured the position.

Mahim Verma: Recently appointed as the secretary of the Cricket Association of Uttarakhand, there isn't a lot to Mahim Verma's credit as a cricket administrator so far. In fact, one of the prime reasons he gets such a lift in the BCCI hierarchy is because Rajiv Shukla failed to get the due clearance from the court to be contesting in the elections. However, now that he is set to be appointed as the vice president of the board, it's his big opportunity to make a mark.

Jay Shah: Son of home minister Amit Shah, Jay Shah has been involved with Gujarat cricket's administration for the last five years, and is also credited with the upcoming project of the world's biggest cricket stadium, set to be built in Ahmadabad. He is set to become the next BCCI secretary. His presence in the big seat of Indian cricket is primarily a result of the power wielded by his father in the political setup of the country.

Jayesh George: A veteran administrator of Kerala Cricket Association, Jayesh George will became only the second person from his state - after SK Nair - to be a BCCI office-bearer. The post, which was expected to go to Devajit Saikia, came his way late in the day, primarily as a result of Sourav Ganguly pipping Brijesh Patel to the post of president. He remains possibly N Srinivasan's most trusted aide among the office bearers who are set to take office on October 23.

Arun Dhumal: Brother of former BCCI President Anurag Thakur, Arun Dhumal's rise to becoming a BCCI office bearer is also linked to the influence of India's ruling party in the running of cricket. Even though he has been involved with the running of cricket in Himachal Pradesh as a secretary of the association for several years, he has largely remained in the shadows of his brother as an administrator. He was recently appointed the president of Himachal Pradesh Cricket Association and is now set to become BCCI's treasurer.

Chhattisgarh State Cricket Sangh's Prabhtej Singh Bhatia (Councillor), along with Anshuman Gaekwad and Shanta Rangaswamy have been appointed as the male and female ICA representatives will be a part of the apex council, along with a CAG representative.

IPL Governing Council

Brijesh Patel: A former India player, Brijesh Patel has also been a veteran cricket administrator. Having primarily served in Karnataka, he has been at the forefront of improved infrastructure in the state - multiple grounds, KPL and better pay for players. A close ally of N Srinivasan, he nearly missed out on becoming the BCCI president but has been chosen as the Governing Council Member for IPL instead.

Cricket Association of Mizoram's Khairul Jamal Majumdar (Governing Council Member) and Surinder Khanna for (ICA representative) will also be a part of the IPL Governing Council.

© Cricbuzz

Mon, 14 Oct 2019 06:25:00 -0500 en text/html
Killexams : Sir John Anderson turns down ICC vice-presidency

The search for a new head of world cricket took a step backwards Saturday when leading candidate and respected New Zealand administrator John Anderson said he was not available. It is New Zealand and Australia's turn to nominate the next International Cricket Council (ICC) vice president and ultimately president and Anderson was considered a certainty after original nominee John Howard was rejected. Howard, the former Australian prime minister and a passionate cricket lover, was put forward ahead of Anderson after months of debate by Australian and New Zealand cricket officials over who would be their joint candidate. But the ICC refused to accept Howard and called for a new candidate from Australia and New Zealand putting the spotlight back on Anderson. However a statement from the Board of New Zealand Cricket (NZC) said Anderson did not want to be considered. "In light of ICC?s rejection of the nomination of John Howard, I approached Sir John Anderson to assess his availability for the role," NZC chairman Alan Isaac said. "Unfortunately Sir John advised me that he is not available to be considered as a possible nominee." NZC and Cricket Australia (CA) have previously expressed "deep disappointment" at the ICC decision not to support Howard. Haroon Lorgat, the ICC chief executive, has refused to reveal why Howard's name was rejected saying cricket's controlling body did not have to supply a reason. But it is understood that opposition from Asian and African nations sealed his fate as he had clashed with some of the countries opposed to his ICC bid when he was Australia's premier from 1996 to 2007.

Tue, 12 Jul 2022 08:51:00 -0500 en text/html
Killexams : bayengemali m. No result found, try new keyword!I HOLD A MASTER OF PUBLIC HEALTH FORM THE MEDICAL SCHOOL OF SOUTHERN AFRICA, RSA (2003). GRADUATE OF THE ROBERT GORDON UNIVERSITY ABERDEEN,UK WITH A BSc Nutrition and Dietetics(with state ... Tue, 18 Aug 2020 09:57:00 -0500 text/html Killexams : Merck & Co, Inc. (MRK) CEO Robert Davis on Q2 2022 Results - Earnings Call Transcript

Merck & Co, Inc. (NYSE:MRK) Q2 2022 Earnings Conference Call July 28, 2022 8:00 AM ET

Company Participants

Peter Dannenbaum - VP, IR

Robert Davis - President, CEO & Director

Caroline Litchfield - EVP & CFO

Dean Li - EVP & President;, Merck Research Laboratories

Conference Call Participants

Evan Seigerman - BMO Capital Markets

Andrew Baum - Citigroup

Louise Chen - Cantor Fitzgerald & Co.

Carter Gould - Barclays Bank

Seamus Fernandez - Guggenheim Securities

Geoffrey Meacham - Bank of America Merrill Lynch

Umer Raffat - Evercore ISI

Mara Goldstein - Mizuho Securities


Ladies and gentlemen, thank you for standing by. Good morning. My name is Alan, and I will be your conference moderator today. At this time, I would like to welcome everyone to the Merck & Company Q2 Sales and Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. Thank you. I would now like to turn the conference over to Peter Dannenbaum, VP Investor Relations. Please go ahead.

Peter Dannenbaum

Welcome to Merck's Second Quarter 2022 Conference Call. Speaking on today's call will be Rob Davis, President and Chief Executive Officer; Caroline Litchfield, Chief Financial Officer; and Dr. Dean Lee, President of Merck Research Labs.

Before we get started, I'd like to point out a few items. You'll see that we have items in our GAAP results such as acquisition-related charges, restructuring costs and certain other items. You should note that we have excluded these from our non-GAAP results and provide a reconciliation in our press release. I would like to remind you that some of the statements that we make today may be considered forward-looking statements within the meaning of the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Such statements are made based on the current beliefs of Merck's management and are subject to significant risks and uncertainties. If our underlying assumptions prove inaccurate or uncertainties materialize, real results may differ materially from those in the forward-looking statements. Our SEC filings, including Item 1A and the 2021 10-K, identify certain risk factors and cautionary statements that could cause the company's real results to differ materially from those projected in any of our forward-looking statements made this morning. Merck undertakes no obligation to imply update any forward-looking statements.

During today's call, a slide presentation will accompany our speaker's remarks. The presentation today earnings release as well as our SEC filings are all posted to the Investor Relations section of Merck's website.

With that, I'd like to turn the call over to Rob.

Robert Davis

Thanks, Peter. Good morning, and thank you for joining today's call. I'm proud to report that the business continues to perform extremely well. We remain firmly guided by our strategic priorities to bid long-term growth and deliver value to patients and shareholders. We're executing on the opportunities in front of us today, while simultaneously making the necessary investments to sustain our success long into the future. I'm pleased to report that during the second quarter, we achieved robust top and bottom line growth and made additional important clinical advancements in our pipeline.

Turning first to our results. We again achieved exceptional performance this quarter led by strong growth of key products, including KEYTRUDA, GARDASIL and BRIDION. Our results rated by revenue from LAGEVRIO, which is helping to in fighting COVID-19. We're confident in the underlying demand for our innovative portfolio as we continue to see momentum in our business, which we are pleased to reflect our updated guidance.

Moving to research organization. We continue to advance our pipeline most significantly across our suite of pneumococcal vaccines. VAXNEUVANCE received an expanded approval from the FDA for pediatric case, providing an important option for sort in prevention invasive in pneumococcal disease.

We also presented by the results from clinical studies of V116, our vaccine, designed specifically to address remaining of in adults, and we've initiated difficult phase III studies. These milestones reinforce the confidence we have in our population specific approach to address the needs of children and adults.

We've also taken additional taste understand the significant opportunities we see in the pipeline. In June, we hosted an investor event at ASCO. We highlighted the depth and breadth of our oncology program. At the event, we reiterated our ambition to become the leading oncology company by 2025 and our goal of sustaining this success well into the next decade.

As I reflect on my first year as CEO, I'm pretty pleased by the significant progress we've made in advancing worth position as a global pharmaceutical leader and the interim momentum starting across our business. The unwavering focused indication of our employees worldwide is driving strong execution on significant opportunity in front of us. We're demonstrating impressive resilience across all aspects of our business in a every challenging global environment. We're achieving market levels of production in our manufacturing operations, delivering exceptionally strong revenue growth, making meaningful bands in our pipeline and taking important steps to expand our outlook. Our strategy is working and our future is bright. I was very confident a year ago, and I'm even more confident today that we are well positioned to achieve our near and long-term goals, anchored by our commitment to deliver important medicines and vaccines to patients and value to all of our stakeholders, including shareholders.

With that, I'll turn the call over to Caroline.

Caroline Litchfield

Thank you, Rob. Good morning. As Rob highlighted, we are maintaining this year's strong momentum with another quarter of exceptional performance in both revenue and earnings. These results further demonstrate that our personal science as the core of our strategy is working. Our success is being enabled by the excellent execution of our dedicated products across the globe and continue to deliver value for patients, customers and shareholders.

company revenues were $14.6 billion, an increase of 28%. LAGEVRIO contributing $1.2 billion in revenue. Excluding LAGEVRIO, the business delivered very strong growth of 18%.

The remainder of my comments will be on an ex-exchange basis. Our Human Health business continued its strong momentum with growth of 33% or 21%, excluding LAGEVRIO driven by our key pillars. Our Animal Health business also delivered strong performance, with sales increasing 5% driven by growth across both our livestock and companion animal products.

Now turning to the second performance of our key brands. In oncology, KEYTRUDA grew 30% to $5.3 billion, driven by the vast global demand as well as continued expansion into new indications and to reflect the preponed impact it is having more patients across the globe.

In the U.S., KEYTRUDA continues to demonstrate momentum in metastatic indication and is experiencing strong growth from accurate launches in early stage transfers, including triple-native breast renal-cell carcinoma and melanoma. KEYTRUDA is now approved in 6 indications in earlier stage cancers.

We've seen strong utilization and are confident in its continued success as physician and patient experience growth. We have seen a particularly strong uptake in neoadjuvant adjuvant high-mileage triple-net breast cancer based on KEYNOTE-522, offering a distinct treatment patients in an area of significant unmet need.

In the metastatic setting, KEYTRUDA maintained the leadership position in non-small lung cancer capturing 8 out of 10 patients. Outside the U.S., KEYTRUDA was driven by continued uptake in non-small cell lung cancer and the ongoing in neck cancer and renal cell carcinoma. Initial indicators also point to encouraging trends in the United States indications, including breast cancer and renal carcinoma in key European markets.

The Lynparza remains a market-leading part inhibitor. Our revenue grew 17%, driven by uptaking patients with high-risk early stage breast cancer following FDA approval by [indiscernible]. We look forward to potentially expanding leadership by reaching the digital prospect cancer patients based on study.

Lenvima revenue grew 33% due to strong demand following the launch of in advanced renal cell carcinoma and PMOT775 in metastatic endometrial cancer. New patient target tumors remain strong.

Lastly, we continue to be encouraged by • WELIREG which is tracking in line with expectations. Portfolio again delivered excellent growth rate by GARDASIL, which increased 40% to $1.7 billion. Outside the U.S., GARDASIL significant growth was driven by strong underlying demand, particularly in China as well as increased supply. In the U.S. that decrease primarily due to CDC purchasing patterns, although we continue to be impact from [indiscernible].

We continue to invest behind activation campaign to ensure that parents recognize the importance of routine division to their children, particularly during the [indiscernible]. We remain confident in the growth trajectory of GARDASIL given the proven ability to help prevent certain HPV-related cancers in both females and males.

In our hospital acute care portfolio, sales was 15%, driven by greater share among and the increase in surgical procedures. Our animal health business delivered another solid quarter, with sales increasing 5%, grew 6%, driven by higher demand in and poultry. Companion animal sales increased 3% due to global demand for line of product.

I will now walk you through the remainder of our P&L, and my comments will be on a non-GAAP basis. Gross margin was 74.7%, a decrease of 1.8 percentage points. The decrease was due to the impact of [indiscernible], higher inventory baseline increased manufacturing costs, partially offset by favorable product mix across the remainder of the portfolio as foreign exchange.

Operating expenses decreased 19% to $5.2 billion, reflecting charges primarily related to last year's $1.7 million acquisition of which is reflected in our second quarter 2021 R&D expense. Operating expenses excluding these charges incline our plan, driven by investments in our key growth drivers and pipeline. Other expense was approximately $200 million, reflecting higher-than-expected pension settlement effect.

Our tax rate was 13.8%. Taken together, we add $1.87 per share. Turning now to our 2022 non-GAAP guidance. The underlying strength of our business enables us to rate and narrow our full year revenue guidance. We now expect revenue to be between $57.5 billion and $58.5 billion. Our increased revenue guidance range represents growth of 18% to 20% or 13% to 14%, excluding LAGEVRIO and the impact from foreign exchange.

The projected impact from burn exchange includes an incremental headwind of more than 1% using this July rent resulting a net impact of approximately 3%. We are maintaining our gross margin expectation of between 74% and 74.5%. We are increasing our operating expense projection to $20.5 billion to $21.5 billion, primarily driven by the $219 million upfront payment from the recently announced collaboration with Orion Corporation.

As an ongoing practice, our finance does not include significant potential when we development transaction. We increased our expectations of other expense to approximately $100 million, reflecting higher-than-anticipated pension settlement expense. We continue to assume a full year tax rate between 13.5% and 14.5%. We assumed 2.54 billion shares outstanding.

Taken together, we have managed our expected EPS range to $725 to $7.35. The operational front in our business would have led with approximately 20% increase in our guidance. This strength is being offset by the upfront entry to Orion, by pension settlement expense and an incremental headwind on foreign exchange more than 1% due in [indiscernible].

Overall, that guidance reflects our confidence that the strong underlying momentum of our business will continue into the second half of the year. As you consider your models, there are a few things to keep in mind. First, the pandemic as a tailing to growth in the first half of the expect the benefits to yearly reset over the remainder of the year.

Also, we actively managed the impact of foreign exchange through our revenue saving program. To the extent we see further negative impact from foreign exchange, we will see additional benefits from our hedging in other revenues as we did in this quarter.

Other revenue also includes supply to Organon and the Johnson & Johnson for its COVID-19 vaccine as well as we see related to our out licensing arrangements. In total, we expect other revenue to be higher in the second half versus first half of 2022.

With respect to our products, for [indiscernible], we continue to expect a negative impact to U.S. sales, given the shift towards new adults pneumococcal vaccine. On Animal Health, we're seeing normalized industry growth rate as we adverse favorable trends in ending resulting from pandemic and experience foreign exchange headwinds. However, given our broad innovative portfolio, we are well positioned to continue to drive the market growth in 2022 and beyond.

Finally, we continue to expect to look at full year sales of $5 billion to $5.5 billion, with second half sales weighted to the fourth quarter.

Adaptation priorities remain unchanged. We will continue to clarify investments in our pipeline and business to realize the value of the many near and long-term opportunities in [indiscernible]. We continue to pursue compelling with strategic business development to augment our internal pipeline. Our accurate collaboration with Orion is another example of our execution of this strategy.

We remain committed to our dividend, which we expect to increase through the time. Finally, to the extent we have extra cash, we will return it to shareholders through share repurchases.

To conclude, at the end of the second half of the year, we remain very confident in business, driven by global demand for our innovative medicines and vaccines. Our excellent execution will enable us to continue to deliver value to patients and shareholders well into the future.

With that, I'd now like to turn the call over to Dean.

Dean Li

Thank you, Caroline. It's my pleasure to provide an update on our progress since the first quarter call. We continue to execute on our pipeline strategy. We are advancing the latest signs to generate medicines and vaccines that provide clear benefit for patients.

Today, I will highlight accurate progress in our vaccine pipeline and provide an update on our oncology program as well as LAGEVRIO.

As Rob noted, we have made significant progress across our pneumococcal portfolio. Building upon the approval in the adult indication we received a year ago. Last month, we received FDA approval for our 15 valent pneumococcal conjugate vaccine, VAXNEUVANCE an important new option to help protect pediatric populations against invasive pneumococcal disease.

VAXNEUVANCE is the first pneumococcal conjugate vaccine approved for pediatric populations in almost a decade. VAXNEUVANCE provides comparable immunogenicity for 12 shared compared to the currently available 13 valent pneumococcal conjugate vaccine, improved immunogenicity for serotype 3 and expanded coverage for serotype 22F and 33F.

Serotype 3, 22F and 33F are key invasive disease using serotypes known to be responsible for more than a quarter of all invasive pneumococcal disease in children.

Following FDA approval, the CDC's Advisory Committee on Immunization Practices voted unanimously to endorse VAXNEUVANCE as an option for children under 19 years of age.

Additionally, the ACID unanimously voted to include VAXNEUVANCE and the vaccines for children program. We await publication of the final CEC recommendation in the morbidity and mortality weekly report.

Also in June, at the International Symposium on pneumococi and pneumococcal diseases in Toronto, we presented positive results from our Phase I/II study evaluating V116, our investigation 21 delink pneumococcal conjugate vaccine in pneumococcal vaccine naive adult. V 116 is designed to significantly expand coverage compared to currently licensed pneumococcal vaccines by targeting serotypes that account for 85% of all invasive pneumococcal disease cases in adults aged 65 and older in the United States as of 2019.

As a strong indicator of our progress, we recently enrolled the first patient into the STRIDE 3 trial evaluating V116 in vaccine-naive adult, the first of 4 current Phase III trial.

We have taken a thoughtful and tailored approach to establishing a pipeline of pneumococcal vaccine candidate designed to forward production by targeting strains posing the greatest risk to specific populations.

I look forward to providing additional updates on the progress of our pneumococcal program for VAXNEUVANCE, V116 and V117, our investigational candidate, specifically targeting pediatric disease.

Turning to oncology. We continue to build on the momentum in earlier-stage cancers. We announced that the FDA has accepted our application of KEYTRUDA for the adjuvant treatment for patients with non-small cell lung cancer following surgical reduction based on the results of the ongoing KEYNOTE-091 trial. The FDA has set a prescription drug user date of January 29, 2023. However, further data may be provided during the review process that may delay the state.

At the American Society for Clinical Oncology Meeting in June, we provided expanded analysis and presented data on new endpoints in key subgroups 4, KEYNOTE-716 and for the adjuvant treatment in Stage IIb and IC melanoma, KEYNOTE-522 in neoadjuvant high-risk early-stage triple-negative breast cancer and KEYNOTE-564 in adjuvant RCC.

We are also delivering on our regulatory strategy outside the United States. Notable actions include 4 approvals for KEYTRUDA from the European Commission based on KEYNOTE-716 for the adjuvant treatment of patients 12 years and older with completely resected Stage IIb or 2C melanoma; KEYNOTE-522 in high-risk early-stage triple-negative breast cancer; KEYNOTE-164 and KEYNOTE-158 in MSI high and/or mismatched for tumors in 5 different cancer types; and KEYNOTE-826 and certain types of persistent recurrent or metastatic cervical cancer.

In addition, we received a positive EU CHMP opinion for adjuvant treatment with LYNPARZA for patients with serotypes of high-risk early-stage breast cancer based on the Phase II OLYMPIA trial.

And finally, we are encouraged by the positive readout of KEYNOTE-869 or EV-103 and first-line urothelial cancer, which is in collaboration with SGI.

Next, I want to discuss our ongoing efforts to treat prostate cancer. Prostate cancer impacts millions of men and those with advanced disease at low rates of 5-year survival. We continue to generate insight about prostate cancer from our ongoing work, and we remain focused on improving patient outcomes.

Business development and licensing remains a key element of our strategy to build and maintain a strong and diverse pipeline.

Earlier this month, we announced a global development and commercial relation agreement with Orion for investigational oral steroid synthesis inhibitor, ODM-208, which is currently in Phase II development for the treatment of metastatic castrate-resistant prostate cancer.

ODM-208 targets cytochrome P450 1181, a novel approach that is complementary to our broad-based prostate cancer program, which includes the combination of KEYTRUDA with chemotherapy based on KEYNOTE-091, KEYTRUDA with antiandrogen therapy based on KEYNOTE-641 and KEYNOTE-991 and LYNPARZA with anti-androgen therapy based on the PROPEL trial.

Next, to COVID-19 and LAGEVRIO the pandemic persists and SARS-CoV-2 continues to evolve. There are solid emerging evidence for the threat of resistance to antibody therapies from Omicron variants, notably B4 and B5. The rate of transmission and increased hospitalization with these variants reinforces the need for multiple effective antiviral treatment options, especially for those most vulnerable. For high-risk patients, evidence continues to show that prompt therapeutic intervention improved outcome.

Importantly, a large proportion of high-risk individuals, including older adults, are likely receiving additional medications for chronic conditions. LAGEVRIO's low propensity for drug-drug interaction avoids the need to adjust existing dosing regimen and monitor liver and kidney functions during treatment, which can facilitate timely intervention for appropriate patients.

Recently, data reported from Denmark, Hong Kong and Poland have provided support for the utility of LAGEVRIO in real-world settings. We plan to share more data as they become available.

To conclude, I am proud of the advancements across our pipeline to date and look forward to providing further updates on our scientific primaries in the future.

And now I will turn the call back to Peter.

Peter Dannenbaum

Thank you, Dean. Alan, we're ready for the Q&A session. If you could please assemble the queue.

Question-and-Answer Session


[Operator Instructions]. Our first question will come from Terence Flynn with Morgan Stanley.

Unidentified Analyst

Maybe a 2-part one here. Just wondering if there's a pathway to extend the IP on KEYTRUDA via either subcu formulator maybe some other type of formulation patents? And then is there anything from a technical perspective that would prohibit a co-formulation of KEYTRUDA with an antibody drug conjugate?

Dean Li

I guess I will take this. This is Dean. In relationship to different routes of administration, I think you've highlighted that, especially as we go into early stages of cancer, there will be a demand, demand by the patients and the providers to really come up with other formulations besides intravenous formulations where you have to go to an infusion center. So subcutaneous pembrolizumab could be very important to serve that need. And the innovation required for subcutaneous KEYTRUDA is viewed through the past history, and I would imagine the current situation is novel, useful and nonobvious. So I think there is a path to think about how to think about that innovation.

In relationship to co-formulations. In general, co-formulations work well with, for example, when we do IO-IO with PD-1 that CTLA-4 TIGIT or LAG-3. The issue with chemo-based or antibody drug conjugate basis, I would be a little bit hesitant to do that. Oftentimes, they're based on weight base, and so I think that coal formulations of, for example, any IO agent with any chemotherapy or antibody drug conjugates could be challenging to take that clinically.


That will be from Evan Seigerman with BMO Capital Markets.

Evan Seigerman

So with the widespread news reports of a potential deal with Senators management and Schumer, can you provide us with your thoughts on kind of the structure for Medicare to directly negotiate with manufacturers for drug reimbursement and the potential impact on R&D going forward?

Robert Davis

Yes. Evan, thanks for the question. This is Rob. As you said, there is reports out really just came out yesterday of a potential deal with the Senator and in that is elements of what have been part of the build back better plan related to drug pricing. So as we look at that, I think it's important to understand, first and foremost, we do have significant concern on one very important element of the provision, which is the fact that there is what we see as price setting, it's termed in negotiation. But in effect, what it is, it is price setting on drugs after a period of time. And we do believe that will be highly chilling on future innovation because, especially if you think about an area like oncology, oncology is an area that the development of the drug continues long after the first approval. If you take KEYTRUDA, the launch in 2014 between 2014 and 2022, we had something like 30-plus indications approved. We expect to have well more than double that between 2022 and 2028. And our concern is that if you start to have the threat of discounts, mandatory discounts that could cause companies to question that innovation because you'll have to question whether or not you're going to see the return.

So we see a higher chilling effect of that, and it's something that we will continue both at and as the industry to make sure that we communicate our concerns there.

And the only other thing I might add is, as you think about how we think about this to our business going forward. It's important to understand that as we look at this, while obviously, it will have an impact, importantly, as we've planned for the future of the business, we have always assumed some form of price pressure coming, including in the United States. I think we've communicated that in the past. So as we look at this, and you think of a relative to the guidance we've given in the past of expectations for strong growth through our long-range period. That continues and includes the assumptions around this. So while I think we will manage it, I do worry about what it will do to innovation in the industry.


Will come from Andrew Baum with Citi.

Andrew Baum

A couple of questions. Firstly, you've announced a couple of licensing from China of ATC. I think one of them is in late-stage development. It's obviously widely reported that you're in talks with Seagen, which has Phase III data from another ADC molecule, which would compete with in HER2.

In general, I'm just interested, Dr. Pastor seems to have closed the doors on seeking approval in the U.S. using data from Chinese trials. But operationally, how fast does it enable you to go, knowing that you have efficacy and safety signals in a Chinese population in expediting the move into Phase III i.e., is there an advantage here that you could enable you to catch up with the market leaders and the respective categories? And then second question on islatravir, perhaps you care to update us how your discussions with Gilead in terms of and the FDA in terms of resuming trials. Is this drug alive as a prophylactic, in PREP as a treatment, both or neither?

Dean Li

So this is Dean. Thank you very much for those questions. tackle your first question related to our recently announced partnership with Kelyn. I should just emphasize this was recently announced, but we've had a productive, a really productive partnership for the past 2 years. And most recently, they have announced progress in 2 programs. One that they've declared, which relates to Trop-2 ADCs, and they're advancing it in China in relationship with breast cancer and non-small cell lung cancer.

In relationship to what you've said in moving those molecules for example, in the United States, I think the FDA and we support this. The FDA has been very clear of the importance of doing those trials, not in a single geography such as China, but to have global studies that include the United States. And so the ability for our partners to supply us a signal in a human population is really important and allows us to navigate how to think about it at a global level. And so we are hopeful that this partnership will allow us to accelerate the benefits of this stroke to ADC to as many patients as possible.

To your second question in relationship with [indiscernible]. As you've noticed, is our nRTTI. It's extremely potent that has a resident time and tissue has a high barrier to resistance. And we had 2 Phase III studies that have excellent results. Nevertheless, we also had reduction in lymphocytes across a number of our programs, most of it a symptomatic, but in a combo trial with MK-8507, there was clinically meaningful reduction that's still dependent. We have spent the last 6 months understanding that. We understand it far better. We believe that there is a potential path forward to maintain and to have that efficacy and also reduce the effects on the blood cells. We are in active discussions with the FDA. So I don't want to get ahead of myself there, and we clearly have active discussions with our partners.

In relationship to the question of treatment and PREP, I just want to make sure that everyone recognizes we have always thought that this class of molecules NRTTI and islatravir is just 1 compound within this class could be broadly used in treatment and in PrEP, and we are interested in applying both of those -- advancing both of those possibilities, but we are in the midst of discussions with the FDA that I think we should provide them the data that they will need.


That will be Louise Chen with Cantor.

Louise Chen

So I wanted to ask you about the checkpoint inhibitor strategy. What are your thoughts on the changing treatment paradigm for checkpoint inhibitors in the neoadjuvant and adjuvant cancer setting. How do you think about adoption and uptake in this setting? And do you think doctors are convinced of the opportunity yet? Or is there more work to be done?

Dean Li

Well, let me answer it from a scientific standpoint. Maybe we'll have Carolina or Rob answer it from a market standpoint. I do think it's really important to just highlight, at least for me, PD-1s have been incredible and metastatic through a broad range of tumor types. And we keep growing for earlier stages. And it's not apriority that a medicine that works in the metastatic patient who has a very different benefit/risk ratio will be truly effective in the early stage. And it's been impressive. We have 6 approvals, whether it be in breast, in renal cell carcinoma and melanoma. And we have a positive trial in relationship to lung, and we have many others advancing.

So I think that part of it is I think the uptake has been good, but the most important thing is that scientifically, the data has been very good. And I think the field will adopt it. I think one of the things that will be critical as the field adopts it is that oftentimes, you're now talking not necessarily about a medical oncologist. So there will be work for us to do, but I think the results speak for themselves. And I would recommend that people look at that data, and I think that it's an important advancement in the field. But in terms of the uptake, Caroline, do you want to take with that?

Caroline Litchfield

Yes. Thank you, Dean. So Louis, we are really excited about the opportunities that we have moving into earlier stages of cancer. Clearly, if we can impact patients then, the possibilities of better outcomes are greater. We have seen in our early-stage cancers impressive performance. We're seeing very strong performance in triple-negative breast cancer, renal cell carcinoma and melanoma. And if I just touch on triple-negative breast cancer, we had the KEYNOTE-522 approval here in the United States July of last year.

During the second part of last year, we saw tremendous uptake in the first segment of treatment, the neoadjuvant treatment ahead of people then getting their surgery some 24 weeks later. What we're now seeing is not only patients coming on to KEYTRUDA for neoadjuvent triple-negative breast cancer. We're also seeing them return to treatment following their surgery. So we're very optimistic about the opportunities we have in the adjuvant setting and the impact that we can have on patients.


We will go to Umer Raffat with Evercore.

Umer Raffat

I have 2 here, if I may. First, Rob, I know you've mentioned M&A is critical to further diversification of the business away from KEYTRUDA. And you could explore M&A in basically in a non-oncology bucket like Acceleron or in oncology. And I guess that brings me to my first question, which is in oncology, it's a very high-quality problem of KEYTRUDA being this foundational treatment across so many different tumors. And how do you approach that given the increased FTC focus on looking at a lot of deals based on market shares on individual markets, considering KEYTRUDA basically has a market share in solving different tumors. And how do you think about oncology deals in general given KEYTRUDA's roll in. I'm sure you guys have thought about that at length to the extent you're thinking about any capital deployment.

Separately, Rob, also, you mentioned drug pricing and mandatory discounts. And I'm sure you've run exercise internally attempting to quantify how much in discounts. And what I'm getting at is for key franchises like KEYTRUDA, considering the price of U.S. and ex-U.S. is fairly comparable, wouldn't there be not much mandatory discount at all? I just want to make sure I'm not off track there despite KEYTRUDA being a top part B drug.

Robert Davis

Yes. I appreciate the questions. And on your first question around the M&A space and what we see in the oncology field. No, I would just start by saying, obviously, we are very proud of the success we've had with KEYTRUDA and the fact that it's been able to impact so many people's lives, as you say, across so many different tumor types. But I think it's important to understand that oncology continues to be an incredibly competitive field, and importantly, it's not monolithic. You have to look tumor by tumor and even modalities, whether it's I/O or targeted therapy. So there are multiple different approaches, multiple modalities and it is a very tumor specific. And as you know, we have to develop these drugs indication by indication of investing in the science to bring each of those forward.

And in that regard, as we look at it and as we thought about it, we continue to believe that while the environment is more complex. And obviously, we'll have to be very thoughtful on how we navigate it I believe, we believe, as long as we are doing deals that are science-driven, where we accelerate innovation, and we can show that we can expand access to patients around the world and in the United States to medicines that there are still deals to be done and that there's a path to move forward.

And so that's very much where we're focusing and why we continue to believe the opportunity exists to continue to expand treatments for patients and and for the benefit of, frankly, all stakeholders, including shareholders.

On your second question, and I think it depends on the way you look at it. as far as the upcoming regulation. Obviously, if you look across what is being proposed, if you're speaking specifically to the potential for mandatory price discounting at some point. Obviously, the language has to be finalized. But if you look at where it is today, the way it is being proposed is that for a period of time after a drug is approved during its period of exclusivity for -- right now, it's roughly 7 years for negotiation for slow molecules, 11 years for large molecules, you were able to operate with no discount.

At that period of time, there would be a discussion and opportunity for HSS to select the drug depending on their determination of which drugs to look at. Right now is the language as discussed, we'll pick 10 drugs a year and up to the HSS to determine which drug they pick. But importantly, then the negotiation itself once it is done and the discount is determined and that discount is outlined in the legislation would take effect at year 9 for a small molecule year for a large molecule. So as you think of something like KEYTRUDA, we're really talking about periods of time that are out around the time of loss of exclusivity in 2028. And obviously, there's other language that's being proposed potentially to allow for an exception if there are biosimilar products in development coming that then you would not be subject to it.

So the reality of it is it's unclear what the impact will be in the short term, we don't see impacts from that specific part of the regulation. It will be longer term as it relates to our important drugs, KEYTRUDA and GARDASIL. And then obviously, we have to see how the final language comes out. But in the language or then the specified discounts that will be set. So it's not reference price in the way they're setting it up right now. And then obviously, beyond that, there is what they have around the Part B reforms, which actually we support because we believe that will reduce the out-of-pocket costs for patients at the counter, but our -- the reason we continue to oppose the overall legislation is a strong belief that, that focus on mandatory discounts after a period of time as chilling innovation. So I'm not sure I got your question, but I think that's what you were trying to get at.


That will be from Geoff Meacham with Bank of America.

Geoffrey Meacham

I just had a couple of quick ones. Dean, I wanted to ask you on KEYNOTE-412, the accurate -- it didn't hit significance. Did CRT add complexity to the study in terms of your assumptions? And more broadly, if you look at other indications, does a CRT backbone present any particular challenges when you look at other keynote studies? And then on COVID, the accurate infection trends just over the course of this year or the emergence of any new variants, does that change the strategy about the future investments you guys are going to make in LAGEVRIO or even other orals?

Dean Li

All right. I'll take both of them, I'll take the Keynote-412. So you're speaking about the -- us trying to go into early stage at a neck and you're speaking about the -412, as you've emphasized, there was improvement in event-free survival who patients who received the KEYTRUDA regimen compared to the placebo plus DRT.

However, these results did not meet statistical significance based on our statistical plan. So there's clearly a positive signal, but it did cross the line. In relationship to -- how to think about CRT or radiation and other indications in this. I would not say that it gives you extra complication. We'll have to see in these other trials when -- not just us but other people in relationship to the combination there.

But I would just emphasize that it was an improvement in EFS. So I wouldn't say that it was a complicating issue for us. We just did need statistical significance.

I do want to make sure that everyone recognizes that this isn't our only foray into a neck early stage. We have a KEYNOTE-689 that's also in the neoadjuvant and adjuvant treatment as well. So we're cautiously optimistic that we can break in into early stage at a neck despite the fact that KEYNOTE-412, it had a positive EFS did not lead to statistical significance.

In relationship to the pandemic, I need to be a little bit careful because everyone who's predicted what will happen with the pandemic have all had one common thread. They've all been not so right. And so we'll have to see what happens with the pandemic. We'll have to see what the emergence of resistance is, but I would emphasize the importance of having multiple mechanisms of action is clear. I would just emphasize that it is quite surprising to me how quickly this virus can mutate around those therapies, for example, focused on this like protein. That's actually it takes many amino-acid changes to do it. And it might take very few amino acids changes to get resistance to, for example, other therapies, but we'll have to see what it is. But I just want to also emphasize that, especially outside of the United States, there's been a great use of it and uptake, and it's really based on the fact that if you have a patient population where you believe that they're extremely vulnerable and you can supply this drug and you're most interested in reducing mortality, which this drug has an impressive impact on mortality and you want speed such that you can really see the patient and who may be on multiple medicines, have other complicating medical issues and feel free that you can supply this, if those are the important sort of attributes then we have found that LAGEVRIO does quite well and the real-world evidence throughout the world has begun to substantiate.

Caroline Litchfield

And Jeff, this is Caroline. The only thing I would add in terms of further investments is our belief in the molecule as being a molecule that could be impactful not only against COVID-19, but also pan coronavirus, RSA and flu. And as a result, we will invest in appropriate programs to try and prove that out.


That will be from Mara Goldstein with Mizuho.

Mara Goldstein

Firstly, I just wanted to understand the statement about KEYTRUDA supplemental PDUFA for neoadjuvant and adjuvant non-small cell lung cancer? And have you been asked for additional data? Or are you planning for a major amendment?

And then secondarily, I just wanted to also get some clarity on the comment about excess cash for share repurchase. And at what threshold should we be thinking about that if you're also committed to raising dividend?

Dean Li

Yes. So I'll -- this is Dean. I'll take the KEYNOTE-091 that's the lung adjuvant. And just to remind everyone, that had dual primary endpoints. And the reason I want to emphasize that is a dual primary means that if you hit on one of the endpoints, you have a positive trial. And this is a distinction from those trials that are co-primary where you have to hit on both. So this is a positive trial because in the disease-free survival, it's positive in all comers regardless of PD-L1.

The dual primary of DFS in terms of those with a TPS greater than 50%, there is a positive trend, but it's not significant. And the OS has got a trend as we move forward. I would imagine, as data matures people may want to see those data, and I just want to emphasize that in relationship to early-stage lung cancer, we have other trials as well, which is KEYNOTE-671, KEYNOTE-867 and KeyLink 012.

So I could imagine that as people deliberate on this, they will be interested in understanding how the data is maturing. These are event-driven and they're part of our FDA discussions and the PDUFA date, as you said, is January 29, 2023. But we could see a situation. There's nothing formally that's been asked of us, but we could see a situation where evolving data is asked for.

Caroline Litchfield

And Mara, in response to your question on our utilization of excess cash, the capital allocation priorities of our company are unchanged. We continue to invest first and foremost in our business and the great opportunities that are in front of us. Business development is a strategic priority for us, and we will invest in business development as we have done in the past. We intend to continue to raise our dividend over time and we will then return any excess cash to our shareholders via share buyback. We do not intend to sit with multiple capacity on our balance sheet for periods of time and not use that cash in this regard. So I hope that addresses the use of our cash.


It will be from Seamus Fernandez with Guggenheim.

Seamus Fernandez

So maybe just 1 M&A question. Can you just clarify whether any acquisition plans or that Merck will consider is likely to be all cash or if there would be a potential use of equity that would be or could be considered in a potential transaction.

And then separately, just wanted to get a little bit of the vision for V116? And where and how you see V116 competing in the overall market? Are we really just looking at that as a potential opportunity solely for adults? Or do you envision the '21 balance actually being a high-use target opportunity in the pediatric patient population as well. And then just trying to get a sense of timing of when we could see V116 actually competing in market and how you see the overall market evolving over time?

Robert Davis

Yes. Thanks, Seamus, for the question. Obviously, business development remains a priority for us, as we've discussed. And importantly, we look to add wherever we can find the best science and innovations that enhance our pipeline and drive long-term growth and value for shareholders. I don't want to speculate on specific future transactions or the specific combination of cash or equity we would use because it really would be fact specific to the deal at hand. And so in that sense, I think we'd have to wait. The broader point, I think, that I want to enforce and we've said consistently is we have the capital and the balance sheet strength to go after anything that we feel is strategically important that brings that scientific innovation that I mentioned that will allow us to continue to augment what we have in our own internal pipeline. So we have the capacity and the flexibility to structure it, how we see best to optimize the business, how you do that between cash, debt and equity is really deal-specific.

Dean Li

Yes, in relationship to the questions that you had about V116, I just want to reiterate or reemphasize the strategy that we think, which is in different age groups or different populations, the stereotypes that are most troublesome for different populations is very different. So the whole focus of V116, the whole focus of the V116 is to recognize the serotypes that are specifically important for adults and to target that. And that's what V116 is, and that's why we had the first of 4 current Phase III trials that have to run its course. There is not a view from my standpoint, scientifically, that this is a vaccine that I would drive into the pediatric population because the epidemiology as of right now would suggest that, that would not be the right place to put this vaccines. We want to put the vaccines where the serotypes match what is happening to that patient population.

Robert Davis

Yes. I might just add to that. If you look at it as we think about the future commercially, we see a real opportunity when you think about this bespoke approach where you have actions that we think will be highly effective in combating the serotypes that cause disease in infants and children as our pediatric approach. And then you have a separate approach with V116 aimed at the adult market. We will go after 85% of the residual disease, understanding that if you've treated it in children, you obviously have a different set of serotypes that are driving it in adults. And we are focusing on both of those as bespoke therapies aimed to what is most aligned with the needs in those populations. I think this will be highly effective and will allow us to be very competitive, in fact, cover more than what the competitor products cover in the disease-causing serotypes than you see today either in what they have in both the pediatric and adult market.

So I think this is something we're very excited about. And in fact, we see V116 as really fruition -- a strategy. So we're excited about it. and we're going to drive it with speed because I do think this is going to be an area where we can definitely be highly competitive and successful.


That will come from Carter Gould with Barclays.

Carter Gould

Dean, just real quick, I want to ask you, come back to the subcutaneous formulation of pembro. Is that Phase III in non-small cell still on track to read out early next year? And how should we think about sort of the clinical measures in that study, not just sort of -- I think the primary end points are around some of the biomarker endpoints? And should that study alone sort of be warranting a filing? Or should we be thinking about it differently?

Dean Li

Yes. So I just want to emphasize that trial is on track, and that trial should -- our intention is it should support filings? I should also emphasize that we have more than just 1 subcutaneous program and different images and different subcutaneous because we think that there may be a different patient population that will be important for different sort of formulations, the group formulations.

I should also emphasize that just like we have Q3 weeks and weeks Q3 weeks and Q6 weeks were intravenous. I think it's also important that we open up that possibility in the subcutaneous range as well.

Unidentified Company Representative

Thank you very much, Carter. Rob, any closing comments?

Robert Davis

Yes. Well, I'd just like to thank everyone for joining us today, and maybe I'll just conclude by reiterating my appreciation for the tremendous efforts of the Merck team and really, we're continuing to perform exceedingly well in a tough environment to advance our science and ensure our important medicines and vaccines reach the patients around the world that are counting on us.

So I appreciate that, and I can tell you, I remain very confident in our underwriting momentum, and I look forward to continuing to supply you updates on our progress as we move forward. With that, have a great day.

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