Q4 2023 Sanofi SA Earnings Call

February 1, 2024

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Speaker Change: You have joined the meeting as an attendee and will be needed throughout the meeting this meeting is being recorded.

Speaker Change: In 2020.

So look by a Q&A session as usual you can find the slides to this call on the investors page of our website at <unk> Dot com move.

Speaker Change: When we look by a Q&A session.

Speaker Change: You can find the slides to this call on the investors page of our.

Speaker Change: Web site at <unk> Com.

Moving to slide three I would like to remind you that information presented in this call will contain forward looking statements that involve known and unknown risks uncertainties and other factors that may cause actual results to differ materially I refer you to our form 20-F document on file with the SEC and also our document dovish swim UV upsells.

Speaker Change: Moving to slide three I would like to remind you that information presented in this call will contain forward looking statements that involve known and unknown risks uncertainties and other factors that may cause actual results to differ materially I would say you to our form 20-F document on file with the SEC and also our document.

Speaker Change: For a description of these risk factors for that please advance to slide four our speakers on the call today are Paul Hudson, Chief Executive Officer, Luminous Raphael <unk> Global head of R&D at Easter Shuts Yung, Chief Financial Officer, and the global business unit had Brian for too much yield will you get xiaomi and <unk>.

For a description of these risk factors, but that please advance to slide four.

Our speakers on the call today are Paul Hudson, Chief Executive Officer, Roman Ashraf Yang Global head of R&D No my teeth to shut the young Chief Financial Officer, and the global business unit had Brian for Tohmatsu meals with Xiaomi and Judy My knowledge about.

Would you want to organize the Q&A you have two options to participate up to one piece of advice hand icon at the bottom of your screen for Akshay to submit your question by clicking the Q&A icon at the bottom of the screen and with that I'd like to turn the call over to Paul well. Thank you Heather and thanks, everyone for joining our call today.

The Q&A you have two options to participate auction one click the bes hand icon at the bottom of your screen or option to submit your question by clicking the Q&A I can at the bottom of the screen and with that I'd like to turn the call over to Paul well. Thank you <unk>.

Thanks, everyone for joining our call today before we discuss the Q4 highlights.

Paul Hudson: Before I discuss the Q4 highlights.

I'll start by updating you on another announcement, we made this morning.

Paul Hudson: Call by updating you on another announcement, we made this morning.

Francois Xavier and Jose will join Sanofi, taking over the role of CFO effective April the first 2024.

Paul Hudson: Francois Xavier Jose will join Sanofi, taking over the role of CFO effective April the post two.

Paul Hudson: 2024.

I'm pleased to welcome him at Sanofi is an accomplished and widely recognized finance executive with a proven track record and accelerated value creation.

Paul Hudson: Very pleased to welcome him at Sanofi is an accomplished a widely recognized finance executive with a proven track record and accelerated value creation.

Some of you may have.

Paul Hudson: Some of you may have met him already before either in his role at <unk> in the past and Takeda.

Adam already before either in his role at <unk> in the past that Takeda.

He will take care of our finance organization that has been significantly modernized into jb's leadership over the past five years.

Paul Hudson: You'll take care of our finance organization that has been significantly modernized in the Jb's leadership over the past five years.

Jamie has been instrumental for the successful execution of the first chapter of our play to win strategy and creating the growth opportunities ahead of us with.

Paul Hudson: Jamie has been instrumental for the successful execution of the first chapter of our play to win strategy and creates and the growth opportunities ahead of us.

With J P. At the helm of our finance team, we have consistently delivered healthy top line growth over the last years.

Jamie: J P. At the helm of our finance team, we have consistently delivered healthy top line growth over the last years.

Speaker Change: Significant margin improvement in $2 7 billion euro of cost efficiencies.

Jamie: Significant margin improvement in $2 7 billion euro of cost efficiencies.

Speaker Change: That will all reinvested behind our growth drivers from pipeline. He also worked closely with Olivier and Julie on the simplification of Gen med in the Standalone of our consumer health business too.

Jamie: That will all reinvested behind our growth drivers from pipeline. He also worked closely with Olivier and Julie on the simplification of Gen med in the Standalone of our consumer health business.

Speaker Change: Two critical projects that will deliver significant value for the company and its shareholders.

Jamie: Critical projects that deliver significant value to the company and shareholders.

Speaker Change: Many of you may not be aware about jbt's long standing personal commitment to charity work.

Jamie: Many of you may not be aware about jbt's long standing personal commitment to charity work.

Jamie: You decided to develop the next stage of his career by leading a renowned French based foundation and I'm, 100% certain of the positive impact J B will continue to have on People's lives I would like to take the opportunity here to warmly. Thank him for his dedication and leadership.

Speaker Change: Aided to devote the next stage of his career by leading a renowned French based foundation and I'm, 100% certain of the positive impact JP will continue to have on People's lives.

Speaker Change: I'd like to take the opportunity here to warmly. Thank him for his dedication and leadership. He has been a great partner to me and Dare I say, it a friend and to the rest of the Executive Committee.

It's been a great partner to me and Dare I say, it a friend and to the rest of the Executive Committee.

Paul Hudson: Thank you Jamie.

Speaker Change: Thank you Jamie.

Paul Hudson: 2023 marked a pivotal year for Sanofi as we became a development driven tech powered Biopharma company, our core growth drivers in specialty care and vaccines continue to deliver the main drive remains to pixel, which continued to deliver stellar performance in all approved indications that across geographies.

Speaker Change: 2023 marked a pivotal year for Sanofi as we became a development driven tech powered Biopharma company, a cool great drivers in specialty care and vaccines continue to deliver the main drive remains to pixel, which continue to deliver stellar performance in all approved indications that across geographies.

Paul Hudson: <unk> added $2 4 billion euros, the topline of $2 8 billion euros of constant exchange rate.

Speaker Change: <unk> added $2 4 billion yours, the topline over $2 8 billion or the constant exchange rate.

Paul Hudson: 2023 also amongst a very successful year for our vaccine business with the launch of a photo surreal moment for our strategy and execution and general medicines are core assets kept growing GPU sales were lower overall due to net price erosion and we continue to actively manage our portfolio and divest non strategic products.

Speaker Change: 2023 also amongst the very successful year for our vaccine business with the launch of a photo surreal moment for our strategy and execution.

Speaker Change: In general medicines are core assets kept growing GPU sales were low overall due to net price erosion and we continued to actively manage our portfolio and divest non strategic products.

Operator: You have joined the meeting as an attendee and will be muted throughout the meeting. This meeting is being recorded. As usual, you can find the slides for this call on the investors page of our website at sunmedia.com. Moving to Slide 3, I would like to remind you that the information presented in this call contains forward-looking statements that involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. I refer you to our Form 20-F document on file with the SEC and also our Document d'Overgiftement Universelle for a description of these risk factors.

Paul Hudson: Moving to consumer health care business delivered more than 6% growth driven by priority brands and the recently acquired <unk>, which is an excellent strategic fit for our business.

Speaker Change: Moving to consumer health care business delivered more than 6% growth driven by priority brands and the recently acquired <unk>, which is an excellent strategic fit for our business.

Paul Hudson: As you know last quarter, we announced our intention to separate our CHP business. Following our earlier decision to create a standalone unit to fully unlock its value.

Speaker Change: Janiero last quarter, we announced our intention to separate our CHP business. Following our earlier decision to create a standalone unit to fully unlock its value.

Paul Hudson: This will also allow us to better focus time and resources as a pure play Biopharma company. We're in the process of reviewing potential separation scenarios, we still believe that the <unk> slightly to maximize shareholder value would be through a capital markets transaction to create a public listed company headquartered here in Paris subject to market conditions of course.

Speaker Change: This will also allow us to better focus time and resources. That's a pure play Biopharma company. We're in the process of reviewing potential separation sorry is it still believes that the pathway slightly to maximize shareholder value would be through a capital markets transaction to create a public listed company headquartered here in Paris subject to market conditions of course.

Jamie: The separation to be achieved by the earliest Q4 2024.

Speaker Change: The separation to be achieved by the earliest Q4 2024.

Jamie: In a nutshell the strong performance of depiction on our key launches more than offset the anticipated impact of the loss of exclusivity of a badger our last major alloy for the remainder of the decade excluding of last year.

Speaker Change: In a nutshell the strong performance of depiction on our key launches more than offset the anticipated impact of the loss of exclusivity of a badger our last major alloy for the remainder of the decade, excluding last year.

Operator: With that, please advance to slide four. Our speakers on the call today are Paul Hudson, Chief Executive Officer, Humana Shrathiyan, Global Head of R&D, Jean-Marie de Chagallion, Chief Financial Officer, and the Global Business Unit Heads, Brian Ford, Thomas Dion, Olivier Charmeil, and Yvonne Rondon. Q&A Q&A, 1, click the right-hand icon at the bottom of your screen to submit your questions.

The underlying sales growth of our business was 8.1% in 2023 Fabulous underlying our growth trajectory moving now to slide seven which perfectly demonstrates our ability to be laser focused when it comes to launch excellence as we turn Sanofi into a launch engine <unk> and Tcl generated sale.

Speaker Change: The underlying sales growth of our business was 8.1% in 2023, a fabulous underlying growth trajectory moving now to slide seven which perfectly demonstrates our ability to be laser focused when it comes to launch excellence as we turn Sanofi into a launch engine pay photocell TVN Tcl generated sale.

Todd: And with that, I'd like to turn the call over to Todd. Well, thank you, Eva, and thanks everyone for joining our call today. But we'll discuss the Q4 highlights. We'll start by updating you on another announcement we made this morning. Francois-Xavier Cotier will join Sanofi, taking on the role of CFO effective April 11, 2024. I'm very pleased to welcome him at Sanofi as an accomplished and widely recognized finance executive with a proven track record of accelerated value creation. You may have met him before, either in his role in NFA or in the past at Decatur.

Speaker Change: And more than 700 million euros in 2023 far exceeding our expectations by.

Speaker Change: The more than 700 million euros in 2023 far exceeding our expectations.

Speaker Change: Great photos face an unprecedented demand while we've already been able to protect almost 2 million babies. This first season, clearly confirm the importance of our all infant protection strategy.

Speaker Change: Great photos face an unprecedented demand while we've already been able to protect almost 2 million babies. This first season clearly confirmed the importance of our all infant protection strategy.

Speaker Change: <unk> is capturing more than 50% of all switches in the United States Hemophilia, a market and <unk> create a great excitement amongst conditions as the first and only therapy to delay the onset of type one diabetes.

Speaker Change: <unk>, capturing more than 50% of all switches in the United States Hemophilia, a market and Tcl created great excitement amongst conditions as the first and only therapy to delay the onset of type one diabetes.

Speaker Change: These three transformational medicines to in a growing number of Sanofi as the product launches 2019, new products generated over $2 2 billion euros in 2023 across different fast growing therapeutic areas. These launches what I'm sure topline next to the pixel for many years and again keeping in mind that we will not face major alloy for the rest of the decade.

Speaker Change: These three transformational medicines to and a great number of Sanofi as the product launches since 2019, new products generated over $2 2 billion euros in 2023 across different fast growing therapeutic areas. These launches will have to our topline next to the pixel for many years and again keeping in mind that we will not face major alloy for the rest of the decade.

Todd: You'll take over a financial organization that has been significantly demodernized under JV's leadership over the past five years. J.B. has been instrumental in the successful execution of the first chapter of our pay-to-win strategy and creating the growth opportunities ahead of us. With JV at the helm of our finance team, we have consistently delivered healthy top-line growth over the last years, a significant BOR and margin improvement, and 2.7 billion euros of cost efficiency, which were all reinvested behind our great drivers and pipeline. We also worked closely with Olivier and Julie on the simplification of GenMed and the standalone of our consumer health business, two critical projects that deliver significant value to the company and shareholders. Many of you may not be aware of JB's long-standing personal commitment to charity work.

Speaker Change: As you remember from our R&D day on December 7th we believe that we have everything it takes to become the leading immunology company. In addition to the recent pharma launches we have a record number of medicines in our pipeline with potential blockbuster status, including three with the potential for over $5 billion in peak sales.

Speaker Change: We expect these launches to exceed 10 billion euros of sales by 2030 at the same time to pixel keep being a once in a career and a life changing medicine, continuing to deliver a low double digit sales growth CAGR until 2030, and finally <unk>.

Speaker Change: The sales by 2030 at the same time to pixel deep being a once in a career and a life changing medicine, continuing to deliver a low double digit sales growth CAGR until 2030 and finally.

Operator: Thank you all for joining us today. Thank you all for joining us today. Thank you all for joining us today.

Speaker Change: Both driver vaccines will continue to power forward with its leading positions in RSV flu pediatric combination vaccines and other franchises, bringing more than $10 billion in sales by 20.

Paul Hudson: I would like to take the opportunity here to thank him for his dedication and leadership. He's been a great partner to me, and dare I say, a friend, and to the rest of the Executive Committee. Thank you to you two. 2023 marked a pivotal year for Sanofi as we began its development driven and tech-powered by a pharma company. Of course, no driver has invested in care and vaccines and can continue to deliver. The main driver remains Pickleton, which can continue to deliver stellar performance and all approved indications of a prosperous job. The victim added 2.4 milliroys at the top line or 2.8 milliroys at the constant chain rate.

Speaker Change: Moving to slide nine we are very excited about <unk> potential to become the first biologic to treat COPD and with our partner Regeneron, we are making rapid progress in submitting applications for approval in Europe. The U S and also China.

Speaker Change: Moving to slide nine we are very excited about <unk> potential to become the first biologic to treat COPD and with our partner Regeneron, we're making rapid progress in submitting applications for approval in Europe. The U S and also China.

Speaker Change: That's certainly not forget it's affecting my bar anti IL 33, monoclonal antibody, which holds additional potential for COPD recent phase II results. This asset were highly encouraging and the two large phase III trials and are nearing completion of enrollment pivotal results are expected in 2025.

Speaker Change: Together <unk>, it's a pack of map out the potential to address a large CBD population with limited overlap. We believe that these two medicines combined to have a peak sales potential of greater than 5 billion euros and COPD.

Speaker Change: Together do pixel to peg a map out the potential to address a large CBD population with limited overlap. We believe that these two medicines combined to have a peak sales potential of greater than 5 billion euros in COPD.

Paul Hudson: 2023 also marks a very successful year for our vaccine business, with the launch of BabyBorders, a real moment for our strategy and energy usership. In general momentum, our core assets kept growing, GPU sales were low over the course of the year due to net price erosion, and we continue to actively manage our portfolio and divest in non-strategic products. Moving into consumer health care, the business is at more than 60% growth, driven by a priority brand and the recent QNOF, which is an excellent strategic fit for our business. As you know, last quarter we announced our intention to separate our CAC businesses following our earlier decision to create a standalone unit to fully unlock its value. This will also allow us to have more time and resources as a pure-play platform again.

Speaker Change: Let me now share with you some of our key priorities for the year number one is to keeping laser focused on the best in class launches, we're working closely with our partner Astrazeneca and regulatory authorities to increase the supply of <unk> for 2024, and 2025 to meet this tremendous demand for our <unk>, we continue to capture patient share in the U S hemophilia a market and <unk>.

Speaker Change: Let me now share with you some of our key priorities for the year number one is to keeping laser focused on the best in class launches, we're working closely with our partner Astrazeneca and regulatory authorities to increase the supply of Bay forces for 2024, and 2025 to meet this tremendous demand for our <unk>, we continue to capture patient share in the U S hemophilia a market and.

Speaker Change: Drive geographic expansion after a very promising start in Japan.

Speaker Change: Drive geographic expansion after a very promising start in Japan, and <unk>, we will increase our efforts around the patient screening and enrollment in our support programs and of course, the launch preparations for <unk> in COPD are well underway number two we keep moving swiftly on our pipeline priorities, we expect totally bruton of phase III data.

Speaker Change: <unk>, we will increase our efforts around the patient screening and enrollment in our support programs and of course, the launch preparations for <unk> in COPD are well underway number two we keep moving swiftly on our pipeline priorities, we expect totally bruton of phase III data for both relapsing remitting in secondary progressive a mass around midyear, we will issue.

Paul Hudson: We're in the process of reviewing potential separations, but I still believe that the path most likely to maximize shareholder value would be through a capital markets transaction to create a public listed company headquartered here in Paris, subject to market conditions, of course, the separation to be achieved in the earliest Q4 2020. In a nutshell, the strong performance of Tickson and R&D launches more than offset the anticipated impact of the lobby's exclusivity of Including Avaggio.

Speaker Change: For both relapsing remitting and secondary progressive I'm asked around midyear, we will initiate the planned trials for many of our promising immunology neurology and vaccine asset.

Speaker Change: The planned trials for many of our promising immunology neurology and vaccine assets.

Speaker Change: Finally on costs, a reallocation, we announced a few months ago, a new set of efficiency initiatives across the biopharma business that will free up operational resources to support the accelerated R&D investments and unlocked.

Finally on cost reallocation, we announced a few months ago, a new set of efficiency initiatives across the biopharma business that will free up operational resources to support the accelerated R&D investments and unlocked.

Speaker Change: Value creation opportunities, we continue to target savings of up to 2 billion euros from 24 to the end of 'twenty five to fund innovation and growth to sum it up 2020 for the year of investment in science lockup pipeline and position us for strong EPS rebound in 2025.

Paul Hudson: The underlying sales growth of our business was 8.1% in 2023. A fabulous underlying approach. Moving now to 5.7, which perfectly demonstrates our ability to be late to focus when it comes to the Lord Jekyll and Hyde, which turns out to be an incredible danger. Faith Borders held two DOT deals generating sales of more than €700 million in 2023, far exceeding our expectations. It faced unprecedented demand.

Speaker Change: Let me conclude by highlighting some of our commitments to the fight against climate change, we're making clear progress on our trajectory to reach carbon neutrality by 2030, exemplified by leveraging renewable electricity and expanding our eco car fleets as a reminder, our ambitions in 2030 and 2045 abetted by the SPT.

Speaker Change: Let me conclude by highlighting some of our commitments to the fight against climate change, we're making clear progress on our trajectory to reach carbon neutrality by 2030, exemplified by leveraging renewable electricity and expanding our <unk> as a reminder, our ambitions in 2030 and 2045 abetted by the SPT.

Paul Hudson: While we've already been able to protect almost 2 million babies, this is the first season clearly confirming the importance of our all-infant protection strategy. Olivier is catching more than 50% of all twitches in the United States human market. And TZL creates great excitement among physicians as the first known therapy to delay the onset of type 1 diabetes. These three accounts are made by Medenstone, who own a great number of Nopony Product Launchers since 2019. New products generated over $2.2 billion in 2023 across different pharmaceutical and therapeutic areas. These launchers will have brought top-line initiatives to existence for many years, and, again, keeping in mind that we will not face major LOE for the rest of the decade. As we remember from our R&D day on December 7th, we believe that we have everything it takes to become the leading immunology company. In addition to the recent pharma launches, we have a record number of medicines in our pipeline with potential plus-plus status, including three with the potential for over 5 billion PPE sales. We expect these launches to exceed 10 billion in sales by 2030. At the same time, you've picked up on PPE being a once-in-a-career drug and a life-changing medicine.

Speaker Change: The science based targets initiatives we.

Speaker Change: The science based targets initiatives, we attended cop 28, bile acid samba and a push to elevate the need for stronger collaboration across health care systems, where active contributors to the sustainable marks this initiative and have the privilege to lead the patient care pathways working group, where we focus our efforts on how to reduce carbon emissions from health systems.

Speaker Change: We attended Cop 28, bile acid samba and a push to elevate the need for stronger collaboration across health care systems, where active contributors to the sustainable Knox initiative and have the privilege to lead the patient care pathways working group, where we focus our efforts on how to reduce carbon emissions from health systems, while improving health outcomes for patients.

Speaker Change: <unk>, while improving health outcomes for patients.

Speaker Change: Well I now hand, it over to him and head of R&D, who will share more insights into our R&D priorities our milestones for this year.

Speaker Change: I now hand, it over to him and head of R&D, who will share more insights into our R&D priorities our milestones for this year.

Him: Thank you Paul.

Speaker Change: Thank you Paul.

Speaker Change: As we discussed with you in December at our R&D day scientific delivered an unprecedented cadence of positive news and important data reads out we don't last year across major projects with blockbuster potential.

Speaker Change: As we discussed with you in December at our R&D day scientific delivered an unprecedented cadence of positive news and important data readout readouts last year across major projects.

Speaker Change: Is that potential.

Speaker Change: By increasing our investments in R&D, we intend to fully capitalize on the great opportunities ahead of us are prioritizing pipeline assets with meaningful growth potential and extending the opportunities successfully launched Matt.

Speaker Change: Increasing our investments in R&D, we intend to fully capitalize great opportunities ahead of us are prioritizing pipeline assets with meaningful growth potential and extending the opportunities successfully launched medicines.

Speaker Change: This year, we look forward to several important regulatory milestones readouts from OPEC.

Speaker Change: Here, we look forward to several important regulatory milestones and readouts from alpine.

Speaker Change: As already mentioned by Paul.

As already mentioned by Paul we.

Speaker Change: We expect regulatory milestones detection in COPD and pivotal readouts for calibrating that in relapsing, Ms and secondary progressive Ms as well as relative Britain and ITV.

We expect regulatory milestones the pixel in COPD and pivotal Readouts are calibrating that in relapsing, Ms and secondary progressive Ms as well as relative Britain that an ICP.

Paul Hudson: We will continue to deliver low-double-digit sales growth, CAGR, until 2030. Finally, our growth drive by vaccines will continue to power forward with a leading position in RSV, flu, PDF with combination vaccines and other franchises, bringing more than 10 billion in sales by 2020. Moving to slide 9, we're very excited about the potential for it to become the first biologic to treat COPD, and with our partner Regeneron, we're making rapid progress in submitting applications for approval in Europe, the US, and also China. And let's certainly not forget that it's effective for our anti-IL-33 monoclonal antibody, which holds additional potential for COPD.

I'm Gonna Taliban Reza Britain that we're excited to learn the outcome of that important phase II results in asthma later this year.

Speaker Change: Our heavenly Taliban Reza Burton, we're excited to learn the outcome of an important phase II results in asthma later this year.

Speaker Change: Separately, we're preparing to submit the recent positive phase III results later in first line transplant ineligible myeloma patients FDA approval and expect the pivotal data for subcutaneous administration before year end, which would bring additional upside percent of fee in this large market seeking convenient treatment option.

Speaker Change: Separately, we're preparing to submit the recent positive phase II results in soft data in first line transplant ineligible myeloma patients.

Speaker Change: <unk> approval and expect the pivotal data for subcutaneous administration before year end, which would bring additional upside for <unk> in this large market seeking convenient treatment options.

Speaker Change: As you will recall from R&D day, we highlighted our ambition to increase the number of phase III projects by 50% across immunology neurology and vaccines over next two years a significant number of these pivotal trials have already started today's first patients, including the first amulet Selamat phase III trial in <unk> in.

Speaker Change: As you will recall from R&D day, we highlighted our ambition to increase the number of phase III projects by 50% across immunology neurology and vaccines have in next two years a significant number of these pivotal trials have already started to data first patients, including the first tablets Allomap phase III trial in <unk> and phase III trials of <unk> in both relapsing.

Paul Hudson: Recent phase 2 results were highly encouraging, and the two large phase 3 trials are now near completion of enrollment, with pivotal results expected in 2020. Together, they provide a map of the potential to address a large CPD population with limited overlap.

Speaker Change: In phase III trials them breaks out a map in both relapsing <unk> in secondary progressive Ms.

Paul Hudson: We believe that two medicines combined could have a peak health potential of greater than 5 billion euros in CPP. Let me now share with you some of our key priorities for the year. Number one is to keep a laser focus on the best in-depth launches.

Speaker Change: <unk> in secondary Progressive Ms.

Speaker Change: We are progressing well on our revolving at the right pace as we expect to have more than 35 projects in phase III by 2025.

Speaker Change: Turning to page two we are fortunate to have.

Paul Hudson: We're working closely with our partners, AstraZeneca, and regulatory authorities to increase the supply of biopharmaceuticals for 2024 and 2025 to meet this tremendous demand. For our two-year plan, we continue to cap a share in the U.S. team in the AP market and drive the geographic expansion after a very, very promising start in June Japan. And for T-Heals, we will increase our efforts around patient screening, enrollment, and support.

Speaker Change: And in Asia, a significant number of projects presented at the R&D Day. One example, as Frank <unk> and type one diabetes, where we started with the study assessing different doses and routes of administration we.

Speaker Change: And initiate a significant number of projects presented at the R&D Day. One example is <unk> in type one diabetes, where we started with the study assessing different doses and routes of administration were.

Speaker Change: We're sticking to our strategy of combining strong innovative science with opportunity to address patients major unmet needs.

Speaker Change: You can also I think the proof points of our progress in R&D productivity by our moving our major assets such as the oral <unk> one signaling inhibitor and then secondly into mid stage and both for our portfolio by providing promising solutions for multiple indications.

Speaker Change: You can also see the proof points of our progress in R&D productivity by our moving our major assets such as the <unk> cyclic inhibitor and then second make into mid stage and both for our portfolio by providing promising solution for multiple indications.

Paul Hudson: And, of course, the launch preparations for the big things in COPD are well underway. Number two, we continue to move swiftly on our pipeline priorities. We expect Hollywood to phase three data for both relapsing remitting and sex-experimental grafts to come out around mid-year.

Speaker Change: We believe the increased R&D investment in pivotal phase III program and key phase III trial will offer long term return and benefit of patients and shareholders. This is the essence of the play to win strategy.

Paul Hudson: We will initiate the planned trials for many of our promising immunology, neurology, and vaccine teams. Finally, on cost reallocation, we announced a few months ago a new set of efficiency initiatives across the biopharma business that will free up operational resources to support the acceleration of R&D investments and unlock value creation opportunities. We continue to target savings of up to 2 billion euros from 2024 to 2025 to fund innovation and growth.

Speaker Change: Yeah.

Speaker Change: Moving on slide 16, we provided a granular and concrete sense of areas that we are changing incentive fee R&D recent investor event in new.

Speaker Change: Moving on slide 16, we provided a granular and concrete sense of areas that we are changing and Santa Fe R&D recent investor event in new first we talked about peak investment through dispassionate data driven evaluation of our pipeline, we're investing in only our winning late stage assets to underwrite a long term growth.

Speaker Change: First we talked about investment through dispassionate data driven evaluation of our pipeline, we're investing in only our winning late stage assets to underwrite a longtime gradualism.

Paul Hudson: To sum up, 2024 is the year of investment in finance and positions the EPPF for a strong rebound in 2025. Let me conclude by highlighting some of our commitments to the fight against climate change. We're making good progress on our objectives to reach carbon neutrality by 2030, exemplified by our leveraging renewable electricity and expanding our e-co-conflicts. As a reminder, our ambitions in 2030 and 2045 are guided by the FTEI, the Science-Based Target Initiative. We are attending COP 20 in last November in a push to elevate the needs of stronger collaboration across health care systems. We are active contributors to the Sustainable Markets Initiative and have the privilege to lead the patient care pathways working group, where we focus our efforts on how to reduce our emissions from health systems while improving health outcomes for patients. Well, I now hand over to Madam R.D.

Speaker Change: Accordingly, we will drive our late stage opportunity by launching multiple phase two trials in parallel we need to increase investment in the long term opportunity for us to drive real growth and value for our shareholders.

Speaker Change: Accordingly, we will drive our late stage opportunity by launching multiple phase two trials in parallel we need to increase investment in these long term opportunity for us to drive real growth and value for our shareholders.

Speaker Change: And we will do that in a disciplined way.

Speaker Change: The second thing was that we must earn the right to do that.

The second thing was that we must earn the right to do that.

Speaker Change: We're going to deliver portfolio focus across a breadth of platform sites in Tas, we continue to have the right to win in oncology, but in a focused way.

We're going to deliver portfolio focus across our breadth of platform sites in Tas, we continue to have the right to win in oncology, but in a focused way.

Speaker Change: And we are uniquely complete we.

Speaker Change: And we are uniquely we.

Speaker Change: We are uniquely positioned to win in immunology and inflammation, we have deep covenants in immunology and it's a self fulfilling prophecy lastly, developing better immunology drugs and also Gen research immunology.

Speaker Change: We are uniquely positioned to win in immunology and inflammation, we have deep covenants in immunology and it's a self fulfilling prophecy is less leads to developing better immunology drugs and also Gen research immunology.

Speaker Change: Finally pipeline sustainability, although we've made good progress to improve our R&D productivity with a focus on greater quality. We now have stepped it up by leveraging by in House research and external innovation.

Finally pipeline sustainability, although we've made good progress to improve our R&D productivity and our focus on greater quality, we now step it up by leveraging by in House research and external innovation.

Madam R.D.: who will share more insights into our R.D. priorities and milestones for this year. Thank you. As we discussed with you in December at our R&D Day, SAM is delivering unprecedented cadence of positive news and important data readouts from major projects and blockbusters. By increasing our investment in R&D, we intend to fully capitalise on the great opportunities ahead of us by prioritizing the MedMed method with meaningful growth potential and extending the opportunity to successfully launch MedMed. This year, we look forward to several incredible amounts and read out by myself. As already mentioned by Paul, we're back, right through Milestone, you've picked up some of your JPEs, and we'll read out some of Britain's most relaxing MS and secondary progressive MS, as well as real world Britain in 1990. Emma Laban was a Brut Brut.jem, which side learned the outcome that Marvel Forces say was re-reduced off.

Slide 17 is a great example of Externalization, let me take just one minute to talk about our recently announced acquisition of <unk>.

Speaker Change: Slide 17 is a great example of Externalization, let me take just one minute to talk about our recently announced acquisition of <unk>.

Speaker Change: Fits perfectly with our rare diseases portfolio overlapping with our immune mediated respiratory franchise as underlying the R&D day, we continue to drive our successful red franchise and keep our eyes open for immune mediated disease in the periphery of what we did.

Speaker Change: When it closes.

Speaker Change: This deal will add in hemp breaks 101 traffic.

Speaker Change: This deal will add in hemp rates 101 traffic.

Speaker Change: Our recombinant human Alpha one Antitrypsin FC fusion protein for the treatment of Alpha one antitrypsin deficiency.

And inherited radices about lungs, and liver, causing progressive tissue deterioration.

Speaker Change: And inherited rare disease in the lungs, and liver, causing progressive tissue deterioration.

Speaker Change: One trial showed strong data with a best in class profile, thanks to sustained normal levels and aiming for a better compliance.

Speaker Change: One trial showed strong data with a best in class profile, thanks to sustained normal ATP levels and aiming for a better compliance.

Speaker Change: Potential monthly dosing regimen.

Potential monthly dosing regimen.

Speaker Change: Current standard of care the plasma derived <unk>, leaving patients we are sufficiently effective well validated treatment.

Madam R.D.: And Asima Lakdziya, separately, we're preparing to submit recent post-effective results of sleep disorder and first-line transplant ineligible by Lyme patients. They're getting approval, and in fact, the people who say they have a substance containment issue and it's going to be before year-end, which would bring additional harm to Lyme and Samothaemia in large markets, can be immune-triggered. As you will recall from our R&D day, we highlighted a sufficiently increased number of phase 3 projects by 50% over the last two years. A significant number of these clinical trials were already started to date in our first isolation, including those that were done in phase 3 trials and phase 3 trials of Brecht-Sellar map, and both of those were done in MSX at every previous session.

As across our other rare disease therapies, we're committed to patients with TD.

Speaker Change: As across our other <unk> therapies, we're committed to patients with TD.

Speaker Change: The next readout is expected in 2025 for a potential launch in 2027 with a potentially rapid approval. Following FDA fast track designation granted last may.

Speaker Change: The next readout is expected in 2025 for a potential launch in 2027 with a potentially rapid approval. Following <unk> fast track designation granted last may.

Speaker Change: Blockbuster potential behind this assay is predicated on used by both existing patients and by the anticipated use by increased number of de novo patients that could benefit from the tree.

Speaker Change: The blockbuster potential behind this asset is predicated on used by both existing patients and by the anticipated use by increased number of de novo patients that could benefit from the treatment.

Speaker Change: With great pleasure I now hand over to the GB you had <unk> respective business performance over to you Brian.

Speaker Change: With great pleasure I now hand over to the GV you had <unk> respective business performance over to you Brian.

Brian: Thank you so much among.

Brian: Thank you so much among now taking a closer look at specialty care, where we once again delivered double digit growth in the quarter supported by outstanding performance of detection as Paul mentioned earlier strong demand for this exceptional medicine across all approved indications and geographies continues to be a core driver of specialty care.

Brian: Now taking a closer look at specialty care, where we once again delivered double digit growth in the quarter supported by outstanding performance of detection as Paul mentioned earlier strong demand for this exceptional medicine across all approved indications and geographies continues to be a core driver of specialty care.

Brian: Our rare disease business was another important contributor in the quarter strong growth across Pompeii, Gaucher and fabry products highlights our unique expertise in identifying patients and our ability to drive demand through new patient accruals. The rollout of <unk> as the new standard of care in Pompeii and <unk> continue to be successful in global markets and <unk>.

Brian: Our rare disease business was another important contributor in the quarter strong growth across Pompeii, Gaucher and fabry products highlights our unique expertise in identifying patients and our ability to drive demand through new patient accruals for rollout in XD as islands, the new standard of care in Pompeii and sympathize <unk> continue to be successful in global markets and <unk>.

Madam R.D.: We are working well, and we're evolving at the right pace. We expect to have more than 35 projects by 2025. Turning to page 2, we are fortunate to have, and the enlisted number of projects presented at the R&D day. One example is Frey Film Lab, BBB, where we started with the study of some different kinds of real estate administration.

Speaker Change: Your blood disease, we're very pleased with the continued strong uptake of <unk>. Another exciting launch in specialty care and I'm going to update you a little bit on the insights that the brand's recent performance in just a minute.

Brian: Their blood disease, we're very pleased with the continued strong uptake about TVO another exciting launch in specialty care and I'm going to update you a little bit on the insights of the brand's recent performance in just a minute.

And we believe the continued double digit growth in specialty care is particularly impressive against the backdrop of generic competition for baggio, Santa fees last meaningful low for the rest of the decade.

Brian: Now we believe the continued double digit growth in specialty care is particularly impressive against the backdrop of generic competition for baggio, Santa fees last meaningful low for the rest of the decade.

Madam R.D.: We're sticking to our strategy of combining strong, innovative science with the opportunity to address patients' major unmet needs. You can also see three points of progress in R&D productivity by removing the major assets, the oral care net that we're on, particularly in inhibitors, and then at a second meeting in mid-stage. They're both set up for failure by providing confidence inclusion for multiple initiatives. However, we believe that increasing the investment in a typical pay-per-week program and key phase 2 trials will offer long-term returns and benefit both patients and their families. This is the essence of the Great Wins strategy.

Speaker Change: Generic versions of <unk>, you'll have now entered all key markets, including Europe in September with almost 1 billion euros in sales in 2023, we continue to navigate the impact of generic erosion into 2024, including a particularly high base comparison for <unk> in the first quarter.

Brian: Generic versions of <unk>, you'll have now entered all key markets, including Europe in September with almost 1 billion euros in sales in 2023, we continue to navigate the impact of generic erosion into 2024, including a particularly high base comparison for our <unk> in the first quarter.

Speaker Change: Now moving to my next slide depicts and sales reached almost 3 billion euros in the fourth quarter alone.

Brian: Now moving to my next slide depicts since sales reached almost 3 billion euros in the fourth quarter alone.

Speaker Change: As highlighted on the slide full year sales were up 34% driven by continuous robust growth in both U S and ex U S geographies.

Brian: As highlighted on the slide full year sales were up 34% driven by continuous robust growth in both U S and ex U S geographies.

Speaker Change: Seven years into the initial U S launch in atopic dermatitis, we've achieved and maintained leadership positions in <unk> across all five approved indications and we are confident to deliver around 13 billion euros in sales in 2024 as previously guided.

Brian: Seven years into the initial U S launch in atopic dermatitis, we've achieved and maintained leadership positions in <unk> across all five approved indications and we are confident to deliver around 13 billion euros in sales in 2024 as previously guided.

Madam R.D.: Moving on to slide 16, we provided the granular details and 100% of areas that we are changing in Sanofi R&D, recent investor, event engineers. Third, we talked about making investments. Through dispatching the data to an allocation of our pipeline, we're investing in an earlier-winning late-stage asset to underwrite the long-term growth of Sanofi. Accordingly, we will drive our late-stage opportunities by launching multiple phase-through trials in parallel. We need to increase investment in these long-term opportunities for us to drive real growth and value for our shareholders, and we will do that in a different video. Thank you for watching!

Speaker Change: We remain very excited about the outlook for the brands outstanding commercial success and expect <unk> to become another important growth over overtime and as Paul discussed earlier significant regulatory progress has been achieved with COPD across key markets and we planned for launch in the U S. Later this year now.

Brian: We remain very excited about the outlook for the brands outstanding commercial success and expect <unk> to become another important growth pillar over time and as Paul discussed earlier significant regulatory progress has been achieved with COPD across key markets and we plan for a launch in the U S. Later this year.

Brian: Now as a quick reminder, on the left hand side of the chart you will notice similar to what we have seen in previous years and as is common for specialty biologics Q1 growth usually reflects the impact of higher seasonal patient copay assistance program utilization associated with the annual resetting of insurance deductibles at the beginning of the year.

Madam R.D.: We gained a little bit of a portfolio focus across our friends at Hopkins.edu. We continue to have a right to oncology, but in a focused way. We're uniquely positioned to win in knowledge and information. We have deep problems in immunology, and it's a self-fulfilling prophecy that belief leads to developing better immunology, drugs, and also doing research in immunology. Finally, pipeline sustainability.

Brian: We expect a similar effect to weigh on our reported sales in the first quarter of 2024.

Brian: Now turning to my next side, we saw strong momentum for our <unk> in the fourth quarter <unk> as the comps become a top choice for switches in the hemophilia a market now capturing more than 50% of our switches and this is really driven by the brand's differentiated efficacy profile importantly, two of every three switches comes from competitive products, including.

Brian: Now turning to my next side, we saw strong momentum for our <unk> in the fourth quarter. Our TVO has become a top choice for switches in the hemophilia a market now capturing more than 50% of our switches and this is really driven by the brand's differentiated efficacy profile importantly, two of every three switches comes from competitive products, including <unk>.

Madam R.D.: Although we've made good progress in improving our R&D productivity, with a focus on greater quality, we now have to step it up by leveraging both in-house research and external innovation. Slide 17 is a great example of dissemination. Let me take just one minute to talk about recently announced acquisitions by HIPAA. A Pacific Puff, As I align the RDA, we can continue to drive our social red franchise and keep our eyes on the immediate needs and the periphery of what we do. When it closes, this video will allow you to interpret 101 to Alpha-1, a recombinant human Alpha-1 antitrypsin, an anti-infusion protein for the treatment of Alpha-1 antitrypsin deficiency physicians. An inherited rare disease in the lungs causes progressive tissue deterioration.

Brian: An estimated 10% from non factor him Libra.

An estimated 10% from non factor him Libra.

Brian: In addition to the gains in the number of U S. Patients. We also saw a geographic expansion with a promising launch in Japan late last year.

Brian: And launch today, we've seen a broad uptake in the U S and many hcp's of even stated that their intent is to increase their depth of prescribing, which provides us with another encouraging indicator for the launch progress into 2024 and with that I'll pass over to tomorrow.

Brian: And launch today, we've seen a broad uptake in the U S and many hcp's have even stated that their intent is to increase their depth of prescribing, which provides us with another encouraging indicator for the launch progress into 2024 and with that I'll pass over to tomo.

Tomorrow: Thank you Brian.

Tomo: Thank you Brian.

Speaker Change: Growing 21% year on year, our Q4 vaccine sales reached 2 billion euros driven by the strong uptake is best at is an impressive launch I will further elaborate on in my next slide.

Tomo: Growing 21% year on year, our Q4 vaccine sales reached $2 billion driven by the strong uptake of <unk> and impressive launch I will further elaborate on in my next slide.

Brian: In flu Sanofi quite used to be the market leader driven by our differentiated product portfolio, which represents the majority of our total Houston.

Tomo: In flu Sanofi continues to be the market leader driven by our differentiated product portfolio, which represents the majority of our total fusin.

Brian: In line with Q3 earnings call comments, approximately 30% among <unk> were reported in the fourth quarter generating a lot of.

In line with Q3 earnings call comments, approximately 30% among <unk> sales were reported in the fourth quarter generating 4% reduction year on year as we saw lower frame nutrition rate D season, and an increased level of competition in the U S market.

Brian: 4% reduction year on year as we saw lower free mutation rate this season, and an increased level of competition in the U S market.

Madam R.D.: The Phase 1 trial showed strong data for the best control profile, thanks to sustaining normal AAP levels and aiming for better compliance due to a potential monthly leviation in the regimen. The current standard of care, positive-derived AAP leviations are sufficiently effective and well-validated for treatment. As a cross-off of the Refugee Therapies with Meditation Relay, the next revamp is expected in 2020-25, for a potential launch in 2020-27, with potentially rapid approval following an approval process at the initial launch in May. The blog I started to put 10 times behind this aspect predicated on the use by both existing patients and by the anesthetics used by an increasing number of working patients to prevent it. With great pleasure, I now turn it over to the G.E.B., which has given us a reflective business performance. It's over to you, Brian.

Finally, we are very pleased by the Q4 performance of PSA Twonshein, which benefited from a scenario both the big order patterns in the U S. Despite <unk> not being recorded in our medicine.

Finally, we are very pleased by the Q4 performance of PSA Sunshine, which benefited from a favorable public order patterns in the U S. Despite <unk> not being recorded in our net sales.

In Q4, 2023, <unk> has become the U S. B I think primary series leader and continues to gain share but wasn't evident vaccine.

Tomo: In Q4, 2023, <unk> has become the U S. B I think primary series leader and continues to gain share with the pent evident vaccine.

Brian: The next slide is focused on our RSV franchise.

Tomo: The next slide is focused on our RSV franchise.

Brian: Starting with the left you can see that the launch of <unk> in the U S set a new record in terms of routine immunization uptake when compared to similar periods like vacuums launching such as an anti virus and Panama conjugate vaccines.

Tomo: With the left you can see that the Atlanta based altice in the U S set a new record in terms of routine <unk> musician uptake when compared to similar periods like vacuums launching such as anti virus and polymer conjugate vaccines.

Brian: With an average adoption rate of 38% in only six months. After launch before this is best illustrated in the successful implementation of its first brought in fund recommendation in the U S in France and in Spain.

Tomo: With an average adoption rate of 38% in only six months after launch before this performance illustrates the successful implementation of its third broad infant recommendation in the U S in France and in Spain.

We're very encouraged by the strong real world clinical data generated in Spain, and we now look forward to rolling out <unk> more broadly in 2024.

Tomo: We're very encouraged by the strong real world clinical data generated in Spain, and we now look forward to rolling out <unk> moderately in 2024.

Brian: Thank you so much, Ramon. Now taking a closer look at specialty care, we will once again deliver double-digit growth in order to be supported by outstanding performance. As mentioned earlier, a strong demand for this exceptional medicine across all food indications and geographies continues to be a core driver of such indicators. Our rare disease business is another important contributor in this corridor. Strong growth across Pomsay, Gaucher, and Fabry products highlights our unique expertise in identifying patients and our ability to drive demand for new patient approvals. The rollout of the next V-Assignment is the standard CRA Pompeii, and this assignment, ASD, continues to be successful at a low mark. And we're very pleased with the continued strong uptake of our studio, another exciting launch that's out there, and I'm going to update you a little bit on the insights from the brand's recent performance in Justify. And we believe the continued double-digit growth in specialty care is particularly impressive against the backdrop of generic competition from Robagio, Sanofi's last meaningful LOE for the rest of the decade. Generic versions of Abajo have now entered all key markets, including Europe, in September.

Tomo: But beyond the infant segment the respiratory syncytial virus is also a significant other.

Tomo: But beyond the infant segment the respiratory syncytial virus is also significant.

Tomo: <unk> and all the others, we are developing vaccines, specifically targeted to these two groups and I'm glad to report that our vaccine candidates are making good progress.

Tomo: While theaters are alignment than you did in continental already vaccine candidate.

Tomo: I'll tell you our alignment than you did in Canada already vaccine candidate received EU Prime designation in December following the U S fast track designation in 2020.

Tomo: EU Prime designation in December following the U S designation in 2020.

Tomo: These designations do recognize the potential of our vaccine candidate to address a significant unmet medical need.

Tomo: Designation do recognize the potential of our vaccine candidate to address a significant unmet medical need.

Tomo: As communicated at our vaccines day phase III will stop this quarter.

Tomo: As communicated at our vaccines day phase III was up this quarter.

Tomo: Florida.

Tomo: We initiated last November the phase one two clinical trial of our mrna RSV and HSV vaccine.

Tomo: We initiated last November the phase one two clinical trial mrna RSV and HSV vaccine.

Tomo: As highlighted then we believe that our combo vaccine as a real potential to be first in class and medical value compared to average the standalone vaccine will provide a more compelling case to recommend anybody's.

Tomo: Highlighted then we believe that our combo vaccine as a real potential to be first in class and medical value compared to average the standalone vaccine will provide a more compelling case to recommit anybody's.

The value of this combo is under recognized by the USDA, which granted fast track designation in October 2023.

Tomo: The value of this combo is under recognized by the USDA, which granted fast track designation in October 2023.

Tomo: Phase two results are positive.

Tomo: Phase III trial is planned to start by the end of this year.

Tomo: Overall I'm thrilled by the phenomenal progress our RSV as made in the last six months building foundation for Sanofi to become the leader in the <unk> franchise.

Tomo: Overall, I'm thrilled by the phenomenal progress.

Brian: With almost 1 billion euros in sales in 2023, we continue to navigate the impact of generic erosion in 2024, including a particularly high base comparison for Abajo in the first quarter. Now I'm going to move to my next slide. Ticket sales reached almost 3 billion euros in the fourth quarter alone.

Tomo: Our RSV as made in the last six months building foundation for Sanofi to become the leader in the already fantastic.

Alleviate: Let me now hand over the call to alleviate.

Tomo: Now and over the call to alleviate.

Alleviate: Thank you Thomas.

Speaker Change: Gentlemen mentioned sales in the fourth quarter showed a slight decrease of two 4% two 3 billion euros.

Alleviate: Gentlemen mentioned sale in the fourth quarter showed a slight decrease of two 4% to <unk> 3 billion euros.

Tomo: Core assets grew by six 3% driven by Plavix to zero as you walk in Poland, which was partially offset by lower sales of most of it due to generic competition, which started in the U S. In July to automate.

Alleviate: Core assets grew by six 3% driven by Plavix to zero as you walk in Poland, which was partially offset by lower sales of module business due to generic competition, which started in the U S. In July to automate.

Brian: As highlighted on the slide, four-year sales grew 34 percent, driven by continuous robust growth in both U.S. and ex-U.S. geographies. Almost seven years into the initial U.S. launch in atop dermatitis, we have achieved and maintained leadership positions in NPRX across all five approved indications, and we are confident to deliver around 13 million euros in sales in 2024, as planned. We remain very excited about the outlook for the brand's outstanding commercial success and expect CFP to become another important road mill over time. And, as Paul discussed earlier, significant regulatory progress has been achieved with CFP across key markets, and we plan to roll it out in the U.S. later this year. Now, as a quick reminder, on the left-hand side of the chart, you will notice, similar to what we have seen in previous years and is common for species biologics, Q1 growths usually reflect the impact of higher seasonal patient co-pay assistance program utilization associated with the annual resetting of insurance deductibles at the beginning of the year.

Tomo: Since then as you look into the U S continued to grow strongly driven by increasing patient numbers as well as improved adherence rates.

Alleviate: Sales of the brands you walk into the U S continued to grow strongly driven by increasing patient numbers as well as improved adherence rates.

Tomo: <unk> Q4 sales delivered double digit growth driven by China. This largely offset lower sales in the U S. Due to a lower average net price.

Alleviate: <unk> Q4 sales delivered double digit growth driven by China <unk>.

Alleviate: Largely offset lower sales in the U S. Due to a lower average net price sale.

Tomo: Sales of non core assets decreased mainly driven by lower loan sales in the U S, which continued to be affected by a negative channel mix as well as lower inventory and trading and separation of the 224 list hiseq fees.

Alleviate: Sales of non core assets decreased mainly driven by lower loan to sales in the U S, which continued to be affected by a negative channel mix as well as lower inventory and trading anticipation of the 224 lift Hiseq base.

Tomo: For the full year 223, Gen Med sales decreased by seven 1% Q2 was the exceptional impacts from the U S launch this decline along with the V BP impact on lottery sales in China.

Alleviate: The full year, two or 23 Gen med sales decreased by seven 1% due to the exceptional impacts from the U S launch this decline along with the GBP impact on lottery sales in China.

Tomo: I've mentioned <unk> continued its gradual uptake in type one diabetes in November we launched a well received national screening campaign in the U S to increase awareness and encourage screening for average risk individuals as a result earnings grew 31% driven by endocrinologists into.

Alleviate: As mentioned <unk> continued its gradual uptake in type one diabetes in November we launched well received national's cleaning campaign in the U S to increase awareness and encourage screening for at risk individuals as a result earnings grew 31% driven by under clean energy at Intuit.

Brian: We expect a similar effect to weigh on reported sales in the first quarter of 2024. Now, turning to my next slide, we saw strong momentum for Altupio in the fourth quarter. Altupio has become a top choice for switches in the U.S. VA market, now capturing more than 50% of all switches, and this is really driven by the brand-differentiated efficacy profile. However, importantly, two of every three switches come from competitive products, including an estimated 10% from non-factor Hemlibra.

Tomo: It's street and 168 patients were infused by the end of the year.

Alleviate: <unk> Street, and 168 patients were <unk> by the end of the year.

Tomo: The number of patients in <unk> grew by 25% in Q4 versus Q3, despite the year end holiday seasons.

The number of patients in <unk> grew by 25% in Q4 versus Q3, despite the year end holiday seasons. So.

Alleviate: The full results of the project studies with newly diagnosed.

Tomo: Full results of the project studies with newly diagnosed.

Tomo: Diagnosed stage III type one diabetes patient we are sure that it is not Congress and interaction with FDA and EMEA are ongoing with this.

Alleviate: Diagnosed stage III type one diabetes patient, we are sure that the spot communize and interaction with FDA and EMEA ongoing with this ending.

Julie: Ending over to Julie.

Julie: Thank you Eugene Firstly I'd like to start with an update on the separation of the TT business, which as previously announced could happen in Q4. This year at the earliest.

Thank you Adrienne firstly I'd like to start with an update on the separation of the TT business, which as previously announced could happen in Q4. This year at the earliest.

Brian: In addition to gains in the number of U.S. patients, we also saw a geographic expansion with our promised launch in Japan late last year. And today, we've seen a broad uptake in the U.S., and many HPUs have even stated their intent to increase their debt prescribing, which provides another encouraging indicator of the launch progress in 2024. And with that, I'll pass it over to Tomas.

Alleviate: We're making solid progress on our journey to two full business autonomy and continue to enhance our own internal talent pool with selective hires in key areas.

Julie: We're making solid progress on our journey to.

Julie: Full business autonomy and continue to enhance our own internal talent pool with selective hires in key areas.

Alleviate: The service agreements are being put in place and we are establishing our digital infrastructure. So that we can hit the ground running on day one.

Julie: The service agreements are being put in place and we are establishing our digital infrastructure. So that we can hit the ground running on day one.

Alleviate: Regarding performance.

Julie: Regarding performance.

Julie: Q4 marks our 11th consecutive quarter of growth with sales up eight 5% Kevin.

Alleviate: Q4 marks our 11th consecutive quarter of growth with sales up eight 5% driven primarily by price.

Tomas: Thank you, Brian. Gruen 2021 President, Your Honour, of Q4 Vaccinated with 2 billion euros, driven by the strongest economic forces, an impressive launch I will further elaborate on in my next lecture. Influenza, Sanofi continues to be the market leader, driven by our differentiated product portfolio, which represents the majority of our total sales. In line with Julian's call for amendments, approximately 30% of A222 to A233 proof cells were reported in the first quarter, generating a 4% reduction year-on-year as we saw lower preemission rates this season and an increased level of competition in the U.S. Finally, we are very pleased that the Q4 summons of our PSA franchise, which benefited from a favorable public order pattern in the US, despite the fact that it is not being recorded on our network.

Julie: Mirinae Bank Prime.

Julie: Excluding divestments and acquisitions Q4 growth was around 5%.

Alleviate: <unk> divestment acquisitions Q4 growth was around 5%.

Alleviate: The <unk> acquisition closed at the end of September drove growth over 50% in our physical and mental wellness category. As you may recall qunar products focus on healthy aging in the U S. I'm very glad that the QTL is now part of our CTG business, giving us a fast growing platform with which to compete in the important U S. VNS.

Julie: The Q&A position closed at the end of September drove growth over 50% in our physical and mental wellness category. As you may recall qunar product focus on healthy aging in the U S.

Julie: I'm very glad that the QTL is now part of our CTG business, giving us a fast growing platform with which to compete in the important U S Vms market.

Alleviate: Okay.

Alleviate: Last quarter I introduced you to the 15 priority brands, which represent over 60% of our total net sales in over 85% of our growth in the past few years in Q4 and in full year 2023. These brands were once again, our major growth drivers, which resulted in a six 3% growth for the full year with good growth across all categories are large.

Julie: Last quarter I introduced you to the 15 priority brands, which represent over 60% of our total net sales in over 85% of our growth in the past few years in Q4 and full year 2023. These brands were once again, our major growth drivers, which resulted in a six 3% growth for the full year with good growth across all categories are large.

Alleviate: This category digestive wellness continues to perform strongly with double digit growth and market share gains and I would like to give you some more background on one of these.

Julie: This category digestive wellness continues to perform strongly with double digit growth and market share gains and I would like to give you some more background on one of these.

Tomas: In Q1 2023, Vaxelin became the U.S. pediatric primary care leader and continues to chair. The next slide is focused on R.S.U. Starting with the left, you can see that the launch of Space Forces in the U.S. set a new record in terms of routine space station uptake when compared to similar space station launches such as Roswell-Barros and Mokomoko-Kogoro-Njigiri-Glac-Glac. With an average return rate of 38% in only six months after launch, BASICS just illustrates the successful implementation of its third broad We have been very encouraged by the strong report on digital data in Spain, and we now look forward to rolling out this small model in 2022. But beyond the infant segment, the retroactive initial virus is also significant for toddlers and older adults.

Alleviate: These brands.

Julie: Brand in this category del connect.

Alleviate: In this category deal collapse.

Alleviate: Well go next is the worlds number one non prescriptive Lexington is important to note is that one third of the world's population suffer from constipation.

Julie: <unk> is the worlds number one non prescriptive laxative important to note is that one third of the world's population suffer from constipation.

Julie: Okay.

Alleviate: Yet nearly half still don't seek treatment with <unk> exited this.

Julie: Yet nearly half still don't seek treatments with negative.

Alleviate: This makes an attractive and substantial market opportunity, they're codex has been growing faster than the market for the past three years executing on its repeatable model of growth.

Julie: This makes an attractive and substantial market opportunity <unk> has been growing faster than the market for the past three years executing on its repeatable model of growth.

Julie: Of which three main drivers are one the change in the focus of marketing to consumers moving from our positioning from purely medical and functional solution to a more emotional communication breaking down the taboo of constipation, while it's educating on how <unk> works naturally with survival.

Tomas: We are developing vaccines specifically targeted at these two groups, and I'm just glad to report that our vaccine candidates are making good progress. For voters, our live and in-use e-connect candidate received EU Prime designation in December, following US-I-5-5 designation in December. These individuals do recognize the potential of our vaccine candidate to address significant and medical needs and to communicate at our faculty today, face-to-face without a visitor. For other adults, we initiated last November the Phase 1-2 clinical trial of mRNA already in the HMT vaccine.

Julie: Second launching innovative more consumer friendly and gentle formats, such as <unk> that have driven category penetration that's been at least working with health care professionals, resulting in strong indoors.

Julie: Consumer friendly and gentle format, such as Chewables that have driven category penetration that's been at least working with health care professionals, resulting in strong indoors.

Julie: With its simple repeatable manav growth I'm confident they'll connect we will continue to help consumers and gain market share with this I'm handing it over to Mr. CFO.

Speaker Change: With its simple repeatable manav growth I'm confident <unk> will continue to help consumers and gain market share with that I'm handing it over to <unk> CFO.

CFO: Thank you thank you Jenny.

Julie: As you just heard sales were up nine 3% in the quarter driven by double digit growth in specialty care and vaccines, 2% on rare diseases were key drivers in the specialty care why vaccines.

CFO: As you just heard sales were up nine 3% in the quarter driven by double digit growth in specialty care and vaccines to defend on rare diseases were key drivers in the specialty care wide vaccine sales grew more than 20%.

Tomas: As highlighted then, we believe that our combo vaccine has the real potential to be further in class and that medical graduates prepared to participate with this analogous vaccine will provide a more compelling case to recommend it. The value of this combo is already recognized by the U.S. and India, which granted it fast-tracking status in October 2016. Phase 1, 2 results are positive. Phase 3, 3, and 5 results are positive as well. Overall, I'm thrilled by the phenomenal progress our R.A.V.M.M. has made in the last six months, building the foundation for Sanofi to become a leader in the R.A.V.M.M. project, and now an honorable Olivier. Thank you so much. General Amendment in sales in the fourth quarter showed a slight decrease of 2.44% to €3,000,000.

Julie: Vaccine sales grew more than 20%.

Julie: Enrolment in sales declines accelerated decelerated on CHP reported another quarter of growth at eight five.

CFO: Enrolment in sales declines accelerated decelerated on CHP reported another quarter of growth at eight five.

Julie: Looking at the Q4 P&L on Slide 31 gross margin expansion was driven by our improved product mix on the strong contribution from COVID-19 vaccines revenues into last quarter.

CFO: Looking at the Q4 P&L on Slide 31 gross margin expansion was driven by our improved product mix on the strong contribution from COVID-19 vaccines revenues in the last quarter.

CFO: R&D expenses grew six 6% at CER, mainly reflecting the continued progress of our vaccines pipeline, mainly driven by the <unk> development programs.

Julie: R&D expenses grew six 6% at CER, mainly reflecting the continued progress of our vaccines pipeline.

Julie: Mainly driven by the Mariner development Programmes.

Julie: This quarter, we also start recording our share of the phase III development costs related to some recently announced collaboration with <unk> and our potential first in class expect taxi.

CFO: This quarter, we also start recording our share of the phase III development costs related to the recently announced collaboration with <unk> and our potential first in class expect taxi.

The <unk> margin decreased one seven percentage points to 23, 7%, mainly due to a decrease in capital gains related to product disposals, when compared to the same quarter last year.

CFO: The <unk> margin decreased one seven percentage points to 23, 7%, mainly due to a decrease in capital gains related to product disposals, when compared to the same quarter last year.

Olivier: Our core asset, grouped by 6.20%, driven by SAVIC, 2GEO, REVOC, and HALUENT, which was partially offset by lower sales of both of these due to generic competition, which started in July 2021. Since the days of the working U.S., our core asset continues to grow strongly, driven by increasing patient numbers as well as improving adherence rates. Museo Q4 sales delivered double-digit growth driven by China, the slave of settling lower sales in the U.S. due to a lower average net price. Sales of non-co-assets have decreased, mainly driven by lower longitude sales in the U.S., which continue to be affected by a negative channeling mix, as well as lower inventory in the trade denomination of the 2024 Lillies price.

Julie: Yes.

CFO: EPS was eight 2% in Q4.

Julie: Eight 2% in Q4.

Julie: Turning now to the full year group P&L on Slide 42, we recorded an improvement in gross margin.

CFO: Turning now to the full year group P&L on Slide 42, we recorded an improvement in gross margin of almost one percentage points was due to COVID-19 vaccine related sales and revenues.

Julie: Almost one percentage points was due to COVID-19 vaccine related sales and revenues.

Julie: So product mix also contributed to gross margin expansion, partially offset by lower <unk> sales due to generic competition on lower net prices of low through since the U S.

CFO: Mix also contributed to gross margin expansion, partially offset by lower <unk> sales due to generic competition on lower net prices of lawsuits in the U S.

Julie: Operating expenses grew roughly in line with sales on our business operating margin remains stable at constant exchange rate.

CFO: Operating expenses grew roughly in line with sales on our business operating margin remains stable at constant exchange rate.

Julie: EPS for the year grew five 4% in line with our full year 2023 guidance.

CFO: EPS for the year grew five 4% in line with our full year 2023 guidance.

CFO: On slide 53.

CFO: Our board is proposing an annual dividend of <unk> 76, Europe, which represents a five 6% increase over last year.

CFO: Our board is proposing an annual dividend of Street, 76, Europe, which represents a five 6% increase over last year.

Olivier: For the full year 2023, U.N. land sales decreased by 7.1% due to the exceptional impact from the U.N. land-use decline, along with the VVP impact on land-use sales in decline. As mentioned, CCD continues its gradual uptake in type 1 diabetes. In November, we launched a well-received national pinning campaign in the U.S. to increase awareness and encourage screening for at-risk individuals. As a result, pinning grew to 71% driven by endocrinology in 2023, and 168 patients were infused by the end of the year. The number of patients in Q2 grew by 25% in Q4 versus Q3. This defies the government's policies.

Speaker Change: <unk> dividend policy remains an important part of our capital allocation policy.

CFO: Progressive dividend policy remains an important part of our capital allocation policy.

Speaker Change: We have launched some different efficiency initiatives presented in Q3.

CFO: We have launched to different efficiency initiatives presented in Q3.

Speaker Change: The objective to reallocate up to 2 billion euros cities, we will focus on the programs first or best in class potential reallocating resources on growth drivers on strategic therapeutic areas.

With the objective to reallocate up to 2 billion euros cities, we will focus on the programs with first in class potential reallocate the resources on growth drivers on strategic therapeutic areas.

CFO: We will also leverage procurement to generate additional savings.

CFO: We will modernize the commercial delivery or <unk>, our country setup fundings that have strategy to increase centralization, while refocusing R&D on the most critical sites on technology.

CFO: We will modernize the commercial delivery or <unk>, our country setup fundings of hub strategy to increase centralization, while refocusing R&D on most critical sites on technology.

CFO: On slide 36, we are providing a notebook.

CFO: On slide 36, we are providing an outlook.

Olivier: The full research of the POTIX study with newly diagnosed T519 diabetes patients was shared at the ISPA Congress, and interactions with the FDA and NEA are ongoing. With this, I'm handing over to Julie. Thank you, everybody. First, I'd like to start with an update on the separation of the TTC business, which, as previously announced, could have happened two or more years later. We're making solid progress on our journey to a full-blown business economy and continue to enhance our own internal talent pool with the next generation in the ERD. The service agreements are being put in place, and we are establishing our digital infrastructure so that we can hit the ground running on day one regarding performance. Q4 marks our 11th consecutive second of quarter growth, with sales of 88.5%, driven primarily by, Excluding Diversity and Inquisition, Hugh Ford Rose was involved. The Q9 position closed at the end of December. Joe's growth over 50% in our physical and mental wellness. As you may recall, QNAU's product focuses on healthy eating.

For both the full year of 2024 on the Q1 2020.

CFO: For both the full year of 2024 into Q1 2020.

CFO: Full year 2024 sales, we expect depicts sent to reach our 10 billion euros on the vaccines franchise to grow mid single digits driven by the ongoing launch of the focus.

CFO: For 2020 for sale, we expect <unk> to reach 13 billion euros on the vaccines franchise to grow mid single digits driven by the ongoing launch of the focus.

CFO: Jewelry will continue to impact mainly niche one.

CFO: Glenn just med divestments were lower as the top line by around 300 million euros.

Then submit divestments, we lowered the top line by around 300 million euros.

CFO: Full year 2024, P&L, we expect gross margin to decrease slightly.

CFO: Since of Covid 19000 reviews.

CFO: <unk> of Covid 19000 reviews.

CFO: Opex is expected to grow due to a roughly 700 million euros step a few R&D.

CFO: <unk> is expected to grow due to a roughly 700 million euros step a few R&D, while SG&A expenses are expected to remain stable.

CFO: One is G&A expenses are expected to remain stable.

CFO: Finally, as announced in Q3, the ETR will increase to 21% due to the implementation of generics.

CFO: Finally as announced in Q3.

CFO: <unk> will increase to 21% due to the implementation of deduct.

The dynamics in Q1 will differ from the overall year, mainly due to high base effects in vaccines genmab.

The dynamics in Q1 will differ from the overall year, mainly due to high base effects in vaccines on Genmab.

CFO: Baidu on top of the duplex in cells annual step up in U S. Copay as already mentioned by Bryan Jimmy.

CFO: Joe on top of the <unk> annual step up in U S copay as already mentioned by Bryan.

Julie: I'm very glad that QGNO is now part of our teaching program, giving us a fast-growing platform with which to compete in the more key ways of the internet. That's where I introduce you to the 15 priority grants, which represent over 60% of our total net sales and over 85% of our growth in the past half year. In Q4 and in Q2 2023, these brands were once again our major providers, which resulted in a 60.3% growth rate for the full year, with good growth rates for Q4. Our largest category, Dietetics of Wellness, continues to perform strongly with double-digit growth and market share gains. And I would like to give you some more background on one of these brands in this category. Dukalek is the world's number one non-subscriptive lexicist.

CFO: Similarly on the P&L side, I'll remind you of a high level of capital gains generated in Q1 2023.

CFO: So I don't think to my final slide Slide 27, we expect full year 2020 for business EPS to decline.

CFO: So I've been saying to my final slide Slide 27, we expect full year 2020 for business EPS to decline in.

CFO: The low single digits.

CFO: Excluding the impact of the tax rate change so for year 2020 for business EPS would be roughly stable.

CFO: Foreign exchange, we see a negative currency impact of minus three five to minus four five based on generate 2024 average exchange rates.

CFO: On foreign exchange, we see a negative currency impact of minus three five to minus four five based on generate 2024 average exchange rates.

CFO: 2024 is a year, where we are resetting the company for long term value creation, and we expect a stronger EPS rebound in 2025.

CFO: 2024 zero, where we are resetting the company for long term value creation, and we expect a stronger EPS rebound in 2025.

Julie: Important to note is that one-third of the world's population suffer from concussion. Yet nearly half still don't receive treatment like this. This makes it an attractive and substantial market opportunity. Docolex has been growing faster than the market for the past few years, executing on its repeatable model of, of which three main drivers are, one, the change in the focus of marketing to Moving from our positioning from purely medical and functional solutions to a more emotional communication, breaking down taboos of participation, while educating on how the DOC-ELECT work will be able to, Second, launching innovative, more consumer-friendly and gentle formats, such as Chewable, that have driven category penetration, and have been at least working with health care professionals, resulting in strong and, With its simple, repeatable monoprograms, I'm confident that GoCollect will continue to help consumers and gain more market share. I'm handing it over to Robert.

Speaker Change: Let's open the call now for Q&A.

CFO: The call now for Q&A.

Speaker Change: We will now open the call to your questions as I can in many ways hand piece, maybe your questions too.

Speaker Change: We will now open the call to your question as I can see many ways 10 P M.

Speaker Change: Your question too.

CFO: Yeah.

Speaker Change: Randy will be notified.

CFO: Randy will be notified that you are cross please make sure that your line is open.

Speaker Change: Please make sure.

Randy: Okay. Thank you Brian.

CFO: Great.

Randy: Yeah.

CFO: Yes.

Randy: And we have the first question Pete.

Speaker Change: And we have the first question Pete Yes. The first question comes from Luisa Hector Darrin that Lisa.

Speaker Change: The first question comes from Luisa Hector Dander Lisa.

Speaker Change: Hi can you hear me.

Luisa: Hi can you hear me.

Okay.

Luisa: Lisa can you Gareth yes can you hear me.

Luisa: Can you hear US yes can you hear me.

Speaker Change: Great. Thank you.

Luisa: Great. Thank you.

Speaker Change: So maybe another question would be on base forecast.

Luisa: So maybe another question would be on base forecast.

Speaker Change: And just to get a bit more color on where you are with manufacturing and the ability to meet demand this year.

Luisa: Just got a bit more color on where you are with manufacturing and the ability to meet demand.

CFO: And whether you would anticipate perhaps some demand.

Luisa: And whether you would anticipate perhaps some demand.

CFO: Ethan explanation.

Luisa: Ethan vaccination.

Robert: Thank you for listening. As you just heard, health care is 9.2% in order to provide double-digit growth in social care on vaccines. If you depend on rare diseases where we are drivers of social care, why does the vaccine sell more than 20%? You're all mental health lines decelerated on the 88-degree waterfront of the horror of our world at this point in time.

CFO: And are you able to now show given your high vaccination rates in some countries nine you show that.

Luisa: And are you able to now show given your high vaccination rates in some countries nine you show that.

CFO: The emergency vein.

Luisa: The emergency vein.

CFO: <unk>.

Luisa: Okay.

CFO: Entry that the R&D has gone down like do you have that.

Luisa: And change that.

Luisa: <unk> has gone down like do you have that.

Speaker Change: Thank you Bob.

Speaker Change: Thank you.

CFO: Bob.

Speaker Change: Of the vaccine.

CFO: The vaccine.

Operator: Looking at the Q4 P&L of 521 was brought to you by our approved product mix, with the long-term contribution coming to be 99.99999999999999999999, Haran Rendi, and also 16.6% at ER, mainly reflecting the continued progress of our vaccine pipeline, mainly driven by mRNA-dot-gov. This reporter will also start recording a share of the three developments related to the recently announced collaboration with NJG UiY Martin decreed a 11.77% point to a 23.7% menu due to a decrease in capital gains related to product disposal when compared to the second quarter last year.

That would be the first question and then obviously I would like to extend thanks.

Speaker Change: That would be the first question and then obviously I would like to extend thanks.

CFO: So neither one T J D ethanol the conversation over the year.

Speaker Change: So that the one P J D ethanol the compensation over the year.

CFO: Thank you J P. Congratulations on the name and I guess a question for you would be what words of advice you would possible.

Speaker Change: Thank you J P. Congratulations on the nail.

Speaker Change: I guess a question for you would be what words of advice you would possible.

CFO: Uh huh.

Speaker Change: Oh.

J P: Well, thank you Louise.

Speaker Change: Well, thank you Louise.

CFO: It's very gracious abuse.

Speaker Change: It's very gracious abuse.

CFO: To say that.

Speaker Change: Say that Jay.

CFO: J D.

Speaker Change: J D.

Speaker Change: Give him a moment or two.

Speaker Change: Give him a moment or two to <unk>.

Speaker Change: Think about was the advice.

Speaker Change: Before that.

Speaker Change: Thomas will come through in both photos some ups if youre opening you suggest some of the data from <unk> as a guide to what it might look like now that they've been publishing some of that but on the supply for beef towards 2024.

Speaker Change: Thomas will come through in both photos some absolute pure open you suggest some of the data from <unk> as a guide to what it might look like now that they've been publishing some of that but the supply could be for the 2024.

Operator: EPS was up 8.2% in 2015. Turning now to the full year group P&L on slide 52, we recorded an improvement in gross margin, which was 1.229.88 sales revenue. Products being sold to the community in response to expansion and transparency are set by NOAA or by sales due to generic omission of NOAA net prices at low prices in the U.S. Operating expenses were roughly in line with sales, so now business at a preferential margin remains stable at constant levels. 02-367-942-6816, the 5-agger. Our board is proposing an annual dividend of €3.776, which represents a 5.6% return on investment We have now launched the Difference from Efficiency Initiative presented in U3, with the objective to reallocate up to 2 billion euros of savings. We will focus on the program's first and closest potential, reallocating resources on road drivers to smart traffic jurisdiction.

CFO: Greenpoint in data so as you've seen from the Q4 results. We are very happy with the strong before this launch.

Speaker Change: Great point, indeed, so as you've seen from the Q4 results. We are very happy with our strong before this launch.

Speaker Change: In Q3, and Q4 with more than 400 million, you'll assess in Q4.

Speaker Change: In Q3, and Q4 with more than 400 million <unk> in Q4.

Speaker Change: I'll start by that because I think that's showing that the implementation of volume and protection program.

Randy: I'll start by that because I think that's showing that the implementation of protection.

Speaker Change: Protection programs.

Speaker Change: Is <unk> with their record have taken six months.

Speaker Change: And if you do build on gooseberry with their record of taking six months.

Speaker Change: Now back to your question first on the supply element.

Speaker Change: But to your question first on the supply elements.

Luisa: As we discussed previously clearly Sanofi and Astrazeneca are working.

Speaker Change: As we discussed previously clearly Sanofi and Astrazeneca are working.

Speaker Change: To extend the manufacturing what network packaging side feeling sites.

To extend the manufacturing what network packaging side feeling sites.

Lisa: As always and that's why we're not going to be very precise today as always first you need to qualify the lines and then make them are detailed by the different regulatory authorities, but the work that is ongoing right now in order to be able to completely I would say debottleneck the supply and as with full supply for the seasons with decent decide for the season 2020.

Speaker Change: Total waste and Thats why we are not going to be very precise today as always first you need to qualify the lines and then make them a detailed by the different regulatory authorities.

Speaker Change: Work that is ongoing right now in order to be able to completely I would say debottleneck the supply and as at full supply for the seasons with decent decide for the season 'twenty 'twenty four will see an increase in supply.

Luisa: Paul we see an increase in supply.

Operator: We will proliferate procurement to generate additional sales. Lastly, we will modernize commercial delivery by optimizing our content-free setup, expanding the hub strategy to increase centralization, while re-focusing R&D on one of the most critical sides of technology. For both of you here in 2020, we're on the Q1. Puget Sound 2024 is for sale. We expect duplicates and resources to be in your euros, on the back 16, front 5, or mid-single digits, reprinted by the ongoing loan loan system. Obatoye-Louis continued to impact, mainly in H1, planting mid-divestment with lower supply by around 300 million.

Luisa: And I think we can share to get there, but our expectation is to reach blockbuster status will be felt in 2024 to be more precise it's a bit too early again as we ramp up the supply progress and as we get further.

Speaker Change: And I think we can share to get there, but our expectation is to reach blockbuster status for <unk> in 2024 to be more precise to be too early again, as we ramped up the supply progress and as we get further.

We'll come back to you.

Speaker Change: We'll come back to you.

Speaker Change: Second point is extremely important to us and I really thank you for asking that because at the end of the day. The reason why we are in this industry is to really make sure that we have an impact in terms of clinical efficacy that actually babies don't go towards utilization of doing good.

Speaker Change: I really.

Speaker Change: Ask everyone. If you guys have amendment to look at the Galicia data, which is referenced on our slide there.

Speaker Change: Ask everyone. If you gain a amendment to look at the <unk> data, which is referenced on our slide there.

Operator: We are here in 2024 for PNL. We expect the growth margin to decrease slightly due to the absence of COVID-19 general reviews. OPEC has deducted roughly 700 million euros per person. Why is DNA extensive?

Speaker Change: Avenue that nobody anywhere that's not the end of the season.

Speaker Change: Avenue that nobody like where that's not the end of the season.

Speaker Change: But the spin that is very important because unlike the U S or France, which had a tough shell excision covered rent. This year. The extra spend that is in a country, where there is about 90% coverage rate and you really see that visual extremely impressive data where they are.

Speaker Change: The Spain that is very important because unlike the U S or France, which had a tough shell efficient covered rent. This year the actual spend data in a country, where there is about 90% coverage rate and you really see that visual extremely impressive data where they are.

Operator: Our expected elimination, Finally, as announced in Q3, CPTR will increase 21% due to the implementation of COVID-19. The Dynamics E1-1 will differ from the overall year, mainly due to high wave effects in vaccines and genomics, but due on top of the DPCSN cell-to-cell annual step-up in U.S. cocaine, as already mentioned by my colleagues. Similarly, on the PNL side, I remind you of the high level of capital gains generated by issues 1, 20, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40. So advancing to my final slide, slide 5.7, where we expect 2,224,000 SPS to decline in low single digits at ER, including the impact of the price rate change. So 2,224,000 SPS would be roughly 2020 was a year where we are resetting the company for long-term valuation, and we expect a strong EPS rebound in 2020. Clifford, Red Bull Now, QNE.

Speaker Change: You can see that the loss pick in addition rate this year in these less than eight months of H E eligible to be subdued.

Speaker Change: You can see that the loss pick in addition rate this year in <unk> less than eight months of age.

Speaker Change: In Egypt to be subdued.

Speaker Change: Utilization rate is extremely low wildfire babies that are above when you elevate aes was 50 burn to normalized infection, because they were not predicted actually needs.

Speaker Change: Utilization rate is extremely low wildfire babies that are above one year of age aes to 50 burn to normalized infection, because they were not predicted activities I RSV season for that RSV disease is there when you received before Keith it's not there you don't go towards utilization will provide you more of that at the end of the season obviously.

Speaker Change: As the season for that RSV disease is there when you received before Keith it's not there you don't go to his position will provide you more of that at the end of the season obviously.

Speaker Change: Second season second seasons of the product is indicated for your first RSV season, except for a very small population of infant.

Speaker Change: Second season second seasons of the product is indicated for your first RSV season, except for a very small population of infants.

Speaker Change: Either specific or conditions of specific lung condition, it's really depending on the position of about 1% of the newborn population that solve each before this engine could equal the second season. So it's really targeting for this first season, but interestingly as you have seen we have an RSV toddler intranasal vaccine that we are targeting.

Speaker Change: Either specific or conditions of specific lung condition, it's really depending on the position of about 1% of the newborn population that solve each before this equal the second season. So it's re targeting for that first season, but interestingly as you have seen we have an RSV toddler in carnival vaccine that we are targeting.

Speaker Change: To bring just <unk> <unk> kit for the second and third seasons, you have any better than predicted.

Speaker Change: To bring just <unk>.

Speaker Change: Keith or the cigar antioxidant you have enabled and protected.

Speaker Change: And congrats again on an amazing launch J B suddenly you've had some time to reflect to what it was you.

Speaker Change: And congrats again on an amazing launch Jae Bae sung <unk> had some time to reflect to what it was you.

J B: Certainly given me plenty of advisors are linked together, so im sure Youre not showed a simpler bill im not sure.

Speaker Change: Certainly given me plenty of advisors ovens together, so im sure Youre not showed a simpler bill im not sure.

Speaker Change: Part of it.

Speaker Change: First of all thank you very much.

Speaker Change: Im a bit.

Speaker Change: And maybe Tom.

Speaker Change: A lot of emotion for me today.

Speaker Change: A lot of emotional for me today.

Speaker Change: And.

Speaker Change: Of course, the financials of the company are better, but what counts at the pipeline on the science.

Speaker Change: Of course, the financials of the company are better Brito, what counts at the pipeline on that.

Speaker Change: Science and innovation, we have now in our hands.

Operator: We will now open the call to your questions. As I can see many raised hands, please limit your questions to two minutes. When you are notified that you are being called, please say, Thank you for joining us. Thank you. The first question comes from Luisa Hector. Here they are, Luisa. Thank you, Kimmy. Can you hear us? Yes, can you hear me?

Speaker Change: The arrogance.

Speaker Change: Giro guns to offer an adviser they would be ready to make the most of it.

Speaker Change: Advisor they'd be ready to make the most of it.

Speaker Change: Where do you make the most of it.

Speaker Change: They make the most of it.

Speaker Change: Bring them to fruition develop them.

Speaker Change: Bring them to fruition develop them. All then that's what we have defined dirt.

Speaker Change: What we have defined.

Speaker Change: We should do.

Speaker Change: We should do on.

Speaker Change: And of course polo G&A as you know.

Speaker Change: Kind of correspond to G&A as you know.

Speaker Change: Yeah.

Speaker Change: Okay.

Operator: Yeah, yeah. Great, thank you. So maybe the question would be, on a basis, just to get a bit more color on where you are with manufacturing and the ability to meet demand this year, and whether you would anticipate to have some demand for second season vaccination. Are you able to now show, given your high vaccination rates from countries, can you show that the emergency room. I would like to extend thanks from everyone to JJB for all the conversations over the years. JJB, congratulations on the move, and I guess the question for you would be what words of advice you would have for us. Well, thank you, Louise. I think it is very gracious of you to say that, JJB.

Speaker Change: Okay.

Speaker Change: Alright.

Speaker Change: Yes.

Speaker Change: So to say.

Speaker Change: So just on the opening comments, but I think we will bode well as management team, but JP and I, particularly well and we pushed each other pretty hard to get us over the time and it's been necessary to try and have as much discipline as possible, whilst making sure. We take advantage of opportunities I think your comment about pipeline.

Speaker Change: On the opening comments, but I think we will have whether its management team, but JP and I, particularly well and we pushed each other pretty hard to get us over the time and it's been necessary to try to have as much discipline as possible, whilst making sure. We take advantage of opportunities I think your comment about pipeline.

Speaker Change: Extraordinary well made we have made sacrifices to be in a position where we have squandered.

Speaker Change: Extraordinarily well made we have made sacrifices to be in a position where we have squandered I think is what it is.

Speaker Change: As what we say and you're right.

Speaker Change: And you're right.

Speaker Change: For those.

Speaker Change: That should be interested of course with announced the cost saving program and I think you need to know that.

Speaker Change: That should be interested of course with announced the cost saving program I think you need to know that.

Speaker Change: Aligned with Jbs wishes and comments. We go full ahead for the reallocation of that doesn't blend in.

Speaker Change: Aligned with Jbs wishes and comments. We go full ahead for the reallocation of that that doesn't blend.

Operator: We'll give each other a moment or two to think about all the advice. Before that, Tom, I welcome you to your headquarters, and perhaps, if you're open, you could share some of the data from Galleria as a guide to what it might look like. Great point indeed. As you've seen from the Q4 results, we are looking to do the stronghold-based portfolio launch in Q3 and Q4 with more than 400 million euros set for Q4. I'll start by saying that I think that showing that the implementation of all in-person detection programs is highly feasible and goes very well with the records that I gave you.

Speaker Change: One of the reasons why.

Speaker Change: I am excited to work with France for example is because he picks up.

Speaker Change: I'm excited to work with France exhibit is because he picks up.

Speaker Change: This well run machine, but with the same intensity.

Speaker Change: And I think that's very important for people to understand we want squandered Jamie. Okay. Next question next.

Speaker Change: And I think that's very important for people to understand we weren't squandered JV. Okay. Next question next.

Speaker Change: The next question is from Jo Walton UBS.

Speaker Change: Okay.

Jo Walton: Joe can you hear us.

Joe can you hear us.

Jo Walton: UBS team.

Joe: Okay, let's move on and we come up with can you hear me, yes, Oh I'm sorry.

Jo Walton: Okay, let's move on and we come back can you hear me, yes, Oh I'm sorry.

Tom: Now back to your question, the person on the statement. As you can see, clearly, Sanofi and AstraZeneca are working together to extend the manufacturing network, packaging sites, filling sites, and as always, and that's why we are going to be very precise today, as always, first we need to qualify the lines and then make them accessible by different regulatory authorities. That's the work that we are doing right now, in order to be able to complete and be able to make the fly and have the full supply for the 2023-2024, we will see an increase in supply, and I think we can share here together about our expectations, if it will reach level of service status for both of these in 2023-2024, to be more precise, to be related, again, as we ramp up the supply process, and as we, Your second point is extremely important, and I really thank you for talking about that, because at the end of the day, the reason why we are in this industry is to really make sure that we have an impact in terms of clinical efficacy, but that actually babies don't go to a hospitalization, or don't go to a hospitalization. I really ask everyone, if you guys have a moment, to look at the Galicia data, which is referenced on our slide there. Have a look there. I know there was not the end of the season.

I have a question on the consumer side. Please.

Jo Walton: I have a question on the consumer side. Please.

Speaker Change: Looking at any progress on the Rx to OTC switch trials that youre doing for Tommy flu and cialis, just thinking as to whether they will have visible they will be at the point of separation going forward.

Jo Walton: Looking at any progress on the Rx to OTC switch trials that youre doing for Tommy fluid Cialis, just thinking as to whether they will have visible they will be at the point of separation going forward.

Speaker Change: And secondly, just on the timing of Youll COPD launch I know that you have.

Jo Walton: And secondly, just on the timing of Youll COPD launch I know that you have.

Speaker Change: Files and you don't yet know the timeframe of that review do you have a priority review voucher could we assume that you would use that for such an important launch.

Jo Walton: Files and you don't yet know what the timeframe of that review do you have a priority review voucher could we assume that you would use that for such an important launch.

Speaker Change: Many thanks.

Jo Walton: Thanks.

Speaker Change: Okay. Thanks, Joe grids have been connected.

Speaker Change: Okay. Thanks, Joe grid connected.

Speaker Change: So.

Speaker Change: Julie updates on the switches Sir.

Speaker Change: Julie updates on the switches Sir so as you know we have already launched Geos together in the U K and since our last call. We have now received approval for nowhere in Ireland.

Speaker Change: So as you know we have already launched yes.

Speaker Change: <unk> in the U K and since our last call. We have now also received approval for nowhere in Ireland.

Speaker Change: What for the U S. We have been conducting certain studies to support our strategy to visit clinical hold.

Speaker Change: For the U S. We have been conducting certain studies to support our strategy to visit clinical hold those studies are now complete and we're looking forward to discussing the results with the FDA over the coming quarter and hope to gain alignment with them.

Speaker Change: Studies are now complete and we're looking forward to discussing the results with the FDA over the coming quarter and hope to gain alignment with them.

Speaker Change: Yes.

Speaker Change: And on <unk> there is no update at this time.

Speaker Change: Yes.

Speaker Change: Yeah, and I think it's really I mean.

Speaker Change: Yeah, no it's actually I mean.

Operator: But the Spain data is very important because, unlike the US or French, which have a partial definition of overdose this year, the actual Spain data is from a country where there is about 90% overdose. And you will see that they show extremely impressive data. You can see that the post-hospitalization rate this year is basically less than 8 months of age, i.e., eligible to be hospitalized. The post-hospitalization rate is extremely low.

Speaker Change: It is very much a conversation with the FDA, but I think it's fair to say what was expected of us to be done we've done. So now we find out whether it will be enough in that.

Speaker Change: We've gone further than others, but we'll find out.

Speaker Change: So so certainly progress on <unk>.

Speaker Change: So certainly progress on <unk>.

Speaker Change: <unk>.

Speaker Change: I don't know, whether we want to go to Brian then next on COPD there.

Speaker Change: I don't know, whether we want to go to Brian then next on COPD.

Speaker Change: There was a question about the Badger and.

Brian: Was the question about the Badger and.

Brian: Assumptions around launch well first and foremost. Thank you. So much for the question. We're really really excited about this next potential opportunity as you may recall back in August the FDA when in quite a unique move granted us breakthrough designation at that time and that was off of that first trial. Since then as you know we read out the second trial. Both trial is positive and exacerbations, we filed we announced that we filed as of <unk>.

Brian: Assumptions around launch well first of all from US. Thank you. So much for the question. We're really really excited about this next potential opportunity as you may recall back in August the FDA went in quite a unique move granted us breakthrough designation at that time and that was off of that first trial. Since then as you know we read out the second trial. Both trial is positive and exacerbations, we filed we announced that we filed as of <unk>.

Operator: While for babies above 1 year of age, i.e., susceptible to non-RND infection because they were not protected, actually, the high RND is not there. RND is there, but when you receive the vaccine, it is not there, and you don't go to hospitalization.

Jo Walton: For the 27th and so we are waiting regulatory feedback or feedback from the agency as we speak we are anticipating as we said earlier in the <unk>.

Brian: For the 27th and so we are waiting regulatory feedback or feedback from the agency as we speak.

Operator: We will provide you with more data at the end of the season. The product is indicated for your first RIS vision, equipped for very remote location of independent data, either a specific heart condition or specific lung condition. It usually depends on the condition of about 1% of the newborn population for which they think it is independent for the second vision.

Brian: We're anticipating as we said earlier in the pre.

Jo Walton: Setup that we did that we will be launching in 2024.

Brian: Set up that we did that we will be launching in 2024.

Jo Walton: To be determined whether or not it will be a priority review or not but we will see.

Brian: Still to be determined whether or not it will be a priority review or not but we will see.

Speaker Change: Thank you.

Speaker Change: Okay. Thanks.

Speaker Change: Thanks, Joe next question. The next question is from Tim Anderson Wolfe.

Speaker Change: Sure next question. The next question is from Tim Anderson Boss.

Speaker Change: Sure.

Speaker Change: Thank you Jeff.

Tim Anderson: Thank you Jeff a couple of questions on Bay, Florida, If I could can you describe the longer term.

Speaker Change: Questions on <unk>, if I could can you describe the longer term.

Speaker Change: Opportunity and how it parse it out by geography, meaning U S versus ex U S is this one of those products, where it will be.

Jo Walton: Opportunity and parse it out by geography, meaning U S versus ex U S is this one of those products, where it will be most.

Operator: So it's really targeted for the first vision. But, in 2013, we have another RIS observed in another vaccine. We are targeting to bring just a thermostat for the kids for the second and third visions.

Joe: Most likely most sales coming from the U S. As it often is with different products and then the second question.

Speaker Change: Looks like the most sales coming from the U S. As it often is with different products and then the second question.

Operator: Thank you so much. Thank you so much. And again, an amazing launch. J.P. J.P. Some time to reflect on what it was like.

Joe: Is your views of potential competition from Merck They have this product <unk> and.

Speaker Change: Your views of potential competition from Merck They have this product <unk> and <unk>.

J.P.: You certainly gave me a meeting invite. I'm sure you're not short of something. No, I'm not short of that. First of all, thank you very much. I'm a bit, you know; a lot of emotions for me today.

Speaker Change: <unk> III data in the <unk>.

Speaker Change: <unk> III data in the back part of the year implies a launch in 2025 also monoclonal any first impressions up that product based on what you know today.

Speaker Change: Back part of the year implies a launch in 2025 also a monoclonal any first impressions of that product based on what you know today.

J.P.: Of course, if I may, I'm not talking about any other, but what counts is the pipeline, the science, and innovation we have. And I think that's what we need to do. I think that's what we need to do. And I think that's what we should do. And I think that's what we need to do. And I think that's what we need to do. We made most of them, and I'll bring them to you shortly, so that's what we are planning to do, and of course, all the GAA. I know. That's just the beginning. All right, I know. So, you know, I just want to make an opening comment. We've all worked well at Bandersnatch too, but JV and I have taken it really well. And we've pushed each other pretty hard, to be honest.

Speaker Change: Alright.

Speaker Change: Sure.

Breath of launch.

Speaker Change: The breadth of launch.

Speaker Change: And central Soma.

Speaker Change: Until summer.

Speaker Change: So to the risk of disappointing you Tim I may not give you a check.

Speaker Change: So to the risk of disappointing you Tim I may not give you a slight change with a detailed forecast by geography or the coming years.

Speaker Change: With a detailed forecast by geography about the coming years.

Speaker Change: But of course, we are very encouraged by the Q4 launch this year are.

Speaker Change: But of course, we are very encouraged by the Q4 launch of this year.

Speaker Change: Said before we are doing everything and we're confident that they will not be an issue and we're doing we're looking broadly in terms of geography, you have noticed that we just got the legislation with Otis in China.

Speaker Change: I've said before we are doing everything and we're confident that they will not be an issue and we're doing we're looking broadly in terms of geography, you have noticed that we just got the legislation with artists in China.

Brian: And we expect the legislation with artists in Japan in the coming few months.

Speaker Change: And we expect the legislation with office in Japan in the coming few months.

Speaker Change: And we will progressively start launch in China and in Japan at the end.

Brian: And we will progressively start launch in China and in Japan.

Brian: At the end of 2024, so what we're really doing.

Speaker Change: End of 2024, so what we're really going.

Brian: As we named it all in transportation it will be a progressive rollout geographies, such as China as you've seen it with multiple vaccines do take time. So it won't be a policy is still there, but but the opportunity if I look at the mid to long term could be significant this year in 2023, the sales fell about two thirds U S.

Speaker Change: As we named it all in transportation it will be a progressive holdout geographies, such as China as you've seen it with multiple vaccines do take time, so it will be a policy still above but the opportunity if I look at the mid to long term could be significant this year in 2023. The sales are about two thirds U S.

Operator: And it's been necessary to try and have as much assistance as possible while making sure we take advantage of the opportunities that have been coming up. I think for those that should be critical of an out-of-cost TV program, you need to know that, in aligning with JV's wishes and comments, we go full ahead with the reallocation of that. That doesn't blame Lincoln.

Operator: One of the reasons why I'm excited to have JV is because he picked us up as this well-run machine, but with the same head of the team, and I think it's very, very important. The next question is from Jo Walton, UBS. Can you hear us? B.S.T.: I have a question on the consumer side, please. Just looking at any progress on the RX OTC switch trial that you're doing for Tamiflu and Thialis, just thinking as to whether they will, you know, how visible they will be at the point of separation going forward. And secondly, just on the timing of your COP launch, I know that you've filed, and you don't yet know the timeframe of that review. Do you have a priority review voucher? Could we assume that you would use that for such an important launch?

Brian: One third EU.

Speaker Change: One third.

Speaker Change: <unk>.

Speaker Change: And that might be presentation.

Speaker Change: It might be early presentation.

Speaker Change: For the short term, but again.

Speaker Change: While the short term, but again.

Our energy is everywhere and we want to go from a geographic or going to PD, one step at a time, where the competition aspect.

Speaker Change: <unk> everywhere and we want to move a little geographic Hogan CD, one step at a time or the competition aspect.

Speaker Change: Now two players.

Speaker Change: And then it will one which is already licensed this is about methane immunization, but I think it is very clear.

Speaker Change: With one which is already licensed visited about methane immunization, but I think it is very clear.

Speaker Change: The fundamental difference between <unk> and maternal vaccine is that <unk> is designed to protect all in terms of <unk>.

Speaker Change: Fundamental difference between best of suite and maternal vaccine is that <unk> is designed to protect all in terms of met on the vaccines cannot by design.

Speaker Change: On the vaccines cannot.

Speaker Change: By design.

Speaker Change: And back to the previous question from Luisa.

Speaker Change: And back to the previous question from Luisa. Please have a look at the <unk> results. When there is more than 90% coverage rate in any event.

Speaker Change: Have a look at the <unk> results when there is more than 90% coverage rate in any event the impact against lift utilization is impressive formula.

Julie: Any time. Okay, thanks Joe, great to have you connected. So, Julie, updates on the switches? Sure, sure. So, as you know, we were really launched together in the UK, and since our last call, we have now received approval for nowhere in Ireland.

Speaker Change: The impact against those Digitization is impressive formula and for the other products.

Speaker Change: And for the other products.

Speaker Change: Product is in phase III, we cannot comment on it we don't have data, but the phase III. The only thing I can say that I do believe.

Speaker Change: But the bar has been set and stubhub runoff care and if you look at the profile of the.

Speaker Change: But the bar has been set and stubhub runoff care and if you look at the pole hide.

Julie: For the US, we have been doing certain studies to support our strategy. So those studies are now complete, and we're looking forward to discussing the results with the FDA over the coming quarter and hope to be in alignment with them on what to do next. On time, if you want to do an update. I think it's fair to say what was expected of us to be done, and we've done it, so now we find out whether it will be enough, and that's, you know, we've gone further than others, but we'll find out. So, certainly, progress on Cialis. I don't know whether we want to go to Brian's then next on 2D.

Speaker Change: The fact is nothing in the efficacy, which is impressive as other Guinea set it up but also in terms of safety and we're talking about the the most fragile part of our population and the newborn.

Speaker Change: Nothing in the efficacy, which is impressive as other Guinea set it up but also in terms of safety and we are talking about the most hygienic part of our population and the new bonds.

Speaker Change: The safety profile of Mississippi movies, just pristine.

Speaker Change: The safety profile of <unk>.

Speaker Change: I think the Tiber now, let's look at the phase II results from the Medtronic.

I think Thats a high bar now, let's look at the phase III results from the Medtronic.

Speaker Change: Okay. Thank you.

Speaker Change: Tim This is Christian the next question is from Peter <unk> from Jefferies.

Tim This is Chris. The next question is from Peter Wilson from Jefferies.

Speaker Change: Yeah.

Speaker Change: Yes.

Peter: Hi, Thanks for taking my question.

Peter Verdult: Hi, Thanks for taking my question.

Peter: First of all would you say fortis.

Peter Verdult: First of all would you say fortis.

Speaker Change: Just wonder if you could comment told about the phasing.

Peter Verdult: I Wonder if you could comment told about the phasing you made a comment the first quarter you don't have supply, but I think at the same time you are different doses sale to the U S. If I'm not wrong.

Speaker Change: You made a comment in the first quarter, you don't have supply, but I think at the same time you are the different doses sale to the U S. If I'm not wrong.

Brian: There was a question about our data, and there are some that are outlawed. Thank you so much for the question. Really, really excited about the next opportunity. As you may recall, back in August, the FDA, in a unique move, granted us a great, great designation at that time, and that was the first trial.

Peter Verdult: Carry over but there should be that anticipate baseball to cell death, and then rise again before before the winter season, or I guess do you have any plans that you will but for the southern hemisphere.

Speaker Change: But there should be that anticipate baseball to cell death, and then rise again before before the winter season, or I guess do you have any plans that you will but for the southern hemisphere.

Speaker Change: Obviously, we should be considering going be joined those metrics in quarters.

Peter Verdult: The dose that we should be considering going be joined the middle two quarters.

Speaker Change: And just curious.

Speaker Change: Near $2 billion that was given was that the U S alone or is that across all the regions, so far where they participate launch.

Speaker Change: Near $2 billion that was given that the U S alone or is that across all the regions, so far where they participate launch.

Brian: We read out the second trial, both trials were positive, and we filed, and now we filed as of December 27th, and so we are waiting for regulatory feedback or feedback from the agency as we speak. We are anticipating, as we said earlier in the pre-setup that we did, that we will be launching in 2024, although it is still to be determined whether or not it will be a prior year or not.

Speaker Change: And then the second question just want the JV just update the pay it out.

Speaker Change: And then the second question just want the JV just update to pay it out.

Speaker Change: The increase in other operating income during the quarter you referenced in the release you need to do with litigation related items Wonder how much of that has to do with it or could you just quantify what it was.

Speaker Change: The increase in other operating income during the quarter you referenced in the release you need to do with litigation related I even wonder.

Speaker Change: How much of that has to do with it.

Speaker Change: Could you just quantify what it was.

Speaker Change: It could be crazy.

Speaker Change: The decrease in DIY.

Hi, Nick.

Speaker Change: Perhaps relative to expectations. Thank you.

Speaker Change: Perhaps relative to expectations.

Speaker Change: So maybe.

Nick: So maybe.

Nick: So in Q1.

Speaker Change: So in Q1.

Speaker Change: What you can share on phasing and have the distribution of the almost 2 million doses.

Speaker Change: What you can share on phasing and the distribution of the almost 2 million doses that they already have it.

Operator: Okay, thank you, thank you, next question, the next question is from Tim Anderson. Thank you. I have a couple of questions about eBay.

Speaker Change: Already a attribute.

Speaker Change: Yes.

Speaker Change: So first on the on.

Speaker Change: So first on the.

Speaker Change: The first question. The RSV disease is of course, very seasonal disease, and therefore, you will see that it will be a condensed if you reach in each country will have the sales in Q3 Q4, South hemisphere countries assets in Q1 Q2.

Speaker Change: The first question. The RSV disease is of course, very seasonal disease, and therefore, you will see that it will be a cadence did you reach in each country will have the sales in Q3 Q4 southeastern countries assets in Q1 Q2.

Operator: Can you describe the longer-term opportunity and how it fars out by geography, meaning U.S. versus ex-U.S., because this is one of those products where it will most likely, you know, most deals coming from the U.S., as it often is with different products? And then my second question is, what is your view of potential competition from Merck that has this product that's just broken out in phase 3 data in the back part of the year, 5.1, 2025, all the way on and on and on and on. Any first impressions of that product based on what you know today? Solomon, Brett DeBloch, and Sonson Bambard.

Speaker Change: Due to the supply limitation and the fact that we are in the progress and the process sorry of ramping up supply.

Speaker Change: Due to the supply limitation in the segment, we are in the progress and the process sorry of ramping up supply.

Speaker Change: I would expect in 2024, but Q3 and Q4.

Speaker Change: The key quarters felt before this that you will see as it was communicated by the way those some small cells.

Speaker Change: A key quarters felt before this that you will see as it was communicated by the way those some small cells.

Speaker Change: With the delivery of products in January.

Speaker Change: And we are looking for a couple of countries may be for you Michelle entries, but again.

Speaker Change: We are looking for a couple of countries may be for you Mr entries, but again.

Operator: So, at the risk of disappointing you, I might not give you a detailed forecast for the coming years, but I think we are very encouraged by the four launches this year. As I said before, we are doing everything, and we couldn't supply wind energy to you, and we're looking broadly at subsurface geography. You have not seen the legislation before in China, and we expect the legislation before in Japan in the coming months, and we will, obviously, start it now in China and in Japan at the end of 2024. So, what we're really doing, as we named it, on oil infrastructure, it will be a progressive rollout. In geography such as China, as you've seen, it will take time, so it will be a progressive rollout, but the opportunity, if you get to meet them in the long term, will be significant.

Chris: A significant effect.

Speaker Change: A significant set perspective, it's really about Q4, and Q3 and Q4 'twenty 'twenty four.

Chris: It's really about Q4, and Q3 and Q4 'twenty 'twenty four.

Peter Verdult: And back to the point you mentioned to be very precise on the approximately $2 million as of 2000 Twenty's III Twenty-twenty fossil. It includes the seasons of Ies includes January February pizza.

And back to the point you mentioned to be head.

Speaker Change: On the approximately $2 million is of 2023 2024. So it includes the seasons of Ies includes January February.

Peter Verdult: It's really a total E U S Russell.

Speaker Change: Its really total E U S lassila.

Speaker Change #100: Okay JV.

Speaker Change #101: Okay JV.

Speaker Change #100: The other income.

Speaker Change #101: Other income.

Speaker Change #100: Yes.

Speaker Change #101: Yes.

Speaker Change #102: Thank you.

Speaker Change #103: Thank you.

You realize how to approach.

Speaker Change #103: You realize that.

Peter Verdult: <unk> is very very doable and the impact on our P&L, but it's actually more specifically.

Speaker Change #103: <unk> is very redeemable on the impact on our P&L benefit more specifically.

Speaker Change: We had a few.

Speaker Change #103: We had a few.

Speaker Change: Here on their tens of millions of provisions that we had to pass in Q4 scattered topics nothing in particular.

Speaker Change #103: Here on their tens of millions of provisions that we had we had to pass in Q4 scattered topics nothing in particular.

Operator: This year, in 2023, sales are about two-thirds U.S., and one-third EU, and that might be a fair recommendation for the short term. But, again, R&D is everywhere, and we won't look for geography. We'll give you one step at a time. Now, two videos, one which is already licensed. This is a plateau animation, but I think it's very clear. The fundamental difference between catharsis and maternal vaccines is that catharsis is designed to protect all infants, while the maternal vaccine cannot, by design.

Speaker Change: Okay. Good. Thank you Kristian for the next question is from Richard <unk> Jpmorgan.

Speaker Change #104: Okay. Good. Thank you Kristian for the next question is from our recapitalization of Jpmorgan.

Speaker Change #105: Alright, Thanks for taking my question a question on <unk>.

Speaker Change #106: Hi, Thanks for taking my question a question on <unk>.

<unk> X one I want all the in apex proactive I think in the handbrake switch highlighting the first readout at the end of 'twenty. Four can you talk through the difference in timing with your second half 'twenty five timing and whether we will still see some initial data ahead of maybe the final data on the 25 and then a question on <unk>.

Jpmorgan: <unk> one on one or the <unk> program I think in the handbrake Swiss highlighting the first readout at the end of 'twenty. Four can you talk to the difference in timing with your second half 'twenty five timing and whether we will still see some initial data ahead of maybe the final data on the 25 and then a question on flu.

Speaker Change: Please.

Jpmorgan: Please.

Speaker Change: Obviously flu vaccine hasn't seem we've been hearing about increased competition I think you've referenced it too.

Jpmorgan: Obviously flu vaccine hasnt seem we've been hearing about increased competition I think you've referenced it too.

Operator: And, back to the question from Luisa, please have a look at the data results when the very normal 90% coverage rate on infants. The impact against fetalization is impregnated from year one. And for the other products in phase 3, we cannot comment on that; we don't have data about phase 3. The only thing I can say is that I do believe that the bar has been set in terms of standard of care. And if you look at the profile of Fortus, not only is it effective, which is impressive, but also in terms of safety. And we're talking here about the most fragile part of the population, the newborn.

Speaker Change: They all went back to a situation is sort of the capacity for the for the flu market outside of high dose and outside of that very well with adults.

Speaker Change #108: I'll always back to a situation is sort of the capacity for the for the flu market outside of high dose in outside of variable with adults.

Speaker Change #109: Should we expect price pressure going forward, how should we think of the flu seasons going forward. Thanks very much okay. Good.

Speaker Change #110: Should we expect price pressure going forward, how should we think of the flu seasons going forward. Thanks very much okay. Good.

Speaker Change: Humans.

Speaker Change: Yes.

Speaker Change #110: Yes.

Speaker Change #111: Richard Thank you for the question.

Speaker Change #110: Richard Thank you for the question.

Speaker Change #112: The short answer is in terms of operational outcome, we expect the results in 'twenty five.

Speaker Change #113: The short answer is in terms of operational outcome, we expect the results in 'twenty five.

Speaker Change: <unk>.

Speaker Change #113: <unk>.

Operator: The safety profile of nursing and young men is just tipped in. So I think that's my bar. Now look at the phase 3 results on that. The next question is from Peter Westmoreland from CPRI. Hi, thanks for taking my question. I'm looking forward to Bateport again. I'm just wondering if you can comment at all on Bate. You may comment that for Bateport, you don't have a fly, but I think at the same time you are delivering those to the US, if I'm not wrong, to carry over. But should we then anticipate Bateport to sell Dick and then rise again for the win season?

Speaker Change: I didn't have any further comment on that and we look forward same days results thereof elements to this as we bring the molecule in once the deal size.

Speaker Change #113: I didn't have any further comment on that and we look forward to seeing those results thereof elements to us as we bring the molecule in once the deal size.

Speaker Change: Okay, good tomo getting plenty of our time today.

Speaker Change #114: Okay, good tomo getting plenty of our time today.

Speaker Change: Flu, maybe comments on high dose <unk>.

Speaker Change #114: Flu, maybe comments on high dose <unk>.

Speaker Change: And the differentiation piece and the thoughts on what it could mean for pricing and standard dose.

Speaker Change #114: And the differentiation piece and the thoughts on what it could mean for pricing and standard dose.

Speaker Change #116: It is an important question.

Speaker Change #115: It's an important question.

Speaker Change #117: And I would think the continuation of what we have.

Speaker Change #116: And I would think the continuation of what we have observed over the past two year the situation in different buckets of all is that there is definitely <unk>.

Speaker Change #101: All the best two year the situation in different buckets of all is that there is definitely.

Speaker Change #103: Ample supply of vessels demand and Thats.

Speaker Change #116: Simple supply versus the demand and thats.

Operator: Or I guess you haven't had the southern hemisphere that obviously we should be considering during those two quarters. I'm just curious; is it nearly a given? Is that the US loan, or is that across all the regions so far where Bateport is being launched? And then the second question is one for JC, it's on the P&L, and the increase in other operating income going towards that, you referenced releasing to do with litigation-related behavior. I wonder how much of that is due to that. And if it is, can you just quantify a bit what it was that led to the significant increase in VOOI in the course of perhaps those expectations? Thank you. So maybe some thoughts on Q1, what you can share on phasing, and how to deal with the, So first on the functions, the array of diseases is, of course, the recurrence of diseases, and therefore you will see that it is the abundance in which energy companies will have delta H2N3, 3, 4, South American countries will have delta H2N1, 1, 2, 2.

Speaker Change #103: That's been accelerated by the decrease in <unk> over the past couple of years, especially North America.

Speaker Change #116: That's been accelerated by the decrease in <unk> over the past couple of years, especially in North America.

Speaker Change #103: Various reasons.

Speaker Change #116: Various reasons.

Speaker Change #118: I think one point to have in mind, though is that it's very linked to the fact that that would be very moderate.

Speaker Change #116: I think one point to have in mind, though is that it's very linked to the fact that that would be the Monday night.

Speaker Change #119: Susan in terms of disease, and as you know very well VCR get softer after three or four seasons that are lower and certainly we saw it comes back as others.

Speaker Change #116: Susan in terms of disease, and as you know very well <unk> get softer after three or four seasons that are lower and certainly we saw it comes back as others.

Speaker Change #120: I'm, saying that because right now we're in western Europe with an increase of a few disease and in the U S will not be immune to that.

Speaker Change #116: I'm, saying that because right now we are in western Europe with an increase of a few diseases.

Speaker Change #116: In the U S will not be immune to that.

Speaker Change #120: But so thats for the overall institution.

Speaker Change #116: But so thats for the overall institution.

Speaker Change #120: Of course, we had anticipated that that's why we came earlier with differentiated flu vaccine. We have two differentiated flu vaccines in our portfolio that have significant data significant debt.

Speaker Change #116: Of course, we had anticipated that that's why we came earlier with differentiated flu vaccine, we have two differentiated flu vaccines and a portfolio of it a significant data a significant show.

Jpmorgan: Impact in terms of improved protection vessels in fiction compared to start altos, which none of the company does that.

Speaker Change #116: Impact in terms of improved protection versus infection compared to start altos, which none of the competitors, that's what we call protection beyond flu.

Operator: Due to the fact that we are in the process of ramping up the slide, I would expect in 2024 that Q3 and Q4 will be the key quarters of the process. There you will see, as was communicated by the White House, some small sales with the delivery of drugs in January, and we are now looking for a call for countries, maybe for South American countries. But again, from a significant perspective, it is really about Q3 and Q4. And back to the point I mentioned earlier in the presentation, on the appropriate limits for millions of visitors in 2020-2023, so it includes the season, i.e. January, February. The total IED u.s.

Speaker Change #108: What we Couldnt protection beyond flu.

Speaker Change #108: And that has brought the success of this differentiation vaccine that represents.

Speaker Change #116: And that has brought the success of this differentiation vaccines, but represents in stage two 2023 more than 60% of all Susan.

Speaker Change #110: Q2, 2023 more than 60% of our fusin, so to summarize I would say overall firsthand our newest highest Pasha is my expectation you're correct, but we are seeing ample room for project delay of differentiated flu vaccine such as.

Speaker Change #116: To summarize I would say overall for <unk>.

Speaker Change #116: Pasha is.

Speaker Change #121: Is my expectation you're correct, but we are seeing ample room for project delay of differentiated flu vaccine such as soon as I do.

Speaker Change #122: If you have October.

Speaker Change #121: October.

Speaker Change #123: Okay. Thank you. The next question. Please. The next question is from government Berry Bank of America.

Speaker Change #124: Okay. Thank you. The next question. Please your next question is from Goldman Berry Bank of America.

Government Berry: Great. Thanks for taking my questions.

Speaker Change #126: Great. Thanks for taking my questions.

Speaker Change #127: First question is just on <unk>.

Goldman Berry: First question is just on <unk> I.

Giovanni Berry: I think you had quite a lot of patients on free drug in second and third quarter. Just if you could give us an update on how many patients are actually on free drug are operating programs in Q4, and then how you would expect that to progress into 2024, and then separately on the excuse me on the inhibitor asset.

Speaker Change #129: I think you have quite a lot of patients on free drug in second and third quarter. Just if you could give us an updates on how many patients are actually on free drug are operating programs in key for and then how you would expect that to progress into 2024, and then separately on the excuse me on the inhibitor asset.

JV: Okay, JV, on the other end. Yeah, yeah. Well, you'll realize that the price is very, very low on the impact of P&L, but basically, what this is, basically, we had a few topics on the air, tens of millions of provision units that we had planned in Q4, scattered topics, not naming any more popular ones. The next question comes from Richard Vosser. Give him your name, please. Hi, thanks for taking my question. A question on INBRX 101 about the Inhibrix program. I think Inhibrix was highlighting the first readout at the end of 24, so could you talk through the different timing with your second R25 timing and whether we will still see some initial data instead of maybe the final data on the 25?

<unk> inhibits it indicates that the FDA wanted some data linking functional <unk> levels getting to normal levels with some sort of clinical outcome.

Speaker Change #129: <unk> inhibits the indicated that the FDA wanted some data linking functional <unk> levels getting to normal levels with some sort of clinical outcome.

As a sort of a precursor to a filing on the basis of functional 80 level that for accelerated review and then they still have to create clinical endpoint for the confirmation. Charles So can you just give us an update on where you think that processes is that data generated and what you think the clinical endpoint that will be needed for approval will be.

Speaker Change #129: As a sort of a precursor to a filing on the basis of functional 80 level that for accelerated review and then they still have to agree a clinical endpoint for the complementary Charles So can you just give us an update on that.

Speaker Change #132: Why you think that processes is that data generated and what do you think the clinical endpoint that will be needed for approval will be thank you.

Speaker Change #131: Thank you.

Speaker Change #133: Thank you Graham Brian <unk> Yep, So first from US as you all know we have this 30 day program, which has been quite helpful. For us we've seen that about 90% of the patients that go into that program get converted to commercial which is really fantastic and as you have said it and it's going to go down it was a 20% previously the patients that have gone through the program is at 14 now we anticipate it.

Thank you Graham Brian <unk>.

Operator: And then a question on flu, please. Obviously, flu is back in Hesley, and we've been hearing about Inhibrix for competition, and I think you've referenced it too. Are we back to a situation of sort of over capacity for the flu market outside of high doses and outside of very old adults? So should we expect high pressure going forward? How should we think of the flu season going forward? Thanks very much. Okay, good. So Richard, thank you for the question. The short answer is, in terms of operation and how we expect the results in 2025, I don't have any further comment on that. We look forward to seeing those results. There are other elements to it as we bring the molecule in once the deal is signed.

Speaker Change #134: So first from US as you all know we have this 30 day program, which has been quite helpful. For us we've seen that about 90% of the patients that go into that program get converted to commercial which is really fantastic and as you have said it is going to go down it was a 20% previously the patients that have gone through the program is at 14 now we anticipate it to go down to between $8 five.

Speaker Change #116: To go down to between eight five.

Speaker Change #116: And probably it will stabilize somewhere around the five range in the coming years.

Speaker Change #134: And probably it will stabilize somewhere around the five range in the coming years.

Speaker Change #136: Thank you Brian human.

Speaker Change #135: Thank you Brian human.

Speaker Change #136: <unk>.

Brian: Thanks for the question excellent question just to call out.

Speaker Change #137: For the question excellent question just to call out.

Speaker Change #137: Asset yet so.

Brian: Set yet so.

Speaker Change #116: We're beginning to dig into that question as you will fully appreciate era ongoing discussion for the FDA. Both in terms of as you say bioavailability and bioequivalence with native Alpha Antitrypsin and the right endpoint.

Brian: We are beginning to dig into that question as you will fully appreciate era ongoing discussions for the FDA. Both in terms of as you said bioavailability and bioequivalence with native Alpha Antitrypsin underwrite endpoint.

Speaker Change #121: We're deep in those discussions and in fact.

Brian: <unk> deepened those discussions and in fact.

Brian: <unk>.

Operator: Okay, good, Tama, getting to the end of our time today, flu, maybe a comment on high dose and the different HHCs and the thoughts on what it could mean for private unions down there. It's an important question, Richard, and I would say it is the continuation of what we have observed over the past few years. The situation in the market at all is that there is definitely an ample supply versus demand, and that's been accelerated by the increase in GDPR over the past couple of years, particularly in Latin America. I think one point to have in mind, though, is that it's very linked to the fact that there has been a very moderate flu season in terms of disease, and as you know very well, this year, after a short period of seasons that are lower, and suddenly, this year comes back after a short period of disease.

Speaker Change #121: Even last week, we were in conversations with the Alpha One foundation patient group to consider exactly how we move this forward. Thanks for the question and watch the space.

Brian: Even last week, we were in conversations with the Alpha One foundation patient group to consider exactly how we move this forward. So thank you for the question and watch this space.

Speaker Change #138: Thank you. The next question is from Simon Baker from Redburn.

Brian: Thank you. The next question is from Simon Baker from Redburn.

Yeah.

Speaker Change #129: Okay.

Brian: Okay.

Speaker Change #129: Okay.

Simon Baker: Okay. So and then move to the next question from Kevin.

Speaker Change #129: And then move to the next question from Kevin can you hear me sorry.

Simon Baker: Can you hear me sorry.

Kevin: Okay, Alright, thank you sorry can you.

Speaker Change #141: Okay, Alright, thank you sorry.

Please provide more color on your view of the potential of <unk> five as targets.

Kevin: Please provide more color on your view of the potential of <unk> five as a target.

Speaker Change #142: Given the the beach.

Kevin: Given the recent.

That's to submit them.

Kevin: That's two cemetery.

Speaker Change #142: Same theater.

Kevin: <unk>.

Kevin: Theater.

Speaker Change #142: And second one.

Kevin: And second one.

Speaker Change #142: Again on before which is.

Kevin: We gave him from before.

Speaker Change #143: We've seen strong uptake in the U S. But is there any group who pay your channels.

Kevin: We've seen the strong uptake in the U S. But is there any group of your channels.

Speaker Change #144: <unk> move more strongly represented and others that are you see thank you.

Tama: I'm saying that because right now, we're in Europe with an increase in flu disease, and the US has been immunized. So that's all about the overall situation. Of course, we have got non-transmitted cases, that's why we came up earlier with differentiated flu vaccines.

Kevin: Regions move more strongly represented and others that AUC. Thank you.

Speaker Change #146: Okay. Thank you <unk> five given the two.

Speaker Change #145: Okay. Thank you.

Speaker Change #145: <unk> five given the.

Speaker Change #147: To sum them up data, maybe some thoughts on the different payload.

Speaker Change #145: To sum them up data, maybe some thoughts on the different payload.

Speaker Change #148: This is still a valid target.

Speaker Change #145: This is still a valid target.

Thanks for the question excellent question, we continue to believe based on both our precision medicine computational biology approach and classical.

Speaker Change #149: Thanks for the question excellent question, we continue to believe based on.

Tama: We have two differentiated flu vaccines in our portfolio, but that's significant data, significant data that are showing impact in terms of improved protection versus infection compared to the standard dose, which none of the competitors have. And that has brought about the safety of the differentiated flu vaccine, but that's represented in HH02 and HH02BB in more than 60% of the cases. So to summarize, I would say overall, for a standard dose, high pressure is my expectation, and you're correct.

Speaker Change #149: Precision medicine, computational biology approach and classical eliminated chemistry <unk> five.

Speaker Change #134: Chemistry as <unk> five.

Speaker Change #134: Our highly specific and highly express target. It's density profile is well suited to an ADC approach as you call out correctly, the previous molecule with a damn full payload.

Speaker Change #149: Our highly specific and highly expressed target.

Speaker Change #149: <unk> profile is well suited to an ADC approach as you call out correctly, the previous molecule with a damn full payload.

Speaker Change #135: Sadly did not provide the high efficacy bar that we'd put in order to serve patient value.

Speaker Change #149: Sadly did not provide the high efficacy bar that we put in order to serve patient value.

Brian: We believe for a number of basic biological reasons the type one payload on the current molecule both a preclinical level.

Speaker Change #149: We believe for a number of basic biological reasons.

Tama: But we're still seeing enough room for the trajectory of differentiated flu vaccines, such as the viral dose, FUL-1. Okay, thank you. Okay, thank you. The next question, please. The next question is from Graham Parry, Bank of America. Great, thanks for taking my questions. My first question is on LTO.

Speaker Change #149: Type one payload on the current molecule both the preclinical level.

Brian: But also now in clinic show significant promise. The short answer is we remain optimistic about <unk> five ADC.

Speaker Change #149: But also now in clinic showed.

Speaker Change #149: Can't promise the short answer is we remain optimistic about CCAR five ADC.

Speaker Change #150: Thank you.

Speaker Change #151: Thank you.

Brian: And based for us in particular.

Speaker Change #151: <unk> based <unk> in particular.

Operator: I think you had quite a lot of patients on pre-drug in the second and third quarters. Could you give us an update on how many patients are actually on pre-drug at bridging programs in Q4? And then separately on the... Excuse me, on the Inbrix asset. I recall that Inbrix indicated that the FDA wanted some data linking functional AAP levels going to normal levels with some sort of clinical outcome as a sort of precursor to filing on the basis of functional AAP levels for accelerated review.

Brian: Alright.

Speaker Change #152: Right yes.

Brian: So I assume same line you are talking about the payer coverage in the U S.

Speaker Change #153: So I assume same line you are talking about the payer coverage in the U S.

Simon Baker: First of all a significant part of Dupont's coverage is through the VSP program, so far the public about.

Speaker Change #154: First of all a significant part of Dupont already through the VSP program. So a big.

Speaker Change #153: Beth.

Speaker Change #155: Conversion of a well.

Speaker Change #153: With the conversion of a well.

Simon Baker: And for the pilot.

Speaker Change #153: And for the pilot.

Simon Baker: The medical side of things.

Speaker Change #153: Medical side of things.

Simon Baker: Again check there recently, but a few weeks ago, we're already way more and we are above 90%.

Speaker Change #153: I didn't check there recently, but a few weeks ago, we're already way more than we are about 90%.

Kevin: Payer coverage in the U S. Just a few months after that up so I don't see any Colorado in terms of payer coverage it doesn't prevent but there might be.

Payer coverage in the U S. Just a few months after that up so.

Speaker Change #153: I don't see any opponent auto in terms of payer coverage it doesn't prevent but there might be.

Brian: And then they still had to create a clinical endpoint for confirmation. So could you just give us an update on where you think that process is, is that data generated, and what do you think the clinical endpoint that will be needed for approval will be? Thank you. Thank you, Graham. Brian, over to you.

Kevin: A few petitioner, though if you HCP that.

Speaker Change #153: A few petitioner, though if you <unk> that.

Kevin: Of course, we want to go 30, because we want to make sure as it would be around Burton property covered but with what we've seen in the U S. Over the past few weeks I think it's a it's now something from the Beth I'm very confident about 2024 in the U S.

Speaker Change #153: Of course, we want to grow 30, because we want to make sure that they will be reimbursed and properly covered but with what we've seen in the U S. Over the past few weeks I think it's now something from the Beth I'm very confident about 2024 in the U S.

Kevin: Yes.

Speaker Change #157: Yes, just to build on it sounds Chris.

Speaker Change #156: To build on sounds Krishna.

Brian: Yep, yep. First of all, as you all know, we have the 30-day program, which has been quite helpful for us. We've seen that about 90% of the patients that go into that program get converted to commercial, which is really fantastic.

Speaker Change #158: You referenced the U S but.

Speaker Change #145: Chris referenced the U S but.

Maybe to share some of the enthusiastic missing from different countries in Europe.

Maybe to shift some of the enthusiastic missing from different countries in Europe.

Speaker Change #145: But if anything I think that the.

Speaker Change #159: I think that the.

Do you know that it's well known that in Europe, you should have plenty of previous you still had kind of a benchmark vaccine and traded in Europe normally it takes a few years in terms of S. Because <unk> values of our investment decision and its early stage. We are seeing a lot of European countries that are trying to accelerate that process.

Speaker Change #145: You know that it's well known that in Europe, you should have plenty of previous you still had kind of a benchmark.

Brian: And as you have said, it's going to go down. It was at 20% previously for the patients that had gone through this program. It's at 14% now. We anticipate it to go down between 8 and 5. And probably it will stabilize somewhere around the 5 range in the coming years. Thanks for the question, excellent question, so we're beginning to get to that question, as you will fully appreciate, there are ongoing discussions with the FDA, both in terms of their bioavailability and bioequivalence with native alkaline nitrogen and the right end, but we're deep into the discussion, and in fact, even last week, we were in conversation with the L1 Foundation Association Group to consider exactly how we move forward with the question of what'

Speaker Change #149: <unk> entries in Europe normally it takes a few years in terms of progress because that is recommending body values, our investment decision and its early stage. We are seeing a lot of European countries that are trying to accelerate that process in order to make sure of it before it goes area for protection. Thank you. Thomas next question. The next question.

Speaker Change #159: To make sure of it before.

Speaker Change #159: Good area for protection. Thank you. Thomas next question. The next question comes from David Risinger from Leerink.

Speaker Change #149: Comes from David Risinger from Leerink.

Speaker Change #160: Yes. Thank you very much so I wanted to say, thank you and best of luck to you J B and I have two questions for Paul and you. Please.

David Risinger: Yes. Thank you very much so I wanted to say, thank you and best of luck to you J B and I have two questions for Paul and you. Please.

Speaker Change #162: First can you provide color on the outlook for spending growth in 2025, and also discuss the potential for operating leverage beyond 2025, thanks very much.

David Risinger: First can you provide color on the outlook for spending growth in 2025, and also discuss the potential for operating leverage beyond 2025, thanks very much.

Speaker Change #164: Thank you David.

Speaker Change #163: Thank you David.

Brian: Thank you. Thank you. So the next question comes from Simon Baker on behalf of Brent Burnham. So maybe I'll move to the next question from David. Hi, can you hear me?

Speaker Change #151: J P.

Speaker Change #165: Okay JV.

Speaker Change #166: Thank you very much.

Speaker Change #166: So very much.

Yes, I can try to do that because the question is pretty simple that it can I can lay out for you.

Speaker Change #168: Yes, I can try to do that because.

Speaker Change #169: To your question is pretty simple that it can I can lay it out for you.

Speaker Change #154: We enjoy a steady growth on this is with US for many years ahead now with the new alloys in front of us.

Enjoy a steady growth on this is with US for many years ahead now with new alloys in front of us.

Operator: Sorry. Yes, yes. Good, good. Yeah. Hi.

Operator: Thank you. Sorry. Can you please provide a quick overview of the potential of the AAM5 target, given that we were to some of them last time?

Speaker Change #153: Both mentioned things as underlying growth that we're enjoying when you neutralize the impact of Joseph.

Speaker Change #169: You heard both mentioning this underlying growth that we're enjoying when you neutralize the impact of Joseph it's pretty easy to see that we are going to endorse these growth we said that.

Operator: And the second one. We've seen a strong uptick in the US, but is there any group or pair of channels from regions more strongly represented in the South-West at the ACC?

Speaker Change #153: It's pretty easy to see that we are going to <unk> growth, we said that we.

Speaker Change #153: We would increase in 'twenty, four and Thats why its there is a bit tougher for crushing 24, because we increased $700 million.

Speaker Change #169: We would increase in 'twenty, four and Thats why there is a bit tougher for crushing 24, because we increased $700 million.

Operator: Thank you. Thank you. Thank you. Thank you. Thank you. CCAM 5, given the two-to-minimum data, and maybe saw some of the different payloads, as it is all about the timing of the meeting.

Speaker Change #153: Randy.

Speaker Change #169: Randy.

Speaker Change #153: Why.

Speaker Change #169: Other programs are still running like a toy britta neighbors COPD large face multiple phase III programs. Those programs will end in 2005, and <unk> oncology to ini reallocation.

Speaker Change #153: Other programs are still running like a toy Britain neighbors COPD large face multiple phase III programs those programs will end in 2005.

Operator: I think that's probably a good time to close. Thank you. Thank you. Excellent question. We continue to believe, based on both our precision and med-com computational biology approach and classified or even in the chemistry, that CCAM5 is a highly specific and highly expressed target. Its density profile is well suited to an NAD approach.

Speaker Change #157: <unk> oncology to Ini reallocation plus.

Speaker Change #169: Our.

Speaker Change #158: <unk>.

Speaker Change #158: Efforts in terms of costs relocation will fully kick in in 2005, So flat Opex 25 versus 24 with a clear top line growth this will trigger liberate.

Speaker Change #169: Efforts in terms of costs relocation will fully kick in in 'twenty, five so flat opex 25 versus 24 with <unk>.

Speaker Change #169: Tier topline growth this will trigger liberate.

Operator: If you call it out correctly, the previous molecule with the DM4 payload sadly did not provide the high efficacy bar that we put in order to serve patient value. We believe, for a number of basic biological reasons, that the TOPO1 payload on the current molecule, both at the preclinical level and also now in the clinic, shows medical promise. The short answer is that we remain optimistic about CCAM5. Thank you, and thank you to all of us in particular. So I assume that you are talking about payoff coverage in the U.S. First of all, a significant part of the payoff coverage is the VFDA program for the public sector.

Speaker Change #159: Now looking beyond this.

Speaker Change #169: Looking beyond this beyond 'twenty five.

Speaker Change #159: 25.

Speaker Change #159: If we if we've done is we've taken the decision of going all in if you are looking at our pipeline.

Speaker Change #169: If we if we've done is we've taken the decision of Green OLED, if looking at our pipeline.

Speaker Change #159: It's really to break.

Speaker Change #169: It's really to break.

Speaker Change #159: So assuming of a growth rate on profitability that Sanofi.

Speaker Change #169: So assuming offer of growth rate on profitability that Sanofi.

David Risinger: As experimented in passengers.

Speaker Change #169: As experimented in passengers.

David Risinger: So we will see where it goes but as I said.

Speaker Change #169: So we will see where it goes but as I said, we are going to enjoy a long run of growth.

David Risinger: We're going to enjoy a long run of growth.

On a clear opportunity to create value on gross foods year low of <unk> with three to five two to five three to five asset is $2 5 billion peak sales potential.

David Risinger: A key opportunity to create value on gross foods year Louie of duplex sent with three to five two to five three to five assets is 2% to 5 billion peak sales potential.

You've seen and as R&D data, we have malls that what it takes already under a single target for a relentless.

Speaker Change #169: <unk> seen in the R&D day that we have more that what it takes already under a single target for a relentless.

David Risinger: Adding to our portfolio Inorganically as we adjusted.

Speaker Change #169: Adding to our portfolio Inorganically as we adjusted.

Operator: We got it very well. And from the private medical side of things, I didn't check very recently, but a few weeks ago, we were already way above 90% payoff coverage in the U.S. So I don't see any problem in doing the payoff coverage. It doesn't mean that there might be a few practitioners, but, of course, we want to go slowly. We want to make sure that they will be reimbursed and fully covered.

Speaker Change #170: <unk>. Thank.

Speaker Change #169: And it varies.

Speaker Change #172: Thank you chip discretional because the next question is from Gary Stevenson.

Speaker Change #171: Thank you chip discretional goods.

Speaker Change #171: Next question is from Gary Stevenson.

Speaker Change #169: Yes.

Speaker Change #171: Randy.

Speaker Change #169: Okay.

Speaker Change #171: Okay.

Speaker Change #169: Okay.

Speaker Change #171: Okay.

Speaker Change #169: Yes.

Gary.

Speaker Change #169: Gary.

Gary Stevenson: Gary Thank you Gareth.

Speaker Change #169: Chris.

Speaker Change #169: They will move to the next level, Okay. So we'll come back to Gary.

Speaker Change #174: Maybe we move to the next phone, Okay, we'll come back to Gary.

Speaker Change #169: Let's move to Raj Kumar from HSBC.

Speaker Change #174: Let's move to Raj Kumar from HSBC.

Operator: But what we've seen in the U.S. the past few weeks, I think, is now something from the past. I'm very, very confident of 2024 in the U.S. Yeah, I was just building on someone's question. Thank you. Thank you. Maybe some of these guys have the same thing, different countries in Europe.

Speaker Change #169: Okay.

Speaker Change #174: Okay.

Yeah.

Speaker Change #174: Yeah.

Speaker Change #169: Okay.

Speaker Change #174: Okay.

Speaker Change #169: So.

Speaker Change #174: So.

Speaker Change #175: Do we have Gary your line.

So I think I have also a question regarding the in the box so I'm going to leave out these from a flow participate axa from certification.

Gary Stevenson: So I think I have also a question weakening in the box I'm going to read out is from Novartis Vanessa from certification Nevada.

Operator: You know that in Europe, if you look at plenty of figures, it's very clear that it's going to pass. Vaccine entry in Europe normally takes a few years in terms of progress. Because there is a recommendation, there is a government decision, and it's usually late.

Gary Stevenson: So the question is France.

Gary Stevenson: The question is 60.

Speaker Change #169: THC.

Gary Stevenson: THC.

Speaker Change #177: Today's one question could you elaborate on the dynamic in Europe.

Speaker Change #178: Today's one question could you elaborate on the dynamic in Europe.

Speaker Change #169: The decline in Q4 in U S. What do you see organic growth and it is possible to raise price in the U S.

Speaker Change #178: The decline in Q4 in U S. What do you see organic growth and it is possible to raise price in the U S.

Operator: We are seeing that European countries are trying to accelerate that process in order to make sure that the consensus goes further. Thank you all. Next question. The next question comes from David Winchinger from Bering.

Speaker Change #169: Then another question on 2025 without the drivers and challenges for <unk>.

Speaker Change #178: And then another question on 2025 without the drivers and challenges for <unk>.

Speaker Change #169: How confident are you with the consensus EPS growth in 2025.

Speaker Change #178: How confident are you with the consensus EPS growth in 2025.

Operator: Yes, thank you very much. So I wanted to say thank you and best of luck to you, JB, and I have two questions for Paul and you, please. First, can you provide color on the outlook for spending growth in 2025 and also discuss the potential for operating leverage beyond 2025? Thanks very much. Thank you very much. I can try to do that because the question is pretty simple, and I can lay it out for you.

Speaker Change #179: Okay, Alright burden Julie.

Speaker Change #180: Okay, Good correct burdened Julie.

Speaker Change #169: Europe dynamics U S price flexibility and Debbie will.

Speaker Change #180: Europe dynamics U S price flexibility.

Speaker Change #169: Come back to the EPS rebound.

Speaker Change #180: Come back to the EPS rebound trademark okay. So in other words.

Speaker Change #169: So in that area.

Speaker Change #182: Yeah on Q4, so I think maybe on Q4 I think there are three factors that is are important too.

Speaker Change #181: Yeah on Q4 or so.

Speaker Change #181: Maybe on Q4 I think there are three factor that is are important too.

Speaker Change #169: Noticed that have impacted our growth versus I think consensus is firsthand further divestments of our noncore brands as part of our plan to simplify our portfolio and we're coming to the end of that program was to have some impact in 2024.

Notice that have impacted our growth versus definitely consensus it firsthand further divestments of our noncore brands as part of our plan to simplify our portfolio and we're coming to the end of that program will still have some impact.

Speaker Change #181: 74.

Speaker Change #169: John.

Speaker Change #181: As a 40 performance in U S explains.

Speaker Change #169: <unk> performance in the U S explains.

Speaker Change #169: Explained first by a softer market dynamic.

Speaker Change #181: Explained first by a softer market dynamic.

Operator: We enjoy steady growth, and this will be with us for many years ahead now with OLO in front of us, and I know you heard Paul mentioning this underlying growth that we are enjoying when you neutralize the impact of adjustments. It's pretty easy to see that we are going to enjoy growth. We said that we would decrease in 2024. That's why there is a bit of pressure in 2024 because we increased 700 million R&D. While other programs such as RENAME, like RENAME, COPD, DEMARC, they say multiple phase 3 programs, those programs will end in 2025.

Also some underperformance of our brands and actions to improve performance on these brands is happening as we speak, especially in the allergy and paint category.

Speaker Change #181: Also some underperformance of our brands and actions to improve performance on these brands is happening as we speak and specialty in the allergy and paint category.

Speaker Change #171: The addition of Qunar are strengthening our position to deliver future growth in the U S. Europe. We are we have strong positions I think our strength overall is that we have for more than 60% of our business that is driven by leadership brands that have leadership positions in their respective markets.

Speaker Change #181: The additional museum of Cumulus strengthening our position to deliver future growth in the U S. Europe. We are we have strong positions I think are our strength overall is that we have for more than 60% of our business that is driven by our leadership brands that have leadership positions in their respective market.

Speaker Change #183: With all.

Speaker Change #181: With all of them.

Raj Kumar: Still a lot of potential to grow thanks to mainly penetration as well as innovation.

Speaker Change #181: Still a lot of potential to grow thanks to mainly penetration as well as innovation.

Speaker Change #174: That helps and <unk> room for pricing a room for pricing, obviously, there's less room for pricing than in the past.

Speaker Change #181: That helps and <unk> room for pricing a room for pricing, obviously, there's less room for pricing than in the past.

Speaker Change #174: They're still we see that our category overall is a little bit more resilient, especially the OTC category is more resilient and many other consumer categories. Thank you Julian J P. Larry your last comment.

Speaker Change #181: But there still are.

Operator: And the oncology to III reallocation plus our effort in terms of cost reallocation will fully kick in in 2025. So, flat top 25 versus 24 with a clear top line growth; this will be deliberate. Now looking beyond this, beyond 2025. We've made a significant decision to go all-in on developing our pipeline. It's a great assumption of growth rate and profitability, just to look here. I think there are many paths to choose from. So, we will see where it goes. Because, like I said, we are going very, very long round the world on a peer opportunity to create value on an all-year low-e of duplicate content with 3.25, 2.25, 3.25, and 3.25 billion pixel potential. And you've seen in the RNA test that we have more than what it takes already.

Speaker Change #181: We see that our category overall is a little bit more resilient, especially the OTC categories more resilient and many other consumer categories. Thank you Julian J P. Larry your last comment.

Gary Stevenson: Hello.

Speaker Change #181: Phil.

Speaker Change #186: It will be it will be or should I could work with.

Phil: It will be it will be good.

Speaker Change #187: With 25.

Speaker Change #178: It was 25, so a strong rebound is coming.

Speaker Change #188: Strong rebound.

Speaker Change #178: Coming pretty naturally on for Tim mechanically so yes confidence is high.

Speaker Change #189: Coming pretty naturally on the printing mechanically so yes confidence is high.

Speaker Change #178: Okay.

Speaker Change #189: Okay.

Speaker Change #191: Thank you JJ.

Speaker Change #190: Thank you JJ.

Speaker Change #192: Wise words.

Speaker Change #193: Why is worth.

Speaker Change #195: So thank you to everybody thinks those are connected today and for everybody that played a part.

Speaker Change #194: Thank you to everybody thinks those are connected today and for everybody that played a part.

Speaker Change #178: So well with the blockbusters that we have ahead of us with our launch performance we have to keep.

Speaker Change #194: It ourselves well with the blockbusters that we have ahead of us with our launch performance we have to keep.

Speaker Change #180: Delivering the now.

Speaker Change #194: Delivering the now and wait for Readouts and.

Speaker Change #180: And wait for Readouts and celebrate.

Speaker Change #180: Celebrate our successes from launches so thank.

Speaker Change #194: Celebrate our successes from launches so thank.

Speaker Change #196: Thank you very much.

Speaker Change #197: Thank you very much.

Speaker Change #198: Thank you you may now disconnect.

Speaker Change #199: Thank you you may now disconnect.

Speaker Change #198: Okay.

Speaker Change #199: Okay.

Operator: And you've seen also that we are relentless in adding to our portfolio of organicity, as we have just done with animal variants. Thank you. Thank you. The next question is from Gary Stanton from AccuVision. Barry? Henry, Henry, can you hear us? Wait, wait, wai.

Speaker Change #199: Goodbye.

Operator: So we'll come back to Gary. So let's move to Rajesh Kumar from HHTC. OK. Do we have Gary on line? I think I have a question written in the box, so I'm going to read it out. It's from Florent Cespedes, and I'm from Societe Generale. So the question is about THC.

Operator: Today's question is, could you elaborate on the dynamic in Europe, the decline in Q4, and the U.S.; what is the organic growth? And is it still possible to raise prices in the U.S.? And then there is another question about 2025. What are the drivers and challenges of 2025? How confident are you with the consensus EPS goals in 2025? Good, good. All right. Well, Julie, your dynamic, and then prior flexibility, and then we will come back to you.

Julie: I think maybe in Q4, there are three factors that are important to note, and I think that our growth versus death definitely contends with this. First, for some further divergence from our normal trends as part of our planned land-based simplified portfolio, and we're coming to the end of that program; we'll still have some impact in 2024. As for the performance in the U.S., it's explained by a softer market dynamic, but also some of the performance on brands, and actually, to improve performance on brands, has been happening this week, especially in the R&D and CAD categories, while the addition of Quno is strengthening our position in the U.S. In Europe, we have strong positions; I think our strength overall is that we have more than 50% of our business that is driven by leadership, brands that have leadership positions in their investment markets, with still a lot of potential to grow, thanks mainly to penetration as well as innovation.

Julie: Thank you for your group of friends. Room for Bright Frightening. Obviously, there's less Room for Bright Frightening than in the past. But there's still... We see that our category overall is a little bit more resilient. Especially those two categories are more resilient than many other countries.

Julie: Thank you, Julie. Thank you, Bibi. Maybe a la la in the comments.

Operator: Yeah. Cool. Well, it could be. It could be.

Operator: Okay. With 25 strong rebounds, it's coming pretty naturally, pretty mechanically. So, confidence is high. Thank you, JJB. Wise words. So, thank you to everybody, to those that connected today, and for everybody that played a part. We've done ourselves proud, the blockbusters that we have ahead of us with our launch performance. We have to keep delivering now and wait for our readout, and celebrate our successes from launch. So, thank you very much. Thank you. You may now disconnect. Goodbye.

Q4 2023 Sanofi SA Earnings Call

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