ct the launch of Plegridy (approved in EU today and US expected in 2H) to accelerate share gains which should continue to keep franchise revs flat Y/Y. And on Tysabri, underlying trends have turned with +3-4% Y/Y vol incr. We have raised our Tysabri revs by -$170M to reflect the full year impact o

as weak due to HK$ strength. Emerging market in general continues to be weak while Japan is doing better and Europe actually saw iPhone unit growth Y/Y. In addition, iPhone 6s upgrades are tracking slightly ahead of the 5s but significantly lower than 6. Net, this is causing Apple to lower channel i

ud =ervices. Today, Apple provided the quarterly disclosure of these =eclassifications, which clarified that December 2018 Services growth =as 18.3% Y/Y. We estimate this represents a 7 point deceleration from =5% Y/Y normalized growth in the September 2018 quarter, or a $600M =hortfall vs. if growth