Q3 2023 Roche Holding AG Earnings Call

Speaker 1: My name is Senwick and I'm the technical operator for today's call currently. Kindly note that the webinar is being recorded. I would like to inform you that all participants are in listen-only mode during the call. After the presentations, there will be a question and answer session. You are invited to send questions for this throughout the entire session using the Q&A functionality. In addition to that, you may also raise your virtual hand to address your questions verbally. For participants joining via phone, to raise your hand, press star nine on your phone's dial pad.

Operator: My name is Senwick and I'm the technical operator for today's call currently. Kindly note that the webinar is being recorded. I would like to inform you that all participants are in listen-only mode during the call. After the presentations, there will be a question and answer session. You are invited to send questions for this throughout the entire session using the Q&A functionality.

Operator: My name is Heinrich and I'm the technical operator for today's call. Kindly note that the webinar is being recorded. 

Kindly note that the webinar is being recorded. 

I'd like to inform you that all participants in listen-only mode during the call. After the presentation, there will be a question and answer session. You're invited to send in questions for this throughout the entire session using the Q&A functionality.

In addition to that, you may also raise your virtual hand to address your questions verbally. For participants joining via phone, to raise your hand, press star nine on your phone's dial pad. When you're done getting selected to ask your questions, please follow the instructions from the phone and press star six to unmute yourself. 

In addition to that, you may also raise your virtual hand to address your questions verbally. For participants joining via phone, to raise your hand press star nine on your phone's dial pad. When you're done being selected to ask your questions, please follow the instructions on the phone and press star six to unmute yourself.

Speaker 1: When you're done getting selected to ask your questions, please follow the instructions from the phone and press star six to unmute yourself. 

Speaker 1: One last remark: if you would like to follow the presented slides on your end as well, please refer to roche.com/investors to download the presentation. At this time, it's a pleasure to introduce you to Thomas Schineker, CEO of Roche Group. Mr. Shinecker, the stage is yours. 

One last remark, if you would like to follow the presented slides on your end as well, please feel free to go to roche.com/investors to download the presentation.

At this time, it's a pleasure to introduce you to Thomas Shinecker, CEO Roche Group. Mr. Shinecker, the stage is yours.

Thomas Schinecker: Thank you very much and hello everyone. Good morning, good afternoon, good evening. I'm very much looking forward to sharing our Q3 2023 results with you today. 

Thomas Schinecker: Thank you very much and hello, everyone. Good morning, good afternoon, good evening. I'm very much looking forward to sharing our Q3 2023 results with you today. 

I'm very much looking forward to sharing our Q3 2020 results with you today.

Okay.

Speaker 2: Now for the first nine months of 2023, we continue to see strong growth for both divisions, resulting in 1% at constant exchange rates for the group. If we exclude COVID-19, we are growing 9%.

Now for the first nine months of 2023, we've continued to see strong growth for both divisions, resulting in 1% at constant exchange rates for the group. We exclude COVID-19, we're growing 9%. Combining COVID-19 and the effect from H&R, we're compensating 4 billion Swiss francs, and we're growing so you see this as a very strong performance by the organization.

We exclude COVID-19, we're growing 9%. Combining <unk> and <unk>. The effect from H&R. Compensating for billion Swiss francs, and we're growing so you see this as a very strong performance by the organization.

Speaker 2: Combining COVID and the effects from H&R, we are compensating four billion Swiss francs and we're growing, so you see, this is a very strong performance by the organization.

Combining <unk> and <unk>. The effect from H&R. Compensating for billion Swiss francs, and we're growing so you see this as a very strong performance by the organization.

The effect from H&R. Compensating for billion Swiss francs, and we're growing so you see this as a very strong performance by the organization.

Compensating for billion Swiss francs, and we're growing so you see this as a very strong performance by the organization.

Speaker 2: Year-to-date the pharma grew 9% at constant change rates with the newer medicines really as the key growth drivers- and Teresa will talk about that a bit more. Let me especially call out two medicines: one is VABYSMO where we now expect annual sales to be above two billion Swiss francs also I would like to call out POLIVY in first line: diffuse large T-cell lymphoma where we see a rapid uptake in the US after the FDA pool, but not only there, but also in other countries.

Year-to-date, pharma grew 9% at constant exchange rates with the newer medicines, [inaudible] key growth drivers and Teresa will talk about that a bit more.

Let me specially call out two medicines. One is VABYSMO where we now expect annual sales to be above 2 billion Swiss francs. Also, I would like to call out [inaudible] in first line diffused large T cell lymphoma where we see the roughest uptake in the US after the FDA approval, not only there, but also in other countries. 

Speaker 2: one is abisal, where we now expect annual sales to be above two billion swispering.

Speaker 2: also I would like to call out POLIVY in first line: diffuse large T-cell lymphoma where we see a rapid uptake in the US after the FDA pool, but not only there, but also in other countries.

Also I would like to call out <unk> in first line diffuse large b cell lymphoma. Where we see a rapid uptake in the U S. After the FDA approval.

Where we see a rapid uptake in the U S. After the FDA approval.

Not only there but also in other countries.

Speaker 2: The diagnostics space business is also doing extremely well, now growing at 7% year-to-date in constant exchange rates, much faster than the market. Again, you see the strong portfolio that we have in diagnostics.

The diagnostic space business is also doing extremely well, now growing at 7% year-to-date and constant exchange rates, much faster than the market. Again, you see the strong portfolio that we have in diagnostics.

Much faster than the market again, you see the strong portfolio that we have in diagnostics.

Speaker 2: We expect COVID-19 sales now to decline with roughly 4.5 billion Swiss francs and the H&R bio similar erosion to be roughly 1.1 billion Swiss francs.

We expect COVID-19 sales now to decline with roughly 4.5 billion Swiss francs and the H&R bisimilar erosion to be roughly $1.1 billion Swiss francs.

Speaker 2: Now given our good base business growth and the headwinds of now about 5.6 billion Swiss francs will end up at the upper end of our guidance.

Now given our good base business growth and the headwinds of now about 5.6 billion Swiss francs we'll end up at the upper end of our guidance.

Speaker 2: About five point six billion with strength will end up at the upper end of our guide.

About 5.6 billion Swiss francs will end up at the upper end of our guidance.

Speaker 2: In Q3, we've also achieved a number of very important milestone. TECENTRIQ for the subcutaneous formulation received its first approval in Great Britain. With that, we have the first PD-1, PDL-1 that is available in subcutaneous format.

In Q3, we've also achieved a number of very important milestones. Eccentric for the subcutaneous formulation received its first approval in Great Britain, and with that, we have the first PD1, PDL-1 that is available in subcutaneous format.

Speaker 2: To centric for the subcutaneous formulation received its first approval in great britain. With that we have the first PD 1, PD L one that is available in subcutaneous format.

Eccentric for the subcutaneous formulation received its first approval in Great Britain, and with that, we have the first PD11, PDL-1 that is available in subcutaneous format.

Speaker 2: We received the EU approval for EVRYSDI for babies under two months old and this is now available for babies from birth onward.

We received EU approval for EVRYSDY for babies under two months old and this is now available for babies from birth onwards.

this is now available for babies from birth onwards.

Speaker 2: For ELEVIDYS, the first gene therapy in the Duchenne muscular dystrophy, we received two approvals outside the US and we expect the pivotal phase III embark results for ELEVIDYS shortly. We also had a number of very important readouts. 

For ELEVIDYS, the first gene therapy in the Duchenne muscular dystrophy, we received two approvals outside the US and we expect the pivotal phase III embark results for ELEVIDYS shortly.

For ELEVIDYS, the first gene therapy in Duchenne muscular dystrophy, we received two approvals outside the US and we expect the pivotal phase III embark results for ELEVIDYS shortly.

We received two approvals outside the U S and we expect the pivotal phase III embark results for <unk> shortly.

We also had a number of very important readouts. One is the pivotal phase III [inaudible] results for [inaudible] adjuvent out positive non small cell lung cancer. These results will be presented at the presidential session at ESMO on October the 21st. These are really unprecedented results if you look at the hazard ratio and in terms of improvements above the standard of care.

We also had a number of very important readouts. One is the pivotal phase III Alina results for Lufthansa in adjuvant outpositive non-small cell lung cancer. These results will be presented at the presidential session at ESMO on October 21st. These are really unprecedented results if you look at the hazard ratio and in terms of improvement above the standard of care.

Speaker 2: One is the pivotal phase III [inaudible] results for [inaudible] adjuvent out positive non small cell lung cancer. These results will be presented at the presidential session at ESMO on October the 21st. These are really unprecedented results if you look at the hazard ratio and in terms of improvements above the standard of care.

One is the pivotal phase III Alina yourself for Lufthansa in adjuvant <unk> positive non small cell lung cancer. These results will be presented at the presidential session at ESMO on October 21.

Speaker 2: These are really unprecedented results if you look at the hazard ratio and in terms of improvements above the standard of care.

These are really unprecedented results if you look at the hazard ratio and in terms of improvement above the standard of care.

Speaker 2: Let me also highlight the positive phase two cardio one results to [inaudible] in hypertension. Now only two months after we signed the agreement with Alnylam we already had a positive phase two result, so very happy how this is progressing.

Let me also highlight the positive phase II cardio one results for ZILEBESIRAN in hypertension. Now only two months after we signed the agreement with Alnylam, we already had positive phase II result, so very happy how this is progressing well.

Speaker 2: Now only two months after we signed the agreement with an alum, we already had a positive Phase two results, So very happy. How does this progress?

Now only two months after we signed the agreement with <unk>, we already had a positive phase II results. So very happy how this is progressing well.

Speaker 2: We also had two important launches in the diagnostics division. The CCM vertical, which is an automation that Matt will talk about that will enable more automation through different floors and in less space of laboratories. We are first to market with an aisle six immuno essay that detects early onset of sepsis in new borns, again filling our medical value pipeline on the diagnostic side. 

We also had two important launches in the diagnostics division. The CCM vertical which is in automation that Matt will talk about, it will enable more automation through a different source in less space of laboratories. We are the first to market with an IL6 immuno assay that detects early onset of sepsis in newborns, again filling our medical value pipeline on the diagnostic side.

Speaker 2: The C, C M vertical, which is an automation that Matt will talk about. That will enable a more automation through different floors and in less space of laboratories. We are first to market with a I six immuno essay that detects early onset of subpscess and new, born-s, again filling out med value pipeline on a diagnostic.

CCM vertical which is in automation.

Matt will talk about that will enable more automation to a different source.

less space of laboratories. We are the first to market with a IL6 immuno assay that detects early onset of sepsis in newborns, again filling our medical value pipeline on the diagnostic side.

Speaker 2: Finally, we have a number of important [inaudible] coming up in Q4. Let's take a closer look at the sales. So the year-to-date group sales are at 44.1 billion Swiss franc. You see we are growing at 1% in constant exchange rate, excluding COVID-19, this is very strong 9% and you see both pharma doing well with nine and diagnostics doing well with 7%. You also see the currency headwinds that we had, especially also the headwinds got stronger in the third quarter.

Finally, we have a number of important [inaudible] coming up in Q4. Now, let's take a closer look at the sales.

Now, let's take a closer look.

Speaker 2: At the sales. So the year to date group sales are at 44.1 billion Swiss franc. You see we are growing at 1% in constant change rate. Excluding COVID-19, that is very strong 9%. And you see both farma doing well with nine in diagnostics doing well with 7%.

So year-to-date group sales are at $44.1 billion Swiss francs. You see we are growing at 1% in constant exchange rate. Excluding COVID-19, this very strong 9% and you see both pharma doing well with nine and diagnostics doing well with 7%.

Yes.

Speaker 2: You also see the currency headwinds that we had, especially also the headwinds got stronger in the third quarter.

You will also see the currency headwinds that we have, especially also the headwinds got stronger in the third quarter.

It got stronger in the third quarter.

Speaker 2: Now let's look at the quarterly results over the past quarters, and especially Q3 2023 where we are growing 7%, which again very strong result. If you exclude COVID, we are growing 10%. Also the H&R biosimilar erosion is slowing down. The negative impact of COVID-19 will now last only another two quarters, and I actually have one slide on that so you exactly see how the COVID business will continue to develop.

Now, let's look at the quarterly results over the past quarters, and especially Q3, 2023 where we're growing 7%, which again, very strong results. If you exclude COVID-19, we're growing 10%. Also the H&R bisimilar erosion is slowing down. The negative impact of COVID-19 will now last only another two quarters. And I actually have one slide on that so you'll exactly see how the COVID-19 business will continue to develop.

Speaker 2: Which again very strong result. If you exclude covert, we are growing 10%.

Speaker 2: Also the age and R by a similar erosion is slowing down. The negative impact of COVID-19 will now last only another two quarters, and I actually have one slide on that. So you exactly see how the covidt business will continue to develop.

Also the H&R biosimilar erosion is slowing down. The negative impact of COVID-19 will now last only another

two quarters. And I actually have one slide on that so you'll exactly see how the COVID-19 business will continue to develop.

Speaker 2: On this slide, it's easy to then also see the base business, the underlying business, and how this has been performing, and it's performing extremely well in both divisions. On the pharma side, you can see that the two lines are basically identical, so we had no COVID effect so far this year on the pharma side. On the diagnostic side, we had a significant effect, but the base business is doing very well, as you can see on this slide. Now going to the COVID effect,

On this slide, it's easy to then also see the base business, the underlying business, and how this has been performing, and it's performing extremely well in both divisions. On the pharma side, you can see that the two lines are basically identical, so we had no COVID effect so far this year on the pharma side. On the diagnostic side, we had a significant effect, but the base business is doing very well, as you can see on this slide.

On this slide, it's easy to then also see the base business, the underlying business and how this has been performing and it's performing extremely well in both divisions. On the pharma side, you can see that the two lines are basically identical so we had no COVID-19 effect so far this year on the pharma side. On the diagnostics side, we had a significant effect, but the base business is doing very well as you can see on this slide.

Speaker 2: On the Pharm side, you can see that the two lines are basically identical, So we had no covert effect so far this year on the pharma side. On a diagnostic side we had a significant effect, but the base business is doing very well, as you can see on this slide. Now going to the cover.

On the pharma side, you can see that the two lines. Basically identical so we had no COVID-19 effect so far this year on the pharma side on. On the diagnostics side, we had a significant effect, but the base business is doing very well as you can see on this slide.

Basically identical so we had no COVID-19 effect so far this year on the pharma side on. On the diagnostics side, we had a significant effect, but the base business is doing very well as you can see on this slide.

On the diagnostics side, we had a significant effect, but the base business is doing very well as you can see on this slide.

Now going to the COVID effect, let me highlight that Roche had played a very important role during the pandemic and you can see that with three million patients treated, more than two billion COVID-19 tests sold and more than 18 billion Swiss francs in sales generated, and that at a very ethical price.

Now going to the COVID effects. Let me highlight that Roche has played a very important role during the pandemic and you can see that with 3 million patients treated, more than 2 billion COVID-19 tests sold, and more than 18 billion Swiss francs in sales generated and that's at a very ethical pricing.

Let me highlight that Ross.

Speaker 2: let me highlight that Roche had played a very important role during the pandemic and you can see that with three million patients treated, more than two billion COVID-19 tests sold and more than 18 billion Swiss francs in sales generated, and that at a very ethical price.

Played a very important role during the pandemic and you can see that with 3 million patients are treated more than $2 billion. COVID-19 tests sold in more than 18 billion Swiss francs, and sales generated and that at the very ethical pricing.

Speaker 2: If you look at the development of the sales over the last quarters, you can see that we are now at a very low level of COVID-19 sales and we believe this is the level that approximately we will continue over the next quarters. And you can see that in Q4 2022 we collected 1.7 billion Swiss francs of COVID-19 sales.

If you look at the development of the sales over the last quarters, you can see that we're now at the very low level of COVID-19 sales and we believe this is the level that approximately we will continue over the next quarters. And you can see that in Q4 2022, we had $1.7 billion Swiss francs of COVID sales. A large part of that, in fact about $1.1 billion Swiss francs was [inaudible] order in Japan, so on the pharma side and then you see another effect of about 0.9 billion that we had in Q1 2023. Again, we had a [inaudible] order in Japan of approximately $600 million, but this will wash out completely and the underlying, very strong performance of the organization will shine through as soon as we have those two quarters behind us.

Speaker 2: You can see that we are now at a very low level of COT 19 sales and we believe this is the level that approximately we will continue over the next quartersand. You can see that in Q4 2022 we feel like one point seven billion swissfrancks of COVID-19 sales.

you can see that we're now at the very low level of COVID-19

sales and we believe this is the level that approximately we will continue over the next quarters. And you can see that in Q4 2022, we had $1.7 billion Swiss francs of COVID sales.

Speaker 2: A large part of that, in fact about 1.1 billion Swiss francs was one [inaudible] order in Japan so on the pharma side and then you see another effect of about 0.9 billion that we have in Q1 2023. Again, we had a [inaudible] order in Japan of approximately 600 million but this will wash out completely and the underlying very strong performance of the organization will shine through as soon as we have those supporters behind us.

A large part of that, in fact about $1.1 billion Swiss francs was [inaudible] order in Japan, so on the pharma side and then you see another effect of about 2.9 billion that we had in Q1 2023. Again,

we had a [inaudible] order in Japan of approximately $600 million, but this will wash out completely and the underlying, very strong performance of the organization will shine through as soon as we have those two quarters behind us.

Speaker 2: Now let me highlight the performance across the different parts of the group. Here you can see a strong base business growth of diagnostics to 7% contributing almost 700 million Swiss francs. Not many companies in diagnostics actually have that size so you can see we're adding a company almost every year in our diagnostics business. On the pharma side the

Now let me highlight the performance across the different parts of the group. Here you can see a strong base business growth of diagnostics to 7% contributing almost 700 million Swiss francs. Not many companies in diagnostics actually have that size so you can see we're adding a company almost every year in our diagnostics business.

Now, let me highlight the performance across the different parts of the group. Here, you can see a strong base business growth of diagnostics, 7% contributing almost 700 million Swiss francs. Not many companies in diagnostics actually have that size, so you can see we are adding a company almost every year in our diagnostics business.

Group. Here, you can see a strong base business growth of diagnostics to 7% contributing almost 700 million Swiss francs.

Here, you can see a strong base business growth of diagnostics to 7% contributing almost 700 million Swiss francs.

Not many companies in diagnostics actually have that size. So you can see we are adding a company almost every year diagnose.

Diagnostics business.

On the pharma side the newer products are performing fantastically well. We're almost adding four billion. Here you see the reduction in COVID-19 sales [inaudible] almost no effect so far, but what becomes very apparent is the foreign exchange effect of about 3.4 billion.

On the pharma side, the newer products are performing fantastically well. We're almost adding 4 billion. Here, you see the reduction in COVID sales [inaudible] almost no effects so far but what becomes very apparent is the foreign exchange effect of about 3.4 billion. 

Speaker 2: newer products are performing fantastically well. We're almost adding four billion. Here you see the reduction in COVID-19 sales [inaudible] almost no effect so far, but what becomes very apparent is the foreign exchange effect of about 3.4 billion. On the right hand side, you can see the portfolio diversification. H&R is now a much smaller slice of our sales.

newer products are performing fantastically well. We're almost adding four billion. Here you see the reduction in COVID-19 sales [inaudible] almost no effect so far, but what becomes very apparent is the foreign exchange effect of about 3.4 billion.

The newer products are performing fantastically, well, we're almost adding 4 billion here you see the reduction in Covid sales royalty, if only almost no effects, so far but what's it becomes very apparent is the foreign exchange effect of.

Speaker 2: corono priree only almost no effect so far. But what becomes very apparent is the foreign exchange effect of about three point four billion. On the right hand side you can see the portfolio diversification age in R is now a much smaller slice of our sales.

On the right hand side, you can see the portfolio diversification. H&R is now a much smaller slice of our sales. So we've really been growing through the erosion of biosimilars and actually also through the situation that we've had with COVID-19 really being able to replace those sales, as you can see in the first quarter.

On the right hand side, you can see the portfolio diversification. H&R is now a much smaller slice of our sales, so we've really been growing through the erosion of bisimilars and also through the situation that we had with COVID-19 where we were able to place those sales as you can see in the first quarter. 

Speaker 2: So we've really been growing through the erosion of biosimilars and actually also through the situation that we've had with COVID-19 really being able to replace those sales, as you can see in the first quarter.

We've really been growing through the erosion of Biosimilars and actually also through the situation that we've had with COVID-19, really being able to replace those sales as you can see in the first quarter.

Speaker 2: We have launched a 20 new medicines since end of 2015, and with that, those medicines are really driving the growth. And on the right hand side, you see that we now have about 50% of our sales that are coming from these medicines and the share will go up also in the coming months. Now let's move to the news flow. 

We have launched 20 new medicines since end of 2015. And with that, those medicines are really driving the growth. And on the right hand side you see that we now have about 50% of our sales that are coming from these medicines and this year will go up also in the coming months.

Speaker 2: And with that those medicines are really driving the growth and on the right hand side you see that we now have about 50% of our sales that are coming from these medicines and the share will go up also in the coming months now.

And with that those medicines are really driving the growth and on the right hand side you see that we now have about 50% of our sales that are. Coming from these medicines and this year will go up also in the coming months.

Coming from these medicines and this year will go up also in the coming months.

Now let's move to the news flow. As mentioned before in Q3, we had positive readouts for [inaudible] adjuvant positive non small cell lung cancer. We had a positive readout for PHESGO the on body injector in HER-2 positive breast cancer. We unfortunately had one negative readout for [inaudible] and we expect additional readouts towards the end of the year for Tecentriq in adjuvant head and neck cancer for VENCLEXTA in MDS, and very importantly, ELEVIDYS in Duchenne muscular dystrophy.

Speaker 2: As mentioned before in Q3 we had positive readouts for [inaudible] in adjuvant positive non small cell lung cancer. We had a positive readout for [inaudible] the on body injector in HER-2 positive breast cancer. We unfortunately had one negative readout in [inaudible] and we expect additional readouts towards the end of the year for the  adjuvant head and neck cancer for the [inaudible] in MDD and, very importantly, ELEVIDYS in Duchenne muscular dystrophy. In diagnostics we had the two launches that are on this list, but Matt will talk about a number of additional launches and the other three will come before year end.

As mentioned before in Q3, we had positive readouts for defense and adjuvant <unk> positive non small cell lung cancer, we had a positive readout for <unk> the on body injector in her two positive breast cancer.

Speaker 2: We unfortunately had one negative readout in bank for thegxta.

We unfortunately had one negative readout for <unk>. And we expect additional readouts towards the end of the year.

Speaker 2: And we expect additional readouts towards the end of the year, for the Century in adjment had a cancer for the colxter and mdss and, very importantly, eleedities in between musco.

And we expect additional readouts towards the end of the year.

Tecentriq in adjuvant head and neck cancer for VENCLEXTA in MDS, and very importantly, ELEVIDYS in Duchenne muscular dystrophy.

Speaker 2: Diagnostics. We had two launches that are on this list, but Matt will talk about a number of additional launches and the other three will come before year.

In diagnostics, we had two launches that are on this list, but Matt will talk about a number of additional launches and the other three will come before year end. 

And.

Speaker 2: So overall, we've updated our guidance on the diagnostic side in terms of good base business growth. We've updated our guidance in terms of COVID-19 sales with roughly now minus 4.5 billion Swiss francs, the H&R sales of roughly minus 1.1 billion Swiss francs. Now given our good base business growth and the headwinds of now, in total for the year, 5.6 billion Swiss francs, we will end up at the upper end of the guidance. So overall, the sales guidance remains unchanged and the same goes for our core EPS guidance brought in line sales decline and also we will further increase dividends in Swiss francs. 

So overall, we've updated our guidance on the diagnostic side in terms of good base business growth. We've updated our guidance in terms of COVID-19 sales with roughly now minus $4.5 billion Swiss francs, the H&R sales of roughly minus 1.1 billion  Swiss francs. Now given our good base business growth and the headwinds now in total for the year 5.6 billion Swiss francs, we will end up at the upper end of the guidance.

Swiss francs. Now given our good base business growth and the headwinds now in total for the year 5.6 billion Swiss francs,

Speaker 2: We will end up at the upper end of the guard. So overall the sales guidance remains unchanged and the same goes for a correal PS guidance brought in line sales decline and also we will further increase dividends in which.

we will end up at the upper end of the guidance.

Speaker 2: So overall the sales guidance remains unchanged and the same goes for a correal PS guidance brought in line sales decline and also we will further increase dividends in which.

So overall, the sales guidance remains unchanged and the same goes for our core EPS guidance broadly in line with sales decline and also we will further increase dividends in Swiss francs.

Speaker 3: With that, I hand over to Teresa. 

With that, I hand over to Teresa.

Teresa A. Graham: Thank you Thomas. So as Thomas mentioned, it was another strong quarter for pharma. Year-to-date, we had sales of $33.6 billion Swiss francs at a constant exchange rate growth of 9%. That was 11% alone just in Q3.  All regions have delivered strong growth in new products more than offset bisimilar and generic erosion.

Teresa A. Graham: Thank you Thomas. So Thomas mentioned it was another strong quarter for pharma. Year-to-date we had sales of 33.6 billions Swiss francs, a constant exchange rate growth of 9%. That was 11% alone  just in Q3. All regions have delivered strong growth and new products more than offset biosimilar generic erosion.

So as Thomas mentioned it was another strong quarter for pharma year to date, we had sales of $33 6 billion Swiss francs at a constant exchange rate growth of 9% that was 11% alone.

Speaker 4: just in Q3. All regions have delivered strong growth and new products more than offset biosimilar generic erosion. As you heard from Thomas, accelerating currency changes in Q3 are likely the cause of some of the smaller sort of misses that we saw and consensus is: the fundamentals of our core products remain strong and let's talk a little bit about that in more detail.

just in Q3. All regions have delivered strong growth and new products more than offset biosimilar generic erosion.

All regions have delivered strong growth in new products more than offset bisimilar and generic erosion.

As you heard from Thomas, accelerating currency changes in Q3 are likely the cause of some of the smaller sort of misses that we saw and consensus is: the fundamentals of our core products remain strong and let's talk a little bit about that in more detail.

As you heard from Thomas, accelerating currency changes in Q3 are likely the cause of some of the smaller sort of misses that we saw in consensus as the fundamentals of our core products remains strong. And let's talk a little bit about that in more detail.

Speaker 4: So as you know, we have one of the youngest portfolios in the industry comprised of best in disease products. VABYSMO, OCREVUS, [inaudible], POLIVY, EVRYSDI, [inaudible], TECENTRIQ, these continue to drive significant growth and combined these added 3.9 billion Swiss francs of new sales at constant exchange rates. VABYSMO continues to be our number one growth driver and is well on track to achieve two billion in sales in Swiss francs for the fiscal year.

So as you know, we have one of the youngest portfolios in the industry comprised of best in disease products. [inaudible] ELEVIDYS, PHESGO, TECENTRIQ, these continue to drive significant growth. Combined, these added 3.9 billion Swiss francs of new sales at constant exchange rates. [inaudible] continues to be our number one growth driver and is well on track to achieve $2 billion in sales in Swiss francs for the fiscal year.

Combined, these added 3.9 billion Swiss francs of new sales at constant exchange rates. [inaudible] continues to be our number one growth driver and is well on track to achieve $2 billion in sales in Swiss francs for the fiscal year.

Speaker 4: OCREVUS continues to deliver double-digit growth and we are excited by the recent [inaudible] positive data that was released and the opportunity that that twice a year subcut will provide to us in opening up new markets for OCREVUS. 

OCREVUS continues to deliver double digit growth and we are excited by the recent sub-Q positive data that was released and the opportunity that that twice a year sub cut will provide to us and opening up new markets for OCREVUS.

Speaker 4: subge positive data that was released and the opportunity that that twice a year subcut will provide to us in opening up new markets for o.

sub-Q positive data that was released and the opportunity that that twice a year sub cut will provide to us and opening up new markets for OCREVUS.

Speaker 4: POLIVY is the next drug that I'd like to highlight, as it consistently beats consensus expectations. This strong growth performance of 126% at constant exchange rates really underscores the strength of the first line DLBCL launches that are happening around the world, and we'll talk about that in more detail in the coming slide.

POLIVY is the next drug that I would like to highlight as it consistently beats consensus expectations. This strong growth performance of 126% at constant exchange rates really underscores the strength of the first line DL BCL launches that are happening around the world and we'll talk about that in more detail in the coming slides.

Speaker 4: On the negative side, I'd also like to mention the total AH&R erosion. Thomas highlighted this as well. We're at about 850 million Swiss francs, which is less than we had anticipated at the beginning of the year. We suspect we'll end about 1.1 billion in erosion, which is a little better than we had anticipated as we begin to see a leveling off.

On the negative side, I'd also like to mention the total H&R erosion. Thomas highlighted this as well. We're at about 850 million Swiss francs, which is less than we had anticipated at the beginning of the year. We suspect we'll end at about $1.1 billion in erosion, which is a little better than we had anticipated as we begin to see a leveling off in some regions.

850 million Swiss francs, which is less than we had anticipated at the beginning of the year. We suspect we'll we'll end at about $1 1 billion, an erosion, which is a little better than we had anticipated as we begin to see a leveling off in some regions.

Speaker 4: So now let's start to take a closer look at our overall performance and, as always, we'll start with oncology. Oncology sales are up by 5% at constant exchange rates to 14.5 billions Swiss francs. That's up one percentage from half year. In honor of breast cancer awareness month, we're going to start with a deep dive on the HER-2 franchise.

So now let's start to take a closer look at our overall performance and as always we'll start with oncology. Oncology sales are up by 5% at constant exchange rates to $14.5 billion Swiss francs, that's up one percentage from half year.

Speaker 4: Billions with frpranth. That's up one percentage from half year. In honor and breast cancer awareness month, we're going to start with a deep dive on the her? U franchise.

In honor of breast cancer awareness month, we're going to start with a deep dive on the HER-2 franchise. As we have previously guided, [inaudible] has modest growth, which is driven by international and early breast cancer compensating the decline that we see in the US and the EU in the metastatic setting. [inaudible] sales are expected to remain stable going forward.

Speaker 4: As we have previously guided, [inaudible] has modest growth which is driven by international and early breast cancer compensating the decline that we see in the US and the EU in the metastatic setting. [inaudible] sales are are expected to remain stable going forward.

As we have previously guided kept silo has modest growth, which is driven by international in early breast cancer compensating the decline that we see in the U S and the EU in the metastatic setting <unk> sales are expected to remain stable going forward <unk>.

Speaker 4: PERJETA remains driven by international, with conversion to PHESGO ongoing. PHESGO continues to impress, 66% growth with a 37% conversion rate in our 44 early launch countries. We are seeing strong conversion in even some of our most difficult markets, like the US where you wouldn't necessarily expect strong conversion, we're 20% now in the US. We expect PHESGO to achieve blockbuster status by the end of the year and our ambition is to reach a 50% conversion rate for PHESGO in the coming years.

PERJETA remains driven by international with conversion to PHESGO ongoing. PHESGO continues to impress, 66% growth with a 37% conversion rate in our 44 early launch countries. We are seeing strong conversion and even some of our most difficult markets like the US where you wouldn't necessarily expect strong conversion, we're 20% now in the US.

Speaker 4: fgo continues to impress 66% growth with a 37% conversion rate in our 44 early launch countries. We are seeing strong conversion in even some of our most difficult markets, like the? U us, where you wouldn't necessarily expect strong conversion, where 20% now in the? U's. We expect fgo to achieve blockbuster status by the end of the year and our ambition is to reach a 50% conversion rate for FAS in the coming year.

It does go continues to impress 66% growth with a 37% conversion rate in our 44 early launch countries. We are seeing strong conversion and even some of our most difficult markets like the U S, where you wouldn't necessarily expect strong conversion, where 20% now in the U S.

We expect PHESGO to achieve blockbuster status by the end of the year and our ambition is to reach 50% conversion rate for PHESGO in the coming years.

Speaker 4: What's also noteworthy, I think, is that as PHESGO has continued to gain momentum in certain markets, we actually see an overall increase in our HER-2 positive breast cancer franchise there as more more patients actually get more access to PHESGO.

What's also noteworthy I think is that as PHESGO has continued to gain momentum in certain markets, we actually see an overall increase in our HER-2 positive breast cancer franchise there as more and more patients actually get more access to PHESGO.

Whats also noteworthy I think is that as <unk> has continued to gain momentum in certain markets, we actually see an overall increase in our her two positive breast cancer.

franchise there as more and more patients actually get more access to PHESGO. So I think there were some questions about the performance of PERJETA in Q3, so maybe I just want to pause here and try and address some of them. So first of all, I think when you look at that

franchise there as more and more patients actually get more access to PHESGO.

So I think there were some questions about the performance of PERJETA in Q3, so maybe I just want to pause here and try and address some of them. So first of all, I think when you look at that sort of dip in PERJETA in Q3, that's actually not uncommon for Q3. We seem to have some phasing effect that happens with PERJETA in Q3. Last year I believe we were down 3.3% in Q3 year over year. But I think largely what you're seeing is that the success of the PHESGO conversion. I mean, I think Spain is actually a really great example here. Spain launched in May of this year and already by September had a 21% conversion. So what I think you're seeing is some of that PERJETA business moving more quickly into PHESGO than maybe was  was anticipated. Overall, the HER-2 portfolio has a strong and consistent growth of 14.4% and so I think there's really nothing different underlying the fundamentals here.

Speaker 4: So I think there were some questions about the performance of PERJETA in Q3, so maybe I just want to pause here and try and address some of them. So first of all, I think when you look at that sort of dip in PERJETA in Q3, that's actually not uncommon for Q3, we seem to have some phasing effect that happens with PERJETA in Q3. Last year I believe we were down 3.3% in Q3 year-over-year. But I think largely what you're seeing is that the success of the PHESGO conversion I mean, I think Spain is actually a really great example here. Spain launched in May of this year and already by September had a 21% conversion.

sort of dip in PERJETA in Q3, that's actually not uncommon for Q3. We seem to have some phasing effect that happens with PERJETA in Q3. Last year I believe we were down 3.3% in Q3 year over year. But I think largely what you're seeing is that the success of the PHESGO conversion. I mean, I think Spain is actually a really great example here. Spain launched in May of this year and already by September had a 21% conversion. So what I think you're seeing is some of that PERJETA business moving more quickly into PHESGO than maybe was  was anticipated. Overall, the HER-2 portfolio has a strong and consistent growth of 14.4% and so I think there's really nothing different underlying the fundamentals here.

Speaker 4: Year over year. But I think largely what you're seeing is that the success of the fedgo conversion. I mean, I think Spain is actually a really great example here. Spain launched in May of this year and already by September had a 21% can.

Year over year, but I think largely what you're seeing is that the success of the FESCO conversion I mean, I think Spain is actually a really great example, here, Spain launched in May of this year and already by September had a 21% conversion. So what I think youre seeing some of that <unk> business moving more quickly into <unk>.

Speaker 4: So what I think you're seeing is some of that PERJETA business moving more quickly into PHESGO than maybe was anticipated. Overall, the HER-2 portfolio has a strong and consistent growth of 14.4% and so I think there's really nothing different underlying the fundamentals here. 

was anticipated. Overall, the HER-2 portfolio has a strong and consistent growth of 14.4% and so I think there's really nothing different underlying the fundamentals here.

different underlying the fundamentals here.

Speaker 4: I'm going a skip TECENTRIQ and hematology as we'll talk about them in more detail in a coming slide and head straight to ALECENSA which continues to perform strongly with 9% growth in constant exchange rates in our core indication of first line positive non metastatic lung cancer with a whopping 70% share in our major market.

I'm going to skip TECENTRIQ and hematology as we'll talk about them in more detail in a coming slide and head straight to ALECENSA which continues to perform strongly with 9% growth in constant exchange rates in our core indication of first line positive non small cell lung cancer with a whopping, 70% share in the major markets. I think we were very excited to share with all of you the Alina data, which is our positive phase III adjuvant data in positive non small cell lung cancer, which you all got a little bit of a sneak preview on on Tuesday. So fortunately that means we can share a little bit more detail with you now.

non small cell lung cancer with a whopping, 70% share in the major markets. I think we were very excited to share with all of you the Alina data, which is our positive phase III adjuvant data in positive non small cell lung cancer, which you all got a little bit of a sneak preview on on Tuesday. So fortunately that means we can share a little bit more detail with you now.

Speaker 4: I think we were very excited to share with all of you the Alena data, which is our positive phase three adjuvant data in positive non small cell lung cancer, which we all got a little bit of a sneak preview on on Tuesday, so fortunately that means we can share a little bit more detail with you now.

Speaker 4: The results that we saw in ALECENSA in the Alina trial were unprecedented. We saw a staggering 76% reduction in the risk of disease recurrence or death, with a hazard ratio 0.24, which is really just amazing. Additionally, we saw clinically meaningful improvement in CNS DFS as well with a hazard ratio of 0.22. So these are really just breathtaking results.

The results that we saw in ALECENSA in the Alina trial were unprecedented. We saw a staggering 76% reduction in the risk of disease recurrence or death, with a hazard ratio of 0.24 which is really just amazing. Additionally, we saw clinically meaningful improvement in  CNS DFS as well with a hazard ratio of 0.22. So these are really just breathtaking results.

Staggering, 76% reduction in the risk of disease, recurrence or death, which with a hazard ratio of <unk> four which is really just amazing. Additionally, we saw clinically meaningful improvement.

Speaker 4: In CNS DFS as well, with a hazard ratio of a zero point Q2. So these are really just breathtaking results.

In the.

CNS DFS as well with a hazard ratio of 0.22. So these are really just breathtaking results. The full results were selected to be presented in the presidential session at ESMO this Saturday so see you there.

CNS DFS as well with a hazard ratio of 0.22. So these are really just breathtaking results.

The full results were selected to be presented in the presidential session at ESMO this Saturday so see you there. And we have a first-in-class global filing which is currently ongoing. We would expect US and EU launches to commence in 2024, and we would expect to add about 500 million in sales with this indication.

Speaker 4: The full results were selected to be presented in the presidential session at ESMO this Saturday, so see you there. And we have a first-in-class global filing which is currently ongoing. We would expect US and EU launches to commence in 2024 and we would expect to add about $500 million in sales with this indication.

Speaker 4: And we have a first in class global filing which is currently ongoing. We would expect U's and EU launches to commence in 2024 and we would expect to add about 50- I'm sorry, $5- million in sales with this indication.

And we have a first-in-class global filing which is currently ongoing. We would expect US and EU launches to commence in 2024, and we would expect to add about 500 million in sales with this indication. I think it is really noteworthy to just kind of pause and reflect on the fact that this is one

And we have a first-in-class global filing which is currently ongoing. We would expect US and EU launches to commence in 2024, and we would expect to add about 500 million in sales with this indication.

I think it is really noteworthy to just kind of pause and reflect on the fact that this is one of the patient populations that actually is more likely to get tested early on. About 45% of patients that we believe will be eligible for this drug will actually get tested early enough to take advantage of treatment in the adjuvant setting, which is a really great signal that many patients will be able to benefit from ALECENSA and actually have a better outcome with their cancer.

Speaker 4: I think it is really noteworthy to just kind of pause and reflect on the fact that this is one of the patient populations that actually is more likely to get tested early on. About 45% of patients that we believe will be eligible for this drug will actually get tested early enough to take advantage of treatment in the adjuvant setting, which is a really great signal that many patients will be able to benefit from ALECENSA and actually have a better outcome with their cancer.

of the patient populations that actually is more likely to get tested early on. About 45% of patients that we believe will be eligible for this drug will actually get tested early enough to take advantage of treatment in the adjuvant setting, which is a really great signal that many patients will be able to benefit from ALECENSA and actually have a better outcome with their cancer.

That we believe will be eligible for this drug will actually get tested early enough to take advantage of treatment in the adjuvant setting. <unk> is a really great signal that many patients will be able to benefit from allison's that actually have a better outcome with their cancer.

<unk> is a really great signal that many patients will be able to benefit from allison's that actually have a better outcome with their cancer.

Speaker 4: But this is not the end for development with ALECENSA. We have additional growth possible through our ongoing phase three and [inaudible] small cell lung cancer, that's the horizon trial, as well as another ongoing phase three tapestry in the tumor agnostic setting. So ALECENSA is just a really tremendous molecule and something to definitely keep your eyes on.

But this is not the end for development with ALECENSA. We have additional growth possible through our ongoing phase III unresectable non small cell lung cancer. That's the horizon trial as well as another ongoing phase III tapestry in the tumor agnostic setting. So ALECENSA is just a really tremendous molecule and something to definitely keep your eyes on. 

So ALECENSA is just a really tremendous molecule and something to definitely keep your eyes on. 

Yeah.

Speaker 4: Moving on to hematology, I think we've said for some time that malignant hematology is a place to watch and I think we now see a rejuvenation of this portfolio as new medicines begin to come into the market. I'm going to start here in the obvious place, which is POLIVY, the strong performance of the first line DLBCL launch continues and we now have over ten thousand commercial patients on the [inaudible] regimen. We see strong first line shares in the IPI zero through five achieve. The US is at 14%, Germany is at 29%, the UK is at 23%, Japan is at 32% so you really see adoption beginning to take hold and accelerate a new key market.

Moving on to hematology, I think we've said for some time that malignant hematology is a place to watch and I think we now see a rejuvenation of this portfolio as new medicines begin to come into the market.

I'm going to start here in the obvious place, which is POLIVY. The strong performance of the first line DLP CL launch continues and we now have over 10,000 commercial patients on the Polaris regimen. We see strong first line shares in the IPI zero through five achieved. The US is at 14%, Germany is at 29%, the UK is at 23%, Japan is at 32% so you really see adoption beginning to take hold and accelerate in these key markets.

Speaker 4: the IPI zero through five achieve. The US is at 14%, Germany is at 29%, the UK is at 23%, Japan is at 32% so you really see adoption beginning to take hold and accelerate a new key market.

the IPI zero through five achieved. The US is at 14%, Germany is at 29%, the UK is at 23%, Japan is at 32% so you really see adoption beginning to take hold and accelerate in these key markets. In addition, we have four to five years before you would expect any additional competition in the first line DLP CL

the IPI zero through five achieved. The US is at 14%, Germany is at 29%, the UK is at 23%, Japan is at 32% so you really see adoption beginning to take hold and accelerate in these key markets.

In addition, we have four to five years before you would expect any additional competition in the first line DLP CL space, which not only means that we can entrench POLIVY as the standard of care, it also gives us our own opportunities to further improve that standard of care by developing new in house combinations, such as [inaudible] which is the [inaudible] plus [inaudible] chip trial, which was initiated in Q3 and has already had its first patient.

Speaker 4: In addition, we have four to five years before we would expect any additional competition in the first line DLBCL space, which not only means that we can entrench POLIVY as the standard of care, it also gives us our own opportunities to further improve that standard of care by developing new in house combinations such as [inaudible] which is the [inaudible] plus POLIVY plus [inaudible], a trial which was initiated in Q3 and has already had its first patient.

space, which not only means that we can entrench POLIVY as the standard of care, it also gives us our own opportunities to further improve that standard of care by developing new in house combinations, such as [inaudible] which is the [inaudible] plus [inaudible] chip trial, which was initiated in Q3 and has already had its first patient.

Speaker 4: a trial which was initiated in Q3 and has already had its first patient.

trial, which was initiated in Q3 and has already had its first patient.

Speaker 4: Similarly impressive is the growth that we're seeing with GAZYVA. This is driven primarily by GAZYVA in combination with [inaudible] and imbrutinib in first line COL. And then again we have our two biospecific launches that are currently ongoing: [inaudible], which is having just a really great launch of third lines for leicular lymoma. We are already seeing double digit market shares in key early launch countries, including the US, Germany, and Switzerland and Colombi just recently approved in  the US and the EU in Q2 and third line, plus the CLBCL and that launch is ongoing and again going fairly well.

Similarly impressive is the growth that we're seeing with GAZYVA. This is driven primarily by GAZYVA in combination with [inaudible] and IMBRUTINIB in first line COL. And then again, we have our two bispecific launches that are currently ongoing. [inaudible] which is having just a really great launch in third line follicular lymphoma, we are already seeing double digit market shares in key early launch countries, including the US, Germany, and Switzerland And Colombi just recently approved in the US and the EU in Q2, and third line plus DLP CL and that launch is ongoing and again going fairly well. 

Speaker 4: With with venkx and in brutin I in first FR, in co, and then again we have our two by specific launches that are currently ongoing: llymomio, which is having just a really great launch of third lines for leicular lymoma, we are already seeing double digit market shares and in key early launch countries, including the? U's, Germany and Switzerland and Colombia, just recently approved in.

with [inaudible] and IMBRUTINIB in first line COL.

And then again, we have our two bispecific launches that are currently ongoing. [inaudible] which is having just a really great launch in third line follicular lymphoma, we are already seeing double digit market shares in key early launch countries, including the US, Germany, and Switzerland

And Colombi just recently approved in the US and the EU in Q2, and third line plus DLP CL and that launch is ongoing and again going fairly well. 

Speaker 4: the US and the EU in Q2 and third line, plus the CLBCL and that launch is ongoing and again going fairly well.

We do have additional opportunities for much more significant growth with both of [inaudible] and Columbi as we look into the additional trials, which will be launched in earlier line settings. But again I think these bispecifics are unique. They have a great competitive differentiation and it will be very exciting to actually see them get their new data and begin to be able to help patients in earlier lines of therapy. 

Speaker 4: We do have additional opportunities for much more significant growth with both [inaudible] and Colombi as we look into the additional trial, which will be launched in earlier line settings. But again, I think these biospecifics are unique. They have a great competitive differentiation and it will be very exciting to actually see them get their new data and begin to be able to help patients in earlier line therapy.

Additional opportunities for much more significant growth with both of the CBL and Columbia as we look into the additional trials, which will be launched in earlier line settings, but again I think by these by specifics are unique they have a great competitive differentiation and it will be it will be very exciting to actually see them get their new data.

Speaker 4: Which will be launched in earlier airline settings. But again, I think these five specifics are unique. They have a great competitive differentiation and it will be. It will be very exciting to actually see them get their new data and begin to begin to be able to help patients. An earlier.

and begin to be able to help patients in earlier lines of therapy. 

In terms of key data, we have two key data sets that have been submitted to ASH, the phase 1B Columbi combos in D. O PCL and then we will also see some DBL CL subtype data for Polaris so look forward to that. 

Speaker 4: In terms of key data, we have two key data sets that have been submitted to ASH: the phase one B [inaudible] and Columbi combos and DOCCL, and then we will also see some BDL BCL subtype data for Polarics so look forward to that. 

Moving on to TECENTRIQ, I'm gonna spotlight actually two new areas that have had the most activity during Q3 sub Q and HCC. And to be fair, I should also mention that October is liver cancer awareness month, just so that everybody is treated equally.

Speaker 4: Moving on to TECENTRIQ, I want to spotlight actually two new areas that have had the most activity during Q3, sub-q and HCC. And to be fair, I should also mention that October is Liver Cancer Awareness Month, so that everybody is treated equally.

Speaker 4: For TECENTRIQ subcut, we have achieved our our first approval. We were the first sub-q PD PDL one to be launched with approval in Great Britain. We dosed our first commercial patient several weeks ago. As a reminder, PHESGO in the UK is that 92% conversion rate, which shows high demand for something like this that can actually not only provide more convenience to patients but also help increase freeing up resources in the health care system. Subcut reduces admin time from seven to seven minutes, from a 30 to 60 minute infusion, and so we would really expect again for those health care systems where they have constraints, that we would see similar adoption to what we have seen in with PHESGO. We expect to see receive EUCHMP opinion in Q4 for TECENTRIQ subcut and US approval in 2024.

treated equally.

For TECENTRIQ sub cut, we have achieved our first approval. We were the first sub Q PDL, PDL-1 to be launched with approval in Great Britain. We dosed our first commercial patient several weeks ago. As a reminder, PHESGO in the UK is at 92% conversion rate, which shows high demand for something like this that can actually not only provide more convenience to patients but also help freeing up resources and health care systems.

As a reminder, FESCO and the U K is at 92% conversion rate, which shows high demand for something.

Like this that can actually not only provide more convenience to patients but also help.

Speaker 4: increase freeing up resources in the health care system. Subcut reduces admin time from seven to seven minutes, from a 30 to 60 minute infusion, and so we would really expect again for those health care systems where they have constraints, that we would see similar adoption to what we have seen in with PHESGO. We expect to see receive EUCHMP opinion in Q4 for TECENTRIQ subcut and US approval in 2024.

Help increase.

Freeing up resources and health care systems.

Sub cut reduces admin time from seven to seven minutes from a 30 to 60 minute infusion and so we would really expect again for those health care systems, where they have constraints that we would see similar adoption to what we have seen with PHESGO. We expect to receive EU CHMP opinion in Q4 for TECENTRIQ sub cut and US approval in 2024. 

And so we would really expect again for those health care systems, where would they have constraints that we would see similar adoption to what we have seen is with Fetsko. We expect to see received EU see HMP opinion in Q4 for <unk> and U S approval in 2020 for taking.

Speaker 4: Taking the next step in HCC, our phase three TECENTRIQ in first line HCC was also initiated in Q1 and that follows the positive phase one two [inaudible] data that was presented earlier in the year.

Taking the next step in HCC, our phase three TECENTRIQ plus [inaudible] plus Avastin trial in first line HCC was also initiated in Q1, and that follows the positive phase one/two Morpheus data that was presented earlier in the year.

And that follows the positive phase one to Morpheus data that was presented earlier in the year.

Speaker 4: For our in line indication, sales growth is largely being driven by HCC and some EU markets in the ongoing adjuvant non small cell launches ex-US as well as a sort of general global expansion. Through the end of the year, we've mentioned that we are expecting the first approvals for CHNP with TECENTRIQ sub-q but then also the data from the adjuvant head and neck trial which is coming in Q4, this is a very large potential indication in an area of very high unmet need. And then obviously the skyscraper one results with TECENTRIQ plus [inaudible] in first line, non small cell lung cancer with those final OS results expected in Q1 of next year. Just as a reminder, that is an event driven trial.

For our in line indications, sales growth is largely being driven by front by HCC in some EU markets and the ongoing adjuvant in non small cell launches ex-US, as well as just sort of general global expansion. Through the end of the year we've mentioned that we are expecting the first approvals for CHMP with TECENTRIQ sub q  but then also the data from the adjuvant head and neck trial, which is coming in Q4. This is a very large potential indication in an area of very high unmet need and then obviously the skyscraper one results with TECENTRIC plus [inaudible] in first line non small cell lung cancer with those final OS results expected in Q1 of next year. Just as a reminder, that is an event driven trial. 

but then also the data from the adjuvant head and neck trial, which is coming in Q4. This is a very large potential indication in an area of very high unmet need and then obviously the skyscraper one results with TECENTRIC plus [inaudible] in first line non small cell lung cancer with those final OS results expected in Q1 of next year. Just as a reminder, that is an event driven trial. 

Speaker 4: trial which is coming in Q4, this is a very large potential indication in an area of very high unmet need. And then obviously the skyscraper one results with TECENTRIQ plus [inaudible] in first line, non small cell lung cancer with those final OS results expected in Q1 of next year. Just as a reminder, that is an event driven trial.

As an event driven trial.

Speaker 4: So moving on to hemophilia, in Q3 HEMLIBRA continued its trajectory of extremely strong growth, adding 17% in constant exchange rates, and we would expect this growth to continue. HEMLIBRA is unquestionably the global standard of care in hemophilia A with more than 22,000 patients treated globally and US and EU patient share increasing to 40% and that's a single percentage point gain in just one quarter. Growth expected to continue globally, with patient shares in France and the UK already exceeding 60% and continuing to climb. And why is it that we have such confidence in HEMLIBRA continuing to be able to entrench itself? It has

So moving on to hemophilia, in Q3 HEMLIBRA continued its trajectory of extremely strong growth, adding 17% in constant exchange rates, and we would expect this growth to continue. HEMLIBRA is unquestionably the global standard of care in hemophilia A with more than 22,000 patients treated globally and US and EU patient share increasing to 40% and that's a single percentage point gain in just one quarter. Growth expected to continue globally, with patient shares in France and the UK already exceeding 60% and continuing to climb.

So moving on to hemophilia, in Q3, HEMLIBRE continued its trajectory of extremely strong growth, adding 17% in constant exchange rates and we would expect this growth to continue. HEMLIBRE is unquestionably the global standard of care in hemophilia A with more than 22,000 patients treated globally and US and EU patient share increasing to 40% and that's a single percentage point gain in just one quarter. Growth expected to continue globally with patient shares in France and the UK already exceeding 60% and continuing to climb.

Speaker 4: He ver is unquestionably the lobal standard of care in hemophilliia. A with 20, with more 20, two thousand patients treated globally and U's and E? U patient share increasing to 40%. And that's a single percentage point gain in just one quarter growth expected to continue globally, with patient shares in France and the U? K already exceeding 60% and continuing to climb. And why is it that we have such confidence in heliver continuing to be able to entrench itself it?

US and EU patient share increasing to 40% and that's a single percentage point gain in just one quarter. Growth expected to continue globally with patient shares in France and the UK already exceeding 60% and continuing to climb. And why is it that we have such confidence in HEMLIBRE continuing to be able to entrench itself? It has

US and EU patient share increasing to 40% and that's a single percentage point gain in just one quarter. Growth expected to continue globally with patient shares in France and the UK already exceeding 60% and continuing to climb.

And why is it that we have such confidence in HEMLIBRA continuing to be able to entrench itself? It has just a fantastic profile. The key differentiators in HEMLIBRA remain extremely strong, which just does make it the treatment of choice for prophylaxis in heme A. More than 60% of patients are already on every other week or every month dosing with zero risk of developing inhibitors over time. We have a wealth of long term safety and efficacy data which shows superior benefit versus the factor aids and an improvement in joint health.

And why is it that we have such confidence in HEMLIBRE continuing to be able to entrench itself? It has just a fantastic profile. The key differentiators in HEMLIBRE remain extremely strong, which just does make it the treatment of choice for prophylaxis in Hem A. More than 60% of patients are already on every other week or every month dosing with zero risk of developing inhibitors over time. We have a wealth of long term safety and efficacy data which shows superior benefit versus the factor eight and an improvement in joint health. We are currently approved in over 100 countries for non inhibitor that are reimbursed in 60, so again, even more geographies could potentially seek to benefit. So again as we look forward into the rest of 2023, we would expect further patient share gains in that non inhibitor population as well as expanding share in key accounts with additional growth potential. 

Speaker 4: just a fantastic profile. The key differentiators in HEMLIBRA remain extremely strong, which just does make it the treatment of choice for prophylaxis in heme A. More than 60% of patients are already on every other week or every month dosing with zero risk of developing inhibitors over time. We have a wealth of long term safety and efficacy data which shows superior benefit versus the factor aids and an improvement in joint health.

just a fantastic profile. The key differentiators in HEMLIBRE remain extremely strong, which just does make it the treatment of choice for prophylaxis in Hem A. More than 60% of patients are already on every other week or every month dosing with zero risk of developing inhibitors over time. We have a wealth of long term safety and efficacy data which shows superior benefit versus the factor eight and an improvement in joint health. We are currently approved in over 100 countries for non inhibitor that are reimbursed in 60, so again, even more geographies could potentially seek to benefit.

More than 60% of patients are already on every other week or every month dosing with zero risk of developing inhibitors over time, we have a wealth of long term safety and efficacy data which shows superior.

Benefit versus <unk>.

Versus the factor <unk> and an improvement in joint health.

Speaker 4: We are currently improved in over 100 countries for non inhibitor reimbursed in sixty's. So again, even more geographies could potentially seek to benefit. And so again, as we look forward into the rest of 2023, we would expect further patient share gains and that noninhibitor population, as well as expanding share in key accounts with additional growth potential. But I think when we ask around, the number one question on everybody's mind is actually what's going on from a competitive standpoint?

We are currently approved in over 100 countries for non inhibitor are reimbursed and 60, so again, even more geographies could potentially seek to benefit.

So again as we look forward into the rest of 2023, we would expect further patient share gains in that non inhibitor population as well as expanding share in key accounts with additional growth potential. 

But I think when we ask around around HEMLIBRE, the number one question on everybody's mind is actually what's going on from a competitive standpoint. So not unexpectedly we're seeing very little no impact from the first generation of gene therapies, which have been approved, not unsurprisingly, we're not really seeing a pick up of those therapies at this time. And then with the approval of ALTIVIO, again very much as we had expected we're primarily seeing share being taken from other factor eights. In the very handful of instances where we hear about these HEMLIBRE switches and I'm using air quotes for those of you who may be are just listening, this is largely people who remain on HEMLIBRE but just switched their factor eight and again, we're talking about a very small number of patients even in that bucket. So again, we feel very confident about the growth trajectory and the potential growth rates for HEMLIBRE going forward just based on a very differentiated profile.

When we ask around around heavily but the number one question on everybody's mind is actually what's going on from a competitive standpoint, so not unexpectedly we're seeing very little no impact from the first generation of gene therapies, which have been approved not unsurprisingly, we're not really seeing a pick up.

Speaker 4: So not unexpectedly, we're seeing very little, no impact from the first generation of gene therapies which have been approved. Surprisingly, we're not really seeing the pick up of those therapies at this time. And then, with the approval of ALTIVIO again very much as we had expected, we're primarily seeing share being taken from other factor eight. In the very handful of instances where we hear about these HEMLIBRA switches- and I'm using air quotes for those of you who maybe are just listen- this is largely people who remain on HEMLIBRA but just switch their factor eight and again we're talking about a very small number of patients even in that bucket. So again, we feel very confident about the growth trajectory and the potential growth rates for HEMLIBRA going forward just based on a very differentiated profile.

Speaker 4: Of those therapies at this time, and then, with the approval of altoviio, again very much as we had expected, we're primarily seeing sre being taken from other.

Those therapies at this time and then with the approval of <unk> again very much as we had expected were primarily seeing share being taken from.

From other factor AIDS.

Speaker 4: In the very handful of instances where we hear about these HEMLIBRA switches- and I'm using air quotes for those of you who maybe are just listen- this is largely people who remain on HEMLIBRA but just switch their factor eight and again we're talking about a very small number of patients even in that bucket. So again, we feel very confident about the growth trajectory and the potential growth rates for HEMLIBRA going forward just based on a very differentiated profile.

And were.

In the very handful of instances where we hear about these HEMLIBRE switches and I'm using air quotes for those of you who may be are just listening, this is largely people who remain on HEMLIBRE but just switched their factor eight and again, we're talking about a very small number of patients even in that bucket. So again, we feel very confident about the growth trajectory and the potential growth rates for HEMLIBRE going forward just based on a very differentiated profile.

This is this is largely people who remain on him libre, but just switched their factor eight and again, we're talking about a very small number of patients even in that bucket. So again, we feel very confident about the growth trajectory and the potential potential option the potential growth rates for Hmm Libre going forward just based on a very differentiated pro.

While.

Speaker 4: Moving on to immunology, we see overall sales in immunology were stable in Q3 despite the loss of [inaudible] sales to generic competition. Solar sales increased by 3%, driven primarily by the growth in CSU. Earlier this month, the FDA approved the solar auto injector, which provides patients with new options for dosing convenience- very important in this very competitive field. You can see that [inaudible] delivered a very solid performance in its chronic indications, driven by the US and EU. It is worth noting that there is no remaining COVID-19 sales foe [inaudible] at this point, so it's performance is really driven by its core indications. This is a little bit higher performance than we might necessarily have expected for [inaudible] and that's probably due to some turbulence in the year-over-year 

Moving on to immunology, we see overall sales in immunology were stable in Q3, despite the loss of ASBRIENT sales to generic competition. [inaudible] sales increased by 3% driven primarily by the growth in CSU. Earlier this month, the FDA approved the [inaudible] auto injector, which provides patients with new options for dosing convenience, very  important in this very competitive field. You can see that ACTEMRA delivered a very solid performance in its chronic indications driven by the US and EU. It is worth noting there's no remaining COVID sales for ACTEMRA at this point. Its performance is really driven by its core indications. This is a little bit higher performance than we might necessarily have expected for ACTEMRA and that's probably due to some turbulence in the year over year sales as COVID has sort of washed out, but we really are seeing a good and positive growth in our core indications here.

Speaker 4: Solar sales increased by 3%, driven primarily by the growth in C's U. earlier this month the F D a approved the solar auto injector, which provides patients with new options redudocing convenience- very important in this very competitive field. You can see that occttema delivered a very solid performance in its chronic indications, driven by the U's and U. it is worth noting that there is no remaining COVID-19 sales for camera at this point, So this it's performance is really driven by its core indications. This is a little bit higher performance than we might necessarily have expected for a temamer, and that's probably ue to some turbulence in the year over year.

important in this very competitive field. You can see that ACTEMRA delivered a very solid performance in its chronic indications driven by the US and EU. It is worth noting there's no remaining COVID sales for ACTEMRA at this point. Its performance is really driven by its core indications.

This is a little bit higher performance than we might necessarily have expected for ACTEMRA and that's probably due to some turbulence in the year over year sales as COVID has sort of washed out, but we really are seeing a good and positive growth in our core indications here.

Speaker 4: sales of COVID-19 has sort of washed out, but we really are seeing a good and positive growth in our core indications here. Through the end of the year, we look forward to updated phase II data for ASO factor B and [inaudible] which will be shared at the ASN Kidney Week at the beginning of November and then we are still awaiting the [inaudible] outmatch study results in [inaudible].

as COVID has sort of washed out, but we really are seeing a good and positive growth in our core indications here.

Through the end of the year, we look forward to updated phase two data for our ASL factor B and [inaudible], which will be shared at the ASN Kidney Week at the beginning of November and then we are still awaiting the Xolair Outmatch study results in food allergy.

Speaker 4: Switching over to neuroscience, it has been quite a busy quarter for OCREVUS. OCREVUS remains the leader in MS market share in both the US and the EU. it is now at 24% global share and growing, which is supported by a much higher retention rate than we see with other MS medicines. We've seen strong year-over-year growth of 12% at constant exchange rates and we do expect this momentum to continue for 2023 and beyond.

Switching over to neuroscience, it has been quite a busy quarter for OCREVUS. OCREVUS remains the leader in MS market share in both the US and the EU and is now at 24% global share and growing which is supported by a much higher retention rate than we see with other MS medicines. We've seen strong year over year growth of 12% at constant exchange rates and we do expect this momentum to continue for 2023 and beyond.

to continue for 2023 and beyond.

Speaker 4: Last week at [inaudible] we presented multiple new data sets for OCREVUS and [inaudible]. I will talk about those in a moment but before I move on, I would be remiss if I didn't highlight the fact that we have a neuroscience update call happening on October 30th that will discuss not only in more detail the trials that I'm about to cover at a very high level but we'll also cover our R&D activities and other areas like Alzheimer's and FMA, including the data that will be presented [inaudible]. So now on to the data.

Last week at [inaudible], we presented multiple new data sets for OCREVUSS and [inaudible] but I will talk about those in a moment. But before I move on, I would be remiss if I didn't highlight the fact that we have a neuroscience update call happening on October 30th that we'll discuss not only in more detail, but the trials that I'm about to cover at a very high level, but we'll also cover our R&D activities in other areas like Alzheimer's and SMA, including the data that will be presented [inaudible].

our R&D activities in other areas like Alzheimer's and SMA, including the data that will be presented [inaudible].

Speaker 4: Alzheimer's and FM a, including the data, that will be prevented. presentedative CAD for torittenu mAb. So now on to the data.

Alzheimer's and SMA, including the data that will be prevented presented in sea Tac for China to new map. So now on to the data.

Speaker 4: So OCREVUS sub-Q. In July, we announced positive top line results for OCREVUS sub cut and last week at [inaudible] we provided the detailed results. The study met at all of its primary and secondary endpoints and demonstrated that OCREVUS sub cut twice a year is non-inferior to OCREVUS IV and RMS and PPMs. This can be seen in the B cell depletion graph on the left, as well as the MRI data on the reduction of brain lesion shown in the table on the right. Combining the safety and efficacy of OCREVUS with the added convenience of a subcut has the potential to expand overall anti CD 20 usage and really drive OCREVUS class share. As you know, we really think of the IV in the subcut markets as two very different markets and this gives us the opportunity to reach a base of patients that we just simply haven't been able to reach with the IV formulation. This is going to be particularly meaningful in treatment settings that have limited infusion capacity, or will health care systems have more limited resources? The initial launch, which is expected in 2024, will be with a syringe pump and it will be able to be administered at home by a health care professional, or in an office or in a pharmacy.

So now onto data. So OCREVUS sub Q, in July, we announced positive topline results for OCREVUS sub cut and last week at [inaudible] we provided the detailed results. The study met all of its primary and secondary endpoints and demonstrated that OCREVUS sub cut twice a year is non inferior to OCREVUS IV and RMS and PBMS.

This can be seen in the B cell depletion graph on the left as well as the MRI data on the reduction of brain lesions shown in the table on the right. Combining the safety and efficacy of OCREVUS with the added convenience of a sub cut has the potential to expand overall anti CD 20 usage and really drive OCREVUS class share. As you know, we really think of the IV and the sub cut markets as two very different markets and this gives us the opportunity to reach a base of patients that we just simply haven't been able to reach with the IV formulation. This is gonna be particularly meaningful in treatment settings that have limited infusion capacity or will health care systems have more limited resources. The initial launch which is expected in 2024 will be with a syringe pump and it will be able to be administered at home by a health care professional or in an office or in a pharmacy.

Speaker 4: with the added convenience of a subcut has the potential to expand overall anti CD 20 usage and really drive OCREVUS class share. As you know, we really think of the IV in the subcut markets as two very different markets and this gives us the opportunity to reach a base of patients that we just simply haven't been able to reach with the IV formulation. This is going to be particularly meaningful in treatment settings that have limited infusion capacity, or will health care systems have more limited resources? The initial launch, which is expected in 2024, will be with a syringe pump and it will be able to be administered at home by a health care professional, or in an office or in a pharmacy.

with the added convenience of a sub cut has the potential to expand overall anti CD 20 usage and really drive OCREVUS class share. As you know, we really think of the IV and the sub cut markets as two very different markets and this gives us the opportunity to reach a base of patients that we just simply haven't been able to reach with the IV formulation. This is gonna be particularly meaningful in treatment settings

that have limited infusion capacity or will health care systems have more limited resources. The initial launch which is expected in 2024 will be with a syringe pump and it will be able to be administered at home by a health care professional or in an office or in a pharmacy.

Speaker 4: The initial launch, which is expected in 2024, will be with a syringe pump and it will be able to be administered at home by a health care professional, or in an office or in a pharmacy.

Speaker 4: And in addition, we are currently evaluating self administration options via an on body injector, a patch pump, and we expect this option to be available in the midterm. More details on this program will be provided at a later point in time and a little bit closer to launch, but the OCREVUS subcut is a very significant potential new opportunity for OCREVUS and we're excited to be able to bring that to patients next year.

And in addition, we are currently evaluating self administration options via an on body injector, a patch pump, and we expect this option to be available in the midterm. More details on this program will be provided at a later point in time and a little bit closer to launch. But the OCREVUS sub cut is a very significant potential new opportunity for OCREVUS and we're excited to be able to bring that to patients next year.

And we expect this option to be available in the midterm more details on this program will be provided at a later point in time and a little bit closer to launch, but the okra vis sub cut is a very significant potential new opportunity for <unk> and we're excited to be able to bring that to patients next year.

Speaker 4: Moving on to our 10-year results in the real family planning data for OCREVUS, it's almost hard to underscore how important these data are when you really think about what is most meaningful to patient populations. The 10-year follow up data for RMS and PPMS adds to the impressive body of evidence that we already have for OCREVUS in safety and efficacy.  Over 80% of RMS patients were free from disability progression and 92 were able to walk unaided.

Moving onto our 10-year results in the real world family planning data for OCREVUS, it's almost hard to underscore how important these data are when you really think about what is most meaningful to patient populations. The 10-year follow up data for RMS and PPMS adds to the impressive body of evidence that we already have for OCREVUS in safety and efficacy. Over 80% of RMS patients were free from disability progression and 92 were able to walk unaided.

adds to the impressive body of evidence that we already have for OCREVUS in safety and efficacy. Over 80% of RMS patients were free from disability progression and 92 were able to walk unaided. For PPMS, we observed that more than a third of patients were progression free after 10 years. And what is important to MS patients?

adds to the impressive body of evidence that we already have for OCREVUS in safety and efficacy. Over 80% of RMS patients were free from disability progression and 92 were able to walk unaided.

Speaker 4: Over 80% of RMS patients were free from disability progression and 92 were able to walk unaided.

Speaker 4: For PPMS, we observed that more than a third of patients were progression free after 10 years. And what is important to MS patients? It's important that that progressions delayed. It is important that they can continue to work, that they can continue to be active with their friends and their families. These are typically very young and active people who are stricken with them MS.  So these data are again frankly, just stunning and put a lot of confidence into the need to treat early with OCREVUS.

For PPMS, we observed that more than a third of patients were progression free after 10 years. And what is important to MS patients? It's important that that progression is delayed, it is important that they can continue to work, that they can continue to be active with their friends and their family. These are typically very young and active people who are struggling with MS. So these data are again, frankly, just stunning and put a lot of confidence into the need to treat early with OCREVUS. 

Speaker 4: And what is important to M's patients and it's important that that progressions delayed. It is important that they can continue to work, that they can continue to be active with their friends and their familyies. These are typically very young and active people who are stricen with them F.

It's important that that progression is delayed, it is important that they can continue to work, that they can continue to be active with their friends and their family. These are

typically very young and active people who are struggling with MS. So these data are again, frankly, just stunning and put a lot of confidence into the need to treat early with OCREVUS. 

Speaker 4: So these data are again frankly, just stunning and put a lot of confidence into the need to treat early with OCREVUS.

Similarly, using real world data, we performed the very first analysis of the effects of anti CD 20 MS treatment on family planning, again, highly relevant for MS patients who on average are 29 years old when they're diagnosed. This is the time of life when they're just starting to begin their family planning. These data showed minimal MS disease activity was observed in patients from pre-conception to pregnancy and in the first trimester postpartum and then OCREVUS did not increase the risk of adverse pregnancy and infant outcomes. As you might imagine, we have been sharing these data quite extensively with physicians around the world and one physician shared back with us at OCREVUS is the best treatment option for patients considering family planning and I think these data really go a long way to giving young people who want to delay progression, who want to start families all the reasons in the world to say that OCREVUS is the right therapy for them.

Speaker 4: Similarly, using real world data, we performed the very first analysis of the effects of anti CD 20 MS treatment on family planning, again highly relevant for MS patients. So on average they're 29 years old when they're diagnosed. This is the time of life when they're just starting to begin their family planning. These data showed minimal MS disease activity was observed in patients from preconception to pregnancy and in the first trimester postpartum, and then OCREVUS did not increase the risk of adverse pregnancy outcomes. As you might imagine, we have been sharing these data quite extensively with physicians around the world, and one physician shared back with us that OCREVUS is the best treatment option for patients considering family planning, and I think these data really,  really go a long way to giving young people who want to delay progression, who want to start families all the reasons in the world to say that OCREVUS is the right therapy for them.

29 years old when they're diagnosed this is the time of life when they're just starting to begin their family planning. These data showed minimal M S.

Speaker 4: activity was observed in patients from preconception to pregnancy and in the first trimester postpartum, and then OCREVUS did not increase the risk of adverse pregnancy outcomes. As you might imagine, we have been sharing these data quite extensively with physicians around the world, and one physician shared back with us that OCREVUS is the best treatment option for patients considering family planning, and I think these data really,  really go a long way to giving young people who want to delay progression, who want to start families all the reasons in the world to say that OCREVUS is the right therapy for them.

disease activity was observed in patients from pre-conception to pregnancy and in the first trimester postpartum and then OCREVUS did not increase the risk of adverse pregnancy and infant outcomes. As you might imagine, we have been sharing these data quite extensively with physicians around the world and one physician shared back with us at OCREVUS is the best treatment option for patients

considering family planning and I think these data really go a long way to giving young people who want to delay progression, who want to start families all the reasons in the world to say that OCREVUS is the right therapy for them.

Speaker 4: And last but not least, before we leave MS, let me talk a little bit about FENEBRUTINIB. As a reminder, FENEBRUTINIB is a potent, highly selective and the only noncovalent reversible BTKI in Phase 3 for MS. It has the potential to be a best-in-class BTK, and this is underlined by the positive phase two [inaudible] results in MS, which met all the primary and secondary endpoints.

And last but not least, before we leave MS, let me talk a little bit about FENEBRUTINIB. As a reminder, FENEBRUTIB is a potent, highly selective and the only non-covalent reversible BTKI I in phase III for MS. It has the potential to be a best-in-class BTK and this is underlined by the positive phase II synoptic results in RMS which met all the primary and secondary endpoints.

which met all the primary and secondary endpoints. We have previously presented this data based on MRI results for brain lesion reduction and they show how FENEBRUTINIB patients are four times more likely to have

which met all the primary and secondary endpoints.

Speaker 4: We have previously presented this data based on MRI results for brain lesion reduction and they show how FENEBRUTINIB patients are four times more likely to have no new T-1 or T-2 lesions at key time points versus placebo, and efficacy that we've observed in this trial is consistent with other high efficacy disease modifying therapies in MS. 

We have previously presented this data based on MRI results for brain lesion reduction and they show how FENEBRUTINIB patients are four times more likely to have no new T1 or T2 lesions at key time points versus placebo and efficacy that we observed in this trial is consistent with other high efficacy disease modifying therapies in MS.

no new T1 or T2 lesions at key time points versus placebo and efficacy that we observed in this trial is consistent with other high efficacy disease modifying therapies in MS.

Speaker 4: At [inaudible] we added this with the CSF data on brain penetration, which is a holy grail in MS treatment. And the graph in the middle demonstrates that FENEBRUTINIB was able to efficiently penetrate the blood brain barrier and this is where we do believe we will be able to deliver a potentially really differentiated efficacy outcome.

At [inaudible] we added to this with the CSF data on brain penetration, sort of the holy grail in MS treatment. And the graph in the middle demonstrates that FENEBRUTINIB was able to efficiently penetrate the blood brain barrier. And this is where we do believe we will be able to deliver a potentially really differentiated efficacy outcome. The updated [inaudible] data was very well received and it has actually been selected as a clinical highlight by Exxon 2023. No new safety data was identified in the study nor has any new signal been identified in

At [inaudible] we added to this with the CSF data on brain penetration, sort of the holy grail in MS treatment. And the graph in the middle demonstrates that FENEBRUTINIB was able to efficiently penetrate the blood brain barrier. And this is where we do believe we will be able to deliver a potentially really differentiated efficacy outcome.

In the graph in the middle demonstrates the Fenner Britney was able to efficiently penetrate the blood brain barrier. And this is this is where we do believe we will be able to deliver a potentially really differentiated efficacy outcomes. The updated spin off the data was very well received and it has actually been selected as a clinical highlight by Exxon 2023, No new safety data was identified in the study and across all nor has it and any new signal been identified.

And this is this is where we do believe we will be able to deliver a potentially really differentiated efficacy outcomes. The updated spin off the data was very well received and it has actually been selected as a clinical highlight by Exxon 2023, No new safety data was identified in the study and across all nor has it and any new signal been identified.

Speaker 4: The updated [inaudible] data was very well received and it has actually been selected as a clinical highlight by [inaudible] 2023. No new safety data was identified in the study nor has any new signals been identified across any of our ongoing clinical trials. We have no confirmed cases of [inaudible] across any of our trials and we currently have a large safety database with more than 2,500 people dosed across multiple indications.

The updated [inaudible] data was very well received and it has actually been selected as a clinical highlight by Exxon 2023. No new safety data was identified in the study nor has any new signal been identified in any of our ongoing clinical trials. We have no confirmed cases of [inaudible] across any of our trials and we currently have a large safety database with more than 2,500 people dosed across multiple indications.

any of our ongoing clinical trials. We have no confirmed cases of [inaudible] across any of our trials and we currently have a large safety database with more than 2,500 people dosed across multiple indications. Our phase III studies in RMS and PPMS are ongoing and do include a head to head in OCREVUS and PPMS. This is the only trial that is actually directly

any of our ongoing clinical trials. We have no confirmed cases of [inaudible] across any of our trials and we currently have a large safety database with more than 2,500 people dosed across multiple indications.

Speaker 4: Our phase three studies in RMS and PPMF are ongoing and do include a head-to-head in OCREVUS and PPMS. This is the only trial that is actually directly comparing with the current standard of care, which is OCREVUS, and those trials are expected to read out around 2025. So again, another important new molecule to watch.

Our phase III studies in RMS and PPMS are ongoing and do include a head to head in OCREVUS and PPMS. This is the only trial that is actually directly comparing with the current standard of care, which is OCREVUS and those trials are expected to read out around 2025. So again, another important new molecule to watch.

comparing with the current standard of care, which is OCREVUS and those trials are expected to read out around 2025. So again, another important new molecule to watch.

Speaker 4: And before we leave neuroscience, we will touch quickly on EVRYSDI. EVRYSDI is on track to become the number one SMA therapy globally in the coming quarters. We are now at more than 11,000 patients treated globally. As a reminder, we were at just 7,000 patients at the end of last year, so a really great ramp rate. EVRYSDI is well tolerated with a retention rate in the first twelve months of more than 90% globally and we have already reached market leadership in the US with 25% share and Japan we are at a whopping 58% share for EVRYSDI. US growth is driven both by switching naive patients with increased penetration in that treatment naive patient setting. And again, as you've heard me say repeatedly, it's really important to penetrate that naive setting. Those are mostly adult patients. Those are patients that have not really ever treated their SMA and is the largest group of patients that are out there and we continue to see good inroads into actually helping those patients actually begin to treat their disease. We have positive phase II rainbow fish results which confirm that strong efficacy and safety in patients that are less than two months old. Those results were presented at WMS this year and we achieved that EU label expansion just back in August. 

And before we leave neuroscience, we will touch quickly on EVRYSDI. EVRYSDI is on track to become the number one SMA therapy globally in the coming quarters. We are now at more than 11,000 patients treated globally. As a reminder, we were just at 7,000 patients at the end of last year, so a really great ramp rate. EVRYSDI is well tolerated with a retention rate in the first 12 months of more than 90% globally and we have already reached market leadership in the US with 25% share. In Japan, we are at a whopping 58% share for EVRYSDI. 

We are now at more than 11000 patients treated globally. As a reminder, we were just 7000 patients at the end of last year. So a really great ramp rate every city is well tolerated with a retention rate in the first 12 months of more than 90% globally and we have already reached market leadership in the U S with 25% share in Japan, we are at a whopping 58%.

US growth is driven both by switching in naive patients with increased penetration in that treatment naive patient setting. And again, as you've heard me say repeatedly, it's really important to penetrate that naive setting, those are mostly adult patients, those are patients that have not really ever treated their SMA. It is the largest group of patients that are out there and we continue to see good inroads into actually helping those patients actually begin to treat their disease.

out there and we continue to see good inroads into actually helping those patients actually begin to treat their disease.

Speaker 4: We have positive phase II rainbow fish results which confirm that strong efficacy and safety in patients that are less than two months old. Those results were presented at WMS this year and we achieved that EU label expansion just back in August. 

We have positive phase III Rainbow fish results, which confirm that strong efficacy and safety in patients that are less than two months. Those results were presented at WNS this year and we achieved that EU label expansion just back in August. So what are we expecting throughout the rest of 2023, we would expect to see continued growth and market share gains again driven by both switch and naive patients. It's again hard to underscore what a transformational drug EVRYSDI is for SMA patients and it's definitely another one to keep your eyes on.

Speaker 4: So what are we expecting throughout the rest of 2023? We would expect to see continued growth in market share gains, again driven by both switch and naive patients. It's again hard to underscore what a transformational drug EVRYSDI really is for SMA patients, and it's definitely another one to keep your eyes on. So no pun intended, something else to keep your eyes on, ophthalmology and of course VABYSMO with strong growth. We've already hit blockbuster sales year-to-date on sales. We are well on our way to more than 

So what are we expecting throughout the rest of 2023? We would expect to see continued growth in market share gains, again driven by both switch and naive patients. It's again hard to underscore what a transformational drug EVRYSDI really is for SMA patients, and it's definitely another one to keep your eyes on.

This year and we achieved that EU label expansion just back in August . So what are we expecting throughout Q3 I'm sorry throughout the rest of 2023, we would just continue we would expect to see continued growth and market share gains again, driven by both switch and naive patients.

So no pun intended, something else to keep your eyes on, ophthalmology and of course VABYSMO with strong growth. We've already hit blockbuster sales year-to-date on sales. We are well on our way to more than two billion dollars in sales for the full 2023. That growth is driven by the unique clinical profile of VABYSMO so those 3Ds, the dual pathway, the drywing, the durability. We're just coming off of the retina, we heard in the hallways that the clinical experience that you see from physicians treating patients matches the real world data experience that we see in things like truckkey, which match our clinical trial experience. So again, we continue to be really, really confident in VABYSMO as a potential new standard of care.

It's again hard to underscore what a transformational drug EVRYSDI is for SMA patients and it's definitely another one to keep your eyes on.

It's definitely another one to keep your eyes on.

So no pun intended, something else to keep your eyes on, ophthalmology and of course, [inaudible] with strong growth. We've already hit blockbuster status year-to-date on sales. We are well on our way to more than $2 billion in sales for the full 2023. That growth is driven by the unique clinical profile of [inaudible] so those three Ds, the dual pathway, the drawing, the durability. 

Speaker 4: two billion dollars in sales for the full 2023. That growth is driven by the unique clinical profile of VABYSMO so those 3Ds, the dual pathway, the drywing, the durability. We're just coming off of the retina, we heard in the hallways that the clinical experience that you see from physicians treating patients matches the real world data experience that we see in things like truckkey, which match our clinical trial experience. So again, we

We're just coming off of the retina and I think we heard in the hallways that the clinical experience that you see from physicians treating patients matches the real world data experience that we see in things like Truckee, which match our clinical trial experience. So again, we  continue to be really, really confident in VABYSMO as a potential new standard of care.

Speaker 4: continue to be really, really confident in VABYSMO as a potential new standard of care.

continue to be really, really confident in [inaudible] as a potential new standard of care.

Speaker 4: US market shares and AMDME have further expanded to 19% and 12% respectively, based on August claims data. That's up from 15% and 9% back in May. In the US, treatment of naive patients has accelerated and now accounts for 37% of all new treatment starts. In ex-US that is actually 40% of our patients  are now naive and that's up from the teens in the US back in Q1. Outside of the US, launches are also exhibiting very strong uptake. Many of our launch countries have already achieved double digit market share just after a few quarters of launch including Japan, Germany, UK, Switzerland, Australia. And impressively, the UK and Switzerland have reached more than 20% market share in just one year after launch. In the second half the global rollout will continue with several key EU markets getting reimbursement. By the end of 2023 we expect to have reimbursement in all of the EU 5, which will drive further growth. And looking forward, the US and EU filing for the potential third indication of VABYSMO has been completed and an FDA decision for RVO is anticipated by the end of this year.

US market shares in A&D and D&E have further expanded to 19% and 12% respectively. Based on August claims data, that's up from 15% and 9% back in May. In the US, use in treatment naive patients has accelerated. It now accounts for 37% of all new treatment starts and the ex-US, that is actually 40% of our patients are now naive and that's up from the teens in the US back in Q1.

now naive and that's up from the teens in the US back in Q1. Outside of the US, launches are also exhibiting very strong uptake. Many of our early launch countries have already achieved double digit market share just after a few quarters of launch, including Japan, Germany, UK, Switzerland, Australia.

now naive and that's up from the teens in the US back in Q1.

Outside of the US, launches are also exhibiting very strong uptake. Many of our early launch countries have already achieved double digit market share just after a few quarters of launch, including Japan, Germany, UK, Switzerland, Australia. Impressively, the UK and Switzerland have reached more than 20% market share in just one year after launch.

Impressively, the UK and Switzerland have reached more than 20% market share in just one year after launch.

Speaker 4: In the second half the global rollout will continue, with several key E? U markets getting reimbursement. By the end of 2023 we expect to have reimbursement in all of the? U 5, which will drive further growth and looking forward. The? U us a? U filing for the potential third indication of biso has been completed in an F? D. a decision for R vo? O is anticipated by the end of this year.

In the second half the global roll out will continue with several key EU markets getting reimbursement. By the end of 2023, we expect to have reimbursement in all of the EU five, which will drive further growth and looking forward to the US-EU filing for the potential third indication of VABYSMO has been completed and an FDA decision for RVO is anticipated by the end of this year. 

Before we leave ophthalmology, I think it's also good to mention where we stand with our latest developments for SUSVIMO. SUSVIMO as a reminder is that device that it's implanted in the eye. The root cause for voluntary recall last year has been identified and a technical solution is now in place. SUSVIMO trials should restart by the end of the year. We anticipate a US commercial relaunch in 2024. And ex-US we would expect to be able to bring SUSVIMO to patients in 2025 and beyond.

Speaker 4: Before we leave ophthalmology, I think it's also good to mention where we stand with our latest developments for [inaudible]. [inaudible] as a reminder is that device that is implanted in the eye. The root cause for a voluntary recall last year has been identified and a technical solution is now in place. [inaudible] trials should restart by the end of the year. We anticipate a US commercial relaunch in 2024 and ex-US we would expect to be able to bring [inaudible] to patients in 2025 and beyond.

Speaker 4: sossimmo trials should restart by the end of the year. We anticipate a? U's commercial relaunch in 2024 and X? U's. We would expect to be able to bring sofemo to patients in 2025 and beyond.

SUSVIMO trials should restart by the end of the year. We anticipate a US commercial relaunch in 2024. And ex-US we would expect to be able to bring SUSVIMO to patients in 2025 and beyond.

to bring SUSVIMO to patients in 2025 and beyond.

Speaker 4: And then last but not least, I wanted to highlight our partnership with Alnylam with ZILEBESIRAN, a potential best-in-class treatment for hypertension. Compared to existing hypertension treatments ZILEBESIRAN represents a novel drug modality which also has a slightly different and potentially improved MOA. it has already achieved positive phase one results. Thomas mentioned earlier that in September we saw the phase two cardio one study of monotherapies, ZILEBESIRAN met its primary and key secondary endpoints and those results will be presented at AHA in November.

And then last but not least, I wanted to highlight our partnership with Alnylam with ZILEBESIRAN, a potential best-in-class treatment for hypertension. Compared to existing hypertension treatments, ZILEBESIRAN represents a novel drug modality, which also has a slightly different and potentially improved MOA. It has already achieved positive phase one results. Thomas mentioned earlier that in September we saw that phase II cardio one study of monotherapy ZILEBESIRAN met its primary and key secondary endpoints and those results will be presented at AHA in November .

phase II cardio one study of monotherapy ZILEBESIRAN met its primary and key secondary endpoints and those results will be presented at AHA in November. ZILEBESIRAN has the potential of improved adherence and compliance to treat with a possible biannual subcutaneous [inaudible] regiment, which when you think about the $1.2 billion people in the world, 80% of whom can't control their hypertension, and we know that leads towards cardiovascular outcomes, the potential addition of ZILEBESIRAN twice a year could really be meaningful for those patients.

phase II cardio one study of monotherapy ZILEBESIRAN met its primary and key secondary endpoints and those results will be presented at AHA in November .

Those results will be presented at H a November there'll.

Speaker 4: ZILEBESIRAN has the potential of improved adherence and compliance to treat with a possible bi-annual subcutaneous dosing regiment which, when you think about the 1.2 billion people in the world, 80% of whom can't control their hypertension and we know that leans towards cardiovascular outcomes, the potential edition of ZILEBESIRAN twice a year could really be incredibly meaningful for those patients.

<unk> has the potential of improved adherence and compliance to treat with a possible biannual subcutaneous definitely regiment, which when you think about the $1 2 billion people in the world are 80% of whom can't control their hypertension, and we know that leads towards cardiovascular outcomes. The potential addition of there'll be surround twice a year could could really be.

ZILEBESIRAN has the potential of improved adherence and compliance to treat with a possible biannual subcutaneous [inaudible] regiment, which when you think about the $1.2 billion people in the world, 80% of whom can't control their hypertension, and we know that leads towards cardiovascular outcomes, the potential addition of ZILEBESIRAN twice a year could really be meaningful for those patients.

meaningful for those patients.

Speaker 4: Working closely with ALNYLAM, we continue to assess the potential expansions of ZILEBESIRAN exploring other cardiovascular diseases, including things like heart failure or other potential opportunities to maximize this therapy's potential.

Working closely with an Alnylam, we continue to assess the potential expansions of ZILEBESIRAN exploring other cardiovascular diseases, including things like heart failure or other potential opportunities to maximize this therapy's potential. The clinical development program as you know is ongoing. Cardio one has read out positively. Cardio two data, which is in addition, an add onto one standard  of care data will come in at the beginning of next year. Cardio III which is a third phase II trial, which is an add on to two standards of care that will initiate in 2024. And Alnylam has recently announced that we plan a cardiovascular outcomes trial with patients who have uncontrolled hypertension at high risk for a negative CV outcome. These will have a mace type endpoint and that trial design will be based on the Cardio III readout. So more to come here.

Speaker 4: The clinical development program, as you know, is ongoing. Cardio one has read out positively. Cardio two data, which is, in addition, an add on to one standard of care data, will come in the beginning of next year. Cardio 3, which is a third phase two trial, which is an add on to two standards of care that will initiate in 2024, and Alnylam has recently announced that we plan a cardiovascular outcomes trial with patients who have uncontrolled hypertension at high risk for a negative CV outcome. These will have a mace type end point and that trial design will be based on the cardio three readout, so more to come here.

of care data will come in at the beginning of next year. Cardio III which is a third phase II trial, which is an add on to two standards of care that will initiate in 2024. And Alnylam has recently announced that we plan a cardiovascular outcomes trial with patients

Speaker 4: Have uncontrolled hypertension at high risk for CV negative CD outcome. These will have a mase type end point in that trial will trial design will be based on the cardio free readout. So more to come here.

who have uncontrolled hypertension at high risk for a negative CV outcome. These will have a mace type endpoint and that trial design will be based on the Cardio III readout. So more to come here.

We have uncontrolled hypertension at high risk for a C V. A negative CD outcome. These will have a mace type endpoint in that trial a trial design will be based on the party of three readout so more to come here.

Speaker 4: And finally, before I hand over to Matt, I want to a quick look at the changes in our key news flow side since half year: so from a regulatory perspective we mentioned the RVO filing is complete for the EU for VABYSMO and the PDUFA is set for the end of the year with the FDA. For our phase three readouts, we talked about the positive readout with Alina and Thomas mentioned the positive PHESGO, our body injector pivotal one phase one readout a little bit earlier, those data are going to be shared the beginning of next year. And then we did hear from Abbvie a couple of weeks ago that the Conova trial in a relatively small subset of patients with multiple myoma did not meet its primary endpoint.

And finally, before I hand it over to Matt, I want to take a quick look at the changes in our key news flow side since half year. So from a regulatory perspective, we mentioned the RVO filing is complete for the EU, for VABYSMO and the [inaudible] is set for the end of the year with the FDA. For our phase III readouts, we talked about the positive readout with Alina. Thomas mentioned the positive PHESGO body injector, a phase one readout a little bit earlier, those data are going to be shared at the beginning of next year. And then we did hear from Abbvie a couple of weeks ago that the Canova trial in a relatively small subset of patients with multiple myeloma did not meet its primary endpoint.

Is complete for the EU forever buys though in the Paducah is set for the end of the year with the FDA for our phase III Readouts, we talked about the positive readout in with Alina Thomas mentioned the positive Feds go on body injector, a pivotal one a phase one readout.

Speaker 4: a little bit earlier, those data are going to be shared the beginning of next year. And then we did hear from Abbvie a couple of weeks ago that the Conova trial in a relatively small subset of patients with multiple myoma did not meet its primary endpoint.

A little bit earlier, those data are going to be shared at the beginning of next year and then we did hear from Abbvie a couple of weeks ago that the canova trial in a relatively small subset of patients with multiple myeloma did not meet its primary endpoint.

Speaker 4: We have the ZILEBESIRAN on phase one cardio one data that also released positive results and that was in addition to the initial news flow slide.

We have the ZILEBESIRAN phase one cardio one data that also released positive results and that was in addition to the initial news flow side. And then through the end of the year, I think Thomas mentioned all of these: head and neck, [inaudible], TELECENTRIC [inaudible] DMD long awaited and then of course, we had one trial actually pull forward into Q4 2023 and this is our PA3 kinase in combination with [inaudible], 120 data which is expected in Q4 of this year and could potentially be the first positive read out for [inaudible] which is also in a broader development program. 

Speaker 4: And then through the end of the year, I think Thomas mentioned all of these- head and neck, [inaudible] in MDS, [inaudible] and DMD long awaited. And then, of course, we had one trial actually pulled forward into Q4 2023 and this is our PA3 kinase in combination with [inaudible] the Inova 120 data which is expected in Q4 of this year and could potentially be the first positive readout for our P3 kinase [inaudible] which is also in a broader development program.

Into Q4 2023, and this is our three kinase in combination with Pablo and full that strength. The Inova I went 20 data. Which is expected in Q4 of this year and could potentially be the first positive read out for a P. Three kinase mm and analysis, which is also in a broader development program.

Which is expected in Q4 of this year and could potentially be the first positive read out for a P. Three kinase mm and analysis, which is also in a broader development program.

Speaker 4: So sorry Matt, I went a little bit over, but with that, I will hand it over to you. 

So sorry Matt, I went a little bit over, but with that, I will hand it over to you. Thanks very much Teresa.

So sorry Matt, I went a little bit over, but with that, I will hand it over to you.

Matt Sause: Thanks very much Teresa.

Matthew Sause: Thanks very much Teresa. So good morning, good afternoon everyone. It's my pleasure to present the third quarter 2023 diagnostic division sales results.

So good morning, good afternoon everyone. It's my pleasure to present the third quarter of 2023 diagnostic division sales results.

Speaker 5: So with sales of 10.4 billion Swiss francs, the diagnostics division declined by 18% or minus 2.5 billion Swiss Francs at constant exchange rate compared to the first nine months of 2022. And this decline is entirely driven by the decrease of COVID-19 testing sales by minus 3.2 billion Swiss francs at constant exchange rate and is offset by strong base business growth of plus 7%.

So with sales of 10.4 billion Swiss francs, the diagnostics division declined by 18% or minus 2.5 billion Swiss francs at constant exchange rate compared to the first nine months of 2022. And this decline is entirely driven by the decrease of COVID-19 testing sales by minus 3.2 billion Swiss francs at constant exchange rate and is offset by strong base business growth of plus 7%.

Speaker 5: And this decline is entirely driven by the decrease of COVID-19 testing sales by minus three point two billion. Was francs had constant exchange rate and is offset by strong base business growth of plus 7%.

And this decline is entirely driven by the decrease of COVID-19 testing sales by minus 3.2 billion Swiss francs at constant exchange rate and is offset by strong base business growth of plus 7%.

So on this slide, you see the performance of the diagnostics business over the last seven quarters and I'd like to start by focusing on the orange line. This represents our base business performance. In Q3 of 2023, our base business continued to grow at plus 7% with strong sales momentum across all regions and across all product categories.

Speaker 5: So on this slide, you see the performance of the diagnostics business over the last seven quarters, and I'd like to start by focusing on the orange line. This represents our base business performance. In Q3 of 2023, our base business continued to grow at plus 7% with strong sales momentum across all regions and across all product categories.

So on this slide you see the performance of the diagnostics business over the last seven quarters and I'd like to start by focusing on the Orange line. This represents our base business performance in Q3 of 2023, our base business continued to grow at plus 7% with strong sales momentum across all regions and across all product categories.

Speaker 5: Now I'd like to turn your attention to the total diagnostic division sales, which includes COVID-19. The impact of COVID-19 is less in the third quarter, with total sales in Q3 2023 declining by 5%. This trend confirms what you heard from Thomas that the COVID-19 business is washing out of our overall diagnostic sales.  For the remainder of 2023, we're expecting mid to high single-digit growth of our base business, while overall COVID-19 sales will continue to decrease.

Now I'd like to turn your attention to the total diagnostics division sales, which includes COVID-19. The impact of COVID-19 is less in the third quarter with total sales in Q3 2023 declining by 5%. This trend confirms what you heard from Thomas that the COVID-19 business is washing out of our overall diagnostic sales.

Speaker 5: For the remainder of 2023, we're expecting mid to high single-digit growth of our base business, while overall COVID-19 sales will continue to decrease.

For the remainder of 2023, we're expecting mid to high single digit growth of our base business while overall COVID-19 sales will continue to decrease. 

Yeah.

Speaker 5: Now let's go through this by the product categories. So first, sales in core lab increased by 9% with very strong momentum driven by immunodiagnostics and our clinical chemistry business. 

Now, let's go through this by the product categories. So first, sales in core lab increased by 9% with very strong momentum driven by immuno diagnostics and our clinical chemistry business. Base sales, excluding COVID-19 increased by plus 12%.

Speaker 5: Base sales, excluding COVID-19, increased by plus 12%. Our molecular lab, our PCR business had a decline of minus 35% and this is due to lower COVID-19 PCR lab based testing sales. However, excluding the COVID-19 related business, our molecular lab is growing by plus 7% and this is due to strong growth in cervical cancer testing, blood screening, and our verology based business. 

increased by plus 12%.

Speaker 5: Our molecular lab. Our P CR business had a kindine of minus 35% and this is due to lower COVID-19 P CR lab based testing sales. However, excluding the COVID-19 related business, our molecular lab is growwn by plus 7% and this is due to strong growth in cervical cancer testing, blood screening and our verology base.

Our molecular lab, our PCR business had a decline of minus 35% and this is due to lower COVID-19, PCR lab based testing sales. However, excluding the COVID-19 related business, our molecular lab is growing by plus 7% and this is due to strong growth in cervical cancer testing, blood screening and our virology base business.

screening and our virology base business.

Speaker 5: Pathology lab, which is really focused on helping people and diagnosing cancer, had strong growth at plus 15%. This is mainly driven by advanced staining, immuno [inaudible] chemistry reagent growth in our companion diagnostics. 

Pathology lab, which is really focused on helping people and diagnosing cancer had strong growth at plus 15%. This is mainly driven by advanced staining, immunohistochemistry reagent growth, and our companion diagnostics.

<unk> had strong growth at plus 15%. This is mainly driven by advanced staining immunohistochemistry reagent growth in our companion diagnostics.

Speaker 5: Our diabetes care business had a decline of minus 6%. Now this sales decline is driven by the shift from traditional blood glucose monitoring to continuous glucose monitoring.

Our diabetes care business had a decline of minus 6%. Now this sales decline is driven by the shift from traditional blood glucose monitoring to continuous glucose monitoring.

Speaker 5: Finally, in our point of care business, we had a decline of minus 70% and again driven entirely by COVID-19 rapid antigen and molecular point of care sales. The base business grew by plus 5% and this was due to a strong respiratory season in the Northern Hemisphere in Q1 and good Q3 performance.

Finally, in our point of care business, we had a decline at minus 70% and again driven entirely by COVID-19, rapid antigen and molecular point of care sales.

The base business grew by plus 5% and this was due to a strong respiratory season in the northern hemisphere in Q1 and good Q3 performance. So let's look at this across the different geographies.

And good Q3 performance.

So let's look at this across the different geographies.

Speaker 5: So let's look at this across the different geographies. Overall, when you're excluding COVID-19, we saw strong base business growth across all of our regions. So, starting in North America, the base business growth, excluding COVID-19 grew at plus 6%. In EMEA, excluding COVID-19 plus 5%, in APAC excluding COVID-19 plus 11%, and in Latin America, excluding COVID-19 an astounding plus 21%. So really all of the regions have seen a strong growth of their base business and good competitive market share capture and overall performance.

Overall, when you're excluding COVID-19, we saw strong base business growth across all of our regions. So starting at North America, the base business growth, excluding COVID-19 grew at plus 6%. In EMEA, excluding COVID-19, plus 5%, in APAC, excluding COVID, plus 11%. And then Latin America, excluding COVID-19, an astounding plus 21% so really all of the regions have seen a strong growth of their base business and good competitive market share capture and overall performance.

When youre, excluding COVID-19, we saw strong base business growth across all of our regions. So starting in North America. The base business growth, excluding COVID-19 grew at plus 6%.

Speaker 5: In EMEA, excluding COVID-19 plus 5%. In APAC fluting COVID-19 plus 11%. And in Latin America, excluding COVID-19 and astounding plus 21%. So really all of the regions have seen a strong growth of their base business and good competitive market share capture and overall performce.

In EMEA. Excluding COVID-19, plus 5%. In APAC, excluding Covid plus 11%. And then Latin America, excluding COVID-19, an astounding plus 21% so really all of the regions have seen a strong growth of their base business and good competitive market share capture and overall performance.

Excluding COVID-19, plus 5%. In APAC, excluding Covid plus 11%. And then Latin America, excluding COVID-19, an astounding plus 21% so really all of the regions have seen a strong growth of their base business and good competitive market share capture and overall performance.

Speaker 5: In APAC fluting COVID-19 plus 11%. And in Latin America, excluding COVID-19 and astounding plus 21%. So really all of the regions have seen a strong growth of their base business and good competitive market share capture and overall performce.

In APAC, excluding Covid plus 11%. And then Latin America, excluding COVID-19, an astounding plus 21% so really all of the regions have seen a strong growth of their base business and good competitive market share capture and overall performance.

Speaker 5: And in Latin America, excluding COVID-19 and astounding plus 21%. So really all of the regions have seen a strong growth of their base business and good competitive market share capture and overall performce.

And then Latin America, excluding COVID-19, an astounding plus 21% so really all of the regions have seen a strong growth of their base business and good competitive market share capture and overall performance.

Speaker 5: So now I'd like to talk a little bit more about some of the innovation that you heard a bit about from Thomas in his opening, specifically some of our innovative products for the clinical laboratory.

So now I'd like to talk a little bit more about some of the innovation that you heard a bit about from Thomas in his opening, specifically some of our innovative products for the clinical laboratory.

You heard a bit about from Thomas in his opening speech. Specifically some of our innovative products for the clinical laboratory. <unk>.

Speaker 5: Specifically some of our innovative products for the clinical laboratory So.

Specifically some of our innovative products for the clinical laboratory. <unk>.

<unk>.

Speaker 5: Now I'll maybe talk a little bit about the cobost connection module CCM vertical. Post COVID-19, many laboratories are dealing with challenges related to availability of skilled workers and high pressure for cost savings.

So now I'll maybe talk a little bit about the cobalt connection module CCM vertical. Post COVID-19, many laboratories are dealing with challenges related to availability of skilled workers and high pressure for cost savings. Creating efficiency in the laboratory and workflow automation is a critical success factor for our business in the central lab, winning more customers, consolidating and growing market share. The CCM vertical provides automation for our core and molecular lab product lines. You can process up to 2,500 samples per hour.

Speaker 5: Creating efficiency in the laboratory and workflow automation is a critical success factor for our business in the central lab, winning more customers, consolidating and growing market share. The CCM vertical provides automation for our core and molecular lab product lines and can process up to 2,500 samples per hour. Now this is an extension of our existing cobost connection module sample conveyor system, 

Creating efficiency in the laboratory and workflow automation is a critical success factor for our business in the central lab, winning more customers, consolidating and growing market share. The CCM vertical provides automation for our core and molecular lab product lines and can process up to 2,500 samples per hour.

Creating efficiency in the laboratory and workflow automation is a critical success factor for our business in the central lab, winning more customers consolidating and growing market share. CCM vertical provides automation for our core and molecular lab product lines, you can process up to 2500 samples per hour.

CCM vertical provides automation for our core and molecular lab product lines, you can process up to 2500 samples per hour.

Now this is an extension of our existing cobost connection module sample conveyor system, but with the newly developed elevator and overhead modules. Now this enables vertical sample transportation in the lab and also between floors and between different rooms.

Now this is an extension of our existing cobalt connection module sample conveyor system, but with the newly developed elevator and overhead module, this enables vertical sample transportation in the lab and also between floors and between different rooms. This high throughput solution enables a reduction of laboratory errors due to manual transportation as well as space optimization in the laboratory and allows us to compete in tenders where funds for building works et cetera, aren't available it makes us competitive anywhere automation is a requirement.

Speaker 5: but with the newly developed elevator and overhead modules. Now this enables vertical sample transportation in the lab and also between floors and between different rooms.

Speaker 5: This high throughput solution enables the reduction of laboratory errors due to manual transportation as well as space optimization in the laboratory, and allows us to compete in tenders where funds for building works etc. aren't available and it makes us competitive anywhere automation is required.

optimization in the laboratory and allows us to compete in tenders where funds for building works et cetera, aren't available it makes us competitive anywhere automation is a requirement.

So continuing on that theme of innovating on the automation side, I'd like to talk about the upcoming launch of our C703 and cobalt ISC new analytical units. Now we unveiled these units in May 2023 at Euro Med Lab for the first time. These new additions to the serum work area family provides the highest throughput and automation in the industry for ISC and clinical chemistry, again, creating further differentiation for our core automation laboratory portfolio. The smart hardware design reduces maintenance to once per month and features simplified serviceability with 56% less calibration events than our current analyzers. This allows laboratories to address labor shortages, increase efficiency, and improve output. The new systems will launch in the second quarter of 2024.

Speaker 5: So continuing on that theme of innovating on the automation side, I'd like to talk about the upcoming launch of our C703 and [inaudible] analytical units. Now, we unveiled these units in May 2023 at Euro med lab for the first time.

So continuing on that theme of innovating on the automation side I'd like to talk about the launch and the upcoming launch pardon me of our <unk> III and cobalt ISC new analytical units now we unveiled these units in May 2023 at Euro Med lab for the first time these.

Speaker 5: These new additions to the [inaudible] carrier family provide the highest throughput and  automation in the industry for IOC and clinical chemistry, again creating further differentiation for a core automation laboratory portfolio. The smart hardware design reduces maintenance to once per month and features simplified service ability with 56% less calibration events than our current analyzers. This allows laboratory to address labor shortages, increase efficiency and improve output. The new systems will launch in the second quarter of 2024.

These new additions to the serum work area family provides the highest throughput and automation in the industry for ISC and clinical chemistry, again, creating further differentiation for our core automation laboratory portfolio. The smart hardware design reduces maintenance to once per month and features simplified serviceability with 56% less

calibration events than our current analyzers. This allows laboratories to address labor shortages, increase efficiency, and improve output. The new systems will launch in the second quarter of 2024.

Speaker 5: This allows laboratory to address labor shortages, increase efficiency and improve output. The new systems will launch in the second quarter of 2024.

Speaker 5: So all that automation makes us very competitive in terms of delivering the best analytical solutions for our customers, and what's also important is that we continue to innovate in menu and give more medical content that enables to deliver answers to patients.

So all of that automation makes us very competitive in terms of delivering the best analytical solutions for our customers. And what's also important is that we continue to innovate and menu and give more medical content that enables us to deliver answers to patients.

Speaker 5: Our serum work area consists of over 240 assays, which makes it the broadest core laboratory clinical chemistry slash immuno assay menu in the industry. Every year, we are expanding our already industry leading menu with new launches and indications. Over the last three years, we've achieved 16 regulatory approvals per year on average. This is a mix of C Mark and FDA. And I'd like to call out the additions to the menu in hepatitis, which increases our competitiveness in the always growing infectious disease market and also some of our recent high medical value launches, such as Gad, a new multivariant test index assay for the prediction of liver cancer caused by hepatitis C infection and the NT pro B&T claim extension in heart failure, where our strong HF heart failure protocol was recently added to the European Society for cardiology guidelines.

Our serum work area consists of over 240 assays, which makes it the broadest core laboratory clinical chemistry, slash immuno assay menu in the industry.

Speaker 5: Every year, we are expanding our already industry leading menu with new launches and indications. Over the last three years, we've achieved 16 regulatory approvals per year. On average, this is a mix of C Mark and F D, a- and I'd like to call out the additions to the menu- and appatitis, which increases our competitiveness in the always growing infectious disease market.

Every year, we are expanding our already industry, leading menu with new launches and indications. Over the last three years, we've achieved 16 regulatory approvals per year on average. This is a mix of CE, Merck and FDA.

And I'd like to call out the additions to the menu in hepatitis, which increases our competitiveness in the always growing infectious disease market and also some of our recent high medical value launches such as Gad, a new multi area test index assay for the prediction of liver cancer caused by hepatitis C infection, and the NT Pro BNP claim extension in heart failure, where our strong HF heart failure protocol was recently added to the European Society for Cardiology guidelines.

Speaker 5: and also some of our recent high medical value launches, such as Gad, a new multivariant test index assay for the prediction of liver cancer caused by hepatitis C infection

And also some of our recent high medical value launches such as Gad, a new multi area test index assay for the prediction of liver cancer caused by hepatitis C infection.

Speaker 5: and the NT pro B&T claim extension in heart failure, where our strong HF heart failure protocol was recently added to the European Society for cardiology guidelines.

And the NT Pro BNP claim extension in heart failure, where our strong HFF heart failure protocol was recently added to the European Society for Cardiology guidelines.

Additionally, I want to point out our latest FDA approval of the cerebral spinal fluid Alzheimer's biomarker test for total Tau protein. We plan to continue to expand our menu for Alzheimer's and neurological disease as a driver for our future growth in diagnostics. So this broad menu with differentiated high medical value combined with our best-in-class automation will continue to differentiate us in the largest diagnostic segment in the market.

Speaker 5: Additionally, I want to point out our latest FDA approval of the cerebral spinal fluid Alzheimer's biomarker test for total taw pro. We plan to continue to expand our many for Alzheimer's and neurological disease as a driver for our future growth in diagnostics.  So this broad menu with differentiated high medical value, combined with our best-in-class automation, will continue to differentiate us in the largest diagnostic segment in the market.

Speaker 5: We plan to continue to expand our many for Alzheimer's and neurological disease as a driver for our future.

We plan to continue to expand our menu for Alzheimer's and neurological disease. As a driver for our future growth in diagnostics.

As a driver for our future growth in diagnostics.

Speaker 5: So this broad menu with differentiated high medical value, combined with our best-in-class automation, will continue to differentiate us in the largest diagnostic segment in the market.

So this broad menu with differentiated high medical value combined with our best-in-class automation will continue to differentiate us in the largest diagnostic segment in the market.

Speaker 5: Again following on what you heard from Thomas, I'd like to speak a little bit about some of our high medical value solutions, specifically sepsis. So in the third quarter we obtained the IL-6 CE claim extension for neonatal sepsis in countries that accept the C Mark.

Again following on what you heard from Thomas, I'd like to speak a little bit about some of our high medical value solutions, specifically on sepsis. So in the third quarter, we obtained the IL6 CE claim extension for neonatal sepsis in countries that accept the CE mark.

I'd like to speak a little bit about some of our high medical value solutions, specifically on sepsis. So in the third quarter, we obtained the IL6 CE claim extension for neonatal sepsis in countries that accept the CE mark.

Sepsis, so in the third quarter, we obtained the IL six CE claim extension for neonatal effects neonatal sepsis and countries that accept the CE Mark.

Speaker 5: Each year, there are 300 million cases of sepsis in newborns, causing 400 to 7000 thousand neonatal deaths. This makes it one of the leading causes of mortality among neonatals. Sepsis progresses rapidly with mortality rates increasing 8% per hour that treatment is delayed. The current standard of care is blood culture, which has a long turnaround time, approximately 48 hours and requires one ml of blood, which is difficult to obtain from newborns, especially newborns with low birth weight. 

Each year, there are 3 million cases of sepsis in newborns, causing 400 to 700,000 neonatal deaths. This makes it one of the leading causes of mortality among neonates. Sepsis progresses rapidly with mortality rates increasing 8% per hour that treatment is delayed. The current standard of care is blood culture, which has a long turnaround time approximately 48 hours and requires one ml of blood, which is difficult to obtain from from newborns, especially newborns with low birth weight.

Speaker 5: sepsas progresses rapidly, with mortality rates increasing 8% per hour. That treatment is delayed. The current standard of care is blood culture.

Sepsis progress as rapidly with mortality rates, increasing 8% per hour that treatment is delayed the.

The current standard of care is blood culture, which has a long turnaround time approximately 48 hours.

Speaker 5: which has a long turnaround time, approximately 48 hours and requires one ml of blood, which is difficult to obtain from newborns, especially newborns with low birth weight. 

Speaker 5: And requires one M L blood, which is difficult to obtain from newborns, especially newborns with low birthrate, low birthweate, cuse.

And requires one ml of blood, which is difficult to obtain from from newborns, especially newborns with low birth rates low birth weight excuse me.

Speaker 5: The Alexis IL-6 demonstrates excellent performance for the detection of neonatal sepsis and our test is capable of providing results in just 18 minutes. Roche is the first company to offer aisle six on an automated platform with a dedicated claim in neonatal sepsis diagnosis. 

The Alexis IL6 demonstrates excellent performance for the detection of neonatal sepsis and our test is capable of providing results in just 18 minutes. Roche is the first company to offer IL6 on an automated platform with a dedicated claim for aid in neonatal sepsis diagnosis.

Speaker 5: Roche is the first company to offer aisle six on an automated platform with a dedicated claim. frreid in the onato sepsis diagnosed.

<unk> is the first company to offer IL six on an automated platform with a dedicated claim freight and neonatal sepsis diagnosis.

Speaker 5: So similar to Teresa, I'll take you through our diagnostics key launches in 2023. What we're really proud of is that of the launches you see here, we've achieved nine of those in 2023 already and the rest are all on track for delivery by the end of the year. So with that, thank you very much and I'll pass it to Alan. 

So similar to Teresa, I will take you through our diagnostics key launches in 2023. What we're really proud of is that of the launches you see here we've achieved nine of those in 2023 already and the rest are all on track for delivery by the end of the year. So with that, thank you very much and I'll pass it to Alan.

What we're really proud of is that of the launches you see you here we've achieved nine of those in 2023 already and the rest are all on track for delivery by the end of the year.

So with that thank you very much and I'll pass it to Allen.

Alan Hippe: Thanks a lot Matt. Quite a pleasure. Hello to everybody, I hope you're all safe and healthy. I am happy to lead you through a couple of additional information about the sales and certainly the exchange rates. I think let me remind all of us that we are going through a period of fast changing exchange rates. And I think really there is diligence needed, that we draw the right conclusions here. Good, so let's go into it.

Alan Hippe: Thanks a lot Matt. Quite a pleasure. Hello to everybody. I hope you're all safe and healthy. Happy to lead you through a couple of additional information about the sales and certainly the exchange rates. I think let me remind well all of us that we are going through a period of fast changing exchange rates and I think really the diligence needed here that we draw the right conclusion here. 

Quite a pleasure Hello to everybody I hope, you're all safe and healthy.

I am happy to lead you through a couple of additional information about the sales and suddenly the exchange rates I think let me remind all of US that we are going through a period of fast changing exchange rates.

And I think really add there is diligence needed yet that we draw the right conclusions here.

Speaker 6: Good, so let's go into it. I think really, when you look where we have landed, I think we are very pleased with the performance of the company- really outstanding. I will make a comment here. I would like to things the employees as well, because all of them have made great contributions that we have done well for patients. I think the group sales have increased by plus 1% in constant rate,  a strong base business growth, which we cannot emphasize enough and we will do it again and again, which is certainly overcompensating for the COVID-19 sales decline and certainly as well the impact of biosimilars for AH&R.

Good so let's go into it.

I think really, when you look where we have landed, I'm very pleased with the performance of the company. Really outstanding. I will make a comment here. I would like to thank the employees as well because all of them have made great contributions for patients. 

When you look where we have landed I think are very pleased with the performance of the company really outstanding I will make a comment here I would like to thank. <unk> employees as well because all of them have made great contributions that you have done well for patients.

<unk> employees as well because all of them have made great contributions that you have done well for patients.

That said, I think the group sales have increased by plus 1% in constant rates. Strong base business growth, which we cannot emphasize enough and we will do it again and again, which is certainly overcompensating for the COVID-19 sales decline and certainly as well the impact of biosimilars for AH&R.

Speaker 6: a strong base business growth, which we cannot emphasize enough and we will do it again and again, which is certainly overcompensating for the COVID-19 sales decline and certainly as well the impact of biosimilars for AH&R.

Speaker 6: When you look at volume, which I think is quite helpful, you have to have that information. In addition, I think in pharma we achieved a strong volume growth of 14%. In [inaudible] certainly, volumes declined by minus 18%, whereby the group volume has increased by 5%.

When you look at volume, which I think is quite helpful, you have to have that information addition. I'd say in pharma, we achieved a strong volume growth of 14%. In dire, certainly volumes declined by minus 18% whereby the group volume has increased by 5%. Good, I think really since half year 2023, the strengthening of the Swiss franc against other currencies has progressed and even accelerated. I will share the additional information that I understand, it's all for us a little bit of a challenge to do the right modeling with this fast changing currency rates. Therefore, I think really reporting on concentrates is certainly a helpful tool here.

Which I think is quite helpful to have that information addition, I'd say in pharma, we achieved a strong volume growth of 14% in dire certainly volumes declined by minus 18%. Whereby the group volume has increased by 5%. Good I think really asset since half year 2023. The strengthening of the Swiss franc against other currencies has progressed and even accelerated I will share the additional information that I understand it's all for us a little bit of a challenge.

Speaker 6: In D. certainly, volumes declined by minus 18%, whereby the group volume has increased by five.

Whereby the group volume has increased by 5%. Good I think really asset since half year 2023. The strengthening of the Swiss franc against other currencies has progressed and even accelerated I will share the additional information that I understand it's all for us a little bit of a challenge.

Speaker 6: Good. I think really since half year 2023, the strengthening of the Swiss franc against other currencies has progressed and even accelerated. I will share the additional information and I understand it's offered us a little bit of a challenge to do the right modeling with this fast changing currency rates. Therefore, I think really reporting at constant rates is certainly a helpful tool here.

Good I think really asset since half year 2023. The strengthening of the Swiss franc against other currencies has progressed and even accelerated I will share the additional information that I understand it's all for us a little bit of a challenge.

The strengthening of the Swiss franc against other currencies has progressed and even accelerated I will share the additional information that I understand it's all for us a little bit of a challenge.

To do the right modeling with this fast changing currency rates. Therefore, I think really reporting and concentrates is certainly a helpful tool here.

Speaker 6: Let me go to the guidance very quickly and I'll come back to that. As you've heard, I think really guidance remains as it is. We have provided some additional information about our expectation for the COVID-19 sales loss for 2023. We think it's roughly and minus 4.5 billion. Now I think originally we have given information of roughly minus five billion.

Let me go to the guidance very quickly and I'll come back to that. As you've heard, I think really guidance remains as it is. We have provided some additional information about our expectation for the COVID-19 sales loss for 2023. We think it's roughly minus 4.5 billion. I think originally we had given information of roughly minus 5 billion. When it comes to AG&R and the biosimilar impact, we think now it's going to be more of a minus and roughly minus 1.1 billion for the year instead of the earlier said 1.6 billion. So as Thomas said, I can emphasize while our expectation is that we definitely end up full year 2023 on the upper end of the guidance and let me emphasize as well here that we have a connection between sales development and core EPS development, so very clearly I think these things if you like move into the same direction.

As you've heard I think really guidance remains as it is. We have provided some additional information about our expectation for the COVID-19. <unk> loss for 2023, we think it's roughly minus $4 5 billion.

Speaker 6: We have provided some additional information about our expectation for the COVID-19 sales loss for 2023. We think it's roughly and minus four point five billion. Now, you know, I think originally.

We have provided some additional information about our expectation for the COVID-19. <unk> loss for 2023, we think it's roughly minus $4 5 billion.

<unk> loss for 2023, we think it's roughly minus $4 5 billion.

I think originally. We have given information of roughly minus $5 billion. When it comes to <unk> and the Biosimilar impact.

Speaker 6: we have given information of roughly minus five billion.

We have given information of roughly minus $5 billion. When it comes to <unk> and the Biosimilar impact.

Speaker 6: And when it comes to AH&R and the biosimilar impact, we think now it's going to be more minus and roughly minus 1.1 billion for the year instead of the already said 1.6 billion. So Thomas said I can emphasize while our expectation is that we definitely end up full year 2023 on the upper end of the guidance and let me emphasize as well here that we have a connection between self development and core EPS development. So very clearly I think these things, if you like, move into the same direction. 

When it comes to <unk> and the Biosimilar impact.

Now, it's going to be more of a minus and roughly minus $1 1 billion for the year instead of the or are there you said 1.6 billion. So as Tom said I can emphasize while our expectation is that we definitely end up full year 2023 on the upper end of the guidance and let me.

Speaker 6: So as homersetta can emphasize while our expectation is that we definitely end up fullyll year 2023 on the upper end of the guidance and let me emphasize as well here.

Speaker 6: That we have a connection between self development.

Size as well here.

We have a connection between sales development and core EPS development, yes, so very clearly I think these things if you like move into the same direction.

Speaker 6: And core EPS development. So very clearly I think these things.

Speaker 6: So let me now go through the regional sales development. As outlined, I think if you exclude the COVID-19 sales, I think we have grown with 9% in constant rates. I think last time we had such a dynamic and I really had to look it up, that was in 2019, so really quite a while ago. It's a fantastic dynamic that we are showing here for the underlying business. So let me go through the regional topics here. Pharma had a strong growth and Teresa has elaborated about it.

Let me now go through the regional sales development. As outlined, I think if you exclude the COVID sales, I think we have grown with 9% in constant rates. I think last time, we had such a dynamic and I really had to look it up. That was in 2019, so really a quite a while ago. It's a fantastic dynamic that we are showing here for the underlying business. So let me go through the regional topics here. Pharma had a strong growth and Teresa has elaborated about it.

Let me now go through the regional sales development. As outlined, I think if you exclude the COVID sales, I think we have grown with 9% in constant rates. I think last time, we had such a dynamic and I really had to look it up. That was in 2019, so really a quite a while ago. It's a fantastic dynamic that we are showing here for the underlying business.

As outlined I think if you exclude the cobot sales. So I think we have grown.

With 9% in constant rates I think last time, we had such a dynamic and I really have to look it up.

Speaker 6: I think last time we had such a dynamic and I really had to look it up. That was in 2019, So really quite a while ago. It's fantastic dynamic that we are showing here for the underlying business. So let me go through the regional topics here. Pharma had a strong growth and Theresa has elaborate about it.

Speaker 6: That was in 2019, So really quite a while ago. It's fantastic dynamic that we are showing here for the underlying business. So let me go through the regional topics here. Pharma had a strong growth and Theresa has elaborate about it.

That was in 2019, so really a quite a while ago. It's a fantastic dynamic that we are showing here for the underlying business. So let me go through the regional topics here pharma had a strong growth and Teresa has elaborate about it.

So let me go through the regional topics here. Pharma had a strong growth and Teresa has elaborated about it. Pharma growth was 9% so in constant rates 2.9 billion and all regions as you can see contributed quite nicely to this. I think at the forefront is the US with the plus 8% in constant rates 1.4 billion. Region international as you can see in the middle has also shown a strong sales performance was an increase of 12% equaling $800 million and then followed by Europe with 7% or 400 million and then [inaudible] was plus 10% and 300 million. So really I think hitting on all cylinders here. 

Speaker 6: Pharma growth was 9%, so in constant rates 2.9 billion, and all regions, as you can see, contributed quite nicely to this. I think at the forefront is the US with the plus 8% in constant rates 1.4 billion, region international, as you can see in the middle, has also shown a strong sales performance was an increase of 12% equaling 800 million, and then followed by Europe with 7% or 400 million, and then [inaudible] was plus 10% with 300 million. So really I think we're hitting on all cylinders here. 

Pharma growth was 9% so in constant rates 2.9 billion and all regions as you can see contributed quite nicely to this. I think at the forefront is the US with the plus 8% in constant rates 1.4 billion. Region international as you can see in the middle

In concentrates one 4 billion. Region International as you can see in the middle.

Region International as you can see in the middle.

has also shown a strong sales performance was an increase of 12% equaling $800 million and then followed by Europe with 7% or 400 million and then [inaudible] was plus 10% and 300 million. So really I think hitting on all cylinders here. 

Speaker 6: And then the diagnostics division and Matt has explained it, on one hand, certainly we had the sales loss due to COVID but that was really mitigated quite significantly by the base business which has grown 7%, so roughly 700 million.

And then the diagnostics division, and Matt has explained it on one hand, certainly we had the sales loss due to COVID-19, but that was really mitigated quite significantly by the base business, which has grown 7% so roughly 700 million. So really overall there is a currency impact for me, more of a reporting topic. I'll come to that later on when I go to the results because you see really in all major markets, where we all have major value chains and major spend we're doing pretty well and generating good cash.

Speaker 6: But that was really mitigated quite significantly by the base business which has grown a 7%, So roughly seven hundred million.

The base business, which has grown 7% so roughly 700 million. So really overall there is a currency impact for me more of a reporting topic. Come to that later on when I go to the results.

Speaker 6: So overall, there is a currency impact for me more a reporting topic. I'll come to that later on when I come to the results because you see really in all major markets where we all have major value chains and major spend, we're doing pretty well and generating good cash. So let's go to the currency rates right away. And what you see here on the left hand side is the growth in constant rates of plus 1% and then you see on the right hand side the growth in Swiss francs of minus 6.3% which leaves us with the difference of minus 7.3 percentage points, and the already mentioned 3.4 billion currency impact and you see where was driven by and which currencies. I think dominant is the US dollar. We've even seen an acceleration over the recent quarters.

So overall, there is a currency impact for me more a reporting topic. I'll come to that later on when I come to the results because you see really in all major markets where we all have major value chains and major spend, we're doing pretty well and generating good cash.

Come to that later on when I go to the results.

Speaker 6: Because you see, really in all major markets, where we all have major value chains and major spend, we're doing pretty well and generating good cash. So let's go to the currency rates right away. And what you see here on the left hand side is the growth in concent rates of plus 1%, and then you see on the right hand side the growth in Swiss franks of minus 6%, which leaves us with the difference of of minus seven point three percentage points, and they already mentioned three point four billion. Currency impact and you see where was driven by and which currencies. I think dominant is the? U us.

because you see really in all major markets, where we all have major value chains and major spend we're doing pretty well and generating good cash. So let's go to the currency rates right away. And what you see here on the left hand side is the growth in concentrates of plus 1% and then you'll see on the right hand side the growth in Swiss francs of minus 6.3%, which leaves us with a difference of minus 7.3 percentage points and the already mentioned 3.4 billion currency impact.

because you see really in all major markets, where we all have major value chains and major spend we're doing pretty well and generating good cash.

So let's go to the currency rates right away. And what you see here on the left hand side is the growth in constant rates of plus 1% and then you see on the right hand side the growth in Swiss francs of minus 6.3% which leaves us with the difference of minus 7.3 percentage points, and the already mentioned 3.4 billion currency impact and you see where was driven by and which currencies. I think dominant is the US dollar. We've even seen an acceleration over the recent quarters.

So let's go to the currency rates right away. And what you see here on the left hand side is the growth in concentrates of plus 1% and then you'll see on the right hand side the growth in Swiss francs of minus 6.3%, which leaves us with a difference of minus 7.3 percentage points and the already mentioned 3.4 billion currency impact.

Which leaves us with a difference of minus seven three percentage points and the already mentioned $3 4 billion currency impact.

Speaker 6: dollar. We've even seen an acceleration over the recent quarters.

You see what is was driven by and which currencies. I think dominant is the US Dollar. We've even seen an acceleration over the recent quarters. And you see here down by minus 2.4 percentage points, which equals 1.1 billion, so that's the major piece here and then we have APAC and here certainly it's the reminbi with a minus 0.1 percentage points of the 1.6 percentage points, so roughly 500 billion. And then last but not least the Japanese yen minus one percentage point equaling roughly 500 million. The euro contributed another $230 million or minus 0.5 percentage points. So I think very clearly the Swiss franc has strengths and basically against every other currency.

Speaker 6: And you see here, down by minus 2.4 percentage points which equals 1.1 billion so that is the major piece here. And then we have APAC and here certainly it's [inaudible] with a minus 0.1 percentage point of the 1.6 percentage point so roughly 500 million. And then, last but not least, the Japanese yen, with minus one percentage point, equaling roughly 500 million. The euro contributed another 230 million or minus 0.5 percentage points. So I think very clearly the Swiss franc has strengthened basically against every other currency. 

And you see here down by minus two four percentage points, which equals $1 1 billion. So that's the that's the major <unk> and then we have APAC and he is certainly it's the reminbi.

Speaker 6: And then we have APAC and here certainly it's to remember. With a minus o zero point one percentage point of the one point six percentage point.

Speaker 6: With a minus o zero point one percentage point of the one point six percentage point.

With a minus 1.1 percentage points of the one six percentage points. So roughly 500 billion and then last but not least the Japanese yen.

Speaker 6: So roughly five billion. And then, last but not least, the Japanese yen, with minus one percentage point, equaling roughly five million. The euro contributed another 23 million or minus, o zero point five percentage point.

Minus one percentage point equaling roughly $500 million the euro contributed another $230 million or minus <unk> five percentage points. So I think very clearly the Swiss franc has strengths and basically against.

Speaker 6: So I think very clearly the Swiss franc has strengthened basically against every other currency. 

Every other currency.

Speaker 6: I think now we come to the expected currency impacts for 2023. And let me start really with the left hand side and you know these tables and how shall I say it, it's pretty obvious that for both tables on the left hand side, you see that the 2023 average currency rate is below 2022. That in itself is not surprising and what you see on the right hand side then is that when you bring all of that together, you see really the minus seven percentage points for year to date September 2023.

I think now we come to the expected currency impacts for 2023. And let me start really with the left hand side. As you know these tables and I think, how should I say, it's pretty obvious. For both tables on the left hand side, you see that the 2023 average currency rate is below 2022. That in itself is not surprising. And what you see on the right hand side then is said when you bring all of that together you see really the minus seven percentage points for year-to-date September 2023. And then there is our projection and the projection is assuming that the currency rate at September 30, so end of September remains stable until year end of 2023, which now we don't have a lot of time left in 2023 is rather tangible. And you see really what that means, I think you see really on sales the minus seven percentage points so that remains stable on cooperating profit and minus 10% points and the core EPS of minus 12 percentage points.

Do you expect that currency impacts for 2023, and let me start. Really with the left hand side as you know these tables and I think the. How should I say, that's pretty obvious. For both tables on the left hand side, you see that's a 2023 average currency rate.

Speaker 6: Really with the left hand side and you know these tables and I think the- how shall I say it 'is pretty obvious that for both tables on the left hand side, you see that the 2023 average currency rate.

Really with the left hand side as you know these tables and I think the. How should I say, that's pretty obvious. For both tables on the left hand side, you see that's a 2023 average currency rate.

How should I say, that's pretty obvious. For both tables on the left hand side, you see that's a 2023 average currency rate.

For both tables on the left hand side, you see that's a 2023 average currency rate.

Speaker 6: It's below 2022, that that in itself is not surpr surprising.

Hello, 2022, okay that in itself is not surprised it's surprising and what you see on the right hand side. Then is said when you bring all of that together you see really the minus seven percentage points for year to date September 2023, and then there is our projection and the projection is assuming that the currency rate.

Speaker 6: And what you see on the right hand side then is that when you bring all of that together, you see really, the minus seven percentage points.

Speaker 6: year to date September 2023. And then there is our projection. And the projection is assuming that the currency rate at September 30th, so the end of September remains stable until year end of 2023, which now we don't have a lot of time left in 2023- is rather tangible. And you see really what that means. I think you see really on sales, the minus seven percentage points so that remains stable on cooperating profit,

year to date September 2023.

And then there is our projection. And the projection is assuming that the currency rate at September 30th, so the end of September remains stable until year end of 2023, which now we don't have a lot of time left in 2023- is rather tangible. And you see really what that means. I think you see really on sales, the minus seven percentage points so that remains stable on cooperating profit, a minus 10 percentage points and the core EPS a minus 12 percentage points.

Speaker 6: And the projection is assuming that the currency rates at September thirtie, So the end of September , remains stable until year end of 2023, which now we don't have a lot of time left in 2023- is rather tangible and you see really what that means. I think you see really. On sales, the minus seven percentage points, So that remains stable. On cooperating profit.

at September 30, so end of September remains stable until year end of 2023, which now we don't have a lot of time left in 2023 is rather tangible. And you see really what that means, I think you see really on sales the minus seven percentage points so that remains stable on cooperating profit and minus 10% points and the core EPS of minus 12 percentage points.

Speaker 6: a minus 10 percentage points and the core EPS a minus 12 percentage points.

points and the core EPS of minus 12 percentage points. Is that a completely new phenomenon for Roche? I also looked up that a little bit. We're looking backwards. I think we had such a spread between sales and cooperating our respectively core EPS

points and the core EPS of minus 12 percentage points.

Speaker 6: Is that a completely new phenomenon for Roche? I also looked up that a little bit when looking backward. I think we had such a spread between sales and cooperating our respectively core EPS. Already in 2009, in 2011, in 2015, so this is nothing really new. What I want to say is this is absolutely manageable and let me give a little bit of background here why at least I feel like perhaps not so much of a big deal here. Certainly, I think, on one hand, with the weak US dollar, will the US dollar stay as weak as it is, we can debate here, but we have seen a strengthening in this period since 2011 or 2009 quite significantly. But what is for me much more important is that we have a very, very good natural hedge in our company. That means, when you look at the minus seven percentage points, major driver here's the US dollar, but you look at the cooperating profit, so the currency impact is even more pronounced, what does that tell us? Well, it tells us that the profit portion of the US dollar is even larger in the cooperating profit than it is in the sales. And I think honestly, then you look really at the US dollar itself, well, we have the major part of our financial debt, 18.7 billion in the US dollar, that means the major part of the interest that we are paying, we pay in US dollar.

Is that a completely new phenomenon for Roche? I also looked up that a little bit. We're looking backwards. I think we had such a spread between sales and cooperating our respectively core EPS already in 2009, 2011, and 2015, so this is nothing really new. What I want to say is this is absolutely manageable.

Speaker 6: I think we had such a spread between cells and cooperating, or respectively core EPS. Already in 2009, in 2011, in 2015, So this is nothing really new. What I want to say is this is absolutely manageable and let me give a little bit of background here. Why at least I feel like Yeah, perhaps not so much of a big deal here. Certainly, I think, on one hand, with the weak U's dollar, will the U's dollar day, as weak as it is, we can debate here, but we have seen a strengthening in this period.

Speaker 6: Already in 2009, in 2011, in 2015, So this is nothing really new. What I want to say is this is absolutely manageable and let me give a little bit of background here. Why at least I feel like Yeah, perhaps not so much of a big deal here. Certainly, I think, on one hand, with the weak U's dollar, will the U's dollar day, as weak as it is, we can debate here, but we have seen a strengthening in this period.

already in 2009, 2011, and 2015, so this is nothing really new. What I want to say is this is absolutely manageable. And let me give a little bit of background here why at least I feel like

already in 2009, 2011, and 2015, so this is nothing really new. What I want to say is this is absolutely manageable.

And let me give a little bit of background here why at least I feel like perhaps not so much of a big deal here. Certainly I think on one hand with the weak US dollar will the US dollar stay as weak as it is, we can debate here, but we have seen a strengthening in this periods since 2011 or 2009 quite significantly. But what is for me much more important is that we have a very, very good natural hedge in our company. It means when you look at the minus seven percentage points major driver here is the US dollar, when you look at the core operating profit so the currency impact is even more pronounced, what does that tell us? Well, it tells us that the profit portion of the US dollar is even larger in the cooperating profit than it is in the sales.

perhaps not so much of a big deal here. Certainly I think on one hand with the weak US dollar will the US dollar stay as weak as it is, we can debate here, but we have seen a strengthening in this periods since 2011 or 2009 quite significantly. But what is for me much more important is that we have a very, very good natural hedge in our company. It means when you look at the minus seven percentage points major driver here is the US dollar, when you look at the core operating profit so the

Not so much. Off of a big deal here, certainly I think on one hand with the weak U S. Dollar will the U S dollar state as weak as it is we can debate here, but.

Off of a big deal here, certainly I think on one hand with the weak U S. Dollar will the U S dollar state as weak as it is we can debate here, but.

But we have seen a strengthening in these periods since 2011 or 2009 quite significantly but what is for me much more important is that we have a very very good natural hedge in our company and it means when you look at the minus seven percentage points major driver here is the U S. Dollar when you look at the core operating profit so the.

Speaker 6: since 2011 or 2009 quite significantly. But what is for me much more important is that we have a very, very good natural hedge in our company. That means, when you look at the minus seven percentage points, major driver here's the US dollar, but you look at the cooperating profit, so the currency impact is even more pronounced,

currency impact is even more pronounced, what does that tell us? Well, it tells us that the profit portion of the US dollar is even larger in the cooperating profit than it is in the sales.

Speaker 6: what does that tell us? Well, it tells us that the profit portion of the US dollar is even larger in the cooperating profit than it is in the sales. And I think honestly, then you look really at the US dollar itself, well, we have the major part of our financial debt, 18.7 billion in the US dollar, that means the major part of the interest that we are paying, we pay in US dollar.

Speaker 6: And I think honestly, then you look really at the? U's dollar itself. Well, we have the major part of our financial debt.

And I think honestly then you look really at the US dollar itself, well, we have the major part of our financial debt, 18.7 billion in the US dollar, that means that the major part of the interest that we're paying, we pay in US dollar, we have a lot of our R&D spend, the largest portion of our R&D spend in the US dollar we have high operational costs in the US dollar. On top of that, basically every M&A transaction, every licensing transactions that we're doing, we pay in US dollar. What I want to say is I think the natural hedge that we're having is pretty clear. I think that also applies to China if you like, that applies to Japan with [inaudible], that applies to Europe, so I would argue I'm not too concerned about the currency impact here and therefore I think it's really good to follow the constant exchange rate concept.

Speaker 6: 18.7 billion in the U's dollar. That means the major part of the interest that we are paying we pay in U's dollar.

Speaker 6: We have a lot of our R&D spend, the largest portion of our R&D spend in the US dollar we have high operational costs in the US dollar. On top of that, basically every M&A transaction, every licensing transaction that we're doing, we pay in US dollar. What I want to say is, I think the natural hedge that we're having is pretty clear. I think that also applies to China, if you like, that applies to Japan with [inaudible], that applies to Europe, so I would argue, I'm not too concerned about the currency impact here, and therefore I think it's really good here to follow the constant exchange rate concept.

the US dollar we have high operational costs in the US dollar. On top of that, basically every M&A transaction, every licensing transactions that we're doing, we pay in US dollar. What I want to say is I think the natural hedge that we're having is pretty clear. I think that also applies to China if you like, that applies to Japan

Speaker 6: What I want to say is: I think the natural hedge that we're having is pretty clear. I think that also applies to China, if you like, that applies to Japan with sugar, that applies to Europe , So I would argue. I'm not too concerned about the currency impact here, and therefore I think it's really good here to follow the constant exchange rate concept.

with [inaudible], that applies to Europe, so I would argue I'm not too concerned about the currency impact here and therefore I think it's really good to follow the constant exchange rate concept. Good, with that, I think you'll see the outlook is confirmed. Once again, I think what we've adjusted as you know the AH&R 

with [inaudible], that applies to Europe , so I would argue I'm not too concerned about the currency impact here and therefore I think it's really good to follow the constant exchange rate concept.

Speaker 6: Good, with that, I think you see the outlooks confirmed. Once again, I think what we've adjusted, as you know, the AHR, H&R bio similar impact now projected to be at roughly 1.1 billion, the COVID-19 loss impact now projected at roughly minus 4.5 billion. And the last point I'm having is to do a little bit of promotion for upcoming events. Teresa has already mentioned the neuroscience update on October 30th, which will be certainly exciting with the [inaudible] data and [inaudible] data and this on the subcutaneous version of OCREVUS will be fun to look a little bit deeper into it, some data on FENEBRUTINIB, which is good, the brain shuttle will be a topic here.

Good, with that, I think you'll see the outlook is confirmed. Once again, I think what we've adjusted as you know the AH&R biosimilar impact now projected to be at roughly 1.1 billion. The COVID-19 loss impact now projected at roughly minus 4.5 billion. And the last point I'm having is to do a little bit of promotion for upcoming IR events. Teresa has already mentioned a neuroscience update on October 30th, which will certainly be exciting with the [inaudible] data and [inaudible] data. This on the subcutaneous version of OCREVUS. It will be fun to look at little deeper into it. Some data on FENEBRUTINIB, which is good. The brain [inaudible] will be a topic here.

biosimilar impact now projected to be at roughly 1.1 billion. The COVID-19 loss impact now projected at roughly minus 4.5 billion. And the last point I'm having is to do a little bit of promotion for upcoming IR events. Teresa has already mentioned a neuroscience update on October 30th, which will certainly be exciting with the [inaudible] data and [inaudible] data.

Now projected to be at roughly $1 1 billion. The COVID-19 loss impact now projected at roughly minus $4 5 billion and the last point I'm, having is to do a little bit of promotion for upcoming IR events to reset already mentioned in neuroscience update on October <unk>, which will be suddenly exciting I wish to thank you.

This on the subcutaneous version of OCREVUS. It will be fun to look at little deeper into it. Some data on FENEBRUTINIB, which is good. The brain [inaudible] will be a topic here.

Speaker 6: and this on the subcutaneous version of OCREVUS will be fun to look a little bit deeper into it, some data on FENEBRUTINIB, which is good, the brain shuttle will be a topic here.

This on the subcutaneous version of <unk> will be fun to look at liberty deeper into it.

Some data on Fanapt Bruton, it which is good the brain travel will be a topic here.

Speaker 6: I'm personally looking forward to the digitalization day on November 29th where we certainly will talk about artificial intelligence and machine learning and we will also show a couple of use cases where we think we make a difference. That is a pretty tangible event where we really show quite some use cases. The H update is to follow. It will be a virtual event, but [inaudible] and Colombi I think quite interesting. And then we have the Diagnostics Day in May of next year, the 22nd where we will have definitely deep dives in the new technologies with mass spectronomy, CGM but also other things here that might be on the plate here and I'm sure that will be a very, very exciting one. With that, I think we're looking forward to your questions.

I'm personally looking forward to the Digitalization Day on November 29th where we suddenly we'll talk about artificial intelligence and machine learning and we will also show a couple of use cases where we think we can make a difference you know that is a pretty tangible event, where we really show quite some use cases. The ASH update is to follow. It will be a virtual event but here

I'm personally looking forward to the Digitalization Day on November 29th where we suddenly we'll talk about artificial intelligence and machine learning and we will also show a couple of use cases where we think we can make a difference you know that is a pretty tangible event, where we really show quite some use cases.

The ASH update is to follow. It will be a virtual event where you'll hear about [inaudible] and Columbi, I think quite interesting. And then we have the Diagnostics Day in May of next year, the 22nd where we will have definitely deep dives in the new technologies with [inaudible], CGM, but also other things that might be on the plate here and I'm sure that will be very, very exciting.

Speaker 6: Will be a virtuant, but here about lyomio and Colombia I think quite interesting. And then we have the diagnostic day in May of.

about [inaudible] and Columbi, I think quite interesting. And then we have the Diagnostics Day in May of next year, the 22nd where we will have definitely deep dives in the new technologies with [inaudible], CGM, but also other things that might be on the plate here and I'm sure that will be very, very exciting.

Speaker 6: May of next year at the 20 second, where we will have definite deep dives and the new technologies with Max prctonomy C G, M But all the other things here that might be on the plate here and I'm sure that will be a very, very exciting one with that, I think we're looking forward to your question.

With that, I think we're looking forward to your questions.

Operator: Thanks lot Allen, and with that we will open the Q a session. The first questions actually come from Mark bruszll, from morvin Stanley, Mark ple.

Operator: Thanks a lot Alan. And with that, we will open the Q&A session. The first question is actually come from Mark Purcell from Morgan Stanley. Mark, please.

Mark, please.

Mark Douglas Purcell: Yeah, thanks very much for taking my questions. I have three. Firstly, on POLIVY, clearly a very strong uptake you're seeing, not just in the US, but ex-US in particular. I think you've historically targeted a 50% share of the first time setting. Can you provide an update on that given that the launch appears to be above your expectations?

Mark Douglas Purcell: Yeah, thanks very much for taking my questions. I have three. Firstly on POLIVY, clearly a very strong uptake you're seeing not just in the US but ex-US in particular. I think you've historically targeted a 50% share of the first line setting. Can you provide an update on that given that the launch appears to be above your expectations?

Firstly on Pahlavi, clearly a very strong uptake you're seeing not just in the U S. But ex U S. In particular, I think you've historically targeted a 50% share of the first line setting. Can you provide an update on that given that the launch appears to be above your expectations.

Can you provide an update on that given that the launch appears to be above your expectations.

Speaker 7: Secondly, more strategically, following the acquisition of the [inaudible] SRNA in hypertension your ambition to go into other [inaudible] disorders including heart failure, could you sort of maybe talk a little bit more about how you're thinking about heart disease more broadly is inflammation you've got a heritage with IL-6. Do you see IL-6 targeting the inflammation more bully as an exciting opportunity across heart failure, kidney disease and [inaudible] collaboration? 

Secondly, more strategically, following the acquisition of the [inaudible] SRNA in hypertension, your ambition to go into other cardiovascular disorders, including heart failure, could you sort of maybe talk a little bit more about how you're thinking about heart disease more broadly is inflammation, you've got a heritage with IL6, do you see IL6 targeting information more broadly as an exciting opportunity across heart failure, kidney disease, and chiming in with the [inaudible] collaboration?

Following the acquisition of the one item. RNA in hypertension, your ambition to go into other cardiovascular disorders, including heart failure could you sort of maybe talk a little bit more about how youre about heart disease for more broadly is inflammation, you've got a heritage with IL six. <unk> and targeting information more broadly, it's an exciting opportunity across heart failure kidney disease and try them again with you are not in a collaboration.

RNA in hypertension, your ambition to go into other cardiovascular disorders, including heart failure could you sort of maybe talk a little bit more about how youre about heart disease for more broadly is inflammation, you've got a heritage with IL six. <unk> and targeting information more broadly, it's an exciting opportunity across heart failure kidney disease and try them again with you are not in a collaboration.

Speaker 7: Do you see I o six and talk the information more bully as an exciting opportunity across heart failure, kidne ease and try in with the onland collaboration. Then the last one is on to a G.

<unk> and targeting information more broadly, it's an exciting opportunity across heart failure kidney disease and try them again with you are not in a collaboration.

And then the last one is on [inaudible], following the inadvertent disclosure of the data, has there been any impact such as post progression switching of patients, anything with respect to regulators in terms of this is called penalty? So just trying to understand if anything has changed as we wait for what is anticipated to be a 20% overall survival in Q1 next year. Thank you very much.

Speaker 7: Then the last on is on [inaudible]. Following the inadvertent disclosure of the data, has there been any impact, such as post progression switching of patients, anything with respect to regulators in terms of this is co penalties. So just trying to understand if anything has changed as we wait for what is anticipated to be a 20% over all survival benefit in Q1 next year? Thank you very much.

Following the inadvertent disclosure of the data has that been any uptake has there been any impact such as post progression switching of patients anything with respect to regulators in terms of if this is called penalty. So just trying to understand if anything has changed as we wait for what is anticipated to be up 20% overall survival. In Q1 next year, Thank you very much.

In Q1 next year, Thank you very much.

Thomas Schinecker: Thank you very much for the question. I will take the strategic question and you were talking about the deal we made with Alnylam for ZILEBESIRAN. So every year we look at hundreds of companies and we do the same this year, and we continuously evaluate early stage opportunities and also late stage opportunities to see which molecules would make sense where's the scientific rationale, how does the financial slope look like, and with that we are looking for really transformative medicines, first-in-class medicines, potentially best-in-disease medicines, and based on that we make the decisions. And we felt that with this deal that we have a potentially performative medicine that could be applicable to a large proportion of the world because hypertension is one of the biggest disease burdens in the world and so we are open to looking at for those opportunities. You were mentioning other things. If there is really a transformational medicine, then we are open to do it. We will not do something that wouldn't go into that category.

Unknown: Thank you very much for the question. I will take the more strategic question. You were talking about the deal we made with Alnylam for ZILEBESIRAN. So every year, we look at hundreds of companies and we do the same this year and we continue to evaluate early stage opportunities and also late stage opportunities to see which molecules would make sense, where is the scientific rationale, how does the financials look like. And with that, we're looking for really transformative medicines, first-in-class medicines, potentially best-in-disease medicines and based on that we make the decisions. And we felt that with this deal we have a potentially transformative medicine that could be applicable to a large proportion of the world because hypertension is one of the biggest disease burdens in the world. And so we are open to looking at those opportunities. You were mentioning other things, if there is really a transformational medicine then we're open to do it. We will not do something that wouldn't go into that category.

Thank you very much for the question I would take the more strategic question you were talking about the deal we made with unknown for us the bathroom.

Speaker 3: So every year we look at hundreds of companies and we do the same this year, and we continuously evaluate early stage opportunities and also late stage opportunities to see which molecules would make sense where's the scientific rationale, how does the financial slope look like, and with that we are looking for really transformative medicines, first-in-class medicines, potentially best-in-disease medicines, and based on that we make the decisions. And we felt that with this deal that we have a potentially performative medicine that could be applicable to a large proportion of the world because hypertension is one of the biggest disease burdens in the world and so we are open to looking at for those opportunities. You were mentioning other things. If there is really a transformational medicine, then we are open to do it. We will not do something that wouldn't go into that category.

So.

Every year, we look at hundreds of companies and we.

We do the same. This year and we continue to evaluate early stage opportunities and also late stage opportunities.

This year and we continue to evaluate early stage opportunities and also late stage opportunities.

Speaker 2: To see which- you know which molecules would make sense where it is the scientific rationale. How does the financial slope like?

To see which.

Which molecules would make sense.

Is the scientific rationale how does the financials look like and with that we're looking for really transformative medicines.

Speaker 2: And with that we are looking for really transformative medicines, first in class medicines, potentially best in dis se medicines, and based on that we make the decisions and we felt that with this deal that we have potentially performative medicine that could be applicable to a large proportion of the world, because high atttention is one of the biggest disease burdens. And so we are open to looking at for those opportunitiesyou are mentioning other things. If there is really a transformational medicine, then we are open to do it. We will not do something that wouldn'not go into that category.

first-in-class medicines, potentially best-in-disease medicines and based on that we make the decisions. And we felt that with this deal we have a potentially transformative medicine that could be applicable to a large proportion of the world because hypertension is one of the biggest disease burdens in the world. And so we are open to looking at those opportunities. You were mentioning other things, if there is really a transformational medicine then we're open to do it. We will not do something that wouldn't go into that category.

We have a potentially transformative medicine that could be applicable to a large proportion of the world because hypotension is one of the biggest disease burdens in the world. And so we are open to looking at those opportunities. You were mentioning other things if there is really a transformational medicine and we're open to do it and we will not do something better. I wouldn't go into that category.

Speaker 2: And so we are open to looking at for those opportunitiesyou are mentioning other things. If there is really a transformational medicine, then we are open to do it. We will not do something that wouldn'not go into that category.

And so we are open to looking at those opportunities. You were mentioning other things if there is really a transformational medicine and we're open to do it and we will not do something better. I wouldn't go into that category.

You were mentioning other things if there is really a transformational medicine and we're open to do it and we will not do something better. I wouldn't go into that category.

I wouldn't go into that category.

Teresa A. Graham: I'll take the other two separate. So for [inaudible] based on the trajectory that we have and the ambition that we have it's probably something more like about 65% [inaudible]. We have high hopes based on the pick that we've seen and what we believe can go with this molecule. And then [inaudible] disclosure, there has been no impact. We remain completely blinded to the outcome of the study and we have not had any adverse impacts from that.

Speaker 4: I'll take the other two. So for POLIVY, based on the trajectory that we have and the ambition that we have, it's probably something more like about 65% - first line DLBCL so we have high hopes based on the pickup that we've seen and where we believe we can go with this molecule. And then with the TIGIT and [inaudible] disclosure, there has been no impact. We remain completely blinded to the outcome of the study and we have not had any adverse impacts from that disclosure. Mark, did you get the answer to all your questions?

I'll take the other two. So for POLIVY, based on the trajectory that we have and the ambition that we have, it's probably something more like about 65% - first line DLBCL so we have high hopes based on the pickup that we've seen and where we believe we can go with this molecule. And then with the TIGIT and [inaudible] disclosure, there has been no impact. We remain completely blinded to the outcome of the study and we have not had any adverse impacts from that disclosure.

Based on the trajectory that we have an ambition that we have it's probably something more like about 65% first line D. L. P. C L. We have high hopes based on the pickup that we've seen and why we believe we can go with this molecule. And then with the ticket inadvertent disclosure there has been no impact we remain completely blinded to the outcome of the study and we have not had any. Any adverse impacts from from that disclosure. Yeah. Mark the answer to all your questions.

We have high hopes based on the pickup that we've seen and why we believe we can go with this molecule. And then with the ticket inadvertent disclosure there has been no impact we remain completely blinded to the outcome of the study and we have not had any. Any adverse impacts from from that disclosure. Yeah. Mark the answer to all your questions.

And then with the ticket inadvertent disclosure there has been no impact we remain completely blinded to the outcome of the study and we have not had any. Any adverse impacts from from that disclosure. Yeah. Mark the answer to all your questions.

Operator: Mark, did you get the answer to all your questions?

Any adverse impacts from from that disclosure. Yeah. Mark the answer to all your questions.

Yeah. Mark the answer to all your questions.

Mark the answer to all your questions.

Speaker 8: Yeah, that's great. Thank you for that. Ok, then let's move on. Next one in the row would be Louisa Hector from [inaudible]. Louisa?

Mark Douglas Purcell: Yeah, that's great. Thank you for that.

Mark, did you get the answers to all your questions? Yeah, that's great. Thank you.

Operator: Mark, did you get the answers to all your questions?

Operator: Ok, then let's move on. Next one in the row would be Louisa Hector from [inaudible]. Louisa?

Mark Douglas Purcell: Yeah, that's great. Thank you.

Operator: Okay. And let's move on. The next one in the row is Louisa Hector from [inaudible]. Louisa?

Let's move on the next one in the neuro would be Luisa Hector from.

Thanks Bruno and thank you for the presentation. On just the moving part of sales as we start to look out even into 2024 so we can see that there will be significantly less erosion, but I just wanted to check just so that we make sure we're modeling correctly, so I have in mind at Chimera you presented maybe a bit more SBS and I was just wondering whether any of the subcutaneous pattern expirees are something we need to consider around Europe. I'm not sure if they kick in next year. And then the offset, the positive sales and see the new launches gathering. Just to kind of outline the [inaudible] sales into next year. And on diagnostics, just wondered if you could make some more comments around the mass spec launch plan on track for next year I believe, just some commentary around what you're offering there and when you might expect to have visibility on orders and to check that there's no cannibalization of your existing portfolio with the mass spec coming online. Thank you.

Louisa Hector: Thanks Bruno and thank you for the presentation. On just the moving part of sales as we start to look out even into 2024 so we can see that there will be significantly less erosion, but I just wanted to check just so that we make sure we're modeling correctly, so I have in mind at Chimera you presented maybe a bit more SBS and I was just wondering whether any of the subcutaneous pattern expirees are something we need to consider around Europe. I'm not sure if they kick in next year.

Louisa Hector: Thanks Bruno and thank you for the presentation. On just some moving parts of sales as we start to look out even into 2024, so we can see there will be significantly less erosion but I just wanted to check the products we should make sure we're modeling correctly. So I have in mind [inaudible] maybe a bit more [inaudible]. And I was just wondering whether any of the subcutaneous patent expirees is something we need to consider around Europe when I'm not sure they kick in next year. And then the offset they all the positive so obviously the new launch is gathering paid just to kind of outline the pushes and pulls of sales into next year. And on diagnostics, just wondering if you could make some more comments around the mass spec launch plans on track for next year I believed just some commentary around what you're offering there and when you might expect to have visibility on orders and to check that there's no cannibalization of your existing portfolio with the mass that coming online. Thank you.

Thanks Dana. And thank you for the presentation. The. She's been leading part of sales as we start to look out even into 'twenty three 'twenty four we can see that will be significantly less.

And thank you for the presentation. The. She's been leading part of sales as we start to look out even into 'twenty three 'twenty four we can see that will be significantly less.

The. She's been leading part of sales as we start to look out even into 'twenty three 'twenty four we can see that will be significantly less.

She's been leading part of sales as we start to look out even into 'twenty three 'twenty four we can see that will be significantly less.

But I just wanted to check is it just. We should make sure we're modeling correctly, so I have in mind at Chimera. You Sanjay. Maybe a bit more SBS and I was just wondering whether any of the subcutaneous Hudson. That's an extraordinary I don't think we need to consider around here. Not sure if they kick in next year and then the offset the positive sales and see the new launches gathering paid. Just to kind of outline that Michigan sales into next year. On diagnostics, just wondered if you could make some more comments around the. Launch plan on track for next year I believe just some commentary around. And when you might expect to have. What is visibility on orders. And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

We should make sure we're modeling correctly, so I have in mind at Chimera. You Sanjay. Maybe a bit more SBS and I was just wondering whether any of the subcutaneous Hudson. That's an extraordinary I don't think we need to consider around here. Not sure if they kick in next year and then the offset the positive sales and see the new launches gathering paid. Just to kind of outline that Michigan sales into next year. On diagnostics, just wondered if you could make some more comments around the. Launch plan on track for next year I believe just some commentary around. And when you might expect to have. What is visibility on orders. And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

You Sanjay. Maybe a bit more SBS and I was just wondering whether any of the subcutaneous Hudson. That's an extraordinary I don't think we need to consider around here. Not sure if they kick in next year and then the offset the positive sales and see the new launches gathering paid. Just to kind of outline that Michigan sales into next year. On diagnostics, just wondered if you could make some more comments around the. Launch plan on track for next year I believe just some commentary around. And when you might expect to have. What is visibility on orders. And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

Speaker 9: Maybe a bit more everybriat and I was just wondering whether any of the subcitania. Patent expories, something we need to consider around Europe when I'm not sure they kick in next year. And then the offset they all the positive. So the new launches gathering paid just to kind of outline the bushes and Bo saled into next year. And on diagnostics, I just wonderred if you could make some more comments around the masspect. Launch plans on track for next year. I believed just some commentary around what you're offering there and when you might expect to have orders. Visibility on orders. And to check that there's no cannibalization of your existing portfolio with the mass that coming online. Thank you.

Maybe a bit more SBS and I was just wondering whether any of the subcutaneous Hudson. That's an extraordinary I don't think we need to consider around here. Not sure if they kick in next year and then the offset the positive sales and see the new launches gathering paid. Just to kind of outline that Michigan sales into next year. On diagnostics, just wondered if you could make some more comments around the. Launch plan on track for next year I believe just some commentary around. And when you might expect to have. What is visibility on orders. And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

Speaker 9: Patent expories, something we need to consider around Europe when I'm not sure they kick in next year. And then the offset they all the positive. So the new launches gathering paid just to kind of outline the bushes and Bo saled into next year. And on diagnostics, I just wonderred if you could make some more comments around the masspect. Launch plans on track for next year. I believed just some commentary around what you're offering there and when you might expect to have orders. Visibility on orders. And to check that there's no cannibalization of your existing portfolio with the mass that coming online. Thank you.

That's an extraordinary I don't think we need to consider around here. Not sure if they kick in next year and then the offset the positive sales and see the new launches gathering paid. Just to kind of outline that Michigan sales into next year. On diagnostics, just wondered if you could make some more comments around the. Launch plan on track for next year I believe just some commentary around. And when you might expect to have. What is visibility on orders. And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

Not sure if they kick in next year and then the offset the positive sales and see the new launches gathering paid. Just to kind of outline that Michigan sales into next year. On diagnostics, just wondered if you could make some more comments around the. Launch plan on track for next year I believe just some commentary around. And when you might expect to have. What is visibility on orders. And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

And then the offset, the positive sales and see the new launches gathering. Just to kind of outline the [inaudible] sales into next year. And on diagnostics, just wondered if you could make some more comments around the mass spec launch plan on track for next year I believe, just some commentary around what you're offering there and when you might expect to have visibility on orders and to check that there's no cannibalization of your existing portfolio with the mass spec coming online. Thank you.

Just to kind of outline that Michigan sales into next year. On diagnostics, just wondered if you could make some more comments around the. Launch plan on track for next year I believe just some commentary around. And when you might expect to have. What is visibility on orders. And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

On diagnostics, just wondered if you could make some more comments around the. Launch plan on track for next year I believe just some commentary around. And when you might expect to have. What is visibility on orders. And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

Speaker 9: Launch plans on track for next year. I believed just some commentary around what you're offering there and when you might expect to have orders. Visibility on orders. And to check that there's no cannibalization of your existing portfolio with the mass that coming online. Thank you.

Launch plan on track for next year I believe just some commentary around. And when you might expect to have. What is visibility on orders. And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

And when you might expect to have. What is visibility on orders. And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

What is visibility on orders. And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

Speaker 9: And to check that there's no cannibalization of your existing portfolio with the mass that coming online. Thank you.

And to check that there's no cannibalization of your existing portfolio is domestic coming online. Thank you.

Thomas Schinecker: Thank you, Louisa. Let me take the first question. I think the COVID sales are pretty easy to model. We have now shown you the Q4 sales we had last year and the Q1 sales this year and basically we do expect that after that pretty much all the COVID-19 sales will wash out similar to the levels we've seen in Q2 and Q3 this year. Beyond that, we see H&R erosion slowing down. And beyond [inaudible] as you mentioned, the only other medicine where we would expect biosimilar competition is [inaudible] and we would expect biosimilar competition in [inaudible] at the very end of this year and in the US in 2024.

Thomas Schinecker: Okay, thank you. Louisa, let me take the first question. I think the COVID sales are pretty easy to model. We've now shown you the Q4 sales we had last year and the Q1 sales this year and basically we do expect that after that pretty much all the COVID sales will wash out similar to the levels we've seen in Q2 and Q3 this year. Beyond that, we see H&R erosion slowing down. And beyond [inaudible] as you mentioned, the only other medicine where we would expect biosimilar competition is Chamera and we would expect biosimilar competition from Chamera at the very end of this year and in the US in 2024.

<unk> is a pretty easy to model. We've now shown you the Q4 sales we had last year and the Q1 sales this year and basically we do expect that after. After that pretty much all the cobot sales will wash out. The levels, we've seen in Q2 and Q3 this year. Beyond that we see H&R erosion slowing down. And beyond <unk>, and Lucentis and accurate as you mentioned the only other.

We've now shown you the Q4 sales we had last year and the Q1 sales this year and basically we do expect that after. After that pretty much all the cobot sales will wash out. The levels, we've seen in Q2 and Q3 this year. Beyond that we see H&R erosion slowing down. And beyond <unk>, and Lucentis and accurate as you mentioned the only other.

After that pretty much all the cobot sales will wash out. The levels, we've seen in Q2 and Q3 this year. Beyond that we see H&R erosion slowing down. And beyond <unk>, and Lucentis and accurate as you mentioned the only other.

The levels, we've seen in Q2 and Q3 this year. Beyond that we see H&R erosion slowing down. And beyond <unk>, and Lucentis and accurate as you mentioned the only other.

Speaker 2: Beyond that we see hnr erosion slowing down. And beyond centence, an aspirate, as you mentioned. The only other wherewe medicine, where we would expect bioonal competition, is a camera. And we would expect, by similar compeition in camera at the very end of this year and in the? U us in 2020.

Beyond that we see H&R erosion slowing down. And beyond <unk>, and Lucentis and accurate as you mentioned the only other.

Speaker 2: And beyond centence, an aspirate, as you mentioned. The only other wherewe medicine, where we would expect bioonal competition, is a camera. And we would expect, by similar compeition in camera at the very end of this year and in the? U us in 2020.

And beyond <unk>, and Lucentis and accurate as you mentioned the only other.

Well. Medicine, where we would expect. The competition is a camera. And we would expect Biosimilar competition in the camera at the very end of this year and in the U S. In 2024.

Medicine, where we would expect. The competition is a camera.

The competition is a camera.

Speaker 2: And we would expect, by similar compeition in camera at the very end of this year and in the? U us in 2020.

And we would expect Biosimilar competition in the camera at the very end of this year and in the U S. In 2024.

Matthew Sause: And I'll take the mass spec question. So again, we're confident about our plan to launch the mass spec instrument in the second half of next year and also very excited about the pipeline. Now the pipeline is going to include things like vitamin D, therapeutic drug monitoring, immunosuppressants and steroid tests.

And I'll take the mass spec question. So again, we're confident about our plan to launch the mass spec instrument in the second half of next year, and also very excited about the pipeline. Now the pipeline is going to include things like vitamin D, therapeutic drug monitoring, immunosuppressants and steroid testing. We do not anticipate any cannibalization of our existing business. In fact, given that this will be integrated with our serum work area, this again, similar to what you heard in my presentation makes us even more competitive in the core laboratory and will allow us to also accelerate our share capture more broadly so very positive on the launch for the forthcoming launch. I think it will pull through to clean chemistry and immuno chemistry, because it will improve our offering overall versus our competition.

Matt Sause: And I'll take the mass spec question. So again, we're confident about our plan to launch the mass spec instrument in the second half of next year, and also very excited about the pipeline. Now the pipeline is going to include things like vitamin D, therapeutic drug monitoring, immunosuppressants and steroid testing. We do not anticipate any cannibalization of our existing business. In fact, given that this will be integrated with our serum work area, this again, similar to what you heard in my presentation makes us even more competitive in the core laboratory and will allow us to also accelerate our share capture more broadly so very positive on the launch for the forthcoming launch.

And also very excited about the pipeline now the pipelines can include things like vitamin D therapeutic drug monitoring. Immunosuppressive and steroid testing.

Immunosuppressive and steroid testing.

Speaker 5: We do not anticipate any cannibalization of our existing business. In fact, given that this will be integrated with our serum work area this again, similar to what you heard in my presentation, makes us even more competitive in the core laboratory that will allow us to also accelerate our share capture more broadly, so very positive on the forth coming launch. I think it will pull through to [inaudible] chemistry and immunochemistry because it will improve our offering overall versus our competition. Does that answer your question? Louisa, have they answered your question? [inaudible] 

We do not anticipate any cannibalization of our existing business. In fact, given that this will be integrated with our serum work area this again, similar to what you heard in my presentation, makes us even more competitive in the core laboratory that will allow us to also accelerate our share capture more broadly, so very positive on the forth coming launch. I think it will pull through to [inaudible] chemistry and immunochemistry because it will improve our offering overall versus our competition. Does that answer your question? Louisa, have they answered your question?

We do not anticipate any cannibalization of our existing business. In fact, given that this will be integrated with our serum work area this again, similar to what you heard in my presentation, makes us even more competitive in the core laboratory that will allow us to also accelerate our share capture more broadly, so very positive on the forth coming launch. I think it will pull through to [inaudible] chemistry and immunochemistry because it will improve our offering overall versus our competition. Does that answer your question?

We do not anticipate any cannibalization of our existing business. In fact, given that this will be integrated with our serum work area this again, similar to what you heard in my presentation, makes us even more competitive in the core laboratory that will allow us to also accelerate our share capture more broadly, so very positive on the forth coming launch. I think it will pull through to [inaudible] chemistry and immunochemistry because it will improve our offering overall versus our competition.

We do not anticipate any cannibalization of our existing business. In fact, given that this will be integrated with our serum work area this again, similar to what you heard in my presentation, makes us even more competitive in the core laboratory that will allow us to also accelerate our share capture more broadly, so very positive on the forth coming launch.

We do not anticipate any cannibalization of our existing business in fact, given that this will be integrated with our serum work area. This again similar to what you heard in my presentation makes us even more competitive in the core laboratory will allow us to also accelerate our share capture more broadly so very positive on the launch for the forthcoming launch.

Speaker 10: So if we met, I think it will pull through to kindical chemistry in immunochemistry because it will improve our offering overall versus our comition. So that is your question.

Thomas Schinecker: I think it will pull through to [inaudible] chemistry and immunochemistry because it will improve our offering overall versus our competition.

We met I think it will pull through to clean chemistry, and immuno chemistry, because it will improve our offering overall versus our competition.

Alan Hippe: I think it will pull through to clean chemistry and immuno chemistry, because it will improve our offering overall versus our competition.

Matthew Sause: Does that answer your question?

Operator: Louisa, have they answered your question?

Matt Sause: Does that answer your question?

Louisa Hector: [inaudible]

Operator: Louisa, have we answered your question?

Operator: Okay. And we will move on. And the next one is from Claire Rose from Citi.

Operator: Then we will move on in the row, and the next one is from Claire Rose from Citi.

And we will move on and the ROE and the next one the ASM clear rose from Citi.

Andrew Simon Baum: Hi, it's Andrew Baum here. Thank you for taking the questions. Couple of piece, the recent Capital Markets Day did a lot of self diagnosis, which was helpful and interesting but there wasn't so much on the operational details of execution, particularly on narrowing the scope of the pipeline focus as well as addressing the speed and augmenting the pipeline [inaudible]. So the question is when will we start seeing tangible evidence of what I'm sure was the [inaudible] activity inside the company?

Okay. Yes, Hi, it's Andrew Baum here. Thank you for taking the questions.

Andrew Simon Baum: Hi, it Andrew Baum here. Thank you for taking questions. Couple piece: the recent Capital Markets Day, you did a lot of self diagnosis, which was helpful and interesting, but there wasn't so much on the operational details of execution, particularly on narrowing the scope of the pipeline focus as well as addressing the speed and augmenting the pipeline through BD. So the question is, when will we start seeing tangible evidence of what I'm sure is the [inaudible] phonetic activity inside the company?

Yes, Hi, it's Andrew Baum here. Thank you for taking the questions.

Thank you for taking the questions.

Couple of piece. The recent capital markets day.

The recent capital markets day.

Speaker 11: Did a lot of self diagnosis, which was helpful in interesting, but there wasn't so much on the operational details of execution, particularly on narrowing the scope of the pipeline focus as well as addressing the speed and augmenting the pipeline through B D. So the question is, when will we start seeing tangible evidence of what I'm sure as the fedy fphonenetic activity inside the company?

Did a lot of self diagnosis, which was helpful and interesting but that wasn't so much.

The operational details of execution. Particularly on narrowing the scope of the pipeline focus as well as addressing the speed and augmenting the pipeline <unk>. So the question is when will we start seeing tangible evidence of what I'm sure was the Fedex domestic activity inside the company.

Particularly on narrowing the scope of the pipeline focus as well as addressing the speed and augmenting the pipeline <unk>. So the question is when will we start seeing tangible evidence of what I'm sure was the Fedex domestic activity inside the company.

Speaker 11: And then the second question is on obesity. So with ZILEBESIRAN you have entered into cardiology, which is a new area certainly for you in the last decade. You have a presence with an antimyostatin drug, could this be the basis of a combination therapy with an inkcritin to accentuate the weight loss, and this is a strategy that you are actively pursuing?

And then second question is on obesity. So ZILEBESERAN you've entered into cardiology, which is a new era certainly for you in the last decade. You have a presence with an anti myostatin drug, could this be the basis of a combination therapy with [inaudible] question to accentuate the weight loss and is this a strategy that you are actively pursuing?

Is on. Obesity, so wsdl best around you've entered into cardiology, which is a new era certainly for you in the last decade.

Obesity, so wsdl best around you've entered into cardiology, which is a new era certainly for you in the last decade.

Speaker 11: You have a presence with an antimmy statin drug. Could this be the basis of a combination therapy with an inkcritin to accentuate the weight loss, and this is a strategy that you are actively pursuing?

You have. <unk> presence with an anti myostatin drug. Could this be the basis of a combination therapy with <unk> question.

<unk> presence with an anti myostatin drug. Could this be the basis of a combination therapy with <unk> question.

Could this be the basis of a combination therapy with <unk> question.

To accentuate the weight loss. Is the strategy that you are actively pursuing.

Is the strategy that you are actively pursuing.

Thomas Schinecker: So first, I cannot really go into details in terms of M&A and BD. I hope you understand. So we can announce that when there is a deal to announce but I wouldn't want to speculate in any direction. Again, we are looking at things all the time and and we'll update you depending on how things play out.

Thomas Schinecker: Right. So first, I cannot really go into details in terms of M&A and BD, I hope you understand. So we can announce when there is a deal to announce but I wouldn't want to speculate in any direction. Again, we are looking at things all the time and we'll update you depending on how things play out. 

<unk>.

When there is a deal to announce.

Speaker 2: I wouldn't want to speculate in any direction again, we are looking at things all the time and and we'll update you depending on how things play out.

I wouldn't want to speculate.

In any direction again, we're looking at things all the time and.

And we will update you depending on how things play out.

Speaker 2: Regarding the broader R&D excellence, we are now in the beginning of [inaudible] we informed the organization about all of the findings and we're now in a rollout in the organization to work on all the different elements where we see areas of improvement. But let me highlight there are also areas of strength as we see that in the past we did launch a number of very interesting assays. Regarding antimyostatin antibody, it's right now in a study in combination with EVRYSDY strengthening the muscles of people with spinal and muscular atrophy. But as you mentioned, the QPL ones and the QLP one GP in [inaudible] had one big problem and this problem is muscle loss. So it's an option that we are looking at how this antibody can play a role there in the future.

Regarding the broader R&D excellence, we are now in the beginning of [inaudible] we informed the organization about all of the findings and we're now in a rollout in the organization to work on all the different elements where we see areas of improvement. But let me highlight there are also areas of strength as we see that in the past we did launch a number of very interesting assays.

Regarding.

Regarding the broader R&D excellence, in the beginning of September we informed the organization about all of the findings and we're now in the rollout in the organization to work on all the different elements where we see areas of improvement, but let me highlight there are also areas of strength. As we see that in the past, we did launch a number of very interesting assets. 

R&D excellence. We are now. In beginning of September we informed.

We are now. In beginning of September we informed.

In beginning of September we informed.

Speaker 2: The organization about all of the findings. And we're now in a rollout in the organization to work on all the different elements where we see areas of improvement. But let me highlight, you know, there are also areas of strength, as we see that in the past we did launch a number of very interesting as a regarding antiat, antibody it's. Right now in in a study in combination with everyisity strengthening the muscles of people's spyom, muscleclatrophyield. But as you mentioned, the QP ones in the qop one G P in cres had one big problem and this form is muscle law. And so it's an option that we are looking at how this antibody can play a role there in the future.

The organization about all of the findings and we're now in the rollout in the organization to work on all the different elements, where we see areas of improvement, but let me highlight also areas of strength.

Speaker 2: And we're now in a rollout in the organization to work on all the different elements where we see areas of improvement. But let me highlight, you know, there are also areas of strength, as we see that in the past we did launch a number of very interesting as a regarding antiat, antibody it's. Right now in in a study in combination with everyisity strengthening the muscles of people's spyom, muscleclatrophyield. But as you mentioned, the QP ones in the qop one G P in cres had one big problem and this form is muscle law. And so it's an option that we are looking at how this antibody can play a role there in the future.

As we see. In the past, we did launch a number of very interesting.

In the past, we did launch a number of very interesting.

Regarding anti myostatin antibody, yeah it's right now in a study in combination with [inaudible] strengthening the muscles of people with spinal muscular atrophy. And as you mentioned, the GLP-1 and the GLP-1 GIP in [inaudible] had one big problem and this problem is muscle loss. So it's an option that we're looking at how this antibody can play a role there in the future.

Regarding antimyostatin antibody, it's right now in a study in combination with EVRYSDY strengthening the muscles of people with spinal and muscular atrophy. But as you mentioned, the QPL ones and the QLP one GP in [inaudible] had one big problem and this problem is muscle loss. So it's an option that we are looking at how this antibody can play a role there in the future.

Antibody yes. Right now in a study in combination with a risky strengthening the muscles of. People with spinal muscular atrophy and as you mentioned. <unk> ones and <unk>. <unk> had one big problem and this film is muscle loss. And. So it's an option that we're looking at. This antibody can play a role there in the future.

Speaker 2: Right now in in a study in combination with everyisity strengthening the muscles of people's spyom, muscleclatrophyield. But as you mentioned, the QP ones in the qop one G P in cres had one big problem and this form is muscle law. And so it's an option that we are looking at how this antibody can play a role there in the future.

Right now in a study in combination with a risky strengthening the muscles of. People with spinal muscular atrophy and as you mentioned. <unk> ones and <unk>. <unk> had one big problem and this film is muscle loss. And. So it's an option that we're looking at. This antibody can play a role there in the future.

People with spinal muscular atrophy and as you mentioned. <unk> ones and <unk>. <unk> had one big problem and this film is muscle loss. And. So it's an option that we're looking at. This antibody can play a role there in the future.

<unk> ones and <unk>. <unk> had one big problem and this film is muscle loss. And. So it's an option that we're looking at. This antibody can play a role there in the future.

<unk> had one big problem and this film is muscle loss. And. So it's an option that we're looking at. This antibody can play a role there in the future.

Speaker 2: And so it's an option that we are looking at how this antibody can play a role there in the future.

And. So it's an option that we're looking at. This antibody can play a role there in the future.

So it's an option that we're looking at. This antibody can play a role there in the future.

This antibody can play a role there in the future.

Andrew Simon Baum: Thanks.

Operator: Okay. Can we move on? The next one would be Steve Scala from Cowen.

Okay. Okay, and then we move on them next one would be Steve Scala from Cowen.

Operator: Okay, we move on. The next one would be Steve Scala from Cowen. 

Okay, and then we move on them next one would be Steve Scala from Cowen.

Steve Scala: Thank you so much. I have two questions on HEMLIBRA and then one on guidance. On HEMLIBRA, why wouldn't the one third of HEMLIBRA patients on Q week dosing not be great candidates for ALTIVIO? I think the answer is that you think HEMLIBRA is a great drug, but that being the case, then why is Roche developing  NTX O07? So that's the first question, or maybe two questions.

Steve Scala: Thank you so much. I have two question on HEMLIBRE and then one on guidance. On HEMLIBRE, why wouldn't the one-third of HEMLIBRE patients on two-week dosing not be great canditates for Altvio? I think the answer is that you think HEMLIBRE is a great drug, but that being the case, why is Roche delevoping NTX07? That's the first question, maybe two questions. 

Thank you so much I have two. Two questions on two questions on him Libre and then one on guidance.

Two questions on two questions on him Libre and then one on guidance.

Speaker 12: On henlebra. Why wouldn't the one third of henlibra patients on Q week dosing not be great candidates for all two vo? I think the answer is that you think heenlibra is a great drug, but that being the case, then why is Roche developing and T X OER 7? So that's the first question, or maybe two Quest.

On him lever it why.

Wouldn't the one third of him Libra patience on Q week dosing not be great candidates for all <unk> I think the answer is that you think can libre is a great drug but that being the case then why is rush developing and TX <unk> seven so that's the first question or maybe two questions.

Speaker 12: Secondly, on guidance, on slide 15, the guidance for diagnostics base business growth is forecast to be good. In the Q2 deck, the guidance was forecast to be solid. I know you will dismiss this as an insignificant change, but the company made the change deliberately to switch these words and I'm just wondering why these types of changes typically signal less optimism. Thank you. Those are the questions.

Secondly, on guidance, on slide 15, the guidance for diagnostics base business growth is forecast to be good. In the Q2 deck, the guidance was forecasted to be solid. I know you will dismiss this as an insignificant change, but the company made the change deliberately to switch these words and I'm just wondering why these types of changes typically signal less optimism? So thank you, those are the questions.

Q2 deck the guidance was forecast to be solid I know you will dismiss this as an insignificant change, but the company made the change deliberately to switch these words and I'm. Just wondering why these types of changes typically signal less optimism. So thank you those are the questions.

Teresa A. Graham: Great. So I'll go ahead and start with the HEMLIBRE question. So for those folks who are on HEMLIBRE I think we still believe that for those patients who desire a prophylactic treatment on board there is a lot of great reasons, including long term safety and efficacy data with zero chance of developing inhibitors why someone would remain on HEMLIBRE. I think it's probably also worth calling out that real world data is beginning to indicate that even though long acting factors are not always used once per week, so they are often used more frequently than that.

Teresa A. Graham: So I'll go ahead and start with the HEMLIBRA questions. So for those folks who are on HEMLIBRA, I think we still believe that for those patients who desire a prophylactic treatment on board, there's a lot of great reasons, including long term safety and efficacy data, the zero chance of developing inhibitors why someone would remain on HEMLIBRA. I think it's probably also worth calling out that real world data is beginning to indicate that  even the long active factors are are not always used once per week. So they are often used more frequently than that. And I think we should just remember that the bar for switching a well controlled patient is extremely high. The patients who are confident in their therapy, who are living the life that they want to live on the therapy that they're on and are having a good experience there's really no impetus for them to switch.

So I'll go ahead and start with the head Libre question. So for those for those folks who are on once we can lever I think we still believe that from those for those. <unk>, who desire a prophylactic treatment on board there is a lot of great reasons, including long term safety and efficacy data.

<unk>, who desire a prophylactic treatment on board there is a lot of great reasons, including long term safety and efficacy data.

Zero chance of developing inhibitors.

Why someone would remain on Libra. It's probably also worth calling out that real world data.

It's probably also worth calling out that real world data.

It's beginning to indicate that. Even though long acting factors are not always used once per week.

Speaker 4: even the long active factors are are not always used once per week. So they are often used more frequently than that. And I think we should just remember that the bar for switching a well controlled patient is extremely high. The patients who are confident in their therapy, who are living the life that they want to live on the therapy that they're on and are having a good experience there's really no impetus for them to switch.

Even though long acting factors are not always used once per week.

Speaker 4: So they are off to use more frequently than that, and I think we should just remember that the bar for switching a well controlled patient is extremely high. The patients who are comfident in their therapy, who are living the life that they want to live on the therapy that they're on, are having a good experience, are very difficult to. There's really no impetence for them to switch.

So they are off to us more frequently than that.

And I think we should just remember that the bar for switching a well controlled patient is extremely high. Patients who are confident in their therapy, who are living the life that they want to live on the therapy that they're on and are having a good experience there's really no impetus for them to switch. When it comes to why we are developing 007, we are looking at 007 because we want to think about ways in which we could raise the bar on ourselves. This molecule has a higher binding affinity, it has an improved half life, it could get to monthly dosing, but ultimately in clinical trial it will have to prove that it is better than HEMLIBRE to really have a good shot whether that's further reducing bleeding or something around joint health. I mean, I think all of those things are currently under consideration. But 007 is going to have to cross the same bar that everyone else is going to have to cross in order to unseat HEMLIBRE.

Patients who are confident in their therapy, who are living the life that they want to live on this therapy that they're on. And are having a good experience or are very difficult to.

And are having a good experience or are very difficult to.

Theres really no no impetus for them to switch when it comes to why we are developing double the seven we are looking at <unk> seven because we want to think about ways in which we could raise the bar on ourselves. This molecule has a higher binding affinity it hasnt improved half life it could get to monthly dosing, but ultimately in clinical trial that will have to prove that it is better than him libre to really have a good shot whether that's further reducing bleeding or something around joint health I mean, I think all of those things are currently. Under consideration. But <unk> seven is going to have to cross the same bar that everyone else is going to have to cross in order to unseat him Libra.

Speaker 4: When it comes to why we're developing 007, we are looking at 007 because we want to think about ways in which we could raise the bar on ourselves. This molecule has a higher binding affinity, it has improved half life, it could get to monthly dosing, but ultimately in clinical trials it will have to prove that it is better than HEMLIBRA to really have a good shot, whether that's further reducing bleeding or something around joint health, and you think all of those things are currently under consideration. But 007 is going to have to cross the same bar that everyone else is going to have to cross in order to unseat HEMLIBRA.

This molecule has a higher binding affinity it hasnt improved half life it could get to monthly dosing, but ultimately in clinical trial that will have to prove that it is better than him libre to really have a good shot whether that's further reducing bleeding or something around joint health I mean, I think all of those things are currently. Under consideration. But <unk> seven is going to have to cross the same bar that everyone else is going to have to cross in order to unseat him Libra.

Speaker 4: spender consideration. But double seven is going to have to cross the same bar that everyone else is going to have to cross in order to unsee him.

Under consideration. But <unk> seven is going to have to cross the same bar that everyone else is going to have to cross in order to unseat him Libra.

But <unk> seven is going to have to cross the same bar that everyone else is going to have to cross in order to unseat him Libra.

Speaker 2: Let me just com generally on the guidance. I mean our base business is doing very well. You've seen the first three quarters, we have a base business growth of 9% and also the diagnostics base business is doing well with 7%. And so moving from solid to good was an indication that the growth is above our expectations on the diagnostic side so it's a positive. I want to highlight that. 

Thomas Schinecker: And maybe let me just comment generally on the guidance. I mean, our base business is doing very well. You have seen the first three quarters, we have a base business growth of 9%. And also the diagnostics base business doing well with 7%. So moving from solid to good was an indication that the growth is above our expectations on the diagnostic side, so it's a positive. I want to highlight that. 

Speaker 2: I mean our base business is doing very well. You've seen the first to be quarters. We have a base business growth of 9% and also the diagnosticics base business doing well with 7%, and so moving from solid to goods was an indication that the growth is above our explications on the diagnostic side is depositive.

I mean, our base business is doing very well you have seen. The first three quarters, we have a base business growth of 9%. And also as diagnostics base business doing well with 7% and so moving from solid to goods was an indication that. The growth is above our expectations on the diagnostic side. So it's a positive.

The first three quarters, we have a base business growth of 9%. And also as diagnostics base business doing well with 7% and so moving from solid to goods was an indication that. The growth is above our expectations on the diagnostic side. So it's a positive.

And also as diagnostics base business doing well with 7% and so moving from solid to goods was an indication that. The growth is above our expectations on the diagnostic side. So it's a positive.

The growth is above our expectations on the diagnostic side. So it's a positive.

Speaker 2: Now you may ask yourself, so why did we only take solid at the beginning of the year? And I explain that. When we look at the diagnostic sales, we have a near COVID effect, so certain elements in the COVID business that are closely linked to the COVID sales. Let me give an example: custom biotech. Of the top five selling companies for COVID-19 PCR testing, four of them were using our enzymes and we never declared that as COVID sales simply because it's an enzyme, you don't know exactly into which product it is going, and so we only declared the COVID sales. Now, if you would exclude that effect and diagnostic is growing at 9%, so we knew we had a certain headwind in terms of near COVID effect and that's why we said solid but diagnostics is performing super strong and that's why we believe we are more than overcompensating also these near COVID headwinds.

Now you may ask yourself so why did we only say solids at the beginning of the year and I can explain that. When we look at the diagnostic sales, we have a new COVID-19 effect, so certain elements in the COVID business are closely linked to the COVID sales. Let me give you an example, [inaudible] biotech. Top five selling companies for cobalt PCR testing, four of them were using our enzymes and we never declared that as COVID sales simply because it's an enzyme, you don't know exactly which product it is going and so we only declared the COVID-19 sales. Now if you would exclude that effect and diagnostic is growing at 9% right, so we knew we had certain headwinds in terms of COVID effect and that's why we said solid,  but diagnostics is performing super strong and that's why we believe we are more than overcompensating also these new COVID headwinds.

When we look at the diagnostic sales, we have a new COVID-19 effects, so certain elements in the corporate business. Closely linked to. Two. The cohorts sales, let me give you an example custom biotech. Top five selling companies for cobalt PCR testing four of them were using our enzymes. And we never declared that as Covid sales simply because it's an enzyme you don't know exactly which product is going and so what we only declared the COVID-19 sales now if you would exclude that effect and diagnostic is growing at 9% right. So we knew we had certain headwinds in terms of nickel with effect and that's why we said solid.

Closely linked to. Two. The cohorts sales, let me give you an example custom biotech. Top five selling companies for cobalt PCR testing four of them were using our enzymes. And we never declared that as Covid sales simply because it's an enzyme you don't know exactly which product is going and so what we only declared the COVID-19 sales now if you would exclude that effect and diagnostic is growing at 9% right. So we knew we had certain headwinds in terms of nickel with effect and that's why we said solid.

Speaker 2: To the covervid sales. Let me give an example: custom biotech. Of top five selling companies for COVID-19 P CR testing, four of them were using our end.

Two. The cohorts sales, let me give you an example custom biotech. Top five selling companies for cobalt PCR testing four of them were using our enzymes. And we never declared that as Covid sales simply because it's an enzyme you don't know exactly which product is going and so what we only declared the COVID-19 sales now if you would exclude that effect and diagnostic is growing at 9% right. So we knew we had certain headwinds in terms of nickel with effect and that's why we said solid.

The cohorts sales, let me give you an example custom biotech. Top five selling companies for cobalt PCR testing four of them were using our enzymes. And we never declared that as Covid sales simply because it's an enzyme you don't know exactly which product is going and so what we only declared the COVID-19 sales now if you would exclude that effect and diagnostic is growing at 9% right. So we knew we had certain headwinds in terms of nickel with effect and that's why we said solid.

Top five selling companies for cobalt PCR testing four of them were using our enzymes. And we never declared that as Covid sales simply because it's an enzyme you don't know exactly which product is going and so what we only declared the COVID-19 sales now if you would exclude that effect and diagnostic is growing at 9% right. So we knew we had certain headwinds in terms of nickel with effect and that's why we said solid.

Speaker 2: And we never declared that as covidsil, simply because it's an enzyme. You will't know exactly into which product is going, and so we only declared the COVIDs. Now, if you would exclude that effect, the diagnostic is growing in 9%, So we knew we had a certain headwind.

And we never declared that as Covid sales simply because it's an enzyme you don't know exactly which product is going and so what we only declared the COVID-19 sales now if you would exclude that effect and diagnostic is growing at 9% right. So we knew we had certain headwinds in terms of nickel with effect and that's why we said solid.

Speaker 2: in terms of near COVID effect and that's why we said solid but diagnostics is performing super strong and that's why we believe we are more than overcompensating also these near COVID headwinds.

but diagnostics is performing super strong and that's why we believe we are more than overcompensating also these new COVID headwinds. And if I could just add to what Thomas said, when you apply that to the core LIBOR that's reported, that would take the growth from 9% to 12% and really again that shows the over performance of the business. But again, we had these related but not directly COVID-19 test related sales that need to be corrected for so thank you. 

but diagnostics is performing super strong and that's why we believe we are more than overcompensating also these new COVID headwinds.

We are more than Overcompensating also these new. New Covid headwinds. If I could just add to what Tom is that when you apply that to the core LIBOR. That's reported that would take the growth from 9% to 12% and really again that shows the over performance. The business, but again, we had these related but not directly COVID-19 test related sales that needs to be corrected for.

Matt Sause: And if I could just add to what Thomas said, when you apply that to the core LIBOR that's reported, that would take the growth from 9% to 12% and really again that shows the over performance of the business. But again, we had these related but not directly COVID-19 test related sales that need to be corrected for so thank you.

New Covid headwinds. If I could just add to what Tom is that when you apply that to the core LIBOR. That's reported that would take the growth from 9% to 12% and really again that shows the over performance. The business, but again, we had these related but not directly COVID-19 test related sales that needs to be corrected for.

Speaker 8: And if I can just add to what Thomas said, when we apply that to the core lab where that's reported, that would take the growth from nine to 12% and really again that shows the overperformance of the business. But again, we have these related but not directly COVID-19 test related sales that need to be corrected for so thank you. Steve, could we answer your questions? Yes, thanks.

And if I can just add to what Thomas said, when we apply that to the core lab where that's reported, that would take the growth from nine to 12% and really again that shows the overperformance of the business. But again, we have these related but not directly COVID-19 test related sales that need to be corrected for so thank you. Steve, could we answer your questions?

Matthew Sause: And if I can just add to what Thomas said, when we apply that to the core lab where that's reported, that would take the growth from nine to 12% and really again that shows the overperformance of the business. But again, we have these related but not directly COVID-19 test related sales that need to be corrected for so thank you.

If I could just add to what Tom is that when you apply that to the core LIBOR. That's reported that would take the growth from 9% to 12% and really again that shows the over performance. The business, but again, we had these related but not directly COVID-19 test related sales that needs to be corrected for.

The business, but again, we had these related but not directly COVID-19 test related sales that needs to be corrected for.

Steve did we answer your questions? Yes, thanks.

Operator: Steve did we answer your questions?

Operator: Steve, could we answer your questions?

Steve Scala: Yes, thanks.

Steve Scala: Yes, thanks.

Operator: And we go on. The next one in the row we have of [inaudible] from Deutsche Bank.

Operator: And we go on, the next one is [inaudible] from Deutsche Bank.

Unknown: Thanks for taking the questions. Maybe I'll take a couple of product questions please, one on [inaudible] one on PHESGO. PHESGO just in light of the 50% conversion ambition any color you can give us in terms of how evenly you expect that to be geographically distributed and then how resilient do you think the performance [inaudible] biosimilar placebo will be available from 2025, particularly in Europe?

Unknown: Thanks for taking the question, sir. Maybe I'll take a couple of product questions please, one on [inaudible] and one on PHESGO. PHESGO just in light of the 50% conversion ambition any color you can give us in terms of how evenly you expect that to be geographically distributed and then how resilient you think the performance will be once by a similar [inaudible] is available from 2025, particularly in Europe?

Thanks for taking the questions. Maybe I'll take a couple of product questions. Please one on cut sorry to go on with those guys. <unk> just in light of the 50% conversion ambition any color you can give us in terms of how evenly you expect that to be geographically distributed. And then how resilient do you think the performance will be ones biosimilar placebo because available from 2025, particularly in Europe .

Maybe I'll take a couple of product questions. Please one on cut sorry to go on with those guys. <unk> just in light of the 50% conversion ambition any color you can give us in terms of how evenly you expect that to be geographically distributed. And then how resilient do you think the performance will be ones biosimilar placebo because available from 2025, particularly in Europe .

<unk> just in light of the 50% conversion ambition any color you can give us in terms of how evenly you expect that to be geographically distributed. And then how resilient do you think the performance will be ones biosimilar placebo because available from 2025, particularly in Europe .

And then how resilient do you think the performance will be ones biosimilar placebo because available from 2025, particularly in Europe .

Speaker 13: And then second one on [inaudible], you talked about a stable outlook, just to understand a timeline and rationale for that, you've got head to head adjuvant data pending relatively soon based on the precedence likely show superiority for competitor. I'd ask if you disagree, and if you don't disagree, why and over what period are you confident in a stable outlook? Thank you.

And then second one on [inaudible] you talked about stable outlook, just to understand the timeline and rationale for that, you've got head to head new adjuvant data pending relatively based on the precedent [inaudible] and if you disagree and what period are you confident on a stable outlook? Thank you. 

Andrew dice pending relatively soon. Based on the precedent is likely to show superiority for <unk>. And also if you disagree that if you don't disagree why. Pretty confidence confidence excuse me in the stable outlook. Thank you.

Based on the precedent is likely to show superiority for <unk>. And also if you disagree that if you don't disagree why. Pretty confidence confidence excuse me in the stable outlook. Thank you.

And also if you disagree that if you don't disagree why. Pretty confidence confidence excuse me in the stable outlook. Thank you.

Pretty confidence confidence excuse me in the stable outlook. Thank you.

Teresa A. Graham: Great. So with PHESGO that 50% conversion ambition and where we expect it geographically I think you can sort of I think almost anticipate where it would go. It would likely go in the highest penetration in those parts of the world where our healthcare systems are under more strain. So certainly places like the UK, which is already at 92% but you could anticipate other countries in Europe in particular being very well primed to have a very high penetration rate for PHESGO as well as other countries outside of outside of the US.

Teresa A. Graham: So with PHESGO that 50% conversion ambition and where we expect it geographically, I think you can sort of, I think almost, anticipate where it would go. It would likely go in the highest penetration in those parts of the world where our health care system are under most strain. So certainly places like the UK, which is already at 92%, that you could anticipate other countries in Europe in particular being very well primed to have a very high penetration rate for PHESGO as well as other countries outside of the US. Even in the United States, we're increasingly seeing health care systems being limited in their health care resources, whether that's [inaudible] and use the nurses space and frankly, just patients wanting to spend less time in hospitals to get their treatment. So I think we're likely to see more penetration than maybe we had even originally hoped in most of the parts of the world.

So with Tesco that that 50% conversion ambition and where we expect it geographically I think you can you can sort of I think almost anticipate where it would go it would likely go in the highest penetration in those parts of the world, where our healthcare systems are under more strain. So certainly places like the UK, which is already at 92%.

Speaker 4: So certainly places like the U K, which is already at 92%, that you could anticipate other countries in Europe in particular being very well primed to have a very high penetration rate for pesco, as well as other countries outside of outside of the U? S.

But you could anticipate other countries in Europe in particular being very well primed to have a very high penetration rate for <unk> as well as other countries outside of.

I think even in the United States, we're increasingly seeing health care systems being limited in their health care resources, whether that's [inaudible] nurses space and frankly, just patients wanting to spend less time in hospitals to get their treatment. So I think we're likely to see more penetration than maybe we had even originally hoped in most of the parts of the world.

Speaker 4: Even in the United States, we're increasingly seeing health care systems being limited in their health care resources, whether that's [inaudible] and use the nurses space and frankly, just patients wanting to spend less time in hospitals to get their treatment. So I think we're likely to see more penetration than maybe we had even originally hoped in most of the parts of the world.

Even in the United States, we're increasingly seeing health care systems being limited in their health care resources, whether that's share since these nurses space and frankly, just patients wanting to spend less time in hospitals to.

Get their treatment. So I think we're likely to see more penetration than maybe we had even originally hoped and most of the parts of the world. It is.

Speaker 4: It is worth pointing out that we don't expect our first biosimilar until 2026, so we have some fairly good runway here. And I think what we've seen in particular with some of the subcut formulations in other products is that they too tend to be unfairly protective from biosimilars even when those biosimilar products become available because they get entrenched in the workflow in the office and that again it's hard to unsee if patients are happy and it works for the workflow in the office.

It is worth pointing out that we don't expect our first presented biosimilar until 2026. So we have some fairly good runway here. And I think what we've seen in particular with some of the sub cut formulations and other products is that they tend to be fairly protective from biosimilars even when those biosimilar products become available just because they get entrenched in the workflow in the office and that again is hard to unseat if patients are happy the offices are happy and it works for the workflow in the office. In terms of [inaudible] yes, we do expect this to be a relatively stable outlook. The expansion compensates for lack of metastatic fail. We don't see any biosimilars in development for [inaudible] and what we're really talking about is competition from other mechanisms of action. I think what we have always said with HER-2 is as other 

It is worth pointing out that we don't expect our first presented biosimilar until 2026. So we have some fairly good runway here. And I think what we've seen in particular with some of the sub cut formulations and other products is that they tend to be fairly protective from biosimilars even when those biosimilar products become available just because they get entrenched in the workflow in the office and that again is hard to unseat if patients are happy the offices are happy and it works for the workflow in the office.

And I think what we've seen in particular with some of the sub cut formulations. And other products is that they tend to be fairly protective. From Biosimilars even ads. Even windows Biosimilar products become available just because they get entrenched in the workflow.

Speaker 4: In other products is that they tooose tend to be unfairly protective from biosimilars even as.

And other products is that they tend to be fairly protective. From Biosimilars even ads.

From Biosimilars even ads.

Speaker 4: Even when those barl products become available, because they get entrenched in the workflow in and in the office and that is again it's hard to unse. If icepatents are Y, the officers are happy. Work for theworkflow at the ice.

Even windows Biosimilar products become available just because they get entrenched in the workflow.

In the office and that is again, it's hard to unseat if patients are happy the offices are happy and it works for the workflow in the office.

Speaker 4: In terms of [inaudible], yes, we do expect this to be a relatively stable outlook. The expansion compensates for [inaudible] metastatic sales. We don't see any biosimilars and development for [inaudible] and what we're really talking about is competition from other mechanisms of action. I think what we have always said with HER-2 is as

In terms of can finally, yes, we do expect this to be a relatively stable outlook. The expansion is really meant to compensate for the medicine.

In terms of [inaudible] yes, we do expect this to be a relatively stable outlook. The expansion compensates for lack of metastatic fail. We don't see any biosimilars in development for [inaudible] and what we're really talking about is competition from other mechanisms of action. I think what we have always said with HER-2 is as other

Pension compensates for lack of metastatic fail.

We don't see any biosimilars in development for <unk> pilots and what we're really talking about is is competition from other mechanisms of action I think what we have always said with her to us as well.

Speaker 4: other things come into the HER-2 space, you will see more of a gradual drifting down of our HER-2 products versus any kind of cliff scenario, because you will see earlier lines compensating for later lines, you'll see different geographies compensating for bigger geographies, you'll see PHESGO compensating for PERJETA, and there's just a lot of puts and takes in the HER-2 space as we progress through. 

As other things come into the HER-2 space you will see more of a gradual drifting down of our HER-2 products versus any kind of cliff scenario because you will see early lines compensating for later lines, you'll see different geographies compensating for bigger geographies, you'll see PHESGO compensating for China and there's just a lot of puts and takes in the HER-2 space as we progress through.

Speaker 4: So I think we still remain confident that [inaudible] will be stable for the next couple of years. And again, as I think we've mentioned previously, we just don't see any biosimilars and development and this is complicated molecule to make and we would anticipate that we will likely be alone for a while with [inaudible]. All questions answered? Yes sir. 

So I think we still remain confident that [inaudible] will be stable for the next couple of years. And again, as I think we've mentioned previously, we just don't see any biosimilars and development and this is complicated molecule to make and we would anticipate that we will likely be alone for a while with [inaudible]. All questions answered?

So I think we still remain confident that [inaudible] will be stable for the next couple of years. And again, as I think we've mentioned previously, we just don't see any biosimilars and development and this is complicated molecule to make and we would anticipate that we will likely be alone for a while with [inaudible].

So I think we still remain confident that [inaudible] will be stable for the next couple of years. And again, I think we've mentioned previously, we just don't see any biosimilars in development that's a complicated molecule to make them and we would anticipate that we will likely be alone for awhile with [inaudible].

We still remain confident that kept fiber will be stable for the next couple of years. And again it is I think we've mentioned previously we just don't see any biosimilars in development. This is a complicated molecule to make them and we. We would anticipate that we will likely be alone for awhile with silo.

And again it is I think we've mentioned previously we just don't see any biosimilars in development. This is a complicated molecule to make them and we. We would anticipate that we will likely be alone for awhile with silo.

We would anticipate that we will likely be alone for awhile with silo.

Operator: All questions answered?

Unknown: Yes sir.

Operator: All questions answered [inaudible]?

Unknown: Yes, sir.

Operator: And we move on and I have no name here, so just the telephone number so maybe you can please identify yourself. I opened the line. Hi, [inaudible] from JP Morgan here. Can you hear me?

Operator: And we move on and I have no name here, so just the telephone number so maybe you can please identify yourself. I opened the line.

Operator: And we moved on. And I have no named here, so just a telephone number. So maybe you can please identify yourself. [inaudible]

Unknown: Hi, [inaudible] from JP Morgan here. Can you hear me?

[inaudible]

I opened Dubai.

Okay.

Unknown: Hi, [inaudible] of JP, Morgan here, can you hear me?

Speaker 14: Yes, we can hear you. Excellent. So just two questions from our side. So the first is around TECENTRIQ. So growth appears to be tempering here, so how are you see the potential impacts on the approval of KEYTRUDA in the adjuvant lung and where do you see the future growth trajectory for this product?

Operator: Yes, we can hear you.

Operator: Yes, we can hear you.

Unknown: Excellent. So just two questions from our side. So the first is around TECENTRIQ. So growth appears to be tempering here, so how are you see the potential impacts on the approval of KEYTRUDA in the adjuvant lung and where do you see the future growth trajectory for this product?

Unknown: Excellent. So just two questions from our side. So the first just around to TECENTRIQ, so growth appears to be temporary here. So how are you seeing the potential impacts on the approval of Keytruda in the adjuvant lung? And where do you see the future growth trajectory for this product?

So how are you seeing the potential impacts on the approval of Keytruda in the adjuvant lung.

And where do you see the future growth trajectory for this product.

Speaker 14: And then maybe a second question, Thomas as you said, you're excited for the [inaudible] gene therapy read out you expect this quarter, so maybe just what your expectations are going into that, what the confidence levels are and how big is that ex-US opportunity for Roche in the trial patient population kind of aged four to seven?

And then maybe a second question Thomas, as you said you're excited for the DMD gene therapy readouts expected this quarter, so maybe just what your expectations are going into that, what the confidence levels are kind of how big is that ex-US opportunity for Roche in the trial patient population kind of aged four to seven?

So maybe just what youre expectations are going into that what the confidence levels are.

Speaker 14: And of how big is that X? U's opportunity for rush in the trial? Patient population kind of aged four to seven.

Kind of how big is that ex U S opportunity for Washington knee trial patient population kind of aged four to seven.

Teresa A. Graham: So let's start with adjuvant lung. So I think first and foremost the adjuvant lung space is a relatively new space. I think adjuvant in general is an evolving market. What we've seen so far in early launch countries like the US is that we've been able to hold our own in our labeled indication, even with the coming in of the KEYTRUDA data and certainly ex-US, we're still in the process of launching and gaining reimbursement in many countries in adjuvant. So holding our own in the US so far, and then again significant expansion in adjuvant in other parts of the world still yet to come.

Teresa A. Graham: Great. So let's start with adjuvant lung. So I think first and foremost, the adjuvant lung space is a relatively new status. I think adjuvant in general is an evolving market. What we've seen so far in early launch countries like the US is that we've been able to hold our own in our labeled indication, even with the coming in of the Keytruda data. And certainly ex-US we're still in the process of launching and gaining reimbursement in many countries in adjuvant. So we're holding our own in the US so far and then again significant expansion in an adjuvant in other parts of the world is still yet to come.

The adjuvant lung spaces are relatively new status I think adjuvant in general is is and isn't evolving market. What we've seen so far in early launch countries like the U S is that we've been able to hold our own in our labeled indication. Even with with the with the with the coming in of the Keytruda data certainly ex U S. We're still in the process of launching in gaining reimbursement in many countries in adjuvant. So. We're holding our own in the U S. So far and then again significant expansion in an adjuvant in other parts of the world still yet to come.

Speaker 4: Even with the the, with the coming in of of the qity data and certainly exus, were still in the process of launching and gaining reimbursement in many countries.

Even with with the with the with the coming in of the Keytruda data certainly ex U S. We're still in the process of launching in gaining reimbursement in many countries in adjuvant. So. We're holding our own in the U S. So far and then again significant expansion in an adjuvant in other parts of the world still yet to come.

Speaker 4: So holding our own in the US so far, and then again significant expansion in adjuvant in other parts of the world still yet to come. When it comes to TECENTRIQ growth overall, I mean I think we'll continue to see penetration in HDC, we'll continue to see penetration in adjuvant lung, we'll continue to see some modest growth driven by TECENTRIQ subcut, which is largely likely to replace IV versus necessarily drive new business. But the real opportunity to drive sort of that next wave of growth will come with things like the head and neck trial reading out positively or the [inaudible] one data reading out positive, and then obviously we've got adjuvant HDC as well.

So holding our own in the US so far, and then again significant expansion in adjuvant in other parts of the world still yet to come.

We're holding our own in the U S. So far and then again significant expansion in an adjuvant in other parts of the world still yet to come.

When it comes to TECENTRIQ growth overall, I mean I think we'll continue to see penetration in HDC, we'll continue to see penetration in adjuvant lung, we'll continue to see some modest growth driven by TECENTRIQ subcut, which is largely likely to replace IV versus necessarily drive new business. But the real opportunity to drive sort of that next wave of growth will come with things like the head and neck trial reading out positively or the [inaudible] one data reading out positive, and then obviously we've got adjuvant HDC as well.

When it comes to TECENTRIQ growth overall, I mean, I think we will continue to see penetration in HCC, we'll continue to see penetration in adjuvant lung, we'll continue to see some modest growth driven by TECENTRIQ sub cut, which is largely just likely to replace IV versus necessarily drive new business. But the real opportunity to drive sort of that next wave of growth will come with things like the head and neck trial reading out positively or the Sky one data reading out positively and then obviously, we've got adjuvant HCC as well. So I think the story is not closed yet on TECENTRIQ, there's still still room for it to grow in the indications that we currently have, additional indications that we are awaiting data on and more to come in the coming year.

Speaker 4: Which is largely likely to to replace IV versus necessarily drive new business. But you know, the real opportunity to drive sort of that next wave of growth will come with things like the head neck trial reading out positively or the the Scot one data reading out positive, and then obviously we've got AD of an HTC as well.

It is largely just likely to.

To replace IV versus necessarily drive new business. But the you know the real opportunity to drive sort of that next wave of growth will come with things like the head and neck trial reading out positively or the. The Sky one data reading out positively and then obviously, we've got adjuvant HCC as well.

But the you know the real opportunity to drive sort of that next wave of growth will come with things like the head and neck trial reading out positively or the. The Sky one data reading out positively and then obviously, we've got adjuvant HCC as well.

The Sky one data reading out positively and then obviously, we've got adjuvant HCC as well.

Speaker 4: So I think the story is not closed yet on TECENTRIQ, there's still room for it to grow in the indications that we currently have, still additional indications that we are awaiting data on and more to come in the coming year. Thomas, do you want to take DMD?

So I think. The story is not closed yet onto centric theres still still room for it to grow in the indications that we currently have additional indications that we are. Awaiting data on and more to come in the coming year.

The story is not closed yet onto centric theres still still room for it to grow in the indications that we currently have additional indications that we are. Awaiting data on and more to come in the coming year.

Awaiting data on and more to come in the coming year.

Thomas, do you want to take DND?

Speaker 3: Yeah, sure, So for Duchenne Muscular Dystrophy, which is a very severe disease, you have basically mostly boys that are impacted here because it's an X chromosome linked mutation in the dystrophin gene, and unfortunately boys only have one X chomosome, we don't have a backup copy. And these boys by the time that they are 10 or so they are in a wheelchair. By the time they are in their late teens or early twenties they're dead. So the unmet need is huge. There's something needed very, very urgently to help these boys survive and live normal lives. Now we do not know the outcome of the trial yet, so we are as curious as you are on how the trial will read out. This would be a significant opportunity to help patients. What that translates to is about two to three billion in peak sales but the sales will come gradually as the label is going to be extended. We have now in Q3 already two markets outside of the US where we have received an approval and all I can say is I really, really hope that this trial is positive because this would be a huge hope to these boys that otherwise would have to die. All questions answered. Thank you. And we move on to [inaudible] from [inaudible] group. 

Yeah, sure, So for Duchenne Muscular Dystrophy, which is a very severe disease, you have basically mostly boys that are impacted here because it's an X chromosome linked mutation in the dystrophin gene, and unfortunately boys only have one X chomosome, we don't have a backup copy. And these boys by the time that they are 10 or so they are in a wheelchair. By the time they are in their late teens or early twenties they're dead. So the unmet need is huge. There's something needed very, very urgently to help these boys survive and live normal lives. Now we do not know the outcome of the trial yet, so we are as curious as you are on how the trial will read out. This would be a significant opportunity to help patients. What that translates to is about two to three billion in peak sales but the sales will come gradually as the label is going to be extended. We have now in Q3 already two markets outside of the US where we have received an approval and all I can say is I really, really hope that this trial is positive because this would be a huge hope to these boys that otherwise would have to die.

Thomas Schinecker: Yeah, sure. So for Duchenne muscular dystrophy, which is a very severe disease, you have basically mostly boys are impacted here because it's an X chromosome linked mutation in the dystrophin gene and unfortunately boys only have one X chromosome; we don't have a backup copy. And these boys, by the time that they're 10 so they're in a wheelchair, by the time they're in their late teens or early twenties, death. So the unmet need is huge. It's something needed very, very urgently to help these boys survive and live normal lives. Now we don't know the outcome of the trial yet, so we are as curious as you are on how the trial will readout. This would be a significant opportunity to help patients. What that translates to is about 2 -3 billion in peak sales, but the sales will come gradually as the label is going to be extended. We have now in Q3 already two markets outside of the US where we have received an approval and all I can say is I really, really hope that this trial is positive because this would be a huge hope to these boys because otherwise they would have to die.

Which is a very severe disease you have. Basically mostly boys. And package here because. It's an extra Muslim links. A mutation in the dystrophin gene and Unfortunately boys on <unk>. So we don't have a backup copy. And these boys by the time that 10, <unk> so they're in a wheelchair by the time the law.

Speaker 2: Basically mostly boys that are emimpacted here because it's an ex chromosome links, a mutation in the disriupinant gene, and unfortunately boys only have one exchomosome. We don't have a backup copy and these boys by the time that there are 10, So they are in a wheelchair by the time they are in the late teens or twent their dead. So the unmet need is huge. Need this, something needed very, very urgently to help these pay boys survive and Le normal life. We do not know the outcome of the trial yet, So we are as curious as you are on how the trial will read out. This would be a significant opportunity to tell patient. That this trial is positive because this would be a huge hope to these boys that otherwise would have to die. All question Bank Thank.

Basically mostly boys. And package here because. It's an extra Muslim links. A mutation in the dystrophin gene and Unfortunately boys on <unk>. So we don't have a backup copy. And these boys by the time that 10, <unk> so they're in a wheelchair by the time the law.

And package here because. It's an extra Muslim links. A mutation in the dystrophin gene and Unfortunately boys on <unk>. So we don't have a backup copy. And these boys by the time that 10, <unk> so they're in a wheelchair by the time the law.

It's an extra Muslim links. A mutation in the dystrophin gene and Unfortunately boys on <unk>. So we don't have a backup copy. And these boys by the time that 10, <unk> so they're in a wheelchair by the time the law.

A mutation in the dystrophin gene and Unfortunately boys on <unk>. So we don't have a backup copy. And these boys by the time that 10, <unk> so they're in a wheelchair by the time the law.

And these boys by the time that 10, <unk> so they're in a wheelchair by the time the law.

in their late teens or early twenties, death. So the unmet need is huge. It's something needed very, very urgently to help these boys survive and live normal lives. Now we don't know the outcome of the trial yet, so we are as curious as you are on how the trial will readout. This would be a significant opportunity to help patients. What that translates to is about 2 -3 billion in peak sales, but the sales will come gradually as the label is going to be extended. We have now in Q3 already two markets outside of the US where we have received an approval and all I can say is I really, really hope that this trial is positive because this would be a huge hope to these boys because otherwise they would have to die.

Speaker 2: So the unmet need is huge. Need this, something needed very, very urgently to help these pay boys survive and Le normal life.

So the unmet need is huge. Is it something needed very very urgently to help these paid voice survive in these normalized. No. We don't know the outcome of the trial yet. So we are I was curious if you are on how the trial readouts. This would be a significant opportunity to tell patients. That translates to is. About $2 $3 billion in peak sales, but this will come the sales will come. Gradually as the label is going to be extended we have now in Q3 already to markets outside of the U S. Where we have received an approval and all I can say is you know I really really hope. This trial is positive because this would be a huge hope to these boys because otherwise we'd have to die.

Is it something needed very very urgently to help these paid voice survive in these normalized. No. We don't know the outcome of the trial yet. So we are I was curious if you are on how the trial readouts. This would be a significant opportunity to tell patients. That translates to is. About $2 $3 billion in peak sales, but this will come the sales will come. Gradually as the label is going to be extended we have now in Q3 already to markets outside of the U S. Where we have received an approval and all I can say is you know I really really hope. This trial is positive because this would be a huge hope to these boys because otherwise we'd have to die.

No. We don't know the outcome of the trial yet. So we are I was curious if you are on how the trial readouts. This would be a significant opportunity to tell patients. That translates to is. About $2 $3 billion in peak sales, but this will come the sales will come. Gradually as the label is going to be extended we have now in Q3 already to markets outside of the U S. Where we have received an approval and all I can say is you know I really really hope. This trial is positive because this would be a huge hope to these boys because otherwise we'd have to die.

Speaker 2: We do not know the outcome of the trial yet, So we are as curious as you are on how the trial will read out. This would be a significant opportunity to tell patient.

We don't know the outcome of the trial yet. So we are I was curious if you are on how the trial readouts. This would be a significant opportunity to tell patients. That translates to is. About $2 $3 billion in peak sales, but this will come the sales will come. Gradually as the label is going to be extended we have now in Q3 already to markets outside of the U S. Where we have received an approval and all I can say is you know I really really hope. This trial is positive because this would be a huge hope to these boys because otherwise we'd have to die.

This would be a significant opportunity to tell patients. That translates to is. About $2 $3 billion in peak sales, but this will come the sales will come. Gradually as the label is going to be extended we have now in Q3 already to markets outside of the U S. Where we have received an approval and all I can say is you know I really really hope. This trial is positive because this would be a huge hope to these boys because otherwise we'd have to die.

That translates to is. About $2 $3 billion in peak sales, but this will come the sales will come. Gradually as the label is going to be extended we have now in Q3 already to markets outside of the U S. Where we have received an approval and all I can say is you know I really really hope. This trial is positive because this would be a huge hope to these boys because otherwise we'd have to die.

About $2 $3 billion in peak sales, but this will come the sales will come. Gradually as the label is going to be extended we have now in Q3 already to markets outside of the U S. Where we have received an approval and all I can say is you know I really really hope. This trial is positive because this would be a huge hope to these boys because otherwise we'd have to die.

Gradually as the label is going to be extended we have now in Q3 already to markets outside of the U S. Where we have received an approval and all I can say is you know I really really hope. This trial is positive because this would be a huge hope to these boys because otherwise we'd have to die.

Speaker 15: That this trial is positive because this would be a huge hope to these boys that otherwise would have to die. All question Bank Thank.

This trial is positive because this would be a huge hope to these boys because otherwise we'd have to die.

Operator: All questions answered. Thank you. And we move on to [inaudible] from [inaudible] group. There seems to be a technical problem here. Okay let us first move on and then we will try it a second time. Next one would be Peter Welford. Peter?

Operator: All questions answered?

All the questions.

Unknown: Yes, thank you. 

Yes.

Operator: We move on to [inaudible] from [inaudible] Group.

There seems to be a technical problem here. Okay, let's move on and then we'll try it a second time.

Yeah. Okay. Okay. Yeah. Okay.

Okay. Okay. Yeah. Okay.

Okay. Yeah. Okay.

Yeah. Okay.

Okay.

It seems to be a technical problem here just. Oh.

Oh.

Operator: There seems to be a technical problem here. Okay let us first move on and then we will try it a second time. Next one would be Peter Welford. Peter?

Okay, let's move on and then we try the second time.

Next one would be Peter Welford. Peter?

Peter James Welford: Hi, thanks for taking my question. I have three but they're fairly short. Firstly on the [inaudible]  could you just give us an update of what you're seeing in Japan? It was an the early launch country, some encouraging commentary, but equally sales this year seem to have been relatively sluggish quarter on quarter, even currency aside given some of the trends we see here. Is [inaudible] you could speak to that but if you can just talk a little bit about what you're seeing in the Japanese market?

Peter. Yes. Hi, Thanks for taking my question the three baskets. Firstly on the bi.

Yes. Hi, Thanks for taking my question the three baskets. Firstly on the bi.

Peter James Welford: Hi, thanks for taking my question. I hate three but they're very short. Firstly on VABYSMO, I wondering if you could just give us an update on what you're seeing in Japan, I think was a relatively early launch country and some encouraging sort of commentary, but equally failed this year seemed to have been relatively sluggish quarter on quarter even currency aside given some of the trends we hear. Is there any sort of [inaudible] we should consider there? Why don't you just talk a little bit about what you're seeing in the Japanese market.

Hi, Thanks for taking my question the three baskets. Firstly on the bi.

Firstly on the bi.

If you could just give us an update of what you say in Japan. It was already the early launch countries. Some encouraging commentary, but equally sales. This year seem to have been relatively sluggish quarter on quarter, even current tsi given some of the trends. We here is really to the factories you could speak to that but if you can just talk a little bit about wouldn't stay in the Japanese market.

Speaker 11: Secondly then, just from China, I guess this is probably primarily for Matt, I'm curious relative to your peers, you seem to have a relative robust business in China in diagnostics. Maybe it's even growing. Not sure if you can particularly comment but a lot of people have talked about the anti corruption initiative and some of the headwinds you're seeing there particularly for instruments, but also even for ongoing consumer sales. Perhaps you can talk about what you're seeing for diagnostics in China during this quarter- and I guess maybe open [inaudible] as well is there any impact, like as doctors you're seeing?

Secondly then just on China, I guess this is probably primarily for Matt. I'm curious relative to your peers, you seem to have a relatively robust business in China in diagnostics, maybe [inaudible] grow in the industry, I don't know if you can comment but a lot of peers have talked about the anticorruption initiatives and some of the headwinds buffeting that particularly for instruments, but also even for ongoing consumer sales. Perhaps you could talk about what you're seeing for diagnostics in China during this quarter. And I guess maybe I would ask Teresa as well is there any impact prices [inaudible]?

But a lot of peers have talked about the anticorruption initiatives and some of the headwinds buffeting that particularly for instruments, but also even for ongoing consumer sales. Perhaps you could talk about what you will see the diagnostics in China during this quarter.

Speaker 11: Perhaps you can talk about what you're seeing, the diagnostics in China during this quarter- and I guess maybe open it de as well. You know there. Is there any impact, like as doctors you're seeing, or?

Perhaps you could talk about what you will see the diagnostics in China during this quarter.

Maybe I would have to Teresa as well is there any impact prices don't as Youll see again so.

Speaker 11: And then just thirdly a quick one on [inaudible] again, just on DMD, curious, do you have freedom to price in your countries as you see fit? The reason I ask that is obviously Roche sets price fairly sensibly across the US if you like, and adopt the worldwide pricing. Obviously, in case the drug could be very costly, but clearly in different markets sold by different people, so could you just talk little about that price for that drug? Thank you.

And then just thirdly quick one [inaudible] again just on BMD, curious do you have freedom to price in your countries as you see fit? The reason why I asked that is obviously, Russia based price fairly I guess sensibly across in the US. If you adopt the worldwide pricing, whereas obviously in this case it just it could be very costly, but clearly different markets owned by different people. So if you just talk a little bit about that pricing backdrop. Thank you.

And just a BMD curious do you have freedom to price. Youll countries as you see fit the reason why I asked that is obviously, Russia based price. Fairly well. What we're trying to I guess sensibly across. In the U S. If you adopt the worldwide pricing, whereas obviously in this case it just it could be very costly, but clearly different bucket by different people. So if you just open letter that future pricing backdrop. Thank you.

Youll countries as you see fit the reason why I asked that is obviously, Russia based price. Fairly well. What we're trying to I guess sensibly across. In the U S. If you adopt the worldwide pricing, whereas obviously in this case it just it could be very costly, but clearly different bucket by different people. So if you just open letter that future pricing backdrop. Thank you.

Fairly well. What we're trying to I guess sensibly across. In the U S. If you adopt the worldwide pricing, whereas obviously in this case it just it could be very costly, but clearly different bucket by different people. So if you just open letter that future pricing backdrop. Thank you.

What we're trying to I guess sensibly across. In the U S. If you adopt the worldwide pricing, whereas obviously in this case it just it could be very costly, but clearly different bucket by different people. So if you just open letter that future pricing backdrop. Thank you.

In the U S. If you adopt the worldwide pricing, whereas obviously in this case it just it could be very costly, but clearly different bucket by different people. So if you just open letter that future pricing backdrop. Thank you.

Teresa A. Graham: Great. So I'll start with [inaudible]. So the Japan launch rate was quite strong and we're currently at 14% share with 50% of those patients being naive. I think they continue to work hard to educate their physicians and are making progress. So I don't think we're disappointed in any way with how the launch in Japan is going.

Teresa A. Graham: So I'll start with VABYSMO. So the Japan launch is quite strong. We're currently at 14% share with 50% of those patients being naive. I think they continue to work hard to educate their rental physicians and are making progress. So I don't think we're disappointed in any way with how the launch in Japan is going. And then maybe Matt since your China business is bigger than mine I'll let you answer that but I'll answer the DND question quickly which is yes, we have freedom to price in our markets.

So I'll start with nobody is now so the Japan launch rate was quite strong and we're currently at 14% share with 50, 50% of those patients being naive I think they continue to work hard to educate their educate there at all positions and are making are making progress. So I don't think we're disappointed in any way. With with how the launch in Japan is going.

Speaker 4: So I don't think we're disappointed in any way with how the launch in Japan is going and then maybe thatnot since your China vis this is bigger the mindal let answer that but ill answer the D N D question quickly which is yes we have freedom to price in our.

With with how the launch in Japan is going.

And then maybe Matt since your China business is bigger than mine, I'll let you answer that, but I'll answer the DNB question quickly, which is yes, we have freedom to price in our markets.

Speaker 16: Sure, thanks for the question. Like I said, our APAC business- excluding COVID-is growing 11% and China is a major contributor to that. So our China business is performing quite well. And to specifically answer your question about the Anti Corruption Act, no, we don't see an impact on our business from that. Again, China is one of our most sophisticated organizations and we feel it's running quite well. And from a pharma perspective, plus one. Peter, everything answered? Yeah, that's great. Thank you.

Sure, thanks for the question. Like I said, our APAC business- excluding COVID-is growing 11% and China is a major contributor to that. So our China business is performing quite well. And to specifically answer your question about the Anti Corruption Act, no, we don't see an impact on our business from that. Again, China is one of our most sophisticated organizations and we feel it's running quite well. And from a pharma perspective, plus one. Peter, everything answered?

Sure, thanks for the question. Like I said, our APAC business- excluding COVID-is growing 11% and China is a major contributor to that. So our China business is performing quite well. And to specifically answer your question about the Anti Corruption Act, no, we don't see an impact on our business from that. Again, China is one of our most sophisticated organizations and we feel it's running quite well. And from a pharma perspective, plus one.

Matthew Sause: Sure, thanks for the question. Like I said, our APAC business- excluding COVID-is growing 11% and China is a major contributor to that. So our China business is performing quite well. And to specifically answer your question about the Anti Corruption Act, no, we don't see an impact on our business from that. Again, China is one of our most sophisticated organizations and we feel it's running quite well.

Sure. Thanks for the question. Like I said, our APAC business, excluding COVID is growing 11% and China is a major contributor to that, so our China business is performing quite well. And specifically to answer your question about the Anti Corruption Act, no, we don't see an impact on our business from that. Again, China is one of our most sophisticated organizations and we feel it's running quite well. And from a pharma perspective plus one.

Matt Sause: Sure. Thanks for the question. Like I said, our APAC business, excluding COVID is growing 11% and China is a major contributor to that, so our China business is performing quite well. And specifically to answer your question about the Anti Corruption Act, no, we don't see an impact on our business from that. Again, China is one of our most sophisticated organizations and we feel it's running quite well.

And to specifically to answer your question about the anti corruption Act no. We don't see an impact on our business from that. Again, China is one of our most sophisticated organizations and we. We feel it's running quite well and from a pharma perspective plus one.

Again, China is one of our most sophisticated organizations and we. We feel it's running quite well and from a pharma perspective plus one.

We feel it's running quite well and from a pharma perspective plus one.

Teresa A. Graham: And from a pharma perspective, plus one.

Teresa A. Graham: And from a pharma perspective plus one.

Operator: Peter, everything answered?

Peter James Welford: Yeah, that's great. Thank you.

Operator: Peter, everything answered?

Peter James Welford: Yeah, that's great. Thank you.

Operator: Okay. And when we give it a second try, [inaudible] from Ole Group. Laura, please?

Operator: Okay, then we'll give it a second try. Laura [inaudible] from Olay Group. Laura, please? It remains somehow blocked. There's nothing I can do right now, then I would just ask you please to reach out to the investor relations  team. We are at the end of the Q3 call so the IR team will be available for the rest of the day, happy to take your calls. And with that, I wish you a good day. Bye, Bye.

And when we give it a second try Nora writeoff from Ole Group Laura Please.

Yeah. Okay. Yeah.

Okay. Yeah.

Yeah.

Speaker 15: Remains somehow blocked, there's nothing I can do right now, then I would just ask you please, to reach out to the inrestoration team, and we are at the end of the Q3 calls, So the IR team will be available for the rest of the day, happy to take your calls, and with that I wish you a good day. Bye, Bye.

Okay, she remains somehow blocked. There's nothing I can do right now. Then I would just ask you please to reach out to the Investor Relations team. We are at the end of the Q3 call. So the IR team will be available for the rest of the day, happy to take your calls. And with that, I wish you a good day. Bye bye. 

Nothing I can do right. Now then I would just ask you please to reach out to the Investor Relations team.

We are at the end of the Q3 call. So the IR team will be available for the rest of the day happy to take your calls and with that I wish you a good day bye bye.

Yeah. Goodbye.

Goodbye.